ECM Credit Fund SICAV

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

ECM Credit Fund SICAV

Annual report, including Audited Financial Statements

as of 31 March 2015

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ECM Credit Fund SICAV

GENERAL INFORMATION

Management and Administration 3

Board of Directors of the Company 4

MANAGEMENT REPORT

5

REPORT OF THE REVISEUR D’ENTREPRISES AGRÉÉ

7

FINANCIAL STATEMENTS

ECM Credit Fund SICAV - COMBINED 9

ECM Credit Fund SICAV - ECM Financials Fund 12

ECM Credit Fund SICAV - ECM High Yield Fund (liquidated on 6 February 2015) 17

ECM Credit Fund SICAV - ECM Short Duration Credit Fund 21

ECM Credit Fund SICAV - ECM Absolute Return Credit Fund 28

ECM Credit Fund SICAV - ECM Dynamic Credit Fund 35

NOTES TO THE FINANCIAL STATEMENTS

43

ADDITIONAL INFORMATION (unaudited)

55

ADDITIONAL INFORMATION FOR SWISS INVESTORS (unaudited)

56

Subscriptions are only valid if made on the basis of the current offering prospectus and the Key Investor Information Document together with the last annual report or the last semi-annual report if it is more recent.

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ECM Credit Fund SICAV

Management and Administration

REGISTERED OFFICE 2-8, avenue Charles De Gaulle

L-1653 Luxembourg

Grand Duchy of Luxembourg

MANAGEMENT COMPANY Wells Fargo Asset Management Luxembourg S.A.

19, rue de Bitbourg L-1273 Luxembourg

Grand Duchy of Luxembourg (from 28 February 2015)

INVESTMENT MANAGER ECM Asset Management Limited

34 Grosvenor Street London W1K 4QU United Kingdom

CUSTODIAN, ADMINISTRATIVE, REGISTRAR CACEIS Bank Luxembourg

AND TRANSFER AND PAYING AGENT 5, Allée Scheffer

L-2520 Luxembourg

Grand Duchy of Luxembourg (until 27 February 2015)

Brown Brothers Harriman (Luxembourg) S.C.A. 2-8, avenue Charles De Gaulle

L-1653 Luxembourg

Grand Duchy of Luxembourg (from 28 February 2015)

LEGAL ADVISORS In Luxembourg

Elvinger, Hoss & Prussen 2, Place Winston Churchill BP 425

L-1340 Luxembourg

Grand Duchy of Luxembourg In United Kingdom

Paul Hastings (Europe) LLP 10, Bishops Square

8th_{floor, London E1 6EG} United Kingdom

CABINET DE REVISION AGRÉÉ Deloitte Audit

Société à responsabilité limitée 560, rue de Neudorf

L-2220 Luxembourg

Grand Duchy of Luxembourg

INFRASTRUCTURE SUPPORT MDO Services S.A.

19, rue de Bitbourg L-1273 Luxembourg

Grand Duchy of Luxembourg (until 27 February 2015)

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ECM Credit Fund SICAV

Board of Directors of the Company

CHAIRPERSON Karla M. Rabusch (from 21 February 2015)

President, Wells Fargo Funds Management, LLC

James Pope (until 20 February 2015) Chairman,

Carningli Corporation, U.S.A.

BOARD MEMBERS Michael Niedermeyer (from 21 February 2015)

Executive Vice President,

Head of Wells Fargo Asset Management, Wells Fargo & Company

Michael Hogan (from 21 February 2015) Senior Vice President,

Head of International Strategy and Business Development, Wells Fargo Funds Management, LLC

Richard Goddard (from 21 February 2015) Independent Director

Jürgen Meisch (from 21 February 2015) Independent Director

Roland Frey (until 20 February 2015) Owner,

Frey Investment & Management Advisory, Bremgarten, Bern Robert Galione (until 20 February 2015)

Chief Operating Officer,

ECM Asset Management Ltd, London Frances Hutchinson (until 31 December 2014)

Head of Corporate Strategy & Business Development, ECM Asset Management Limited, London

Yves Wagner (until 20 February 2015) Director,

MDO Services, Luxembourg

Patrick Zurstrassen (until 20 February 2015) Independent Director

Luxembourg

CONDUCTING OFFICERS Robert Galione (until 27 February 2015)

Chief Operating Officer,

ECM Asset Management Ltd, London Patrick Zurstrassen (until 27 February 2015) Independent Director

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ECM Credit Fund SICAV

ECM Credit Fund SICAV Management Report for the year ended 31 March 2015 ECM Credit Fund SICAV - ECM Financials Fund

The ECM Credit Fund SICAV - ECM Financials Fund (“EFF”) returned 4.14% net of fees over the year ended 31 March 2015.

Over the reporting period credit markets were influenced by macroeconomic themes such as introduction of quantitative easing from the European Central Bank, the beginning of discussions of interest rate increases by the United States Federal Reserve, uncertainty around United Kingdom elections and instability and possible exit of Greece from the European Union. Despite the volatile environment the strategy proved to be a resilient one throughout the periods of volatility and reported a satisfactory return for the reporting period.

The very low interest environment across international markets has intensified the hunt for yield with a focus on high yield assets. Q1 2015 new issuance was encouraging with contingent convertible issuance of USD 17 billion, continuing the trend of solid issuance levels experienced over the latest two reporting periods. The European contingent convertibles market continues to grow and establish a prominent position in the European high yield market.

The sub-fund strategy has the ability to invest in both bank and insurance sector bonds, and in the senior and subordinated levels of the capital structure. In Q1 2015, upon ECM request, investors approved increased limits for additional tier 1 contingent convertibles (up to 50%), and sub-investment grade (up to 75%). Over the reporting period, the ECM Financials Fund AUM increased from EUR 69.9 million to EUR 164.5 million.

ECM Credit Fund SICAV - ECM High Yield Fund (liquidated)

The Investment Manager made the decision to liquidate the ECM Credit Fund SICAV - ECM High Yield Fund. All asset have been sold and residual value distributed to the investor 6 February 2015.

ECM Credit Fund SICAV - ECM Short Duration Credit Fund

The ECM Credit Fund SICAV - ECM Short Duration Credit Fund (“EDC”) performed well during the year finishing 31 March 2015, generating 3.64% compared to its reference, the Iboxx Euro investment grade corporate 1-5 year bonds index that returned 3.05%.

During the year, EDC benefited from asset backed securities performance as well as non-financial corporates and financials. The themes of the portfolio for the year were: continued recovery of the asset backed securities market supported by strong technicals as the asset class continues to shrink, exposure to select cyclical sectors in recovery and corporate sectors with good visibility of cash flow and corporate strategy. In financials, EDC selectively played the recovery of peripheral spreads focusing on senior banks and select lower tier 2 positions.

What worked less well than expected this year was exposure to sterling credit. A mitigating factor was that EDC’s exposure remained in the short to medium part of the curve that performed more in line with Euro denominated credit. Another slight disappointment was performance in additional tier 1 contingent capital during the year as the asset class traded with the vagaries of the equity markets. Performance was more stable in tier 2 contingent capital, our preferred sector.

Over the next 12 months, we expect a continuation of subdued growth and inflation pressures. The recent drop in oil prices may produce a boost to consumer spending particularly in the US. Balance sheet repair is likely to continue across private and public sectors in Europe with the United States and the United Kingdom looking to raise interest rates in the second half of 2015/2016. The various election cycles have the potential to generate pockets of volatility during the year that we will look to exploit. We expect European credit to benefit from central bank support, particularly in high grade and we will be on the lookout for the impact of lackluster growth in sub-investment grade.

EDC finished the year with an AUM of EUR 202 million flat from the end of March 2014. ECM Credit Fund SICAV - ECM Absolute Return Credit Fund

The ECM Credit Fund SICAV - ECM Absolute Return Credit Fund (“ARC”) is an investment grade focused fund managed on an absolute return basis with a target return of Euribor+3%. The portfolio consists of directional (long/short) credit strategies with an emphasis on high conviction ideas, with greatest potential to outperform in an environment of high or rising credit dispersion.

The NAV of the sub-fund stood at EUR 143 million at the end of the year. The investment manager’s outlook for the period under consideration was similar to that for the previous year: we anticipated continuing performance potential for European credit based on 4 positive catalysts: the gradually strengthening economic outlook for Europe, the prolonged benign credit cycle where central banks’ zero interest policies rates translates into low default rates, supportive market technicals and the continuing reduction in Euro zone systemic risks.

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ECM Credit Fund SICA V

ECM Credit Fund SICAV Management Report for the year ended 31 March 2015 (continued) Central bank support for asset markets has been a dominant theme that has continued to drive yields globally since the US kicked offQEl in November 2008. The European Central Bank joined the party in January this year with its EUR 1.1 trillion programme. A relative scarcity of government bonds in the Eurozone area led the lOyr German government bond yield to halve from around 40bps in January at the time of announcement to 20bps at the end of March.

Corporate treasurers took the opportunity to lock in all time low yields with Investment Grade supply averaging EUR 22 billion per week over the last week of February and first two weeks of March, the highest over a 3 week period since May 2008 according to Citibank data. The volume of supply together with the longer duration (EUR 34 billion of IG issuance in March had a maturity of 10 years or above) led to a bout of market indigestion as both investors and the street struggled to recycle the new issuance. Lower government yields however kept bond prices high which in tum attracted profit takers. The profit taking harmed the sectors that had performed strongest year to date including long dated low beta corporates, corporate hybrid paper and subordinated insurance. Much of the spread widening has been optical with bank desks, under pressure to keep inventories low into quarter-end, bidding to miss and investors with inflows sitting on the side-lines. Going forward, for credit spreads to reverse the recent widening, the market will be looking for European risk-free rates to bottom out and for a reduction in the amount of new issuance so that investors crowded out of government bonds will renew the hunt for yield in corporate credit.

ARC generated a net return of 1.164% for the year to March 2015 bringing annualized net returns since inception to 2.87%. ARC's net exposure stood at 65.24% at the end of March as we continue to be positioned with a modest overall net long position to allow the fund to benefit from the slightly wider credit spreads caused by decreasing government bond yields. We remain vigilant for excess volatility in the sub-fund performance and continue to believe that this environment remains conducive for good risk-adjusted returns.

ECM Credit Fund SICA V - ECM Dynamic Credit Fund

The ECM Credit Fund SICA V - ECM Dynamic Credit Fund ("DCF") is a European focused Multi Asset Credit strategy aiming to outperform the BofA Merrill Lynch EMU Corporate Index, Interest Rate Duration Hedged ("EROO"). The NA V of the sub-fund stood at EUR 185 million at the end of the period. The investment manager's outlook for the period under consideration was similar to that for the previous year: we anticipated continuing performance potential for European credit based on 4 positive catalysts: the gradually strengthening economic outlook for Europe, the prolonged benign credit cycle where central banks' zero interest policies rates translates into low default rates, supportive market technicals and the continuing reduction in Euro zone systemic risks.

Demand led weakness in commodity prices (the steep oil price drop specifically) exacerbated latent concerns about deflation in the second half of 2014. This development led to increased demand for investment grade corporate credit and in combination with investors' pre-empting the introduction of quantitative easing by the European Central Bank, pushed government bond yields to fresh historic lows: the 10 year German government bond yield for instance dropped from 1.2% to just l 8bps over the period.

The European Cental Bank's EUR 1.1 trillion quantitative easing programme was announced in January 2015 and credit performed strongly during the first quarter of2015 across asset classes. Over the reporting period, the Government OAS (credit) spread for the EROO index tightened from 111 bps to 98bps, a total of 13bp. This equated to an excess return over swaps of+ 1.62% bps for the index. DCF generated a total return of 2.34%, comfortably outperforming the reference index.

DCF is actively managed and continues to participate in the new issue and secondary markets. Over the period, the sub-fund continued to maintain a decent allocation to asset backed securities which remained relatively constant at 10-15% of net asset value. The asset class continued to benefit from strong technicals driven by the lack of issuance as well as planned support from the European Central Bank and was a large contributor to outperformance. BBB rated exposures also added to outperformance, as did the fund's modest allocation to bank loans. Areas of the portfolio that underperformed over the period were its allocation to USD denominated paper and its allocation to high yield bonds.

Our focus on producing strong risk adjusted returns is reflected in the 2014 calendar year annualised monthly volatility which at 1.25% was lower than that of the German 1-10 year government bond index (2%). This focus on managing downside risk was also reflected in the returns produced by the sub-fund in January 2014 and December 2014, 2 months were it outperformed its reference index despite returns on the reference index being negative (Jan: -4bps vs -lObps and Dec :-1 lbps vs. -12 bps for DCF and the bund index respectively).

t{~~~

Past performance is not a measure of future results of the Company.

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Deloitte Audit

Société à responsabilité limitée 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

REPORT OF THE REVISEUR D’ENTREPRISES AGRÉÉ

To the Shareholders of ECM Credit Fund SICAV 2-8, avenue Charles De Gaulle L-1653 Luxembourg

Following our appointment by the annual general meeting of the Shareholders dated 15 September 2014, we have audited the accompanying financial statements of ECM Credit Fund SICAV (the “Company”) and of each of its Sub-Funds, which comprise the Statement of Net Assets and the Securities Portfolio of its Sub-Funds as at March 31, 2015 and the Statement of Operations and Changes in Net Assets 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 the 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 réviseur d’entreprises agréé

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 réviseur d’entreprises agréé’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 réviseur d’entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the 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.

Société à responsabilité limitée au capital de 35.000 EUR RCS Luxembourg B 67.895

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Deloitte

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ECM Credit Fund SICA V and of each of its Sub-Funds as at March 31, 2015 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.

For Deloitte Audit

Societe

a

responsabilite limitee Cabi e revision agree

eviseur d'entreprises agree

15 July 2015

Societe a responsabilite limitee au capital de 35.000 EUR RCS Luxembourg B 67.895

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ECM Credit Fund SICAV

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ECM Credit Fund SICAV

Combined

Financial Statements as of 31 March 2015

Statement of net assets as of 31 March 2015

Expressed in EUR

Assets 759,378,264.56

Securities portfolio at fair value 666,810,866.69

Cost price 626,162,384.38

Unrealised profit on the securities portfolio 40,648,482.31

Cash at bank and liquidities 65,173,242.64

Interest receivable 8,255,726.71

Receivables for securities sold 13,053,761.89

Formation expenses 38,100.76

Brokers receivable 3,317,302.99

Receivable for shares sold 52,837.60

Unrealised appreciation on forward foreign exchange contracts 788,774.35

Unrealised appreciation on interest rate and credit default swaps 63,027.00

Other assets 1,824,623.93

Liabilities 65,150,379.01

Bank overdrafts 57,845.13

Interest payable 704,832.65

Payable for securities purchased 24,113,697.91

Redemptions payable 14,487,835.52

Investment management payable 587,933.83

Brokers payable 3,496,428.32

Taxe d'abonnement payable 22,936.50

Unrealised loss on forward foreign exchange contracts 484,537.15

Unrealised depreciation on financial futures 1,832,040.32

Unrealised depreciation on interest rate and credit default swaps 5,515,111.17

Other liabilities 13,847,180.51 Net assets 694,227,885.55

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ECM Credit Fund SICAV

Combined

Statement of operations and changes in net assets for the year ended 31 March 2015

Expressed in EUR

Income 24,671,180.26

Net interest on bonds 21,265,331.83

Bank interest on cash account 7,265.75

Bank interest on time deposits 2,178.88

Income on reverse repurchase agreements 7,951.39

Interest received on interest rate and credit default swaps 3,241,361.43

Other income 147,090.98

Expenses 10,102,829.42

Amortisation of formation expenses 38,397.76

Investment management fees 3,548,157.58

Custodian fees 178,347.63

Taxe d'abonnement 89,561.59

Audit fees 21,859.77

Administrative expenses 412,931.09

Transfer agent fees 876.80

Performance fees 326,790.48

Directors fees 35,521.34

Professional fees 1,915.52

Bank interest on overdrafts 5,640.56

Legal fees 158,266.24

Transaction fees 150,915.69

Interest on repurchase agreements and reverse repurchase agreements 2,058.22

Interest paid on interest rate and credit default swaps 4,856,138.87

Other expenses 275,450.28

Net income from operations 14,568,350.84

Net realised profit on:

- sale of investment securities 13,913,057.07

- forward foreign exchange contracts 5,877,175.63

- financial futures -10,522,694.45

- interest rate and credit default swaps -290,520.55

- foreign exchange -1,762,270.10

Net realised profit 21,783,098.44

Movement in net unrealised appreciation / (depreciation) on:

- investment securities 30,479,594.00

- financial futures -1,841,874.83

- interest rate and credit default swaps -5,698,592.13

Increase in net asset as a result of operations 46,623,895.94

Dividends payments -431,294.23

Subscription capitalisation shares 192,683,091.11

Subscription distribution shares 24,579,470.11

Redemption capitalisation shares -75,552,586.45

Redemption distribution shares -8,669,485.13

Increase in net assets 179,233,091.35

Net assets at the beginning of the year 514,994,794.20

Net assets at the end of the year 694,227,885.55

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ECM Credit Fund SICAV

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ECM Credit Fund SICAV

- ECM Financials Fund

Financial Statements as of 31 March 2015

Expressed in EUR

Assets 196,264,380.18

Cost price 150,235,756.57

Unrealised net appreciation on forward foreign exchange contracts 541,371.87

Other assets 592,461.67

Liabilities 31,803,183.78

Unrealised net depreciation on financial futures 31,096.46

Unrealised net depreciation on interest rate and credit default swaps 5,407,048.76

Other liabilities 6,720,033.07

Net assets 164,461,196.40

Changes in number of shares outstanding from 01/04/14 to 31/03/15

Shares outstanding as of

01/04/14 Shares issued Shares redeemed

31/03/15

Class B Div GBP Hedged

Distribution shares (1) _0.000 _100.000 _0.000 _100.000

Class D Div USD

Distribution shares 4,939.493 458.220 1,419.614 3,978.099

Class I Acc EUR

Capitalisation shares 27,629.913 51,145.957 3,153.786 75,622.084

Class I Acc GBP Hedged

Capitalisation shares 217.000 480.000 50.000 647.000

Class I Acc USD Hedged

Class I CHF Hedged

Capitalisation shares (2) _0.000 _19,540.000 _{1,955.000 17,585.000}

Distribution shares (3) _0.000 _2,000.000 _0.000 _2,000.000

(1) Class launched on 16 April 2014 (2) Class launched on 27 August 2014 (3) Class launched on10 September 2014

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ECM Credit Fund SICAV

- ECM Financials Fund

Key figures

Year ended: 31/03/15 31/03/14 31/03/13

Total Net Assets EUR 164,461,196.40 69,853,420.45 49,480,943.21

Class B Div GBP Hedged (1) _GBP _GBP _GBP

Distribution shares

Number of shares 100.000 0.000 0.000

Net asset value per share 1,026.40 0.00 0.00

Dividend per share 3.00 0.00 0.00

Class D Div USD USD USD USD Distribution shares

Number of shares 3,978.099 4,939.493 6,234.488

Net asset value per share 1,196.36 1,176.88 1,089.27

Class I Acc EUR EUR EUR EUR Capitalisation shares

Number of shares 75,622.084 27,629.913 10,005.387

Class I Acc GBP Hedged GBP GBP GBP Capitalisation shares

Number of shares 647.000 217.000 217.000

Class I Acc USD Hedged USD USD USD Capitalisation shares

Number of shares 42,713.930 39,089.637 39,345.384

Class I CHF Hedged CHF CHF CHF

Capitalisation shares (2)

Number of shares 17,585.000 0.000 0.000

Distribution shares (3)

Number of shares 2,000.000 0.000 0.000

(1) Class launched on 16 April 2014 (2) Class launched on 27 August 2014 (3) Class launched on10 September 2014

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ECM Credit Fund SICAV

- ECM Financials Fund

Securities portfolio as of 31 March 2015

Expressed in EUR

Quantity Quotation

currency Fair value

% of net assets

Transferable securities admitted to an official stock exchange listing and/or 157,408,444.77 95.71% dealt in on another regulated market

Bonds 21,885,826.50 13.31%

2,300,000 ABBEY NATIONAL TREASURY SERVICES PLC EMTN REGS 1.125 15-25 10/03A EUR 2,286,726.70 1.39%

5,000,000 BNP PARIBAS SA EMTN REGS 2.375 15-25 17/02A EUR 5,108,320.00 3.11%

3,250,000 BUPA FINANCE PLC REGS 5.00 13-23 25/04S GBP 4,841,102.25 2.94%

2,100,000 CREDIT AGRICOLE SA REGS 2.625 15-27 17/03A EUR 2,158,354.80 1.31%

5,050,000 NN GROUP NV EMTN REGS 1.00 15-22 18/03A EUR 5,032,925.95 3.06%

2,400,000 SANTANDER ISSUANCES SAU EMTN REGS 2.50 15-25 18/03A EUR 2,458,396.80 1.50%

Floating rate bonds 134,755,392.94 81.94%

4,000,000 ACHMEA BV EMTN REGS FL.R 13-43 04/04A EUR 4,824,356.00 2.93%

5,000,000 AG INSURANCE SA REGS FL.R 15-47 30/06A EUR 4,984,590.00 3.03%

1,500,000 ALLIANZ SE EMTN REGS FL.R 13-XX 29/10A EUR 1,755,157.50 1.06%

4,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA REGS FL.R 15-XX 29/12Q EUR 4,101,720.00 2.49%

3,500,000 BANKIA SA MTN REGS FL.R 14-24 22/05A EUR 3,573,850.00 2.17%

5,100,000 BNP PARIBAS CARDIF SA REGS FL.R 14-XX 29/11A EUR 5,432,157.90 3.31%

3,000,000 BNP PARIBAS SA EMTN REGS FL.R 08-XX 29/06A EUR 3,506,250.00 2.13%

4,300,000 BPCE SA REGS FL.R 14-26 08/07A EUR 4,492,003.60 2.73%

5,000,000 CAIXABANK SA EMTN REGS FL.R 13-23 14/11A EUR 5,434,470.00 3.31%

3,000,000 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA EMTN REGS FL.R 11-XX 29/11S USD 3,101,089.39 1.89% 3,650,000 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA REGS FL.R 15-XX 22/01S EUR 3,836,150.00 2.33%

3,000,000 COVENTRY BUILDING SOCIETY REGS FL.R 14-XX 29/12S GBP 4,082,374.87 2.48%

4,050,000 CREDIT LOGEMENT SA REGS FL.R 06-XX 29/03Q EUR 3,488,670.00 2.12%

5,000,000 DEUTSCHE BANK AG FL.R 14-XX 29/12A USD 4,736,964.62 2.88%

3,000,000 DIRECT LINE INSURANCE GROUP PLC REGS FL.R 12-42 27/04S GBP 5,403,177.61 3.29%

5,000,000 INTESA SANPAOLO VITA SPA REGS FL.R 14-XX 29/12A EUR 5,426,425.00 3.30%

6,000,000 LA MONDIALE SAM REGS FL.R 14-XX 29/12A EUR 6,722,880.00 4.09%

5,000,000 LBBW EMTN REGS FL.R 14-26 27/05A EUR 5,176,775.00 3.15%

2,750,000 LLOYDS BANK PLC EMTN FL.R 09-XX 29/01S GBP 6,754,148.59 4.11%

3,000,000 NATIONWIDE BUILDING SOCIETY EMTN REGS FL.R 14-XX 11/03S GBP 4,211,957.62 2.56%

5,871,000 NN GROUP NV REGS FL.R 14-44 08/04A EUR 6,619,658.18 4.03%

4,900,000 NORDEA BANK AB EMTN REGS FL.R 15-XX 29/12A USD 4,489,741.34 2.73%

5,400,000 SKANDINAVISKA ENSKILDA BANKEN AB EMTN REGS FL.R 14-XX 29/11S USD 5,080,726.26 3.09%

5,300,000 STANDARD CHARTERED PLC 144A FL.R 15-XX 29/12S USD 4,983,391.62 3.03%

6,000,000 SVENSKA HANDELSBANKEN AB REGS FL.R 15-XX 29/12A USD 5,618,994.41 3.41%

5,000,000 SWEDBANK AB REGS FL.R 15-XX 29/12S USD 4,698,291.43 2.86%

4,400,000 TALANX FINANZ LUXEMBOURG SA EMTN REGS FL.R 12-42 15/06A EUR 5,922,422.00 3.60%

6,000,000 UBS GROUP AG REGS FL.R 15-XX 29/12A EUR 6,297,000.00 3.83%

Preferred Stock 767,225.33 0.46%

200,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION FL.R Q USD 767,225.33 0.46%

Total securities portfolio 157,408,444.77 95.71%

XX: Perpetual bonds

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ECM Credit Fund SICAV

- ECM Financials Fund

Expressed in EUR

Income 7,120,061.16

Bank interest on time deposit 975.78

Income on reverse repurchase agreements 2,136.00

Interest received on interest rate and credit default swaps 1,974,339.61

Expenses 4,477,854.57

Investment management fees 740,459.25

Audit fees 9,725.39

Professional fees 957.76

Bank interest on overdrafts 2,753.21

Interest on repurchase agreements and reverse repurchase

agreements 569.10

Interest paid on interest rate and credit default swaps 3,095,556.66

- financial futures 538,589.75

- foreign exchange -1,049,069.78

- forward foreign exchange contracts 938,704.23

- financial futures -31,096.46

- interest rate and credit default swaps -4,947,277.28

Dividends payments during the year -54,120.30

Subscription distribution shares 2,175,752.18

Redemption distribution shares -1,342,004.88

Increase in net assets 94,607,775.95

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ECM Credit Fund SICAV

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ECM Credit Fund SICAV

- ECM High Yield Fund

(liquidated on 6 February 2015)

Financial Statements as of 6 February 2015

Statement of net assets as of 6 February 2015

Expressed in EUR

Assets 13,838,925.47

Other assets 187,046.95 Liabilities 13,838,925.47 Bank overdrafts 57,845.13 Redemptions payable 13,195,277.47 Other liabilities 585,802.87 Net assets 0.00

06/02/15

Class A Acc EUR

Capitalisation shares 250.000 7,738.547 7,988.547 0.000

Class A Acc GBP Hedged

Class A Acc USD Hedged

Capitalisation shares 23,920.000 0.000 23,920.000 0.000

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ECM Credit Fund SICAV

- ECM High Yield Fund

Key figures

Period/Year ended: 06/02/15 31/03/14 31/03/13

Total Net Assets EUR 0.00 22,913,150.24 29,448,671.27

Class A Acc EUR EUR EUR EUR Capitalisation shares

Number of shares 0.000 250.000 250.000

Net asset value per share 0.00 1,275.43 1,117.29

Class A Acc GBP Hedged GBP GBP GBP Capitalisation shares

Number of shares 0.000 217.000 217.000

Class A Acc USD Hedged USD USD USD Capitalisation shares

Number of shares 0.000 23,920.000 33,070.000

(20)

ECM Credit Fund SICAV

- ECM High Yield Fund

Statement of operations and changes in net assets for the period ended 6 February 2015

Expressed in EUR

Income 1,420,411.34

Bank interest on cash account 912.37

Bank interest on time deposits 44.66

Interest received on interest rate and credit default swaps 27,354.71

Expenses 328,735.59

Bank interest on overdrafts 194.37

Interest on repurchase agreements 406.99

Interest paid on interest rate and credit default swaps 52,001.97

Other expenses 549.55

- sale of investment securities -1,183,249.03

- foreign exchange -45,903.48

- investment securities -1,147,755.82

- financial futures -630.98

- interest rate and credit default swaps 19,632.94

Decrease in net assets -22,913,150.24

Net assets at the beginning of the period 22,913,150.24

Net assets at the end of the period 0.00

(21)

ECM Credit Fund SICAV

(22)

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Financial Statements as of 31 March 2015

Expressed in EUR

Assets 205,665,854.07

Cost price 182,289,946.70

Unrealised net appreciation on interest rate and credit default swaps 44,792.94

Brokers receivable 123,719.33

Liabilities 4,151,491.53

Unrealised loss on forward foreign exchange contracts 484,537.15

Brokers payable 145,868.50

Other liabilities 642,800.56

Net assets 201,514,362.54

01/04/14 Shares issued Shares redeemed

31/03/15

Capitalisation shares 4,930.185 0.000 0.000 4,930.185

Class I Acc R EUR

Class I Acc R SEK Hedged

Class I Div EUR

Distribution shares 1,122.807 0.000 0.000 1,122.807

(23)

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Key figures

Year ended: 31/03/15 31/03/14 31/03/13

Number of shares 4,930.185 4,930.185 3,000.000

Class I Acc R EUR EUR EUR EUR Capitalisation shares

Number of shares 148,103.692 155,053.692 148,686.930

Class I Acc R SEK Hedged SEK SEK SEK Capitalisation shares

Number of shares 144,454.000 144,454.000 144,454.000

Class I Div EUR EUR EUR EUR Distribution shares

Number of shares 1,122.807 1,122.807 0.000

Net asset value per share 1,033.83 1,014.73 0.00

(24)

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Expressed in EUR

Quantity Quotation

currency Fair value

% of net assets

Transferable securities admitted to an official stock exchange listing

and/or dealt in on another regulated market 193,908,517.54 96.22%

Bonds 127,888,320.45 63.46%

1,000,000 AA BOND CO LTD EMTN REGS 4.720 13-18 31/07S GBP 1,493,053.11 0.74%

800,000 AA BOND CO LTD REGS 9.50 13-19 31/07S GBP 1,230,172.22 0.61%

1,150,000 ABN AMRO BANK NV REGS 4.25 12-17 02/02S USD 1,128,400.56 0.56%

1,100,000 ACCOR SA REGS 2.50 13-19 21/03A EUR 1,175,153.10 0.58%

2,000,000 ACHMEA BANK NV EMTN 2.00 13-18 23/01A EUR 2,082,778.00 1.03%

800,000 ALLIANZ SE EMTN REGS 5.50 12-XX 28/11S USD 791,675.23 0.39%

550,000 ALLIED IRISH BANKS PLC EMTN REGS 2.875 13-16 28/11A EUR 567,443.80 0.28%

750,000 ANGLIAN WATER OSPREY FINANCING PLC EMTN REGS 7.00 11-18 31/01S GBP 1,127,906.89 0.56%

1,500,000 ARKEMA SA 4.00 10-17 25/10A EUR 1,639,455.00 0.81%

2,575,000 BANK OF AMERICA CORP EMTN REGS 2.50 13-20 27/07A EUR 2,794,279.28 1.39%

1,250,000 BANK OF IRELAND EMTN 2.75 13-16 05/06A EUR 1,277,747.50 0.64%

1,000,000 BANK OF IRELAND REGS 3.25 14-19 15/01A EUR 1,075,564.00 0.53%

1,500,000 BANKIA SA REGS 3.50 14-19 17/01A EUR 1,634,926.50 0.81%

2,000,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EMTN 2.00 13-19 19/09A EUR 2,127,676.00 1.06%

1,633,000 BNP PARIBAS SA MTN 2.45 14-19 17/03S USD 1,555,207.47 0.77%

2,600,000 BPCE SA EMTN REGS 0.75 15-20 22/01A EUR 2,610,509.20 1.30%

525,000 CAMPOFRIO FOOD GROUP SA REGS 3.375 15-22 15/03S EUR 532,481.25 0.26%

1,750,000 CITIGROUP INC EMTN REGS 5.00 04-19 02/08A EUR 2,078,209.00 1.03%

774,000 CLEOPATRA FINANCE LTD REGS 4.125 15-20 15/02S EUR 782,320.50 0.39%

500,000 CONTINENTAL AG EMTN REGS 3.00 13-18 16/07S EUR 541,084.00 0.27%

500,000 CONTINENTAL AG EMTN REGS 3.125 13-20 09/09A EUR 562,828.50 0.28%

1,860,000 COVENTRY BUILDING SOCIETY EMTN REGS 2.25 12-17 04/12A EUR 1,952,572.20 0.97%

670,000 CPUK FINANCE LTD EMTN REGS 11.625 12-18 28/02S GBP 989,984.55 0.49%

1,600,000 CPUK FINANCE LTD EMTN REGS 4.811 12-17 28/02S GBP 2,352,774.86 1.17%

1,400,000 CREDIT SUISSE AG EMTN REGS 0.625 14-18 20/11A EUR 1,405,010.60 0.70%

1,600,000 CRH FINANCE BV EMTN REGS 5.00 12-19 25/01A EUR 1,859,172.80 0.92%

2,000,000 DEUTSCHE ANNINGTON FINANCE BV 3.125 13-19 25/07A EUR 2,200,452.00 1.09%

2,000,000 DNB BANK ASA REGS 3.20 12-17 03/04S USD 1,929,515.83 0.96%

350,000 EDP FINANCE BV EMTN REGS 2.625 14-19 15/04A EUR 370,685.00 0.19%

500,000 ENEL SPA EMTN 4.75 03-18 12/06A EUR 566,107.00 0.28%

1,800,000 EUROGRID GMBH EMTN REGS 3.875 10-20 22/10A EUR 2,111,610.60 1.05%

2,500,000 EUTELSAT SA REGS 5.00 11-19 14/01A EUR 2,910,335.00 1.44%

2,500,000 EXPERIAN FINANCE PLC EMTN REGS 4.75 10-20 04/02A EUR 2,978,837.50 1.48%

3,250,000 FCA CAPITAL IRELAND PLC EMTN REGS 4.00 13-18 17/10A EUR 3,581,435.00 1.78%

1,000,000 FCE BANK PLC EMTN REGS 1.625 13-16 09/09A EUR 1,017,842.00 0.51%

550,000 FCE BANK PLC EMTN REGS 1.75 13-18 21/05A EUR 569,729.60 0.28%

1,488,000 FCE BANK PLC EMTN REGS 1.875 14-19 18/04A EUR 1,553,238.38 0.77%

450,000 FCE BANK PLC EMTN REGS 4.825 12-17 15/02A GBP 660,263.08 0.33%

1,500,000 FIRSTGROUP PLC 6.125 03-19 18/01A GBP 2,333,905.53 1.16%

2,000,000 G4S INTERNATIONAL FINANCE PLC EMTN REGS 2.875 12-17 02/05A EUR 2,103,174.00 1.04%

1,000,000 GAS NATURAL CAPITAL MARKETS SA EMTN REGS 4.375 09-16 02/11A EUR 1,065,025.00 0.53%

1,000,000 GAS NATURAL CAPITAL MARKETS SA EMTN REGS 6.00 12-20 27/01A EUR 1,252,618.00 0.62%

400,000 GCS HOLDCO FINANCE I SA REGS 6.50 13-18 15/11S EUR 422,000.00 0.21%

1,600,000 GENERAL MOTORS FINANCIAL INTERNATIONAL BV EMTN REGS 0.85 15-18 23/02A EUR 1,596,336.00 0.79% 1,807,000 GENERAL MOTORS FINANCIAL INTERNATIONAL BV EMTN REGS 1.875 14-19 15/10A EUR 1,864,804.12 0.93% 1,500,000 GLENCORE FINANCE EUROPE SA EMTN REGS 3.375 13-20 30/09A EUR 1,672,005.00 0.83%

3,000,000 HAMMERSON PLC REGS 2.75 12-19 26/09A EUR 3,271,911.00 1.62%

800,000 IMERYS SA EMTN REGS 2.50 13-20 26/11A EUR 867,508.00 0.43%

800,000 IMERYS SA REGS 5.00 07-17 18/04A EUR 882,953.60 0.44%

800,000 INFRA FOCH SAS REGS 1.25 14-20 16/10A EUR 816,644.80 0.41%

1,506,000 ISS GLOBAL A/S EMTN REGS 1.125 14-20 09/01A EUR 1,526,421.36 0.75%

1,000,000 JAGUAR LAND ROVER AUTOMOTIVE PLC 144A 3.50 15-20 15/03S USD 929,740.22 0.46%

600,000 JPMORGAN CHASE & CO EMTN REGS 1.875 15-20 10/02S GBP 830,787.54 0.41%

1,100,000 KBC IFIMA SA EMTN REGS 2.125 13-18 10/09A EUR 1,164,841.70 0.58%

3,000,000 KERING EMTN REGS 2.50 13-20 15/07A EUR 3,273,696.00 1.62%

1,800,000 LUXOTTICA GROUP SPA REGS 3.625 12-19 19/03A EUR 2,028,861.00 1.01%

450,000 MEDIOBANCA SPA EMTN REGS 0.875 14-17 14/11A EUR 451,385.10 0.22%

1,600,000 MEDIOBANCA SPA EMTN REGS 2.25 14-19 18/03A EUR 1,680,678.40 0.83%

XX: Perpetual bonds

(25)

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Securities portfolio as of 31 March 2015 (continued)

Expressed in EUR

Quantity Quotation

currency Fair value

% of net assets

400,000 MERLIN ENTERTAINMENTS PLC REGS 2.75 15-22 15/03S EUR 404,500.00 0.20%

1,000,000 NATIONAL BANK OF ABU DHABI PJSC EMTN REGS 3.25 12-17 27/03S USD 966,014.90 0.48%

2,150,000 NATIONAL EXPRESS GROUP PLC EMTN REGS 6.25 10-17 13/01A GBP 3,216,973.53 1.60%

1,500,000 NORDEA BANK AB 144A 3.125 12-17 20/03S USD 1,448,884.08 0.72%

1,200,000 ORANGE SA EMTN REGS 1.875 13-18 03/09A EUR 1,260,649.20 0.63%

1,000,000 PERNOD RICARD SA REGS 2.00 14-20 22/06A EUR 1,061,250.00 0.53%

1,281,000 PGE SWEDEN AB EMTN REGS 1.625 14-19 09/06A EUR 1,323,868.67 0.65%

2,920,000 PROLOGIS INTERNATIONAL FUNDING II SA EMTN REGS 2.75 13-18 23/10A EUR 3,117,289.80 1.55%

1,600,000 QNB FINANCE LTD EMTN REGS 2.125 12-18 14/02S USD 1,497,206.70 0.74%

1,500,000 RCI BANQUE SA EMTN REGS 1.75 13-16 06/07A EUR 1,526,062.50 0.76%

600,000 RENTOKIL INITIAL PLC EMTN 3.375 12-19 24/09A EUR 669,846.00 0.33%

2,300,000 ROYAL BANK OF SCOTLAND GROUP PLC 2.55 12-15 18/09S USD 2,158,301.58 1.07%

500,000 SAMVARDHANA MOTHERSON AUTOMOTIVE SYSTEMS GROUP BV EMTN REGS 4.125 14-21 15/07S EUR 512,462.00 0.26%

800,000 SANTANDER INTERNATIONAL DEBT SAU EMTN REGS 1.375 14-17 25/03A EUR 816,300.80 0.41%

1,000,000 SES SA EMTN REGS 4.625 10-20 09/03A EUR 1,193,399.00 0.59%

1,380,000 SKANDINAVISKA ENSKILDA BANKEN AB EMTN REGS 2.00 13-19 18/03A EUR 1,467,561.00 0.73%

500,000 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE EMTN REGS 1.125 14-21 15/01A EUR 508,035.50 0.25% 1,900,000 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE EMTN REGS 2.25 14-20 16/01A EUR 2,041,187.10 1.01%

675,000 SPAREBANK 1 SR-BANK ASA EMTN REGS 2.125 13-19 27/02A EUR 714,601.58 0.35%

880,000 SPCM SA REGS 5.50 12-20 15/06S EUR 937,200.00 0.46%

2,250,000 STAGECOACH GROUP PLC 5.75 09-16 16/12A GBP 3,334,352.76 1.66%

1,500,000 TDC A/S EMTN REGS 4.375 11-18 23/02A EUR 1,667,847.00 0.83%

750,000 TELECOM ITALIA SPA EMTN 6.375 04-19 24/06A GBP 1,159,763.52 0.58%

1,200,000 TESCO CORPORATE TREASURY SERVICES PLC EMTN REGS 1.375 14-19 01/07A EUR 1,178,024.40 0.58%

600,000 UNICREDIT SPA EMTN REGS 3.625 13-19 24/01A EUR 661,681.20 0.33%

500,000 UPC HOLDING BV EMTN REGS 6.75 13-23 15/03S CHF 528,434.20 0.26%

714,000 VERIZON COMMUNICATIONS INC 2.55 14-19 17/06S USD 680,545.05 0.34%

600,000 VIRGIN MEDIA SECURED FINANCE PLC REGS 6.00 13-21 15/04S GBP 873,615.78 0.43%

1,591,000 VODAFONE GROUP PLC EMTN REGS 1.00 14-20 11/09A EUR 1,613,800.62 0.80%

Floating rate bonds 46,334,915.51 22.99%

1,000,000 BAYER AG EMTN REGS FL.R 14-75 01/07A EUR 1,046,527.00 0.52%

1,000,000 BNP PARIBAS SA EMTN REGS FL.R 08-XX 29/06A EUR 1,168,750.00 0.58%

160,416 BROADGATE FINANCING PLC 1.524 05-22 05/01Q GBP 218,715.93 0.11%

1,000,000 CITIGROUP INC EMTN FL.R 05-17 30/11Q EUR 1,001,936.00 0.50%

938,000 CLERICAL MEDICAL FINANCE PLC FL.R 05-XX 29/06A EUR 943,270.62 0.47%

800,000 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA EMTN REGS FL.R 11-XX 29/11S USD 826,957.17 0.41% 755,000 COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK BA REGS FL.R 11-XX 29/07S USD 751,319.91 0.37%

3,100,000 CREDIT AGRICOLE SA REGS FL.R 13-33 19/09S USD 3,290,289.20 1.63%

800,000 CREDIT SUISSE GROUP FINANCE US INC FL.R 05-20 14/09A EUR 810,282.40 0.40%

850,000 DANSKE BANK A/S REGS FL.R 13-23 04/10A EUR 923,393.25 0.46%

1,000,000 DEUTSCHE ANNINGTON FINANCE BV REGS FL.R 14-74 08/04A EUR 1,076,844.00 0.53%

1,300,000 DEUTSCHE ANNINGTON FINANCE BV REGS FL.R 14-XX 29/12A EUR 1,372,475.00 0.68%

700,000 DNB BANK ASA EMTN REGS FL.R 13-23 26/09A EUR 742,553.00 0.37%

400,000 GAS NATURAL FENOSA FINANCE BV REGS FL.R 14-XX 29/11A EUR 425,600.00 0.21%

800,000 HSBC BANK PLC EMTN FL.R 05-20 29/09A GBP 1,120,331.38 0.55%

2,000,000 ING BANK NV EMTN REGS FL.R 13-23 21/11S USD 1,929,795.16 0.96%

1,250,000 INTESA SANPAOLO SPA EMTN REGS 1.119 14-19 17/04Q EUR 1,270,687.50 0.63%

1,400,000 JPMORGAN CHASE BANK NA FL.R 07-17 31/05 EUR 1,401,260.00 0.70%

1,500,000 LLOYDS BANK PLC EMTN REGS FL.R 11-21 16/12A EUR 1,775,920.50 0.88%

1,000,000 MAPFRE SA FL.R 07-37 24/07A EUR 1,083,120.00 0.54%

500,000 NGG FINANCE PLC REGS FL.R 13-76 18/06A EUR 549,949.00 0.27%

1,000,000 NN GROUP NV FL.R 02-27 07/05A EUR 1,108,045.00 0.55%

1,200,000 ORANGE SA REGS FL.R 14-XX 28/02A EUR 1,286,400.00 0.64%

900,000 REPSOL INTERNATIONAL FINANCE BV REGS FL.R 15-XX 29/12A EUR 899,199.00 0.45%

600,000 RWE AG REGS FL.R 10-XX 29/09A EUR 608,217.00 0.30%

300,000 SIEMENS FINANCIERINGSMAATSCHAPPIJ NV FL.R 06-66 14/09A GBP 437,627.27 0.22%

1,250,000 SKANDINAVISKA ENSKILDA BANKEN AB EMTN REGS FL.R 14-XX 29/11S USD 1,176,094.04 0.59%

1,500,000 SKY PLC EMTN REGS 0.768 15-20 01/04Q EUR 1,506,978.00 0.75%

500,000 SSE PLC REGS FL.R 12-XX 29/09A EUR 544,558.50 0.27%

XX: Perpetual bonds

(26)

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Securities portfolio as of 31 March 2015 (continued)

Expressed in EUR

Quantity Quotation

currency Fair value

% of net assets

1,000,000 SVENSKA HANDELSBANKEN AB REGS FL.R 14-24 15/01A EUR 1,053,223.00 0.52%

1,700,000 SVENSKA HANDELSBANKEN AB REGS FL.R 15-XX 29/12A USD 1,592,048.42 0.79%

1,050,000 SWEDBANK AB EMTN FL.R 14-24 26/02A EUR 1,091,119.05 0.54%

1,200,000 SWEDBANK AB REGS FL.R 15-XX 29/12S USD 1,127,589.94 0.56%

1,000,000 TDC A/S REGS FL.R 15-15 26/02A EUR 1,005,750.00 0.50%

400,000 TELEFONICA EUROPE BV REGS FL.R 14-XX 29/12A EUR 422,700.00 0.21%

600,000 TELEFONICA EUROPE BV REGS FL.R 14-XX 31/03A EUR 653,042.40 0.32%

2,200,000 TOTAL SA EMTN REGS FL.R 15-XX 29/12A EUR 2,215,950.00 1.10%

125,323 TRAFFORD CENTRE FINANCE LTD 1.364 05-35 28/04Q GBP 172,846.11 0.08%

2,750,000 UBS AG EMTN REGS FL.R 13-23 22/05A USD 2,654,351.72 1.32%

2,000,000 UBS PREFERRED FUNDING TRUST V FL.R 06-XX 29/05S USD 1,939,013.04 0.96%

1,100,000 UNICREDIT SPA EMTN REGS 1.555 13-16 22/01Q EUR 1,110,186.00 0.55%

Mortgage and asset backed securities 19,685,281.58 9.77%

608,465 ALBA 2005-1 PLC REGS 0.915 05-42 25/11Q GBP 779,382.17 0.39%

1,948,280 ARENA 2011-II BV REGS 1.675 11-43 17/09Q EUR 1,991,148.00 0.99%

1,000,000 BIPIELLE RESIDENTIAL SRL REGS 0.321 04-40 30/12Q EUR 974,778.00 0.48%

1,609,272 DECO 14-PAN EUROPE 5BV REGS 0.253 07-20 27/10Q EUR 1,560,994.03 0.77%

500,000 DIAMOND MORTGAGE FINANCE 2006 NV REGS 0.467 06-33 16/09Q EUR 476,040.00 0.24%

1,000,000 FOSSE MASTER ISSUER PLC REGS 2.663 12-54 18/10Q GBP 1,393,002.79 0.69%

288,128 GERMAN RESIDENTIAL FUNDING 2013-2 LTD REGS 1.192 13-24 27/08Q EUR 294,236.58 0.15%

600,000 GRANITE MASTER ISSUER PLC REGS 0.589 05-54 20/12 EUR 596,100.00 0.30%

813,947 GREAT HALL MORTGAGES PLC REGS 0.155 07-39 18/03Q EUR 779,229.24 0.39%

2,100,000 HOLLAND MORTGAGE BACKED SERIES HERMES XVIII BV REGS 1.325 12-44 18/09Q EUR 2,158,863.00 1.07%

400,000 LEEK FINANCE NUMBER EIGHTEEN PLC REGS 1.014 06-38 21/09Q EUR 397,050.80 0.20%

609,321 LONDON & REGIONAL DEBT SECURITISATION NO 2 PLC REGS 3.560 06-15 15/10Q GBP 846,423.63 0.42%

363,919 PARAGON MORTGAGES NO 7 PLC REGS 0.468 04-34 15/05Q EUR 352,690.16 0.17%

717,021 PARAGON MORTGAGES NO 9 PLC REGS 0.628 05-41 15/05Q EUR 667,331.06 0.33%

283,800 PARAGON SECURED FINANCE NO 1 PLC REGS 0.963 04-35 15/11Q GBP 389,884.81 0.19%

31,924 RIVOLI PAN EUROPE PLC REGS 0.234 06-18 03/08Q EUR 31,636.19 0.01%

2,000,000 STORM 2012-II BV REGS 1.555 12-54 22/04Q EUR 2,058,188.00 1.02%

1,800,000 STORM 2012-IV BV REGS 1.298 12-54 22/08Q EUR 1,848,486.60 0.92%

290,902 TAURUS 2013 GMF1 PLC REGS 1.098 13-24 21/05Q EUR 295,483.89 0.15%

145,451 TAURUS 2013 GMF1 PLC REGS 1.548 13-24 21/05Q EUR 148,541.93 0.07%

1,018,158 TAURUS 2013 GMF1 PLC REGS 2.048 13-24 21/05Q EUR 1,050,229.59 0.52%

Total securities portfolio 193,908,517.54 96.22%

XX: Perpetual bonds

(27)

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Expressed in EUR

Income 7,092,845.42

Bank interest on time deposit 395.69

Interest received on interest rate and credit default swaps 293,009.91

Expenses 1,369,056.04

Audit fees 12,134.38

Professional fees 957.76

Bank interest on overdrafts 803.30

Interest paid on interest rate and credit default swaps 293,889.67

Net realised loss on:

- forward foreign exchange contracts -8,665,193.68

- interest rate and credit default swaps 210,982.49

- foreign exchange 375,819.30

Net realised loss -363,615.41

Dividends payments during the year -18,732.70

Decrease in net assets -534,398.97

(28)

ECM Credit Fund SICAV

(29)

ECM Credit Fund SICAV

- ECM Absolute Return Credit Fund

Financial Statements as of 31 March 2015

Expressed in EUR

Assets 152,892,976.99

Cost price 126,817,923.51

Receivables for securities sold 31,006.87

Formation expenses 4,757.87

Unrealised net appreciation on forward foreign exchange contracts 14,499.89

Liabilities 9,727,970.78

Redemptions payable 1,292,558.05

Unrealised net depreciation on interest rate and credit default swaps 108,062.41

Other liabilities 3,455,448.10

Net assets 143,165,006.21

31/03/15

Class B Div GBP Hedged

Distribution shares (1) _0.000 _100.000 _0.000 _100.000

Class B Div USD Hedged

Distribution shares (2) _0.000 _2,501.048 _0.000 _2,501.048

Class B EUR

Capitalisation shares 22,787.000 2,480.000 764.000 24,503.000

Distribution shares 1,251.570 1,004.000 0.000 2,255.570

Class D Acc EUR

Class I Acc USD Hedged

Capitalisation shares 23,688.200 1,034.786 170.186 24,552.800

Class I EUR

Capitalisation shares 570.000 47,479.342 570.000 47,479.342

Distribution shares 25,700.000 15,637.000 6,335.000 35,002.000

(1) Class launched on 11 April 2014 (2) Class launched on 3 December 2014

(30)

ECM Credit Fund SICAV

- ECM Absolute Return Credit Fund

Key figures

Year ended: 31/03/15 31/03/14 31/03/13

Class B Div USD Hedged USD USD USD

Number of shares 2,501.048 0.000 0.000

Class B EUR EUR EUR EUR Capitalisation shares

Number of shares 24,503.000 22,787.000 850.000

Number of shares 2,255.570 1,251.570 1,000.000

Class B GBP Hedged GBP GBP GBP Capitalisation shares

Number of shares 0.000 0.000 2,450.000

Net asset value per share 0.00 0.00 1,000.49

Number of shares 100.000 0.000 0.000

Class D Acc EUR EUR EUR EUR Capitalisation shares

Number of shares 2,501.000 2,245.000 0.000

Number of shares 0.000 500.000 0.000

Net asset value per share 0.00 1,000.48 0.00

Class I Acc USD Hedged USD USD USD Capitalisation shares

Number of shares 24,552.800 23,688.200 23,688.200

Class I EUR EUR EUR EUR Capitalisation shares

Number of shares 47,479.342 570.000 0.000

Number of shares 35,002.000 25,700.000 3,000.000

(1) Class launched on 3 December 2014

(2) Class launched on 11 April 2014

(31)

ECM Credit Fund SICAV

- ECM Absolute Return Credit Fund

Expressed in EUR

Quantity Quotation

currency Fair value

% of net assets

Transferable securities admitted to an official stock exchange listing and/or

dealt in on another regulated market 135,594,012.56 94.71%

Bonds 77,410,141.68 54.07%

380,000 AEROPORTI DI ROMA SPA EMTN REGS 3.25 13-21 20/02A EUR 429,682.72 0.30%

944,000 ALBEMARLE CORP REGS 1.875 14-21 08/12A EUR 973,148.83 0.68%

2,600,000 ALIBABA GROUP HOLDING LTD REGS 3.125 14-21 28/11S USD 2,418,462.38 1.69%

500,000 AT&T INC 2.65 13-21 17/12A EUR 549,087.50 0.38%

1,900,000 AUTOSTRADA BRESCIA VERONA VICENZA PADOVA SPA REGS 2.375 15-20 20/03A EUR 1,922,055.20 1.34%

527,000 BABCOCK INTERNATIONAL GROUP PLC EMTN REGS 1.75 14-22 06/10A EUR 550,362.44 0.38%

2,000,000 BANCA MONTE DEI PASCHI DI SIENA SPA EMTN REGS 3.625 14-19 01/04A EUR 2,080,144.00 1.45%

400,000 BANK OF IRELAND EMTN 2.75 13-16 05/06A EUR 408,879.20 0.29%

3,000,000 BANKIA SA REGS 3.50 14-19 17/01A EUR 3,269,853.00 2.29%

250,000 BANQUE FEDERATIVE DU CREDIT MUTUEL SA EMTN REGS 3.00 14-24 21/05A EUR 275,417.25 0.19%

916,000 BP CAPITAL MARKETS PLC EMTN REGS 2.213 14-26 25/09A EUR 1,002,956.80 0.70%

1,300,000 BPCE SA EMTN REGS 0.75 15-20 22/01A EUR 1,305,254.60 0.91%

500,000 BPCE SA REGS 5.70 13-23 22/10S USD 516,411.55 0.36%

2,250,000 BRAMBLES FINANCE LTD REGS 2.375 14-24 12/06A EUR 2,483,538.75 1.74%

575,000 BUPA FINANCE PLC REGS 3.375 14-21 17/06S GBP 843,500.20 0.59%

886,000 CNH INDUSTRIAL FINANCE EUROPE SA EMTN REGS 2.875 14-21 27/09A EUR 919,086.78 0.64%

1,000,000 CONTINENTAL RUBBER OF AMERICA CORP REGS 4.50 12-19 15/09S USD 965,359.40 0.68%

1,600,000 DIGITAL STOUT HOLDING LLC REGS 4.75 14-23 13/10S GBP 2,452,783.16 1.71%

500,000 EDENRED REGS 1.375 15-25 10/03A EUR 498,645.00 0.35%

1,000,000 ELENIA FINANCE OYJ EMTN REGS 2.875 13-20 17/12A EUR 1,090,552.00 0.76%

1,200,000 EMIRATES TELECOMMUNICATIONS CORP EMTN REGS 1.75 14-21 18/06A EUR 1,262,550.00 0.88%

1,194,000 EMIRATES TELECOMMUNICATIONS CORP EMTN REGS 2.75 14-26 18/06A EUR 1,343,966.40 0.94%

600,000 FCA CAPITAL IRELAND PLC EMTN REGS 2.875 14-18 26/01A EUR 632,550.00 0.44%

440,000 FCA CAPITAL IRELAND PLC EMTN REGS 4.00 13-18 17/10A EUR 484,871.20 0.34%

1,000,000 FIRSTGROUP PLC REGS 5.25 12-22 29/11A GBP 1,551,549.87 1.08%

250,000 FIRSTGROUP PLC REGS 8.125 08-18 19/09A GBP 409,769.67 0.29%

908,000 GENERAL MOTORS FINANCIAL INTERNATIONAL BV EMTN REGS 1.875 14-19 15/10A EUR 937,046.01 0.65%

900,000 HAMMERSON PLC REGS 2.00 14-22 01/07A EUR 959,754.60 0.67%

300,000 HEATHROW FINANCE PLC EMTN REGS 7.125 10-17 01/03S GBP 451,755.73 0.32%

430,000 HEATHROW FUNDING LTD EMTN REGS 1.875 14-22 23/05A EUR 462,433.18 0.32%

300,000 IMPERIAL TOBACCO FINANCE PLC EMTN REGS 2.25 14-21 26/02A EUR 319,817.10 0.22%

450,000 IMPERIAL TOBACCO FINANCE PLC EMTN REGS 3.375 14-26 26/02A EUR 523,725.30 0.37%

200,000 INTESA SANPAOLO SPA EMTN REGS 6.625 13-23 13/09A EUR 257,223.40 0.18%

400,000 JAGUAR LAND ROVER AUTOMOTIVE PLC REGS 3.875 15-23 01/03S GBP 554,346.56 0.39%

1,000,000 JAGUAR LAND ROVER AUTOMOTIVE PLC REGS 5.00 14-22 15/02S GBP 1,493,834.06 1.04%

550,000 JPMORGAN CHASE & CO EMTN REGS 1.875 15-20 10/02S GBP 761,555.25 0.53%

600,000 KERING EMTN REGS 1.375 14-21 01/10A EUR 619,090.80 0.43%

1,750,000 MEDIOBANCA SPA EMTN REGS 0.875 14-17 14/11A EUR 1,755,386.50 1.23%

363,000 MOLNLYCKE HOLDING AB REGS 1.50 14-22 28/02A EUR 376,855.35 0.26%

250,000 NATIONAL EXPRESS GROUP PLC EMTN REGS 6.25 10-17 13/01A GBP 374,066.69 0.26%

1,800,000 NORDEA BANK AB EMTN REGS 1.125 15-25 12/02A EUR 1,835,807.40 1.28%

300,000 PEARSON FUNDING FIVE PLC REGS 3.25 13-23 08/05S USD 278,883.80 0.20%

1,215,000 PGE SWEDEN AB EMTN REGS 1.625 14-19 09/06A EUR 1,255,659.98 0.88%

802,000 PRICELINE GROUP INC 1.80 15-27 03/03A EUR 800,506.68 0.56%

488,000 PROLOGIS INTERNATIONAL FUNDING II SA EMTN REGS 2.875 14-22 04/04A EUR 536,199.76 0.38%

300,000 R&R ICE CREAM PLC REGS 5.50 14-20 15/05S GBP 426,068.07 0.30%

1,200,000 REDEXIS GAS FINANCE BV EMTN REGS 2.75 14-21 08/04A EUR 1,312,231.20 0.92%

425,000 RENAULT SA EMTN REGS 3.125 14-21 05/03A EUR 473,045.40 0.33%

1,200,000 RYANAIR LTD EMTN REGS 1.125 15-23 10/03A EUR 1,191,535.20 0.83%

2,000,000 RYANAIR LTD EMTN REGS 1.875 14-21 17/06A EUR 2,104,586.00 1.47%

1,000,000 SAMVARDHANA MOTHERSON AUTOMOTIVE SYSTEMS GROUP BV EMTN REGS 4.125 14-21 15/07S EUR 1,024,924.00 0.71%

1,400,000 SANTANDER ISSUANCES SAU EMTN REGS 2.50 15-25 18/03A EUR 1,434,064.80 1.00%

275,000 SAPPI PAPIER HOLDING GMBH REGS 3.375 15-22 01/04S EUR 272,428.75 0.19%

ECM Credit Fund SICAV

ECM Credit Fund SICAV

Annual report, including Audited Financial Statements

as of 31 March 2015

ECM Credit Fund SICAV

Table of Contents

GENERAL INFORMATION

MANAGEMENT REPORT

REPORT OF THE REVISEUR D’ENTREPRISES AGRÉÉ

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

ADDITIONAL INFORMATION (unaudited)

ADDITIONAL INFORMATION FOR SWISS INVESTORS (unaudited)

ECM Credit Fund SICAV

Management and Administration

ECM Credit Fund SICAV

Board of Directors of the Company

ECM Credit Fund SICAV

ECM Credit Fund SICA V

t{~~~

Deloitte

a

ECM Credit Fund SICAV

ECM Credit Fund SICAV

Combined

Financial Statements as of 31 March 2015

ECM Credit Fund SICAV

Combined

ECM Credit Fund SICAV

ECM Credit Fund SICAV

- ECM Financials Fund

Financial Statements as of 31 March 2015

ECM Credit Fund SICAV

- ECM Financials Fund

ECM Credit Fund SICAV

- ECM Financials Fund

ECM Credit Fund SICAV

- ECM Financials Fund

ECM Credit Fund SICAV

ECM Credit Fund SICAV

- ECM High Yield Fund

Financial Statements as of 6 February 2015

ECM Credit Fund SICAV

- ECM High Yield Fund

ECM Credit Fund SICAV

- ECM High Yield Fund

ECM Credit Fund SICAV

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

Financial Statements as of 31 March 2015

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

ECM Credit Fund SICAV

- ECM Short Duration Credit Fund

ECM Credit Fund SICAV

ECM Credit Fund SICAV

- ECM Absolute Return Credit Fund

Financial Statements as of 31 March 2015

ECM Credit Fund SICAV

- ECM Absolute Return Credit Fund

ECM Credit Fund SICAV

- ECM Absolute Return Credit Fund