ESPERIA FUNDS SICAV (previously DUEMME SICAV) Société d’Investissement à Capital Variable R.C.S Luxembourg N° B 65.834 Annual Report and audited financial statements as at June 30, 2016 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest available annual report and a copy of the latest available semi-annual report, if published after such annual report. ESPERIA FUNDS SICAV (previously DUEMME SICAV) Table of Contents Organisation ............................................................................................................................................ 5 General Information ................................................................................................................................ 6 Directors’ report ...................................................................................................................................... 8 Independent Auditor’s Report .............................................................................................................. 16 Combined Statement of Net Assets as at June 30, 2016 ...................................................................... 17 Statement of Net Asset as at June 30, 2016 ......................................................................................... 18 Combined Statement of Operations and Changes in Net Assets for the year ended June 30, 2016.... 24 Statement of Operations and Changes in Net Assets for the year ended June 30, 2016 ..................... 25 Statement of changes in the number of shares for the year ended June 30, 2016 .............................. 31 Statistics ................................................................................................................................................ 33 Bond Euro (in EUR) ................................................................................................................................ 37 Securities Portfolio as at June 30, 2016 ................................................................................................ 37 Portfolio Breakdowns ............................................................................................................................ 38 Top Ten Holdings ................................................................................................................................... 38 Euro Equities (in EUR) ............................................................................................................................ 39 Securities Portfolio as at June 30, 2016 ................................................................................................ 39 Portfolio Breakdowns ............................................................................................................................ 42 Top Ten Holdings ................................................................................................................................... 42 Corporate Bond Euro (in EUR) ............................................................................................................... 43 Securities Portfolio as at June 30, 2016 ................................................................................................ 43 Portfolio breakdowns ............................................................................................................................ 48 Top Ten Holdings ................................................................................................................................... 48 Private Equity Strategies (in EUR) ......................................................................................................... 49 Securities Portfolio as at June 30, 2016 ................................................................................................ 49 Portfolio breakdowns ............................................................................................................................ 51 Top Ten Holdings ................................................................................................................................... 51 Real Estate (in EUR) ............................................................................................................................... 52 Securities Portfolio as at June 30, 2016 ................................................................................................ 52 Portfolio breakdowns ............................................................................................................................ 58 Top Ten Holdings ................................................................................................................................... 58 Money Market (in EUR) ......................................................................................................................... 59 Securities Portfolio as at June 30, 2016 ................................................................................................ 59 Portfolio breakdowns ............................................................................................................................ 60 Top Ten Holdings ................................................................................................................................... 60 2 ESPERIA FUNDS SICAV (previously DUEMME SICAV) Commodities (in EUR) ........................................................................................................................... 61 Securities Portfolio as at June 30, 2016 ................................................................................................ 61 Portfolio breakdowns ............................................................................................................................ 64 Top Ten Holdings ................................................................................................................................... 64 World Investment Companies (in EUR) ................................................................................................. 65 Securities Portfolio as at June 30, 2016 ................................................................................................ 65 Portfolio breakdowns ............................................................................................................................ 68 Top Ten Holdings ................................................................................................................................... 68 Total Return (in EUR) ............................................................................................................................. 69 Securities Portfolio as at June 30, 2016 ................................................................................................ 69 Portfolio breakdowns ............................................................................................................................ 70 Top Ten Holdings ................................................................................................................................... 70 Strategic Portfolio (in EUR) .................................................................................................................... 71 Securities Portfolio as at June 30, 2016 ................................................................................................ 71 Portfolio breakdowns ............................................................................................................................ 73 Top Ten Holdings ................................................................................................................................... 73 C-Quadrat Euro Investments Plus (in EUR) ........................................................................................... 74 Securities Portfolio as at June 30, 2016 ................................................................................................ 74 Portfolio breakdowns ............................................................................................................................ 77 Top Ten Holdings ................................................................................................................................... 77 Systematic Diversification (in EUR) ....................................................................................................... 78 Securities Portfolio as at June 30, 2016 ................................................................................................ 78 Portfolio breakdowns ............................................................................................................................ 84 Top Ten Holdings ................................................................................................................................... 84 C-Quadrat Global Convertible Plus (in EUR) .......................................................................................... 85 Securities Portfolio as at June 30, 2016 ................................................................................................ 85 Portfolio breakdowns ............................................................................................................................ 88 Top Ten Holdings ..................................................................................................................................