Radian Investment Management LLC

Item 5.         Fees and Compensation
Advisory Fees
The Adviser generally charges a quarterly advisory services fee that varies between a rate of 0.30% to
0.80% depending on the average gross asset value of a client’s portfolio, the type and complexity of the
advisory services provided, as well as the level of administration requested either directly or assumed by
the client. The advisory services fee is charged quarterly in arrears. Upon termination of the Adviser’s
services to a client, any accrued but unpaid fees will be billed on a prorated basis.
Other Fees and Expenses
It should be noted that the Adviser’s fees are exclusive of brokerage commissions, transaction fees and/or
other related costs and expenses which may be incurred by the client. Clients may also incur charges
imposed by custodians, brokers and/or other third parties, such as: custodial fees, transfer taxes, wire
transfer and electronic fund fees.

Item 7.          Types of Clients and Minimum Requirements
The Adviser provides investment advice to pooled investment vehicles via a delegation of discretionary
investment advisory authority from Radian Investment Management, S.A. Investment minimums are
determined by the pooled investment vehicle clients in their respective operating documents.
Item 8. Method of Analysis, Investment Strategies and Risk of Loss
The Adviser typically provides advice in accordance with each client’s overall investment objective and
strategy. These methods and investments involve risk of loss to clients, and clients must be prepared to
bear the loss of their entire investment. The primary material risks relating to the Adviser’s investment
strategy include the following:
Risk of Loss. Investing in securities involves risk of loss that clients should be prepared to bear. Risk refers
to the possibility that the client will lose money (both principal and any earnings) or fail to make money on
an investment. Adviser cannot guarantee that it will achieve a client’s investment objective.
General Investment Risk. All investments in securities and other financial instruments involve substantial
risk of volatility (potentially resulting in rapid declines in market prices and significant losses) arising from
any number of factors that are beyond the control of Adviser, such as: changing market sentiment; changes
in industrial conditions, competition and technology; changes in inflation, exchange or interest rates;
changing domestic or international economic or political conditions or events; changes in tax laws and
governmental regulation; and changes in trade, fiscal, monetary or exchange control programs or policies
of governments or their agencies (including their central banks).
Past Performance Is No Guarantee of Future Results. There is no guarantee that profitably executed
strategies in the past will continue to be profitable in the future, or that any securities that have been
profitable in the past will continue to be profitable in the future.
Market Volatility. The Adviser may recommend securities which trade in markets where prices may
fluctuate rapidly and over wide ranges. All securities recommended by the Adviser will be subject to some
dimension of market risk, including the restricted availability of credit, governmental intervention,
directional price movements, deviations from historical pricing relationships, changes in the regulatory
environment, changes in market volatility and the “flight-to-quality.”
The diversification of a portfolio may not always be significant and, even if significant, may not provide
meaningful risk control. The particular or general types of market conditions in which clients may incur
losses cannot be predicted, and the Adviser may materially underperform other money managers that
implement substantially similar investment strategies and approaches. Certain market conditions, such as
inflation, shortages of credit, declining stock markets, economic recession and rising interest rates, could
materially reduce the profit potential of a portfolio.
Investment Funds Risk. Private funds and other investment funds will charge their own management and
other fees, so that if a client invests in them, the client will bear an additional level of fees and expenses.
Some of these funds may pay fees to a manager or general partner or its affiliates. Also, U.S. mutual funds
generally must distribute all gains, including to investors who may not have an economic gain, which can
lead to negative tax effects on clients, particularly non-U.S. persons.

Liquidity Risk. Interests of private funds will not be freely transferable and may be illiquid. An investor
may only redeem its investment in a private fund consistent with the terms set forth in the private fund’s
offering documents.
Real Estate Risk. Real estate securities are susceptible to the many risks associated with the direct
ownership of real estate, including declines in property values, increases in property taxes, operating
expenses, interest rates or competition, overbuilding, changes in zoning laws, or losses from casualty or
condemnation.
The risk factors described above are not exhaustive, but rather represent some of the more common risks
ascribed to investing in portfolios and products that may be recommended or advised by Adviser. All
investments are subject to the risk of loss that a client should be prepared to bear.
Additional Risks Relating to the Adviser
Cybersecurity Risk. The information and technology systems of the Adviser and of key service providers to the
Adviser and its clients may be vulnerable to potential damage or interruption from computer viruses, network
failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage
errors by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods,
hurricanes and earthquakes. Although the Adviser has implemented various measures designed to manage risks
relating to these types of events, if these systems are compromised, become inoperable for extended periods of time
or cease to function properly, it may be necessary for the Adviser to make a significant investment to fix or replace
them and to seek to remedy the effect of these issues. The failure of these systems and/or of disaster recovery plans
for any reason could cause significant interruptions in the operations of the Adviser or its client accounts and result
in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information.
Systems and Operational Risk. The Adviser relies on certain financial, accounting, data processing and
other operational systems and services that are employed by the Adviser and/or by third-party service
providers, including prime brokers, third-party administrators, market counterparties, and others. Many of
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