ARCIPELAGOS SICAV - Fundsquare

ARCIPELAGOS SICAVSociete d’Investissement a Capital Variable

(Registre de Commerce et des Societes

Luxembourg N˚ B 98.520)

Annual report, including audited financial statements reportas at September 30, 2016

This report does not constitute an offer or invitation to subscribe or purchase shares in thisCompany. Subscriptions are valid only if made on the basis of the current Prospectus,

accompanied by the Key Investor Information Document (KIID) and the latest annual report andthe most recent semi-annual report if published thereafter.

TABLE OF CONTENTS

ORGANISATION OF THE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

REPORT OF THE BOARD OF DIRECTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

REPORT OF THE REVISEUR D’ENTREPRISES AGREE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

ARCIPELAGOS SICAV COMBINED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Statement of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Statement of operations and changes in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

ARCIPELAGOS SICAV – DYNAMIC MULTISTRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Statement of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Statement of operations and changes in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Changes in the number of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Statement of investments and other net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Industrial classification of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Geographical classification of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

ARCIPELAGOS SICAV – GLOBAL OPPORTUNITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19


ARCIPELAGOS SICAV – TAURUS ATFF AUTOMATIC TRADING FUNDOF FUNDS (Liquidated as at July 4, 2016) 26

Statement of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Statement of operations and changes in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Changes in the number of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

ARCIPELAGOS SICAV – OPERA PRIMA (Liquidated as at March 31, 2016). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Statement of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Statement of operations and changes in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Changes in the number of shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

ARCIPELAGOS SICAV – GLOBAL PROFESSIONAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32


ARCIPELAGOS SICAV

TABLE OF CONTENTS (continued)

ARCIPELAGOS SICAV – RAINBOW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38


NOTES TO THE FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

ARCIPELAGOS SICAV

ORGANISATION OF THE COMPANY

BOARD OF DIRECTORS OF THE COMPANY

Chairman

Mr Carlo SAGRAMOSOLemanik S.A.5, Via BaguttiCH-6900 Lugano, Switzerland

Directors

Mr Gianluigi SAGRAMOSOLemanik S.A.5, Via BaguttiCH-6900 Lugano, Switzerland

Mr Luigi FERALemanik S.A.5, Via BaguttiCH-6900 Lugano, Switzerland

Mr Eric CHINCHONME Business Solutions S.a r.l.16, Rue Jean-Pierre BrasseurL-1258 Luxembourg, Grand Duchy of Luxembourg

REGISTERED OFFICE

106, Route d’ArlonL-8210 Mamer, Grand Duchy of Luxembourg

MANAGEMENT COMPANY

Lemanik Asset Management S.A.106, Route d’ArlonL-8210 Mamer, Grand Duchy of Luxembourg

SPONSOR

Lemanik S.A.5, Via BaguttiCH-6900 Lugano, Switzerland

4

ARCIPELAGOS SICAV

ORGANISATION OF THE COMPANY (continued)

CUSTODIAN BANK AND PAYING AGENT

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg

DOMICILIARY AGENT


SUB-ADMINISTRATIVE, SUB-REGISTRAR, COMPLIANCE AGENT AND THE TRANFER AGENT

RBC Investor Services Bank S.A.14, Porte de FranceL-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg

DISTRIBUTOR


CABINET DE REVISION AGREE

Deloitte AuditSociete a responsabilite limitee560, Rue de NeudorfL-2220 Luxembourg, Grand Duchy of Luxembourg

INVESTMENT MANAGER

Lemanik S.A.5, Via BaguttiCH-6900 Lugano, Switzerland

5

ARCIPELAGOS SICAV

REPORT OF THE BOARD OF DIRECTORS

ARCIPELAGOS SICAV – DYNAMIC MULTISTRATEGY:

Between October 1, 2015 and September 30, 2016 (the reporting period), the Sub-Fund declined by 2.55%. Between October1, 2015 and November 30, 2015, the Sub-Fund had a significant growth of 5.55% due to optimism on the markets, the beliefthat the Federal Reserve (Fed) would raise interest rates with cautiousness and the expectation on the European Union (EU),concerning the Mario Draghi Quantitative Easing (QE) program. Then it began the volatility, triggered by doubts on theChinese economy, the uncertainty of the Fed and the wait and see attitude of the European Central Bank (ECB). The Sub-Fund, in the last quarter, has proved to be volatile, but capable of important recoveries, such as in October (+ 4.51%) andNovember (+ 0.8%) 2015. But the bet on the Christmas rally was loser. On December 16, the rise in the Fed’s rate has notbeen compensate by the ECBwith new cash flows facilities: the risk had been reduced in fixed income but not in stocks. Chinastarted with supporting policies, but it was too early to see the effects in the rest of the world economy; this contest led to anegative performance of 3.64% of the Sub-Fund in December 2015 with an increased volatility that has caught unprepared inthe face of strong January and February 2016 correction.

In January 2016, doubts about the growth of the Chinese economy, the rise in US rates in parallel with renewed fears aboutthe growth sustainability of the first world economy, produced the elements of a perfect storm. The correction was probablyexasperated by covering sales on the sovereign fund of Saudi Arabia.

We must wait until March to see the first signs of recovery thanks to the February G20 led by China. In this Summit, anagreement has been likely reached to allow China to work with interventions in his real economy (pushing on infrastructure), toboost domestic demand. The Fed has therefore delayed its raising rate program, to give breath to the emerging economies.Europe abstained itself to take advantage, refusing to devalue its currency. March, April and May were then months of growth,but not enough to recover from the losses of the previous quarter. In June the Brexit vote had a momentary influence, butcontained by the policy in place to lower the portfolio’s beta. In July we were able to take advantage of the post Brexit rebound,despite of the attempted coup in Turkey. It revealed the NATO and the European Union weaknesses. During this month wetook profit on various positions, by bringing the equity segment to 31%, but keeping the bond at 55% (improving, however, theaverage rating) and maintaining high liquidity (14%). August and September were months of stability. The portfolio diversi-fication allowed to fluctuate within a well-defined trading range. In this period it has always been held strong equity position(more than 40%): fears mainly concerned the bond segment. We bought gold (more than 2%), ETFs linked to the VIX and ETFon inflation-linked bond.

ARCIPELAGOS SICAV – GLOBAL OPPORTUNITY:

During the reporting period, the Sub-Fund’s performance declined by 6.25%. The year was characterized by a markedalternation of high volatility situations followed by prolonged periods of stillness; the market has adapted-has been at themercy of the central banks. If we recall back, the Fed had planned four increases in 2016 the effect of which was to scuttlestock prices during the first months of the year. The market is back in risk-on mode when he perceived Mrs. Yellen’saccommodation. Bond rates are reduced by two factors: the manoeuvre of the ECB’s purchase of investment grade securitiesand the price of oil rising affecting the high-yield segment.

Our choices have focused on capital protection, and thus, at the occurrence of a crisis scenario (February 2016), we haveincreased the level of protection, this choice had a negative impact on the rest of the year. The allocation in stocks with strongearnings growth was not rewarding in a context which saw winning the defensive sectors (for alternating risk-on risk-off) andhigh dividend shares (which are conceived as the only way left to generate yield). For the bond component of the portfolio wemanaged the maturities and the quality of the issuers during the year, shortening the duration initially and then focus onsecurities with variable rates and ultimately increasing the investment grade component since the imbalance between returnand risk in the remaining segments.

We see untapped value in the shares we invest in, but we proceed with an adequate hedge (at the time we are only 10% betaexposed). We maintain a high cash component to be able to adapt quickly to developments that we are going to face: theAmerican elections, the Italian referendum and the likely rate hike in December.

ARCIPELAGOS SICAV – TAURUS ATFF AUTOMATIC TRADING FUND OF FUNDS (Liquidated as at July 4, 2016):

The Sub-Fund achieved a negative performance of 16.03% during this period (October 1, 2015-July 4, 2016). The Sub-Fundrose in October and November 2015, but started to decline in December and continued the under-performance at thebeginning of the year 2015, when the Equity market experienced a big correction due to the macroeconomic risk related to theChinese economy. During this period the Investment Manager of the Sub-Fund lowered the risk a little bit but at the same timewas able to recover part of the losses in February, March and April.

However at the beginning of the summer 2016, it was clear that the Assets Under Management were too low to sustain thefixed costs of the Sub-Fund, so the Board of Directors of the Fund decided to liquidate the positions and close the Sub-Fund.

6

ARCIPELAGOS SICAV

REPORT OF THE BOARD OF DIRECTORS (continued)

ARCIPELAGOS SICAV – OPERA PRIMA (Liquidated as at March 31, 2016):

From October 1, 2015 to March 31, 2016, the Sub-Fund’s performance declined by 4.02%. A trendless US equity market anda declining European market have characterized the third and fourth quarters of 2015; emerging markets have been volatile,in particular due to concerns over China slowdown, fears of deflation triggered by the Renminbi devaluation during August2015. The Brazilian economy kept being weak; all the above factors have kept a lid on financial and commodity markets.Markets volatility has increased at the start of the year 2016, affecting all asset classes; spreads widened and equity marketsdeclined; by the end of February calm returned and volatility decreased. This new positive trend has been briefly interruptedby the Brexit referendum.

In this complex contest, the Sub-Fund has maintained a strategy of progressive increase of equity allocation, through neutralpositions in term of geographic and sector allocation (ETF MSCI in local currency and synthetic position on S&P500,EuroStoxx50). The duration and credit risk had been marginally reduced.

ARCIPELAGOS SICAV – GLOBAL PROFESSIONAL:

During the reporting period, we faced weak stock markets in the first part and a general recovery, with remarkable difference,in the second half of the period. European markets were the most affected by the January sell-off and struggled to recover.The US stock market was the most resilient, showing a positive performance in the period. Following the Brexit referendum,that created extreme volatility, especially in the European and UKmarket, the annualized volatility in the third quarter was lessthan the one recorded in the last three years in this very particular markets (EU and UK stock exchange).

Overall the MSCI World led to a 8.67% in USD, with a great contribution from the US. At the same time the Eurostoox50achieved a -2.18%. The government bond markets continued to perform well, with the Italian Bond at +5.65% (Total Return,ITGATR Index) the German ones at +5.94% (Total Return, GRGATR Index) and US treasuries at +4.33% (Total Return,USGATR Index).

During the reporting period, the net result of the Sub-Fund was 3.96%. We maintained a positive view on equities for the firstquarter of the reporting period and lighten our risky exposure in the second one.

We allocated around 55% of the Sub-Fund’s assets in stock markets (mainly in the European markets and global sectors),25% in the global bond markets and the residual part in liquidity an absolute return fund.

ARCIPELAGOS SICAV – RAINBOW:

During the reporting period, the Sub-Fund’s performance declined by 7.46%. During the last quarter of 2015 it has continued,although at a more moderate pace, the cyclical recovery, driven by the consolidation of consumption and the acceleration ofinvestments. The most recent indicators suggest that in the first months of this year 2016, economic activity would benefitfrom the restart of the manufacture, which would be added to the consolidation of the recovery in the services sector and in theconstruction sector; in the first quarter of 2016, growth was still moderate, but slightly higher than the previous three months.Inflation turned negative. It helped the sharp drop in energy prices, but underlying inflation remained at historically very lowlevels. Continuing the gradual recovery of the credit, helped by the contribution of the expansive monetary policy measures. Anecessary condition for a lasting return of inflation to levels consistent with the objective of price stability in the euro area and inItaly, is a re-absorption of idle capacity and unemployment.

The information stated in this report is historical and not necessarily indicative of future performance.

The Board of Directors of the Company October 27, 2016

7

ARCIPELAGOS SICAV

Deloitte. To the Shareholders of ARCIPELAGOS SICAV

106, route d'Arlon L-8210 Mamer

Grand Duchy of Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Deloitte Audit 5ociete a responsabilite limitee

560, rue de Neudorf L-2220 Luxembourg B.P. 1173 L-1011 Luxembourg

Tel: +352 451 451 Fax: + 352 451 452 992 www.deloitte.lu

Following our appointment by the Annual General Meeting of the Shareholders dated February 4, 2016, we have audited the accompanying financial statements of ARCIPELAGOS SICAV (the "Company") and of each of its sub-funds, which comprise the combined statement of net assets as at September 30, 2016, the combined statement of operations and changes in net assets for the year then ended, as well as the statement of net assets, the statement of investments and other net assets as at September 30, 2016, and the statement of operations and changes in net assets of each of its sub-funds for the year then ended and a summary of significant accounting policies and other notes to the financial statements.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company 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 Company 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 reviseur d'entreprises agree

Our responsib il ity 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 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 reviseur d'entreprises agree's judgement, 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 reviseur d'entreprises agree 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 Company, 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.

Opinion

In our opinion, the financial statements give a true and fai r view of the financial position of ARCIPELAGOS SICAVand of each of its sub-funds as at September 30, 2016, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter

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

Luxembourg, January 18, 2017

Societe a responsabilite limitee au capital de 35.000 € RCS Luxembourg B 67.895 Autorisation d'etablissement: 10022179

8

STATEMENT OF NET ASSETSAS AT SEPTEMBER 30, 2016

(in EUR)

Notes

ASSETS

Investments in securities at market value (2c) 38,670,555.26

Cash at bank 5,349,144.79

Receivable on sale of investments 99,446.55

Receivable on subscriptions 14,616.92

Interests and dividends receivable, net 132,211.95

Net unrealised gain on forward foreign exchange contracts (2d,9) 2,567.90

Unrealised gain on futures contracts (2d,8) 9,620.00

Other assets 1,636.56

44,279,799.93

LIABILITIES

Margin deposit with broker 9,620.00

Short options contracts at market value (2d,10) 11,485.38

Payable on purchase of investments 56,898.45

Payable on redemptions 90,154.73

Unrealised loss on futures contracts (2d,8) 11,160.00

Management fees payable (5) 55,643.66

Taxes and expenses payable (7) 128,575.73

363,537.95

TOTAL NET ASSETS 43,916,261.98

9

ARCIPELAGOS SICAV COMBINED

The accompanying notes form an integral part of these financial statements.

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSFOR THE YEAR ENDED SEPTEMBER 30, 2016

(in EUR)

Notes

NET ASSETS AT THE BEGINNING OF THE YEAR/PERIOD 61,658,349.83

INCOME

Dividends, net (2h) 276,358.25

Bond interests, net (2h) 365,754.49

Bank interests (2h) 30.63

Trailer fees (14) 10,334.09

Other income 78,599.84

731,077.30

EXPENSES

Performance fees (6) 19,388.24

Management fees (5) 844,172.61

Custodian and sub-custodian fees (13) 35,303.54

Sub-administrative, sub-registrar agent, domiciliary and compliance fees (12) 438,783.38

Audit and legal fees 162,798.61

Liquidation fees 4,680.00

Subscription tax (7) 13,902.26

Transaction fees (15) 243,455.35

Other bank charges and correspondent fees 85,691.32

Bank interests 24,013.81

Other charges 55,193.39

1,927,382.51

NET RESULT ON INVESTMENTS (1,196,305.21)

Net realised result on:

- Sales of invesments (2e) 449,954.08

- Options contracts (791,768.24)

- Forward foreign exchange contracts 91,127.15

- Futures contracts 133,854.46

- Foreign exchange (2f) (64,934.05)

NET REALISED (LOSS) (1,378,071.81)

Change in net unrealised appreciation/(depreciation) on:

- Investments 390,337.60

- Options contracts (2d) 125,990.94

- Forward foreign exchange contracts (2d) 35,770.47

- Futures contracts (2d) (50,246.28)

NET DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS (876,219.08)

MOVEMENTS IN CAPITAL

Subscriptions of shares 16,576,228.56

Redemptions of shares (33,442,097.33)

NET ASSETS AT THE END OF THE YEAR/PERIOD 43,916,261.98

10

ARCIPELAGOS SICAV COMBINED



(in EUR)

Notes

ASSETS




Other assets 738.72

12,914,947.31

LIABILITIES

Short options contracts at market value (2d,10) 11,485.38

Payable on purchase of investments 56,898.45




182,469.20


Net asset value per retail capitalisation shares 58.06

Number of retail capitalisation shares 219,316.767

11

ARCIPELAGOS SICAV Dynamic Multistrategy



(in EUR)

Notes

NET ASSETS AT THE BEGINNING OF THE YEAR 13,867,537.36

INCOME





328,848.44

EXPENSES










413,262.07

NET RESULT ON INVESTMENTS (84,413.63)


- Sales of invesments (2e) (629,607.10)


- Forward foreign exchange contracts (16,636.42)



NET REALISED LOSS (1,293,409.59)

Change in net unrealised appreciation on:







NET ASSETS AT THE END OF THE YEAR 12,732,478.11

12



CHANGES IN THE NUMBER OF SHARESFOR THE YEAR ENDED SEPTEMBER 30, 2016

(in EUR)

Retailcapitalisation

shares

Shares outstanding at the beginning of the year 232,299.941

Subscriptions of shares 46,087.832

Redemptions of shares (59,071.006)

Shares outstanding at the end of the year 219,316.767

STATISTICS

Date

Number ofretail

capitalisationshares

outstanding

Net assets

(in EUR)

Net assetvalue

per retailcapitalisation

shares(in EUR)

30.09.2014 197,447.565 12,218,908.20 61.88

30.09.2015 232,299.941 13,867,537.36 59.70

30.09.2016 219,316.767 12,732,478.11 58.06

13



STATEMENT OF INVESTMENTS AND OTHER NET ASSETSAS AT SEPTEMBER 30, 2016

(in EUR)

Currency Quantity Description Cost Market

value

% net

assets

Transferable securities admitted to an official stock exchange

Bonds

EUR 100,000 ABB FIN BV 0.625% 16-03.05.23 99,836.00 103,190.00 0.81%

EUR 100,000 APPLE INC 1% 14-10.11.22 99,616.00 105,214.00 0.83%

EUR 200,000 ARCELORMIT FRN 15-09.04.18 197,000.00 203,606.00 1.60%

EUR 200,000 BANCO BILBA 6.75% 15-PERP 198,500.00 186,198.00 1.46%

EUR 200,000 BERKSHIRE 0.5% 16-13.03.20 201,046.00 203,438.00 1.60%

EUR 100,000 BMW FIN 0.875% 15-17.11.20 102,569.00 103,601.00 0.81%

EUR 100,000 CAMPARI 2.75% 15-30.09.20 100,400.00 107,444.00 0.84%

EUR 100,000 CNH IND FIN 2.75% 14-18.03.19 100,665.50 103,533.00 0.81%

EUR 100,000 CNH IND FIN 2.875% 14-27.09.21 99,003.00 105,255.00 0.83%

EUR 150,000 COCA-COLA E 0.75% 16-24.02.22 149,899.50 153,471.00 1.21%

EUR 100,000 CR AGR 2.625% 15-17.03.27 99,969.00 104,197.00 0.82%

EUR 100,000 DAIMLER 0.875% 16-12.01.21 102,752.00 103,570.00 0.81%

NOK 1,000,000 DAIMLER 2.75% 14-10.12.18 113,717.65 114,540.80 0.90%

EUR 100,000 DAIMLER AG 2.375% 12-12.09.22 111,442.00 113,268.00 0.89%

EUR 100,000 DEUT TEL IF 0.625% 16-03.04.23 99,924.00 102,629.00 0.81%

EUR 100,000 EMIR TELE 1.75% 14-18.06.21 103,020.00 106,993.00 0.84%

EUR 100,000 ENI 0.75% 16-17.05.22 99,832.00 102,654.00 0.81%

EUR 100,000 FIAT FT 4.75% 14-22.03.21 100,000.00 109,385.00 0.86%

EUR 100,000 FRANCE 3.5% 09-25.04.20 OAT 115,489.00 114,613.00 0.90%

EUR 100,000 FRANCE 4.25% 03-25.04.19 OAT 114,182.00 112,580.00 0.88%

EUR 250,000 GERMANY 3% 10-04.07.20 286,667.00 285,045.00 2.24%

EUR 100,000 HEIDLRG 2.25% 16-30.03.23 99,840.00 105,458.00 0.83%

EUR 50,000 HTM SPORT 5.25% 13-26.09.18 50,000.00 51,350.00 0.40%

EUR 150,000 IBM CORP 0.5% 16-07.09.21 150,008.10 153,460.50 1.21%

EUR 100,000 INTESA SAN 1.125% 15-04.03.22 99,639.00 101,363.00 0.80%

EUR 100,000 IRELAND 4.5% 04-18.04.20 118,543.00 117,595.00 0.92%

EUR 100,000 KEDRION GRO 4.625% 14-24.04.19 100,100.00 104,114.00 0.82%

USD 100,000 LINDE AG 1.5% 13-18.04.18 94,309.22 89,361.81 0.70%

NOK 1,000,000 LINDE AG 2.75% 12-28.09.17 111,589.19 112,886.34 0.89%

EUR 200,000 NESTLE FIN 1.75% 12-12.09.22 218,980.00 221,310.00 1.74%

EUR 200,000 PORTUGAL 4.95% 08-25.10.23 242,580.70 226,876.00 1.78%

EUR 100,000 RADIOTELEVI 1.5% 15-28.05.20 99,272.00 103,926.00 0.82%

EUR 100,000 SABIC 2.75% 13-20.11.20 105,352.00 108,814.00 0.85%

EUR 100,000 SIEMENS FIN 1.75% 13-12.03.21 108,286.00 108,732.00 0.85%

EUR 100,000 SOCGEN 0.75% 16-26.05.23 99,236.00 102,900.00 0.81%

EUR 100,000 SPAIN 4.4% 13-31.10.23 127,449.00 127,778.00 1.00%

EUR 100,000 THYSSENKP 2.75% 16-08.03.21 99,512.50 105,112.00 0.83%

GBP 25,000 UK 2% 14-22.07.20 33,382.01 30,895.76 0.24%

EUR 100,000 UNILEVER 0% 16-29.04.20 99,677.00 100,636.00 0.79%

EUR 100,000 VODAFONE 1.25% 16-25.08.21 99,723.00 104,932.00 0.82%

Total - Bonds 4,853,008.37 4,921,925.21 38.66%

Equities

CHF 2,000 ABB LTD ZUERICH /NAMEN. *OPR* 34,116.83 40,039.96 0.31%

USD 400 ACCENTURE PLC 40,585.98 43,484.61 0.34%

EUR 507 ACCOR SA 21,141.55 17,902.17 0.14%

EUR 250 ADIDAS AG 36,934.94 38,625.00 0.30%

USD 1,000 ANADARKO PETROL. CORP. 65,020.30 56,380.14 0.44%

USD 500 APPLE INC 49,239.62 50,298.10 0.40%

CHF 2,000 ARYZTA AG /NAM. 80,514.60 79,143.64 0.62%

USD 1,000 BEACON ROOFING SUPPLY INC 40,768.74 37,435.49 0.29%

14



STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)AS AT SEPTEMBER 30, 2016

(in EUR)


value

% net

assets

EUR 150 BEIERSDORF A.G. 12,059.92 12,592.50 0.10%

USD 1,400 BERKSHIRE HATHAWAY -B 175,024.80 179,976.86 1.41%

USD 500 CANADIAN PACIFIC RAILW. 73,155.88 67,939.14 0.53%

USD 300 CASEY S GENERAL STORES INC 31,642.09 32,074.21 0.25%

USD 1,700 CHEVRON CORPORATION 152,159.69 155,689.62 1.22%

CHF 4,000 CLARIANT /NAMEN -AKT. 63,382.13 61,390.94 0.48%

USD 1,500 COCA-COLA CO. 57,137.41 56,486.92 0.44%

CAD 20,000 DALRADIAN RESOURCES INC 14,694.71 18,957.93 0.15%

EUR 4,500 DEUTSCHE TELEKOM /NAM. 71,378.71 67,140.00 0.53%

USD 1,000 DEVON ENERGY CORP. (NEW) 47,124.50 39,250.76 0.31%

EUR 4,581 E. ON -NAMEN AKT. 48,191.55 28,924.43 0.23%

EUR 4,000 ENDESA SA 81,228.88 76,320.00 0.60%

USD 100 EQUINIX INC /REIT 33,621.92 32,056.42 0.25%

EUR 900 ETAB COLRUYT 47,520.24 44,424.00 0.35%

USD 350 FACEBOOK INC -A- 38,439.43 39,948.83 0.31%

EUR 15,000 GDF SUEZ 262,234.60 206,850.00 1.63%

EUR 620 HEINEKEN NV 49,362.19 48,552.20 0.38%

EUR 10,000 INTESA SANPAOLO SPA 19,549.52 19,740.00 0.16%

USD 400 JOHNSON & JOHNSON 42,540.21 42,046.63 0.33%

EUR 250 L’OREAL 42,409.98 42,025.00 0.33%

GBP 800 LSE GROUP 25,451.42 25,892.16 0.20%

EUR 1,000 LUXOTTICA GROUP 50,158.12 42,520.00 0.33%

USD 700 MICROSOFT CORP 32,243.80 35,878.27 0.28%

CAD 15,000 MIRASOL RESOURCES LTD 16,168.57 24,780.72 0.19%

CHF 1,000 NESTLE /ACT NOM *OPR* 64,779.68 70,267.29 0.55%

CHF 3,000 NOVARTIS AG BASEL /NAM. 256,580.50 210,388.80 1.65%

USD 500 QUALCOMM INC. 33,918.42 30,476.95 0.24%

EUR 1,200 RANDSTAD HOLDING (EUR 0.1) 46,633.32 48,660.00 0.38%

EUR 4,500 REPSOL YPF SA. MADRID 51,523.50 54,337.50 0.43%

CHF 1,500 ROCHE HOLDING AG /GENUSSSCHEIN 364,788.57 331,830.50 2.61%

EUR 2,000 ROYAL DUTCH SHELL PLC -A- 45,176.09 44,340.00 0.35%

EUR 700 SANOFI 55,191.90 47,348.00 0.37%

CHF 15 SGS SA /NOM. 30,340.49 29,947.36 0.24%

EUR 380 SODEXO 40,471.93 40,280.00 0.32%

EUR 320 SOLVAY SA 30,655.79 32,944.00 0.26%

CHF 300 SWISSCOM /NAM. 135,053.60 127,142.02 1.00%

CHF 225 THE SWATCH GROUP AG 95,914.78 56,734.75 0.45%

EUR 4,181 TOTAL SA 186,396.88 176,312.77 1.39%

CHF 2,000 UBS GROUP AG 30,626.09 24,288.34 0.19%

EUR 458 UNIPER SE 7,140.50 4,994.49 0.04%

EUR 2,000 VEOLIA ENVIRONNEMENT 41,208.46 41,000.00 0.32%

EUR 850 VINCI 53,450.10 57,902.00 0.46%

CHF 300 ZURICH FINANCIAL SERVICES /NAM 62,898.56 68,844.50 0.54%

Total - Equities 3,487,951.99 3,262,805.92 25.62%

Total - Transferable securities admitted to an official stock exchange 8,340,960.36 8,184,731.13 64.28%

Open-ended collective investment scheme qualifying under article 41(1)(e) of the amended Law of 17 December 2010

Investment Funds

EUR 2,300 AMUNDI ETF JAPAN TOPIX EUR H 398,571.76 398,337.00 3.13%

EUR 3,000 AMUNDI ETF MSCI EM MK -A- 10,401.00 10,278.00 0.08%

EUR 2,000 DBXT S&P G INFR — SHS -1C- CAP 70,542.30 70,460.00 0.55%

EUR 550 ISHARES EURO GOV BD 3-7 EUR 73,056.31 73,771.50 0.58%

EUR 16,700 ISHARES II DJ EUR SUST SCREEN UCI 617,455.94 590,679.00 4.64%

EUR 25,000 ISHARES MSCI EUROP EUR ETF 531,706.67 535,000.00 4.20%

15




(in EUR)


value

% net

assets

EUR 750 ISHS EUR CRP BD LAR CAP EUR ETF 101,948.64 103,260.00 0.81%

EUR 2,000 ISHS GLB INF LI UCITS ETF USD 275,360.52 279,373.40 2.20%

USD 5,000 ISHS S&P FINAN ETF USD /CAP 22,566.47 21,602.15 0.17%

EUR 3,000 L U ETF EX-EN C EUR PARTS -C EUR- 54,437.64 54,675.00 0.43%

EUR 1,500 L UC ETF E600 INSUR CAP /DIS 44,042.48 42,547.50 0.34%

EUR 250 L UC ETF P&H GOODS CAP /DIS 21,999.50 21,692.50 0.17%

EUR 7,500 L UCITS S&P V F -C- EUR 245,549.61 231,375.00 1.82%

EUR 15,000 L. ETF EU. DIV. 30 CAP /DIS 246,840.09 223,500.00 1.76%

EUR 550 L.ETF 600 C.M. CAP /DIS 25,584.90 25,819.75 0.20%

EUR 1,000 LEMANIK HIGH GR CAP RE EUR CAP 131,880.00 106,040.00 0.83%

GBP 6,000 LYX UC ETF FTSE 100 ACT -C- GBP 60,861.12 61,461.51 0.48%

EUR 2,500 LYXOR ETF STOXX EUR 600 BANKS 40,513.58 41,225.00 0.32%

USD 2,500 LYXOR GOLD BULLION SECURITIES 272,448.48 280,521.45 2.20%

Total - Investment Funds 3,245,767.01 3,171,618.76 24.91%

Total - Open-ended collective investment scheme qualifying under article 41(1)

(e) of the amended Law of 17 December 2010 3,245,767.01 3,171,618.76 24.91%

Financial Instruments

Options Contracts

EUR (2) CALL ADIDAS AG 16/12/16 160 (936.00) (964.00) (0.01)%

USD (5) CALL APPLE INC 16/12/16 115 (2,490.22) (1,588.36) (0.01)%

USD (7) CALL MICROSOFT CORP 21/04/17 58 (1,941.26) (2,205.02) (0.02)%

EUR (20)

CALL ROYAL DUTCH SHELL PLC -A- 16/12/

16 22 (2,160.00) (2,080.00) (0.02)%

EUR (7) CALL SANOFI 16/12/16 70 (2,443.00) (2,800.00) (0.02)%

EUR (8) CALL VINCI 16/12/16 68 (2,056.00) (1,848.00) (0.01)%

Total - Options Contracts (12,026.48) (11,485.38) (0.09)%

Total - Financial Instruments (12,026.48) (11,485.38) (0.09)%

Total Investments (including

Options Contracts) 11,574,700.89 11,344,864.51 89.10%

Other Net Assets 1,387,613.60 10.90%

Total Net Assets 12,732,478.11 100.00%

16



INDUSTRIAL CLASSIFICATION OF INVESTMENTSAS AT SEPTEMBER 30, 2016

(in %)

% of net assets

Investment funds 24.91%Holding and finance companies 14.08%States, provinces and municipalities 7.96%Pharmaceuticals and cosmetics 6.52%Banks and financial institutions 4.24%Petrol 3.28%News transmission 2.90%Food and distilleries 2.82%Public services 2.82%Automobile industry 2.60%Mines, heavy industries 2.58%Office equipment, computers 2.43%Chemicals 2.33%Construction, building material 1.57%Tobacco and spirits 1.22%Other services 0.96%Graphic art, publishing 0.82%Consumer goods 0.79%Retail 0.60%Internet software 0.57%Insurance 0.54%Leisure 0.54%Transportation 0.53%Clock and watch-making industry 0.45%Electronics and electrical equipment 0.31%Textile 0.29%Real estate companies 0.25%Precious metals 0.19%

Total 89.10%

17



GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS(BY DOMICILE OF THE ISSUER)

AS AT SEPTEMBER 30, 2016

(in %)

% of net assets

France 17.07%Ireland 13.86%United States of America 9.78%Germany 9.28%Switzerland 8.64%Luxembourg 7.22%The Netherlands 5.68%Italy 4.58%Spain 3.49%United Kingdom 2.80%Jersey 2.20%Portugal 1.78%Canada 0.87%United Arab Emirates 0.84%Belgium 0.61%Austria 0.40%

Total 89.10%

18




(in EUR)

Notes

ASSETS





Net unrealised gain on forward foreign exchange contracts (2d,9) 2,567.90

Other assets 897.84

13,349,284.80

LIABILITIES




53,452.92


Net asset value per capitalisation retail EUR A shares 722.51

Number of capitalisation retail EUR A shares 3,147.917

Net asset value per capitalisation retail EUR B shares 94.08

Number of capitalisation retail EUR B shares 117,149.827

19

ARCIPELAGOS SICAV Global Opportunity



(in EUR)

Notes


INCOME



Other income 189.01

271,364.10

EXPENSES











517,287.42



- Sales of invesments (2e) (428,486.99)



- Futures contracts (131,696.18)


NET REALISED LOSS (1,004,181.42)











20




(in EUR)

Capitalisationretail

EUR A





Capitalisation

retail

EUR B

Shares outstanding at the beginning of the year 0.000


Redemptions of shares 0.000


STATISTICS

Date

Number ofcapitalisation

retailEUR A

outstanding

Net assets

(in EUR)

Net assetvalue per

capitalisationretail EUR A

shares(in EUR)

30.09.2014 3,628.318 3,174,811.52 875.01

30.09.2015 15,419.558 11,881,353.93 770.54

30.09.2016 3,147.917 2,274,407.79 722.51

Date

Number ofcapitalisation

retailEUR B

outstanding

Net assets

(in EUR)

Net assetvalue per

capitalisationretail EUR B

shares(in EUR)

30.09.2014 - - -

30.09.2015 - - -

30.09.2016 117,149.827 11,021,424.09 94.08

21




(in EUR)


value

% net

assets


Bonds

EUR 200,000 AGROKOR DD 9.875% 12-01.05.19 216,480.00 208,240.00 1.57%

EUR 100,000 ANGLO AMER 1.75% 13-20.11.17 91,900.00 101,050.00 0.76%

GBP 100,000 ASTON MARTIN 9.25% 15.07.18 137,686.36 118,918.99 0.89%

EUR 200,000 CGG 5.875% 14-15.05.20 95,375.00 109,476.00 0.82%

EUR 200,000 FERRARINI S 6.375% 15-15.04.20 213,664.08 203,600.00 1.53%

EUR 200,000 FIAT FT 6.75% 13-14.10.19 REGS 231,568.00 227,348.00 1.71%

EUR 400,000 GRP ISOLUX 6.625% 14-15.04.21 134,450.00 72,996.00 0.55%

EUR 100,000 INEOS G SA 5.375% 16-01.08.24 100,150.00 98,258.00 0.74%

EUR 550,000 IRELAND 5% 10-18.10.20 672,582.90 671,055.00 5.05%

EUR 200,000 ITALCEMENTI 6.125% 13-21.02.18 221,800.00 215,322.00 1.62%

EUR 100,000 LECTA 6.5% 16-01.08.23 101,950.00 98,881.00 0.74%

EUR 100,000 PETRO GBL F 3.25% 12-01.04.19 96,000.00 100,557.00 0.76%

USD 100,000 PETRO GBL F 7.25% 14-17.03.44 81,324.23 81,086.49 0.61%

USD 100,000 PETROBRAS INTL 6.125% 06-06.10.16 87,234.04 89,083.47 0.67%

USD 100,000 PETROBRAS INTL 7.875% 09-15.03.19 90,731.56 96,706.71 0.73%

EUR 200,000 PORTUGAL TELE. INTL 4.375% 03-17 120,750.00 46,000.00 0.35%

EUR 100,000 SAIPEM FIN 3.75% 16-08.09.23 103,250.00 103,117.00 0.77%

USD 200,000 TRANSOCEAN 5.05% 11-15.12.16 177,254.69 179,147.54 1.35%

USD 730,000 USA 0.625% 16-30.06.18 /TBO 663,180.62 648,211.57 4.87%

EUR 100,000 WORLDPAY FI 3.75% 15-15.11.22 110,740.00 107,701.00 0.81%

USD 50,000 XSTRATA FIN 3.6% 11-15.01.17 44,235.86 44,650.74 0.33%

EUR 100,000 XSTRATA FIN. 5.25% 07-13.06.17 101,250.00 103,481.00 0.78%

Total - Bonds 3,893,557.34 3,724,887.51 28.01%

Equities

EUR 3,252 AMADEUS IT HOLDING SR. A 117,671.56 144,616.44 1.09%

EUR 2,623 BREMBO SPA 99,142.70 139,281.30 1.05%

GBP 29,994 DOMINO S PIZZA GROUP PLC 141,445.07 129,492.69 0.97%

EUR 6,549 DRILLISCH AG 257,641.00 283,015.04 2.13%

USD 1,800 ELECTRONIC ARTS 132,444.25 136,785.91 1.03%

EUR 3,259 FE NEW N.V. 137,919.68 150,663.57 1.13%

GBP 17,572 FEVERTREE DRINKS PLC 158,615.30 197,021.31 1.48%

EUR 56,650 FIAT CHRYSLER AUTOMOBILES N.V 384,483.17 320,072.50 2.41%

EUR 63,942 FINECOBANK S.P.A 402,095.34 329,621.01 2.48%

SEK 18,827 FINGERPRINT CARDS AB 196,979.85 196,521.87 1.48%

EUR 3,962 FRESENIUS SE & CO KGAA 243,537.03 281,341.62 2.12%

USD 5,666 HAIN CELESTIAL GROUP INC. 250,207.90 179,388.04 1.35%

EUR 1,762 ILIAD 343,062.57 329,141.60 2.48%

EUR 4,165 INGENICO GROUP ACT. 409,901.07 323,912.05 2.44%

GBP 12,715 JD SPORTS FASHION PLC 186,923.06 217,078.66 1.63%

GBP 43,095 JUST EAT -SHS 232,563.66 267,000.42 2.01%

NOK 9,133 MARINE HARVEST ASA 135,922.63 145,509.32 1.09%

GBP 56,677 MONEYSUPERMARKET. COM 237,644.57 196,604.35 1.48%

EUR 3,335 NESTE OIL OYJ 97,709.54 126,529.90 0.95%

USD 2,375 NVIDIA CORP. 131,588.23 144,807.80 1.09%

GBP 26,579 PAYSAFE GROUP PLC 129,979.55 137,053.81 1.03%

EUR 20,476 RYANAIR HOLDINGS PLC 274,717.75 248,885.78 1.87%

EUR 354,584 SAIPEM SPA 132,488.59 133,571.79 1.00%

EUR 11,176 SBM OFFSHORE NV 127,866.48 141,320.52 1.06%

EUR 3,683 TECHNIP 173,741.60 201,349.61 1.51%

EUR 5,364 UNITED INTERN. & CO /NAMENSAKT 228,747.72 211,261.14 1.59%

22




(in EUR)


value

% net

assets

DKK 1,763 VESTAS WIND SYSTEMS AS /REG 114,229.75 129,154.81 0.97%

EUR 4,389 WIRECARD AG /APRES RED .CAP 158,100.04 202,991.25 1.53%

GBP 10,445 WIZZ AIR HOLDINGS PLC 234,057.04 198,003.36 1.49%

EUR 7,297 YOOX S.P.A 184,975.18 201,105.32 1.51%

Total - Equities 6,056,401.88 6,043,102.79 45.45%



Investment Funds

EUR 5,900 ALESS ATLAN DEBT OPP -I- EUR /CAP 603,364.00 600,974.00 4.52%

EUR 6,375 EM EU INV GR BD SHS -I- CAP 643,046.25 677,790.00 5.10%




Total Investments 11,196,369.47 11,046,754.30 83.08%

Other Net Assets 2,249,077.58 16.92%

Total Net Assets 13,295,831.88 100.00%

23




(in %)

% of net assets

States, provinces and municipalities 9.92%Investment funds 9.62%Petrol 9.46%Holding and finance companies 9.36%Internet software 9.20%Food and distilleries 6.46%Electronic semiconductor 5.01%Automobile industry 4.59%Transportation 3.36%News transmission 2.13%Pharmaceuticals and cosmetics 2.12%Retail 1.63%Construction, building material 1.62%Textile 1.51%Tobacco and spirits 1.48%Agriculture and fishing 1.09%Banks and financial institutions 1.03%Leisure 0.97%Public services 0.97%Other services 0.81%Chemicals 0.74%

Total 83.08%

24





(in %)

% of net assets

Luxembourg 13.48%United Kingdom 10.17%France 8.87%Italy 8.70%United States of America 8.34%Germany 7.37%The Netherlands 7.24%Ireland 6.92%Jersey 2.38%Croatia 1.57%Sweden 1.48%Cayman Islands 1.35%Canada 1.11%Norway 1.09%Spain 1.09%Denmark 0.97%Finland 0.95%

Total 83.08%

25




(in EUR)

Notes

ASSETS

Cash at bank 11,245.02

11,245.02

LIABILITIES


11,245.02

TOTAL NET ASSETS 0.00

26

ARCIPELAGOS SICAV Taurus ATFF Automatic Trading Fund of Funds *


(*) Liquidated as at July 4, 2016

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSFROM OCTOBER 1, 2015 TO JULY 4, 2016 (date of liquidation)

(in EUR)

Notes

NET ASSETS AT THE BEGINNING OF THE PERIOD 4,149,782.22

INCOME



Trailer fees (14) 537.83

22,340.20

EXPENSES






Subscription tax (7) 815.00



Bank interests 565.56


161,723.45




- Forward foreign exchange contracts (12,986.87)



NET REALISED PROFIT 648,881.11


- Investments (907,806.89)


- Futures contracts (2d) 2,055.99




NET ASSETS AT THE END OF THE PERIOD 0.00

27




CHANGES IN THE NUMBER OF SHARESFROM OCTOBER 1, 2015 TO JULY 4, 2016 (date of liquidation)

(in EUR)


shares

Shares outstanding at the beginning of the period 3,711.753

Subscriptions of shares 0.000


Shares outstanding at the end of the period 0.000

STATISTICS

Date

Number ofretail


outstanding

Net assets

(in EUR)

Net assetvalue


shares(in EUR)

30.09.2014 5,206.130 6,247,043.91 1,199.94

30.09.2015 3,711.753 4,149,782.22 1,118.01

30.09.2016 - - -

28





(in EUR)

Notes

ASSETS


18,952.77

LIABILITIES


18,952.77

TOTAL NET ASSETS 0.00

29

ARCIPELAGOS SICAV Opera Prima *


(*) Liquidated as at March 31, 2016

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSFROM OCTOBER 1, 2015 TO MARCH 31, 2016 (date of liquidation)

(in EUR)

Notes

NET ASSETS AT THE BEGINNING OF THE PERIOD 6,167,493.62

INCOME




Trailer fees (14) 161.49

23,889.88

EXPENSES











114,483.78




- Options contracts 25,073.01


- Foreign exchange (2f) (616.45)




- Options contracts (2d) (24,457.43)





NET ASSETS AT THE END OF THE PERIOD 0.00

30




CHANGES IN THE NUMBER OF SHARESFROM OCTOBER 1, 2015 TO MARCH 31, 2016 (date of liquidation)

(in EUR)


shares

Shares outstanding at the beginning of the period 73,350.610



Shares outstanding at the end of the period 0.000

STATISTICS

Date

Number ofretail


outstanding

Net assets

(in EUR)

Net assetvalue


shares(in EUR)

30.09.2014 67,536.000 5,604,134.91 82.98

30.09.2015 73,350.610 6,167,493.62 84.08

30.09.2016 - - -

31





(in EUR)

Notes

ASSETS



Receivable on subscriptions 14,616.92

Unrealised gain on futures contracts (2d,8) 9,620.00

14,277,001.84

LIABILITIES

Margin deposit with broker 9,620.00




74,117.23




32

ARCIPELAGOS SICAV Global Professional



(in EUR)

Notes


INCOME




58,948.15

EXPENSES











511,983.30






- Foreign exchange (2f) 4,067.30





NET INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 868,049.96





33




(in EUR)


shares





STATISTICS

Date

Number ofretail


outstanding

Net assets

(in EUR)

Net assetvalue


shares(in EUR)

30.09.2014 418,716.458 40,048,645.67 95.65

30.09.2015 223,247.077 21,463,562.97 96.14

30.09.2016 141,088.355 14,202,884.61 100.67

34




(in EUR)


value

% net

assets


Investment Funds

EUR 19,596 ALESSIA DYN BETA 1 -I- /CAP 1,753,002.41 1,815,961.32 12.79%

EUR 3,021 ATLANTE TARGET ITALY FUND I CAP 517,507.62 433,987.49 3.06%

EUR 5,794 CB -ACCENT LUX -SWAN HY CC 588,612.46 594,406.46 4.18%

EUR 9,066 CB-AL F EAST EQ C HEDG CAP 968,784.91 983,932.98 6.93%

EUR 10,164 CB-AL SWAN BD OPP -C- CAP 1,174,706.16 1,184,004.36 8.34%

EUR 1,430 COMPAM FD SICAV- ACTIVE BD I 1,477,357.74 1,674,893.87 11.79%

EUR 6,108 EFF GR EU GL BD -I EUR -CAP 731,441.08 737,928.25 5.20%

EUR 1,215 EURIZON EASYFUND-EQ INDUS -ZH- 283,107.15 297,116.10 2.09%

EUR 668 FINLABO DYN EQUITY -I- CAP 1,148,588.59 1,182,994.60 8.33%

EUR 18,809 LYXOR UCIT HK (HSI) -D- EUR 443,970.53 482,074.67 3.39%

EUR 4,322 PARV EQ RUSS -I- CAP 439,849.94 486,570.76 3.43%

EUR 80,983 PIM GLB INV INC -INST (HDGED) EUR 1,023,000.00 1,047,920.96 7.38%

EUR 9,177 SISF US LAR CAP EQ EURH -C- /CAP 1,461,707.87 1,511,431.71 10.64%

EUR 5,086 VONTOBEL EM MKT EQ -HI- CAP 610,663.99 634,173.34 4.46%





Other Net Assets 1,135,487.74 7.99%

Total Net Assets 14,202,884.61 100.00%

35




(in %)

% of net assets

Investment funds 92.01%

Total 92.01%

36





(in %)

% of net assets

Luxembourg 78.18%Ireland 10.44%France 3.39%

Total 92.01%

37




(in EUR)

Notes

ASSETS




3,708,368.19

LIABILITIES




23,300.81




38

ARCIPELAGOS SICAV Rainbow



(in EUR)

Notes


INCOME





Other income 268.83

25,686.53

EXPENSES










208,642.49




- Futures contracts (54,916.21)

- Foreign exchange (2f) 417.34

NET REALISED LOSS (21,039.72)








39




(in EUR)


shares





STATISTICS

Date

Number ofretail


outstanding

Net assets

(in EUR)

Net assetvalue


shares(in EUR)

30.09.2014 55,525.886 4,733,370.49 85.25

30.09.2015 49,853.207 4,128,619.73 82.82

30.09.2016 47,947.485 3,685,067.38 76.86

40




(in EUR)


value

% net

assets


Bonds

EUR 100,000 GRP ISOLUX 6.625% 14-15.04.21 27,550.00 18,249.00 0.50%

EUR 50,000 PORTUGAL TELE. INTL 4.375% 03-17 19,250.00 11,500.00 0.31%

Total - Bonds 46,800.00 29,749.00 0.81%

Equities

EUR 2,000 AZIMUT HOLDING SPA 37,929.63 26,200.00 0.71%

EUR 750 BREMBO SPA 28,815.28 39,825.00 1.08%

GBP 8,400 DOMINO S PIZZA GROUP PLC 39,775.63 36,265.21 0.98%

USD 500 ELECTRONIC ARTS 36,692.93 37,996.08 1.03%

EUR 950 FE NEW N.V. 41,623.87 43,918.50 1.19%

GBP 5,400 FEVERTREE DRINKS PLC 48,681.13 60,546.04 1.64%

EUR 15,733 FIAT CHRYSLER AUTOMOBILES N.V 105,981.37 88,891.45 2.41%

EUR 17,758 FINECOBANK S.P.A 105,023.18 91,542.49 2.49%

SEK 5,202 FINGERPRINT CARDS AB 56,643.55 54,300.03 1.47%

USD 1,610 HAIN CELESTIAL GROUP INC. 70,279.88 50,973.30 1.38%

EUR 1,184 INGENICO GROUP ACT. 106,912.96 92,079.68 2.50%

GBP 3,370 JD SPORTS FASHION PLC 48,824.66 57,534.81 1.56%

GBP 12,067 JUST EAT -SHS 59,580.66 74,762.59 2.03%

NOK 2,600 MARINE HARVEST ASA 38,756.14 41,423.87 1.13%

EUR 944 NESTE OIL OYJ 32,392.09 35,815.36 0.97%

USD 700 NVIDIA CORP. 38,688.23 42,680.19 1.16%

EUR 5,838 RYANAIR HOLDINGS PLC 76,344.48 70,960.89 1.93%

EUR 100,000 SAIPEM SPA 37,951.63 37,670.00 1.02%

EUR 3,085 SBM OFFSHORE NV 35,443.29 39,009.83 1.06%

EUR 1,037 TECHNIP 48,011.25 56,692.79 1.54%

EUR 1,420 WIRECARD AG /APRES RED. CAP 51,443.65 65,675.00 1.78%

EUR 2,065 YOOX S.P.A 53,256.07 56,911.40 1.55%

Total - Equities 1,199,051.56 1,201,674.51 32.61%



Investment Funds

EUR 131,345 AZ 1 CASH OVERN -B- AZ FD (ACC) CAP 698,768.55 699,018.09 18.97%

EUR 356 CAN BDS /EUR HIGH YIELD -C- CAP 355,652.71 375,509.50 10.19%

EUR 14,000 INVESCO BAL RISK ALL -A- CAP 197,960.00 226,100.00 6.14%

EUR 300 JPMIF GL H YLD BD /-A- EUR /CAP 57,162.00 63,897.00 1.73%

EUR 14,000 NORDEA1 STA. RET. -BI- CUR. /CAP 201,460.00 251,720.00 6.83%

EUR 1,750 PICTET EUR SH MD TER BD /-P- CAP 227,945.00 235,007.50 6.38%

EUR 7,500 PIONEER US HY EH C 53,332.50 59,475.00 1.61%

EUR 1,500 SISF GLB HIGH YIELD -A- EUR 50,865.00 57,903.60 1.57%


Total - Open-ended collective investment scheme qualifying under article 41(1)(e)

of the amended Law of 17 December 2010 1,843,145.76 1,968,630.69 53.42%


Other Net Assets 485,013.18 13.16%

Total Net Assets 3,685,067.38 100.00%

41




(in %)

% of net assets

Investment funds 53.42%Electronic semiconductor 5.13%Automobile industry 4.68%Petrol 4.59%Holding and finance companies 4.01%Food and distilleries 3.41%Internet software 2.81%Transportation 1.93%Tobacco and spirits 1.64%Retail 1.56%Textile 1.55%Agriculture and fishing 1.13%Leisure 0.98%

Total 86.84%

42





(in %)

% of net assets

Luxembourg 53.42%Italy 6.85%United Kingdom 6.21%The Netherlands 5.47%France 4.04%United States of America 3.57%Ireland 1.93%Germany 1.78%Sweden 1.47%Norway 1.13%Finland 0.97%

Total 86.84%

43



NOTES TO THE FINANCIAL STATEMENTSAS AT SEPTEMBER 30, 2016

NOTE 1 - GENERAL INFORMATION

ARCIPELAGOS SICAV (the "Company") was incorporated in Luxembourg as an Undertaking for CollectiveInvestment ("UCI") pursuant to both the amended Law of December 17, 2010 related to UCI and the Law ofAugust 10, 1915 (the "1915 Law") on commercial companies as amended. It is subject in particular to theprovisions of Part I of the amended Law of December 17, 2010, which relates specifically to UCI as defined by theEuropean Directive.

The Company was incorporated in Luxembourg for an unlimited period on January 21, 2004.

The Company’s Articles of Incorporation were published in the ‘‘Memorial C’’ on February 9, 2004 after havingbeen filed with the ‘‘Registre de Commerce et des Societes’’ where they may be consulted and where copies maybe obtained upon payment of the applicable charges.

The Company is registered in the ‘‘Registre de Commerce et des Societes’’ in Luxembourg under numberB 98.520.

The Legal Notice has been filed with the ‘‘Registre de Commerce et des Societes’’ where it may be inspected andwhere copies may be obtained upon payment of the applicable charges.

The financial year of the Company starts on the first day of October of each year and ends on the last day ofSeptember of the next year.

Lemanik Asset Management S.A. (the "Management Company") is appointed as management company,principal distributor, administrative agent, registrar and transfer agent, as well as domiciliary agent of theCompany pursuant to the agreement signed on June 4, 2008 between the Company and the ManagementCompany.

The Management Company was incorporated for an unlimited period in Luxembourg on September 1, 1993 inthe form of a joint stock company (i.e., a Societe Anonyme), in accordance with the 1915 Law. The deed ofincorporation of the Management Company was published in the "Memorial C" as at October 5, 1993 (Registrede Commerce et des Societes of Luxembourg nÚ 44 870). The coordinated Articles of Incorporation have beenpublished in the "Memorial C" on October 5, 1993.

The Management Company is governed by Chapter 15 of the amended Law of December 17, 2010 and in itscapacity, is responsible for the collective management of the company’s portfolio.

The Articles of Incorporation of the Management Company were last amended by notarial deed as atApril 17, 2014 and published in the Memorial as at June 29, 2014.

As of September 30, 2016, the following sub-funds are operational, and are all expressed in EUROS ("EUR"):

ARCIPELAGOS SICAV - Dynamic MultistrategyARCIPELAGOS SICAV - Global OpportunityARCIPELAGOS SICAV - Global ProfessionalARCIPELAGOS SICAV - Rainbow

The Board of Directors of the Company has decided, in accordance with Articles 12 and 14 of the Articles ofIncorporation of the Company and with Section IX, letter B of the Prospectus, to close the sub-funds ARCI-PELAGOS SICAV - Taurus ATFF Automatic Trading Fund of Funds with effect on July 4, 2016 and ARCIPE-LAGOS SICAV - Opera Prima with effect on March 31, 2016.

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ARCIPELAGOS SICAV


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Presentation of financial statements

The financial statements are prepared in accordance with Luxembourg laws and regulations relating toUndertakings for Collective Investment and generally accepted accounting principles.

b) Combined financial statements

The combined financial statements are expressed in EUR.

The various items of the combined Statement of Net Assets and the combined Statement of Operations andchanges in Net Assets are equal to the sum of the corresponding items of the Statement of Net Assets andStatement of Operations and changes in Net Assets of each sub-fund.

c) Valuation of the investments in securities

The value of transferable securities and money market instruments listed on an official Stock Exchange or dealtin on a regulated market which operates regularly and is recognised and open to the public (a Regulated market)as defined by Laws and Regulations in force is based on the latest known price and if such transferable securitiesare dealt in on several markets, on the basis of the latest known price on the main market for such securities. Ifthe latest known price is not representative, the value is determined based on a reasonably foreseeable salesprice to be determined prudently and in good faith by the Board of Directors of the Company.

In the event that any transferable securities or money market instruments are not listed or dealt in on a stockexchange or a regulated market operating regularly, recognised and open to the public as defined by the Lawsand Regulations in force, or quoted on any other regulated market, the price is not representative of the fairmarket value, the value of such assets is assessed on the basis of their foreseeable sales price estimatedprudently and in good faith by the Board of Directors of the Company.

Units of Undertakings for Collective Investment of Transferable Securities ("UCITS") and other UCI are evaluatedat their last available net asset value per unit or, if such price is not representative of the fair market value of suchassets, then the price shall be determined by the Board of Directors of the Company on a fair and equitable basis.

All other securities and other assets will be valued at fair market value, as determined in good faith pursuant toprocedures established by the Board of Directors of the Company.

d) Valuation of futures, forward foreign exchange and options contracts

The liquidating value of futures and options contracts not traded on exchanges or on other regulated marketsshall mean their net liquidating value determined, pursuant to the policies established in good faith by the Boardof Directors of the Company in a fair and reasonable manner, on a basis consistently applied for each differentvariety of contracts.

The liquidating value of futures and options contracts traded on exchanges or on other regulated markets isbased upon the last available settlement prices of these contracts on exchanges and regulated markets on whichthe particular futures and options contracts are traded by the Company; provided that if a future or option contractcould not be liquidated on the day with respect to which net assets are being determined, the basis for deter-mining the liquidating value of such contract shall be such value as the Board of Directors of the Company maydeem fair and reasonable.

Outstanding forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing atthe relevant valuation date for the remaining period to maturity.

The outstanding futures contracts as at September 30, 2016 are disclosed in note 8 to the financial statements.Unrealised profits and losses (if any) are recorded in the Statement of Net Assets and their variation are recorded

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ARCIPELAGOS SICAV


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

in the Statement of Operations and Changes in Net Assets under the heading "Change in net unrealisedappreciation/(depreciation) on futures contracts".

Outstanding forward foreign exchange contracts as at September 30, 2016 are disclosed in note 9 to the financialstatements. Unrealised profits and losses (if any) are recorded in the Statement of Net Assets and their variationare recorded in the Statement of Operations and Changes in Net Assets under the heading "Change in netunrealised appreciation/(depreciation) on forward foreign exchange contracts".

The outstanding options contracts as at September 30, 2016 are disclosed in note 10 to the financial statements.Unrealised profits and losses (if any) are recorded in the Statement of Net Assets and their variation are recordedin the Statement of Operations and Changes in Net Assets under the heading "Change in net unrealisedappreciation/(depreciation) on options contracts".

e) Net realised profit or loss on sales of investments

The net realised profits or losses on sales of investments are calculated on the basis of the average cost of theinvestments sold.

f) Conversion of foreign currencies of each sub-fund

Cash at bank, other net assets as well as the market value of the investment portfolio expressed in currenciesother than the reference currency of the respective sub-fund are converted at the exchange rates prevailing as atSeptember 30, 2016.

Income and expenses in currencies other than the reference currency of the respective sub-fund are converted atthe exchange rates prevailing at the transaction date.

Resulting realised foreign exchange gains and losses are included in the Statement of Operations and Changesin Net Assets.

The cost of investments expressed in currencies other than the reference currency of the respective sub-fund isconverted at the exchange rate prevailing at the purchase date.

g) Formation expenses

Costs related to the establishment of any new sub-fund will be borne by such new sub-fund and amortised on astraight line basis over a period of one year from the incorporation date of such sub-fund or over any other periodas the Board of Directors of the Company may determine, with a maximum of 5 years starting from the incor-poration date of the sub-fund.

h) Income recognition

Interest on bonds and bank interest are accounted for on an accrual basis. Dividends are recorded in income onthe date upon which the relevant securities are first listed as ‘‘ex-dividend’’. Income is recorded net of respectivewithholding taxes, if any.

i) Valuation of the cash at hand or on deposit

The value of any cash at hand or on deposit, bills, demand notes and accounts receivable, prepaid expenses,dividends and interests matured but not yet received shall be valued at the par-value of the assets, except if itappears that such value is unlikely to be received. In such a case, subject to the approval of the Board ofDirectors, the value shall be determined by deducting a certain amount to reflect the true value of the assets.

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ARCIPELAGOS SICAV


NOTE 3 - EXCHANGE RATES

The exchange rates used for the conversion into EUR of assets and liabilities as at September 30, 2016 areas follows:

1 EUR = 1.476955 CAD 1 EUR = 8.981777 NOK1 EUR = 1.089412 CHF 1 EUR = 9.628005 SEK1 EUR = 7.446231 DKK 1 EUR = 3.372182 TRY1 EUR = 0.865127 GBP 1 EUR = 1.123800 USD1 EUR = 8.716155 HKD 1 EUR = 15.453583 ZAR1 EUR = 113.801610 JPY

NOTE 4 - COMMISSIONS ON ISSUE, CONVERSION AND REPURCHASE OF COMPANY’S SHARES

Shares of each sub-fund are issued at a price corresponding to the net asset value per share to which a salecharge of up to 3% may be added.

Shareholders may ask to convert all or part of their shares into shares of another sub-fund at a price corre-sponding to the net asset value per share of the relevant sub-fund without conversion fee.

A shareholder of any sub-fund is entitled at any time, to have its shares repurchased by the Company, at itsrequest, at the net asset value per share of the relevant sub-fund without repurchase fee.

NOTE 5 - MANAGEMENT FEES

Under the terms of the agreement entered into by the Company with its Management Company, the Companypays management fees in percentage of the total net assets per annum as follows:

Sub-fund Currency SharesCategories

SharesClasses

Management Fee

ARCIPELAGOS SICAV – Dynamic Multistrategy EUR Retail Capitalisation 1.50%

ARCIPELAGOS SICAV – Global Opportunity EUR Retail Capitalisation 1.50%EUR Institutional Capitalisation 1.00%

ARCIPELAGOS SICAV – Taurus ATFFAutomatic Trading Fund of Funds (1)

EUR Retail Capitalisation 1.40%

ARCIPELAGOS SICAV – Opera Prima (2) EUR Retail Capitalisation 1.50%

ARCIPELAGOS SICAV – Global Professional EUR Retail Capitalisation 2.00%

ARCIPELAGOS SICAV – Rainbow EUR Retail Capitalisation 1.50%

(1) Liquidated as at July 4, 2016(2) Liquidated as at March 31, 2016

With regards to the investments in the units/shares of other UCITS and/or other UCIs that are managed by thesame Management Company, no subscription/redemption fees are charged on such transactions.

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ARCIPELAGOS SICAV


NOTE 5 - MANAGEMENT FEES (continued)

With regards to sub-funds investing a substantial proportion of their assets in investment funds, the InvestmentManager shall ensure that in respect of the Company investments in UCITS and/or other UCIs, linked to theCompany, the total management fee (excluding any performance fee, if any) charged to the Company and eachof the UCITS and /or other UCIs in which it invests, shall not exceed the following percentages of the relevant netassets under management, as per Art. 46(3) of the amended Law of December 17, 2010 relating to Undertakingsfor Collective Investment:

ARCIPELAGOS SICAV - Global Professional 2.25%ARCIPELAGOS SICAV - Rainbow 3.00%

NOTE 6 - PERFORMANCE FEES

In addition, under the terms of the agreement entered into by the Company with its Management Company, theCompany pays performance fees as follows:

Sub-fund Currency Performance fee

ARCIPELAGOS SICAV – Dynamic Multistrategy EUR none.

ARCIPELAGOS SICAV – Global Opportunity EUR 15% of the net increase as a result of operations ofeach quarter.

ARCIPELAGOS SICAV – Taurus ATFFAutomatic Trading Fund of Funds (1)

EUR 15% of the net increase as a result of operations ofeach quarter.

ARCIPELAGOS SICAV – Opera Prima (2) EUR none.

ARCIPELAGOS SICAV – Global Professional EUR 30% of the net increase as a result of operations ofeach quarter.

ARCIPELAGOS SICAV – Rainbow EUR 10% of the annual performance calculated on thebasis of the performance of the Net asset value pershare, before deduction of the performance fee,and of the performance of the Benchmark Index(Euribor 3 months) in the same period.

(1) Liquidated as at July 4, 2016(2) Liquidated as at March 31, 2016

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ARCIPELAGOS SICAV


NOTE 6 - PERFORMANCE FEES (continued)

For all sub-funds (except ARCIPELAGOS SICAV – Rainbow) the performance fee is based on the follow-ing formula:

Performance Fee Amount (d) = (NAV BPF(d) / HWMA PS(d)) * PF% * Base AmountWhere:HWMA PS (d) = HighWaterMark adjusted Per Share of the day**

HWMA PS (d) = ((((HWMA PS(d-1) * Out(d-1)) + (Sub(d) * NAV APF(d-1)) - (Red(d) * HWMA PS(d-1))) / Out D)

Out (d) = Outstanding shares of the daySub (d) = Number of shares subscribed of the dayRed (d) = Number of shares redeemed of the dayNAV APF (d-1) = NAV / Share after performance fee (published) of the previous dayNAV BPF (d) = NAV / Share of the day before performance fee increased by the cumulated dividend distributed /share within the period.PF% = performance fee rate in %

**the HighWaterMark is adjusted every day.The starting point of the HWM adjusted will be the inception NAV / Share. However, if a performance fee isrecorded at the end of any payment period, the new calculation basis of the HWM adjusted will be the NAV /Share after performance fees on which a performance fee has been paid.

The performance fee will be paid after the end of each quarter; however a provision for the accrued performancefee, if any, is made at each calculation of the Net Asset Value of the portfolio.

A negative balance in any given quarter is to be carried forward and no performance fee will be due until allnegative balances carried forward have been eliminated (highwatermark).

In the event that a shareholder redeems shares prior to the end of the performance period, any accrued butunpaid performance fee in respect of such shares will be crystallized and paid at the end of the relevant period.

The Sub-fund ARCIPELAGOS SICAV – Rainbow will pay a performance fee of 10% of the annual performancecalculated on the basis of the performance of the Net asset value per Share, before deduction of the performancefee, and of the performance of the Benchmark Index (Euribor 3 months) in the same period.Such performance fee is levied only in case:- the sub-fund return is positive;- the sub-fund performance is greater than the Benchmark performance in the same period.The calculated percentage of performance is applied to the lower between the last available Net Asset Value ofthe sub-fund and the average Net Asset Value of the sub-fund calculated over the period.The performance fee will be calculated daily and it will be payable at the end of each Calendar Year.In the event that a shareholder redeems shares prior to the end of the performance period, any accrued butunpaid performance fee in respect of such shares will be crystallized and paid at the end of the relevant period.

NOTE 7 - SUBSCRIPTION TAX

Under legislation and regulations currently prevailing in Luxembourg, the Company is liable to a Subscription Tax("Taxe d’abonnement") at the annual rate of 0.05% on retail classes and 0.01% on institutional classes. This taxis payable quarterly and calculated on the basis of the Company’s net assets at the end of the relevant quarter.Pursuant to Article 175 (a) of the amended Law of December 17, 2010, the net assets invested in Undertakingsfor Collective Investment already subject to the subscription tax are exempt from this tax.

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ARCIPELAGOS SICAV


NOTE 8 - FUTURES CONTRACTS

As at September 30, 2016, the following futures contracts and the corresponding unrealised resultsare outstanding:

ARCIPELAGOS SICAV - Global Opportunity

Description Type Numberof

contracts

MaturityDate

Currency Underlyingexposure(absolute

commitment)

Counterpartyexposure

Unrealised(loss)

(in EUR)

EURO STOXX 50 PR Short (66) 12/16 EUR (1,983,240.60) 0.00% (9,900.00)(9,900.00)

ARCIPELAGOS SICAV - Global Professional


contracts

MaturityDate


commitment)


Unrealisedgain

(in EUR)

EURO STOXX 50 PR Long 13 12/16 EUR 390,638.30 0.07% 9,620.009,620.00

ARCIPELAGOS SICAV - Rainbow


contracts

MaturityDate


commitment)


Unrealised(loss)

(in EUR)

EURO STOXX 50 PR Short (6) 12/16 EUR (180,294.60) 0.00% (1,260.00)(1,260.00)

The unrealised gain/(loss) is recorded in the Statement of Net Assets of the respective sub-funds. All futurescontracts were conducted with the counterparty JP Morgan.

No collateral has been received in relation with the futures contracts. Related cash balances held as marginagainst the above unrealised gain positions are included in margin deposit with broker.

NOTE 9 - FORWARD FOREIGN EXCHANGE CONTRACTS

As at September 30, 2016, the following forward foreign exchange contracts and the corresponding unrealisedresults are outstanding:

ARCIPELAGOS SICAV - Global Opportunity

Maturity Currency Purchase Currency Sales Unrealised gain(in EUR)

01/12/2016 EUR 1,329,910.26 GBP 1,150,000.00 2,567.902,567.90

The unrealised gain/(loss) is recorded in the Statement of Net Assets of the sub-fund.

The above forward foreign exchange contracts were conducted with the counterparty RBC IS Bank Luxembourg.

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NOTE 10 - OPTIONS CONTRACTS

At the closing date the following options contracts are outstanding:

ARCIPELAGOS SICAV - Dynamic Multistrategy

Type Quantity Denomination Date Strike CurrencyCommitmentin currency

BaseCurrency

Commitmentin EUR

Short (20) CALL ROYALDUTCH SHELLPLC-A-

16/12/2016 22.00 EUR 22,658 EUR 22,658

Short (8) CALL VINCI 16/12/2016 68.00 EUR 28,992 EUR 28,992

Short (7) CALL MICRO-SOFT CORP

21/04/2017 57.50 USD 21,168 EUR 18,836

Short (7) CALL SANOFI 16/12/2016 70.00 EUR 29,308 EUR 29,308

Short (5) CALL APPLE INC 16/12/2016 115.00 USD 25,436 EUR 22,634

Short (2) CALL ADIDAS AG 16/12/2016 160.00 EUR 11,031 EUR 11,031

EUR 133,459

All options contracts were conducted with the counterparty JP Morgan.

NOTE 11 - CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO

A copy of the changes in the composition of the securities portfolio of each sub-fund for the year endedSeptember 30, 2016, is available free of charge at the Company’s Registered Office.

NOTE 12 - SUB-ADMINISTRATIVE, SUB-REGISTRAR AGENT, DOMICILIARY AGENT AND COM-PLIANCE FEES

In remuneration of its services, the Sub-Administrative Agent of the Company, receives an administration fee setas a maximum of 0.15% per annum per sub-fund, with a minimum of EUR 30,000 and EUR 5,000 for anyadditional class of shares. This fee is calculated on the net assets of each sub-fund.

Fees related to the activity of the Sub-Registrar Agent are paid by the Company, from time to time, as they canchange based on the number of the executed transactions.

As remuneration for its services, the Domiciliary Agent receives from the Company an annual fee of EUR 5,000plus EUR 1,000 per year per sub-fund.

The remuneration for the Compliance services is EUR 5,000 per year and per sub-fund.

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NOTE 13 - CUSTODIAN AND SUB-CUSTODIAN FEES

RBC Investor Services Bank S.A. has been appointed as Custodian Bank. In consideration for its services, it isentitled to receive out of the assets of the sub-funds the following fees:

Net assets Custodian feeEUR 1 - EUR 1 Billion 2.5 basis points per annum (excluding sub-cus-

tody fees)EUR 1 Billion - EUR 3 Billion 2.125 basis points per annumOver EUR 3 Billion 1.625 basis points per annum

Net assets Supervisory feeEUR 1 - EUR 1 Billion 0.5 basis points per annumOver EUR 1 Billion 0.375 basis points per annum

These supervisory custody charges are subject to a 17% VAT.

No minimum is applied. However if the Global Safekeeping Custody Charges added to the Global SupervisoryCustody charges are below (EUR 5,000 x number of sub-fund), RBC Investor Services Bank S.A. will charge thisGlobal minimum amount.

The Global Custody minimum amount is allocated proportionally to the weight of each sub-fund into the com-bined net asset value (percentage reviewed on a monthly basis).

Both fees are calculated on a monthly basis, on the monthly average net asset value of the month of thesub-funds.

NOTE 14 - TRAILER FEES

Trailer fees are paid to the Company by the target funds in which the Company invests.

NOTE 15 - TRANSACTION COSTS

For the year/period ended September 30, 2016 the following sub-funds of the Company incurred transactioncosts relating to purchase or sale of transferable securities, money market instruments, derivatives or othereligible assets as follows:

EURARCIPELAGOS SICAV - Dynamic Multistrategy 10,999.57ARCIPELAGOS SICAV - Global Opportunity 22,429.97ARCIPELAGOS SICAV - Taurus ATFF Automatic Trading Fund of Funds (1) 1,683.05ARCIPELAGOS SICAV - Opera Prima (2) 1,277.16ARCIPELAGOS SICAV - Global Professional 1,849.49ARCIPELAGOS SICAV - Rainbow 13,632.73

51,871.97(1) Liquidated as at July 4, 2016(2) Liquidated as at March 31, 2016

These transaction costs are composed of brokerage costs and are included in the cost of securities.

For Bonds, transaction costs are included in the spread.

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NOTE 15 - TRANSACTION COSTS (continued)

The transaction amounts included under the heading "Transaction fees" in the "Statement of Operations andChanges in Net Assets" are composed of contractual fees for the processing of transactions and are not includedin the table above.

NOTE 16 - RELATED PARTIES TRANSACTIONS

All transactions with related parties were entered into the ordinary course of business and under normal com-mercial terms.

Lemanik Asset Management S.A. is the Management Company of the Company and serves as itsmain distributor.

Lemanik S.A., a Swiss Asset Management Company, is the Investment Manager of the Company.

NOTE 17 - EVENTS OCCURED DURING THE YEAR

The Board of Directors has decided to liquidate the sub-fund ARCIPELAGOS SICAV - Taurus ATFF AutomaticTrading Fund of Funds with effect on July 4, 2016.

The Board of Directors has decided to liquidate the sub-fund ARCIPELAGOS SICAV - Opera Prima with effect onMarch 31, 2016.

NOTE 18 - GLOBAL EXPOSURE AND REMUNERATION POLICY

As required by the CSSF Circular 11/512, the Board of Directors of the Company must determine the Companyrisk management method, using either the commitment approach or the VaR approach. The Board of Directors ofthe Company has chosen to adopt the commitment approach as the method for determining overall risk for all thesub-funds of the Company.

The Management Company has approved and adopted a UCITS V Remuneration Policy Statement in con-junction with the remuneration policy of the Company. In accordance with the European Securities and MarketsAuthority (ESMA) Guidelines, the UCITS V Remuneration requirements have come into effect on March 18,2016. However it will be reported for the first time on September 30, 2017 following the first performance period ofthe Management Company in which it has to comply with articles 14a and 14b of the Directive.

NOTE 19 - SUBSEQUENT EVENTS

The Board of Directors of Planetarium Fund and Arcipelagos Sicav decided on November 18, 2016, to mergePlanetarium Fund - Queluz LatAm Bonds Fund ("Merging sub-fund") and Arcipelagos Sicav ("Receivingsub-fund") on December 30, 2016 ("the Effective Date").

The Receiving sub-fund has been launched by absorbing the Merging sub-fund on the Effective Date.

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