Most Diversified Portfolio SICAV · as at 30/06/19 Database Publishing System: CO-Reporter® by...

as at 30/06/19

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

Unaudited semi-annual report

Most Diversified Portfolio SICAV

R.C.S. Luxembourg B 186947


Table of Contents

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 19 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund 25 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 42 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund 49 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund 53 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund 63 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund 68 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High Yield Fund 72 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World ex USA Equity Fund 79 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Multi-Asset Fund (launched on April 23, 2019) 85 Supplementary information 89 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.


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 L - 2182 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, Senior Country Officer, Crédit Agricole Corporate & Investment Bank

Mr. Bertrand GIBEAU, Independent Director

4Page

Most Diversified Portfolio SICAVCombined

5Page

4,438,264,679.86Assets4,200,711,479.62Securities portfolio at market value4,028,503,574.43Cost price

172,207,905.19Unrealised gain on the securities portfolio46,682,686.73Cash at banks and liquidities

960,707.80Cash collateral reinvestment4,415,497.86Interest receivable

175,171,525.30Brokers receivable86,174.41Unrealised gain on forward foreign exchange contracts

125,186.09Unrealised gain on financial futures1,990,779.32Unrealised gain on swaps8,120,642.73Other assets

95,994,452.43Liabilities159,059.11Bank overdrafts

81,108,823.97Payable on securities purchased2,178,508.90Redemptions payable

215,215.73Unrealised loss on forward foreign exchange contracts165,058.30Unrealised loss on financial futures

12,167,786.42Other liabilities

4,342,270,227.43Net asset value


Financial Statements as at 30/06/19

Expressed in EUR

Statement of net assets as at 30/06/19

Combined

6Page

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

Fund

7Page

2,522,499,506.58Assets2,494,183,465.49Securities portfolio at market value2,392,828,339.42Cost price

101,355,126.07Unrealised gain on the securities portfolio20,912,702.84Cash at banks and liquidities1,094,054.06Cash collateral reinvestment

2,540.00Unrealised gain on financial futures6,306,744.19Other assets

10,183,941.80Liabilities2,480,885.98Redemptions payable

4,426.96Unrealised loss on forward foreign exchange contracts7,698,628.86Other liabilities

2,512,315,564.78Net asset value


Expressed in USDStatement of net assets as at 30/06/19

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

8Page

BRILLIANCE CHINA AUTO HLDGS9,992,000 11,050,321.60 0.44HKD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 2,494,026,793.93 99.27

Shares 2,494,026,793.93 99.27

Bermuda 54,141,620.38 2.16

CHINA RESOURCES GAS GROUP LTD7,012,000 34,779,422.29 1.39HKDGOME RETAIL RG REGISTERED SHS43,186,759 4,643,427.28 0.18HKDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD16,284,000 3,668,449.21 0.15HKD

BANCO DO BRASIL SA2,304,700 32,436,079.34 1.28BRLBrazil 248,978,265.81 9.91

BB SEGURIDADE1,457,800 12,316,230.28 0.49BRLBRASKEM SA PREF SHS -A-810,900 7,411,573.98 0.30BRLB2W CIA GLOBAL SHS1,237,700 10,566,513.11 0.42BRLCIELO6,377,100 11,181,382.66 0.45BRLCONCESSOES RODOVIARIAS3,405,200 12,136,580.31 0.48BRLEMBRAER4,892,200 24,776,088.79 0.99BRLHYPERA SA476,800 3,730,918.16 0.15BRLIRB BRASIL RESSEGUROS SA466,400 11,986,648.84 0.48BRLLOCALIZA RENT A CAR SA1,174,100 12,553,940.10 0.50BRLMAGAZINE LUIZA SA400,000 22,033,950.97 0.88BRLPETROBRAS BR-REGISTERED SHS686,200 4,476,037.67 0.18BRLPETROLEO BRASILEIRO1,553,500 12,168,161.23 0.48BRLPETROLEO BRASILEIRO -PETROBRAS- PREF.4,075,200 29,144,792.87 1.15BRLRAIA DROGASIL SA431,700 8,571,754.33 0.34BRLSABESP663,200 8,179,620.03 0.33BRLSUZANO SA2,952,700 25,307,993.14 1.01BRL

ANTA SPORTS PRODUCTS4,745,000 32,584,772.46 1.30HKDCayman Islands 251,143,584.23 10.00

CHINA FIRST CAPITAL GROUP12,952,000 3,862,793.63 0.15HKDCHINA MENGNIU DAIRY5,997,000 23,220,318.77 0.92HKDENN ENERGY HOLDINGS LTD2,939,100 28,591,484.48 1.14HKDFULLSHARE HOLDINGS LTD76,637,500 4,757,642.63 0.19HKDGDS HOLDINGS -A- ADR REP 8 SHS-A-246,800 9,272,276.00 0.37USDHENGAN INTL GROUP1,155,000 8,493,384.14 0.34HKDSEMICONDUCTOR MANU INTL REG SHS10,072,099 11,216,257.94 0.45HKDSHENZHOU INTERNATIONAL GROUP2,467,900 33,926,619.57 1.35HKDSINO BIOPHARMACEUTICAL8,084,500 8,268,156.61 0.33HKDTAL EDUCAT GR -A- ADR REPR 1/3 SH -A-727,389 27,713,520.90 1.10USDTINGY HOLDING CORP17,436,000 29,102,694.56 1.16HKDWANT WANT CHINA37,074,000 30,133,662.54 1.20HKD

ANHUI USTC IFLY -A-545,700 2,640,990.42 0.11CNYChina 55,037,712.16 2.19

BOE TECHNOLOGY -A-8,844,700 4,429,894.73 0.18CNYCHINA COMMUNICATION SERCICES CORP -H-3,812,000 2,956,883.85 0.12HKDGD WEN S FOOD -A-1,487,866 7,768,299.50 0.31CNYGREAT WALL MOTOR CO-H-12,539,000 8,971,880.07 0.35HKDJIANGSU HENGRUI MEDICINE CO LTD -A-360 3,459.38 0.00CNYMUYUAN FOODSTUF -A-397,800 3,405,023.36 0.14CNYSHANDONG WEIGAO GRP -H-18,128,000 16,428,272.57 0.64HKDSICHUAN NEW HOPE AGRIBUSINESS CO LTD -A-1,191,500 3,013,323.24 0.12CNYTONGWEI CO LTD A1,054,500 2,158,657.60 0.09CNYXI AN LONGI SILICON MATERIALS CORP969,176 3,261,027.44 0.13CNY

SURAMERICANA DE INVERSIONES SA1,135,717 12,076,067.95 0.48COPColombia 12,076,067.95 0.48

KOMERCNI BANKA AS137,568 5,486,017.62 0.22CZKCzech Republic 5,486,017.62 0.22

ALPHA BANK AE10,884,325 21,815,321.99 0.87EURGreece 64,773,473.93 2.58

GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS1,189,866 13,346,941.10 0.53EURHELLENIC TELECOMMUNICATIONS ORGANISATION646,513 9,571,237.06 0.38EURJUMBO SA REG.SHS1,035,144 20,039,973.78 0.80EUR

CHINA RESOURCES BEER LTD -RC-4,112,000 19,527,010.74 0.78HKDHong Kong 55,106,622.78 2.19

GUANGDONG INVEST -RC-7,720,000 15,276,910.68 0.61HKDSUN ART RETAIL GROUP LTD21,434,500 20,302,701.36 0.80HKD

Securities portfolio as at 30/06/19USDExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value

9Page

AUROBINDO PHARMA2,150,528 18,943,580.42 0.75INRIndia 436,513,706.65 17.38

BAJAJ FINANCE LTD188,202 10,036,436.05 0.40INRBHARAT PETROLEUM CORP DEMATERIALISED2,730,413 15,523,525.10 0.62INRBHARTI AIRTEL LTD(DEMATERIALISED)2,526,978 12,690,254.66 0.51INRBHARTI INFRATEL LTD2,945,354 11,394,827.47 0.45INRCIPLA SHS DEMATERIALISED2,719,774 21,806,646.39 0.87INRCONTAINER -REGISTERED SHS1,058,672 8,742,830.30 0.35INRDR REDDY'S LABORATORIES LTD742,983 27,451,960.32 1.09INRGLENMARK PHARMACEUTICALS849,179 5,454,106.70 0.22INRHCL TECHNOLOGIES DEMATERIALISED2,286,466 35,265,437.65 1.40INRHINDUSTAN PETROLEUM (DEMATERIALISED)3,456,432 14,523,743.11 0.58INRINDIABULLS HOUSING FINANCE LTD1,642,861 14,463,311.11 0.58INRINDIAN OIL CORP LTD DEMATERIALISED7,746,901 17,496,524.65 0.70INRINFOSYS TECHNOLOGIES DEMATERALISED3,002,386 31,838,696.50 1.27INRINTERGLOBE AVIATION LTD269,453 6,081,549.00 0.24INRLUPIN LTD1,545,795 16,901,789.62 0.67INRSHIRAM TRANSPORT FIN DEMATERIALISED620,377 9,710,420.43 0.39INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL5,281,261 30,676,479.70 1.22INRTATA CONSULT.SERVICES SVS DEMATERIALISED1,144,913 36,941,061.97 1.46INRTECH MAHINDRA LTD2,848,807 29,161,800.37 1.16INRUNITED SPIRITS -REGISTERED SHS2,369,666 20,080,917.61 0.80INRVODAFONE IDEA LTD36,639,913 6,449,237.69 0.26INRWIPRO DEMATERIALISED2,761,650 11,222,230.23 0.45INRYES BANK LTD8,796,466 13,858,466.16 0.55INRZEE ENTERTAINMENT - DEMATERIALISED1,997,115 9,797,873.44 0.39INR

JASA MARGA -B-17,608,900 7,135,792.38 0.28IDRIndonesia 51,499,989.89 2.05

PERUSAHAAN GAS NEGA -B-96,269,000 14,378,163.02 0.57IDRPT UNILEVER INDONESIA TBK2,860,600 9,111,799.10 0.36IDRTELKOM INDONESIA -B-71,232,100 20,874,235.39 0.84IDR

AIRASIA BHD13,421,900 8,866,719.16 0.35MYRMalaysia 69,691,785.96 2.77

AXIATA GROUP16,102,736 19,405,074.87 0.77MYRMAXIS BHD13,826,800 18,636,449.78 0.74MYRPUBLIC BANK BHD1,159,400 6,452,788.63 0.26MYRTOP GLOVE CORPORATION BHD13,744,800 16,330,753.52 0.65MYR

BUENAVENTURE SP ADR-SHS-1,514,151 25,240,897.17 1.00USDPeru 25,240,897.17 1.00

ORANGE POLSKA5,863,994 10,511,884.46 0.42PLNPoland 31,332,647.30 1.25

POLSKI KONCERN NAFTOWY ORLEN SA862,909 20,820,762.84 0.83PLN

ALROSA CJSC8,348,020 11,387,455.26 0.45RUBRussia 42,252,916.95 1.68

PHOSAGRO GDR REPR SHS REG S1,073,498 14,084,293.76 0.56USDSEVERSTAL JSC CHEREPOVETS METAL FACTORY991,450 16,781,167.93 0.67RUB

ANGLOGOLD ASHANTI LTD-REG.SHS2,546,690 45,874,149.78 1.82ZARSouth Africa 78,938,185.40 3.14

GOLD FIELDS6,074,861 33,064,035.62 1.32ZAR

AMOREG93,616 5,051,120.89 0.20KRWSouth Korea 434,164,776.07 17.28

CELLTRION86,526 15,399,552.08 0.61KRWCELLTRION PHARM.113,837 4,737,251.80 0.19KRWCHEIL WORLDWIDE419,370 10,678,108.40 0.43KRWCJ ENM - REGISTERED SHS40,069 6,142,305.40 0.24KRWFILA KOREA CO LTD52,217 3,468,621.54 0.14KRWHANMI PHARM48,144 16,845,083.61 0.67KRWHANMI SCIENCE CO LTD104,399 6,166,380.92 0.25KRWHANON SYSTEMS1,661,638 16,765,324.98 0.67KRWHLB CO LTD233,953 7,152,419.19 0.28KRWHYUNDAI ENGINEERING CONSTRUCTION282,919 13,133,380.88 0.52KRWHYUNDAI FIRE MARINE INSURANCE CO LTD552,745 13,619,360.92 0.54KRWHYUNDAI GLOVIS CO LTD158,616 22,116,810.92 0.88KRWHYUNDAI MOBIS111,544 22,750,280.80 0.91KRWHYUNDAI MOTOR CO LTD171,534 12,820,667.77 0.51KRW





10Page

HYUNDAI MOTOR CO LTD67,817 8,222,734.07 0.33KRWKANGWON LAND363,809 9,531,219.10 0.38KRWKIA MOTORS787,975 30,027,194.07 1.20KRWKOREA AEROSPACE594,610 18,513,167.86 0.74KRWLG HOUSEHOLD AND HEALTHCARE15,493 17,617,727.26 0.70KRWLG UPLUS CORP968,392 12,160,987.18 0.48KRWLOTTE SHOPPING32,577 4,528,305.93 0.18KRWMEDYTOX38,123 14,857,619.03 0.59KRWNCSOFT75,576 31,221,367.18 1.24KRWORION REGISTERED190,341 15,248,380.30 0.61KRWSAMSUNG FIRE AND MARINE INSURANCE38,976 9,046,523.09 0.36KRWSHINSEGAE CO LTD38,672 10,081,212.38 0.40KRWSILLAJEN INC175,119 7,492,208.47 0.30KRWSK TELEKOM136,914 30,711,233.38 1.22KRWWOONGJIN COWAY408,646 27,392,889.67 1.09KRWYUHAN CORP50,367 10,665,337.00 0.42KRW

ASUSTEK COMPUTER1,476,000 10,597,324.98 0.42TWDTaiwan 225,450,791.84 8.97

AU OPTRONICS30,622,000 9,168,990.71 0.36TWDECLAT TEXTILE CO LTD1,673,043 21,438,540.07 0.85TWDFAR EASTONE TELECOMMUNICATION CO LTD14,352,000 36,180,887.84 1.44TWDFENG TAY ENTERPRISE2,647,857 20,630,745.65 0.82TWDINNOLUX DISPLAY16,960,000 4,002,532.39 0.16TWDINVENTEC CORPORATION15,927,000 12,665,897.39 0.50TWDMICRO-STAR INTERNATIONAL2,621,000 7,425,996.24 0.30TWDNIEN MADE ENTERPRISE CO LTD1,446,000 10,870,767.56 0.43TWDPHISON ELECTRONICS1,172,000 10,678,717.05 0.43TWDPOWERTECH TECHNOLOGY INC2,423,000 5,928,871.51 0.24TWDPRESIDENT CHAIN STORE CORP1,445,000 13,980,327.83 0.56TWDTAIMED BIOLOGICS INC1,527,000 7,817,019.46 0.31TWDTAIWAN HIGH SPEED RAIL CORP15,292,000 22,500,155.60 0.90TWDTAIWAN MOBILE7,157,000 28,227,481.92 1.12TWDTATUNG CO LTD5,527,000 3,336,535.64 0.13TWD

ADVANCED INFO SERVICE -F-364,600 2,591,759.93 0.10THBThailand 302,377,418.86 12.04

ADVANCED INFO SERVICE PUBLIC CO LTD5,665,200 40,271,087.09 1.60THBAIRPORT OF THAILAND PUB CO -F-8,934,800 21,413,802.25 0.85THBBANGKOK DUSIT MEDICAL SERVICES PUBLIC CO39,279,200 33,301,024.52 1.33THBBANGKOK EXPRESS FOR REG48,229,900 17,928,453.37 0.71THBBANGKOK EXPRESSWAY AND METRO PUBLIC CO20,447,900 7,601,077.79 0.30THBBERLI JUCKER PUBLIC CO LTD -FOREIGN REG10,783,000 17,756,305.01 0.71THBBUMRUNGRAD HOSPITAL -F-3,515,700 19,374,037.09 0.77THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG27,426,777 25,264,740.43 1.01THBCP SEVEN ELEVEN ALL FOREIGN REGISTERED8,990,600 25,212,083.70 1.00THBENERGY ABSOLUTE FOREIGN REGISTER13,926,400 25,316,598.25 1.01THBINDORAMA VENTURES - FOREIGN REG13,194,100 20,220,842.31 0.80THBPTT GLOBAL CHEM SHS FOREIGN REGISTER2,956,400 6,169,710.42 0.25THBTHAI OIL-FOREIGN REG2,169,800 4,705,036.14 0.19THBTHAI UNION GROUP -F- REG6,593,200 3,934,313.41 0.16THBTHAI UNION GRP11,143,400 6,649,521.93 0.26THBTMB BANK PUBLIC CO LTD98,031,500 6,265,321.08 0.25THBTRUE CORPORATION83,864,098 15,997,553.07 0.64THBTRUE CORPORATION FOREIGN REGISTERED12,603,300 2,404,151.07 0.10THB

BIM BIRLESIK MAGAZALAR273,260 3,763,005.26 0.15TRYTurkey 49,820,312.98 1.98

EREGLI DEMIR VE CELIK8,514,852 11,585,767.73 0.46TRYTAV HAVALIMANLARI HOLDING AS1,694,459 7,909,842.04 0.31TRYTUPRAS TURKIYE PETROL RAFINELERI781,278 15,533,753.78 0.62TRYTURK HAVA YOLLARI AO4,948,444 11,027,944.17 0.44TRY

HANERGY MOBILE ENERGY HOLDING GROUP CO LTD30,944,000 0.00 0.00HKD

Other transferable securities 156,671.56 0.01

Shares 156,671.56 0.01

Bermuda 0.00 0.00

CHINA DING YI FENG HOLDING4,080,000 156,671.56 0.01HKDCayman Islands 156,671.56 0.01





11Page

CHINA HUISHAN DAIRY HOLDINGS CO LTD23,713,000 0.00 0.00HKD

Total securities portfolio 2,494,183,465.49 99.28





12Page

Changes in number of shares outstanding from 01/01/19 to 30/06/19

Shares issued Shares redeemedShares

outstanding as at30/06/19

Sharesoutstanding as at

01/01/19


Class A - Capitalisation shares 81,188.4841 758.2730 3,594.0910 78,352.6661

Class A1 - Capitalisation shares 30,928.6631 7.4881 10,354.0436 20,582.1076

Class A2 - Capitalisation shares 16,522.5724 33.3839 0.0000 16,555.9563

Class A4 - Distribution shares 2,358.4745 0.0000 0.0000 2,358.4745

Class A5 - Capitalisation shares 8,720.7562 338.8149 9,049.1126 10.4585

Class B1 - Capitalisation shares 5,676.4083 372.7305 330.0000 5,719.1388

Class R - Capitalisation shares 11,003.2635 70.5677 1,980.5743 9,093.2569

Class R2 - Capitalisation shares 240,605.0344 6,203.0000 20,234.4359 226,573.5985

Class F - Capitalisation shares 31,000.0000 0.0000 0.0000 31,000.0000

Class Z - Capitalisation shares 119,371.8373 0.0000 88.0000 119,283.8373

Key figures

Total Net Assets 2,512,315,564.78 2,467,799,478.12 2,474,420,094.57

31/12/1731/12/1830/06/19Year / Period ending as at:

USDClass A - Capitalisation shares

10,711.2378,352.6661 81,188.4841

9,973.27159,158.8142

11,481.09Number of sharesNet asset value per share USD

Class A1 - Capitalisation shares

9,536.2820,582.1076 30,928.6631

8,845.6126,319.4130

9,693.66Number of sharesNet asset value per share EUR


12,897.3416,555.9563 16,522.5724

11,999.8516,426.875013,005.23

Number of sharesNet asset value per share GBP

Class A4 - Distribution shares

9,641.81201.55

2,358.4745 2,358.47459,127.95164.51

2,358.474510,162.56

222.03

Number of sharesNet asset value per shareDividend per share

EUR


120.8310.4585 8,720.7562

112.195,428.6110

128.50Number of sharesNet asset value per share USD

13Page

Key figures


Total Net Assets 2,512,315,564.78 2,467,799,478.12 2,474,420,094.57


USDClass B1 - Capitalisation shares

108.835,719.1388 5,676.4083

101.477,278.8029

112.36Number of sharesNet asset value per share EUR

Class R - Capitalisation shares

149.239,093.2569 11,003.2635

138.3213,813.0235

148.77Number of sharesNet asset value per share GBP

Class R2 - Capitalisation shares

109.63226,573.5985 240,605.0344

101.70158,891.7289


Class F - Capitalisation shares

1.0331,000.0000 31,000.0000

0.9531,000.0000


Class Z - Capitalisation shares

9,427.75119,283.8373 119,371.8373

8,713.360.00000.00

Number of sharesNet asset value per share USD

14Page

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

15Page

78,225,663.95Assets72,397,379.26Securities portfolio at market value71,473,695.17Cost price

923,684.09Unrealised gain on the securities portfolio571,952.81Cash at banks and liquidities

4,981,080.32Brokers receivable2,110.00Unrealised gain on financial futures

273,141.56Other assets

6,487,924.12Liabilities6,281,515.21Payable on securities purchased

206,408.91Other liabilities

71,737,739.83Net asset value


Expressed in EUR


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

16Page

ANDRITZ AG46,734 1,546,895.40 2.16EUR

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 72,397,379.26 100.92

Shares 72,397,379.26 100.92

Austria 2,753,106.60 3.84

ERSTE GROUP BANK AG36,955 1,206,211.20 1.68EUR

COLRUYT41,648 2,124,048.00 2.96EURBelgium 5,890,965.40 8.21

TELENET GROUP HOLDING NV32,164 1,576,036.00 2.20EURUCB30,045 2,190,881.40 3.05EUR

ELISA CORPORATION -A-50,051 2,147,688.41 2.99EURFinland 4,908,214.99 6.84

NESTE36,979 1,103,453.36 1.54EURORION CORPORATION (NEW) -B-51,414 1,657,073.22 2.31EUR

AEROPORTS DE PARIS-ADP-4,303 667,825.60 0.93EURFrance 17,808,616.43 24.82

BIC(SOCIETE) - ACT PORTEUR/NOM31,172 2,090,082.60 2.91EURCARREFOUR SA118,160 2,006,356.80 2.80EURCASINO GUICHARD PERRACHON SA14,658 439,740.00 0.61EURESSILORLUXOTTICA SA1,802 206,779.50 0.29EUREUTELSAT COMMUNICATIONS SA96,062 1,579,259.28 2.20EURGETLINK ACT157,068 2,213,088.12 3.08EURILIAD SA2,754 271,985.04 0.38EURINGENICO GROUP16,377 1,273,803.06 1.78EURIPSEN14,656 1,758,720.00 2.45EURSANOFI4,869 369,605.79 0.52EURSCOR SE56,088 2,162,753.28 3.01EURSODEXHO SA16,215 1,666,902.00 2.32EURUBISOFT ENTERTAINMENT16,004 1,101,715.36 1.54EUR

BEIERSDORF AG12,323 1,300,692.65 1.81EURGermany 13,441,316.94 18.74

CARL ZEISS MEDITEC AG9,496 823,778.00 1.15EURDEUTSCHE LUFTHANSA AG REG SHS109,284 1,646,909.88 2.30EURDEUTSCHE WOHNEN AG53,834 1,737,223.18 2.42EURFRESENIUS MEDICAL CARE AG & CO KGAA9,815 677,627.60 0.94EURFRESENIUS SE & CO KGAA7,065 336,859.20 0.47EURMETRO WHOLESALE AND FOOD SPECIALIST AG83,673 1,345,043.48 1.87EURPUMA AG19,066 1,118,220.90 1.56EURTELEFONICA NAMEN AKT334,385 821,583.95 1.15EURTHYSSENKRUPP AG38,871 498,520.58 0.69EURVONOVIA SE43,383 1,822,086.00 2.55EURWIRECARD AG1,714 253,757.70 0.35EURZALANDO SE13,929 543,509.58 0.76EUR1&1 DRILLISCH AKTIENGESELLSCHAFT17,582 515,504.24 0.72EUR

AIB GRP - REGISTERED297,762 1,070,752.15 1.49EURIreland 4,802,876.55 6.70

BANK OF IRELAND - REGISTERED24,324 111,793.10 0.16EURFLUTTER ENTERTAINMENT PLC7,275 481,168.50 0.67EURKERRY GROUP -A-20,786 2,182,530.00 3.05EURKINGSPAN GROUP20,030 956,632.80 1.33EUR

ATLANTIA SPA75,917 1,739,258.47 2.42EURItaly 4,514,928.00 6.29

CAMPARI129,061 1,111,860.52 1.55EURTELECOM ITALIA SPA RISP NON CONV3,647,904 1,663,809.01 2.32EUR

AROUNDTOWN SA130,043 942,291.58 1.31EURLuxembourg 2,543,262.33 3.55

EUROFINS SCIENTIFIC403 156,767.00 0.22EURSES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)105,033 1,444,203.75 2.02EUR

EDP-ENERGIAS REG.SHS95,449 318,990.56 0.44EURPortugal 2,143,810.85 2.99

JERONIMO MARTINS SGPS SA128,826 1,824,820.29 2.55EUR

BANCO SABADELL REG.SHS1,270,844 1,157,738.88 1.61EURSpain 7,022,937.49 9.79

CAIXABANK53,903 135,727.75 0.19EURCELLNEX TELECOM39,630 1,289,560.20 1.80EUR

Securities portfolio as at 30/06/19EURExpressed in




17Page

ENAGAS8,099 190,083.53 0.26EURENDESA93,557 2,115,323.77 2.95EURRED ELECTRICA116,544 2,134,503.36 2.98EUR

KONINKLIJKE AHOLD NV109,321 2,162,150.74 3.01EURThe Netherlands 4,370,898.74 6.09

KONINKLIJKE KPN NV331,554 895,195.80 1.25EURNXP SEMICONDUCTORS15,325 1,313,552.20 1.83USD

COCA COLA EUROPEAN PARTNERS PLC44,271 2,196,444.94 3.06USDUnited Kingdom 2,196,444.94 3.06

Total securities portfolio 72,397,379.26 100.92





18Page





01/01/19


Class A - Capitalisation shares 4,657.1848 91.6211 88.0000 4,660.8059

Class B - Capitalisation shares 200.0000 183.4635 0.0000 383.4635

Class R1 - Capitalisation shares 78,673.5813 0.0000 4,350.0000 74,323.5813

Key figures

Total Net Assets 71,737,739.83 65,530,659.32 78,647,726.71


EURClass A - Capitalisation shares

13,684.794,660.8059 4,657.1848

12,435.815,410.265112,910.96

Number of sharesNet asset value per share EUR

Class B - Capitalisation shares

120.42383.4635 200.0000

110.00200.0000115.39



106.4274,323.5813 78,673.5813

96.5187,917.3239


19Page

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

20Page

63,625,365.39Assets61,747,564.18Securities portfolio at market value55,151,952.04Cost price6,595,612.14Unrealised gain on the securities portfolio

120,420.09Cash at banks and liquidities1,731,922.50Brokers receivable

43.91Unrealised gain on financial futures25,414.71Other assets

1,724,789.14Liabilities2.44Bank overdrafts

1,600,280.80Payable on securities purchased56.89Unrealised loss on forward foreign exchange contracts




Expressed in EUR


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

21Page

AXALTA COATING SYSTEMS15,198 397,299.32 0.64USD


Shares 31,030,787.36 50.13

Bermuda 1,554,902.56 2.51

BUNGE LTD4,986 243,914.70 0.39USDEVEREST REINSURANCE GROUP3,516 763,158.48 1.24USDRENAISSANCERE HOLDINGS LTD963 150,530.06 0.24USD

CAPRI HOLDINGS LTD11,728 357,154.06 0.58USDBritish Virgin Islands 357,154.06 0.58

A.P. MOELLER-MAERSK -B- A/S51 55,635.25 0.09DKKDenmark 1,097,160.42 1.77

CARLSBERG AS -B-787 91,757.71 0.15DKKCHRISTIAN HANSEN1,086 89,689.41 0.14DKKCOLOPLAST -B-1,130 112,308.86 0.18DKKDANSKE BANK5,489 76,300.97 0.12DKKDSV320 27,636.88 0.04DKKGENMAB AS405 65,495.43 0.11DKKH. LUNDBECK1,904 66,148.23 0.11DKKISS A/S472 12,527.81 0.02DKKNOVO NORDISK2,386 106,933.87 0.17DKKNOVOZYMES -B-238 9,760.88 0.02DKKORSTED1,452 110,422.54 0.18DKKPANDORA1,871 58,534.16 0.09DKKTRYG A/S4,905 140,243.31 0.23DKKVESTAS WIND SYSTEMS AS971 73,765.11 0.12DKK

JAZZ PHARMACEUTICALS PLC5,573 697,652.69 1.13USDIreland 697,652.69 1.13

MILLICOM INTERNATIONAL CELLULAR SA-SDR-1,622 80,209.63 0.13SEKLuxembourg 80,209.63 0.13

MOWI ASA4,805 98,703.05 0.17NOKNorway 370,409.13 0.60

NORSK HYDRO ASA14,356 45,095.83 0.07NOKORKLA ASA12,289 95,785.73 0.15NOKSCHIBSTED -B-3,017 69,105.60 0.11NOKTELENOR ASA3,309 61,718.92 0.10NOK

FLEXTRONICS INTERNATIONAL LTD10,203 85,741.75 0.14USDSingapore 85,741.75 0.14

EPIROC- REGISTERED SHS7,504 68,662.38 0.11SEKSweden 667,925.37 1.08

ESSITY REGISTERED -B-4,363 117,849.73 0.19SEKHENNES AND MAURITZ AB4,125 64,557.07 0.10SEKHUSQVARNA -B-11,519 94,694.33 0.15SEKICA GRUPPEN AB3,215 121,467.73 0.21SEKSKANDINAVISKA ENSKILDA BANKEN -A-1,262 10,262.26 0.02SEKSWEDBANK -A-6,260 82,619.44 0.13SEKTELEFON AB L.M.ERICSSON9,931 82,805.33 0.13SEKTELE2 AB1,950 25,007.10 0.04SEK

BARRY CALLEBAUT - NAMEN-AKT68 119,911.74 0.19CHFSwitzerland 925,114.50 1.49

CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH22 140,775.43 0.23CHFCHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.1 71,508.98 0.12CHFGEBERIT AG96 39,425.41 0.06CHFKUEHNE + NAGEL INTERNATIONAL AG962 125,540.42 0.20CHFNESTLE SA REG SHS764 69,536.49 0.11CHFROCHE HOLDING AG GENUSSSCHEIN641 158,554.19 0.26CHFSONOVA HOLDING NAM-AKT527 105,271.85 0.17CHFSWISS PRIME SITE AG-NAMEN AKT1,232 94,589.99 0.15CHF

NIELSEN HOLDINGS PLC8,509 168,864.95 0.27USDUnited Kingdom 168,864.95 0.27

ACTIVISION BLIZZARD5,549 229,990.17 0.37USDUnited States of America 25,025,652.30 40.43

AGNC INVESTMENT CORP11,241 166,028.82 0.27USDANNALY CAPITAL MANAGEMENT43,750 350,752.99 0.57USDANTHEM464 114,985.46 0.19USD





22Page

AUTOZONE INC858 828,367.81 1.34USDBAKER HUGHES-A RG REGISTERED SHS -A5,981 129,357.24 0.21USDBIOGEN IDEC INC2,493 511,975.68 0.83USDCABOT OIL AND GAS CORP -A-3,927 79,174.50 0.13USDCAMPBELL SOUP CO19,961 702,350.96 1.13USDCBOE HOLDINGS INC8,948 814,261.71 1.32USDCHIPOTLE MEXICAN GRILL -A-943 606,872.01 0.98USDCME GROUP -A-1,810 308,516.95 0.50USDCOMMSCOPE HOLDINGS INC13,832 191,058.45 0.31USDCONSOLIDATED EDISON INC10,903 839,458.24 1.36USDDELL TECHNOLGES-REGISTERED SHS C W/I1,464 65,306.64 0.11USDDENTSPLY SIRONA INC8,969 459,633.68 0.74USDDEXCOM INC3,331 438,283.32 0.71USDDOLLAR TREE INC3,810 359,286.88 0.58USDDOMINION RESOURCES - REGISTERED4,146 281,496.94 0.45USDDOMINO PIZZA INC1,686 411,995.15 0.67USDEDISON INTERNATIONAL11,487 679,960.19 1.10USDEQUIFAX INC1,072 127,307.06 0.21USDEVERSOURCE EN11,723 779,886.27 1.26USDEXPEDIA GROUP919 107,353.85 0.17USDEXTRA SPACE STORAGE INC8,337 776,743.68 1.25USDFOX A11,636 374,379.21 0.60USDFOX CORP3,063 98,253.77 0.16USDGAP INC16,683 263,253.87 0.43USDGENERAL ELECTRIC CO56,850 524,170.18 0.85USDGENERAL MILLS INC11,945 550,888.13 0.89USDGRUBHUB INC4,473 306,330.58 0.49USDH & R BLOCK INC20,470 526,669.30 0.85USDHASBRO INC1,271 117,948.09 0.19USDHEICO -A-409 37,125.33 0.06USDHERSHEY593 69,792.58 0.11USDHUMANA INC1,742 405,824.20 0.66USDJ.M. SMUCKER CO SHS/WHEN ISSUED6,267 633,909.14 1.02USDKROGER CO23,125 440,853.31 0.71USDL BRANDS4,889 112,050.32 0.18USDLAMB WESTON HOLDINGS REG WI11,357 631,875.24 1.02USDLIBERTY MEDIA -A- SIRIUS XM GROUP549 18,227.69 0.03USDMACYS10,789 203,312.21 0.33USDMARKETAXESS HOLDING INC1,338 377,643.10 0.61USDMCDONALD'S CORP1,212 221,008.01 0.36USDNEKTAR THERAPEUTICS11,653 364,079.50 0.59USDNEWMONT GOLDCORP CORPORATION24,213 817,943.55 1.32USDNEXTERA ENERGY3,324 597,958.06 0.97USDNISOURCE1,544 39,047.42 0.06USDNVR INC101 298,906.96 0.48USDPUBLIC STORAGE INC4,020 840,747.63 1.35USDQUALCOMM INC8,161 545,141.61 0.88USDQURATE RTL GRP -REGISTERED SHS16,707 181,770.05 0.29USDRESMED1,548 165,878.50 0.27USDSEMPRA ENERGY6,614 798,233.37 1.29USDSNAP INC-A-26,537 333,227.17 0.54USDSYMANTEC CORP29,559 564,808.43 0.91USDTESLA MOTORS INC2,036 399,512.26 0.65USDTHE KRAFT HEINZ22,572 615,239.62 0.99USDTRIPADVISOR INC WHEN ISSUED916 37,233.61 0.06USDULTA BEAUTY RG REGISTERED558 169,972.44 0.27USDVENTAS INC6,717 403,149.76 0.65USDVERIZON COMMUNICATIONS INC7,983 400,481.90 0.65USDVIACOM -B-15,173 397,978.14 0.64USDWW GRAINGER INC1,463 344,591.23 0.56USDZILLOW GROUP -C-9,757 397,459.81 0.64USDZOHL'S CORP919 38,372.37 0.06USD

MDP ANTI BENCHMARK FRANCE EQUITY FUND A29 481,234.99 0.78EUR

Other transferable securities 30,716,776.82 49.62

Shares/Units in investment funds 30,716,776.82 49.62

Luxembourg 30,716,776.82 49.62





23Page

MDP ANTI BENCHMARK US EQUITY FD A ACC728 10,907,809.13 17.61USDMDP-TOBAM ANTI-BENCHMARK CANADA EQ.FD A222 2,201,826.46 3.56CADMDP-TOBAM ANTI-BENCHMARK EURO EQ. FUND A443 6,065,510.84 9.80EURMDP-TOBAM ANTI-BENCHMARK JAPAN EQ. FD A552 4,897,668.77 7.91JPYMDP-TOBAM ANTI-BENCHMARK UK EQUITY FD A216 3,516,013.14 5.68GBPMDP-TOBAM ANTI-B.PACIF.EX-JAP.MKTS EQ. A207 2,646,713.49 4.28USD






24Page





01/01/19



Key figures

Total Net Assets 61,900,576.25 54,004,411.71 58,075,901.44



15,649.043,955.5500 3,959.5500

13,639.033,959.550614,667.30


25Page

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

26Page

12,493,457,479Assets11,782,396,770Securities portfolio at market value12,315,232,584Cost price

-532,835,814Unrealised loss on the securities portfolio113,045,998Cash at banks and liquidities564,720,010Brokers receivable

7,994,769Unrealised gain on forward foreign exchange contracts90,000Unrealised gain on financial futures

25,209,932Other assets

715,382,011Liabilities681,166,721Payable on securities purchased34,215,290Other liabilities

11,778,075,468Net asset value


Expressed in JPY


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

27Page

ABC MART INC. TOKYO49,700 348,894,000 2.96JPY

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 11,782,396,770 100.04

Shares 11,782,396,770 100.04

Japan 11,782,396,770 100.04

ADVANTEST CORP76,400 226,526,000 1.92JPYBANDAI NAMCO HOLDINGS INC35,400 185,142,000 1.57JPYCOCA-COLA WEST SHS106,000 289,274,000 2.46JPYCREDIT SAISON CO LTD58,300 73,516,300 0.62JPYDAIICHI SANKYO CO LTD2,600 14,651,000 0.12JPYDAITO TRUST CONSTRUCTION CO LTD19,700 270,579,500 2.30JPYFAMILYMART UNY HOLDINGS98,100 252,313,200 2.14JPYFAST RETAILING CO LTD5,100 332,163,000 2.82JPYHOSHIZAKI28,700 230,174,000 1.95JPYIDEMITSU KOSAN40,113 129,966,120 1.10JPYINPEX301,400 292,749,820 2.49JPYJAPAN AIRLINES CO LTD94,400 325,019,200 2.76JPYJAPAN POST HOLDINGS CO264,200 322,324,000 2.74JPYJAPAN PRIME REALTY INVESTMENT CORP757 353,519,000 3.00JPYJAPAN RETAIL FUND INVESTMENT CORP1,611 351,198,000 2.98JPYJP REAL ESTATE INVESTMENT531 348,336,000 2.96JPYKANSAI ELECTRIC POWER221,200 273,071,400 2.32JPYKANSAI PAINT CO LTD32,700 73,869,300 0.63JPYKDDI CORP118,400 324,830,400 2.76JPYLAWSON INC68,299 353,105,830 3.00JPYLINE CORP47,700 143,815,500 1.22JPYLION CORP108,500 217,759,500 1.85JPYLIXIL GROUP CORPORATION125,600 214,022,400 1.82JPYMC DONALD'S CO (JAPAN)73,800 350,550,000 2.98JPYMITSUBISHI HEAVY INDUSTRIES LTD10,800 50,662,800 0.43JPYMURATA MANUFACTURING CO LTD26,700 129,228,000 1.10JPYNEC CORP85,900 364,216,000 3.10JPYNEXON CO LTD90,800 141,829,600 1.20JPYNINTENDO CO LTD4,100 161,909,000 1.37JPYNIPPON BUILDING FD468 345,384,000 2.93JPYNOMURA REAL ESTATE MASTER FUND2,158 357,580,600 3.04JPYOLYMPUS CORP223,100 266,827,600 2.27JPYPAN PACIFIC INTERNATIONAL HOLDINGS CORP47,400 324,216,000 2.75JPYPROLOGIS REIT586 145,855,400 1.24JPYRAKUTEN216,400 276,992,000 2.35JPYRICOH CO LTD119,400 128,474,400 1.09JPYSEVEN BANK230,100 64,888,200 0.55JPYSG HOLDINGS CO LTD49,500 151,222,500 1.28JPYSHIMAMURA CORP28,200 227,010,000 1.93JPYSOFTBANK GROUP24,200 124,993,000 1.06JPYSONY FINANCIAL HOLDINGS8,100 20,962,800 0.18JPYSUMI DAI PHARMA99,800 203,891,400 1.73JPYSUZUKI MOTOR CORP64,100 324,602,400 2.76JPYSYSMEX27,000 189,729,000 1.61JPYTAIYO NIPPON SANSO31,000 70,928,000 0.60JPYTAKEDA PHARMA CO LTD79,800 305,075,400 2.59JPYTOYO SUISAN KAISHA18,100 80,364,000 0.68JPYUNITED URBAN INVESTMENT CORP1,169 211,121,400 1.79JPYYAHOO JAPAN CORP938,400 296,534,400 2.52JPYYAMADA DENKI CO LTD731,900 349,116,300 2.96JPYZOZO INC84,900 171,413,100 1.46JPY

Total securities portfolio 11,782,396,770 100.04

Securities portfolio as at 30/06/19JPYExpressed in




28Page





01/01/19



Class A1 - Capitalisation shares 300.0000 0.0000 30.0000 270.0000


Class B - Capitalisation shares 5,345.3475 1,387.6267 694.2160 6,038.7582

Class R - Capitalisation shares 75.1542 12.1166 0.0000 87.2708

Class RD1 - Distribution shares 44,235.6000 0.0000 0.0000 44,235.6000

Key figures

Total Net Assets 11,778,075,468 11,671,174,273 14,962,834,080


JPYClass A - Capitalisation shares

1,088,616.464,781.9740 4,795.8104

1,074,434.327,761.6314

1,272,699.09Number of sharesNet asset value per share JPY


10,871.00270.0000 300.0000

10,496.170.00000.00



13,882.572,919.0662 2,906.5620

13,445.071,773.302714,603.77



108.236,038.7582 5,345.3475

105.043,776.8495



112.0587.2708 75.1542

108.2976.1542117.14


Class RD1 - Distribution shares

105.772.17

44,235.6000 44,235.6000106.551.74

62,288.9700127.850.90


EUR

29Page

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

Equity Fund

30Page


556,284.44Unrealised gain on the securities portfolio901,109.51Cash at banks and liquidities



410,914.14Liabilities182,770.51Payable on securities purchased12,070.47Unrealised loss on forward foreign exchange contracts





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

31Page

AMP LIMITED538,157 800,621.62 1.07AUD


Shares 38,728,246.95 51.63

Australia 10,798,351.95 14.40

APA GROUP STAPLED SECURITY130,360 987,985.49 1.32AUDCALTEX AUSTRALIA LTD59,333 1,030,514.18 1.37AUDCHALLENGER39,865 185,755.77 0.25AUDCIMIC GROUP6,533 205,249.55 0.27AUDCOCHLEAR974 141,376.08 0.19AUDDOMINO S PIZZA ENTERPRISES LTD30,733 811,777.54 1.08AUDFLIGHT CENTRE LIMITED31,446 916,893.51 1.22AUDFORTESCUE METALS GROUP LTD43,665 276,390.09 0.37AUDGOODMAN GROUP - STAPLED SECURITY87,013 917,752.51 1.22AUDHARVEY NORMAN HOLDINGS34,726 99,181.72 0.13AUDMEDIBANK PRIVATE LTD286,956 702,786.15 0.94AUDNEWCREST MINING LTD50,315 1,128,108.31 1.51AUDRAMSAY HEALTH CARE LTD21,324 1,081,007.91 1.44AUDSANTOS LTD63,910 317,529.83 0.42AUDTELSTRA CORP442,464 1,195,421.69 1.60AUD

DAIRY FARM INTERNATIONAL HOLDING217,700 1,556,555.00 2.07USDBermuda 8,021,006.98 10.69

HONG KONG LAND HOLDINGS LTD187,600 1,208,144.00 1.60USDJARDINE MATHESON HLD4,000 252,080.00 0.34USDJARDINE STRATEGIC HOLDINGS26,500 1,010,445.00 1.35USDKERRY PROPERTIES241,000 1,011,811.56 1.35HKDNWS HOLDINGS LTD560,686 1,152,587.76 1.54HKDSHANGRI - LA ASIA LTD696,000 877,514.33 1.17HKDYUE YUEN INDUSTRIAL HOLDINGS347,500 951,869.33 1.27HKD

BEIGENE LTD ADS4,146 513,896.70 0.69USDCayman Islands 2,965,760.29 3.95

HKT LTD - STAPLED SECURITY1,187,000 1,884,001.11 2.50HKDMELCO PBL ENTERTAINMENT (MACAU) LTD10,999 238,898.28 0.32USDWH GROUP 144A/REGS324,500 328,964.20 0.44HKD

HONG KONG CHINA GAS765,900 1,697,964.89 2.26HKDHong Kong 8,362,739.76 11.15

HYSAN DEVELOPMENT259,000 1,337,679.44 1.78HKDPCCW LTD3,347,000 1,932,150.73 2.58HKDPOWER ASSETS HOLDINGS204,500 1,471,087.07 1.96HKDSWIRE PROPERTIES LTD205,600 830,292.71 1.11HKDTHE LINK REIT UNITS22,500 276,479.22 0.37HKDVITASOY INTERNATIONAL HOLDINGS170,000 817,085.70 1.09HKD

JAMES HARDIES IND/CHESS UNITS OF FOR SEC5,870 77,030.40 0.10AUDIreland 77,030.40 0.10

GOLDEN AGRI-RESOURCES3,465,600 742,833.90 0.99SGDMauritius 742,833.90 0.99

AUCKLAND INTERNATIONAL AIRPORT LTD49,655 328,510.22 0.44NZDNew Zealand 4,701,268.94 6.27

FLETCHER BUILDING LTD253,256 824,994.68 1.10NZDMERIDIAN ENERGY LTD534,666 1,705,791.09 2.28NZDRYMAN HEALTHCARE GROUP LTD30,356 239,569.80 0.32NZDSPARK NEW ZEALAND495,306 1,330,709.46 1.77NZDTHE A2 MILK CO LTD27,574 271,693.69 0.36NZD

COMFORTDELGRO CORP264,800 520,612.87 0.69SGDSingapore 3,059,254.73 4.08

SATS28,900 111,502.25 0.15SGDSINGAPORE TECHNOLOGIES ENGINEERING135,300 414,012.47 0.55SGDS'PORE PRESS HOLDINGS LTD320,700 578,367.75 0.77SGDWILMAR INTERNATIONAL LTD360,600 986,149.43 1.32SGDYANGZIJIANG SHIPBUILDING (HOLDINGS) LTD396,700 448,609.96 0.60SGD






32Page





01/01/19




Class A2 - Capitalisation shares 845.7303 1,366.2829 2,212.0132 0.0000

Class RD1 - Distribution shares 1.0000 0.0000 0.0000 1.0000

Key figures

Total Net Assets 75,005,654.13 65,755,530.50 80,028,496.24



14,560.761,217.4667 1,235.5326

12,746.191,418.076515,118.99



13,762.483,270.1787 3,255.9828

12,038.443,211.978313,444.04



0.000.0000 845.7303

99.901,440.2780



0.000.0000 0.0000

0.0010.0000135.47


Class RD1 - Distribution shares

142.200.00

1.0000 1.0000123.785.31

1.0000142.450.29


GBP

33Page

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

34Page


-145,316.65Unrealised loss on the securities portfolio77,483.23Cash at banks and liquidities

600,277.67Brokers receivable75,955.08Other assets

765,526.61Liabilities727,112.60Payable on securities purchased

175.00Unrealised loss on financial futures38,239.01Other liabilities



Expressed in GBP


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

35Page

GVC HOLDINGS PLC42,217 275,170.41 2.08GBP


Shares 13,251,915.31 100.09

Isle of Man 275,170.41 2.08

FERGUSON NEWCO PLC1,078 60,368.00 0.46GBPJersey Island 60,368.00 0.46

COCA COLA HBC NAMEN11,491 341,512.52 2.58GBPSwitzerland 341,512.52 2.58

ANGLO AMERICAN PLC3,767 84,550.32 0.64GBPUnited Kingdom 12,574,864.38 94.97

ASSOCIATED BRITISH FOODS PLC6,375 157,016.25 1.19GBPASTRAZENECA PLC7,158 460,832.04 3.48GBPAUTO TRADER GROUP PLC76,497 419,050.57 3.17GBPBARRATT DEVELOPMENTS PLC35,119 201,091.39 1.52GBPBT GROUP PLC209,458 411,501.19 3.11GBPBUNZL PLC9,314 193,451.78 1.46GBPCARNIVAL PLC6,399 222,621.21 1.68GBPCENTRICA PLC NEW441,413 387,472.33 2.93GBPCOMPASS GROUP30,880 582,705.60 4.39GBPDIAGEO PLC20,568 696,021.12 5.25GBPDIRECT LINE INS GR PLC NI159,412 528,929.02 3.98GBPEASYJET PLC31,486 300,124.55 2.27GBPFRESNILLO PLC31,735 276,157.97 2.09GBPGLAXOSMITHKLINE PLC27,487 433,360.04 3.27GBPGROUP 4 SECURICOR142,915 297,263.20 2.25GBPINFORMA PLC7,576 63,259.60 0.48GBPJ SAINSBURY PLC177,140 347,105.83 2.62GBPJOHN WOOD GROUP56,223 254,127.96 1.92GBPKINGFISHER PLC131,259 282,075.59 2.13GBPLAND SEC R.E.I.T13,684 114,015.09 0.86GBPLLOYDS BANKING GROUP PLC607,343 343,695.40 2.60GBPLSE GROUP1,972 108,183.92 0.82GBPMARKS AND SPENCER GROUP PLC63,425 133,636.48 1.01GBPMICRO FOCUS INTL - REGISTERED SHS11,321 233,665.44 1.76GBPNATIONAL GRID PLC38,165 318,983.07 2.41GBPNEXT PLC5,543 306,306.18 2.31GBPNMC HEALTH PLC3,735 89,752.05 0.68GBPOCADO GROUP PLC16,816 196,242.72 1.48GBPPEARSON PLC54,862 449,539.23 3.40GBPRECKITT BENCKISER GROUP PLC7,243 450,080.02 3.40GBPRELX PLC11,747 224,308.97 1.69GBPROYAL BANK OF SCOTLAND138,667 304,790.07 2.30GBPSAGE GROUP25,136 201,691.26 1.52GBPSEVERN TRENT PLC7,881 161,402.88 1.22GBPSMITH AND NEPHEW PLC16,519 281,648.95 2.13GBPTESCO PLC206,553 468,255.65 3.54GBPTHE BERKELEY GR4,528 168,939.68 1.28GBPUNILEVER PLC10,529 515,341.91 3.89GBPUNITED UTILITIES GROUP PLC46,665 365,293.62 2.76GBPVODAFONE GROUP52,392 67,753.33 0.51GBPWHITBREAD10,210 472,620.90 3.57GBP


Securities portfolio as at 30/06/19GBPExpressed in




36Page





01/01/19


Class A - Capitalisation shares 916.0030 77.0000 84.0000 909.0030

Class R1 - Capitalisation shares 1.0000 0.0000 0.0000 1.0000

Key figures

Total Net Assets 13,240,104.68 12,338,992.92 14,067,864.15


GBPClass A - Capitalisation shares

14,565.41909.0030 916.0030

13,470.36906.003015,527.27



106.821.0000 1.0000

98.291.0000112.28


37Page

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

38Page

905,804,008.38Assets849,483,204.35Securities portfolio at market value804,060,029.49Cost price45,423,174.86Unrealised gain on the securities portfolio8,311,484.31Cash at banks and liquidities



49,562,823.81Liabilities47,864,186.77Payable on securities purchased1,698,637.04Other liabilities



Expressed in USD


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

39Page

AXALTA COATING SYSTEMS406,877 12,112,728.29 1.41USD


Shares 849,483,204.35 99.21

Bermuda 47,518,501.68 5.55

BUNGE LTD139,491 7,771,043.61 0.91USDEVEREST REINSURANCE GROUP93,191 23,034,951.38 2.69USDRENAISSANCERE HOLDINGS LTD25,840 4,599,778.40 0.54USD

CAPRI HOLDINGS LTD320,364 11,110,223.52 1.30USDBritish Virgin Islands 11,110,223.52 1.30

JAZZ PHARMACEUTICALS PLC148,565 21,179,426.40 2.47USDIreland 21,179,426.40 2.47

FLEXTRONICS INTERNATIONAL LTD271,596 2,599,173.72 0.30USDSingapore 2,599,173.72 0.30

NIELSEN HOLDINGS PLC233,808 5,284,060.80 0.62USDUnited Kingdom 5,284,060.80 0.62

ACTIVISION BLIZZARD147,828 6,977,481.60 0.81USDUnited States of America 761,791,818.23 88.97

AGNC INVESTMENT CORP316,796 5,328,508.72 0.62USDANNALY CAPITAL MANAGEMENT1,167,061 10,655,266.93 1.24USDANTHEM10,964 3,094,150.44 0.36USDAUTOZONE INC23,243 25,554,981.21 2.99USDBAKER HUGHES-A RG REGISTERED SHS -A159,624 3,931,539.12 0.46USDBIOGEN IDEC INC67,453 15,775,233.11 1.84USDCABOT OIL AND GAS CORP -A-109,187 2,506,933.52 0.29USDCAMPBELL SOUP CO533,434 21,374,700.38 2.50USDCBOE HOLDINGS INC238,646 24,730,884.98 2.90USDCHIPOTLE MEXICAN GRILL -A-24,891 18,242,116.08 2.13USDCME GROUP -A-50,477 9,798,090.47 1.14USDCOMMSCOPE HOLDINGS INC393,964 6,197,053.72 0.72USDCONSOLIDATED EDISON INC291,654 25,572,222.72 3.00USDDELL TECHNOLGES-REGISTERED SHS C W/I38,988 1,980,590.40 0.23USDDENTSPLY SIRONA INC232,404 13,563,097.44 1.58USDDEXCOM INC88,921 13,323,922.64 1.56USDDOLLAR TREE INC101,744 10,926,288.16 1.28USDDOMINION RESOURCES - REGISTERED109,524 8,468,395.68 0.99USDDOMINO PIZZA INC43,563 12,122,711.64 1.42USDEDISON INTERNATIONAL307,788 20,747,989.08 2.42USDEQUIFAX INC28,664 3,876,519.36 0.45USDEVERSOURCE EN312,077 23,642,953.52 2.76USDEXPEDIA GROUP24,444 3,251,785.32 0.38USDEXTRA SPACE STORAGE INC223,104 23,671,334.40 2.76USDFOX A311,360 11,408,230.40 1.33USDFOX CORP81,793 2,987,898.29 0.35USDGAP INC444,612 7,989,677.64 0.93USDGENERAL ELECTRIC CO1,519,590 15,955,695.00 1.86USDGENERAL MILLS INC319,087 16,758,449.24 1.96USDGRUBHUB INC119,647 9,331,269.53 1.09USDH & R BLOCK INC538,953 15,791,322.90 1.84USDHASBRO INC33,834 3,575,577.12 0.42USDHEICO -A-10,853 1,121,874.61 0.13USDHERSHEY12,581 1,686,231.43 0.20USDHUMANA INC46,552 12,350,245.60 1.44USDJ.M. SMUCKER CO SHS/WHEN ISSUED170,214 19,606,950.66 2.29USDKROGER CO635,883 13,805,019.93 1.61USDL BRANDS142,322 3,714,604.20 0.43USDLAMB WESTON HOLDINGS REG WI303,700 19,242,432.00 2.25USDLIBERTY MEDIA -A- SIRIUS XM GROUP14,550 550,135.50 0.06USDMACYS287,425 6,168,140.50 0.72USDMARKETAXESS HOLDING INC35,725 11,482,729.50 1.34USDMCDONALD'S CORP31,447 6,530,284.02 0.76USDNEKTAR THERAPEUTICS301,697 10,734,379.26 1.25USDNEWMONT GOLDCORP CORPORATION646,976 24,889,166.72 2.92USDNEXTERA ENERGY88,693 18,169,647.98 2.12USDNISOURCE41,768 1,202,918.40 0.14USD





40Page

NVR INC2,689 9,062,602.25 1.06USDPUBLIC STORAGE INC107,319 25,560,166.23 3.00USDQUALCOMM INC217,417 16,538,911.19 1.93USDQURATE RTL GRP -REGISTERED SHS447,061 5,539,085.79 0.65USDRESMED42,205 5,150,276.15 0.60USDSEMPRA ENERGY177,645 24,415,528.80 2.85USDSNAP INC-A-708,434 10,130,606.20 1.18USDSYMANTEC CORP768,001 16,711,701.76 1.95USDTESLA MOTORS INC54,530 12,185,273.80 1.42USDTHE KRAFT HEINZ616,658 19,141,064.32 2.24USDTRIPADVISOR INC WHEN ISSUED24,292 1,124,476.68 0.13USDULTA BEAUTY RG REGISTERED14,878 5,161,029.42 0.60USDVENTAS INC179,054 12,238,340.90 1.43USDVERIZON COMMUNICATIONS INC213,450 12,194,398.50 1.42USDVIACOM -B-405,109 12,100,605.83 1.41USDWW GRAINGER INC39,108 10,489,938.84 1.23USDZILLOW GROUP -C-269,930 12,522,052.70 1.46USDZOHL'S CORP24,356 1,158,127.80 0.14USD






41Page





01/01/19




Class A4 - Capitalisation shares 4,121.0000 0.0000 4,121.0000 0.0000


Class R1 - Capitalisation shares 384.5140 0.0000 0.0000 384.5140

Class R2 - Capitalisation shares 87,824.5294 68,290.0000 332.2600 155,782.2694


Key figures

Total Net Assets 856,241,184.57 758,762,177.75 485,885,510.02



17,062.9325,165.8550 24,688.9274

14,582.1118,113.478516,235.55



14,982.975,595.0100 5,612.0100

12,755.847,763.010013,520.24



0.000.0000 0.0000

0.001.0000

10,234.43Number of sharesNet asset value per share GBP


0.000.0000 4,121.0000

8,737.724,121.00009,963.53



220.7077.7858 15.4697

188.881.0000201.47



157.52384.5140 384.5140

134.24671.9636140.07



110.77155,782.2694 87,824.5294

94.48155,839.2986



10,301.2830,483.6000 30,522.7000

8,760.140.00000.00


42Page

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

43Page


98,041,993.92Brokers receivable912,534.50Other assets


80,145.62Unrealised loss on forward foreign exchange contracts2,409.92Unrealised loss on financial futures

2,239,485.45Other liabilities



Expressed in USD


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

44Page

DOMINO S PIZZA ENTERPRISES LTD241,847 6,388,115.78 0.95AUD


Shares 590,817,987.88 88.07

Australia 6,388,115.78 0.95

COLRUYT25,718 1,493,670.58 0.22EURBelgium 4,270,617.30 0.64

TELENET GROUP HOLDING NV49,765 2,776,946.72 0.42EUR

EVEREST REINSURANCE GROUP36,218 8,952,365.24 1.33USDBermuda 16,600,864.69 2.47

RENAISSANCERE HOLDINGS LTD7,213 1,283,986.13 0.19USDYUE YUEN INDUSTRIAL HOLDINGS2,323,500 6,364,513.32 0.95HKD

CAPRI HOLDINGS LTD155,080 5,378,174.40 0.80USDBritish Virgin Islands 5,378,174.40 0.80

AGNICO EAGLE MINES157,524 8,093,631.18 1.21CADCanada 80,766,830.51 12.04

ALTAGAS441,055 6,686,403.28 1.00CADBOMBARDIER INC B2,089,042 3,517,103.87 0.52CADCANADIAN UTILITIES -A- NON VOTING162,167 4,586,799.82 0.68CADDOLLARAMA INC90,125 3,177,450.78 0.47CADEMPIRE -A- NON VOTING350,483 8,845,715.16 1.32CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG11,967 5,886,395.99 0.88CADFRANCO-NEVADA CORP106,052 9,020,771.29 1.34CADKINROSS GOLD CORP1,509,533 5,845,322.41 0.87CADKIRKLAND LK GLG REG108,197 4,671,578.41 0.70CADSNC-LAVALIN GROUP166,388 3,371,749.67 0.50CADTHOMSON REUTERS --- REGISTERED SHS107,490 6,949,239.98 1.04CADWEST FRASER TIMBER CO55,733 2,546,256.17 0.38CADWHEATON PRECIOUS METAL - REGISTERED312,278 7,568,412.50 1.13CAD

BEIGENE LTD ADS13,230 1,639,858.50 0.24USDCayman Islands 9,634,157.96 1.44

HKT LTD - STAPLED SECURITY2,594,000 4,117,185.23 0.62HKDWH GROUP 144A/REGS3,824,500 3,877,114.23 0.58HKD

GENMAB AS11,217 2,065,761.52 0.31DKKDenmark 25,920,664.69 3.86

H. LUNDBECK161,712 6,397,951.71 0.95DKKISS A/S7,023 212,277.19 0.03DKKORSTED83,193 7,204,856.99 1.07DKKPANDORA138,820 4,945,783.69 0.74DKKVESTAS WIND SYSTEMS AS58,882 5,094,033.59 0.76DKK

ELISA CORPORATION -A-151,445 7,400,497.44 1.10EURFinland 8,349,303.05 1.24

NESTE27,921 948,805.61 0.14EUR

BIC(SOCIETE) - ACT PORTEUR/NOM96,951 7,402,842.91 1.10EURFrance 21,653,918.90 3.23

CARREFOUR SA431,918 8,351,922.35 1.25EURCASINO GUICHARD PERRACHON SA6,335 216,428.94 0.03EUREUTELSAT COMMUNICATIONS SA303,534 5,682,724.70 0.85EUR

DEUTSCHE LUFTHANSA AG REG SHS115,774 1,986,880.51 0.30EURGermany 14,057,627.83 2.10

DEUTSCHE WOHNEN AG26,815 985,426.47 0.15EURMETRO WHOLESALE AND FOOD SPECIALIST AG338,490 6,196,469.02 0.93EURPUMA AG22,585 1,508,466.15 0.22EURVONOVIA SE32,944 1,575,698.34 0.23EURWIRECARD AG10,704 1,804,687.34 0.27EUR

VITASOY INTERNATIONAL HOLDINGS248,000 1,191,983.85 0.18HKDHong Kong 1,191,983.85 0.18

AIB GRP - REGISTERED1,615,202 6,614,453.76 0.99EURIreland 13,982,097.12 2.08

JAZZ PHARMACEUTICALS PLC51,681 7,367,643.36 1.09USD

NICE SYSTEMS LTD (IL273011)41,859 5,693,383.41 0.85ILSIsrael 5,693,383.41 0.85

ABC MART INC. TOKYO57,900 3,772,580.98 0.56JPYJapan 73,538,093.62 10.96





45Page

COCA-COLA WEST SHS161,200 4,083,113.65 0.61JPYDAITO TRUST CONSTRUCTION CO LTD15,100 1,924,990.12 0.29JPYFAMILYMART UNY HOLDINGS252,700 6,032,524.59 0.90JPYJP REAL ESTATE INVESTMENT1,446 8,804,303.95 1.31JPYLAWSON INC68,865 3,304,547.43 0.49JPYMC DONALD'S CO (JAPAN)163,800 7,221,549.66 1.08JPYNIPPON BUILDING FD663 4,541,431.68 0.68JPYNIPPON TELEGRAPH AND TELEPHONE CORP171,800 8,000,003.10 1.19JPYNTT DOCOMO INC233,800 5,452,221.26 0.81JPYOLYMPUS CORP211,100 2,343,377.78 0.35JPYPAN PACIFIC INTERNATIONAL HOLDINGS CORP118,200 7,504,063.03 1.12JPYYAMADA DENKI CO LTD1,470,700 6,511,264.93 0.97JPYZOZO INC215,700 4,042,121.46 0.60JPY

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)395,713 6,196,272.01 0.92EURLuxembourg 6,196,272.01 0.92

SPARK NEW ZEALAND415,251 1,115,630.41 0.17NZDNew Zealand 1,115,630.41 0.17

MOWI ASA355,471 8,315,508.44 1.23NOKNorway 9,760,178.67 1.45

ORKLA ASA162,756 1,444,670.23 0.22NOK

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD4,037,800 4,566,164.11 0.68SGDSingapore 4,566,164.11 0.68

BANCO SABADELL REG.SHS384,569 398,969.88 0.06EURSpain 398,969.88 0.06

ICA GRUPPEN AB208,023 8,950,323.65 1.33SEKSweden 13,096,276.35 1.95

TELEFON AB L.M.ERICSSON436,628 4,145,952.70 0.62SEK

ASTRAZENECA PLC108,654 8,902,626.93 1.33GBPUnited Kingdom 33,149,667.03 4.94

CENTRICA PLC NEW7,168,456 8,008,343.33 1.19GBPCOMPASS GROUP369,226 8,867,182.74 1.32GBPFRESNILLO PLC324,532 3,594,165.64 0.54GBPMICRO FOCUS INTL - REGISTERED SHS143,799 3,777,348.39 0.56GBP

AUTOZONE INC8,162 8,973,874.14 1.34USDUnited States of America 235,108,996.31 35.06

BIOGEN IDEC INC16,089 3,762,734.43 0.56USDBRISTOL-MYERS SQUIBB CO52,390 2,375,886.50 0.35USDCABOT OIL AND GAS CORP -A-264,987 6,084,101.52 0.91USDCAMPBELL SOUP CO184,187 7,380,373.09 1.10USDCBOE HOLDINGS INC83,421 8,644,918.23 1.29USDCHIPOTLE MEXICAN GRILL -A-8,479 6,214,089.52 0.93USDCME GROUP -A-45,432 8,818,805.52 1.31USDCMS ENERGY CORP115,474 6,687,099.34 1.00USDCONSOLIDATED EDISON INC101,276 8,879,879.68 1.32USDCONSTELLATION BRANDS INC -A-16,115 3,173,688.10 0.47USDDARDEN RESTAURANTS INC21,891 2,664,791.43 0.40USDDEXCOM INC22,286 3,339,334.24 0.50USDDOLLAR TREE INC41,382 4,444,012.98 0.66USDDOMINION RESOURCES - REGISTERED63,948 4,944,459.36 0.74USDDOMINO PIZZA INC3,559 990,398.52 0.15USDEDISON INTERNATIONAL60,601 4,085,113.41 0.61USDEVERSOURCE EN98,771 7,482,890.96 1.12USDEXELON CORP106,787 5,119,368.78 0.76USDEXTRA SPACE STORAGE INC23,226 2,464,278.60 0.37USDFOX A105,827 3,877,501.28 0.58USDGAP INC336,784 6,052,008.48 0.90USDGENERAL ELECTRIC CO321,462 3,375,351.00 0.50USDGENERAL MILLS INC82,120 4,312,942.40 0.64USDH & R BLOCK INC151,950 4,452,135.00 0.66USDHERSHEY39,847 5,340,693.41 0.80USDJ.M. SMUCKER CO SHS/WHEN ISSUED36,870 4,247,055.30 0.63USDLIBERTY MEDIA -A- SIRIUS XM GROUP15,291 578,152.71 0.09USDLULULEMON ATHLETICA INC SHS22,902 4,127,169.42 0.62USDMACYS55,288 1,186,480.48 0.18USDMARKETAXESS HOLDING INC7,126 2,290,438.92 0.34USDMCDONALD'S CORP39,580 8,219,182.80 1.23USD





46Page

NEKTAR THERAPEUTICS57,915 2,060,615.70 0.31USDNEWMONT GOLDCORP CORPORATION220,433 8,480,057.51 1.26USDNEXTERA ENERGY43,121 8,833,768.06 1.32USDNISOURCE30,854 888,595.20 0.13USDNORDSTROM INC112,451 3,582,688.86 0.53USDNVR INC694 2,338,953.50 0.35USDPUBLIC SERVICE ENTERPRISE GROUP INC39,531 2,325,213.42 0.35USDPUBLIC STORAGE INC37,406 8,908,987.02 1.33USDQUALCOMM INC73,930 5,623,855.10 0.84USDQURATE RTL GRP -REGISTERED SHS157,464 1,950,978.96 0.29USDSEMPRA ENERGY13,745 1,889,112.80 0.28USDSNAP INC-A-245,615 3,512,294.50 0.52USDSYMANTEC CORP154,383 3,359,374.08 0.50USDTESLA MOTORS INC18,954 4,235,460.84 0.63USDTHE KRAFT HEINZ141,471 4,391,259.84 0.65USDVENTAS INC120,766 8,254,356.10 1.23USDWW GRAINGER INC9,446 2,533,700.58 0.38USDZILLOW GROUP -C-94,036 4,362,330.04 0.65USDZOHL'S CORP62,843 2,988,184.65 0.45USD






47Page





01/01/19


Class A - Capitalisation shares 12,568.2573 2,376.2118 2,127.5666 12,816.9025


Class A2 - Capitalisation shares 16,333.3118 1,911.5890 0.0000 18,244.9008

Class B1 - Capitalisation shares 323.6661 0.0000 0.0000 323.6661

Class C - Capitalisation shares 9,782.9912 0.0000 48.3698 9,734.6214



Class Z - Capitalisation shares 10.0000 0.0000 0.0000 10.0000

Key figures

Total Net Assets 670,866,175.68 569,970,393.40 824,802,959.75



15,779.4112,816.9025 12,568.2573

13,990.5013,260.937715,309.45



13,855.66370.0000 370.0000

12,238.09430.000012,749.06



11,803.1218,244.9008 16,333.3118

10,457.2425,990.668710,773.48



0.000.0000 0.0000

0.001,137.300113,397.77


Class B1 - Capitalisation shares

127.98323.6661 323.6661

113.51323.6661119.24


Class C - Capitalisation shares

16,071.749,734.6214 9,782.9912

14,496.0410,843.171815,942.49



160.45150.0000 150.0000

141.73870.5856145.09


48Page

Key figures


Total Net Assets 670,866,175.68 569,970,393.40 824,802,959.75


USDClass R2 - Capitalisation shares

113.4491,379.6455 91,180.2051

100.2864,898.8802



0.000.0000 0.0000

0.006,725.6478



0.000.0000 0.0000

0.00100.0462104.78



10,393.1110.0000 10.0000

9,160.310.00000.00


49Page

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

50Page

15,076,759.47Assets14,048,264.51Securities portfolio at market value12,912,708.67Cost price1,135,555.84Unrealised gain on the securities portfolio

237,161.51Cash at banks and liquidities768,303.95Brokers receivable

830.00Unrealised gain on financial futures22,199.50Other assets

494,690.78Liabilities452,706.33Payable on securities purchased41,984.45Other liabilities



Expressed in CAD


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

51Page

ALAMOS GOLD -A- CAD40,265 318,093.50 2.18CAD


Shares 14,048,264.51 96.34

Canada 14,048,264.51 96.34

ALGONQUIN POWER & UTILITIES46,883 744,033.21 5.10CADALIMENTATION COUCHE - TARD INC SUB VTG B1,756 144,711.96 0.99CADALTAGAS22,325 442,258.25 3.03CADARC RESOURCES11,989 76,849.49 0.53CADATCO CLASS 1 NON VOTING3,199 141,203.86 0.97CADBAUSCH HEALTH -REGISTERED SHS725 23,954.00 0.16CADBLACKBERRY LTD1,809 17,655.84 0.12CADBOMBARDIER INC B100,581 221,278.20 1.52CADBRP SUBORD.VOTING WHEN ISSUED6,553 306,680.40 2.10CADB2GOLD CORP71,255 283,594.90 1.94CADCAE INC1,777 62,568.17 0.43CADCAMECO CORP8,058 113,134.32 0.78CADCANADIAN TIRE CORP -A- NON VOTING3,117 444,733.56 3.05CADCANADIAN UTILITIES -A- NON VOTING10,766 397,911.36 2.73CADCOTT CORP (QUEBEC)26,683 466,418.84 3.20CADCRESCENT POINT ENERGY CORP14,773 63,967.09 0.44CADDETOUR GOLD9,089 150,150.28 1.03CADELEMNT FLEET MNGMNT SHS28,424 271,733.44 1.86CADEMPIRE -A- NON VOTING17,304 570,685.92 3.91CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG733 471,143.08 3.23CADFIRST CAP REALTY4,517 98,741.62 0.68CADFIRSTSERVICE CORP2,580 325,080.00 2.23CADFORTIS INC2,099 108,539.29 0.74CADFRANCO-NEVADA CORP589 65,467.35 0.45CADGILDAN ACTIVEWEAR6,690 339,049.20 2.33CADGREAT CANADIAN GAMING8,592 381,484.80 2.62CADGREAT WEST LIFECO INC14,018 422,642.70 2.90CADHYDRO ONE LTD37,330 852,617.20 5.85CADIMPERIAL OIL1,656 60,046.56 0.41CADINTACT FINANCIAL CORP2,267 274,352.34 1.88CADKINROSS GOLD CORP48,944 247,656.64 1.70CADLINAMAR CORP4,588 224,261.44 1.54CADMAPLE LEAF FOODS INC7,092 203,398.56 1.39CADMETRO -A- SUB VTG4,230 207,862.20 1.43CADNFI GROUP - REGISTERED SHS9,238 340,882.20 2.34CADOCEANAGOLD CORP64,990 232,664.20 1.60CADONEX CORP SUB.VOTING2,258 178,359.42 1.22CADPRAIRIESKY ROYALTY LTD1,359 25,005.60 0.17CADQUEBECOR -B- SUBORD.VOTING12,894 402,163.86 2.76CADRITCHIE BROTHERS AUCTIONEERS13,209 575,251.95 3.94CADROGERS COMMUNICATIONS -B- NON VOTING6,661 466,936.10 3.20CADSAPUTO437 17,130.40 0.12CADSEVEN GENERATIONS ENERGY LTD16,017 102,829.14 0.71CADSNC-LAVALIN GROUP4,201 111,242.48 0.76CADSTANTEC INC1,792 56,322.56 0.39CADSTELLA JONES - REGISTERED SHS459 21,692.34 0.15CADTHE STARS GROUP6,880 153,768.00 1.05CADTHOMSON REUTERS --- REGISTERED SHS8,866 748,999.68 5.14CADTMX GR LTD1,833 166,986.30 1.15CADTOURMALINE OIL CORP9,906 165,232.08 1.13CADWEST FRASER TIMBER CO4,321 257,963.70 1.77CADWHEATON PRECIOUS METAL - REGISTERED6,419 203,289.73 1.39CADYAMANA GOLD83,610 277,585.20 1.90CAD


Securities portfolio as at 30/06/19CADExpressed in




52Page





01/01/19



Key figures

Total Net Assets 14,582,068.69 12,929,209.30 13,595,617.32


CADClass A - Capitalisation shares

14,759.18988.0000 980.0000

13,193.07962.002014,132.63

Number of sharesNet asset value per share CAD

53Page

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

Fund

54Page


6,542,557.30Unrealised gain on the securities portfolio922,745.83Cash at banks and liquidities

4,645.30Unrealised gain on financial futures225,096.97Other assets

442,612.30Liabilities442,612.30Other liabilities




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

55Page

APA GROUP STAPLED SECURITY94,222 714,099.18 0.57AUD


Shares 124,540,973.17 99.43

Australia 2,795,243.65 2.23

COCA-COLA AMATIL LTD32,784 235,123.10 0.19AUDCOCHLEAR482 69,962.29 0.06AUDDOMINO S PIZZA ENTERPRISES LTD4,896 129,322.32 0.10AUDFLIGHT CENTRE LIMITED3,236 94,354.37 0.08AUDMIRVAC GROUP STAPLED SECURITIES34,216 75,154.68 0.06AUDNEWCREST MINING LTD47,072 1,055,397.29 0.83AUDTELSTRA CORP156,133 421,830.42 0.34AUD

COLRUYT4,573 265,594.35 0.22EURBelgium 470,496.36 0.38

TELENET GROUP HOLDING NV3,672 204,902.01 0.16EUR

ALIBABA PICTURES GRP600,000 129,023.64 0.10HKDBermuda 4,236,919.50 3.38

BUNGE LTD10,037 559,161.27 0.45USDCHINA RESOURCES GAS GROUP LTD70,000 347,199.02 0.28HKDDAIRY FARM INTERNATIONAL HOLDING29,500 210,925.00 0.17USDEVEREST REINSURANCE GROUP3,339 825,334.02 0.65USDJARDINE MATHESON HLD17,800 1,121,756.00 0.89USDJARDINE STRATEGIC HOLDINGS5,500 209,715.00 0.17USDNWS HOLDINGS LTD107,000 219,957.14 0.18HKDRENAISSANCERE HOLDINGS LTD2,679 476,888.79 0.38USDYUE YUEN INDUSTRIAL HOLDINGS50,000 136,959.62 0.11HKD

BANCO DO BRASIL SA37,600 529,178.02 0.43BRLBrazil 4,241,496.94 3.39

BRF FOODS15,300 117,844.90 0.09BRLB2W CIA GLOBAL SHS16,800 143,425.24 0.11BRLCIELO93,800 164,465.62 0.13BRLCONCESSOES RODOVIARIAS96,800 345,007.92 0.28BRLEMBRAER57,000 288,671.16 0.23BRLHYPERA SA14,200 111,113.75 0.09BRLIRB BRASIL RESSEGUROS SA11,300 290,414.09 0.23BRLKROTON EDUCACIONAL SA124,500 356,351.83 0.28BRLLOCALIZA RENT A CAR SA43,100 460,842.19 0.38BRLMAGAZINE LUIZA SA6,400 352,543.22 0.28BRLNATURA COSMETICO SA11,000 162,131.45 0.13BRLPETROBRAS BR-REGISTERED SHS29,400 191,774.27 0.15BRLPETROLEO BRASILEIRO -PETROBRAS- PREF.33,900 242,444.17 0.19BRLSABESP8,700 107,302.01 0.09BRLSUZANO SA44,100 377,987.10 0.30BRL

CAPRI HOLDINGS LTD11,894 412,483.92 0.33USDBritish Virgin Islands 412,483.92 0.33

AGNICO EAGLE MINES19,560 1,004,998.77 0.79CADCanada 10,325,520.99 8.24

ALTAGAS22,013 333,717.55 0.27CADBOMBARDIER INC B150,400 253,212.92 0.20CADCANADIAN UTILITIES -A- NON VOTING9,900 280,015.78 0.22CADDOLLARAMA INC16,610 585,602.86 0.47CADEMPIRE -A- NON VOTING13,400 338,197.81 0.27CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG2,221 1,092,478.11 0.86CADFRANCO-NEVADA CORP14,889 1,266,456.68 1.00CADGILDAN ACTIVEWEAR9,558 370,696.92 0.30CADHYDRO ONE LTD12,144 212,262.46 0.17CADINTACT FINANCIAL CORP3,738 346,187.82 0.28CADKINROSS GOLD CORP102,400 396,520.66 0.32CADKIRKLAND LK GLG REG15,899 686,464.74 0.55CADMETRO -A- SUB VTG2,225 83,672.07 0.07CADONEX CORP SUB.VOTING4,483 270,991.83 0.22CADPRAIRIESKY ROYALTY LTD16,500 232,336.32 0.19CADQUEBECOR -B- SUBORD.VOTING4,648 110,942.22 0.09CADSAPUTO2,338 70,136.79 0.06CADSNC-LAVALIN GROUP13,528 274,136.53 0.22CAD





56Page

THOMSON REUTERS --- REGISTERED SHS13,288 859,070.62 0.69CADTOURMALINE OIL CORP14,506 185,165.07 0.15CADWEST FRASER TIMBER CO4,054 185,213.83 0.15CADWHEATON PRECIOUS METAL - REGISTERED36,600 887,042.63 0.70CAD

AAC TECHNOLOGIES HOLDINGS INC59,500 337,768.65 0.27HKDCayman Islands 3,676,229.38 2.94

ANTA SPORTS PRODUCTS86,000 590,577.54 0.48HKDCHINA FIRST CAPITAL GROUP224,000 66,805.57 0.05HKDDALI FOODS GRP UNITARY 144A/REGS155,500 103,301.47 0.08HKDENN ENERGY HOLDINGS LTD27,500 267,519.25 0.21HKDFULLSHARE HOLDINGS LTD562,500 34,919.90 0.03HKDHENGAN INTL GROUP56,000 411,800.44 0.33HKDHKT LTD - STAPLED SECURITY298,000 472,984.27 0.38HKDHUTCHISON CHINA ADR 1/2 SHS3,354 73,788.00 0.06USDLI NING CO66,000 155,611.72 0.12HKDTINGY HOLDING CORP148,000 247,029.07 0.20HKDUNI-PRESIDENT CHINA101,000 112,473.28 0.09HKDWH GROUP 144A/REGS490,500 497,247.88 0.40HKDXINYI SOLAR HOLDINGS LTD228,000 112,358.08 0.09HKDYIHAI INTL UNITARY 144A/REGS37,000 192,044.26 0.15HKD

BEIJING CAP. INTERNATIONAL AIRPORT -H-130,000 113,983.68 0.09HKDChina 1,049,202.81 0.84

CHINA COMMUNICATION SERCICES CORP -H-210,000 162,892.34 0.13HKDCHINA TELECOM CORP LTD -H-642,000 322,950.77 0.27HKDCRRC CORP -A-57,900 68,199.15 0.05CNYGD WEN S FOOD -A-12,700 66,307.99 0.05CNYZHAOJIN MINING INDUSTRY COMPANY LTD -H-77,500 86,799.76 0.07HKDZHUZHOU CRRC -H-43,300 228,069.12 0.18HKD

COLOPLAST -B-1,772 200,561.12 0.16DKKDenmark 3,043,309.98 2.43

GENMAB AS467 86,004.34 0.07DKKH. LUNDBECK5,320 210,479.76 0.17DKKISS A/S7,839 236,941.61 0.19DKKORSTED8,418 729,033.53 0.58DKKPANDORA9,071 323,175.36 0.26DKKVESTAS WIND SYSTEMS AS14,531 1,257,114.26 1.00DKK

ELISA CORPORATION -A-11,198 547,200.44 0.44EURFinland 962,457.94 0.77

NESTE12,220 415,257.50 0.33EUR

BIC(SOCIETE) - ACT PORTEUR/NOM2,133 162,868.50 0.13EURFrance 1,894,141.26 1.51

CARREFOUR SA15,865 306,778.71 0.24EUREUTELSAT COMMUNICATIONS SA14,027 262,611.70 0.21EURGETLINK ACT4,357 69,911.08 0.06EURSCOR SE12,753 560,011.37 0.45EURSODEXHO SA4,544 531,959.90 0.42EUR

BEIERSDORF AG1,048 125,969.96 0.10EURGermany 1,930,868.18 1.54

DEUTSCHE WOHNEN AG3,912 143,762.39 0.11EURMETRO WHOLESALE AND FOOD SPECIALIST AG13,439 246,017.16 0.20EURPUMA AG4,810 321,262.88 0.26EURTELEFONICA NAMEN AKT58,214 162,884.61 0.13EURVONOVIA SE5,403 258,423.33 0.21EURWIRECARD AG2,001 337,367.28 0.26EURZALANDO SE7,543 335,180.57 0.27EUR

MOTOR OIL HELLAS CORINTH REFIN.REG SHS4,363 111,793.15 0.09EURGreece 111,793.15 0.09

CHINA RESOURCES BEER LTD -RC-38,000 180,453.89 0.14HKDHong Kong 1,973,016.67 1.58

GUANGDONG INVEST -RC-238,000 470,972.12 0.38HKDHONG KONG CHINA GAS80,300 178,021.39 0.14HKDHYSAN DEVELOPMENT22,000 113,625.28 0.09HKDPCCW LTD267,000 154,133.33 0.12HKDSUN ART RETAIL GROUP LTD158,500 150,130.78 0.12HKDSWIRE PROPERTIES LTD39,800 160,727.87 0.13HKD





57Page

THE LINK REIT UNITS40,500 497,662.60 0.41HKDVITASOY INTERNATIONAL HOLDINGS14,000 67,289.41 0.05HKD

ASHOK LEYLAND -DEMATERIALISED-89,745 113,436.64 0.09INRIndia 8,972,657.24 7.16

BAJAJ FINANCE LTD13,548 722,487.73 0.58INRBHARAT FORGE LTD DEMATERIALISED16,549 107,861.24 0.09INRBHARAT PETROLEUM CORP DEMATERIALISED49,385 280,774.11 0.22INRBHARTI AIRTEL LTD(DEMATERIALISED)137,261 689,312.31 0.55INRBHARTI INFRATEL LTD25,704 99,442.26 0.08INRCIPLA SHS DEMATERIALISED27,516 220,618.21 0.18INRCONTAINER -REGISTERED SHS16,435 135,725.15 0.11INRDABUR INDIA LTD DEMATERIALISED26,545 154,014.97 0.12INRDIVI'S LABORATORIES LTD5,198 120,255.59 0.10INRDR REDDY'S LABORATORIES LTD8,757 323,556.28 0.26INREICHER MOTORS - DEMARTERIALISED1,107 306,930.46 0.25INRGAIL (INDIA) SHS DEMATERIALISED59,438 268,612.89 0.21INRGLENMARK PHARMACEUTICALS10,189 65,441.91 0.05INRGODREJ CONSUMER DEMATERIALISED27,226 261,541.46 0.21INRHCL TECHNOLOGIES DEMATERIALISED8,980 138,503.54 0.11INRHINDUSTAN PETROLEUM (DEMATERIALISED)45,872 192,751.70 0.15INRINDIABULLS HOUSING FINANCE LTD21,602 190,178.26 0.15INRINDIAN OIL CORP LTD DEMATERIALISED143,901 325,003.17 0.26INRINTERGLOBE AVIATION LTD7,420 167,469.26 0.13INRLUPIN LTD7,141 78,080.00 0.06INRMARUTI SUZUKI1,859 175,986.52 0.14INRNICHOLAS PIRAMAL DEMATERIALISED6,862 193,490.87 0.15INRPAGE INDUSTRIES426 127,018.95 0.10INRPETRONET LNG46,888 166,487.91 0.13INRPIDILITE INDUSTRIES LTD (DEMATERIALISED)11,007 193,653.91 0.15INRREC LTD46,911 111,997.82 0.09INRSHIRAM TRANSPORT FIN DEMATERIALISED11,159 174,665.70 0.14INRSUN PHARMACEUTICAL INDUSTRIES.DEMATERIAL63,854 370,899.29 0.30INRTATA CONSULT.SERVICES SVS DEMATERIALISED27,293 880,619.23 0.71INRTECH MAHINDRA LTD38,338 392,446.77 0.31INRTITAN INDUSTRIES LTD24,125 466,475.30 0.37INRUNITED SPIRITS -REGISTERED SHS24,576 208,260.84 0.17INRVODAFONE IDEA LTD638,235 112,340.04 0.09INRYES BANK LTD147,630 232,584.92 0.19INRZEE ENTERTAINMENT - DEMATERIALISED41,527 203,732.03 0.16INR

INDOFOOD CBP SUKSES MAKMUT183,700 131,980.47 0.11IDRIndonesia 261,918.48 0.21

PERUSAHAAN GAS NEGA -B-870,000 129,938.01 0.10IDR

AIB GRP - REGISTERED58,843 240,969.43 0.19EURIreland 1,420,827.04 1.13

BANK OF IRELAND - REGISTERED76,693 401,405.40 0.32EURJAZZ PHARMACEUTICALS PLC4,324 616,429.44 0.49USDKERRY GROUP -A-1,355 162,022.77 0.13EUR

NICE SYSTEMS LTD (IL273011)2,513 341,801.58 0.27ILSIsrael 341,801.58 0.27

ABC MART INC. TOKYO2,400 156,376.41 0.12JPYJapan 12,178,561.88 9.72

BANDAI NAMCO HOLDINGS INC12,200 592,221.83 0.47JPYCOCA-COLA WEST SHS9,900 250,761.94 0.20JPYDAITO TRUST CONSTRUCTION CO LTD2,900 369,700.09 0.30JPYFAMILYMART UNY HOLDINGS20,400 486,994.47 0.39JPYHOSHIZAKI4,200 312,641.45 0.25JPYJAPAN PRIME REALTY INVESTMENT CORP65 281,743.00 0.22JPYJAPAN RETAIL FUND INVESTMENT CORP217 439,075.42 0.35JPYJP REAL ESTATE INVESTMENT103 627,139.22 0.50JPYKDDI CORP25,200 641,694.62 0.51JPYLAWSON INC4,353 208,882.52 0.17JPYMC DONALD'S CO (JAPAN)5,400 238,073.07 0.19JPYNH FOODS LTD3,900 167,054.90 0.13JPYNIPPON BUILDING FD104 712,381.44 0.58JPYNIPPON TELEGRAPH AND TELEPHONE CORP22,300 1,038,417.17 0.84JPY





58Page

NOMURA REAL ESTATE MASTER FUND320 492,147.61 0.39JPYNTT DOCOMO INC42,000 979,440.95 0.79JPYPAN PACIFIC INTERNATIONAL HOLDINGS CORP8,900 565,026.74 0.45JPYPROLOGIS REIT109 251,810.76 0.20JPYRICOH CO LTD14,300 142,814.14 0.11JPYSANKYO CO LTD3,600 130,313.68 0.10JPYSONY FINANCIAL HOLDINGS12,100 290,651.48 0.23JPYSUMI DAI PHARMA12,100 229,443.96 0.18JPYSUNTORY7,800 339,177.55 0.27JPYSUZUKI MOTOR CORP7,200 338,414.60 0.27JPYTOHO GAS6,400 235,529.91 0.19JPYTOKYO GAS CO LTD9,300 219,034.18 0.17JPYUNITED URBAN INVESTMENT CORP101 169,301.97 0.14JPYYAKULT HONSHA CO LTD5,600 330,053.73 0.26JPYYAMADA DENKI CO LTD53,900 238,632.75 0.19JPYYAMATO HOLDINGS CO LTD25,200 512,466.89 0.41JPYZOZO INC10,200 191,143.43 0.15JPY

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)29,531 462,411.16 0.37EURLuxembourg 462,411.16 0.37

GAMUDA BHD152,100 138,389.57 0.11MYRMalaysia 885,253.72 0.71

HARTALEGA HOLDINGS BHD130,500 165,473.37 0.13MYRNESTLE (M) BHD5,600 202,046.80 0.16MYRPETRONAS DAGANGAN19,600 120,469.22 0.10MYRPRESS MTL ALUMI - REGISTERED66,200 70,485.04 0.06MYRSP SETIA BHD117,200 61,258.69 0.05MYRTOP GLOVE CORPORATION BHD107,000 127,131.03 0.10MYR

FLETCHER BUILDING LTD59,662 194,352.09 0.16NZDNew Zealand 594,049.06 0.47

SPARK NEW ZEALAND148,772 399,696.97 0.31NZD

MOWI ASA29,065 679,915.53 0.54NOKNorway 1,114,676.45 0.89

ORKLA ASA48,980 434,760.92 0.35NOK

BUENAVENTURE SP ADR-SHS-18,020 300,393.40 0.24USDPeru 300,393.40 0.24

ALLIANCE GLOBAL GROUP283,700 85,494.86 0.07PHPPhilippines 994,670.48 0.79

BANK OF THE PHILIPPINE ISLANDS83,370 127,735.86 0.10PHPGLOBE TELECOM2,585 114,126.51 0.09PHPINTERNATIONAL CONTAINER TERMINAL SERVICE27,250 77,864.76 0.06PHPJOLLIBEE FOODS CORPORATION17,730 97,517.63 0.08PHPMEGAWORLD - SHS833,000 99,176.37 0.08PHPPLDT6,415 161,517.57 0.13PHPUNIVERSAL ROBINA CORP71,370 231,236.92 0.18PHP

MAGNIT GDR28,787 419,570.53 0.33USDRussia 605,290.41 0.48

POLYUS GOLD CO ZAO2,010 185,719.88 0.15RUB

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD173,500 196,203.25 0.16SGDSingapore 196,203.25 0.16

ANGLOGOLD ASHANTI LTD-REG.SHS32,044 577,216.41 0.46ZARSouth Africa 913,198.24 0.73

GOLD FIELDS61,730 335,981.83 0.27ZAR

BGF RETAIL - REGISTERED550 100,506.65 0.08KRWSouth Korea 2,071,706.22 1.65

CELLTRION HEALTHCARE CO LTD4,212 206,104.01 0.16KRWDB INSURANCE RG REGISTERED SHS4,262 218,885.89 0.17KRWFILA KOREA CO LTD3,570 237,144.59 0.19KRWGS RETAIL CO LTD2,036 69,297.88 0.06KRWHYUNDAI FIRE MARINE INSURANCE CO LTD4,690 115,559.26 0.09KRWKOREA AEROSPACE4,580 142,598.19 0.11KRWLG UPLUS CORP8,242 103,502.36 0.08KRWORION REGISTERED1,984 158,939.94 0.13KRWPEARLABYSS CORP517 95,058.33 0.08KRWSK TELEKOM1,610 361,139.74 0.29KRWS1 CORP1,249 105,575.19 0.08KRW





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WOONGJIN COWAY2,348 157,394.19 0.13KRW

CELLNEX TELECOM1,990 73,742.54 0.06EURSpain 381,176.52 0.30

RED ELECTRICA14,740 307,433.98 0.24EUR

ICA GRUPPEN AB7,021 302,083.05 0.24SEKSweden 892,829.18 0.71

TELEFON AB L.M.ERICSSON62,214 590,746.13 0.47SEK

GEBERIT AG218 101,955.09 0.08CHFSwitzerland 101,955.09 0.08

FENG TAY ENTERPRISE24,000 186,995.71 0.15TWDTaiwan 258,664.52 0.21

TAIMED BIOLOGICS INC14,000 71,668.81 0.06TWD

ADVANCED INFO SERVICE -F-20,700 147,146.00 0.12THBThailand 2,189,610.13 1.75

BANGKOK DUSIT MEDICAL SERVICES PUBLIC CO752,600 638,056.56 0.51THBBANGKOK EXPRESS FOR REG626,000 232,702.37 0.19THBBTS GROUP385,700 150,921.98 0.12THBBUMRUNGRAD HOSPITAL -F-6,900 38,023.97 0.03THBBUMRUNGRAD HOSPITAL PUBLIC28,200 155,402.29 0.12THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG306,100 281,970.32 0.23THBENERGY ABSOLUTE FOREIGN REGISTER138,600 251,958.91 0.20THBMUANGTHAI CAPITAL PUBLIC COMPANY LTD48,700 89,722.02 0.07THBTOTAL ACCESS COMMUNICATION PUB.(FOR REG)58,300 100,754.87 0.08THBTRUE CORPORATION FOREIGN REGISTERED539,700 102,950.84 0.08THB

KONINKLIJKE AHOLD NV4,998 112,570.88 0.09EURThe Netherlands 112,570.88 0.09

BIM BIRLESIK MAGAZALAR18,580 255,861.22 0.20TRYTurkey 691,991.46 0.55

TUPRAS TURKIYE PETROL RAFINELERI10,165 202,105.53 0.16TRYTURK HAVA YOLLARI AO44,852 99,955.73 0.08TRYTURKIYE IS BANKASI AS128,174 134,068.98 0.11TRY

ASTRAZENECA PLC9,213 754,872.36 0.59GBPUnited Kingdom 5,322,014.73 4.25

CENTRICA PLC NEW458,398 512,105.89 0.41GBPCOMPASS GROUP21,245 510,211.35 0.41GBPDIRECT LINE INS GR PLC NI67,643 285,641.11 0.23GBPEASYJET PLC9,670 117,309.18 0.09GBPFRESNILLO PLC18,855 208,817.60 0.17GBPGROUP 4 SECURICOR37,712 99,830.76 0.08GBPJ SAINSBURY PLC31,634 78,889.80 0.06GBPMICRO FOCUS INTL - REGISTERED SHS26,487 695,767.19 0.56GBPNEXT PLC3,830 269,358.78 0.22GBPNIELSEN HOLDINGS PLC16,577 374,640.20 0.30USDPEARSON PLC45,698 476,556.76 0.38GBPPERSIMMON PLC4,041 102,704.25 0.08GBPRECKITT BENCKISER GROUP PLC2,807 221,990.89 0.18GBPTESCO PLC99,823 288,007.38 0.23GBPUNITED UTILITIES GROUP PLC10,756 107,157.63 0.09GBPWHITBREAD3,703 218,153.60 0.17GBP

ADVANCE AUTO PARTS1,568 241,691.52 0.19USDUnited States of America 46,153,361.32 36.86

AGNC INVESTMENT CORP23,343 392,629.26 0.31USDAMERCO264 99,937.20 0.08USDANNALY CAPITAL MANAGEMENT48,672 444,375.36 0.35USDAUTOZONE INC1,524 1,675,592.28 1.34USDBIOGEN IDEC INC1,081 252,813.47 0.20USDBRISTOL-MYERS SQUIBB CO15,012 680,794.20 0.54USDCABOT OIL AND GAS CORP -A-20,875 479,290.00 0.38USDCAMPBELL SOUP CO13,099 524,876.93 0.42USDCBOE HOLDINGS INC8,802 912,151.26 0.73USDCHIPOTLE MEXICAN GRILL -A-1,875 1,374,150.00 1.10USDCHURCH AND DWIGHT CO10,186 744,189.16 0.59USDCIGNA --- REGISTERED SHS2,093 329,752.15 0.26USDCLOROX CO5,959 912,382.49 0.73USDCME GROUP -A-9,786 1,899,560.46 1.53USD





60Page

CMS ENERGY CORP22,355 1,294,578.05 1.03USDCONSOLIDATED EDISON INC20,750 1,819,360.00 1.46USDCONSTELLATION BRANDS INC -A-2,169 427,162.86 0.34USDDARDEN RESTAURANTS INC7,860 956,797.80 0.76USDDEXCOM INC4,526 678,175.84 0.54USDDOLLAR TREE INC1,544 165,810.16 0.13USDDOMINION RESOURCES - REGISTERED20,453 1,581,425.96 1.26USDDOMINO PIZZA INC727 202,309.56 0.16USDEDISON INTERNATIONAL17,844 1,202,864.04 0.96USDEVERSOURCE EN12,820 971,243.20 0.78USDEXELON CORP15,790 756,972.60 0.60USDEXTRA SPACE STORAGE INC7,350 779,835.00 0.62USDFOX A5,732 210,020.48 0.17USDFOX CORP2,075 75,799.75 0.06USDGAP INC17,989 323,262.33 0.26USDGENERAL ELECTRIC CO120,335 1,263,517.50 1.01USDGENERAL MILLS INC9,964 523,309.28 0.42USDH & R BLOCK INC17,018 498,627.40 0.40USDHCP7,248 231,791.04 0.19USDHERSHEY11,327 1,518,157.81 1.21USDHUMANA INC3,590 952,427.00 0.76USDJ.M. SMUCKER CO SHS/WHEN ISSUED3,868 445,554.92 0.36USDKELLOGG6,541 350,401.37 0.28USDKROGER CO40,985 889,784.35 0.71USDLAMB WESTON HOLDINGS REG WI3,020 191,347.20 0.15USDLULULEMON ATHLETICA INC SHS3,359 605,325.39 0.48USDMACYS23,005 493,687.30 0.39USDMARKETAXESS HOLDING INC1,501 482,451.42 0.39USDMCDONALD'S CORP2,368 491,738.88 0.39USDMOHAWK INDUSTRIES INC1,317 194,217.99 0.16USDNEKTAR THERAPEUTICS13,604 484,030.32 0.39USDNEWMONT GOLDCORP CORPORATION32,507 1,250,544.29 1.00USDNEXTERA ENERGY6,133 1,256,406.38 1.00USDNISOURCE27,840 801,792.00 0.64USDNORDSTROM INC9,245 294,545.70 0.24USDNVR INC88 296,582.00 0.24USDPINNACLE WEST CAPITAL CORP2,949 277,471.41 0.22USDPUBLIC SERVICE ENTERPRISE GROUP INC12,218 718,662.76 0.57USDPUBLIC STORAGE INC7,842 1,867,729.14 1.50USDQUALCOMM INC5,658 430,404.06 0.34USDQURATE RTL GRP -REGISTERED SHS15,851 196,393.89 0.16USDSEMPRA ENERGY3,599 494,646.56 0.39USDSNAP INC-A-34,236 489,574.80 0.39USDSYMANTEC CORP35,740 777,702.40 0.62USDTESLA MOTORS INC3,545 792,165.70 0.63USDTHE KRAFT HEINZ12,105 375,739.20 0.30USDTRIPADVISOR INC WHEN ISSUED1,781 82,442.49 0.07USDTYSON FOODS INC -A-1,767 142,667.58 0.11USDULTA BEAUTY RG REGISTERED2,694 934,521.66 0.75USDVENTAS INC13,324 910,695.40 0.73USDVERIZON COMMUNICATIONS INC3,378 192,985.14 0.15USDVIACOM -B-12,034 359,455.58 0.29USDWAYFAIR INC879 128,334.00 0.10USDWW GRAINGER INC2,273 609,686.79 0.49USDZILLOW GROUP -C-9,615 446,039.85 0.36USD

HANERGY MOBILE ENERGY HOLDING GROUP CO LTD2,224,000 0.00 0.00HKD

Other transferable securities 3,071.99 0.00

Shares 3,071.99 0.00

Bermuda 0.00 0.00

CHINA DING YI FENG HOLDING80,000 3,071.99 0.00HKDCayman Islands 3,071.99 0.00

CHINA HUISHAN DAIRY HOLDINGS CO LTD394,000 0.00 0.00HKD






61Page





01/01/19


Class A - Capitalisation shares 8,693.8302 1,000.0000 0.0000 9,693.8302




Key figures

Total Net Assets 125,253,920.96 104,133,877.86 120,899,812.60



11,798.369,693.8302 8,693.8302

10,714.878,646.095512,098.40



106.46144.5615 11.4072

97.0655.4929110.41



109.7298,132.1847 109,622.2982

99.34146,155.5152



9,979.5210.0000 10.0000

9,004.950.00000.00


62Page

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

63Page


702,428.03Interest receivable1,695,585.00Brokers receivable



185,265.63Unrealised loss on financial futures57,483.02Other liabilities



Expressed in USD


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

64Page

AIRCASTLE LTD 4.125 17-24 01/05S1,830,000 1,873,764.45 2.22USD


Bonds 75,694,184.66 89.74

Bermuda 2,899,509.45 3.44

RENAISSANCERE HOLDINGS 3.6 19-29 15/04S1,000,000 1,025,745.00 1.22USD

VRX ESCROW 144A 6.125 15-25 15/04S300,000 306,457.50 0.36USDCanada 306,457.50 0.36

ALIBABA GROUP 3.60 15-24 28/11S1,000,000 1,042,260.00 1.24USDCayman Islands 2,615,235.00 3.10

ALIBABA GRP 4.20 17-47 06/12S1,000,000 1,044,800.00 1.23USDBAIDU 4.375 18-28 29/03S500,000 528,175.00 0.63USD

NOKIA 3.375 17-22 12/06S500,000 506,937.50 0.60USDFinland 506,937.50 0.60

ABBVIE INC 4.45 16-46 14/05S1,000,000 987,125.00 1.17USDUnited States of America 69,366,045.21 82.24

ADT CORP 3.50 13-22 15/07S750,000 748,781.25 0.89USDAK STEEL CORP 7.625 14-21 01/10S1,000,000 987,780.00 1.17USDAMAZON 4.05 18-47 22/08S1,000,000 1,130,265.00 1.34USDAMC NETWORKS INC 4.75 17-25 01/08S750,000 762,813.75 0.90USDAMERICAN WATER 3.4500 19-29 01/06S2,000,000 2,084,280.00 2.47USDAMERICAN WATER 4.1500 19-49 01/06S1,000,000 1,079,475.00 1.28USDANHEUSER-BUSCH CO 4.7 19-36 02/01S500,000 550,355.00 0.65USDANTHEM INC 2.95 17-22 01/12S1,000,000 1,014,595.00 1.20USDAPPLE 2.40 13-23 03/05S1,000,000 1,010,805.00 1.20USDAPPLE 2.45 16-26 04/08S1,000,000 996,530.00 1.18USDAT&T INC 4.8500 19-39 01/03S500,000 538,070.00 0.64USDAUTOZONE INC 3.75 17-27 01/06S1,500,000 1,570,230.00 1.86USDBRISTOL-MYERS S 3.2000 19-26 15/06S1,000,000 1,039,610.00 1.23USDBRISTOL-MYERS S 3.4000 19-29 26/07S500,000 523,195.00 0.62USDBRISTOL-MYERS S 4.2500 19-49 26/10S500,000 549,472.50 0.65USDCCO HLDGS LLC/C 5.3750 19-29 01/06S150,000 154,981.50 0.18USDCEDAR FAIR LP 5.2500 19-29 15/07S150,000 153,494.85 0.18USDCHARLES SCHWAB 2.65 17-23 25/01S1,875,000 1,900,500.00 2.25USDCHARTER COM OPERATING 4.464 16-22 27/03S1,500,000 1,574,070.00 1.87USDCLEAN HARBORS I 4.8750 19-27 15/07S50,000 50,864.35 0.06USDCOMMONWEALTH EDISON 3.7000 18-28 15/08S1,000,000 1,076,625.00 1.28USDCONAGRA BRANDS INC4.85 18-28 01/11S1,000,000 1,110,010.00 1.32USDCONSTELLATION BRANDS 3.20 18-23 15/02S1,000,000 1,021,665.00 1.21USDCONSTELLATION BRANDS 4.10 18-48 15/02S500,000 496,205.00 0.59USDCONTINENTAL RESOURCES 4.90 14-44 01/06S500,000 530,159.50 0.63USDCORRECTION CORP OF AM 4.625 13-23 01/05S500,000 491,989.50 0.58USDCROWN CASTLE INTL 3.650 17-27 01/09S500,000 516,250.00 0.61USDCVS HEALTH CORP 5.05 18-48 25/03S500,000 532,585.00 0.63USDDELTA AIR LINES 4.3750 18-28 19/04S1,800,000 1,847,034.00 2.19USDDENBURRY RESOURCES 9.00 16-21 15/05S1,000,000 986,181.00 1.17USDDISCOVERY COMMUNICA 5.20 17-47 20/09S500,000 529,175.00 0.63USDDOMINION ENERGY 4.2500 18-28 01/06S500,000 543,032.50 0.64USDDOMINION GAS -C- 4.60 14-44 15/12S500,000 558,055.00 0.66USDEXELON GENERATI 5.6000 12-42 15/06S500,000 559,807.50 0.66USDGECC 2.20 15-20 09/01S300,000 299,331.00 0.35USDGENERAL ELECTRIC CAP 3.45 14-24 15/05S1,500,000 1,535,250.00 1.82USDGRUBHUB HOLDING 5.5000 19-27 01/07S550,000 565,323.55 0.67USDHCA INC 5.2500 19-49 15/06S300,000 312,087.00 0.37USDJOHN DEERE CAP CORP 2.875 18-21 12/03S500,000 505,655.00 0.60USDJOHN DEERE CAP CORP 3.45 18-25 13/03S1,000,000 1,053,320.00 1.25USDKEURIG DR PEPPER INC 4.597 19-28 25/05S1,000,000 1,095,435.00 1.30USDKEURIG DR PEPPER INC 5.085 18-48 25/05S500,000 560,030.00 0.66USDKIMBERLY-CLARK 3.2000 19-29 25/04S2,000,000 2,101,830.00 2.50USDKROGER CO 4.45 17-47 01/02S500,000 490,955.00 0.58USDLOWE'S COS INC 4.05 17-47 03/05S1,000,000 997,060.00 1.18USDMARATHON OIL CORP 5.20 15-45 06/01S500,000 557,835.00 0.66USDMCDONALD S 4.875 15-45 09/12S750,000 864,997.50 1.03USDMURPHY OIL CORP 5.75 17-25 15/08S500,000 519,722.50 0.62USDNAVISTAR INTL 6.625 17-25 01/11S1,000,000 1,048,501.00 1.24USDNEXTERA ENERGY 4.2500 19-24 15/07S500,000 503,159.50 0.60USD





65Page

NGL ENRGY PART 7.5 19-26 15/04S1,125,000 1,173,821.62 1.39USDORACLE CORP 4.00 17-47 15/11S1,000,000 1,076,250.00 1.28USDPEPSICO 4.00 17-47 02/04S1,000,000 1,123,755.00 1.33USDPOST HOLDINGS 144A 5.75 17-27 01/03S750,000 776,238.75 0.92USDPUBLIC SERVICE 2.8750 19-24 15/06S500,000 506,202.50 0.60USDPUBLIC STORAGE 2.37 17-22 15/09S500,000 502,275.00 0.60USDPUBLIC STORAGE 3.094 17-27 15/09S1,500,000 1,533,997.50 1.82USDPUBLIC STORAGE 3.3850 19-29 01/05S1,000,000 1,045,425.00 1.24USDPULTE GROUP 6.375 03-33 15/05S300,000 320,067.00 0.38USDRENAISSANCE 3.45 17-27 29/06S1,500,000 1,525,095.00 1.81USDSEMPRA ENERGY 2.875 12-22 01/10S500,000 505,172.00 0.60USDSEMPRA ENERGY 3.4 18-28 01/02S1,000,000 999,650.00 1.19USDSHERWIN-WILLIAMS C 2.75 17-22 01/06S1,500,000 1,514,557.50 1.80USDSPIRIT AEROSYSTEMS 4.6 18-28 15/06S1,000,000 1,055,330.00 1.25USDSPRINT CORP 7.625 18-26 01/03S250,000 267,345.00 0.32USDSTARBUCKS 3.5 18-28 28/02S500,000 525,267.50 0.62USDSTARBUCKS 3.1 18-23 28/02 S1,000,000 1,026,470.00 1.22USDSTERICYCLE INC 5.3750 19-24 15/07S50,000 52,215.95 0.06USDTARGET CORP 3.50 14-24 01/07S1,500,000 1,595,745.00 1.89USDTHE PRICELINE GROUP 2.75 17-23 15/03S750,000 760,425.00 0.90USDTIME WARNER INC 3.80 16-27 15/02S1,000,000 1,000,609.00 1.19USDTOLL BROS FINANCE 5.875 12-22 15/02S1,000,000 1,068,375.00 1.27USDTYSON FOODS 4.55 17-47 02/06S1,000,000 1,048,140.00 1.24USDUNITED AIRLINES 4.25 17-22 01/10S400,000 410,428.00 0.49USDUNITED AIRLINES 4.875 19-25 15/01S600,000 618,075.00 0.73USDUNITED AIRLINES 5.00 17-24 01/02S143,000 148,644.64 0.18USDVENTAS REALTY L 2.6500 19-25 15/01S500,000 497,487.50 0.59USDVENTAS REALTY L 3.5000 19-24 15/04S1,000,000 1,036,835.00 1.23USDVENTAS REALTY LP 4.875 19-49 15/04S500,000 552,457.50 0.65USDVFH PARENT LLC 144A 6.75 17-22 15/06S1,000,000 1,036,140.00 1.23USDVIASAT INC 5.6250 19-27 15/04S300,000 312,444.00 0.37USDWELLTOWER INC 4.2500 18-28 15/04S500,000 534,545.00 0.63USD

WEIBO CORP 3.50 19-24 05/07S500,000 501,937.50 0.60USD


Bonds 1,828,466.14 2.17

Cayman Islands 501,937.50 0.60

CHS/COMMUNITY HEALTH 8.0 19-26 15/03S250,000 240,405.00 0.29USDUnited States of America 1,326,528.64 1.57

CLEAN HARBORS INC 5.125 19-29 15/07S125,000 127,879.50 0.15USDMATCH GP 5.625 19-29 15/02S429,000 453,223.49 0.53USDSA COMPRESSION PARTNE 6.875 19-27 01/09S250,000 263,777.50 0.31USDSUNOCO LP/SUNOCO FINA 6.0 19-27 15/04S200,000 210,257.80 0.25USDTENET HEALTHCARE CORP 6.25 19-27 01/02S30,000 30,985.35 0.04USD






66Page





01/01/19



Class Z - Capitalisation shares 346.0000 691.9720 5.0000 1,032.9720

Key figures

Total Net Assets 84,348,355.79 72,046,013.60 351,274,256.90



12,336.615,931.9435 6,109.9435

11,234.3230,172.651611,642.14



10,811.771,032.9720 346.0000

9,840.970.00000.00


67Page

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

68Page


-8,813.65Unrealised loss on the securities portfolio70,998.12Cash at banks and liquidities

127,089.66Brokers receivable315.00Unrealised gain on financial futures


151,949.36Liabilities135.00Bank overdrafts

143,602.79Payable on securities purchased8,211.57Other liabilities



Expressed in EUR


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

69Page

AEROPORTS DE PARIS-ADP-593 92,033.60 3.32EUR


Shares 2,721,125.15 98.08

France 2,604,806.90 93.89

AXA SA2,754 63,617.40 2.29EURBIC(SOCIETE) - ACT PORTEUR/NOM1,279 85,756.95 3.09EURBIOMERIEUX SA1,061 77,293.85 2.79EURCARREFOUR SA4,992 84,764.16 3.06EURCASINO GUICHARD PERRACHON SA1,766 52,980.00 1.91EURCOVIVIO SA1,561 143,690.05 5.19EURDANONE785 58,482.50 2.11EURDASSAULT AVIATION SA71 89,744.00 3.23EURDASSAULT SYSTEMES SA327 45,878.10 1.65EUREDENRED SA201 9,016.86 0.32EUREDF SA6,956 77,107.26 2.78EURENGIE592 7,897.28 0.28EURESSILORLUXOTTICA SA903 103,619.25 3.73EUREUTELSAT COMMUNICATIONS SA3,969 65,250.36 2.35EURGECINA SA REG SHS943 124,098.80 4.48EURGETLINK ACT8,040 113,283.60 4.08EURHERMES INTERNATIONAL SA60 38,052.00 1.37EURILIAD SA566 55,898.16 2.01EURINGENICO GROUP806 62,690.68 2.26EURIPSEN591 70,920.00 2.56EURMICHELIN SA REG SHS474 52,874.70 1.91EURORANGE9,430 130,746.95 4.72EURPERNOD RICARD SA735 119,106.75 4.29EURPEUGEOT SA1,241 26,892.47 0.97EURPUBLICIS GROUPE1,769 82,134.67 2.96EURSANOFI1,599 121,380.09 4.38EURSARTORIUS STEDIM BIOTECH390 54,093.00 1.95EURSCOR SE2,492 96,091.52 3.46EURSOCIETE GENERALE SA2,262 50,261.64 1.81EURSODEXHO SA993 102,080.40 3.68EURSUEZ ACT.7,527 95,517.63 3.44EURTOTAL SA1,126 55,483.65 2.00EURUBISOFT ENTERTAINMENT855 58,858.20 2.12EURVALEO SA965 27,599.00 0.99EURVIVENDI SA397 9,611.37 0.35EUR

EUROFINS SCIENTIFIC153 59,517.00 2.14EURLuxembourg 116,318.25 4.19

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)4,131 56,801.25 2.05EUR






70Page





01/01/19





Key figures

Total Net Assets 2,774,519.96 2,479,838.27 2,839,620.57



16,594.31165.0000 165.0000

14,831.22175.000016,023.33



130.34200.0000 200.0000

117.09200.0000127.83



103.91100.0000 100.0000

92.68100.0000


71Page

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

72Page


4,090,500.34Unrealised gain on the securities portfolio6,532,824.75Cash at banks and liquidities4,249,195.63Interest receivable2,548,474.38Brokers receivable

86,362.66Unrealised gain on financial futures2,267,099.53Unrealised gain on swaps


3,832,405.28Liabilities172,706.51Bank overdrafts

2,866,531.85Payable on securities purchased148,379.84Unrealised loss on forward foreign exchange contracts644,787.08Other liabilities



Expressed in USD


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

73Page

FLY LEASING 6.375 14-21 15/10S3,750,000 3,842,077.50 1.56USD


Bonds 185,958,575.01 75.30

Bermuda 3,842,077.50 1.56

AIR CANADA 144A 7.75 14-21 15/04S3,000,000 3,233,955.00 1.31USDCanada 21,247,128.72 8.60

BAUSCH HEALTH C 7.0000 19-28 15/01S500,000 517,875.00 0.21USDBOMBARDIER 144A 7.50 17-24 01/12S1,000,000 1,024,505.00 0.41USDENTERTAINMENT ONE 4.625 19-26 15/07S250,000 328,178.16 0.13GBPFIRST QUANTUM 144A 6.50 18-24 01/03S1,500,000 1,402,950.00 0.57USDKINROSS 4.5 18-27 15/07S5,000,000 5,052,150.00 2.05USDNEW GOLD INC 6.375 17-25 15/05S2,000,000 1,658,740.00 0.67USDRITCHIE BROS AUCTI 5.375 16-25 15/01S4,000,000 4,151,916.00 1.68USDVALEANT PHARMACEUTICA 5.50 17-25 01/11S50,000 52,086.50 0.02USDVRX ESCROW 4.50 15-23 15/05S500,000 578,163.06 0.23EURVRX ESCROW 144A 6.125 15-25 15/04S1,200,000 1,225,830.00 0.50USD101178 BC 5.00 17-25 15/10S2,000,000 2,020,780.00 0.82USD

UPCB FINANCE IV 4.00 15-27 15/01S450,000 541,913.64 0.22EURCayman Islands 541,913.64 0.22

NOKIA 3.375 17-22 12/06S2,500,000 2,534,687.50 1.03USDFinland 4,586,587.50 1.86

NOKIA 4.375 17-22 12/06S2,000,000 2,051,900.00 0.83USD

CASINO GUICHARD PER. 5.976 11-21 26/05A600,000 640,803.90 0.26EURFrance 640,803.90 0.26

ADLER REAL ESTATE 1.875 18-23 27/04A400,000 461,851.73 0.19EURGermany 3,978,263.44 1.61

ADLER REAL ESTATE 1.50 19-22 17/04A200,000 230,416.82 0.09EURADLER REAL ESTATE AG 3.0 18-26 27/04A400,000 473,606.43 0.19EURCONSUS REAL ESTATE 9.625 19-24 15/05S800,000 888,264.00 0.36EURDEMIRE REAL ESTATE 2.875 17-22 15/07S950,000 1,100,300.31 0.44EURIHO VERWALTUNGS 3.875 19-27 15/05S150,000 173,972.48 0.07EURIHO VERWALTUNGS GMBH 3.625 19-25 15/05S100,000 116,548.78 0.05EURTELE COLOMBUS 3.875 18/25 04/05S500,000 533,302.89 0.22EUR

SMURFIT KAPPA ACQ 2.875 18-26 15/01S500,000 621,269.50 0.25EURIreland 621,269.50 0.25

INTESA SAN PAOLO 8.375 09-XX 14/10A500,000 583,196.56 0.24EURItaly 4,192,866.77 1.70

SALINI 3.75 16-21 24/06A1,000,000 1,092,547.64 0.44EURTELECOM ITALIA EMTN 5.25 05-55 17/03A300,000 362,329.71 0.15EURTELECOM ITALIA SPA 2.75 19-25 15/04A750,000 863,960.59 0.35EURTELECOM ITALIA SPA 5.875 07-23 19/05A450,000 623,754.54 0.25GBPUNICREDIT SPA REGS 6.95 12-22 31/10A500,000 667,077.73 0.27EUR

SOFTBANK 6.125 18-25 20/04S2,000,000 2,152,360.00 0.87USDJapan 2,152,360.00 0.87

AA BOND CO LTD 5.50 15-22 31/07S300,000 327,385.28 0.13GBPJersey Island 327,385.28 0.13

ALTICE FINCO 8.125 13-24 15/01S5,000,000 5,153,650.00 2.09USDLuxembourg 14,437,514.07 5.85

ALTICE REGS 7.25 14-22 15/05S107,229 125,522.26 0.05EURALTICO FINCO REGS 9.00 13-23 15/06S800,000 949,536.00 0.38EURCABOT FINANCIAL LU 7.50 16-23 01/10S500,000 659,579.39 0.27GBPCODERE FIN LUX 6.75 16-21 01/11S600,000 682,938.36 0.28EURCODERE FINANCE 2 7.625 16-21 01/11S1,745,000 1,702,116.63 0.69USDCORESTATE CAPITAL HLD 3.6 18-23 15/04S400,000 456,964.00 0.19EURINTELSAT JACKSON H 9.75 17-25 15/07S2,000,000 2,049,098.00 0.83USDOLIVETTI FINANCE EMTN 7.75 03-33 24/01A300,000 468,014.34 0.19EURROSSINI SARL 6.75 18-25 30/10S1,000,000 1,241,861.40 0.50EURTELENET IV 4.875 15-27 15/07S765,000 948,233.69 0.38EUR

AKER BP 4.75 19-24 15/061,150,000 1,185,943.25 0.48USDNorway 1,185,943.25 0.48

OBRASCON HUARTE LAIN 4.75 14-22 15/03S250,000 197,529.13 0.08EURSpain 197,529.13 0.08





74Page

INTRUM JUSTITIA AB 2.75 17-22 15/07S250,000 288,201.81 0.12EURSweden 2,094,462.74 0.85

INTRUM JUSTITIA AB 3.125 17-24 15/07S650,000 752,848.15 0.30EURVOLVO CAR AB 2.1250 19-24 02/04A900,000 1,053,412.78 0.43EUR

INTERXION HOLDING 4.7500 18-27 15/06S500,000 620,999.03 0.25EURThe Netherlands 3,086,293.20 1.25

KONGSBERG ACTUATION 5 18-25 15/07700,000 802,485.03 0.32EURUPC HOLDING BV 3.875 17-29 15/06S500,000 600,494.93 0.24EURZIGGO BOND CO 4.625 15-25 15/01S900,000 1,062,314.21 0.44EUR

ENSCO ROWAN PLC 8.75 18-26 01/02S750,000 561,273.75 0.23USDUnited Kingdom 5,158,165.10 2.09

HELLENIC TELECOM 3.50 14-20 09/07A500,000 588,759.60 0.24EURLADBROKES GROUP FI 5.125 16-23 08/09S500,000 672,672.15 0.27GBPOTE PLC 2.375 18-22 18/07A600,000 723,822.42 0.29EURSAGA PLC 3.375 17-24 12/05S400,000 425,919.85 0.17GBPVIRGIN MEDIA SEC 5.50 19-29 15/05S1,500,000 1,525,552.50 0.62USDVIRGIN MEDIA SEC FIN 5.25 19-29 15/05S500,000 660,164.83 0.27GBP

ADT CORP 3.50 13-22 15/07S2,250,000 2,246,343.75 0.91USDUnited States of America 117,668,011.27 47.64

ADV MICRO DEV 7.00 14-24 01/07S4,000,000 4,164,900.00 1.69USDAK STEEL CORP 7.625 14-21 01/10S4,000,000 3,951,120.00 1.60USDAMC ENTERT HLDG 6.125 17-27 15/05S3,000,000 2,676,060.00 1.08USDBEACON ROOFING SUPP 4.875 17-25 01/11S1,500,000 1,485,202.50 0.60USDB&G FOODS INC 5.25 17-25 01/04S3,438,000 3,473,480.15 1.41USDCATALENT PHARMA 5.0000 19-27 15/07S500,000 508,417.50 0.21USDCCO HLDGS LLC/C 5.3750 19-29 01/06S850,000 878,228.50 0.36USDCEDAR FAIR LP 5.375 18-27 15/04S3,000,000 3,122,694.00 1.26USDCEDAR FAIR LP 5.2500 19-29 15/07S350,000 358,154.65 0.15USDCLEAN HARBORS I 4.8750 19-27 15/07S200,000 203,457.40 0.08USDCORRECTION CORP OF AM 4.625 13-23 01/05S1,500,000 1,475,968.50 0.60USDCOTY 4.0 18-23 05/04S500,000 564,654.05 0.23EURCOVANTA HOLDING CO 5.875 17-25 01/07S2,595,000 2,698,319.92 1.09USDDENBURRY RESOURCES 9.00 16-21 15/05S2,000,000 1,972,362.00 0.80USDEQUINIX 2.875 17-26 01/02S300,000 358,378.65 0.15EURFEDERAL MOGUL REGS 5.00 17-24 15/07S150,000 169,126.32 0.07EURFINANCIAL & RIS 6.2500 18-26 15/05S1,500,000 1,548,885.00 0.63USDFINANCIAL & RIS 8.2500 18-26 15/11S500,000 515,236.00 0.21USDFRONTIER COMMUN 8.0000 19-27 01/04S2,000,000 2,085,626.00 0.84USDGENESIS ENERGY LP 6.25 17-26 15/05S1,500,000 1,445,415.00 0.59USDGENWORTH 7.2 10-21 22/11S1,320,000 1,295,685.60 0.52USDGENWORTH FINANCIAL 7.625 11-21 24/09S3,000,000 2,951,865.00 1.20USDGRAY ESCROW 7.00 18-27 15/05S1,500,000 1,628,385.00 0.66USDGRUBHUB HOLDING 5.5000 19-27 01/07S1,450,000 1,490,398.45 0.60USDIRON MOUNTAIN 3.00 17-25 15/01S500,000 588,511.91 0.24EURL BRANDS 7.60 07-37 15/07S532,000 462,488.88 0.19USDLADDER CAP FIN LLL 5.250 17-25 01/10S1,000,000 1,006,234.00 0.41USDLAMB WESTON HLDG 144A 4.875 16-26 01/11S4,700,000 4,893,428.50 1.98USDMATCH GROUP INC 5.00 17-27 15/12S5,250,000 5,510,421.00 2.22USDMATTEL 6.75 17-25 31/12S1,000,000 1,030,571.00 0.42USDNATURAL RESRCE 9.1250 19-25 30/06S2,000,000 2,070,424.00 0.84USDNAVISTAR INTL 6.625 17-25 01/11S1,750,000 1,834,876.75 0.74USDNEXTERA ENERGY 4.2500 19-24 15/07S3,000,000 3,018,957.00 1.22USDNGL ENRGY PART 7.5 19-26 15/04S1,875,000 1,956,369.37 0.79USDPAR PHARMACEUTI 7.5000 19-27 01/04S1,000,000 984,340.00 0.40USDPARTY CITY HOLD 6.6250 18-26 01/08S2,500,000 2,429,412.50 0.98USDPOST HOLDINGS INC 5.625 17-28 15/01S2,000,000 2,057,910.00 0.83USDPULTE GROUP 6.375 03-33 15/05S700,000 746,823.00 0.30USDPULTEGROUP 5.00 16-27 15/01S2,000,000 2,097,920.00 0.85USDREALOGY GROUP LLC 9.375 19-27 01/04S250,000 220,084.25 0.09USDSBA COMMUNICATIONS 4.875 17-24 01/09S5,506,000 5,673,822.88 2.29USDSIX FLAGS ENTERTAIN 4.875 16-24 31/07S1,500,000 1,526,646.00 0.62USDSPRINT CORP 7.625 18-26 01/03S2,500,000 2,673,450.00 1.08USDSPRINT CORP 7.125 14-24 15/06S300,000 318,184.50 0.13USDSTERICYCLE INC 5.3750 19-24 15/07S50,000 52,215.95 0.02USDSUNOCO LP 5.875 18-28 15/03S1,125,000 1,175,568.75 0.48USDSUNOCO LP/FINAN 4.8750 18-23 15/01S1,000,000 1,022,100.00 0.41USD





75Page

TENET HEALTHCARE 7 18-23 01/08S1,250,000 1,255,531.25 0.51USDTENET HEALTHCARE 4.625 17-24 15/07S3,500,000 3,550,050.00 1.44USDTESLA INC 5.30 17-25 15/08S1,350,000 1,178,914.50 0.48USDTOLL BROS FINANCE 5.875 12-22 15/02S3,000,000 3,205,125.00 1.30USDTRONOX 144A 6.50 18-26 15/04S2,000,000 1,984,430.00 0.80USDTUTOR PERINI CORP 6.875 17-25 01/05S500,000 479,399.00 0.19USDUNITED AIRLINES 4.25 17-22 01/10S1,600,000 1,641,712.00 0.66USDUNITED AIRLINES 4.875 19-25 15/01S1,400,000 1,442,175.00 0.58USDUNITED AIRLINES 5.00 17-24 01/02S3,857,000 4,009,247.36 1.62USDVFH PARENT LLC 144A 6.75 17-22 15/06S4,957,000 5,136,145.98 2.08USDVIASAT INC 5.625 17-25 15/09S2,000,000 1,967,468.00 0.80USDVIASAT INC 5.6250 19-27 15/04S700,000 729,036.00 0.30USDWAND MERGER CORP 9.125 18-26 15/07S3,000,000 3,043,845.00 1.23USDWAND MERGER CORP 8.125 18-23 15/07S500,000 509,480.00 0.21USDWEIGHT WATCHERSINT 8.625 17-25 01/12S1,000,000 916,328.00 0.37USD

RWE SUB REGS FL.R 15-75 21/04A500,000 582,479.11 0.24EUR

Floating rate bonds 12,434,019.30 5.03

Germany 582,479.11 0.24

SOC CATTOLICA ASSI 4.25 17-47 14/12A500,000 559,606.32 0.23EURItaly 559,606.32 0.23

ARD FINANCE PIK FL.R 17-23 15/09S750,000 890,749.43 0.36EURLuxembourg 3,641,071.00 1.47

CABOT FINANCIAL FL.R 19-24 14/06Q500,000 577,434.23 0.23EURCPI PROPERY 4.375 18-23 09/05A400,000 451,743.74 0.18EURSES SA FL.R 16-49 29/11A900,000 1,130,630.25 0.46EURUNICREDIT FINANCE FL.R 09-XX 10/12A500,000 590,513.35 0.24EUR

EDP ENERGIAS SUB FL.R 15-75 16/09A800,000 983,704.55 0.40EURPortugal 983,704.55 0.40

SSB I NORDEN FL.R 19-49 31/12A700,000 815,327.28 0.33EURSweden 815,327.28 0.33

GAS NAT FENOSA REGS FL.R 14-XX 30/11A800,000 991,275.30 0.40EURThe Netherlands 1,999,546.04 0.81

TELEFONICA EUROPA SUB FL.R 13-XX 18/09A400,000 525,469.65 0.21EURTELEFONICA EUROPA SUB 3.75 16-XX 15/09A400,000 482,801.09 0.20EUR

VIACOM SUB FL.R 17-57 28/02S2,250,000 2,295,045.00 0.92USDUnited States of America 3,852,285.00 1.55

VIACOM SUB FL.R 17-57 28/02S1,500,000 1,557,240.00 0.63USD

ELIS SA EX HOLDELIS 1.75 19-24 11/04A800,000 942,844.41 0.38EUR


Bonds 36,141,433.17 14.63

France 2,714,375.92 1.10

EUROPCAR MOBILITY 4.00 19-26 30/04S500,000 583,612.22 0.24EURFAURECIA 3.1250 19-26 15/06S500,000 600,998.85 0.24EURFNAC DARTY SA 1.875 19-24 30/05S500,000 586,920.44 0.24EUR

ADARGH PACKAGING FIN 4.75 17-27 15/07S600,000 747,862.48 0.30GBPIreland 2,824,482.48 1.14

ARDAGH PKG FIN/HLD 6.00 17-25 15/06S2,000,000 2,076,620.00 0.84USD

PLAYTECH 3.75 18-23 12/10S500,000 600,509.17 0.24EURIsle of Man 600,509.17 0.24

CLEAR CHANNEL 9.25 19-24 12/02S3,250,000 3,530,972.25 1.43USDLuxembourg 7,561,706.73 3.06

CONTOURGLOBAL 4.125 18-25 26/07S750,000 909,330.37 0.37EUREDREAMS ODIGEO 5.5 18-23 01/09S1,000,000 1,192,539.97 0.48EURFINANCIAL AND RISK 6.875 18-26 15/11S900,000 1,045,592.64 0.42EURGARRET 5.125 18-26 27/09S800,000 883,271.50 0.36EUR

INTERTRUST GROUP BV 3.375 18-25 15/11S900,000 1,089,249.10 0.44EURThe Netherlands 2,201,752.79 0.89

SAIPEM FIN INTL BV 2.625 17-25 07/01A950,000 1,112,503.69 0.45EUR

INTER GAME 6.25 18-27 26/09S1,000,000 1,093,235.00 0.45USDUnited Kingdom 1,942,500.33 0.79

INTERNATIONAL G 3.5000 19-26 15/06S500,000 592,622.98 0.24EURWILLIAM HILL PLC 4.75 19-26 01/05S200,000 256,642.35 0.10GBP

AMC ENTERT HLDG 6.375 17-24 15/11S500,000 623,890.07 0.25GBPUnited States of America 18,296,105.75 7.41





76Page

AXALTA COATING SYS 4.875 16-24 15/08S1,000,000 1,035,153.00 0.42USDCARVANA CO 8.875 18-23 01/10S500,000 505,383.50 0.20USDCHS/COMMUNITY HEALTH 8.0 19-26 15/03S1,000,000 961,620.00 0.39USDCLEAN HARBORS INC 5.125 19-29 15/07S375,000 383,638.50 0.16USDCOMMSCOPE FINANCE 8.25 19-27 19/02S1,500,000 1,533,582.00 0.62USDCUMULUS MEDIA NEW 6.75 19-26 01/07S750,000 749,230.50 0.30USDENOVA INTERNATIONAL 8.5 18-25 15/09S2,500,000 2,365,422.50 0.97USDHERTZ 144A 5.50 16-24 15/10S2,000,000 1,904,120.00 0.77USDLITHIA MOTORS 5.25 17-25 01/08S4,967,000 5,091,711.44 2.07USDMATCH GP 5.625 19-29 15/02S571,000 603,241.51 0.24USDSA COMPRESSION PARTNE 6.875 19-27 01/09S1,250,000 1,318,887.50 0.53USDSAPPI PAPIER HO 3.1250 19-26 15/04S300,000 352,280.38 0.14EURSUNOCO LP/SUNOCO FINA 6.0 19-27 15/04S300,000 315,386.70 0.13USDTENET HEALTHCARE CORP 6.25 19-27 01/02S70,000 72,299.15 0.03USDW&T OFFSHORE INC 9.75 18-23 01/11S500,000 480,259.00 0.19USD

CPI PROPERTY GROUP 4.875 19-99 31/12A500,000 565,243.38 0.23EUR

Floating rate bonds 565,243.38 0.23

Luxembourg 565,243.38 0.23






77Page





01/01/19



Class Z - Capitalisation shares 20,342.8786 194.0659 4,982.9863 15,553.9582

Key figures

Total Net Assets 246,977,093.57 267,546,936.37 196,298,880.59



11,438.907,217.1356 7,037.0120

10,364.7518,028.671910,888.15



10,571.0115,553.9582 20,342.8786

9,566.490.00000.00


78Page

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

79Page


271,354.10Unrealised gain on the securities portfolio276,166.11Cash at banks and liquidities122,810.36Other assets

25,590.49Liabilities113.11Bank overdrafts70.13Unrealised loss on financial futures




Expressed in USD


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

80Page

APA GROUP STAPLED SECURITY89,865 681,077.91 1.35AUD


Shares 49,938,855.00 99.26

Australia 1,708,751.26 3.40

COCHLEAR2,174 315,556.06 0.63AUDDOMINO S PIZZA ENTERPRISES LTD19,942 526,745.44 1.05AUDMEDIBANK PRIVATE LTD34,093 83,497.43 0.17AUDTELSTRA CORP37,707 101,874.42 0.20AUD

COLRUYT10,475 608,375.43 1.22EURBelgium 898,297.37 1.79

TELENET GROUP HOLDING NV3,828 213,606.99 0.42EURUCB919 76,314.95 0.15EUR

DAIRY FARM INTERNATIONAL HOLDING97,800 699,270.00 1.39USDBermuda 3,718,502.08 7.39

JARDINE MATHESON HLD9,200 579,784.00 1.15USDJARDINE STRATEGIC HOLDINGS16,200 617,706.00 1.23USDKERRY PROPERTIES142,500 598,270.32 1.19HKDNWS HOLDINGS LTD330,000 678,372.49 1.35HKDYUE YUEN INDUSTRIAL HOLDINGS199,000 545,099.27 1.08HKD

AGNICO EAGLE MINES13,843 711,257.56 1.41CADCanada 7,551,652.95 15.00

ALTAGAS39,120 593,060.04 1.18CADATCO CLASS 1 NON VOTING4,713 159,200.75 0.32CADBOMBARDIER INC B180,297 303,547.40 0.60CADCAMECO CORP9,848 105,810.92 0.21CADCANADIAN UTILITIES -A- NON VOTING3,205 90,651.57 0.18CADDOLLARAMA INC2,504 88,281.13 0.18CADEMPIRE -A- NON VOTING31,361 791,509.07 1.56CADFRANCO-NEVADA CORP8,494 722,498.69 1.44CADGILDAN ACTIVEWEAR18,943 734,684.21 1.46CADKINROSS GOLD CORP136,481 528,491.56 1.05CADKIRKLAND LK GLG REG5,749 248,222.26 0.49CADPRAIRIESKY ROYALTY LTD22,050 310,485.81 0.62CADSNC-LAVALIN GROUP16,251 329,316.44 0.65CADTHOMSON REUTERS --- REGISTERED SHS10,708 692,273.34 1.38CADWEST FRASER TIMBER CO10,722 489,852.67 0.97CADWHEATON PRECIOUS METAL - REGISTERED26,923 652,509.53 1.30CAD

HKT LTD - STAPLED SECURITY466,000 739,633.12 1.47HKDCayman Islands 859,763.34 1.71

WH GROUP 144A/REGS118,500 120,130.22 0.24HKD

COLOPLAST -B-5,196 588,101.33 1.18DKKDenmark 1,794,907.25 3.57

H. LUNDBECK12,762 504,914.04 1.00DKKPANDORA11,355 404,548.15 0.80DKKVESTAS WIND SYSTEMS AS3,437 297,343.73 0.59DKK

ELISA CORPORATION -A-9,992 488,268.15 0.97EURFinland 1,143,506.65 2.27

NESTE12,296 417,840.11 0.83EURORION CORPORATION (NEW) -B-6,468 237,398.39 0.47EUR

BIC(SOCIETE) - ACT PORTEUR/NOM9,290 709,352.26 1.41EURFrance 3,107,396.20 6.18

CARREFOUR SA9,685 187,277.14 0.37EUREUTELSAT COMMUNICATIONS SA26,622 498,413.68 0.99EURGETLINK ACT46,197 741,262.83 1.47EURSCOR SE17,225 756,386.40 1.51EURSODEXHO SA1,834 214,703.89 0.43EUR

ADIDAS NAMEN AKT323 99,866.50 0.20EURGermany 2,707,304.36 5.38

BEIERSDORF AG2,351 282,591.00 0.56EURDEUTSCHE LUFTHANSA AG REG SHS30,764 527,963.03 1.05EURDEUTSCHE WOHNEN AG9,446 347,131.77 0.69EURMETRO WHOLESALE AND FOOD SPECIALIST AG34,242 626,841.24 1.25EURPUMA AG4,396 293,611.57 0.58EURVONOVIA SE4,524 216,381.11 0.43EUR





81Page

ZALANDO SE7,042 312,918.14 0.62EUR

VITASOY INTERNATIONAL HOLDINGS24,000 115,353.28 0.23HKDHong Kong 115,353.28 0.23

AIB GRP - REGISTERED141,610 579,910.62 1.16EURIreland 1,642,910.29 3.27

BANK OF IRELAND - REGISTERED107,145 560,788.87 1.11EURKERRY GROUP -A-4,200 502,210.80 1.00EUR

AZRIELI GROUP921 61,717.43 0.12ILSIsrael 674,140.57 1.34

CYBERARKSOFTWARE LTD1,420 181,532.80 0.36USDNICE SYSTEMS LTD (IL273011)3,168 430,890.34 0.86ILS

ABC MART INC. TOKYO11,700 762,335.02 1.51JPYJapan 11,026,109.46 21.91

BANDAI NAMCO HOLDINGS INC11,800 572,804.72 1.14JPYCOCA-COLA WEST SHS20,000 506,589.78 1.01JPYFAMILYMART UNY HOLDINGS21,100 503,705.06 1.00JPYHOSHIZAKI6,100 454,074.48 0.90JPYJAPAN PRIME REALTY INVESTMENT CORP168 728,197.29 1.45JPYJAPAN RETAIL FUND INVESTMENT CORP370 748,653.94 1.49JPYJP REAL ESTATE INVESTMENT113 688,026.52 1.37JPYKDDI CORP29,900 761,375.76 1.51JPYLAWSON INC15,600 748,579.68 1.49JPYMC DONALD'S CO (JAPAN)15,000 661,314.07 1.31JPYNIPPON BUILDING FD65 445,238.40 0.88JPYNIPPON TELEGRAPH AND TELEPHONE CORP10,400 484,284.24 0.96JPYNTT DOCOMO INC25,300 589,996.57 1.17JPYOLYMPUS CORP32,100 356,335.51 0.71JPYPAN PACIFIC INTERNATIONAL HOLDINGS CORP8,800 558,678.13 1.11JPYSANKYO CO LTD11,200 405,420.33 0.81JPYSUMI DAI PHARMA17,200 326,151.75 0.65JPYSUZUKI MOTOR CORP3,400 159,806.89 0.32JPYSYSMEX3,800 247,842.88 0.49JPYZOZO INC16,900 316,698.44 0.63JPY

AROUNDTOWN SA10,903 89,968.78 0.18EURLuxembourg 570,512.49 1.13

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)30,689 480,543.71 0.95EUR

GOLDEN AGRI-RESOURCES1,867,100 400,203.48 0.80SGDMauritius 400,203.48 0.80

FLETCHER BUILDING LTD56,091 182,719.37 0.36NZDNew Zealand 989,251.72 1.97

SPARK NEW ZEALAND300,201 806,532.35 1.61NZD

MOWI ASA29,074 680,126.06 1.35NOKNorway 1,295,537.33 2.57

ORKLA ASA69,332 615,411.27 1.22NOK

YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD144,700 163,634.64 0.33SGDSingapore 163,634.64 0.33

BANCO SABADELL REG.SHS133,297 138,288.55 0.27EURSpain 678,931.20 1.35

ENDESA3,421 88,084.82 0.18EURRED ELECTRICA21,698 452,557.83 0.90EUR

HUSQVARNA -B-46,917 439,224.86 0.87SEKSweden 2,174,443.61 4.32

ICA GRUPPEN AB17,992 774,117.40 1.54SEKSWEDBANK -A-24,791 372,605.63 0.74SEKTELEFON AB L.M.ERICSSON61,977 588,495.72 1.17SEK

CHOCOLADEFAB.LINDT.SPRUENGLI PARTIZIPSCH56 408,074.70 0.81CHFSwitzerland 987,456.06 1.96

CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.4 325,737.72 0.65CHFSONOVA HOLDING NAM-AKT1,115 253,643.64 0.50CHF

KONINKLIJKE AHOLD NV23,541 530,218.33 1.05EURThe Netherlands 530,218.33 1.05

ASTRAZENECA PLC9,588 785,598.20 1.55GBPUnited Kingdom 5,200,071.08 10.34

CENTRICA PLC NEW560,526 626,199.65 1.24GBPCOMPASS GROUP31,418 754,522.02 1.50GBP





82Page

DIRECT LINE INS GR PLC NI71,282 301,007.80 0.60GBPEASYJET PLC9,897 120,062.97 0.24GBPFRESNILLO PLC45,733 506,489.28 1.01GBPGROUP 4 SECURICOR25,147 66,568.84 0.13GBPJ SAINSBURY PLC243,127 606,317.28 1.21GBPKINGFISHER PLC174,987 478,590.07 0.95GBPMICRO FOCUS INTL - REGISTERED SHS12,583 330,533.42 0.66GBPPEARSON PLC18,616 194,134.98 0.39GBPRECKITT BENCKISER GROUP PLC2,068 163,547.26 0.33GBPUNITED UTILITIES GROUP PLC26,750 266,499.31 0.53GBP






83Page





01/01/19



Key figures

Total Net Assets 50,312,240.98 45,085,646.00

31/12/1830/06/19Year / Period ending as at:

USDClass Z - Capitalisation shares

9,488.045,302.7000 5,100.5000

8,839.46Number of sharesNet asset value per share USD

84Page

Most Diversified Portfolio SICAV- TOBAM Anti-Benchmark Multi-Asset Fund

85Page


758,547.41Unrealised gain on the securities portfolio309,603.00Cash at banks and liquidities76,745.40Interest receivable23,931.48Unrealised gain on forward foreign exchange contracts14,359.38Unrealised gain on financial futures

57,222.22Liabilities8,160.38Bank overdrafts




Expressed in USD


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Multi-Asset Fund

86Page

NEW GOLD INC 6.375 17-25 15/05S200,000 165,874.00 0.54USD


Bonds 8,820,334.09 28.47

Canada 165,874.00 0.54

PERRIGO FINANCE 4.375 16-26 15/03S200,000 200,295.20 0.65USDIreland 200,295.20 0.65

ABBVIE 4.40 13-42 06/11S250,000 248,287.50 0.80USDUnited States of America 8,454,164.89 27.28

AMAZON.COM 3.30 14-21 05/12S200,000 205,952.00 0.66USDAMERISOURCEBERGEN 3.40 14-24 15/05S250,000 257,516.25 0.83USDANTHEM INC 2.95 17-22 01/12S250,000 253,648.75 0.82USDAPPLE 2.40 13-23 03/05S250,000 252,701.25 0.82USDAT&T 4.30 13-42 15/12S200,000 198,038.00 0.64USDCBS 2.9 18-23 01/06S250,000 252,072.50 0.81USDCHARTER COM OPERATING 4.464 16-22 27/03S100,000 104,938.00 0.34USDCIGNA 4.00 11-22 15/02S250,000 258,455.00 0.83USDCME GROUP INC 3.00 15-25 15/03M280,000 290,570.00 0.94USDCONAGRA BRANDS INC4.85 18-28 01/11S150,000 166,501.50 0.54USDCVS HEALTH 2.125 16-21 01/06S200,000 198,786.00 0.64USDDELTA AIR LINES 4.3750 18-28 19/04S200,000 205,226.00 0.66USDDISCOVERY COMMUNICA 5.20 17-47 20/09S100,000 105,835.00 0.34USDDOMINION GAS -C- 4.60 14-44 15/12S200,000 223,222.00 0.72USDEXELON GENERATI 5.6000 12-42 15/06S250,000 279,903.75 0.90USDGENERAL MOTORS 3.20 16-21 06/07S160,000 161,146.40 0.52USDGILEAD SCIENCES 2.50 16-23 01/09S280,000 281,925.00 0.91USDKEURIG DR PEPPER 2.53 16-21 15/11S220,000 220,039.60 0.71USDKEURIG DR PEPPER 4.42 16-46 15/12S250,000 248,875.00 0.80USDKROGER CO 4.65 17-48 15/01S200,000 201,112.00 0.65USDMATCH GROUP INC 5.00 17-27 15/12S200,000 209,920.80 0.68USDMC DONALD S 3.625 13-43 01/05S100,000 97,093.50 0.31USDMEREDITH CORP 6.875 19-26 01/02S300,000 318,655.50 1.03USDMICROSOFT 2.40 16-26 08/08S280,000 281,527.40 0.91USDMOLSON COORS 3.00 16-26 15/07S200,000 197,591.00 0.64USDPEPSICO INC 1.70 16-21 06/10S280,000 277,828.60 0.90USDPUBLIC STORAGE 3.094 17-27 15/09S200,000 204,533.00 0.66USDSEMPRA ENERGY 1.625 16-19 07/10S200,000 199,276.80 0.64USDSEMPRA ENERGY 3.4 18-28 01/02S250,000 249,912.50 0.81USDSOUTHWEST AIRLINES 2.65 15-20 05/11S220,000 220,933.68 0.71USDSTARBUCKS 3.5 18-28 28/02S250,000 262,633.75 0.85USDSUNOCO LP 5.875 18-28 15/03S442,000 461,867.90 1.49USDTIME WARNER INC 3.80 16-27 15/02S200,000 200,121.80 0.65USDTYSON FOODS 3.95 14-24 15/08S200,000 212,399.00 0.69USDVFH PARENT LLC 144A 6.75 17-22 15/06S233,000 241,420.62 0.78USDVIACOM 3.875 14-24 01/04S93,000 96,959.94 0.31USDVIACOM INC 4.85 14-34 15/12S100,000 106,737.60 0.34USD

MDP-TOBAM ANTI-BENCH WLD EX_US EQ Z-ACC303 2,872,029.71 9.27USD


Luxembourg 2,872,029.71 9.27

CHINA HUISHAN DAIRY HOLDINGS CO LTD49,000 0.00 0.00HKD

Other transferable securities 0.00 0.00

Shares 0.00 0.00

Cayman Islands 0.00 0.00

MOST DIV. -TO.ANTI-B.ALL CO.W.EQ.Z A10 99,795.20 0.32USD

Shares/Units of UCITS/UCIS 18,921,839.48 61.07


Luxembourg 18,921,839.48 61.07

MOST DIV. -TO.ANTI-BENCH EM EQ.Z ACC336 3,167,724.00 10.22USDMOST DIV. -TO.ANTI-BENCHMA.US EQ.Z A484 4,981,699.01 16.08USDMOST DIV. -TO.ANTI-BENCHMA.WO.EQ.Z A10 103,931.10 0.34USDMOST DIV. -TO.ANTI-BENCHM.GL.H.Y.Z A436 4,608,960.36 14.88USDMOST DIV. -TO.ANTI-BENCH.US CRED.Z A551 5,959,729.81 19.23USD





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Class B - Capitalisation shares 0.0000 239,615.3850 0.0000 239,615.3850

Class B1 - Capitalisation shares 0.0000 1.0000 0.0000 1.0000

Class R1 - Capitalisation shares 0.0000 10,000.0000 0.0000 10,000.0000


Key figures

Total Net Assets 30,981,620.32

30/06/19Period ending as at:

USDClass A1 - Capitalisation shares

114.161.0000Number of shares

Net asset value per share EURClass B - Capitalisation shares

123.89239,615.3850Number of shares

Net asset value per share USDClass B1 - Capitalisation shares

102.741.0000Number of shares

Net asset value per share EURClass R1 - Capitalisation shares

112.7910,000.0000Number of shares

Net asset value per share EURClass Z - Capitalisation shares

10,347.301.0000Number of shares

Net asset value per share USD

89Page

Most Diversified Portfolio SICAVSupplementary information


Supplementary information

EXCHANGE RATES The exchange rates used to calculate the combined financial statements at reporting date are the following: 1 EUR = 1.4881 CAD 1 EUR = 0.8948 GBP 1 EUR = 122.69435 JPY 1 EUR = 1.1388 USD

VALUATION OF INVESTMENTS In respect to the securities portfolio of the sub-funds TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund and TOBAM Anti-Benchmark World Equity Fund, trades for trade date T and flows for trade date T are included in the funds valuation respectively in T and T+1 for a valuation calculated for COB T. The percentage of net assets as disclosed in these securities portfolios is affected by considerable flows. The investment security HANERGY THIN hold by the securities portfolio of the sub-funds TOBAM Anti-Benchmark Emerging Markets Equity and TOBAM Anti-Benchmark All Countries World Equity has been converted during the period under review into a new investment security named HANERGY MOBILE ENERGY HOLDING GROUP CO LTD.

THE ENERGY TRANSITION LAW FOR GREEN GROWTH (Article 173 of law n°2015-992) TOBAM has committed to incorporating ESG issues in its investment process by:

- Developing an exclusion policy excluding all issuers considered non-compliant with sustainability requirements and therefore exposed to specific risks (future regulatory penalties, reputational damages, etc.), which could have a negative impact on the funds;

- Conducting various ESG research projects to better understand how best to implement responsible investment approaches into its own proprietary quantitative management process;

- Acting as a responsible shareholder by properly documenting the exercise of its voting rights over the majority of securities held in the portfolios, as well as acting in accordance with its own proprietary voting principles on a number of key corporate governance items;

- Promoting responsible asset management practices vis-à-vis the media, our clients and peers, to help contribute to the implementation of more stringent ESG-related requirements for investments; as well as the development of a more responsible financial system overall.

The methods used by TOBAM to take into account, in its investment policy, criteria relating to the respect of social, environmental and governance objectives (ESG), are available on its website: http://www.tobam.fr/sustainable-way/.

SUBSEQUENT EVENT The sub-fund TOBAM Anti-Benchmark US Credit Fund has changed its name in the new prospectus of July 24, 2019 to become TOBAM Anti-Benchmark Global Investment Grade Fund.

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:


Supplementary information (continued)

SECURITIES LENDING TRANSACTIONS

Most Diversified Portfolio SICAV - TOBAM Anti-

Benchmark Emerging Markets Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity

Fund


Benchmark Global Equity Fund

Assets used In USD In EUR In EUR In absolute terms 332,670,642.28 5,668,309.62 7,737,554.45

As a % of investments 13.33% 8.95% 12.53% As a % of total net asset value 13.24% 9.03% 12.50%

Transactions classified according to residual maturities

In USD In EUR In EUR

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 332,670,642.28 5,668,309.62 7,737,554.45

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

363,758,414.85

0.00 363,758,414.85

6,477,879.52

0.00 6,477,879.52

8,074,821.49

0.00 8,074,821.49

Quality (Bond collateral issuers rating): - - -

Currency*:

EUR

363,758,414.85

6,477,879.52

8,074,821.49

Classification according to residual maturities:




Above 1 year - - - Open maturity 363,758,414.85 6,477,879.52 8,074,821.49

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 2,439,412.69 33,681.72 6,754.83

In % of gross revenue 85% 85% 85%

Revenue component of the Management Company

In absolute amount 0.00 0.00 0.00


Revenue component of third parties In absolute amount 430,484.59 5,943.83 1,192.03





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 GBP In absolute terms 352,605,250 10,666,633.99 3,083,478.75

As a % of investments 2.99% 27.54%* 23.27%

As a % of total net asset value 2.99% 14.22% 23.29%


In JPY In USD In GBP


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

From 3 months to 1 year - - -

Above 1 year - - - Open maturity 352,605,250 10,666,633.99 3,083,478.75

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

117,051

373,218,867 373,335,918

8,745,423.71 2,793,218.47

11,538,642.18

1,971,802.76 1,275,278.21 3,247,080.97

Quality (Bond collateral issuers rating): AAA AAA AAA

Currency*:

EUR

373,335,918

11,538,642.18

3,247,080.97





Above 1 year 373,218,867 2,793,218.47 1,275,278.21

Open maturity 117,051 8,745,423.71 1,971,802.76


In JPY In USD In GBP

First name German State German State German State Amount 373,218,867 2,793,218.47 1,275,278.21

Second name - - - Amount - - -

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

In absolute amount 1,295,170 12,718.59 2,315.25 In % of gross revenue 85% 85% 85%


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

Revenue component of third parties In absolute amount 228,559 2,244.46 408.57


* The percentage here disclosed does not includes the redemption of 50.77% proceeded for the Class A1 as at June 28, 2019.



SECURITIES LENDING

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

Fund


Benchmark World Equity Fund


Benchmark Canada Equity Fund

Assets used In USD In USD In CAD In absolute terms 161,238,016.07 164,411,168.11 951,012.32



In USD In USD In CAD




Above 1 year - - -

Open maturity 161,238,016.07 164,411,168.11 951,012.32

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

98,169,360.04 70,090,261.44

168,259,621.49

77,279,700.25 96,463,643.98

173,743,344.23

974,498.65 10,353.52

984,852.17

Quality (Bond collateral issuers rating): AAA AAA -

Currency*: EUR

168,259,621.49

173,743,344.23

984,852.17


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 70,090,261.44 96,463,643.98 10,353.52

Open maturity 98,169,360.04 77,279,700.25 974,498.65


In USD In USD In CAD

First name German State German State German State Amount 67,716,994.02 96,463,643.98 10,353.52

Second name Netherlands State - - Amount 2,373,267.42 - -

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

In absolute amount 137,895.55 268,118.99 4,441.06 In % of gross revenue 85% 85% 85%


In absolute amount 0.00 0.00 0.00


Revenue component of third parties In absolute amount 24,334.51 47,315.12 783.72





Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries

World Equity Fund

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit

Fund


Benchmark France Equity Fund

Assets used In USD In USD In EUR In absolute terms 23,949,268.07 422,540.00 139,446.80



In USD In USD In EUR




Above 1 year - - -

Open maturity 23,949,268.07 422 540.00 139,446.80

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

14,455,352.11 11,819,367.87 26,274,719.98

0.00

448,612.95 448,612.95

147,663.84

0.00 147,663.84

Quality (Bond collateral issuers rating): AAA AAA -

Currency*: EUR

26,274,719.98

448,612.95

147,663.84


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 11,819,367.87 448,612.95 -

Open maturity 14,455,352.11 - 147,663.84


In USD In USD In EUR

First name German State German State - Amount 11,819,367.87 448,612.95 -

Second name - - -

Amount - - -

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

In absolute amount 34,967.26 1,328.69 923.32



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

Revenue component of third parties In absolute amount 6,170.69 234.47 162.94





Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global High

Yield Fund


Benchmark World ex USA Equity Fund

Assets used In USD In USD In absolute terms 9,087,409.08 12,309,045.11

As a % of investments 3.87% 24.65% As a % of total net asset value 3.68% 24.46%


In USD In USD

Less than 1 day - - From 1 day to 1 week 288,894.61 -

From 1 week to 1 month 3,806,802.31 -

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

Above 1 year - -

Open maturity 4,991,712.16 12,309,045.11

Collateral received In USD In USD Type: Cash Bond

0.00

9,711,190.49 9,711,190.49

5,815,053.30 7,039,473.75

12,854,527.05

Quality (Bond collateral issuers rating): AAA AAA Currency*:

EUR

9,711,190.49

12,854,527.05


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 9,711,190.49 7,039,473.75

Open maturity - 5,815,053.30


In USD In USD

First name German State German State

Amount 9,711,190.49 7,039,473.75 Second name - -

Amount - -

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

In absolute amount 62,581.70 19,354.00 In % of gross revenue 85% 85%


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

Revenue component of third parties In absolute amount 11,043.83 3,415.41

In % of gross revenue 15% 15%

* Collateral received in original currency



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, Macquarie Bank Limited and HSBC Bank PLC.

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 170,588,521.82 (represents 46.90% of total collateral cash received) has been reinvested in the following security SSGA EUR LIQ INSTITUT STABLE NAV EUR. The SSGA EUR LIQ INSTITUT STABLE NAV EUR security (the cash collateral reinvestment) did not generate any returns during the period.


Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging

Markets Equity Fund The 10 largest counterparties In USD

First name Goldman Sachs International Gross volumes for open trades 163,957,069.15

Country of domicile United Kingdom

Second name Crédit Suisse Europe Ltd

Gross volumes for open trades 74,131,849.36 Country of domicile United Kingdom

Third name Morgan Stanley International


Fourth name Citigroup Global Markets Limited


Fifth name Merrill Lynch International Bank Limited

Gross volumes for open trades 1,954,118.84

Country of domicile Ireland

Sixth name UBS Bank of Switzerland London

Gross volumes for open trades 13,357,385.22 Country of domicile

United Kingdom

Seventh name Macquarie Bank Limited

Gross volumes for open trades 20,821,176.57 Country of domicile

Australia

Eighth name HSBC Bank PLC Gross volumes for open trades 1,785,155.66

Country of domicile

United Kingdom

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