Spring Subordinated Debt Fund

Spring Subordinated Debt Fund seeks to achieve a high level of income with modest capital appreciation by investing mainly in senior and subordinated debt securities of global financial institutions, including preferred shares and hybrid capital instruments (e.g. Additional Tier 1) that may be rated investment grade or below investment grade.

The Fund’s objective is to deliver high single digit returns with medium volatility and long-term capital appreciation. The Investment Manager aims to provide investors with portfolio diversification of high-income securities and access to the subordinated assets classes.

The Fund may employ a variety of instruments and techniques in order to achieve its investment objective, including active borrowing and short selling of financial instruments.

ShareClass	Currency	ISIN	1m	3m	6m	1yr	3yrs (Ann.)	5yrs (Ann.)	Since Inception	Inception Date	Factsheet
Class I	USD	KYG8380A1031	0.1%	2.3%	6.8%	11.1%	11.3%	6.1%	5.9%	14-Feb-20	Link
Class I	EUR	KYG8380A1783	0.1%	1.8%	5.6%	-	-	-	1.1%	21-Mar-25	Link
Class I	CHF	KYG8380A1940	0.3%	1.8%	5.2%	-	-	-	1.0%	28-Mar-25	Link
Class I	GBP	KYG8380A2021	0.1%	1.4%	-	-	-	-	0.2%	12-Sep-25	Link
Class P	USD	KYG8380A1114	0.1%	2.2%	6.5%	10.6%	10.8%	5.6%	7.3%	30-Apr-20	Link
Class P	EUR	KYG8380A1296	0.1%	1.7%	5.4%	8.5%	8.9%	4.0%	3.7%	14-Feb-20	Link
Class P	CHF	KYG8380A1528	0.3%	1.7%	5.0%	7.0%	7.0%	-	1.3%	15-Oct-21	Link
Class P	GBP	KYG8380A2104	0.1%	2.0%	-	-	-	-	0.7%	04-Jul-25	Link
Class P	ILS	KYG8380A1379	0.1%	2.1%	6.1%	9.5%	9.7%	3.5%	3.3%	14-Feb-20	Link

Class I - USD
ISIN: KYG8380A1031
1m: 0.1% | 3m: 2.3% | 6m: 6.8%
1yr: 11.1% | 3yrs: 11.3% | 5yrs: 6.1%
Since Inception: 5.9%
Inception: 14-Feb-20
Factsheet

Class I - EUR
ISIN: KYG8380A1783
1m: 0.1% | 3m: 1.8% | 6m: 5.6%
Since Inception: 1.1%
Inception: 21-Mar-25
Factsheet

Class I - CHF
ISIN: KYG8380A1940
1m: 0.3% | 3m: 1.8% | 6m: 5.2%
Since Inception: 1.0%
Inception: 28-Mar-25
Factsheet

Class I - GBP
ISIN: KYG8380A2021
1m: 0.1% | 3m: 1.4%
Since Inception: 0.2%
Inception: 12-Sep-25
Factsheet

Class P - USD
ISIN: KYG8380A1114
1m: 0.1% | 3m: 2.2% | 6m: 6.5%
1yr: 10.6% | 3yrs: 10.8% | 5yrs: 5.6%
Since Inception: 7.3%
Inception: 30-Apr-20
Factsheet

Class P - EUR
ISIN: KYG8380A1296
1m: 0.1% | 3m: 1.7% | 6m: 5.4%
1yr: 8.5% | 3yrs: 8.9% | 5yrs: 4.0%
Since Inception: 3.7%
Inception: 14-Feb-20
Factsheet

Class P - CHF
ISIN: KYG8380A1528
1m: 0.3% | 3m: 1.7% | 6m: 5.0%
1yr: 7.0% | 3yrs: 7.0%
Since Inception: 1.3%
Inception: 15-Oct-21
Factsheet

Class P - GBP
ISIN: KYG8380A2104
1m: 0.1% | 3m: 2.0%
Since Inception: 0.7%
Inception: 04-Jul-25
Factsheet

Class P - ILS
ISIN: KYG8380A1379
1m: 0.1% | 3m: 2.1% | 6m: 6.1%
1yr: 9.5% | 3yrs: 9.7% | 5yrs: 3.5%
Since Inception: 3.3%
Inception: 14-Feb-20
Factsheet

Returns as of 28/11/2025, net of fees.