Covision Advisors LLC

Item 5. Fees and Compensation

Advisory Fees

Each Fund is charged an investment management fee based on the value of the Fund’s assets under
management and subject to the terms of the applicable management agreement and, also subject to
the management agreement, a performance-based allocation, which is compensation that is based
on a share of net capital gains on and net capital appreciation of the net assets of the Fund. Generally,
the investment management fee ranges from 0.625% to 1% per annum. In addition, in place of an
investment management fee, certain fund investors have fixed fee arrangements. The Firm, in its sole
discretion, can reduce or waive fees for any client or investor. Investment management fees are
generally paid quarterly in advance, and performance-based allocations are generally accrued
monthly and paid annually, as applicable. The investment management fee and the performance-
based allocation are deducted from the Fund’s net assets and from each investor’s account
accordingly and may be paid to CoVision or the affiliated general partner. Fees charged by a Fund
may also be different depending on the series or class of a Fund interest held by an investor.

Fees charged by the Funds are generally not negotiable; however, CoVision may waive or reduce fees
charged to the investor accounts held by CoVision employees and certain strategic investors as well
as other entities at the sole discretion of the investment manager. The specific payment terms and
other conditions of the investment management fee and performance-based compensation paid to
CoVision or its affiliates are set out in the relevant agreement.

For clients other than the Funds, CoVision bills the client for fees as separately negotiated.

Other Expenses
In addition to paying investment management fees and, if applicable, performance-based allocations,
Fund and other client accounts may also be subject to other expenses, whether directly or indirectly,
as outlined in the relevant agreement, such as:

• Directors’ fees (in the case of Funds having a board of directors).
• Legal, administrator, accounting, auditing and other professional expenses including, but not
limited to, regulatory, compliance, filings and reporting expenses (to the extent related to a client Fund
or its investments),
• All federal, state and local taxes and filing fees payable by the client
• Management fees and performance-based fees and/or allocations attributable to third-party fund
investments,
• All investment expenses including commissions, interest on margin accounts and other
indebtedness,
• Fees and expenses of any third-party valuation and/or pricing services (and related software and
subscriptions),
• Administrative and custodial fees,
• Registrar and transfer agent fees,
• Bank service fees, and
• Other reasonable expenses related to the purchase, sale or transmittal of a client’s assets.

CoVision Advisors LLC                            5                                      March 2026

To the extent such expenses are incurred for the benefit of multiple clients, CoVision will make a
good faith allocation (generally pro rata based on asset size of the client account) of such expenses
among its clients.

CoVision Advisors LLC                         6                                     March 2026

Item 7. Types of Clients

CoVision has both discretionary and non-discretionary advisory agreements with its clients, as
detailed in the relevant management agreements. CoVision provides investment management
services to private funds and separately managed accounts on a discretionary basis. On a non-
discretionary basis, the Firm advises private investment vehicles and separately managed accounts
on behalf of families, as well as family trusts and charitable foundations.. Minimum investment
amounts are determined on a client-specific basis.

CoVision Advisors LLC                        9                                  March 2026