Bluecove Limited

Item 5 - Fees and Compensation
The specific terms of ASC’s fees and compensation arrangements are set forth in the ASC Fund’s Offering Documents and in
the Other Account Mandates. For the ASC Fund, ASC generally charges an annual management fee (“Management Fee”)
which ranges from 1.25% - 1.50% of the net asset value of Investors’ investments. ASC may, in its sole discretion, reduce,
waive or calculate differently the Management Fee with respect to any Investors including, without limitation, Investors that
are affiliates of ASC.

Along with the Management Fee, Investors in the ASC Fund are generally subject to a performance-based fee (“Performance
Fee”) with respect to fund investments, as further described under Item 6 of this Brochure.

ASC is generally paid the Management Fee following the completion of the formal month-end valuation process. Performance
fees are paid annually, or at each relevant crystallization event, as further disclosed in the Fund’s Offering Documents.

The Master Fund of the ASC Fund pays the costs and expenses incurred in, or relating or attributable to its operation, and the
operation of its Domestic Feeder and Offshore Feeder, which may include without limitation, taxes, registered office fees,
professional services (including experts, external legal costs accounting, auditing and consulting) and data services, auditing
and consulting services, reasonable marketing and promotional activities (including related travel expenses), registration fees
and other expenses due to supervisory authorities, insurance (including for the benefit of the Directors), interest, brokerage
costs, legal expenses, costs relating to execution, technology and algorithms, all fees and expenses of transactional, risk,
market data and trade-related services that are provided to the Master Fund and its Domestic Feeder and Offshore Feeder,
all communication expenses with respect to investor services and all expenses of meetings of investors and of preparing,
printing and distributing financial and other reports, proxy forms, prospectuses and similar documents, all litigation and
indemnification expenses and extraordinary expenses not incurred in the ordinary course of business, any fees and expenses
involved in registering and maintaining the registration of the Master Fund and its Domestic Feeder and Offshore Feeder in
any market or with any governmental or regulatory agencies or stock exchanges, any fees and expenses involved in
registering, making filings for, and maintaining the registration of ASC in any jurisdiction or with any governmental or
regulatory agencies or stock exchanges where this is required in connection with one or more actual or prospective investors
in, and/or investments made (or to be made) by the Master Fund and/or its Domestic Feeder or Offshore Feeder, and all
professional and other fees and expenses incurred in connection therewith, and the fees and out-of-pocket expenses of the
Directors and the service providers to the Master Fund and its Domestic Feeder and Offshore Feeder, in each case including
where such expenses are recharged by ASC pursuant to the terms of the Offering Documents. Each Master Fund will also
meet its liquidation and winding-up costs.

In relation to the Harbor ETFs, Harbor Capital Advisors, Inc. pays ASC an advisory fee based on a percentage of the average
daily net assets of each fund. The Harbor ETFs do not charge performance-based fees – all fees received by ASC in relation to
the Harbor ETFs are based on a percentage of the assets being managed. Further details are available in the Harbor ETFs’
current prospectuses.

In relation to the Harbor Convertible Securities Fund, Harbor Capital Advisors, Inc. pays ASC an advisory fee based on a
percentage of the average daily net assets of the fund. The Harbor Convertible Securities Fund does not charge performance-
based fees – all fees received by ASC in relation to the Harbor Convertible Securities Fund are based on a percentage of the
assets being managed. Further details are available in the fund’s current prospectus.

Allocation of Expenses
In certain circumstances, ASC incurs fees, costs, and expenses for the ASC Fund and one or more Other Accounts and/or
future funds or accounts. Under these circumstances, each such entity will typically bear an allocable portion of any such
fees, costs, and expenses in proportion to the size of its investment in or commitment to the relevant activity or entity.
Allocations may be based on factors such as each entity’s respective aggregate net asset value, gross asset value or capital

Form ADV Part 2A: Firm Brochure

commitments, or the relative benefits received by each account (in each case, subject to the terms of the applicable Offering
Documents), or such other manner as ASC determines to be fair and equitable under the circumstances. In many instances,
the allocation of expenses among accounts will involve a good faith assessment by ASC in determining whether and to what
extent the ASC Fund and/or Other Accounts benefit from certain expenses. Notwithstanding the foregoing, ASC may allocate
only to the relevant ASC Fund in full expenses related to certain services, products or resources from which Other Accounts
also derive some benefit if ASC determines that such expense is essential to and is being acquired primarily for the ASC Fund.
Similarly, in cases where the ASC Fund incurs investment expenses in respect of an investment that was made on behalf of
the ASC Fund and Other Accounts, such accounts that are participating in excess capacity in such investment may not be
required to bear any portion of such investment expenses. In the event that an account’s Offering Documents do not permit
the payment of a particular expense, ASC will generally bear the amount allocable to such account. In certain other
circumstances, ASC could elect to bear expenses that an account’s Offering Documents permit the account to bear and may
...

Item 7 - Types of Clients
As further described in Item 4 of this Brochure, ASC provides investment management services to the ASC Fund, which is a
private fund investment vehicle exempt from registration under the Investment Company Act of 1940, as amended (the
“Investment Company Act”), and to the Other Accounts. All Investors in the ASC Fund are required to be either “qualified
purchasers” or employees who are deemed to be “knowledgeable employees” under the Investment Company Act or must
otherwise be permitted to invest under applicable securities laws.

Prospective investors should refer to the Offering Documents of the ASC Fund for information on minimum investment
requirements. Typically, ASC will require a minimum investment of $5,000,000 for the ASC Fund, although, ASC and the ASC
Fund maintain discretion to individually waive, increase or reduce the minimum investment required.

As described previously in this Brochure, ASC also provides management and advisory services to a number of Other
Accounts.

Form ADV Part 2A: Firm Brochure