most diversified portfolio sicav

from the period from 30/04/14 (date of incorporation)to 31/12/14

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

Audited 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 Manager’s report 4 Audit report 7

Combined 9

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund 12 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund 19 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund 24 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund 31 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund 36 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund 41 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund 46 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund 53 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund 61 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund 67 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund 76 Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund 81

Notes to the financial statements 86 Supplementary information (unaudited) 99 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.


Management and Administration

REGISTERED OFFICE

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

MANAGEMENT COMPANY

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

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

CACEIS Bank Luxembourg S.A. 5, allée Scheffer L-2520 Luxembourg Grand Duchy of Luxembourg

AUDITOR GLOBAL DISTRIBUTOR

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

Board of Directors of the SICAV CHAIRMAN Mr. Yves CHOUEIFATY, CEO & President, TOBAM S.A.S.

DIRECTORS Mr. David BELLAICHE, Chief Operating Officer, TOBAM S.A.S.

Mr. Jean-Pierre MICHALOWSKI, Deputy Chief Executive Officer, CACEIS Bank Luxembourg

Mr. Bertrand GIBEAU, Independent Director


Manager’s report

The TOBAM Most Diversified Portfolio SICAV was launched on May 12, 2014 with the TOBAM Anti-Benchmark US Credit strategy. It has merged with French FCP on October 2, 2014 for the Canada, Euro, France, Pacific Ex-Japan, UK and US strategies, on October 3, 2014 for the Japan strategy and on October 9, 2014 for the World, Global, Emerging and All Countries World strategies. The track record of the French FCP was maintained. 2014 was a very robust year in terms of performance: 83% (10 out of 12) of the Most Diversified Portfolio SICAV strategies outperformed their respective benchmark, including the newly launched TOBAM Anti-Benchmark US Credit Fund (+0.76% relative over 6 months).

100% of the existing equity Anti-Benchmark strategies reduced the risk vs. their respective benchmark.

Global and US equities Anti-Benchmark strategies managed to outperform their market cap-weighted benchmarks in the context of high positive absolute performance (+10/20%), illustrating the outperformance capacity of diversification in bull markets. Anti-Benchmark Emerging Markets Equity Fund managed to generate a return close to flat during 2014, a period during which MSCI EM performance was negative in USD. ITD, the strategy has outperformed the benchmark every single calendar year and also significantly reduced risk.

Delta2.97%

1.28%

1.81%

1.62%

1.04%

5.17%

1.00%

-0.44%

5.92%

-1.57%

6.64%

0.76%

As of December 31, 2014 PerformanceVolatilityYTD

World Equity (USD) 7.91% 8.17%MSCI Daily TR Net World USD 4.94% 9.48%

Global Equity (EUR) 20.78% 10.35%MSCI Daily TR Net World EUR 19.50% 11.57%

Emerging Markets Equity (USD) -0.38% 9.25%MSCI Daily TR Net Emerging Markets -2.19% 11.62%

US Equity (USD) 14.32% 11.77%

All Countries World Equity (USD) 5.20% 7.31%MSCI AC World Daily TR Net USD

MSCI Daily TR Net USA Local 12.69% 11.86%

11.54%UK Equity (GBP) -1.07% 11.17%

4.16% 9.20%

Euro Equity (EUR) 9.49% 12.07%MSCI Daily TR Net EMU Local 4.32% 15.89%

Canada Equity (CAD) 11.55% 9.37%S&P/TSX COMPOS TR INDEX 10.55% 10.69%

Japan Equity (JPY) 9.05% 15.04%MSCI Daily TR Net Japan Local 9.48% 19.76%

Pacific Ex-Japan Equity (USD) 5.45% 9.29%

Performance is calculated using time-weighted, geometrically-linked rates of return using end of month market values in the reference currency as noted. All returns are gross of fees and reflect the reinvestment of dividends and other income. Past performance is not indicative of future results.* Since strategy inception May 12, 2014Note that Anti-Benchmark Equity French FCP funds have merged with the MDP Luxembourg SICAV funds and that there was no change in the investment strategy, nor in the investment objective or benchmark. The track record was maintained.

MSCI Daily TR Net Pacific Ex Japan -0.47% 11.51%

MSCI Daily TR Net UK Local 0.50%

France Equity (EUR) 9.22% 12.17%MSCI Daily TR Net France Local 2.58% 15.77%

US Credit (USD)* 2.74% 3.12%BofA Merrill Lynch US Corporate & High Yield Index TR 1.98% 2.76%


Manager’s report (continued)

Only 2 Anti-Benchmark equity strategies underperformed their benchmark in 2014: - TOBAM Anti-Benchmark Japan Equity Fund underperformed the MSCI Japan by a mere 44bps, while reducing the volatility by 24% and improving the Sharpe ratio; - TOBAM Anti-Benchmark UK Equity Fund underperformed by 1.57% in 2014. Of note, the TOBAM Anti-Benchmark UK Equity strategy had outperformed the MSCI UK over the preceding 5 calendar years. As of December 31, 2014, the 5-year track-record of the strategy is an annualized outperformance of +2.75% vs. the benchmark, a volatility reduction of 16% and a Sharpe ratio of 0.74 vs. 0.45 for the MSCI UK. Q4 2014 markets backdrop EM markets turned for the worst in H2, mostly due to the end of the Fed’s QE program, international geopolitical unrest and currency headwinds, and the collapse of the commodity market. Led by strong performance for US Equities, global developed markets ended a volatile Q4 2014 in positive grounds. With a healthy GDP growth between 2.5% and 3%, a less controversial Fed and inflation under control, the US market rebounded on every dip and weathered nicely volatility, stress in commodity prices and weakness in high yield credit. Away from the US, the European markets performance was more tamed, on the back of deflation worries and tepid growth. Lastly, the picture in Asia was mixed: Honk Kong finished close to flat and South Korea slightly down, while Japan climbed north of 9%, and Shanghai’s SHCOMP roared up more than 50% with most of the gains occurring in Q4. Q4 2014 - Market Currency Returns Volatility MSCI ACWI USD 0.41% 11.54% MSCI World USD 1.01% 11.92% MSCI EM USD -4.50% 14.07% MSCI USA USD 4.65% 14.88% MSCI EMU EUR -0.21% 21.94% MSCI Japan JPY 6.65% 24.22% Q4 2014 - Daily TR Net Returns- Source Bloomberg – TOBAM.


Manager’s report (continued)

Diversification Dashboard - 31.12.2014

Source: TOBAM, figures as of December 31, 2014

At end 2014, the percentage of diversification used by the index remains at very low levels. TOBAM S.A.S., March 5, 2015 Note: The information stated in this report is historical and not necessarily indicative of future performance.

Universe DR2

Index diversification

DR2 Maximum

diversification®

% diversification used by index

MSCI All Countries 6.11 27.05 22.6%

MSCI World 5.27 20.52 25.7%

MSCI Emerging 7.11 13.53 52.6%

MSCI US 3.23 10.03 32.2%

MSCI Canada 4.58 9.07 50.6%

MSCI Pacific ex-Japan 3.07 8.74 35.1%

MSCI EMU 2.20 6.31 34.9%

MSCI UK 3.39 5.96 56.9%

MSCI Japan 1.97 4.71 41.9%

TOBAM’s Diversification Ratio® (DR) measures to what extent a portfolio is diversified. The DR² (square of the diversification ratio) measures the number of effective degrees of freedom to which a portfolio is exposed. As the table shows, the “broad market” indices leave diversification on the table. In addition to a snapshot of each market’s DR2, the table shows the DR2 of a well-diversified portfolio, and the fraction of available diversification used by the index. MSCI Australia 2.38 4.19 56.8%

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report To the Shareholders of Most Diversified Portfolio SICAV We have audited the accompanying financial statements of Most Diversified Portfolio SICAV and of each of its sub-funds, which comprise the statement of net assets and the securities portfolio as at December 31, 2014 and the statement of operations and changes in net assets for the period from April 30, 2014 (date of incorporation) to December 31, 2014, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the “Réviseur d’entreprises agréé” Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

ffi4",

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Opinion

In our opinion, the financial statements give a true and fair view of the financial position ofMost Diversified Portfolio SICAV and of each of its sub-funds as of December 31,2014, and ofthe results of their operations and changes in their net assets for the period from April 30,2014(date of incorporation) to December 31, 2014 in accordance with Luxembourg legal andregulatory requirements relating to the preparation of the financial statements.

Other mafters

Supplementary information included in the annual report has been reviewed in the context ofour mandate but has not been subject to specific audit procedures canied out in accordance withthe standards described above. Consequently, we express no opinion on such information.However, we have no observation to make conceming such information in the context of thefinancial statements taken as a whole.

PricewaterhouseCoopers, Socidtd coopdrativeRepresented by

Luxembourg, March 27, 2015

Emmanuel Chataigner

Poge 8

9Page

Most Diversified Portfolio SICAVCombined

The accompanying notes form an integral part of these financial statements

10Page

3,221,569,040.50Assets3,138,367,137.43Securities portfolio at market value3,139,308,180.22Cost price

(941,042.79)Unrealised loss on the securities portfolio70,966,722.88Cash at banks and liquidities

432,371.19Interest receivable5,255,664.94Subscriptions receivable

198,861.58Unrealised gain on financial futures 2, 6Note6,348,282.48Other assets

30,672,688.54Liabilities3,266,717.71Bank overdrafts1,119,742.16Payable on securities purchased7,858,275.72Redemptions payable8,398,627.33Unrealised loss on forward foreign exchange contracts 2, 7Note

533,032.63Unrealised loss on financial futures 2, 6Note9,496,292.99Other liabilities

3,190,896,351.96Net asset value


Financial Statements as at 31/12/14

Expressed in EUR

Statement of net assets as at 31/12/14

Combined


11Page

11,341,029.53Income9,314,931.48Net dividends

803,917.34Net interest on bonds575.88Bank interest on cash account

992,583.67Securities lending income 2, 8Note229,021.16Other income

10,632,859.27Expenses8,093,148.68Management fees 3Note

353.96Custodian & sub-custodian fees83,170.53Taxe d'abonnement 5Note

1,502,293.45Administrative expenses 4Note130.55Bank interest on overdrafts

2,474.35Legal fees935,289.68Transaction fees 2.10Note15,998.07Other expenses

708,170.26Net income from investments

Net realised profit / loss on:16,095,691.19- sales of investment securities

300,681.33- forward foreign exchange contracts1,474,378.36- financial futures

(3,863,529.79)- foreign exchange

14,715,391.35Net realised profit

Movement in net unrealised appreciation / depreciation on:(941,042.79)- investments

(8,398,627.33)- forward foreign exchange contracts(334,171.05)- financial futures

5,041,550.18Increase in net assets as a result of operations

3,264,888,629.65Subscription capitalisation shares(79,033,827.87)Redemption capitalisation shares

3,190,896,351.96Increase in net assets

0.00Net assets at the beginning of the period

3,190,896,351.96Net assets at the end of the period

EUR

Statement of Operations and Changes in Net Assets from 30/04/14 (date of incorportation) to 31/12/14

Most Diversified Portfolio SICAVCombined

Expressed in

12Page

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

Fund


13Page

1,314,405,376.40Assets1,288,070,125.63Securities portfolio at market value1,355,757,501.44Cost price

(67,687,375.81)Unrealised loss on the securities portfolio22,609,666.51Cash at banks and liquidities1,333,988.41Subscriptions receivable

220,563.42Unrealised gain on financial futures 2, 6Note2,171,032.43Other assets

9,114,205.26Liabilities4,059,699.14Redemptions payable5,054,506.12Other liabilities

1,305,291,171.14Net asset value


Expressed in USDStatement of net assets as at 31/12/14

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


14Page

Statement of Operations and Changes in Net Assets from 09/10/14 to 31/12/14Expressed in USD



179,633.05Other income


33,557.85Taxe d'abonnement 5Note722,624.44Administrative expenses 4Note

1,079.25Legal fees376,284.89Transaction fees 2.10Note

910.18Other expenses

(3,410,707.93)Net loss from investmentsNet realised profit / loss on:

(2,418,672.32)- sales of investment securities78,808.64- forward foreign exchange contracts

956,763.57- financial futures(2,467,766.61)- foreign exchange

(7,261,574.65)Net realised lossMovement in net unrealised appreciation / depreciation on:

(67,687,375.81)- investments220,563.42- financial futures

(74,728,387.04)Decrease in net assets as a result of operations

1,115,541,071.77Class A270,319,833.17Class A1

9,710,321.07Class R

1,395,571,226.01Subscription capitalisation shares

(15,476,291.37)Class A(9,803.70)Class A1

(65,572.76)Class R

(15,551,667.83)Redemption capitalisation shares

1,305,291,171.14Increase in net assets


1,305,291,171.14Net assets at the end of the period


15Page

CHINA GAS HOLDINGS LTD1,532,000 2,414,108.91 0.18HKD

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 1,288,070,125.63 98.68

Shares 1,288,070,125.63 98.68

Bermuda 50,578,929.89 3.87

CHINA RESOURCES GAS GROUP LTD2,200,000 5,716,426.43 0.44HKDGOME ELECTRICAL APP62,536,968 9,193,239.19 0.70HKDHAIER ELECTRONICS GROUP CO LTD2,099,000 4,996,559.03 0.38HKDHANERGY THIN43,782,000 15,864,588.20 1.22HKDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD18,519,000 12,394,008.13 0.95HKD

AES TIETE PREF430,600 2,935,250.89 0.22BRLBrazil 57,542,778.08 4.41

CESP PREFERD SHS -B-1,130,700 11,404,000.18 0.87BRLELETROBRAS (CENTR.ELET.BRASIL.) PREF.-B-1,319,400 4,060,156.68 0.31BRLEMBRAER253,800 2,333,489.38 0.18BRLFIBRIA CELLULOSE1,074,600 13,142,464.57 1.02BRLJBS903,500 3,806,792.36 0.29BRLOI PFD SHS901,420 2,919,734.42 0.22BRLSUZANO PAPEL PFD.SHS2,056,700 8,704,352.69 0.67BRLTRACTEBEL ENERGIA SA302,300 3,847,274.32 0.29BRLUSIMINAS PREF. -A-2,310,400 4,389,262.59 0.34BRL

ANTA SPORTS PRODUCTS6,071,000 10,725,256.49 0.82HKDCayman Islands 124,830,193.48 9.56

CHINA MEDICAL SYSTEM HOLDINGS LTD1,508,000 2,492,965.42 0.19HKDCHINA MENGNIU DAIRY3,045,000 12,565,048.30 0.96HKDENN ENERGY HOLDINGS LTD1,234,000 7,001,558.52 0.54HKDGCL POLY ENERGY HOLDINGS LTD30,900,000 7,172,290.50 0.55HKDGEELY AUTOMOBILE11,925,000 3,798,238.47 0.29HKDHAITIAN INTERNATIONAL1,267,000 2,672,925.17 0.20HKDHENGAN INTL GROUP284,000 2,968,234.76 0.23HKDKINGSOFT4,139,000 8,219,455.23 0.63HKDSEMICONDUCTOR MANUFACTURING INTL CORP59,090,000 5,410,024.42 0.41HKDSHENZHOU INTERNATIONAL GROUP1,263,000 4,169,367.75 0.32HKDSINO BIOPHARMACEUTICAL6,484,000 5,877,940.94 0.45HKDTINGY HOLDING CORP6,750,000 15,423,906.27 1.18HKDTPK HOLDING CO LTD1,572,000 9,426,428.72 0.72TWDUNI-PRESIDENT CHINA7,627,000 7,022,291.37 0.54HKDWANT WANT CHINA15,088,000 19,884,261.15 1.53HKD

CHINA LONGYUAN POWER GROUP CORP -H-2,716,000 2,826,377.63 0.22HKDChina 75,630,911.35 5.79

CHINA SHIPPING CONTAINER LINES -H-5,324,000 1,682,019.47 0.13HKDDATANG INTERNATIONAL POWER GENERATION-H-15,688,000 8,435,882.51 0.65HKDHUANENG POWER INTL INC -H-17,310,000 23,392,963.20 1.78HKDSHANDONG WEIGAO GRP -H-11,284,000 9,108,865.67 0.70HKDSHANGHAI ELECTRIC GROUP CO LTD -H-3,488,000 1,857,605.19 0.14HKDSHANGHAI PHARMACEUTICAL LTD -H-3,408,500 7,691,804.44 0.59HKDSINOPHARM GROUP CO LTD -H-803,600 2,844,521.13 0.22HKDTSINGTAO BREWERY -H-724,000 4,910,788.13 0.38HKDYITAI COAL / -B-3,122,200 4,470,990.40 0.34USDZTE CORPORATION -H-3,872,400 8,409,093.58 0.64HKD

BANCOLOMBIA SA PREF923,662 11,131,359.22 0.85COPColombia 31,120,133.41 2.38

ECOPETROL6,723,274 5,884,455.10 0.45COPSURAMERICANA DE INVERSIONES SA837,973 14,104,319.09 1.08COP

CEZ AS692,423 17,866,825.65 1.37CZKCzech Republic 17,866,825.65 1.37

JUMBO SA REG.SHS347,894 3,565,608.57 0.27EURGreece 3,565,608.57 0.27

BEIJING ENTERPRISES HOLDINGS LTD -RC-743,000 5,825,313.20 0.45HKDHong Kong 58,215,196.96 4.46

CHINA RESOURCES ENTERPRISE LTD -RC-3,638,000 7,618,607.62 0.58HKDCHINA RESOURCES POWER HOLDINGS -RC-5,508,000 14,205,313.22 1.09HKDCHINA SOUTH CITY HOLDINGS LTD9,954,000 4,543,889.75 0.35HKDCITIC PACIFIC LTD3,332,000 5,680,196.17 0.44HKDLENOVO GROUP LTD -RC-7,884,000 10,369,878.65 0.79HKD

Securities portfolio as at 31/12/14USDExpressed in


Quantity Denomination Quotationcurrency

% of netassetsMarket value


16Page

SUN ART RETAIL GROUP LTD10,030,000 9,971,998.35 0.76HKD

AUROBINDO PHARMA810,244 14,577,915.80 1.12INRIndia 91,566,882.57 7.02

BHARAT PETROLEUM CORP DEMATERIALISED314,367 3,217,254.79 0.25INRCIPLA SHS DEMATERIALISED640,530 6,356,341.36 0.49INRDR REDDY'S LABORATORIES LTD129,952 6,683,042.60 0.51INRIDEA CELLULAR2,749,282 6,698,716.71 0.51INRINFOSYS TECHNOLOGIES DEMATERALISED465,486 14,546,236.09 1.11INRMOTHERSON SUMI SYSTEMS LTD402,373 2,916,324.98 0.22INRRANBAXY LABORATORIES DEMATERIALISED739,235 7,353,999.12 0.56INRRELIANCE COMMUNICATION DEMATERIALISED3,402,050 4,314,376.25 0.33INRTECH MAHINDRA LTD - DEMARTERIALISED81,588 3,352,253.86 0.26INRUNITED BREWERIES -DEMATERIALISED350,392 4,637,294.11 0.36INRUNITED SPIRITS LTD -DEMATERIALISED272,433 12,014,074.74 0.92INRWIPRO DEMATERIALISED556,989 4,899,052.16 0.38INR

BANK CENTRAL ASIA DEP7,073,600 7,496,251.58 0.57IDRIndonesia 45,598,443.93 3.49

BANK DANAMON INDONESIA SERIES -A-7,257,200 2,651,502.37 0.20IDRJASA MARGA -B-7,501,000 4,269,850.07 0.33IDRPERUSAHAAN GAS NEGA -B-30,729,400 14,887,085.23 1.14IDRPT UNILEVER INDONESIA TBK943,600 2,460,904.71 0.19IDRTELKOM INDONESIA -B-44,507,600 10,295,872.27 0.79IDRXL AXIATA9,004,200 3,536,977.70 0.27IDR

AIRASIA BHD4,098,500 3,188,300.64 0.24MYRMalaysia 64,535,326.95 4.94

AXIATA GROUP6,127,200 12,354,256.00 0.95MYRCIMB GROUP HOLDINGS BHD2,366,019 3,762,343.49 0.29MYRDIGI.COM BHD2,476,800 4,370,604.68 0.33MYRIJM CORP892,200 1,676,459.29 0.13MYRMAXIS BHD6,373,800 12,486,894.04 0.96MYRTELEKOM MALAYSIA4,229,036 8,321,377.87 0.64MYRTENAGA NASIONAL BHD4,655,700 18,375,090.94 1.40MYR

ALFA SAB DE CV -A-1,208,600 2,700,944.68 0.21MXNMexico 16,700,959.37 1.28

FIBRA UNO1,030,800 3,040,699.13 0.23MXNGRUMA SHS-B-271,600 2,898,833.08 0.22MXNGRUPO FINANCIERO INBURSA SAB DE CV -O-3,120,000 8,060,482.48 0.62MXN

BUENAVENTURE SP ADR-SHS-1,230,952 11,767,901.12 0.90USDPeru 11,767,901.12 0.90

ALIOR BANK132,642 2,911,998.14 0.22PLNPoland 22,309,794.08 1.71

EUROCASH SA394,983 4,225,604.06 0.32PLNORANGE POLSKA3,818,461 8,944,137.89 0.69PLNPGE POLSKA GRUPA ENERGETYCZNA S.A.1,171,099 6,228,053.99 0.48PLN

MAGNIT GDR71,813 3,260,310.20 0.25USDRussia 13,122,161.45 1.01

ROSTELECOM4,001,709 5,803,144.98 0.45RUBURALKALIY986,790 2,111,730.59 0.16RUBVNESHTORGBANK1,743,040,000 1,946,975.68 0.15USD

AFRICAN BANK INVESTMENTS LIMITED3,369,936 0.00 0.00ZARSouth Africa 16,051,595.64 1.23

ANGLOGOLD ASHANTI LTD-REG.SHS746,455 6,562,036.51 0.50ZARGOLD FIELDS2,098,685 9,489,559.13 0.73ZAR

AMOREG9,183 8,337,928.11 0.64KRWSouth Korea 266,057,650.79 20.39

CELLTRION307,024 10,851,914.65 0.83KRWCJ CORP12,061 1,711,791.78 0.13KRWCOWAY241,524 18,501,860.61 1.42KRWDAUM KAKAO65,326 7,345,943.06 0.56KRWHALLA VISTEON CLIMATE CONTROL CORP82,390 3,627,963.30 0.28KRWHOTEL SHILLA LTD67,240 5,591,353.12 0.43KRWHYUNDAI FIRE MARINE INSURANCE CO LTD300,701 7,112,974.32 0.54KRWHYUNDAI GLOVIS CO LTD54,577 14,474,089.02 1.11KRWHYUNDAI MERCHANT MARINE450,415 4,097,848.19 0.31KRWHYUNDAI MOBIS13,560 2,911,486.05 0.22KRW






17Page

HYUNDAI MOTOR CO LTD16,730 2,039,594.16 0.16KRWHYUNDAI WIA CORP89,219 14,286,078.75 1.09KRWKANGWON LAND275,327 7,614,921.08 0.58KRWKIA MOTORS301,566 14,349,180.05 1.10KRWKOREA AEROSPACE272,238 9,857,682.78 0.76KRWKOREA ELECTRIC POWER CORP510,126 19,817,476.63 1.53KRWKOREA GAS CORP149,711 6,749,014.96 0.52KRWKT CORPORATION405,497 11,528,709.28 0.88KRWLG HOUSEHOLD AND HEALTHCARE10,488 5,944,615.18 0.46KRWLG INNOTEK15,954 1,632,920.84 0.13KRWLG UPLUS CORP1,341,983 14,040,671.39 1.08KRWNAVER13,162 8,525,991.61 0.65KRWNCSOFT82,921 13,730,265.64 1.05KRWORION CORPORATION15,464 14,280,088.66 1.09KRWSAMSUNG FIRE AND MARINE INSURANCE44,621 11,468,345.60 0.88KRWSK HYNIX INC69,861 3,034,947.58 0.23KRWSK TELEKOM60,828 14,831,372.82 1.14KRWYUHAN CORP50,325 7,760,621.57 0.59KRW

ACER INC4,956,000 3,348,224.80 0.26TWDTaiwan 232,596,697.05 17.83

ASIA PACIFIC TELECOM CO LTD11,285,000 6,231,354.04 0.48TWDASUSTEK COMPUTER1,409,000 15,448,974.77 1.18TWDCATCHER TECHNOLOGY1,274,000 9,937,377.39 0.76TWDCHUNGHWA TELECOM3,438,000 10,226,314.80 0.78TWDDELTA ELECTRONIC INCS1,966,000 11,726,821.10 0.90TWDECLAT TEXTILE CO LTD1,105,080 11,224,944.00 0.86TWDFAR EASTONE TELECOMMUNICATION CO LTD9,006,000 20,803,683.34 1.59TWDHERMES MICROVISION INC139,000 7,037,529.28 0.54TWDHIGH TECH COMPUTER CORP3,422,300 15,377,716.62 1.18TWDHIWIN TECHNOLOGIES CORP867,870 7,277,563.14 0.56TWDINNOLUX DISPLAY4,421,903 2,154,841.66 0.17TWDINOTERA MEMORIES INC3,021,000 4,798,879.82 0.37TWDINVENTEC CORPORATION14,024,000 9,474,476.31 0.73TWDKINSUS INTERCONNECT1,730,000 5,775,425.61 0.44TWDLARGAN PRECISION CO LTD196,000 14,854,123.17 1.14TWDMEDIA TEK INCORPORATION296,000 4,327,321.06 0.33TWDPOWERTECH TECHNOLOGY INC4,368,000 7,491,475.23 0.57TWDPRESIDENT CHAIN STORE CORP1,230,000 9,516,328.09 0.73TWDQUANTA COMPUTER INC5,756,000 14,425,517.39 1.11TWDRADIANT OPTO-ELECTRONICS CORP2,657,000 8,533,811.16 0.65TWDSYNNEX TECHNOLOGY INTERNATIONAL CORP2,095,000 3,056,119.87 0.23TWDTAIWAN MOBILE6,231,000 20,604,376.33 1.58TWDUNI PRESIDENT ENTERPRISES CORP5,630,128 8,943,498.07 0.69TWD

ADVANCED INFO SERVICE PUBLIC CO LTD1,498,800 11,434,612.52 0.88THBThailand 77,257,979.51 5.92

AIRPORTS OF THAILAND-REG-FOREIGN607,600 5,207,999.34 0.40THBBANGKOK DUSIT MEDICAL SERVICES PUBLIC CO7,100,600 3,712,167.31 0.28THBBEC WORLD PUBLIC CO LTD3,358,900 5,206,804.81 0.40THBC P ALL PUBLIC CO15,420,900 19,920,612.96 1.53THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG2,226,300 1,843,971.65 0.14THBENERGY ABSOLUTE FOREIGN REGISTER3,804,100 2,890,653.13 0.22THBGLOW ENERGY PUBLIC CO LTD1,081,900 2,934,941.11 0.22THBPTT EXPLORATION AND PRODUCTION PUBLIC CO2,938,200 10,002,381.70 0.77THBTMB BANK PUBLIC CO LTD83,630,000 7,422,479.30 0.57THBTRUE CORP.PUBLIC CO -F- REGISTERED19,803,300 6,681,355.68 0.51THB

COCA COLA ICECEK SANAYI A.S126,186 2,725,860.49 0.21TRYTurkey 11,154,155.78 0.85

TAV HAVALIMANLARI HOLDING AS360,773 2,947,599.46 0.23TRYULKER GIDA690,702 5,480,695.83 0.41TRY

Total securities portfolio 1,288,070,125.63 98.68






18Page

Class ACapitalisation shares 0.0000 106,856.5541 1,548.0000 105,308.5541

Class A1Capitalisation shares 0.0000 25,603.9262 0.9907 25,602.9355

Class RCapitalisation shares 0.0000 55,100.9464 376.5664 54,724.3800

Changes in number of shares outstanding from 09/10/14 to 31/12/14

Shares issued Shares redeemedShares

outstanding as at31/12/14

Sharesoutstanding as at

09/10/14


Key figures

Class A

Capitalisation shares

9,873.36105,308.5541Number of shares

Net asset value per share

USD

Class A1


8,272.4225,602.9355Number of shares


EUR

Class R


108.4754,724.3800Number of shares


GBP

Total Net Assets 1,305,291,171.14

31/12/14Period ending as at:

USD

19Page

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


20Page

93,068,769.41Assets92,028,849.48Securities portfolio at market value88,668,951.95Cost price3,359,897.53Unrealised profit on the securities portfolio1,027,835.72Cash at banks and liquidities

12,084.21Other assets

1,111,263.58Liabilities901,308.87Payable on securities purchased209,954.71Other liabilities

91,957,505.83Net asset value


Expressed in EUR


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


21Page

Statement of Operations and Changes in Net Assets from 02/10/14 to 31/12/14Expressed in EUR


130,479.65Income115,373.23Net dividends

44.21Bank interest on cash account15,062.21Securities lending income 2, 8Note

273,501.14Expenses172,365.70Management fees 3Note


98.72Bank interest on overdrafts63,447.68Transaction fees 2.10Note


(143,021.49)Net loss from investmentsNet realised profit / loss on:

881,520.02- sales of investment securities(12,138.40)- financial futures

104.39- foreign exchange

726,464.52Net realised profitMovement in net unrealised appreciation / depreciation on:

3,359,897.53- investments


103,393,128.58Class A19,598.71Class B

103,412,727.29Subscription capitalisation shares

(15,541,583.51)Class A(15,541,583.51)Redemption capitalisation shares

91,957,505.83Increase in net assets


91,957,505.83Net assets at the end of the period


22Page

ANDRITZ AG76,215 3,482,263.35 3.79EUR

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 92,028,849.48 100.08

Shares 92,028,849.48 100.08

Austria 3,655,763.05 3.98

ERSTE GROUP BANK AG9,020 173,499.70 0.19EUR

AGEAS NOM82,879 2,445,344.90 2.66EURBelgium 11,167,365.94 12.14

COLRUYT16,634 639,909.98 0.70EURGROUPE DELHAIZE46,955 2,837,490.65 3.09EURUCB56,487 3,569,978.40 3.87EURUMICORE50,282 1,674,642.01 1.82EUR

METSO CORP21,162 526,087.32 0.57EURFinland 4,489,962.01 4.88

NESTE OIL141,512 2,838,730.72 3.09EURORION CORPORATION (NEW) -B-43,661 1,125,143.97 1.22EUR

ALSTOM SA93,107 2,500,854.02 2.72EURFrance 31,548,660.41 34.32

ARKEMA SA10,393 572,342.51 0.62EURBIC16,732 1,838,010.20 2.00EURBUREAU VERITAS SA68,367 1,251,799.77 1.36EURDASSAULT SYSTEMES SA81,988 4,143,673.52 4.52EUREDENRED SA167,573 3,846,638.22 4.18EUREDF SA73,910 1,686,995.75 1.83EURGECINA SA REG SHS21,893 2,265,925.50 2.46EURHERMES INTERNATIONAL SA13,505 3,981,274.00 4.34EURILIAD SA10,969 2,179,540.30 2.37EURKERING2,814 448,833.00 0.49EURNUMERICABLE SFR SA47,755 1,955,089.70 2.13EURREMY COINTREAU59,976 3,320,271.36 3.61EURTECHNIP31,517 1,557,412.56 1.69EUR

ADIDAS NAMEN AKT4,477 257,964.74 0.28EURGermany 8,428,564.72 9.17

DT ANNINGTON IMMOBILIEN NAM.AKT142,313 4,001,130.00 4.35EURFRESENIUS AG21,912 945,721.92 1.03EURFRESENIUS MEDICAL CARE AG & CO KGAA49,908 3,086,809.80 3.36EURLANXESS AG3,561 136,938.26 0.15EUR

BANK OF IRELAND (GOV&CO)653,925 204,351.56 0.22EURIreland 5,686,235.13 6.18

KERRY GROUP PLC64,080 3,657,045.60 3.98EURRYANAIR HOLDING ORD.186,113 1,824,837.97 1.98EUR

MONTE PASCHI SIENA AZ POST RAGGRUPPAMENT2,188,457 1,028,574.79 1.12EURItaly 3,337,039.14 3.63

SAIPEM SPA263,373 2,308,464.35 2.51EUR

RTL GROUP32,400 2,520,720.00 2.74EURLuxembourg 4,527,451.07 4.92

RTL GROUP3,722 289,571.60 0.31EURRTL GROUP SA3,751 294,078.40 0.32EURSES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)47,891 1,423,081.07 1.55EUR

BCP, BANCO COMMERCIAL PORTUGUES SA NOM.17,547,969 1,152,901.56 1.25EURPortugal 3,673,622.27 3.99

JERONIMO MARTINS SGPS SA302,426 2,520,720.71 2.74EUR

ENAGAS82,644 2,164,033.14 2.35EURSpain 2,164,033.14 2.35

ASML HLDG30,993 2,773,873.50 3.02EURThe Netherlands 13,350,152.60 14.52

DSM KONINKLIJKE41,496 2,101,357.44 2.29EURFIAT CHRYSLER AUTOMOBILES -A-215,029 2,064,278.40 2.24EURGEMALTO NV40,938 2,780,918.34 3.02EURKONINKLIJKE VOPAK70,377 3,032,193.05 3.30EUROCI REG.SHS20,683 597,531.87 0.65EUR

Total securities portfolio 92,028,849.48 100.08

Securities portfolio as at 31/12/14EURExpressed in





23Page


Class BCapitalisation shares 0.0000 200.0000 0.0000 200.0000





02/10/14


Key figures

Class A




EUR

Class B


104.00200.0000Number of shares


EUR

Total Net Assets 91,957,505.83


EUR

24Page

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


25Page

53,326,404.78Assets52,488,503.40Securities portfolio at market value49,099,020.55Cost price3,389,482.85Unrealised profit on the securities portfolio

780,454.59Cash at banks and liquidities57,446.79Other assets

741,254.03Liabilities655,150.87Bank overdrafts86,103.16Other liabilities



Expressed in EUR


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


26Page



199,683.51Income104,306.07Net dividends16,314.32Securities lending income 2, 8Note79,063.12Other income


570.71Taxe d'abonnement 5Note23,570.28Administrative expenses 4Note

43.23Legal fees3,618.01Transaction fees 2.10Note


30,335.18Net income from investmentsNet realised profit / loss on:

475,545.94- sales of investment securities2,306.09- forward foreign exchange contracts

(30,813.29)- financial futures146,038.10- foreign exchange


3,389,482.85- investments


47,265,087.74Class A1,971,380.96Class A1


(664,212.82)Class A(664,212.82)Redemption capitalisation shares





27Page

SEADRILL LTD3,973 37,858.32 0.07NOK


Shares 22,731,895.87 43.23

Bermuda 262,387.93 0.50

SIGNET JEWELERS LTD2,065 224,529.61 0.43USD

HERBALIFE LTD8,598 267,877.03 0.51USDCayman Islands 267,877.03 0.51

COLOPLAST -B-1,445 100,714.44 0.19DKKDenmark 640,914.46 1.22

NOVO NORDISK3,158 110,393.33 0.21DKKNOVOZYMES -B-2,655 92,631.83 0.18DKKPANDORA1,046 70,867.87 0.13DKKTDC15,244 96,688.19 0.18DKKTRYG SHS783 72,449.86 0.14DKKVESTAS WIND SYSTEMS AS1,485 45,170.12 0.09DKKWILLIAM DEMANT HOLDING827 51,998.82 0.10DKK

MILLICOM INTERNATIONAL CELLULAR SA-SDR-1,327 81,601.84 0.15SEKLuxembourg 149,077.96 0.28

SUBSEA 7 SA7,997 67,476.12 0.13NOK

GJENSIDIGE FORSIKRING ASA8,130 109,327.19 0.21NOKNorway 367,247.65 0.70

ORKLA ASA15,721 88,634.67 0.17NOKSTATOIL ASA5,605 81,056.39 0.15NOKYARA INTERNATIONAL ASA2,398 88,229.40 0.17NOK

ELECTROLUX -B- FREE3,147 76,012.65 0.14SEKSweden 630,768.37 1.20

ELEKTA INSTRUMENT -B- FREE7,464 62,800.49 0.12SEKGETINGE -B-3,308 62,091.24 0.12SEKHENNES AND MAURITZ AB3,314 113,912.14 0.21SEKICA GRUPPEN AB1,460 47,132.82 0.09SEKINVESTMENT AB KINNEVIK -B-2,225 59,967.22 0.11SEKSECURITAS -B- FREE1,484 14,796.84 0.03SEKTELEFON AB L.M.ERICSSON10,415 103,737.14 0.20SEKTELE2 AB6,568 65,835.66 0.13SEKVOLVO -B- FREE2,738 24,482.17 0.05SEK

ACTELION LTD NAMEN620 59,455.23 0.11CHFSwitzerland 1,085,830.44 2.06

ARYZTA616 39,423.80 0.07CHFBARRY CALLEBAUT NOM.SHS16 13,600.03 0.03CHFCHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM.1 47,540.23 0.09CHFCIE FINANCIERE RICHEMONT NAMEN AKT388 28,655.88 0.05CHFGIVAUDAN SA REG.SHS11 16,403.71 0.03CHFJULIUS BAER GROUP NAMEN AKT1,340 51,054.52 0.10CHFLONZA GROUP NOM.371 34,620.70 0.07CHFNESTLE SA REG SHS3,063 185,840.94 0.35CHFPARTNERS GROUP HLDG NAMEN AKT119 28,652.64 0.05CHFSCHINDLER HOLDING SA244 29,222.77 0.06CHFSGS SA REG SHS17 28,914.21 0.05CHFSIKA4 9,767.54 0.02CHFSONOVA HOLDING NAM-AKT164 20,037.09 0.04CHFSULZER AG NOM170 14,987.32 0.03CHFSWISS LIFE HOLDING N-NAMEN REGISTERED176 34,604.23 0.07CHFSWISS PRIME SITE AG-NAMEN AKT390 23,678.63 0.05CHFSWISSCOM SHS NOM150 65,184.85 0.12CHFSYNGENTA NAMEN507 134,935.75 0.26CHFTHE SWATCH GROUP205 75,735.85 0.14CHFTRANSOCEAN NAM.AKT2,514 38,389.02 0.07CHFUBS GROUP NAMEN-AKT7,396 105,125.50 0.20CHF

CORE LABORATORIES5,147 511,871.39 0.97USDThe Netherlands 511,871.39 0.97

AMERICAN CAPITAL AGENCY65,566 1,182,848.46 2.25USDUnited States of America 18,815,920.64 35.79

AMERICAN REALTY CAPITAL PROPERTIES -A-46,917 350,893.64 0.67USDANNALY CAPITAL MANAGEMENT129,716 1,158,819.85 2.20USD






28Page

ANTERO RESOURCES4,635 155,438.45 0.30USDAPPLE INC1,803 164,468.53 0.31USDAVALONBAY COMMUN232 31,326.37 0.06USDAVON PRODUCTS INC. COM.15,300 118,728.15 0.23USDBEST BUY CO INC4,869 156,847.75 0.30USDCHESAPEAKE ENERGY CORP6,100 98,654.60 0.19USDC.H.ROBINSON WORLWIDE INC3,815 236,110.37 0.45USDCLOROX CO8,996 774,739.19 1.47USDCOACH INC5,259 163,239.57 0.31USDCOCA-COLA CO10,030 349,957.94 0.67USDCONAGRA FOODS INC7,460 223,667.45 0.43USDDIAMOND OFFSHORE DRILLING12,670 384,377.26 0.73USDDIRECTV447 32,027.52 0.06USDDOLLAR GENERAL7,253 423,773.48 0.81USDDUKE ENERGY CORP1,782 123,026.55 0.23USDEDWARDS LIFESCIENCES CORP4,824 507,814.65 0.97USDELECTRONIC ARTS2,854 110,888.65 0.21USDENERGIZER HOLDINGS INC587 62,364.96 0.12USDENTERGY CORP1,983 143,360.06 0.27USDEXELON CORP21,506 659,016.14 1.25USDFIRE EYE3,572 93,222.40 0.18USDFIRST REPUBLIC BANK1,063 45,786.17 0.09USDFIRSTENERGY CORP25,388 818,047.29 1.56USDFRONTIER COMMUNICATIONS76,258 420,346.98 0.80USDGAMESTOP CORP -A-9,985 278,908.31 0.53USDGENWORTH FINANCIAL INC CLASS-A58,744 412,647.41 0.78USDHCP2,131 77,540.54 0.15USDHEALTH CARE REIT3,952 247,136.76 0.47USDHOLLYFRONTIER9,397 291,061.99 0.55USDIBM CORP744 98,646.63 0.19USDINTUITIVE SURGICAL291 127,202.63 0.24USDIRON MOUNTAIN797 25,463.43 0.05USDJUNIPER NETWORKS INC36,571 674,571.07 1.28USDKEURIG GREEN MOUNTAIN INC3,419 374,082.48 0.71USDKINDER MORGAN MANAGEMENT LLC (FRACTION)1,923 0.00 0.00USDNETFLIX INC80 22,584.85 0.04USDNEWMONT MINING CORP26,996 421,655.63 0.80USDPETSMART INC7,651 514,018.47 0.98USDPG AND E CORP9,330 410,503.04 0.78USDPHARMACYCLICS1,049 105,987.97 0.20USDPROCTER AND GAMBLE CO4,451 335,061.85 0.64USDQUEST DIAGNOSTICS786 43,559.49 0.08USDRACKSPACE HOSTING INC9,913 383,477.98 0.73USDRAYONIER REIT22,346 515,968.13 0.98USDSALIX PHARMACEUTICALS LTD3,847 365,418.11 0.69USDSOUTHERN CO2,315 93,954.51 0.18USDSOUTHWESTERN ENERGY14,502 327,060.52 0.62USDSPRINT SERIES -1-105,127 360,544.65 0.69USDSTAPLES28,483 426,521.19 0.81USDSYMANTEC CORP23,383 495,757.09 0.94USDTWITTER INC10,328 306,157.07 0.58USDTYSON FOODS INC -A-9,305 308,282.67 0.59USDULTA SALON COSMETICS AND FRAGRANCE INC5,403 570,818.99 1.09USDUNITED CONTINENTAL HOLDINGS INC4,873 269,373.14 0.51USDVENTAS INC454 26,901.20 0.05USDVERTEX PHARMACEUTICALS INC2,989 293,453.33 0.56USDWHOLE FOODS MARKET14,923 621,807.08 1.18USD

MDP - TOBAM ANTI-BENCHMARK CANADA EQUITY FUND - A250 2,212,332.77 4.21CAD

Shares/Units of UCITS/UCIS 29,756,607.53 56.59

Shares/Units in investment funds 29,756,607.53 56.59

Luxembourg 29,756,607.53 56.59

MDP - TOBAM ANTI-BENCHMARK EURO EQUITY FUND - A509 5,740,985.55 10.92EURMDP - TOBAM ANTI-BENCHMARK FRANCE EQUITY FUND - A29 365,573.42 0.70EURMDP - TOBAM ANTI-BENCHMARK JAPAN EQUITY FUND - A670 4,208,994.66 8.00JPYMDP - TOBAM ANTI-BENCHMARK PACIFIC EX-JAPAN MKTS EQUITY FUND - A248 2,542,960.70 4.84USDMDP - TOBAM ANTI-BENCHMARK UK EQUITY FUND - A250 4,350,396.24 8.27GBP






29Page

MDP - TOBAM ANTI-BENCHMARK US EQUITY FUND - A803 10,335,364.19 19.65USD







30Page

Class ACapitalisation shares 0.0000 3,888.1530 52.6030 3,835.5500

Class A1Capitalisation shares 0.0000 172.2070 0.0000 172.2070





09/10/14


Key figures

Class A




EUR

Class A1


14,993.98172.2070Number of shares


USD



EUR

31Page

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


32Page

3,807,880,583Assets3,790,104,600Securities portfolio at market value3,670,518,777Cost price

119,585,823Unrealised profit on the securities portfolio868,792Cash at banks and liquidities

16,907,191Other assets

10,391,178Liabilities23,663Bank overdrafts

10,367,515Other liabilities

3,797,489,405Net asset value


Expressed in JPY


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


33Page

Statement of Operations and Changes in Net Assets from 03/10/14 to 31/12/14Expressed in JPY


17,237,828Income14,867,313Net dividends2,370,515Securities lending income 2, 8Note

11,077,728Expenses8,538,012Management fees 3Note

94,938Taxe d'abonnement 5Note1,707,602Administrative expenses 4Note

3,232Legal fees615,074Transaction fees 2.10Note118,870Other expenses

6,160,100Net income from investmentsNet realised profit / loss on:

81,167,067- sales of investment securities6,190,000- financial futures

37,815- foreign exchange

93,554,982Net realised profitMovement in net unrealised appreciation / depreciation on:

119,585,823- investments

213,140,805Increase in net assets as a result of operations

3,545,085,031Class A206,951,471Class A1

3,752,036,502Subscription capitalisation shares

(167,687,902)Class A(167,687,902)Redemption capitalisation shares

3,797,489,405Increase in net assets

0Net assets at the beginning of the period

3,797,489,405Net assets at the end of the period


34Page

ABC MART INC. TOKYO14,300 83,369,000 2.20JPY

Transferable securities admitted to official stock exchange listing and/or dealt in onanother regulated market 3,790,104,600 99.81

Shares 3,612,454,600 95.13

Japan 3,612,454,600 95.13

ACOM CO LTD35,600 13,172,000 0.35JPYASICS CORP KOBE13,400 38,793,000 1.02JPYBANDAI NAMCO HOLDINGS INC18,900 48,459,600 1.28JPYBENESSE HOLDINGS INC8,100 29,038,500 0.76JPYCHUGAI PHARMACEUTICAL13,800 40,903,200 1.08JPYCOLOPL INC18,600 50,889,600 1.34JPYELECTRIC POWER DEVELOPMENT CO21,700 88,536,000 2.33JPYFAMILYMART CO LTD24,700 112,385,000 2.96JPYFUJITSU LTD42,000 27,060,600 0.71JPYGUNGHO ONLINE ENTERTAINMENT INC149,500 65,929,500 1.74JPYINPEX63,500 85,439,250 2.25JPYITOCHU TECHNO-SOLUTIONS CORP CTC19,800 84,546,000 2.23JPYJAPAN AIRLINES CO LTD27,500 99,000,000 2.61JPYJP REAL ESTATE INVESTMENT323 187,340,000 4.92JPYKAKAKU.COM17,500 30,467,500 0.80JPYMC DONALD'S CO (JAPAN)83,900 220,657,000 5.80JPYMITSUBISHI MOTORS CORP26,500 29,415,000 0.77JPYMIXI INC6,500 29,120,000 0.77JPYNEXON CO LTD27,700 31,162,500 0.82JPYNGK INSULATORS LTD4,000 9,976,000 0.26JPYNH FOODS LTD47,000 123,986,000 3.26JPYNITORI21,500 139,320,000 3.67JPYNITTO DENKO CORP12,700 86,017,100 2.27JPYOTSUKA CORP33,000 126,060,000 3.32JPYPROLOGIS REIT623 162,353,800 4.28JPYRAKUTEN12,400 20,863,000 0.55JPYSANRIO CO LTD32,600 97,800,000 2.58JPYSEIKO EPSON CORP14,900 75,841,000 2.00JPYSHIMAMURA CORP11,200 116,480,000 3.07JPYSHISEIDO63,400 107,336,200 2.83JPYSO-NET M353,100 107,421,300 2.83JPYSONY CORP17,700 43,763,250 1.15JPYSUMI DAI PHARMA77,800 91,103,800 2.40JPYSUNTORY43,400 180,978,000 4.76JPYTAIHEIYO CEMENT CORP14,000 5,306,000 0.14JPYTAIYO NIPPON SANSO69,000 91,977,000 2.42JPYTOYO SUISAN KAISHA20,900 81,510,000 2.15JPYUNITED URBAN INVESTMENT CORP869 164,154,100 4.32JPYYAHOO JAPAN CORP240,000 104,400,000 2.75JPYYAMADA DENKI CO LTD308,800 125,372,800 3.30JPYYAMAZAKI BAKING CO104,000 154,752,000 4.08JPY

JAPAN PRIME REALTY INVESTMENT CORP425 177,650,000 4.68JPY

Shares/Units in investment funds 177,650,000 4.68

Japan 177,650,000 4.68

Total securities portfolio 3,790,104,600 99.81

Securities portfolio as at 31/12/14JPYExpressed in





35Page







03/10/14


Key figures

Class A


911,4023,924.2630Number of shares


JPY

Class A1


8,166186.2980Number of shares


EUR

Total Net Assets 3,797,489,405


JPY

36Page

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

Equity Fund


37Page

56,618,335.93Assets56,443,369.21Securities portfolio at market value56,286,030.26Cost price

157,338.95Unrealised profit on the securities portfolio130,760.42Cash at banks and liquidities44,206.30Other assets

163,338.78Liabilities6,672.30Bank overdrafts

156,666.48Other liabilities




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


38Page




140.28Bank interest on cash account364.08Securities lending income 2, 8Note



47.27Legal fees18,316.40Transaction fees 2.10Note1,027.50Other expenses


22,907.42- sales of investment securities(8,909.12)- forward foreign exchange contracts

3,159.45- financial futures(170,575.91)- foreign exchange

(197,844.54)Net realised lossMovement in net unrealised appreciation / depreciation on:

157,338.95- investments

(40,505.59)Decrease in net assets as a result of operations

57,200,032.66Class A57,200,032.66Subscription capitalisation shares






39Page

AGL ENERGY LTD12,483 136,478.22 0.24AUD


Shares 56,443,369.21 99.98

Australia 10,576,991.88 18.74

ALS LTD227,425 999,425.48 1.77AUDCOCA-COLA AMATIL LTD186,803 1,424,746.79 2.53AUDCOCHLEAR8,756 556,755.74 0.99AUDFEDERATION CENTRES STAPLED SECURITY407,337 956,695.40 1.69AUDFORTESCUE METALS GROUP LTD360,999 809,458.32 1.43AUDMETCASH LTD252,643 383,520.97 0.68AUDNEWCREST MINING LTD121,515 1,082,918.32 1.92AUDORIGIN ENERGY LTD31,462 300,465.84 0.53AUDQBE INSURANCE GROUP86,093 789,789.55 1.40AUDQUANTAS AIRWAYS LTD653,130 1,282,770.02 2.27AUDRAMSAY HEALTH CARE LTD3,806 177,845.48 0.32AUDTPG TELECOM LTD148,861 822,285.50 1.46AUDTREASURY WINE ESTATES LTD218,735 853,836.25 1.51AUD

CHEUNG KONG INFRASTRUCTURE HOLDINGS134,000 991,844.47 1.76HKDBermuda 6,347,987.17 11.24

KERRY PROPERTIES160,500 582,613.20 1.03HKDLI FUNG1,514,000 1,417,390.06 2.51HKDNWS HOLDINGS LTD903,342 1,665,770.35 2.95HKDYUE YUEN INDUSTRIAL HOLDINGS469,000 1,690,369.09 2.99HKD

ASM PACIFIC TECHNOLOGY138,100 1,317,808.44 2.33HKDCayman Islands 5,680,862.08 10.06

HKT LTD - STAPLED SECURITY1,466,000 1,909,335.43 3.39HKDMGM CHINA HOLDINGS LTD467,200 1,188,055.23 2.10HKDWYNN MACAU LTD449,200 1,265,662.98 2.24HKD

CATHAY PACIFIC AIRWAYS295,000 642,888.43 1.14HKDHong Kong 9,093,161.30 16.11

HONG KONG EXCHANGES AND CLEARING LTD83,400 1,846,559.19 3.27HKDHYSAN DEVELOPMENT141,000 630,012.60 1.12HKDPCCW LTD645,000 440,821.20 0.78HKDPOWER ASSETS HOLDINGS210,000 2,037,758.37 3.61HKDSWIRE PACIFIC LTD SIE A29,500 384,211.43 0.68HKDTECHTRONIC INDUSTRIES CO LTD445,500 1,436,198.95 2.54HKDTHE LINK REIT - UNITS267,500 1,674,711.13 2.97HKD

GOLDEN AGRI-RESOURCES5,119,000 1,777,014.02 3.15SGDMauritius 1,777,014.02 3.15

AUCKLAND INTERNATIONAL AIRPORT LTD601,993 1,990,251.97 3.53NZDNew Zealand 9,404,213.47 16.66

CONTACT ENERGY LTD281,494 1,403,673.41 2.49NZDMERIDIAN ENREGY1,020,593 1,403,917.24 2.49NZDMIGHTY RIVER POWER154,332 359,458.29 0.64NZDRYMAN HEALTHCARE GROUP LTD349,595 2,327,989.73 4.11NZDSPARK NEW ZEALAND788,176 1,918,922.83 3.40NZD

ASCENDAS REAL ESTATE INVES.TRUST UNITS87,000 156,258.66 0.28SGDSingapore 13,563,139.29 24.02

CAPITACOMMERCIAL REAL ESTATE INV TRUST615,000 814,516.96 1.44SGDCOMFORTDELGRO CORP1,042,000 2,044,508.69 3.62SGDHUTCHISON PORT HOLDINGS TRUST2,540,000 1,752,600.00 3.10USDJARDINE CYCLE & CARRIAGE LTD43,000 1,382,375.25 2.45SGDSEMBCORP INDUSTRIES LTD823,000 2,763,807.18 4.89SGDSEMBCORP MARINE LTD274,000 674,087.16 1.19SGDSINGAPORE AIRLINES LTD22,000 192,587.71 0.34SGDSTARHUB533,000 1,669,256.98 2.96SGDSUNTEC REAL ESTATE INVESTMENT TRUST344,000 508,817.93 0.90SGDWILMAR INTERNATIONAL LTD327,000 799,540.85 1.42SGDYANGZIJIANG SHIPBUILDING (HOLDINGS) LTD885,000 804,781.92 1.43SGD







40Page






02/10/14


Key figures

Class A




USD



USD

41Page

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


42Page



111,628.02Liabilities42,969.00Bank overdrafts68,659.02Other liabilities



Expressed in GBP


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


43Page

Statement of Operations and Changes in Net Assets from 02/10/14 to 31/12/14Expressed in GBP



1.95Net interest on bonds2,460.65Securities lending income 2, 8Note






295,947.09- sales of investment securities(3,506.61)- financial futures

(49.43)- foreign exchange










44Page

FRIENDS LIFE GROUP LTD27,051 99,060.76 0.42GBP


Shares 23,802,339.57 100.14

Guernsey 99,060.76 0.42

PETROFAC LTD44,131 310,240.93 1.31GBPJersey Island 956,466.13 4.02

RANDGOLD RESSOURCES LTD14,754 646,225.20 2.71GBP

COCA COLA HBC NAMEN AKT42,664 523,913.92 2.20GBPSwitzerland 523,913.92 2.20

ADMIRAL GROUP PLC65,691 868,435.02 3.65GBPUnited Kingdom 22,222,898.76 93.50

ANGLO AMERICAN PLC5,876 70,541.38 0.30GBPANTOFAGASTA PLC62,714 471,922.85 1.99GBPARM HOLDINGS PLC15,837 157,578.15 0.66GBPASSOCIATED BRITISH FOODS PLC12,591 396,994.23 1.67GBPASTRAZENECA PLC15,674 714,029.07 3.00GBPBARCLAYS PLC180,026 438,363.31 1.84GBPBG GROUP PLC39,216 339,218.40 1.43GBPBRITISH SKY BROADCASTING GROUP112,328 1,009,828.72 4.24GBPBT GROUP PLC58,523 234,969.85 0.99GBPBURBERRY GROUP PLC5,559 90,945.24 0.38GBPCENTRICA PLC368,364 1,027,735.56 4.31GBPCRODA INT'L PLC22,940 610,662.80 2.57GBPDIRECT LINE INSURANCE GROUP PLC342,348 997,259.72 4.20GBPDIXONS CARPHONE PLC138,413 640,021.71 2.69GBPEASYJET PLC17,189 287,228.19 1.21GBPFRESNILLO PLC75,812 580,719.92 2.44GBPGROUP 4 SECURICOR269,113 747,865.03 3.15GBPHERGREAVES LANS SHS39,967 404,466.04 1.70GBPINDIVIOR3,224 4,816.66 0.02GBPINMARSAT116,610 932,296.95 3.92GBPJ SAINSBURY PLC243,945 601,812.32 2.53GBPKINGFISHER PLC158,707 540,397.34 2.27GBPLLOYDS BANKING GROUP PLC207,975 157,686.65 0.66GBPMERLIN ENTERTAINMENTS PLC83,775 333,927.15 1.40GBPMORRISON SUPERMARKETS PLC382,745 705,016.29 2.97GBPNEXT PLC8,321 567,492.20 2.39GBPPEARSON PLC67,427 802,381.30 3.38GBPRECKITT BENCKISER GROUP PLC3,224 167,970.40 0.71GBPROLLS-ROYCE HOLDINGS PLC64,470 560,889.00 2.36GBPROYAL BANK OF SCOTLAND152,919 603,112.54 2.54GBPROYAL MAIL177,244 761,971.96 3.21GBPRSA INSURANCE GROUP PLC195,688 851,242.80 3.58GBPSAGE GROUP62,548 291,286.04 1.23GBPSEVERN TRENT PLC1,656 33,219.36 0.14GBPSSE PLC35,545 576,539.90 2.43GBPSTANDARD CHARTERED PLC63,818 614,567.34 2.59GBPTATE LYLE PLC106,653 643,117.59 2.71GBPTESCO PLC267,599 505,762.11 2.13GBPTULLOW OIL PLC134,971 558,644.97 2.35GBPUNITED UTILITIES GROUP PLC107,045 980,532.20 4.13GBPWILLIAM HILL PLC93,636 339,430.50 1.43GBP

UK TREASURY STOCK 8.00 95-15 07/12S100 107.12 0.00GBP

Bonds 107.12 0.00

United Kingdom 107.12 0.00

ROLLS-ROYCE HLD -C- ENTITLEMENT JAN 2015932,940 932.94 0.00GBP

Other transferable securities 932.94 0.00

Shares 932.94 0.00

United Kingdom 932.94 0.00


Securities portfolio as at 31/12/14GBPExpressed in





45Page






02/10/14


Key figures

Class A




GBP



GBP

46Page

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


47Page

983,546,441.53Assets957,933,816.79Securities portfolio at market value931,851,338.39Cost price26,082,478.40Unrealised profit on the securities portfolio17,855,875.97Cash at banks and liquidities5,025,629.19Subscriptions receivable2,731,119.58Other assets

2,735,792.14Liabilities2,778.81Bank overdrafts




Expressed in USD


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


48Page




697,542.67Securities lending income 2, 8Note




1,027.98Other expenses

2,876,025.38Net income from investmentsNet realised profit / loss on:

12,883,701.74- sales of investment securities(164,906.98)- forward foreign exchange contracts

203,112.83- financial futures157,382.46- foreign exchange

15,955,315.43Net realised profitMovement in net unrealised appreciation / depreciation on:

26,082,478.40- investments(276,275.00)- financial futures


623,752,787.87Class A141,317,694.10Class A1194,378,967.38Class A2

54,000.93Class B11,049,003.43Class R112,000,000.00Class R2


(35,776,387.67)Class A(1,483,136.86)Class A1(6,121,903.97)Class A2

(55,729.40)Class B(66,165.25)Class R1






49Page

SIGNET JEWELERS LTD82,378 10,838,473.46 1.11USD


Shares 957,933,816.79 97.67

Bermuda 10,838,473.46 1.11

HERBALIFE LTD343,159 12,937,094.30 1.32USDCayman Islands 12,937,094.30 1.32

CORE LABORATORIES205,560 24,737,090.40 2.52USDThe Netherlands 24,737,090.40 2.52

AMERICAN CAPITAL AGENCY2,619,049 57,173,839.67 5.84USDUnited States of America 909,421,158.63 92.72

AMERICAN REALTY CAPITAL PROPERTIES -A-1,874,900 16,967,845.00 1.73USDANNALY CAPITAL MANAGEMENT5,176,916 55,962,461.96 5.71USDANTERO RESOURCES185,055 7,509,531.90 0.77USDAPPLE INC71,965 7,943,496.70 0.81USDAVALONBAY COMMUN8,681 1,418,388.59 0.14USDAVON PRODUCTS INC. COM.610,780 5,735,224.20 0.58USDBEST BUY CO INC194,635 7,586,872.30 0.77USDCHESAPEAKE ENERGY CORP203,809 3,988,542.13 0.41USDC.H.ROBINSON WORLWIDE INC152,437 11,416,006.93 1.16USDCLOROX CO359,301 37,442,757.21 3.82USDCOACH INC210,015 7,888,163.40 0.80USDCOCA-COLA CO400,390 16,904,465.80 1.72USDCONAGRA FOODS INC297,818 10,804,837.04 1.10USDDIAMOND OFFSHORE DRILLING504,791 18,530,877.61 1.89USDDIRECTV17,793 1,542,653.10 0.16USDDOLLAR GENERAL289,644 20,477,830.80 2.09USDDUKE ENERGY CORP71,156 5,944,372.24 0.61USDEDWARDS LIFESCIENCES CORP192,673 24,542,686.74 2.50USDELECTRONIC ARTS114,063 5,362,671.95 0.55USDENERGIZER HOLDINGS INC23,385 3,006,375.60 0.31USDENTERGY CORP79,158 6,924,741.84 0.71USDEXELON CORP858,986 31,851,200.88 3.25USDFIRE EYE142,739 4,507,697.62 0.46USDFIRST REPUBLIC BANK48,550 2,530,426.00 0.26USDFIRSTENERGY CORP1,014,072 39,538,667.28 4.03USDFRONTIER COMMUNICATIONS3,041,296 20,285,444.32 2.07USDGAMESTOP CORP -A-395,540 13,369,252.00 1.36USDGENWORTH FINANCIAL INC CLASS-A2,346,227 19,942,929.50 2.03USDHCP85,080 3,746,072.40 0.38USDHEALTH CARE REIT158,020 11,957,373.40 1.22USDHOLLYFRONTIER375,571 14,076,401.08 1.44USDIBM CORP29,680 4,761,859.20 0.49USDINTUITIVE SURGICAL11,609 6,140,464.46 0.63USDIRON MOUNTAIN28,677 1,108,652.82 0.11USDJUNIPER NETWORKS INC1,460,414 32,596,440.48 3.32USDKEURIG GREEN MOUNTAIN INC136,501 18,072,049.90 1.84USDKINDER MORGAN1 42.31 0.00USDNETFLIX INC3,167 1,081,878.87 0.11USDNEWMONT MINING CORP1,080,671 20,424,681.90 2.08USDPETSMART INC305,672 24,849,605.24 2.53USDPG AND E CORP372,583 19,836,318.92 2.02USDPHARMACYCLICS44,936 5,493,875.36 0.56USDPROCTER AND GAMBLE CO177,788 16,194,708.92 1.65USDQUEST DIAGNOSTICS31,318 2,100,185.08 0.21USDRACKSPACE HOSTING INC395,628 18,519,346.68 1.89USDRAYONIER REIT892,510 24,936,729.40 2.54USDSALIX PHARMACEUTICALS LTD153,546 17,648,577.24 1.80USDSOUTHERN CO92,380 4,536,781.80 0.46USDSOUTHWESTERN ENERGY580,296 15,836,277.84 1.61USDSPRINT SERIES -1-4,198,642 17,424,364.30 1.78USDSTAPLES1,138,239 20,624,890.68 2.10USDSYMANTEC CORP933,563 23,950,558.77 2.44USDTWITTER INC412,129 14,783,067.23 1.51USDTYSON FOODS INC -A-371,587 14,896,922.83 1.52USDULTA SALON COSMETICS AND FRAGRANCE INC215,637 27,567,034.08 2.81USD






50Page

UNITED CONTINENTAL HOLDINGS INC203,313 13,599,606.57 1.39USDVENTAS INC18,107 1,298,271.90 0.13USDVERTEX PHARMACEUTICALS INC119,629 14,211,925.20 1.45USDWHOLE FOODS MARKET595,913 30,045,933.46 3.06USD







51Page





Class R1Capitalisation shares 0.0000 62,706.7441 368.9566 62,337.7875

Class R2Capitalisation shares 0.0000 120,000.0000 0.0000 120,000.0000





02/10/14


Key figures

Class A


15,574.4839,478.3988Number of shares


USD

Class A1




EUR

Class A2


11,953.9116,506.6139Number of shares


USD

Class B




EUR

Class R1




GBP



USD


52Page

Key figures


Class R2




USD



USD

53Page

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


54Page

1,014,887,885.19Assets975,067,155.73Securities portfolio at market value952,628,610.98Cost price22,438,544.75Unrealised profit on the securities portfolio38,039,418.32Cash at banks and liquidities1,781,311.14Other assets

16,103,295.20Liabilities255,341.52Bank overdrafts

2,751,659.18Redemptions payable10,150,600.57Unrealised loss on forward foreign exchange contracts 2, 7Note




Expressed in USD


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


55Page








1,049.43Other expenses


8,746,758.11- sales of investment securities460,778.37- forward foreign exchange contracts530,181.54- financial futures

(2,051,517.36)- foreign exchange

8,078,277.72Net realised profitMovement in net unrealised appreciation / depreciation on:

22,438,544.75- investments(10,150,600.57)- forward foreign exchange contracts

(357,612.95)- financial futures


235,736,059.85Class A9,654,185.58Class A1

239,951,498.73Class A245,991.41Class B1

504,911,073.80Class C25,293.12Class R


(11,503,307.16)Class A(44,814.29)Class C






56Page

NEWCREST MINING LTD1,094,587 9,754,748.89 0.98AUD


Shares 960,664,361.05 96.19

Australia 22,847,998.97 2.29

QBE INSURANCE GROUP434,507 3,986,027.76 0.40AUDTREASURY WINE ESTATES LTD2,333,080 9,107,222.32 0.91AUD

LI FUNG3,004,000 2,812,311.59 0.28HKDBermuda 20,518,710.63 2.05

NWS HOLDINGS LTD585,000 1,078,744.99 0.11HKDSIGNET JEWELERS LTD18,913 2,488,383.41 0.25USDYUE YUEN INDUSTRIAL HOLDINGS3,923,000 14,139,270.64 1.41HKD

MICHAEL KORS HOLDINGS LTD6,506 488,600.60 0.05USDBritish Virgin Islands 488,600.60 0.05

AGNICO EAGLE MINES325,800 8,134,747.72 0.81CADCanada 137,311,585.44 13.76

ALIMENTATION COUCHE - TARD INC SUB VTG B357,500 15,028,323.70 1.51CADARC RESOURCES211 4,583.40 0.00CADBOMBARDIER INC B3,516,900 12,600,936.90 1.26CADCANADIAN TIRE CORP -A- NON VOTING13,000 1,377,603.35 0.14CADCATAMARAN CORP24,000 1,245,732.90 0.12CADCONSTELLATION SOFTWARE26,000 7,754,265.97 0.78CADDOLLARAMA INC98,900 5,071,979.12 0.51CADEMPIRE -A- NON VOTING62,500 4,728,005.65 0.47CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG27,500 14,453,991.35 1.46CADFIRST CAP REALTY385,600 6,212,170.76 0.62CADFRANCO-NEVADA CORP196,100 9,685,995.47 0.97CADH&R REIT - UNITS327,200 6,138,577.48 0.61CADKEYERA59,200 4,143,588.32 0.41CADMETRO -A- SUB VTG106,200 8,554,623.11 0.86CADOPEN TEXT243,600 14,219,454.64 1.43CADPACIFIC RUB88,700 550,613.98 0.06CADSNC-LAVALIN GROUP170,700 6,530,252.76 0.65CADTALISMAN ENERGY INC561,000 4,407,567.52 0.44CADTELUS CORP35,000 1,265,823.42 0.13CADTURQUOISE HILL945,300 2,929,940.67 0.29CADYAMANA GOLD561,300 2,272,807.25 0.23CAD

HERBALIFE LTD81,852 3,085,820.40 0.31USDCayman Islands 20,154,210.90 2.02

HKT LTD - STAPLED SECURITY11,108,000 14,467,188.23 1.45HKDWYNN MACAU LTD923,200 2,601,202.27 0.26HKD

TRYG SHS9,988 1,118,298.20 0.11DKKDenmark 9,119,177.66 0.91

WILLIAM DEMANT HOLDING105,159 8,000,879.46 0.80DKK

NESTE OIL501,364 12,169,910.69 1.22EURFinland 13,502,172.69 1.35

ORION CORPORATION (NEW) -B-42,724 1,332,262.00 0.13EUR

EUTELSAT COMMUNICATIONS SA4,812 156,020.87 0.02EURFrance 20,962,705.41 2.10

HERMES INTERNATIONAL SA4,480 1,598,117.88 0.16EURILIAD SA42,408 10,196,449.54 1.02EURNUMERICABLE SFR SA181,918 9,012,117.12 0.90EUR

DT ANNINGTON IMMOBILIEN NAM.AKT235,790 8,021,706.84 0.80EURGermany 32,586,160.70 3.26

FRESENIUS AG194,858 10,176,606.75 1.02EURFRESENIUS MEDICAL CARE AG & CO KGAA192,244 14,387,847.11 1.44EUR

HONG KONG EXCHANGES AND CLEARING LTD633,000 14,015,251.39 1.40HKDHong Kong 14,015,251.39 1.40

PERRIGO COMPANY PLC17,190 2,873,480.40 0.29USDIreland 8,288,299.19 0.83

RYANAIR HOLDING ORD.457,086 5,414,818.79 0.54EUR

MONTE PASCHI SIENA AZ POST RAGGRUPPAMENT5,953,104 3,385,670.14 0.33EURItaly 6,136,709.13 0.61

SAIPEM SPA259,383 2,751,038.99 0.28EUR






57Page

COLOPL INC231,100 5,273,694.30 0.53JPYJapan 80,469,601.47 8.06

FAMILYMART CO LTD343,900 13,050,960.81 1.31JPYHIKARI TSUSHIN24,600 1,510,121.30 0.15JPYLAWSON INC28,900 1,757,212.50 0.18JPYMIXI INC19,900 743,583.94 0.07JPYNH FOODS LTD516,000 11,353,333.78 1.14JPYNITORI39,400 2,129,463.21 0.21JPYOTSUKA CORP133,600 4,256,657.76 0.43JPYSANKYO CO LTD157,800 5,462,029.09 0.55JPYSANRIO CO LTD77,800 1,946,703.30 0.19JPYSANTEN PHARMACEUTICAL CO LTD46,300 2,498,527.79 0.25JPYSEIKO EPSON CORP90,100 3,825,088.49 0.38JPYSHIMAMURA CORP47,000 4,076,900.48 0.41JPYSUMI DAI PHARMA214,000 2,090,112.11 0.21JPYUNITED URBAN INVESTMENT CORP5,972 9,409,156.02 0.94JPYYAMADA DENKI CO LTD3,273,800 11,086,056.59 1.11JPY

RANDGOLD RESSOURCES LTD180,415 12,321,408.77 1.23GBPJersey Island 12,321,408.77 1.23

SPARK NEW ZEALAND1,869,363 4,551,221.23 0.46NZDNew Zealand 4,551,221.23 0.46

GJENSIDIGE FORSIKRING ASA204,670 3,330,390.40 0.33NOKNorway 3,330,390.40 0.33

SWISSCOM SHS NOM11,143 5,859,503.71 0.58CHFSwitzerland 7,228,119.56 0.72

TRANSOCEAN NAM.AKT74,069 1,368,615.85 0.14CHF

CORE LABORATORIES72,449 8,718,512.66 0.87USDThe Netherlands 12,324,640.69 1.23

OCI REG.SHS103,155 3,606,128.03 0.36EUR

ASTRAZENECA PLC91,450 6,495,810.90 0.65GBPUnited Kingdom 84,023,640.53 8.42

BRITISH SKY BROADCASTING GROUP273,450 3,833,109.56 0.38GBPCENTRICA PLC565,145 2,458,542.42 0.25GBPFRESNILLO PLC619,632 7,400,758.29 0.74GBPJ SAINSBURY PLC2,689,456 10,345,398.06 1.04GBPMORRISON SUPERMARKETS PLC4,627,171 13,289,810.49 1.33GBPROLLS-ROYCE HOLDINGS PLC587,964 7,975,971.64 0.80GBPROYAL MAIL764,809 5,126,654.47 0.51GBPRSA INSURANCE GROUP PLC1,941,608 13,169,352.50 1.32GBPSSE PLC167,959 4,247,836.02 0.43GBPTATE LYLE PLC1,029,585 9,680,396.18 0.97GBP

AMEREN CORPORATION40,425 1,864,805.25 0.19USDUnited States of America 450,483,755.69 45.11

AMERICAN CAPITAL AGENCY610,825 13,334,309.75 1.34USDAMERICAN REALTY CAPITAL PROPERTIES -A-914,752 8,278,505.60 0.83USDANNALY CAPITAL MANAGEMENT1,225,375 13,246,303.75 1.33USDAPPLE INC107,958 11,916,404.04 1.19USDAVALONBAY COMMUN42,255 6,904,044.45 0.69USDBEST BUY CO INC89,328 3,482,005.44 0.35USDCABOT OIL AND GAS CORP -A-212,710 6,298,343.10 0.63USDCHARTER COMMUNICATIONS INC23,212 3,867,583.44 0.39USDCIGNA CORP122,767 12,633,951.97 1.26USDCLOROX CO125,412 13,069,184.52 1.31USDCOACH INC377,750 14,188,290.00 1.42USDCOCA-COLA CO217,586 9,186,480.92 0.92USDCONAGRA FOODS INC189,383 6,870,815.24 0.69USDDIAMOND OFFSHORE DRILLING42,957 1,576,951.47 0.16USDDOLLAR GENERAL212,100 14,995,470.00 1.50USDDUKE ENERGY CORP97,112 8,112,736.48 0.81USDEDWARDS LIFESCIENCES CORP99,689 12,698,384.82 1.27USDELECTRONIC ARTS116,980 5,499,814.70 0.55USDENTERGY CORP134,604 11,775,157.92 1.18USDEXELON CORP399,412 14,810,196.96 1.48USDEXPRESS SCRIPTS85,155 7,210,073.85 0.72USDFIRST REPUBLIC BANK53,815 2,804,837.80 0.28USDFIRSTENERGY CORP388,707 15,155,685.93 1.52USD






58Page

FRONTIER COMMUNICATIONS1,779,609 11,869,992.03 1.19USDGAMESTOP CORP -A-173,068 5,849,698.40 0.59USDGENWORTH FINANCIAL INC CLASS-A206,966 1,759,211.00 0.18USDHCP14,257 627,735.71 0.06USDHEALTH CARE REIT46,196 3,495,651.32 0.35USDHEWLETT-PACKARD CO38,854 1,559,211.02 0.16USDHOLLYFRONTIER31,666 1,186,841.68 0.12USDHUMANA INC39,939 5,736,438.57 0.57USDIBM CORP20,140 3,231,261.60 0.32USDJUNIPER NETWORKS INC577,071 12,880,224.72 1.29USDKEURIG GREEN MOUNTAIN INC16,154 2,138,708.83 0.21USDKINDER MORGAN2 84.62 0.00USDLINKEDIN13,522 3,106,138.62 0.31USDLKQ CORP97,742 2,748,505.04 0.28USDNETFLIX INC15,984 5,460,294.24 0.55USDPETSMART INC180,659 14,686,673.41 1.47USDPG AND E CORP285,979 15,225,521.96 1.51USDPUBLIC SERVICE ENTERPRISE GROUP INC27,972 1,158,320.52 0.12USDQUEST DIAGNOSTICS29,912 2,005,898.72 0.20USDRACKSPACE HOSTING INC169,405 7,929,848.05 0.79USDRAYONIER REIT508,106 14,196,481.64 1.42USDSALIX PHARMACEUTICALS LTD73,879 8,491,652.26 0.85USDSOUTHERN CO216,302 10,622,591.22 1.06USDSOUTHWESTERN ENERGY335,660 9,160,161.40 0.92USDSPRINT SERIES -1-1,636,312 6,790,694.80 0.68USDSTAPLES543,088 9,840,754.56 0.99USDSYMANTEC CORP338,406 8,681,805.93 0.87USDTWITTER INC152,956 5,486,531.72 0.55USDTYSON FOODS INC -A-332,803 13,342,072.27 1.34USDULTA SALON COSMETICS AND FRAGRANCE INC80,422 10,281,148.48 1.03USDUNDER ARMOUR INC -A-53,160 3,609,564.00 0.36USDUNITED CONTINENTAL HOLDINGS INC16,565 1,108,032.85 0.11USDURBAN OUTFITTERS INC125,768 4,418,229.84 0.44USDVENTAS INC15,026 1,077,364.20 0.11USDVERTEX PHARMACEUTICALS INC62,666 7,444,720.80 0.75USDWHOLE FOODS MARKET174,137 8,779,987.54 0.88USDWINDSTREAM HLDG INC572,253 4,715,364.72 0.47USD

JAPAN PRIME REALTY INVESTMENT CORP3,265 11,383,043.11 1.14JPY


Japan 11,383,043.11 1.14

AMUNDI MONEY MARKET FUND SHORT TERM USD -IV-3,000 3,019,751.57 0.30USD

Shares/Units of UCITS/UCIS 3,019,751.57 0.30


Luxembourg 3,019,751.57 0.30







59Page




Class B1Capitalisation shares 0.0000 357.0000 0.0000 357.0000

Class CCapitalisation shares 0.0000 28,771.4659 2.5270 28,768.9389

Class RCapitalisation shares 0.0000 150.0000 0.0000 150.0000





09/10/14


Key figures

Class A


13,998.0616,638.6627Number of shares


USD

Class A1




EUR

Class A2




GBP

Class B1




EUR

Class C


14,651.9628,768.9389Number of shares


EUR



USD


60Page

Key figures


Class R




GBP



USD

61Page

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


62Page


6,984,505.53Unrealised profit on the securities portfolio48,109.40Cash at banks and liquidities

521,542.07Other assets

434,423.84Liabilities23,691.29Bank overdrafts10,984.00Unrealised loss on financial futures 2, 6Note




Expressed in CAD


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


63Page

Statement of Operations and Changes in Net Assets from 02/10/14 to 31/12/14Expressed in CAD






112.64Legal fees15,560.31Transaction fees 2.10Note1,170.70Other expenses


(3,671,784.13)- sales of investment securities28,476.00- financial futures2,327.24- foreign exchange

(3,289,031.37)Net realised lossMovement in net unrealised appreciation / depreciation on:

6,984,505.53- investments(10,984.00)- financial futures








64Page

AGNICO EAGLE MINES74,200 2,145,864.00 1.55CAD


Shares 137,813,189.90 99.31

Canada 137,813,189.90 99.31

AGRIUM11,200 1,232,000.00 0.89CADAIMIA363,700 5,313,657.00 3.83CADALIMENTATION COUCHE - TARD INC SUB VTG B49,850 2,427,196.50 1.75CADAMAYA INC46,400 1,324,720.00 0.95CADBLACKBERRY LTD182,800 2,328,872.00 1.68CADBOMBARDIER INC B894,300 3,711,345.00 2.67CADB2GOLD CORP963,100 1,829,890.00 1.32CADCAE INC13,800 208,104.00 0.15CADCANADIAN TIRE CORP -A- NON VOTING14,300 1,755,182.00 1.26CADCANFOR CORPORATION (NEW)6,500 192,660.00 0.14CADCAPITAL POWER CORP155,600 4,045,600.00 2.92CADCATAMARAN CORP59,400 3,571,128.00 2.57CADCCL INDUSTRIES INC -B- NON-VOTING9,900 1,246,113.00 0.90CADCGI GROUP SUB.VTG SHS -A-19,900 881,371.00 0.64CADCINEPLEX INC68,900 3,088,787.00 2.23CADCONSTELLATION SOFTWARE9,400 3,247,136.00 2.34CADCORUS ENTERTAINMENT NON VOTING -B-252,800 5,801,760.00 4.18CADDH CORP21,900 803,073.00 0.58CADDOLLARAMA INC81,400 4,835,160.00 3.48CADELDORADO GOLD251,300 1,779,204.00 1.28CADEMPIRE -A- NON VOTING74,000 6,483,880.00 4.66CADENBRIDGE INC18,100 1,081,294.00 0.78CADENBRIDGE INCOME26,200 1,057,170.00 0.76CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG9,500 5,783,410.00 4.17CADFIRST CAP REALTY265,900 4,961,694.00 3.58CADFORTIS INC90,200 3,514,192.00 2.53CADFRANCO-NEVADA CORP38,200 2,185,422.00 1.57CADGEORGE WESTON4,800 481,680.00 0.35CADH&R REIT - UNITS379,100 8,237,843.00 5.93CADINTACT FINANCIAL CORP13,300 1,115,205.00 0.80CADJEAN COUTU GROUP INC A22,300 631,313.00 0.45CADKEYERA35,700 2,894,199.00 2.09CADLOBLAW COMPANIES10,000 621,700.00 0.45CADMACDONALD DETTWILER AND ASSICIATES LTD7,500 712,125.00 0.51CADMETRO -A- SUB VTG22,300 2,080,590.00 1.50CADMULLEN GROUP59,800 1,274,338.00 0.92CADONEX CORP SUB.VOTING16,000 1,079,360.00 0.78CADOPEN TEXT54,100 3,657,701.00 2.64CADPROGRESS WASTE112,600 3,933,118.00 2.83CADQUEBECOR -B- SUBORD.VOTING160,800 5,135,952.00 3.70CADRIOCAN REIT (UNITS)148,300 3,919,569.00 2.82CADRITCHIE BROTHERS AUCTIONEERS16,300 508,886.00 0.37CADROGERS COMMUNICATIONS -B- NON VOTING40,000 1,806,800.00 1.30CADSAPUTO53,900 1,882,188.00 1.36CADSNC-LAVALIN GROUP9,000 398,790.00 0.29CADSTANTEC INC66,300 2,116,959.00 1.53CADTELUS CORP1,600 67,024.00 0.05CADTRANSALTA CORP409,600 4,308,992.00 3.11CADTRANSCANADA CORP28,500 1,627,350.00 1.17CADTRANSFORCE INC55,800 1,651,122.00 1.19CADTURQUOISE HILL420,900 1,511,031.00 1.09CADVALEANT PHARMA3,900 648,687.00 0.47CADVERESEN235,890 4,330,940.40 3.12CADWEST FRASER TIMBER CO30,400 2,020,688.00 1.46CADWHITECAP RESOURCES INC15,000 171,600.00 0.12CADWSP GLOBAL12,600 439,236.00 0.32CADYAMANA GOLD365,100 1,712,319.00 1.23CAD

Securities portfolio as at 31/12/14CADExpressed in





65Page

TELUS CORP SHS NON-CANADIAN19,600 821,044.00 0.59CAD

Other transferable securities 821,044.00 0.59

Shares 821,044.00 0.59

Canada 821,044.00 0.59


Securities portfolio as at 31/12/14CADExpressed in





66Page






02/10/14


Key figures

Class A


12,402.7811,188.5770Number of shares


CAD



CAD

67Page

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

Fund


68Page


950,843.26Unrealised profit on the securities portfolio3,736,546.70Cash at banks and liquidities

20,069.04Unrealised gain on financial futures 2, 6Note182,123.76Other assets

6,087,956.95Liabilities2,807,683.25Bank overdrafts

264,315.21Payable on securities purchased2,697,548.58Redemptions payable

12,158.82Unrealised loss on forward foreign exchange contracts 2, 7Note306,251.09Other liabilities




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


69Page




34.46Bank interest on cash account54,905.64Securities lending income 2, 8Note1,823.68Other income



38.52Bank interest on overdrafts72.38Legal fees

42,836.62Transaction fees 2.10Note1,027.49Other expenses


889,656.18- sales of investment securities(4,721.94)- forward foreign exchange contracts

(322,197.83)- foreign exchange


950,843.26- investments(12,158.82)- forward foreign exchange contracts

20,069.04- financial futures



(2,697,548.58)Class A(2,697,548.58)Redemption capitalisation shares





70Page

NEWCREST MINING LTD64,660 576,237.49 0.51AUD


Shares 113,709,577.93 100.96

Australia 1,564,192.59 1.39

QBE INSURANCE GROUP68,979 632,791.21 0.56AUDTPG TELECOM LTD19,515 107,797.89 0.10AUDTREASURY WINE ESTATES LTD63,370 247,366.00 0.22AUD

GOME ELECTRICAL APP734,000 107,901.58 0.10HKDBermuda 4,740,539.28 4.21

HANERGY THIN2,662,000 964,586.67 0.86HKDLI FUNG464,000 434,391.67 0.39HKDSIGNET JEWELERS LTD3,629 477,467.53 0.42USDSIHUAN PHARMACEUTICAL HOLDINGS GROUP LTD1,571,000 1,051,405.95 0.93HKDYUE YUEN INDUSTRIAL HOLDINGS473,000 1,704,785.88 1.51HKD

BANCO DO BRASIL SA27,800 248,591.91 0.22BRLBrazil 1,007,042.92 0.89

CEMIG PREF (CIA ENERG.MINAS GERAIS)53,100 262,484.04 0.23BRLCESP PREFERD SHS -B-13,600 137,166.71 0.12BRLCOMPANHIA SIDERURGICA NACIONAL49,200 103,279.07 0.09BRLOI PFD SHS22,640 73,331.84 0.07BRLUSIMINAS PREF. -A-95,900 182,189.35 0.16BRL

MICHAEL KORS HOLDINGS LTD8,857 665,160.70 0.59USDBritish Virgin Islands 665,160.70 0.59

AGNICO EAGLE MINES27,800 694,125.19 0.62CADCanada 14,957,101.19 13.28

ALIMENTATION COUCHE - TARD INC SUB VTG B12,200 512,854.68 0.46CADARC RESOURCES5,300 115,128.07 0.10CADBLACKBERRY LTD72,500 797,447.60 0.71CADBOMBARDIER INC B135,400 485,133.74 0.43CADCATAMARAN CORP14,400 747,439.74 0.66CADCGI GROUP SUB.VTG SHS -A-12,700 485,628.45 0.43CADCONSTELLATION SOFTWARE1,300 387,713.30 0.34CADDOLLARAMA INC31,700 1,625,700.08 1.44CADELDORADO GOLD24,300 148,536.86 0.13CADEMPIRE -A- NON VOTING5,600 423,629.31 0.38CADFAIRFAX FINANCIAL HOLDINGS SUB.VTG3,200 1,681,918.99 1.49CADFORTIS INC14,600 491,096.14 0.44CADFRANCO-NEVADA CORP13,800 681,625.38 0.61CADGEORGE WESTON1,300 112,630.35 0.10CADH&R REIT - UNITS8,400 157,591.84 0.14CADKEYERA5,600 391,961.06 0.35CADMETRO -A- SUB VTG7,300 588,029.65 0.52CADOPEN TEXT25,200 1,470,978.07 1.31CADPARAMOUNT RESOURCE COM NPV4,400 106,822.49 0.09CADPEYTO EXPLORATION AND DEVELOPMENT CORP20,400 589,495.64 0.52CADSNC-LAVALIN GROUP10,900 416,987.43 0.37CADTALISMAN ENERGY INC35,800 281,267.23 0.25CADTELUS CORP22,800 824,593.54 0.73CADTOURMALINE OIL CORP14,500 484,477.58 0.43CADYAMANA GOLD62,800 254,288.78 0.23CAD

ANTA SPORTS PRODUCTS658,000 1,162,447.50 1.02HKDCayman Islands 2,444,305.25 2.17

GEELY AUTOMOBILE345,000 109,886.14 0.10HKDHERBALIFE LTD2,592 97,718.40 0.09USDHKT LTD - STAPLED SECURITY233,000 303,461.91 0.27HKDSEMICONDUCTOR MANUFACTURING INTL CORP1,706,000 156,193.97 0.14HKDTPK HOLDING CO LTD17,000 101,939.75 0.09TWDWANT WANT CHINA389,000 512,657.58 0.46HKD

BYD COMPANY LTD -H-48,500 189,813.60 0.17HKDChina 1,731,994.09 1.54

CHONG QING CHANGAN AUTOMOBILE CO LTD61,000 138,127.84 0.12HKDCN GALAXY SECS -H-116,500 146,172.49 0.13HKDDATANG INTERNATIONAL POWER GENERATION-H-192,000 103,243.85 0.09HKDHAITONG SECURITIES CO LTD -H-108,400 272,857.55 0.24HKD






71Page

SHANDONG WEIGAO GRP -H-576,000 464,968.68 0.42HKDSHANGHAI ELECTRIC GROUP CO LTD -H-194,000 103,318.64 0.09HKDYANZHOU COAL MINING CO -H-116,000 98,276.63 0.09HKDYITAI COAL / -B-72,400 103,676.80 0.09USDZHEJIANG EXPRESSWAY -H-96,000 111,538.01 0.10HKD

INTERCONNEXION ELECTRICA SA28,208 102,434.25 0.09COPColombia 102,434.25 0.09

TRYG SHS918 102,783.11 0.09DKKDenmark 102,783.11 0.09

NESTE OIL8,842 214,627.20 0.19EURFinland 323,674.11 0.29

ORION CORPORATION (NEW) -B-3,497 109,046.91 0.10EUR

ALSTOM SA5,698 185,196.07 0.16EURFrance 1,381,527.23 1.23

ILIAD SA2,370 569,835.54 0.51EURNUMERICABLE SFR SA6,995 346,528.43 0.31EURSANOFI3,058 279,967.19 0.25EUR

DT ANNINGTON IMMOBILIEN NAM.AKT21,199 721,201.77 0.64EURGermany 3,938,127.65 3.50

FRESENIUS AG31,507 1,645,476.96 1.46EURFRESENIUS MEDICAL CARE AG & CO KGAA20,997 1,571,448.92 1.40EUR

CHINA SOUTH CITY HOLDINGS LTD166,000 75,777.14 0.07HKDHong Kong 2,238,659.87 1.99

CITIC PACIFIC LTD187,000 318,786.52 0.28HKDHONG KONG EXCHANGES AND CLEARING LTD75,700 1,676,073.51 1.49HKDSUN ART RETAIL GROUP LTD169,000 168,022.70 0.15HKD

ASTRA AGRO LESTARI216,900 424,693.52 0.38IDRIndonesia 1,085,303.87 0.96

BANK DANAMON INDONESIA SERIES -A-1,808,100 660,610.35 0.58IDR

PERRIGO COMPANY PLC3,702 618,826.32 0.55USDIreland 1,604,020.29 1.42

RYANAIR HOLDING ORD.67,430 798,802.04 0.70EURRYANAIR HOLDING ORD.15,710 186,391.93 0.17EUR

MONTE PASCHI SIENA AZ POST RAGGRUPPAMENT301,699 171,583.31 0.15EURItaly 624,707.22 0.55

SAIPEM SPA42,723 453,123.91 0.40EUR

ABC MART INC. TOKYO7,500 364,694.09 0.32JPYJapan 10,714,980.23 9.51

BANDAI NAMCO HOLDINGS INC11,100 237,377.70 0.21JPYBENESSE HOLDINGS INC28,300 846,202.90 0.75JPYFAMILYMART CO LTD40,100 1,521,789.85 1.35JPYJAPAN PRIME REALTY INVESTMENT CORP83 289,369.86 0.26JPYLAWSON INC5,500 334,417.60 0.30JPYMC DONALD'S CO (JAPAN)37,300 818,207.57 0.73JPYMIXI INC2,600 97,151.67 0.09JPYNH FOODS LTD15,000 330,038.77 0.29JPYNIPPON BUILDING FD29 146,094.49 0.13JPYNITORI27,200 1,470,086.28 1.31JPYOTSUKA CORP30,500 971,766.93 0.86JPYSANRIO CO LTD3,600 90,078.82 0.08JPYSANTEN PHARMACEUTICAL CO LTD6,300 339,972.46 0.30JPYSEIKO EPSON CORP10,800 458,501.17 0.41JPYSHIMAMURA CORP1,600 138,788.10 0.12JPYSHISEIDO14,600 206,162.05 0.18JPYSUMI DAI PHARMA11,400 111,342.42 0.10JPYSUNTORY10,400 361,716.49 0.32JPYUNITED URBAN INVESTMENT CORP229 360,799.85 0.32JPYYAMADA DENKI CO LTD360,400 1,220,421.16 1.08JPY

RANDGOLD RESSOURCES LTD8,061 550,524.49 0.49GBPJersey Island 550,524.49 0.49

MERIDIAN ENREGY90,043 123,862.22 0.11NZDNew Zealand 510,580.04 0.45

SPARK NEW ZEALAND158,840 386,717.82 0.34NZD






72Page

HUTCHISON PORT HOLDINGS TRUST255,000 175,950.00 0.16USDSingapore 175,950.00 0.16

AFRICAN BANK INVESTMENTS LIMITED105,525 0.00 0.00ZARSouth Africa 278,448.91 0.25

GOLD FIELDS61,581 278,448.91 0.25ZAR

CELLTRION11,827 418,031.15 0.37KRWSouth Korea 5,402,825.68 4.80

CHEIL WORLDWIDE5,605 87,709.59 0.08KRWDAUM KAKAO1,752 197,013.32 0.17KRWDONGBU INSURANCE CO LTD2,893 144,761.86 0.13KRWHYUNDAI MERCHANT MARINE31,552 287,058.17 0.25KRWHYUNDAI WIA CORP2,009 321,688.57 0.29KRWKEPCO PLANT SERVICE ENGINEERING CO LTD1,432 103,835.14 0.09KRWKIA MOTORS16,514 785,772.80 0.70KRWKOREA ELECTRIC POWER CORP22,664 880,455.59 0.78KRWLG HOUSEHOLD AND HEALTHCARE787 446,072.86 0.40KRWLG UPLUS CORP137,589 1,439,542.78 1.28KRWORION CORPORATION315 290,883.85 0.26KRW

BARRY CALLEBAUT NOM.SHS330 339,419.86 0.30CHFSwitzerland 1,078,465.18 0.96

PARTNERS GROUP HLDG NAMEN AKT600 174,812.40 0.16CHFSWISSCOM SHS NOM1,073 564,232.92 0.50CHF

ASIA PACIFIC TELECOM CO LTD401,000 221,424.28 0.20TWDTaiwan 6,338,903.56 5.63

ECLAT TEXTILE CO LTD50,680 514,786.41 0.46TWDFAR EASTONE TELECOMMUNICATION CO LTD713,000 1,647,016.01 1.47TWDFORMASA TAFFETA CO LTD276,000 274,235.81 0.24TWDHIGH TECH COMPUTER CORP231,000 1,037,972.28 0.92TWDINVENTEC CORPORATION644,000 435,080.06 0.39TWDMERIDA INDUSTRY14,000 95,025.63 0.08TWDPRESIDENT CHAIN STORE CORP40,000 309,474.08 0.27TWDRADIANT OPTO-ELECTRONICS CORP191,000 613,458.01 0.54TWDTAIWAN MOBILE360,000 1,190,430.99 1.06TWD

ADVANCED INFO SERVICE -F-72,500 553,115.43 0.48THBThailand 1,897,435.35 1.68

ADVANCED INFO SERVICE PUBLIC CO LTD17,200 131,221.87 0.12THBAIRPORTS OF THAILAND PUBLIC CO LTD6,600 56,571.42 0.05THBAIRPORTS OF THAILAND-REG-FOREIGN30,300 259,714.25 0.23THBCHAROEN POKPHAND FOODS PUBLICS CO -F-REG187,900 155,631.44 0.14THBMINOR INTERNATIONAL FOREIGN REGISTERED112,600 111,230.99 0.10THBPTT EXPLORATION AND PRODUCTION PUBLIC CO101,300 344,851.02 0.31THBTMB BANK PUBLIC CO LTD922,300 81,857.62 0.07THBTRUE CORP.PUBLIC CO -F- REGISTERED602,400 203,241.31 0.18THB

CORE LABORATORIES2,494 300,127.96 0.26USDThe Netherlands 465,758.33 0.41

GEMALTO NV2,015 165,630.37 0.15EUR

BIM BIRLESIK MAGAZALAR15,201 325,119.66 0.28TRYTurkey 421,789.86 0.37

TAV HAVALIMANLARI HOLDING AS11,832 96,670.20 0.09TRY

ASTRAZENECA PLC4,046 287,392.57 0.26GBPUnited Kingdom 4,241,191.36 3.77

FRESNILLO PLC15,615 186,502.38 0.17GBPGROUP 4 SECURICOR78,007 338,014.81 0.30GBPJ SAINSBURY PLC139,348 536,023.10 0.48GBPMORRISON SUPERMARKETS PLC200,445 575,702.96 0.51GBPROLLS-ROYCE HOLDINGS PLC58,655 795,679.02 0.70GBPROYAL MAIL23,657 158,577.19 0.14GBPRSA INSURANCE GROUP PLC87,720 594,978.80 0.53GBPSSE PLC21,873 553,188.08 0.49GBPTATE LYLE PLC22,881 215,132.45 0.19GBP

AMEREN CORPORATION5,159 237,984.67 0.21USDUnited States of America 43,121,151.32 38.29

AMERICAN CAPITAL AGENCY30,892 674,372.36 0.60USDAMERICAN REALTY CAPITAL PROPERTIES -A-78,789 713,040.45 0.63USDANNALY CAPITAL MANAGEMENT83,927 907,250.87 0.81USD






73Page

APPLE INC12,163 1,342,551.94 1.19USDAVALONBAY COMMUN4,499 735,091.61 0.65USDBEST BUY CO INC3,831 149,332.38 0.13USDCABOT OIL AND GAS CORP -A-37,431 1,108,331.91 0.98USDCALPINE CORP11,338 250,909.94 0.22USDCHARTER COMMUNICATIONS INC6,332 1,055,037.84 0.94USDCHESAPEAKE ENERGY CORP5,897 115,404.29 0.10USDCHIPOTLE MEXICAN GRILL -A-858 587,309.58 0.52USDCIGNA CORP12,325 1,268,365.75 1.13USDCITRIX SYSTEMS8,574 547,021.20 0.49USDCLOROX CO6,575 685,180.75 0.61USDCOACH INC24,257 911,092.92 0.81USDCOCA-COLA CO15,409 650,567.98 0.58USDCONAGRA FOODS INC22,579 819,166.12 0.73USDCONSOLIDATED EDISON INC4,514 297,969.14 0.26USDDIAMOND OFFSHORE DRILLING4,455 163,543.05 0.15USDDOLLAR GENERAL5,779 408,575.30 0.36USDDUKE ENERGY CORP10,502 877,337.08 0.78USDEDWARDS LIFESCIENCES CORP12,290 1,565,500.20 1.39USDELECTRONIC ARTS11,271 529,906.07 0.47USDENTERGY CORP10,170 889,671.60 0.79USDEXELON CORP45,353 1,681,689.24 1.50USDFIRSTENERGY CORP40,163 1,565,955.37 1.39USDFOSSIL GROUP1,234 136,653.16 0.12USDFRONTIER COMMUNICATIONS89,392 596,244.64 0.53USDGAMESTOP CORP -A-18,988 641,794.40 0.57USDHCP5,261 231,641.83 0.21USDHEALTH CARE REIT5,993 453,490.31 0.40USDHEWLETT-PACKARD CO17,577 705,365.01 0.63USDHOLLYFRONTIER18,558 695,553.84 0.62USDHUMANA INC11,470 1,647,436.10 1.46USDINTUITIVE SURGICAL853 451,185.82 0.40USDJUNIPER NETWORKS INC37,449 835,861.68 0.74USDKEURIG GREEN MOUNTAIN INC2,370 313,776.15 0.28USDKOHL'S CORP7,416 452,672.64 0.40USDNETFLIX INC1,482 506,266.02 0.45USDNUANCE COMMUNICATIONS INC42,750 610,042.50 0.54USDPETSMART INC8,192 665,968.64 0.59USDPG AND E CORP24,208 1,288,833.92 1.14USDPUBLIC SERVICE ENTERPRISE GROUP INC9,514 393,974.74 0.35USDQUEST DIAGNOSTICS2,236 149,946.16 0.13USDRACKSPACE HOSTING INC10,913 510,837.53 0.45USDRANGE RESOURCES CORP9,545 510,180.25 0.45USDRAYONIER REIT9,055 252,996.70 0.22USDSALIX PHARMACEUTICALS LTD5,538 636,537.72 0.57USDSOUTHERN CO18,159 891,788.49 0.79USDSOUTHWESTERN ENERGY28,129 767,640.41 0.68USDSPRINT SERIES -1-55,346 229,685.90 0.20USDSTAPLES57,176 1,036,029.12 0.92USDSYMANTEC CORP23,111 592,912.71 0.53USDTESORO CORP1,967 146,246.45 0.13USDTRANSDIGM GROUP4,454 874,542.90 0.78USDTWITTER INC19,328 693,295.36 0.62USDTYSON FOODS INC -A-17,167 688,225.03 0.61USDULTA SALON COSMETICS AND FRAGRANCE INC9,526 1,217,803.84 1.08USDUNITED CONTINENTAL HOLDINGS INC2,317 154,984.13 0.14USDURBAN OUTFITTERS INC7,235 254,165.55 0.23USDVENTAS INC3,473 249,014.10 0.22USDVERTEX PHARMACEUTICALS INC4,672 555,033.60 0.49USDWHOLE FOODS MARKET14,305 721,258.10 0.64USDWINDSTREAM HLDG INC20,487 168,812.88 0.15USDWISCONSIN ENERGY CORP4,412 232,688.88 0.21USDZOETIS INC -A-5,150 221,604.50 0.20USD

JAPAN PRIME REALTY INVESTMENT CORP308 1,073,806.21 0.95JPY


Japan 1,073,806.21 0.95






74Page

MINOR INTERNATIONAL 03.11.17 WAR5,630 831.67 0.00THB

Warrants, Rights 831.67 0.00

Thailand 831.67 0.00







75Page






09/10/14


Key figures

Class A


10,576.0910,649.9630Number of shares


USD



USD

76Page

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


77Page


197,440.29Unrealised profit on the securities portfolio1,233,405.63Cash at banks and liquidities

523,190.78Interest receivable218.23Other assets

25,071.47Liabilities1,625.00Unrealised loss on financial futures 2, 6Note




Expressed in USD


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


78Page



973,269.97Income972,777.18Net interest on bonds

492.79Securities lending income 2, 8Note


428.31Custodian & sub-custodian fees2,785.91Taxe d'abonnement 5Note

47,170.25Administrative expenses 4Note34.71Legal fees

1,243.21Transaction fees 2.10Note8,296.47Other expenses


(280,164.13)- sales of investment securities72,081.85- financial futures

523.53- foreign exchange


197,440.29- investments(1,625.00)- financial futures

871,426.02Increase in net assets as a result of operations






79Page

MALLINCKRODT 144A 5.75 14-22 01/08S1,000,000 1,031,250.00 2.52USD


Bonds 39,139,682.85 95.76

Luxembourg 1,031,250.00 2.52

ALLEGIANT TRAVEL CO 5.50 14-19 15/07S1,600,000 1,630,592.00 3.99USDUnited States of America 38,108,432.85 93.24

AMAZON.COM 4.80 14-34 05/12S1,500,000 1,573,575.00 3.85USDANTERO RESOURCES 144A 5.125 14-22 01/12S500,000 472,812.50 1.16USDAPPLE 2.40 13-23 03/05S1,900,000 1,852,177.00 4.54USDCARNIVAL CORP 3.95 13-20 15/10S1,700,000 1,782,195.00 4.36USDCELGENE CORP 4.00 13-23 15/08S1,750,000 1,845,252.50 4.51USDCHESAPEAKE ENERGY 4.875 14-22 15/04S500,000 491,875.00 1.20USDCHS/COMMUNITY HLTH 7.125 12-20 15/07S1,000,000 1,068,560.00 2.61USDCONAGRA FOODS 3.20 13-23 25/01S905,000 889,814.10 2.18USDCOVANTA HOLDING 6.375 12-22 01/10S1,250,000 1,325,781.25 3.24USDCVS CAREMARK 4.00 13-23 05/12S1,250,000 1,329,637.50 3.25USDEXCO RESOURCES 7.50 10-18 15/09S500,000 381,475.00 0.93USDEXELON GENERATION 5.75 10-41 01/10S1,300,000 1,458,431.00 3.57USDFIRST ENERGY B 4.25 13-23 15/03S1,750,000 1,804,005.00 4.41USDGILEAD SCIENCES 3.70 14-24 01/04S1,750,000 1,838,130.00 4.50USDHEALTH CARE REIT 3.75 12-23 15/03S1,000,000 1,012,680.00 2.48USDHUMANA INC 3.15 12-22 01/12S1,750,000 1,712,357.50 4.19USDKROGER 3.85 13-23 01/08S1,250,000 1,300,387.50 3.18USDLEVEL 3 ESCROW 5.375 14-22 15/08S250,000 253,281.25 0.62USDMCKESSON CORP 3.796 14-24 15/03S1,500,000 1,541,220.00 3.77USDNETFLIX 144A 5.75 14-24 01/03S1,500,000 1,557,187.50 3.81USDNEWFIELD EXPLORATION 5.625 12-24 01/07S750,000 750,180.00 1.84USDORACLE CORP 3.625 13-23 15/07S1,700,000 1,790,899.00 4.38USDPPL CAPITAL FUNDING 3.40 13-23 01/06S1,200,000 1,206,876.00 2.95USDRITE AID 9.25 12-20 15/03S1,500,000 1,655,835.00 4.05USDSEMPRA ENERGY 2.875 12-22 01/10S1,250,000 1,224,487.50 3.00USDSTEEL DYNAMICS -144A- 5.125 14-21 01/10S250,000 254,843.75 0.62USDTESORO CORP 5.375 12-22 01/10S1,000,000 1,020,080.00 2.50USDUNITEDHEALTH GROUP 2.875 12-22 15/03S1,500,000 1,510,605.00 3.70USDVERIZON COM 5.05 14-34 15/03S1,000,000 1,073,930.00 2.63USDVERIZON COMM 4.40 14-34 01/11S500,000 499,270.00 1.22USD







80Page






12/05/14


Key figures

Class A




USD



USD

81Page

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


82Page



6,940.72Liabilities6,940.72Other liabilities



Expressed in EUR


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


83Page



9,688.10Income8,003.11Net dividends1,684.99Securities lending income 2, 8Note





925.66Net income from investmentsNet realised profit / loss on:

18,132.62- sales of investment securities



117,017.87Increase in net assets as a result of operations

2,216,071.41Class A19,768.81Class B






84Page

AEROPORTS DE PARIS-ADP-1,189 119,197.25 5.07EUR


Shares 2,355,739.10 100.12

France 2,171,298.39 92.28

ALCATEL-LUCENT SA16,640 49,420.80 2.10EURALSTOM SA1,930 51,839.80 2.20EURARKEMA SA940 51,765.80 2.20EURBIC921 101,171.85 4.30EURBOLLORE INVESTISSEMENT17,600 66,352.00 2.82EURBOLLORE I15100 373.00 0.02EURBOUYGUES1,949 58,431.02 2.48EURBUREAU VERITAS SA4,317 79,044.27 3.36EURDASSAULT SYSTEMES SA1,888 95,419.52 4.06EUREDENRED SA3,760 86,310.80 3.67EUREDF SA3,390 77,376.75 3.29EURESSILOR INTERNATIONAL SA276 25,579.68 1.09EUREUTELSAT COMMUNICATIONS SA4,475 119,907.63 5.09EURFONCIERE DES REGIONS SA318 24,422.40 1.04EURGECINA SA REG SHS914 94,599.00 4.02EURHERMES INTERNATIONAL SA12 3,537.60 0.15EURICADE SA285 18,924.00 0.80EURILIAD SA245 48,681.50 2.07EURJC DECAUX SA3,165 90,408.23 3.84EURKERING502 80,069.00 3.40EURKLEPIERRE SA1,372 49,021.56 2.08EURL'OREAL SA510 71,043.00 3.02EURLVMH MOET HENNESSY LOUIS VUITTON SA262 34,649.50 1.47EURNUMERICABLE SFR SA1,362 55,760.28 2.37EURPERNOD RICARD SA1,224 112,926.24 4.80EURPEUGEOT SA4,122 42,126.84 1.79EURPUBLICIS GROUPE1,413 84,271.32 3.58EURREMY COINTREAU1,261 69,808.96 2.97EURREXEL SA349 5,182.65 0.22EURSANOFI644 48,725.04 2.07EURSCOR SE1,836 46,258.02 1.97EURSUEZ ENVIRONNEMENT COMPANY SA1,497 21,609.20 0.92EURTECHNIP1,026 50,699.79 2.15EURVALLOUREC SA2,101 47,797.75 2.03EURZODIAC AEROSPACE SA3,174 88,586.34 3.77EUR

SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)4,147 123,228.11 5.24EURLuxembourg 123,228.11 5.24

STMICROELECTRONICS NV9,873 61,212.60 2.60EURThe Netherlands 61,212.60 2.60







85Page

Class ACapitalisation shares 0.0000 185.0000 0.0000 185.0000






02/10/14


Key figures

Class A




EUR

Class B




EUR



EUR

86Page

Most Diversified Portfolio SICAVNotes to the financial statements


Notes to the financial statements as at December 31, 2014

NOTE 1 - GENERAL INFORMATION Most Diversified Portfolio SICAV (the "Company") is an open-ended collective investment company ("société d'investissement à capital variable") established under the laws of the Grand Duchy of Luxembourg. The Company is registered in the Grand Duchy of Luxembourg pursuant the Part I of the Luxembourg law of December 17, 2010 concerning undertakings for collective investment, as amended (the "Law"). The Company qualifies as an Undertaking for Collective Investment in Transferable Securities under the Directive 2009/65/EC of the European Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. The Company was incorporated on April 30, 2014 for an unlimited period and registered with the “Registre de Commerce et des Sociétés” of Luxembourg, under number B 186947. The articles of incorporation were published in the “Mémorial” on May 19, 2014. The Company has appointed TOBAM S.A.S. to act as its designated Management Company, in accordance with the chapter 15 of the Law and pursuant to a Management Company services agreement dated April 30, 2014. The Management Company was incorporated as a French Simplified Limited Company (“société par actions simplifiée”) under the laws of France on June 13, 2006 and is registered with the “Registre de Commerce et des Sociétés de Paris” under number 490 505 989. The Management Company is authorised and supervised by the “Autorité des Marchés Financiers” since June, 14 2006 under the number GP06 0000 19. The Company is an umbrella structure which offers to investors, within the same investment vehicle, a choice between several sub-funds which are distinguished mainly by their specific investment policy and/or by the currency in which they are denominated. As at December 31, 2014 the Company has the following active sub-funds:

Sub-funds Launch date Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund October 9, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund October 2, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund October 9, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund October 3, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund October 2, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund October 2, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund October 2, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund October 9, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund October 2, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund October 9, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund May 12, 2014

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund October 2, 2014



NOTE 1 - GENERAL INFORMATION (continued) The Board of Directors may decide to issue one or more share classes in each sub-fund, subject to different fee structures, currency, type of investors or other specific features. At period-end, the Company issues only share classes in accumulation form, which may be denominated in different currencies and are detailed as follows:

- Classes A and C, reserved to institutional investors;

- Classes B and R, available to all investors;

- Class F, reserved to the Management Company.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with generally accepted accounting principles in Luxembourg applicable to investment funds. The principal accounting policies applied in the preparation of these financial statements are set out below: 1. Valuation of investments Transferable securities or financial instruments admitted to official listing on any stock exchange or dealt on any regulated market are valued on the basis of the last available closing prices in the relevant market prior to the time of valuation. In the event that the latest available price is not representative, the valuation of transferable securities or financial instruments is based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors or their delegate. Transferable securities or financial instruments not listed or traded on any stock exchange or on any regulated market are valued on the basis of their probable value realisation as determined by the Board of Directors or their delegate. Commercial papers are valued at their nominal value increased by any accrued interest. Commercial papers with remaining maturity of more than 90 days can be valued at their yield adjusted price if an arrangement between the Company and the Bank, with which the commercial paper is invested has been concluded including that the commercial papers are terminable at any time and the yield adjusted price corresponds to the realisation value. Investments in open-ended UCIs are valued on the basis of their last determined and available net asset value. Any other assets are valued on the basis of their probable value realisation as determined by the Board of Directors or their delegate. 2. Combined financial statements The accounts of the Company are expressed in EUR, the reference currency of the Company and the accounts of the sub-funds are kept in the reference currency of each sub-fund. The combined statement of net assets and the combined statement of operations and changes in net assets are the sum of the statement of net assets, statement of operations and changes in net assets of each sub-fund converted into EUR using exchange rates prevailing at period-end.



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. Combined financial statements (continued) As at December 31, 2014, the total of cross-Sub-Funds’ investments amounts to EUR 29,756,607.53 and therefore total combined Net Asset Value at period-end without cross-investments would amount to EUR 3,161,139,744.43. 3. Dividend and interest income Dividends are disclosed net of withholding tax deduced at source and are recorded as income on the ex-dividend date. Interest income is accrued on a daily basis. 4. Foreign Currency translation The combined financial statements are expressed in EUR, the reference currency of the Company. The financial statements relating to the separate sub-funds are expressed in the reference currency of the relevant sub-fund. The market value of the investments and other assets and liabilities expressed in currencies other than the reference currency of the related sub-fund, have been converted at the rates of exchange prevailing at the date of these financial statements. Transactions occurring during the period in currencies other than the reference currency of the related sub-fund have been converted at the rates of exchange prevailing at the date of purchase. Exchange profits and losses resulting from the sale of investments are recognised in the statement of operations and changes in net assets in the account “Net realised profit/loss on foreign exchange”. The principal exchange rates used at period-end are:

1 EUR = 1.40155 CAD 1 EUR = 0.77605 GBP 1 EUR = 145.07895 JPY 1 EUR = 1.21005 USD

5. Realised gains and losses on sales of investment securities Realised gains and losses on sales of investments securities are determined on the basis of the average cost of investments sold. 6. Futures Contracts Future contracts are valued at their last available price on the valuation date or on the closing date. The unrealised appreciation or depreciation on futures contracts is disclosed in the statement of net assets under the heading “Unrealised gain on futures contracts” and “Unrealised loss on futures contracts”. 7. Forward foreign exchange contracts Forward foreign exchange contracts are over-the-counter contracts for delivery of currency in which the Company agrees to receive or deliver a fixed quantity of foreign currency for an agreed price upon an agreed upon date. Open forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing at the relevant valuation date.



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 7. Forward foreign exchange contracts (continued) The movement in unrealised appreciation or depreciation is disclosed in the statement of operations and changes in net assets. The unrealised appreciation or depreciation is disclosed in the statement of net assets in "Unrealised gain on forward foreign exchange contracts" and "Unrealised loss on forward foreign exchange contracts" respectively. 8. Securities lending Each portfolio may lend securities included in its portfolio to a borrower. To guarantee this transaction, the Company receives collateral. Securities on loan are delivered to a third broker, the assets of which continue to be valued as part of the portfolio of the relevant sub-fund. Upon termination of a loan, the relevant sub-fund is required to return to the borrower the posted collateral. Loans are subject to termination by the relevant sub-fund or the borrower at any time. Securities lending income is recognised on a cash basis and recorded in the statement of operations and changes in net assets under the heading "Securities lending income". 9. Formation expenses The costs and expenses incurred in connection with the formation of the Company are amortised on a straight-line basis over a period of five years. 10. Transaction fees Transaction fees include mainly brokerage fees and custodian fees linked to transactions (buy or sell) on portfolio securities and other derivative instruments. Such fees are disclosed separately in the statement of operations and changes in net assets under the heading "Transaction fees".

NOTE 3 - MANAGEMENT FEES

The Company has appointed TOBAM to serve as its designated Management Company pursuant to a management company services agreement dated 30 April 2014. The Management Company is entitled to receive from each sub-fund, payable out of the assets attributable to the relevant shares classes, the following management fees, payable monthly and calculated as of each valuation day on the basis of the Net Asset Value of the assets attributable to the relevant shares classes:

Sub-funds Shares Classes Currency Management fee

(annual rates) Class A USD 1.50%

Class A1 EUR 1.50% Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund

Class R GBP 0.70%

Class A EUR 1.00% Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund Class B EUR 2.00%

Class A EUR 1.20%* Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund Class A1 USD 1.20%*

Class A JPY 1.00% Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund Class A1 EUR 1.00%



NOTE 3 - MANAGEMENT FEES (continued)

Sub-funds Shares Classes Currency Management fee

(annual rates) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund Class A USD 1.00%

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund Class A GBP 1.00%

Class A USD 1.00% Class A1 EUR 1.00% Class A2 USD 0.50%

Class B EUR 2.00% Class R1 GBP 0.55%


Class R2 USD 0.55%

Class A USD 1.20% Class A1 EUR 1.20% Class A2 GBP 1.20% Class B1 EUR 2.00%

Class C EUR 1.20%


Class R GBP 0.55%

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund Class A CAD 1.00%

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund Class A USD 1.30%

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund Class A USD 0.75%**

Class A EUR 1.00% Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund Class B EUR 2.00%

* Maximum 0.20% for investments in other sub-funds of the Company. ** Until June 30, 2014. The Board of Directors decided to waive the management fees for this sub-fund as from July 1, 2014.

NOTE 4 - ADMINISTRATIVE EXPENSES

The Administration Fee is a fee expressed as a percentage of the Net Asset Value of the sub-funds and share classes, including all the administrative expenses of the Fund. The Administration Fee is payable quarterly in arrears to the Management Company and is calculated each day for each sub-fund and each share classes. The Administration Fee is mainly composed of:

- The remuneration of the Administrative Agent, Domiciliary Agent, Transfer Agent and Registrar, including transaction fees for the issue/redemption/conversion of shares in accordance with the provisions of the Services Agreement;

- The remuneration of the Depositary and the fees due to the correspondent banks;



NOTE 4 - ADMINISTRATIVE EXPENSES (continued) - all expenses connected with publications and the supply of information to Shareholders, in particular the

cost of printing global certificates and proxy forms for general meetings for the Shareholders, the cost of publishing the issue and redemption prices, and also the cost of printing, the distribution of the annual and semi-annual reports, the Prospectus as well as the KIID, including translation costs;

- all expenses involved in registering and maintaining the registration of the Company with all governmental agencies and stock exchanges;

- all fees due to any sub-paying agent, to representatives in foreign countries and any other agents;

- The costs related to extraordinary measures, in particular any expertise or trial aiming at the protection of the Shareholders’ interests;

- all fees due to the Auditor;

- all fees due to the legal advisors or similar administrative charges, incurred by the Company, the Management Company and the Depositary for acting on behalf of the Shareholders.

From such fee, the Management Company will pay the fees of the Depositary (as detailed in the paragraph below), the Administrative Agent (as detailed in the paragraph below), the Domiciliary Agent, the Transfer Agent and the Registrar and the administrative expenses of the Fund. CACEIS Bank Luxembourg S.A. has been appointed as Depositary of all of the Company's assets, comprising securities, money market instruments, cash and other assets. CACEIS Bank Luxembourg S.A. has also been appointed administration agent (the “Administration Agent”) for the Company. The Administration Agent carries out all administrative duties related to the administration of the Company, including the NAV calculation of the existing shares classes and sub-funds and the provision of accounting services to the Company. An annual Administration Fee of 0.20% is charged to each sub-fund, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund which the annual fee is 0.25% and for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund which the annual fee is 0.22%. This fee is calculated on the sub-fund’s average net assets and is payable quarterly in arrears. No Administration Fee is applied for investments in other sub-funds of the Company. From the Administrative Fee charged by each sub-fund, the Depositary is entitled to receive for the general supervisory function, an annual fee of 0.007% and for the calculation of a daily NAV, the Administration Agent is entitled to receive the a annual variable fee of 0.017%. These fees are calculated on the average net assets of the relevant sub-fund and payable quarterly in arrears. The Management Company will absorb any difference between the actual operating costs and the applicable fixed fees due to the Management Company (i.e. meaning the Management Company Fees and the Administration Fees) the amount of which is applicable for each sub-fund (the “Fixed Fees”). To the extent that the actual operating costs are lower that the Fixed Fees, the excess will be retained to the Management Company. To the extent that the actual operating costs exceed the Fixed Fees, the difference will be supported by the Management Company. There is no expenses subsidy as at December 31, 2014 as the actual costs do not exceed the Fixed Fees.



NOTE 5 - TAXATION The SICAV is liable in Luxembourg to a subscription tax (“taxe d’abonnement”) of 0.05%, such tax being payable quarterly and calculated on the Net Asset Value of the respective Class at the end of the relevant quarter. The taxe d’abonnement is levied at a rate of 0.01% per annum on Classes reserved to Institutional Investors (Class A and C shares) as well as to certain sub-funds investing exclusively in money market instruments. No such tax is payable in respect of the portion of the assets of the Company invested in other Luxembourg collective investment undertakings which are subject to this tax. Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains, nor are dividends paid by the Company liable to any Luxembourg withholding tax.

NOTE 6 - FUTURES CONTRACTS As at December 31, 2014, the Company has entered into the following futures contracts: Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund

Quantity Description Buy/ Sell Currency Maturity

date Commitment

in USD

Unrealised appreciation/ (depreciation)

in USD 125 FTSE/JSE TOP40 Buy ZAR 31/03/2015 4,782,069.19 12,173.4348 H-SHARES IDX (HKG) Buy HKD 31/01/2015 3,710,403.06 113,225.99

116 MSCI TAIWAN INDEX Buy USD 31/01/2015 3,979,960.00 84,790.00158 SGX CNX NIFTY INDEX Buy USD 31/01/2015 2,641,444.00 10,374.00

TOTAL 15,113,876.25 220,563.42 The clearer of the issued contracts is CACEIS Bank France. Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund


date Commitment

in USD


in USD 46 S&P 500 INDEX (CME) Buy USD 31/03/2015 23,602,600.00 (276,275.00)

TOTAL 23,602,600.00 (276,275.00) The clearer of the issued contract is CACEIS Bank France.



NOTE 6 - FUTURES CONTRACTS (continued)



date Commitment

in USD


in USD 123 DJ EURO STOXX 50 Buy EUR 31/03/2015 4,663,036.58 (70,086.10)58 FTSE 100 INDEX Buy GBP 31/03/2015 5,898,691.65 (12,302.42)40 S&P 500 INDEX (CME) Buy USD 31/03/2015 20,524,000.00 (237,775.00)35 TOPIX INDEX (TSE) Buy JPY 31/03/2015 4,108,803.40 (37,449.43)

TOTAL 35,194,531.63 (357,612.95) The clearer of the issued contracts is CACEIS Bank France. Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund


date Commitment

in CAD


in CAD 1 S&P/TSE CAN 60 INDEX Sell CAD 31/03/2015 170,320.00 (10,984.00)

TOTAL 170,320.00 (10,984.00) The clearer of the issued contract is CACEIS Bank France. Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund


date Commitment

in USD


in USD 6 DJ EURO STOXX 50 Sell EUR 31/03/2015 227,465.20 871.243 FTSE 100 INDEX Sell GBP 31/03/2015 305,104.74 1,216.213 FTSE/JSE TOP40 Sell ZAR 31/03/2015 114,769.66 912.801 H-SHARES IDX (HKG) Sell HKD 31/01/2015 77,300.06 464.233 MSCI TAIWAN INDEX Sell USD 31/01/2015 102,930.00 660.002 S&P 500 INDEX (CME) Sell USD 31/03/2015 1,026,200.00 14,000.002 SGX CNX NIFTY INDEX Sell USD 31/01/2015 33,436.00 (224.00)2 TOPIX INDEX (TSE) Sell JPY 31/03/2015 234,788.77 2,168.56

TOTAL 2,121,994.43 20,069.04 The clearer of the issued contracts is CACEIS Bank France.



NOTE 6 - FUTURES CONTRACTS (continued) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund


date Commitment

in USD


in USD 5 US 2 YEARS NOTE- CBT Buy USD 31/03/2015 1,092,968.75 (1,625.00)

TOTAL 1,092,968.75 (1,625.00) The clearer of the issued contract is CACEIS Bank France.

NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS

As at December 31, 2014, the Company has entered into the following forward foreign exchange contracts: Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund

Purchase Currency Sale Currency Maturity date


in USD 9,568,000.00 EUR 14,033,509.98 AUD 07/01/2015 98,239.894,397,000.00 EUR 6,257,084.89 CAD 07/01/2015 (80,716.79)

54,387,000.00 EUR 76,498,796.27 CAD 07/01/2015 (224,985.24)2,539,000.00 EUR 3,054,345.91 CHF 07/01/2015 (1,675.92)

786,000.00 EUR 945,357.57 CHF 07/01/2015 (339.25)3,540,000.00 EUR 26,335,373.34 DKK 07/01/2015 4,020.301,654,000.00 EUR 1,297,546.46 GBP 07/01/2015 (21,583.63)

39,227,000.00 EUR 31,161,222.71 GBP 07/01/2015 (1,116,925.06)1,323,000.00 EUR 12,584,080.97 HKD 07/01/2015 (21,748.78)

19,470,000.00 EUR 188,552,152.80 HKD 07/01/2015 (753,068.07)3,836,000.00 EUR 561,778 556.00 JPY 07/01/2015 (43,786.13)

36,086,000.00 EUR 5,307,420,622.00 JPY 07/01/2015 (600,905.02)1,529,000.00 EUR 13,025,385.87 NOK 07/01/2015 113,237.031,832,000.00 EUR 2,938,211.06 NZD 07/01/2015 (78,331.59)

19,810,000.00 EUR 24,297,935.69 USD 07/01/2015 (325,567.13)183,440,000.00 EUR 229,079,872.00 USD 07/01/2015 (7,096,465.18)

TOTAL (10,150,600.57) The counterparty of the forward foreign exchange contracts is State Street Bank.



NOTE 7 - FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund

Purchase Currency Sale Currency Maturity date


in USD 163,614.16 AUD 134,000.00 USD 02/01/2015 (106.71)

324,541,200.00 JPY 2,719,000.00 USD 05/01/2015 (12,052.11) TOTAL (12,158.82) The counterparty of the forward foreign exchange contracts is State Street Bank.

NOTE 8 - SECURITIES LENDING As at December 31, 2014, the Company had entered into fully collateralised securities lending agreements with first-class financial institutions, as follows:

Sub-funds CurrencyMarket value of securities

lent

% of investments Collateral Collateral

type

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity USD 123,920,030.41 9.62 130,136,039.72 Cash Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund EUR 7,111,316.23 7.73 7,461,963.47 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund EUR 1,244,846.14 2.37 1,319,967.24 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund JPY 432,760,000.00 11.42 453,363.692.00 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund USD 336,113.62 0.60 349,846.50 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund GBP 1,719,101.00 7.22 1,780,737.01 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund USD 46,136,844.53 4.82 49,146,958.20 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund USD 78,113,552.53 8.01 82,184,235.52 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund CAD 39,651,536.60 28.60 41,348,442.00 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund USD 7,879,672,41 6.86 8,201,243.21 Securities



NOTE 8 - SECURITIES LENDING (continued)

Sub-funds CurrencyMarket value of securities

lent

% of investments Collateral Collateral

type

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund USD 4,850,144.00 12.39 5,110,464.44 Securities Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund EUR 111,190.83 4.72 116,605,42 Securities

The counterparty of the securities lending agreements is CACEIS Bank Luxembourg, except for the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity which the counterparties are as follow:

- Citigroup Global Markets Limited; - Crédit Suisse Securities (Europe); - Deutsche Bank AG; - Merrill Lynch International; - Morgan Stanley and Co. International; - UBS AG London Branch. For the period-ended December 31, 2014, the Securities lending income generated by the Fund is as follows:

Sub-funds Currency

Total gross amount of Securities lending income

Direct-indirect costs and fees deducted from gross Securities lending income

Total net amount of Securities lending income*

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund EUR 17,720.25 2,658.04 15,062.21

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund EUR 19,193.32 2,879.00 16,314.32

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Japan Equity Fund JPY 2,788,841.00 418,326.00 2,370,515.00

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Pacific Ex-Japan Markets Equity Fund USD 428.33 64.25 364.08

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark UK Equity Fund GBP 2,894.88 434.23 2,460.65

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund USD 820,638.44 123,095.77 697,542.67

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund USD 348,373.53 52,256.03 296,117.50

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund CAD 119,966.62 17,994.99 101,971.63

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund USD 64,594.87 9,689.23 54,905.64



NOTE 8 - SECURITIES LENDING (continued)

Sub-funds Currency

Total gross amount of Securities lending income

Direct-indirect costs and fees deducted from gross Securities lending income

Total net amount of Securities lending income*

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund USD 579.75 86.96 492.79

Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund EUR 1,982.34 297.35 1,684.99 * This income received by the different sub-funds is recorded as “Securities lending income” in the Statement of operations and changes in net assets.

NOTE 9 - STATEMENT OF CHANGES IN PORTFOLIO 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.


Supplementary information (unaudited)

SAVINGS DIRECTIVE

On June 21, 2005, the Luxembourg Parliament adopted the law implementing the EU Council Directive 2003/48/EC of June 3, 2003 on the taxation of savings income in the form of interest payments (the "Savings Directive"). For this purpose, the sub-fund Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund falls in the scope of the Savings Directive, for the realised and distribution income for the period from June 12, 2014 to April 30, 2015.

GLOBAL EXPOSURE CALCULATION METHOD The commitment approach The following sub-funds use the commitment approach in order to monitor and measure the global exposure:

- Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Emerging Markets Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Euro Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Global Equity Fund - 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 - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark World Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark Canada Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark All Countries World Equity Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark US Credit Fund - Most Diversified Portfolio SICAV - TOBAM Anti-Benchmark France Equity Fund

most diversified portfolio sicav

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