ARCIPELAGOS SICAV

Société d’Investissement à Capital Variable

(Registre de Commerce et des Sociétés
Luxembourg N˚ B 98.520)

Unaudited semi-annual report

as at March 31, 2020

This report does not constitute an offer or invitation to subscribe or purchase shares in this
Company. 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, including audited financial statements and the most recent semi-annual report if
published thereafter.
 ARCIPELAGOS SICAV

TABLE OF CONTENTS

ORGANISATION OF THE COMPANY .............................................................................................................. 3

COMBINED STATEMENT OF NET ASSETS .................................................................................................... 5

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ................................................. 6

ARCIPELAGOS SICAV - SUSTAINABILITY MULTISTRATEGY ........................................................................ 7

Statement of Net Assets ........................................................................................................................ 7

Statement of Operations and Changes in Net Assets ............................................................................... 8
Changes in the Number of Shares .......................................................................................................... 9
Statistics .............................................................................................................................................. 9
Statement of Investments and Other Net Assets ...................................................................................... 10
Industrial Classification of Investments .................................................................................................... 13
Geographical Classification of Investments ............................................................................................. 14
ARCIPELAGOS SICAV - GLOBAL PROFESSIONAL........................................................................................ 15

Statement of Net Assets ........................................................................................................................ 15

Statement of Operations and Changes in Net Assets ............................................................................... 16
Changes in the Number of Shares .......................................................................................................... 17
Statistics .............................................................................................................................................. 17
Statement of Investments and Other Net Assets ...................................................................................... 18
Industrial Classification of Investments .................................................................................................... 19
Geographical Classification of Investments ............................................................................................. 20
NOTES TO THE FINANCIAL STATEMENTS .................................................................................................... 21

ADDITIONAL INFORMATION ......................................................................................................................... 29

 ARCIPELAGOS SICAV

ORGANISATION OF THE COMPANY

BOARD OF DIRECTORS OF THE COMPANY

Chairman

Mr Carlo SAGRAMOSO
Lemanik S.A.
2A, Via Trevano
CH-6900 Lugano, Switzerland
Directors
Mr Giuseppe ROSNATI
Lemanik S.A.
5, Via Giuseppe Bagutti
CH-6900 Lugano, Switzerland
Mr Gianluigi SAGRAMOSO
Lemanik S.A.
2A, Via Trevano
CH-6900 Lugano, Switzerland
Mr Eric CHINCHON
ME Business Solutions S.à r.l.
16, Rue Jean-Pierre Brasseur
L-1258 Luxembourg, Grand Duchy of Luxembourg
REGISTERED OFFICE

106, Route d’Arlon

L-8210 Mamer, Grand Duchy of Luxembourg
MANAGEMENT COMPANY

Lemanik Asset Management S.A.

106, Route d’Arlon
L-8210 Mamer, Grand Duchy of Luxembourg
DEPOSITARY BANK AND PAYING AGENT

RBC Investor Services Bank S.A.

14, Porte de France
L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg
DOMICILIARY AGENT

Lemanik Asset Management S.A.

106, Route d’Arlon
L-8210 Mamer, Grand Duchy of Luxembourg
SUB-ADMINISTRATIVE AND SUB-REGISTRAR AGENT

RBC Investor Services Bank S.A.

14, Porte de France
L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg

3
 ARCIPELAGOS SICAV

ORGANISATION OF THE COMPANY (continued)

DISTRIBUTOR

Lemanik Asset Management S.A.

106, Route d’Arlon
L-8210 Mamer, Grand Duchy of Luxembourg
CABINET DE REVISION AGREE

Deloitte Audit
Société à responsabilité limitée
20, Boulevard de Kockelscheuer
L-1821 Luxembourg, Grand Duchy of Luxembourg
INVESTMENT MANAGERS

Lemanik S.A.
5, Via Giuseppe Bagutti
CH-6900 Lugano, Switzerland
INVESTMENT ADVISORS

For the sub-fund ARCIPELAGOS SICAV - Sustainability Multistrategy

Centro Studi Monte S.A.
6, Via E. Bossi
CH-6900 Lugano, Switzerland
For the sub-fund ARCIPELAGOS SICAV - Global Professional
Ambrosetti Asset Management SIM S.p.A.
1, Via Conciliazione
22100 Como, Italy

4
ARCIPELAGOS SICAV COMBINED

STATEMENT OF NET ASSETS

AS AT MARCH 31, 2020
(in EUR)

Notes

ASSETS
Investments in securities at market value (2c) 11,520,004.40
Cash at bank (2i) 550,032.10
Receivable on subscriptions 10,787.00
Interests and dividends receivable, net (2h) 22,524.53
12,103,348.03
LIABILITIES
Short options contracts at market value (2d,9) 27,956.14
Payable on purchase of investments 37,038.37
Net unrealised loss on forward foreign exchange contracts (2d,8) 25,204.39
Management fees payable (5) 17,082.41
Taxes and expenses payable 102,134.45
209,415.76
TOTAL NET ASSETS 11,893,932.27

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

5
ARCIPELAGOS SICAV COMBINED

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE PERIOD FROM OCTOBER 1, 2019 TO MARCH 31, 2020
(in EUR)

Notes
NET ASSETS AT THE BEGINNING OF THE PERIOD 14,794,890.90

INCOME
Dividends, net (2h) 30,169.01
Bond interests, net (2h) 36,492.07
Bank interests (2h) 1,291.48
67,952.56

EXPENSES
Performance fees (6) 0.00
Management fees (5) 117,811.37
Depositary bank fees (12) 10,044.90
Sub-administrative, sub-registrar, domiciliary agent and compliance fees (11) 49,453.55
Audit and legal fees 33,371.40
Subscription tax (7) 2,424.30
Transaction fees 54,993.95
Other bank charges and correspondent fees 15,371.67
Bank interests (2h) 3,411.72
Other charges (14) 41,712.37
328,595.23

NET RESULT ON INVESTMENTS (260,642.67)

Net realised result on:

- Sales of investments (2e) 181,850.99
- Options contracts (52,567.55)
- Forward foreign exchange contracts 5,054.78
- Foreign exchange (2f) 5,129.97
NET REALISED LOSS (121,174.48)

Change in net unrealised appreciation/ (depreciation) on:

- Investments (1,354,729.04)
- Options contracts (2d) (11,594.26)
- Forward foreign exchange contracts (2d) (16,748.52)
NET DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS (1,504,246.30)

MOVEMENTS IN CAPITAL
Subscriptions of shares 89,867.70
Redemptions of shares (1,486,580.03)
NET ASSETS AT THE END OF THE PERIOD 11,893,932.27

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

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ARCIPELAGOS SICAV Sustainability Multistrategy

STATEMENT OF NET ASSETS

AS AT MARCH 31, 2020
(in EUR)

Notes

ASSETS
Investments in securities at market value (2c) 7,514,727.24
Cash at bank (2i) 489,098.82
Receivable on subscriptions 10,392.00
Interests and dividends receivable, net (2h) 22,524.53
8,036,742.59

LIABILITIES
Short options contracts at market value (2d,9) 27,956.14
Payable on purchase of investments 37,038.37
Net unrealised loss on forward foreign exchange contracts (2d,8) 25,204.39
Management fees payable (5) 10,154.90
Taxes and expenses payable 58,378.14
158,731.94
TOTAL NET ASSETS 7,878,010.65

Net Asset Value per capitalisation retail shares 52.75

Number of capitalisation retail shares 149,351.065

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

7
ARCIPELAGOS SICAV Sustainability Multistrategy

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE PERIOD FROM OCTOBER 1, 2019 TO MARCH 31, 2020
(in EUR)

Notes
NET ASSETS AT THE BEGINNING OF THE PERIOD 9,048,863.67

INCOME
Dividends, net (2h) 26,889.23
Bond interests, net (2h) 36,492.07
Bank interests (2h) 1,289.19
64,670.49

EXPENSES
Management fees (5) 66,976.09
Depositary bank fees (12) 5,283.17
Sub-administrative, sub-registrar, domiciliary agent and compliance fees (11) 25,192.48
Audit and legal fees 19,713.34
Subscription tax (7) 2,045.46
Transaction fees 27,894.37
Other bank charges and correspondent fees 3,516.10
Bank interests (2h) 1,893.49
Other charges (14) 22,935.05
175,449.55

NET RESULT ON INVESTMENTS (110,779.06)

Net realised result on:

- Sales of investments (2e) 116,662.13
- Options contracts (52,567.55)
- Forward foreign exchange contracts 5,054.35
- Foreign exchange (2f) 5,113.81
NET REALISED LOSS (36,516.32)

Change in net unrealised appreciation/ (depreciation) on:

- Investments (902,404.74)
- Options contracts (2d) (11,594.26)
- Forward foreign exchange contracts (2d) (16,748.52)
NET DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS (967,263.84)

MOVEMENTS IN CAPITAL
Subscriptions of shares 47,656.58
Redemptions of shares (251,245.76)
NET ASSETS AT THE END OF THE PERIOD 7,878,010.65

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

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ARCIPELAGOS SICAV Sustainability Multistrategy

CHANGES IN THE NUMBER OF SHARES

FOR THE PERIOD FROM OCTOBER 1, 2019 TO MARCH 31, 2020
(in EUR)

Capitalisation
retail
shares

Shares outstanding at the beginning of the period 152,639.144

Subscriptions of shares 865.065
Redemptions of shares (4,153.144)
Shares outstanding at the end of the period 149,351.065

STATISTICS

Number of Net Assets Net Asset

capitalisation Value per
retail shares capitalisation
outstanding retail shares
Date
(in EUR) (in EUR)

30.09.2018 154,480.826 8,984,256.22 58.16

30.09.2019 152,639.144 9,048,863.67 59.28

31.03.2020 149,351.065 7,878,010.65 52.75

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

9
ARCIPELAGOS SICAV Sustainability Multistrategy

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS

AS AT MARCH 31, 2020
(in EUR)

Currency Quantity Description Cost Market % Net

value Assets

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another
regulated market

Bonds
USD 100,000 ADB 1.875% 17-10.08.22 91,654.40 93,962.18 1.19%
EUR 100,000 AIR FRANCE 1.875% 20-16.01.25 REGS 100,040.00 80,937.00 1.03%
EUR 200,000 APPLE INC 1% 14-10.11.22 207,606.00 202,506.00 2.57%
USD 200,000 BMO FRN 17-11.09.22 170,562.76 176,761.90 2.24%
EUR 100,000 BNPP 1% 18-17.04.24 103,548.00 97,045.00 1.23%
USD 100,000 BOA 3.499% 18-17.05.22 92,361.96 93,023.47 1.18%
EUR 100,000 BPCM 1.117% 16-25.01.24 100,000.00 99,363.00 1.26%
EUR 100,000 CHILE 0.83% 19-02.07.31 101,500.00 89,811.00 1.14%
EUR 150,000 COCA-COLA E 0.75% 16-24.02.22 149,899.50 149,644.50 1.90%
EUR 100,000 FIAT FT 4.75% 14-22.03.21 100,000.00 100,496.00 1.28%
EUR 100,000 FRESENIUS M 0.25% 19-29.11.23 99,901.00 97,195.00 1.23%
EUR 100,000 GENERAL MTR 0.85% 26.02.26 REGS 99,802.00 71,571.00 0.91%
EUR 60,000 IBRD 0.625% 18-22.11.27 63,842.25 63,517.80 0.81%
EUR 100,000 INTESA SAN 2.125% 18-30.08.23 99,869.00 99,072.00 1.26%
EUR 300,000 MICROSOFT 2.125% 13-06.12.21 317,889.00 307,578.00 3.91%
USD 100,000 NISSAN MOT 2.15% 17-28.09.20 84,185.87 89,502.53 1.14%
EUR 60,000 NRW BK 0.375% 16-17.11.26 62,400.75 61,989.00 0.79%
USD 100,000 QUALCOMM FRN 17-30.01.23 80,762.69 86,845.19 1.10%
EUR 100,000 SPAIN 4.4% 13-31.10.23 124,634.50 115,479.00 1.47%
EUR 200,000 UBS GROUP F FRN 17-20.09.22 REGS 202,178.00 193,266.00 2.45%
USD 200,000 UBS LN FRN 17-01.12.20 167,342.71 181,008.89 2.30%
EUR 200,000 UNICREDIT 9.25% 16-PERP REGS 213,980.00 189,372.00 2.40%
USD 70,000 US TREAS 2.625% 19-15.02.29 /TBO 62,192.26 74,705.94 0.95%
USD 100,000 USA 1.5% 17-15.07.20 /TBO 84,351.54 91,517.86 1.16%
EUR 100,000 VW INTL FIN 3.875% 17-PERP 100,000.00 86,936.00 1.10%
USD 100,000 WELLS FARGO FRN 16-31.10.23 82,143.15 86,970.15 1.10%
Total - Bonds 3,162,647.34 3,080,076.41 39.10%

Equities
CHF 2,250 ABB 38,128.46 36,039.60 0.46%
CHF 550 ADECCO /ACT. NOM. 28,260.77 19,758.97 0.25%
EUR 330 AIR LIQUIDE 33,786.13 38,494.50 0.49%
EUR 400 ALLIANZ SE /NAM. VINKULIERT 68,530.09 62,752.00 0.80%
USD 45 ALPHABET INC -A- 40,619.59 47,653.45 0.60%
EUR 1,500 ALSTOM 57,087.47 57,210.00 0.73%
USD 45 AMAZON COM INC 67,698.82 79,961.18 1.01%
USD 160 APPLE INC 27,746.82 37,080.34 0.47%
EUR 1,850 AXA 42,968.31 29,207.80 0.37%
USD 1,500 BANK OF AMERICA CORP 30,585.95 29,022.56 0.37%
EUR 150 BEIERSDORF A.G. 15,637.19 13,884.00 0.18%
USD 335 BERKSHIRE HATHAWAY -B 41,880.94 55,819.59 0.71%
USD 300 BEYOND MEAT INC 28,337.05 18,209.16 0.23%
USD 60 BLACKROCK INC 24,814.95 24,058.51 0.31%
EUR 400 BMW-BAYER. MOTORENWERKE 34,459.10 18,846.00 0.24%
EUR 745 BNP PARIBAS 41,326.05 20,494.95 0.26%
GBP 836 CARNIVAL PLC 41,056.90 9,271.51 0.12%
USD 350 CATERPILLAR INC. 40,736.14 37,014.35 0.47%
USD 400 CHEVRON CORPORATION 38,747.75 26,415.13 0.34%
USD 1,000 CISCO SYSTEMS INC. 39,734.95 35,825.93 0.45%
USD 1,000 COCA-COLA CO. 39,451.09 40,328.09 0.51%

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

10
ARCIPELAGOS SICAV Sustainability Multistrategy

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)

AS AT MARCH 31, 2020
(in EUR)

Currency Quantity Description Cost Market % Net

value Assets

USD 100 CUMMINS INC 13,557.24 12,332.65 0.16%

EUR 650 DAIMLER AG /NAMEN -AKT. 34,389.57 17,888.00 0.23%
EUR 700 DEUTSCHE POST AG. BONN 19,843.95 17,342.50 0.22%
EUR 3,000 DEUTSCHE TELEKOM /NAM. 43,681.21 35,442.00 0.45%
EUR 8,000 ENEL 37,355.70 50,712.00 0.64%
EUR 500 FRESENIUS MEDICAL CARE AG 32,683.67 30,100.00 0.38%
EUR 3,500 GALP ENERGIA SGPS SA -B- SHRS 47,871.26 36,382.50 0.46%
USD 3,200 GENERAL ELECTRIC CO 66,587.61 23,156.07 0.29%
CHF 16 GIVAUDAN SA /REG. 38,239.71 45,137.52 0.57%
EUR 800 GROUPE DANONE 60,202.02 46,912.00 0.60%
EUR 30 HERMES INTERNATIONAL 20,030.28 18,864.00 0.24%
USD 110 HOME DEPOT INC. 22,252.14 18,717.79 0.24%
USD 500 IBM CORP 61,437.99 50,549.10 0.64%
EUR 1,000 INDITEX 26,607.98 23,660.00 0.30%
EUR 1,530 INFINEON TECHNOLOGIES /NAM. 28,067.04 20,547.90 0.26%
EUR 34,130 INTESA SANPAOLO SPA 74,921.41 50,799.09 0.64%
USD 400 JPMORGAN CHASE & CO 37,083.11 32,820.23 0.42%
EUR 150 KONINKLIJKE DSM NV 17,195.16 15,525.00 0.20%
CHF 850 LAFARGEHOLCIM LTD /NAM. 37,187.25 28,310.79 0.36%
EUR 1,300 LAGARDERE SCA /NOM. 32,662.66 14,950.00 0.19%
EUR 115 LVMH MOET HENNESSY 32,126.16 38,921.75 0.49%
USD 230 MERCK 17,578.99 16,127.77 0.20%
EUR 400 MICHELIN B /NOM. 47,972.08 32,424.00 0.41%
USD 1,200 MICROSOFT CORP 75,434.77 172,478.47 2.19%
USD 550 MONDELEZ INTERNATIONAL INC WI 26,413.09 25,102.76 0.32%
GBP 2,022 MONDI PLC 40,014.32 31,555.37 0.40%
CHF 550 NESTLE /ACT NOM 37,178.67 51,521.48 0.65%
EUR 15,000 NOKIA OY 65,312.88 43,035.00 0.55%
CHF 600 NOVARTIS AG BASEL /NAM. 45,819.51 45,128.10 0.57%
EUR 3,500 ORANGE 46,264.67 38,972.50 0.49%
DKK 500 ORSTED 40,314.25 44,651.99 0.57%
GBP 1,000 RECKITT BENCKISER GROUP PLC 72,426.13 69,498.20 0.88%
CHF 100 ROCHE HOLDING AG /GENUSSSCHEIN 23,657.30 29,581.46 0.38%
EUR 5,229 ROYAL DUTCH PLC -A- 135,026.07 85,222.24 1.08%
EUR 500 RWE AG (NEU). ESSEN A 12,648.79 11,980.00 0.15%
EUR 1,000 SAINT-GOBAIN 47,892.49 22,165.00 0.28%
USD 150 SALESFORCE COM INC 20,400.54 19,682.84 0.25%
USD 30 SAMSUNG EL. /SP. GDR (1/2VOT144A) 26,567.68 26,603.97 0.34%
EUR 250 SANOFI 19,110.33 20,035.00 0.25%
EUR 360 SAP AG 32,060.64 37,008.00 0.47%
CHF 130 SCHINDLER HOLDING /PARTIC 23,781.62 26,008.70 0.33%
EUR 150 SCHNEIDER ELECTRIC SE 14,553.05 11,787.00 0.15%
CHF 10 SGS SA /NOM. 22,686.18 21,118.18 0.27%
EUR 1,000 SIEM GAM REN EN --- BEARER SHS 15,516.35 13,730.00 0.17%
EUR 600 SIEMENS AG /NAM. 74,235.41 46,482.00 0.59%
CHF 40 SONOVA HOLDING AG /NOM. 9,150.17 6,570.94 0.08%
EUR 5,000 TERNA- RETE ELETTRICA NAZIONALE 24,048.00 28,850.00 0.37%
USD 900 THE KRAFT HEINZ COMPANY 42,408.84 20,292.55 0.26%
CHF 4,950 UBS GROUP AG 67,354.49 42,177.68 0.54%
EUR 397 UNIBAIL RODAMCO WESTFIELD /REIT 82,557.41 20,469.32 0.26%
EUR 1,000 UNILEVER NV 47,478.11 44,805.00 0.57%
EUR 1,100 VALEO SA 67,006.83 16,775.00 0.21%
EUR 2,200 VEOLIA ENVIRONNEMENT 49,998.58 42,845.00 0.54%
USD 1,800 VERIZON COMMUNICATIONS INC 89,724.28 88,142.17 1.12%

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

11
 ARCIPELAGOS SICAV Sustainability Multistrategy

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued)

AS AT MARCH 31, 2020
(in EUR)

Currency Quantity Description Cost Market % Net

value Assets

EUR 600 VINCI 49,634.26 45,240.00 0.57%

USD 250 VISA INC -A 30,405.47 36,709.96 0.47%
USD 300 WALT DISNEY 29,591.63 26,411.48 0.34%
USD 300 WASTE MANAGEMENT INC 30,210.66 25,306.90 0.32%
USD 560 WELLS FARGO & CO 25,493.31 14,647.53 0.19%
Total - Equities 3,233,505.49 2,767,562.07 35.13%
Total - Transferable securities and money market instruments admitted to an
official exchange listing or dealt in on another regulated market 6,396,152.83 5,847,638.48 74.23%

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

Investment Funds
USD 1,000 D INV I CORP HB-FDQH USD-DIS 91,729.51 93,269.54 1.18%
EUR 6,500 ISHARES II DJ EUR SUST SCREEN UCI 238,195.82 258,505.00 3.28%
EUR 12,500 ISHS DJ GLB SUS- ACC ETF USD 408,999.38 425,312.50 5.40%
USD 6,500 ISHS MSCI USA ETF USD /CAP 44,192.22 42,918.66 0.55%
EUR 600 LEMANIK ASIAN OPP /CAP INST EUR * 170,371.20 122,142.00 1.55%
USD 2,500 LYX /SAND EQTY SHS -I- USD /CAP 231,079.14 288,153.57 3.66%
EUR 5,000 UBS E SDBB SHS HDGD -A- EUR /CAP 52,297.50 54,260.00 0.69%
EUR 5,000 UBS ETF MS EMSR -A- USD /DIS 56,133.66 44,645.00 0.57%
CHF 10,000 UBSETFMSIMSORE-UNI -A- CHF /DIS 108,553.12 117,666.50 1.49%
Total - Investment Funds 1,401,551.55 1,446,872.77 18.37%
Total - Open-ended collective investment scheme qualifying under article 41(1)(e)
of the amended Law of December 17, 2010 1,401,551.55 1,446,872.77 18.37%

Structured Products
USD 1,600 LYXOR GOLD BULLION SECURITIES 175,057.25 220,215.99 2.79%
Total - Structured Products 175,057.25 220,215.99 2.79%

Financial Instruments

Options Contracts
EUR (4) PUT DANONE. 18/12/20 70.00 (5,880.00) (5,368.00) (0.07)%
PUT ROYAL DUTCH SHELL PLC -A-
EUR (30) 18/09/20 14.00 (4,800.00) (3,840.00) (0.05)%
CHF (50) PUT UBS GROUP AG 19/06/20 11.50 (2,467.52) (14,081.93) (0.18)%
USD (5) PUT WALT DISNEY 16/10/20 90.00 (3,214.36) (4,666.21) (0.06)%
Total - Options Contracts (16,361.88) (27,956.14) (0.36)%
Total - Financial Instruments (16,361.88) (27,956.14) (0.36)%
Total Investments (including Options
Contracts) 7,956,399.75 7,486,771.10 95.03%
Other Net Assets 391,239.55 4.97%
Total Net Assets 7,878,010.65 100.00%

*
See note 5 and note 15.

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

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ARCIPELAGOS SICAV Sustainability Multistrategy

INDUSTRIAL CLASSIFICATION OF INVESTMENTS

AS AT MARCH 31, 2020
(in %)

% of Net Assets

Investment funds 18.37%

Banks and financial institutions 14.38%
Holding and finance companies 12.59%
Internet software 7.42%
States, provinces and municipalities 4.72%
Food and distilleries 4.40%
Office equipment, computers 4.13%
News transmission 3.71%
Pharmaceuticals and cosmetics 3.27%
Electronics and electrical equipment 2.39%
Public services 2.27%
Supranational 2.00%
Petrol 1.83%
Retail 1.55%
Consumer goods 1.45%
Chemicals 1.26%
Transportation 1.25%
Construction, building material 1.21%
Insurance 1.17%
Other services 0.99%
Mechanics, machinery 0.96%
Textile 0.73%
Automobile industry 0.68%
Electronic semiconductor 0.60%
Tyres & rubber 0.41%
Forest products and paper industry 0.40%
Environmental Services & Recycling 0.32%
Real estate companies 0.26%
Graphic art, publishing 0.19%
Leisure 0.12%
Total 95.03%

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

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ARCIPELAGOS SICAV Sustainability Multistrategy

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS

(BY DOMICILE OF THE ISSUER)
AS AT MARCH 31, 2020
(in %)

% of Net Assets

United States of America 27.65%

Ireland 12.89%
France 8.72%
Switzerland 8.22%
United Kingdom 7.89%
Germany 5.99%
Italy 5.31%
Luxembourg 5.27%
Jersey 2.79%
Canada 2.24%
Spain 1.94%
Netherlands 1.87%
Philippines 1.19%
Chile 1.14%
Denmark 0.57%
Finland 0.55%
Portugal 0.46%
South Korea 0.34%
Total 95.03%

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

14
ARCIPELAGOS SICAV Global Professional

STATEMENT OF NET ASSETS

AS AT MARCH 31, 2020
(in EUR)

Notes

ASSETS
Investments in securities at market value (2c) 4,005,277.16
Cash at bank (2i) 60,933.28
Receivable on subscriptions 395.00
4,066,605.44

LIABILITIES
Management fees payable (5) 6,927.51
Taxes and expenses payable 43,756.31
50,683.82
TOTAL NET ASSETS 4,015,921.62

Net Asset Value per capitalisation retail shares 82.87

Number of capitalisation retail shares 48,458.133

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

15
ARCIPELAGOS SICAV Global Professional

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE PERIOD FROM OCTOBER 1, 2019 TO MARCH 31, 2020
(in EUR)

Notes
NET ASSETS AT THE BEGINNING OF THE PERIOD 5,746,027.23

INCOME
Dividends, net (2h) 3,279.78
Bank interests (2h) 2.29
3,282.07

EXPENSES
Performance fees (6) 0.00
Management fees (5) 50,835.28
Depositary bank fees (12) 4,761.73
Sub-administrative, sub-registrar, domiciliary agent and compliance fees (11) 24,261.07
Audit and legal fees 13,658.06
Subscription tax (7) 378.84
Transaction fees 27,099.58
Other bank charges and correspondent fees 11,855.57
Bank interests (2h) 1,518.23
Other charges (14) 18,777.32
153,145.68

NET RESULT ON INVESTMENTS (149,863.61)

Net realised result on:

- Sales of investments (2e) 65,188.86
- Forward foreign exchange contracts 0.43
- Foreign exchange (2f) 16.16
NET REALISED LOSS (84,658.16)

Change in net unrealised appreciation/ (depreciation) on:

- Investments (452,324.30)
NET DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS (536,982.46)

MOVEMENTS IN CAPITAL
Subscriptions of shares 42,211.12
Redemptions of shares (1,235,334.27)
NET ASSETS AT THE END OF THE PERIOD 4,015,921.62

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

16
ARCIPELAGOS SICAV Global Professional

CHANGES IN THE NUMBER OF SHARES

FOR THE PERIOD FROM OCTOBER 1, 2019 TO MARCH 31, 2020
(in EUR)

Capitalisation
retail
shares

Shares outstanding at the beginning of the period 60,968.656

Subscriptions of shares 452.920
Redemptions of shares (12,963.443)
Shares outstanding at the end of the period 48,458.133

STATISTICS

Number of Net Assets Net Asset

capitalisation Value per
retail shares capitalisation
outstanding retail shares
Date
(in EUR) (in EUR)

30.09.2018 90,394.971 9,193,796.72 101.71

30.09.2019 60,968.656 5,746,027.23 94.25

31.03.2020 48,458.133 4,015,921.62 82.87

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

17
ARCIPELAGOS SICAV Global Professional

STATEMENT OF INVESTMENTS AND OTHER NET ASSETS

AS AT MARCH 31, 2020
(in EUR)

Currency Quantity Description Cost Market % Net

value Assets

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another
regulated market

Warrants
EUR 3,485 DB ETC IDX 2.2.6 CERT /CRUDE OIL 115,166.36 115,876.25 2.88%
Total - Warrants 115,166.36 115,876.25 2.88%
Total - Transferable securities and money market instruments admitted to an
official exchange listing or dealt in on another regulated market 115,166.36 115,876.25 2.88%

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

Investment Funds
EUR 7,078 ALESSIA VAL B-Z -I- EUR 633,177.74 662,713.14 16.50%
EUR 2,472 AM IS CAC 40 -UCITS ETF- CAP 213,652.49 160,605.84 4.00%
EUR 3,751 CB-AL SWAN BD OPP -C- CAP 449,819.92 427,163.88 10.64%
EUR 386 COMPAM FD SICAV- ACTIVE BD I 398,785.54 414,073.14 10.31%
EUR 17,352 CON DB-X HEALTH ETF -1C- USD 543,117.60 530,797.68 13.22%
EUR 1,496 INV EQQQ NASDAQ ETF EUR /CAP 260,752.80 229,815.52 5.72%
EUR 6,730 MUL LY SP500 -D EUR- 181,508.10 165,302.26 4.12%
EUR 2,511 MUL LY W UT TR AC SHS -ACC- CAP 606,960.93 547,423.11 13.63%
EUR 6,802 UBS ETF MS2035 -A- CHF /CAP 147,263.30 129,836.58 3.23%
EUR 6,386 UBS ETF MS2035E -A- EUR/CAP 112,776.76 106,735.60 2.66%
EUR 17,488 XTRA INFO TECH -1C- USD /CAP 544,751.20 514,934.16 12.82%
Total - Investment Funds 4,092,566.38 3,889,400.91 96.85%
Total - Open-ended collective investment scheme qualifying under article 41(1)(e)
of the amended Law of December 17, 2010 4,092,566.38 3,889,400.91 96.85%
Total Investments 4,207,732.74 4,005,277.16 99.73%
Other Net Assets 10,644.46 0.27%
Total Net Assets 4,015,921.62 100.00%

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

18
ARCIPELAGOS SICAV Global Professional

INDUSTRIAL CLASSIFICATION OF INVESTMENTS

AS AT MARCH 31, 2020
(in %)

% of Net Assets

Investment funds 96.85%

Holding And Finance Companies 2.88%
Total 99.73%

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

19
ARCIPELAGOS SICAV Global Professional

GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS

(BY DOMICILE OF THE ISSUER)
AS AT MARCH 31, 2020
(in %)

% of Net Assets

Luxembourg 65.09%
Ireland 31.76%
Jersey 2.88%
Total 99.73%

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

20
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

NOTE 1 - GENERAL INFORMATION

ARCIPELAGOS SICAV (the "Company") was incorporated in Luxembourg as an Undertaking for Collective
Investment in Transferable Securities ("UCITS") pursuant to both the amended Law of December 17, 2010
related to UCITS and the Law of August 10, 1915 (the "1915 Law") on commercial companies as amended. It is
subject in particular to the provisions of Part I of the amended Law of December 17, 2010, which relates
specifically to UCITS.

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

The Company’s Articles of Incorporation were published in the Mémorial C, Recueil des Sociétés et associations
(⬙Mémorial C⬙), on February 9, 2004 after having been filed with the Registre de Commerce et des Sociétés
where they may be consulted and where copies may be obtained upon payment of the applicable charges. All
amendments done after May 31, 2016 are published in the Recueil Electronique des Sociétés et Associations
("RESA").

The Company is registered in the Registre de Commerce et des Sociétés in Luxembourg under number B
98.520.

The Legal Notice has been filed with the Registre de Commerce et des Sociétés where it may be inspected and
where 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 of
September 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 the
Company pursuant to the agreement signed on June 4, 2008 between the Company and the Management
Company. The Management Company has appointed RBC Investor Services Bank S.A. (‘‘RBC’’), having its
registered office at 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg, as depositary
bank and principal paying agent (the ‘‘Depositary’’) as well as sub-administrative agent, sub-registrar and
transfer agent of the Company.

The Management Company was incorporated for an unlimited period in Luxembourg on September 1, 1993 in
the form of a Limited Liability Company (i.e., a Société Anonyme), in accordance with the 1915 Law. The deed of
incorporation of the Management Company was published in the Mémorial C, as at October 5, 1993 (Registre de
Commerce et des Sociétés of Luxembourg n˚ 44 870). The coordinated Articles of Incorporation have been
published in the Mémorial C, on October 5, 1993. All amendments done after May 31, 2016 are published in the
RESA.

The Management Company is governed by Chapter 15 of the amended Law of December 17, 2010 and in its
capacity, 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 at
June 6, 2015 and published in the Mémorial C, as at August 25, 2015.

As of March 31, 2020, the following sub-funds are active:

Sub-fund Currency

ARCIPELAGOS SICAV - Sustainability Multistrategy EUR

ARCIPELAGOS SICAV - Global Professional EUR

21
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

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 to
Undertakings for Collective Investment in Transferable Securities and generally accepted accounting principles
in Luxembourg.

b) Combined financial statements

The combined financial statements are expressed in EUR using the exchange rates prevailing as at
March 31, 2020.

The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets
are equal to the total sum of the Statement of Net Assets and the Statement of Operations and Changes in Net
Assets of each sub-fund converted into EUR, where applicable, at the exchange rates ruling as at
March 31, 2020 (please see note 3 for further information).

c) Valuation of the investments in securities

The value of transferable securities and money market instruments listed on an official Stock Exchange or dealt
in 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 securities
are dealt in on several markets, on the basis of the latest known price on the main market for such securities. If
the latest known price is not representative, the value is determined based on a reasonably foreseeable sales
price 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 stock
exchange or a regulated market operating regularly, recognised and open to the public as defined by the Laws
and regulations in force, or quoted on any other regulated market, the price is not representative of the fair
market value, the value of such assets is assessed on the basis of their foreseeable sales price estimated
prudently and in good faith by the Board of Directors of the Company.

Units of UCITS and other UCI are evaluated at their last available Net Asset Value per unit or, if such price is not
representative of the fair market value of such assets, 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 are valued at fair market value, as determined in good faith pursuant to
procedures established by the Board of Directors of the Company.

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

The liquidating value of futures and options contracts traded on exchanges or on other regulated markets is
based upon the last available settlement prices of these contracts on exchanges and regulated markets on
which the particular futures and options contracts are traded by the Company; provided that if a future or option
contract could not be liquidated on the day with respect to which Net Assets are being determined, the basis for
determining the liquidating value of such contract shall be such value as the Board of Directors of the Company
may deem fair and reasonable.

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

22
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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

The unrealised gain and loss (if any) is recorded in the Statement of Net Assets and its variation is recorded in
the Statement of Operations and Changes in Net Assets under the heading "Change in net unrealised
appreciation/ (depreciation) on futures contracts".

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

Outstanding forward foreign exchange contracts as at March 31, 2020 are disclosed in note 8 of the financial
statements. Unrealised gain and loss (if any) is recorded in the Statement of Net Assets and its variation is
recorded in the Statement of Operations and Changes in Net Assets under the heading "Change in net
unrealised appreciation/ (depreciation) on forward foreign exchange contracts".

Outstanding options contracts as at March 31, 2020 are disclosed in note 9 of the financial statements. Options
contracts at market value (if any) is recorded in the Statement of Net Assets and its variation is recorded in the
Statement of Operations and Changes in Net Assets under the heading "Change in net unrealised appreciation/
(depreciation) on options contracts".

e) Net realised result on sales of investments

The net realised result on sales of investments is calculated on the basis of the average cost of the investments
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 currencies
other than the reference currency of the respective sub-fund are converted at the exchange rates prevailing as at
March 31, 2020.

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

Resulting realised foreign exchange gain and loss is included in the Statement of Operations and Changes in
Net Assets.

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

g) Formation expenses

Costs related to the establishment of any new sub-fund are borne by such new sub-fund and amortised on a
straight line basis over a period of one year from the incorporation date of such sub-fund or over any other period
as the Board of Directors of the Company may determine, with a maximum of 5 years starting from the
incorporation 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 on
the date upon which the relevant securities are first listed as ‘‘ex-dividend’’. Income is recorded net of respective
withholding taxes, if any.

23
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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 it
appears that such value is unlikely to be received. In such a case, subject to the approval of the Board of
Directors of the Company, the value shall be determined by deducting a certain amount to reflect the true value
of the assets.

NOTE 3 - EXCHANGE RATES

The exchange rates used for the conversion into EUR of assets and liabilities as at March 31, 2020 are as
follows:

1 EUR = 1.061645 CHF

1 EUR = 7.462154 DKK
1 EUR = 0.884915 GBP
1 EUR = 1.097250 USD

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 sale
charge 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
corresponding 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 its
request, at the Net Asset Value per share of the relevant sub-fund without repurchase fee.

* This percentage could be increased up to maximum 5% of the applicable Net Asset Value, only within the
investment programmes and at discretion of the financial intermediaries involved in the marketing of the shares.

NOTE 5 - MANAGEMENT FEES

Under the terms of the agreement entered into by the Company with its Management Company, the Company
pays management fees in percentage of the total Net Assets per annum, calculated on the basis of the average
Net Assets of the past month and payable at the end of each month as follows:

Sub-fund Currency Shares Shares Management Fee

Categories Classes

ARCIPELAGOS SICAV -
Sustainability Multistrategy EUR Retail Capitalisation 1.50%

ARCIPELAGOS SICAV - Global Professional EUR Retail Capitalisation 2.00%

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

24
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

NOTE 5 - MANAGEMENT FEES (continued)

With regards to the sub-fund ARCIPELAGOS SICAV - Global Professional investing a substantial proportion of
its assets in investment funds, the Investment Manager shall ensure that in respect of the Company investments
in UCITS and/or other UCIs, managed directly or by delegation, by the same Management Company or by any
other Company with which the Management Company is linked by common management or control, the total
management fee (excluding any performance fee, if any) charged to the Company and each of the UCITS and
/or other UCIs in which it invests, shall not exceed the following percentages of the relevant Net Assets under
management, as per Art. 46(3) of the amended Law of December 17, 2010 relating to UCITS:

ARCIPELAGOS SICAV - Global Professional 2.25%

The maximum Management fee’s annual rate applied to UCITS invested by the underlying funds as at
March 31, 2020 as follows:

ARCIPELAGOS SICAV - Global Professional 1.20%

NOTE 6 - PERFORMANCE FEES

For the period ended March 31, 2020, only the sub-fund ARCIPELAGOS SICAV - Global Professional is subject
to performance fees, and paid fees based on the following formula:

Performance Fee Amount (d) = (NAV BPF(d) / HWMA PS(d)) * PF% * Base Amount
Where:
HWMA PS (d) = HighWaterMark adjusted Per Share of the day (1)
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 day

Sub (d) = Number of shares subscribed of the day
Red (d) = Number of shares redeemed of the day
NAV APF (d-1) = NAV / Share after performance fee (published) of the previous day
NAV 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 %
(1)
the HighWaterMark is adjusted every day.

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

The performance fee is paid after the end of each quarter; however a provision for the accrued performance fee,
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 is due until all negative
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 but
unpaid performance fee in respect of such shares is crystallized and paid at the end of the relevant period.

25
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

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 tax
is 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 Undertakings
for Collective Investment already subject to the subscription tax are exempt from this tax.

NOTE 8 - FORWARD FOREIGN EXCHANGE CONTRACTS

As at March 31, 2020, the following forward foreign exchange contracts and the corresponding unrealised results
are outstanding:
ARCIPELAGOS SICAV - Sustainability Multistrategy

Maturity Currency Purchase Currency Sale Unrealised

gain/(loss)
(in EUR)

02/04/2020 EUR 379,168.05 CHF 400,000.00 2,386.77

02/04/2020 CHF 400,000.00 EUR 377,721.03 (939.80)
02/04/2020 USD 1,500,000.00 EUR 1,354,268.52 12,726.92
02/04/2020 EUR 1,340,879.33 USD 1,500,000.00 (26,117.23)
16/04/2020 EUR 1,353,300.84 USD 1,500,000.00 (13,261.05)
(25,204.39)

The unrealised loss is recorded in the Statement of Net Assets of the respective sub-fund.

NOTE 9 - OPTIONS CONTRACTS

As at March 31, 2020, the following options contracts are outstanding:

ARCIPELAGOS SICAV - Sustainability Multistrategy

Commitment Commitment
Type Quantity Denomination Date Strike Currency in currency in EUR

Short (4) PUT DANONE. 18/12/2020 70.00 EUR (28,000) (28,000)

Short (30) PUT ROYAL DUTCH SHELL PLC -A- 18/09/2020 14.00 EUR (42,000) (42,000)
Short (50) PUT UBS GROUP AG 19/06/2020 11.50 CHF (57,500) (54,161)
Short (5) PUT WALT DISNEY 16/10/2020 90.00 USD (45,000) (41,012)
(165,173)

NOTE 10 - CHANGES IN THE COMPOSITION OF THE STATEMENT OF INVESTMENTS

A copy of the changes in the composition of the statement of investments of each sub-fund for the period ended
March 31, 2020, is available free of charge at the Company’s Registered Office.

NOTE 11 - SUB-ADMINISTRATIVE, SUB-REGISTRAR, DOMICILIARY AGENT AND COMPLIANCE FEES

In remuneration of its services, the Sub-Administrative Agent of the Company, receives an administration fee set
as a maximum of 0.15% per annum per sub-fund, with a minimum of EUR 30,000 and EUR 5,000 for any
additional class of shares within the sub-fund. This fee is calculated on the Net Assets of each sub-fund.

26
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

NOTE 11 - SUB-ADMINISTRATIVE, SUB-REGISTRAR, DOMICILIARY AGENT AND COMPLIANCE FEES

(continued)
Fees related to the activity of the Sub-Registrar Agent are paid by the Company, from time to time, as they can
change 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 5,000 plus EUR 1,000 per year per sub-fund.

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

NOTE 12 - DEPOSITARY BANK FEES

RBC Investor Services Bank S.A. has been appointed as Depositary Bank and Paying Agent.

The Company pays to the Depositary Bank and Paying Agent annual fees which amounts to a maximum of 2%
of the Net Asset Value per sub-fund, depending on the total Net Assets of the Company with a minimum fee per
sub-fund of EUR 8,400 and per share class of EUR 2,200 per annum. These fees are payable on a monthly
basis and do not include any transaction related fees and costs of sub-custodians or similar agents. The
Depositary Bank and Paying Agent is also entitled to be reimbursed of reasonable disbursements and out of
pocket expenses which are not included in the above mentioned fees.

The actual annual fees (maximum 2% of the Net Assets per sub-fund) applied are:

Oversight Fee Based on sub-fund level asset value:

First EUR 100 Million 1.00 bps per annum
Next EUR 400 Million 0.50 bps per annum
In excess of EUR 500 Million 0.20 bps per annum

NOTE 13 - TRAILER FEES

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

NOTE 14 - OTHER CHARGES

ARCIPELAGOS SICAV - Sustainability Multistrategy

Printing fees 12,751.74

Consulting fees 6,228.19
Stock exch.maintenance fees 1,562.50
Insurance fees 1,522.83
MLRO fees 463.07
VAT 17% 343.86
Distribution fees 62.86
22,935.05

27
 ARCIPELAGOS SICAV

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2020

NOTE 14 - OTHER CHARGES (continued)

ARCIPELAGOS SICAV - Global Professional

Printing fees 7,248.21

Consulting fees 6,228.19
Stock exch.maintenance fees 1,562.50
Insurance fees 1,522.83
Shareholder services fees 1,016.96
MLRO fees 463.05
Distribution fees 391.72
VAT 17% 343.86
18,777.32

NOTE 15 - RELATED PARTIES TRANSACTIONS

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

Lemanik Asset Management S.A. is the Management Company of the Company and serves as its principal
distributor and Domiciliary Agent.

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

As at March 31, 2020, ARCIPELAGOS SICAV - Sustainability Multistrategy sub-fund held 600 shares in Lemanik
Asian Opportunity Institutional EUR A Capitalisation.

NOTE 16 - EVENTS THATS OCCURRED DURING THE PERIOD

Impact of the COVID-19

Lemanik Asset Management S.A., as Management Company of the Company, follows daily the Net Asset
Valuation evolution, potential massive redemptions and the liquidity of the sub-funds under management.

We are constantly in contact with the CSSF regarding the exceptional reporting related to the COVID-19, and we
are closely monitoring the situation also with the Investment Advisors.

The COVID-19 should have a negative impact on the valorisations of the assets, but we are currently unable to
accurately estimate the consequences of this event. We will closely monitor the situation.

28
 ARCIPELAGOS SICAV

ADDITIONAL INFORMATION

Remuneration policies and practices

The Management Company has established and applies a remuneration policy and practices that are consistent
with, and promote, sound and effective risk management and that neither encourage risk taking which is incon-
sistent with the risk profiles, rules, the Prospectus or the Articles of Incorporation nor impair compliance with the
Management Company’s obligation to act in the best interest of the Company (the ⬙Remuneration Policy⬙).
The Remuneration Policy includes fixed and variable components of salaries and applies to those categories of
staff, including senior management, risk takers, control functions and any employee receiving total remuneration
that falls within the remuneration bracket of senior management and risk takers whose professional activities
have a material impact on the risk profiles of the Management Company, the Company or the sub-funds. Within
the Management Company, these categories of staff represent 22 persons.
The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Manage-
ment Company, the Company and the Shareholders and includes measures to avoid conflicts of interest.
In particular, the Remuneration Policy will ensure that:
a) the staff engaged in control functions are compensated in accordance with the achievement of the objectives
linked to their functions, independently of the performance of the business areas that they control;
b) the fixed and variable components of total remuneration are appropriately balanced and the fixed component
represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy
on variable remuneration components, including the possibility to pay no variable remuneration component;
c) the measurement of performance used to calculate variable remuneration components or pools of variable
remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types of
current and future risks.
The following table shows the fixed and variable remuneration in 2019 for the Identified Staff (22 persons), who
is fully or partly involved in the activities of all the funds managed by the Management Company. For the pur-
poses of the below disclosures, where portfolio management activities have been formally delegated to another
entity, the remuneration of the relevant identified staff of the delegate has been excluded, as it is not paid out by
the Management Company or by the Company.
Staff expenses split into fixed and variable remuneration
Wages and salaries
a. Fixed
b. Variable
Staff expenses broken down by categories of staff subject to UCITS V pay rules

Fixed Variable
Staff code remuneration Remuneration Total
S 1,809,599.25 327,500.00 2,137,099.25
R 713,989.33 41,000.00 754,989.33
C 538,324.58 50,500.00 588,824.58
O 0.00 0.00 0.00

S = Senior Management.
R = Risk takers, which includes staff members whose professional activities can exert material influence on
UCITS or AIFs managed by Lemanik Asset Management S.A. (“LAM”).
C = Staff engaged in control functions (other than senior management) responsible for risk management, com-
pliance, internal audit and similar functions.
O = Any other staff member receiving total remuneration that takes them into the same remuneration bracket as
senior management and risk-takers, whose professional activities have a material impact on LAM’s risk profile.
A paper copy of the summarised Remuneration Policy is available free of charge to the Shareholders upon
request.

29
 ARCIPELAGOS SICAV

ADDITIONAL INFORMATION (continued)

No material changes have been made to the Remuneration Policy.

Information concerning the Securities Financing Transaction and of Reuse disclosures
As at March 31, 2020, the Company is currently under the scope of the requirements of the Securities Financing
Transactions Regulation (Regulation (EU) 2015/2365) on transparency of securities financing transactions and
of reuse. Furthermore, no corresponding transactions were carried out during the period referring to the financial
statements.

30