MANAGER QUESTIONNAIRE

Date Completed

Your Data As Of

FIRM NAME

/

STRATEGY

Street Address / Main Contact
City, State, Zip Code / E-mail address
Web Site URL / Telephone

Overview

Month and Year Founded /

Style

/

Please ChooseLong US EquitiesLong Global EquitiesLong Non-US EquitiesSector Long US EquitiesSector Long Global EquitiesSector Long Non-US EquitiesLong-Short US EquitiesLong-Short Global EquitiesLong-Short Non-US EquitiesSector Long-Short US EquitiesSector Long-Short Global EquitiesSector Long-Short Non-US EquitiesLong US Fixed IncomeLong Non-US Fixed IncomeLong Global Fixed IncomeFixed Income ArbitrageCTAPrivate EquityVenture CapitalOther (Please Describe)

Total Firm Headcount / Benchmark
Majority Equity Holder(s) / Please ChooseAfrican American or BlackAlaska NativeAmerican IndianAsianBroker-DealerCorporate InvestorHispanicLatinoMutual Fund ComplexPeople with DisabilitiesSouth AsianWhiteWomenOther / Product
Roster / AUM ($Mill.)

Number of Portfolio Managers

Total Firm AUM ($Million)

Breakdown of Total Firm AUM ($Mill.) / U.S. Taxable / U.S. Non-Taxable / Offshore

Last 12

Months’

Return

/ 3-Year Annualized Return / 5-Year Annualized Return / 10-Year Annualized Return / Net of Fees or Gross / ChooseNet of FeesGross
Sharpe Ratio / Sortino Ratio / Beta / R² / Standard Deviation
Time Period for Sharpe and Sortino Ratios or Beta, R² and Standard Deviation / Please Choose3-year5-year10-yearSince Inception
Performance Calculated For: / Composite / Selected Account(s) / Model or Simulation / ChooseSimulationModel / Other
Annual Return Target / ExpectedReturn for the Next 12 Months
Annual Excess Return Target / ExpectedExcess Return for the Next 12 Months
Typical Management Fee (%) / Typical Incentive Fee(%)
Numbers AIMR Compliant? / Please ChooseYesNo / Most Recent Year Audited?
Typical Number of Positions / Annual Turnover
Typical % Net Long / Typical % Net Short / %Cash
Prime Broker / Custodian
Auditor Firm / Auditor
Contact Details of Auditor / Legal Resources
Now Out of Compliance with Any SRO (NASD, SEC, etc.)? / ChooseYesNo / Pending Litigation vs.
Firm or Employees? / ChooseYesNo / Past Litigation vs.
Firm or Employees? / ChooseYesNo

(If “Yes” to Compliance or Litigation Questions, Please Describe in “Other Information” Section.)

Organization

Please Describe Your Firm’s History (Please include mergers or team liftouts.)

Please Describe Voting and Economic Equity Ownership in Your Firm (include individual ownership %)

Staffing

Please Describe Investment, Marketing, and Back Office Staff of Your Firm

Portfolio Management
Securities Analysis or Research
Portfolio Administration
Trading
Marketing/Client Services
Back Office

Please Provide Staff Names, Biographies, and Credentials

Please Describe Staff Compensation Arrangements

Please Specify if Staff(s) invest in any products and % of total asset

Corporate Matters

PleaseDescribe Growth Targets and Capacity Constraints
PleaseProvide Percentages of Your Firm’s AUM by Type
Onshore Commingled Funds / Offshore Commingled Funds / Separate Accounts
US Taxable / US Non-taxable / Offshore
Institutional / Individual / Commingled
PleaseDescribe Client Concentration or Distribution
Please State Percentage of Your Firm’s AUM Comprised of Employee Assets
Portfolio Manager(s) / Investment Analyst(s) / Marketing Staff / Back Office and Other
PleaseDescribe Joint Ventures, Marketing Arrangements, and Processes at Your Firm

Please List Databases to Which Your Firm Submits Performance Results

Investment Processes

(Rank Relative Importance: 1 to 5 highest)

Investment Approach

/

Security Selection Factors

Fundamental

/

Bottom Up

/

Earnings

Momentum

/

Valuation Emphasis

Quantitative

/

Top Down

/

GARP

/

Technical

Analysis

Technical

/

Sell Side

Research

/

Earnings

Revision

/

Business

Strategy

Sector

Valuation

/

3rd Party

Research

/

Forecast

Earnings Growth

/

Company Management

Please Describe Your Firm’s Investment Philosophy(ies)

Please Describe Your Firm’s Investment Process(es)

Please List Databases and Describe Technologies Used in Investment Process(es)

Please Describe Your Firm’s Investment Idea Generation Routines and Strategies

Please Describe Portfolio Construction and Maintenance at Your Firm

Please Describe Sector, Industry, or Capitalization Concentrations in Your Firm’s Portfolio(s)

Please Describe Buy Discipline(s) at Your Firm

Please Describe Sell Discipline(s) at Your Firm

Please Describe Risk Control Processes or Algorithms, and Position Size Limits at Your Firm

Please List and Describe Three Distinctive Positive Attributes of Your Firm’s Investment Approach

1)

2)
3)
Please List and Describe Three Distinctive Positive Attributes of Your Firm

1)

2)

3)

Please List and Describe Three Negative Aspects of Your Firm’s Investment Approach, or of Your Firm, and Measures to Counteract Them

1)

2)

3)

Please List Three Competitors Admired By Your Firm’s Investment Staff

1)

2)

3)

Historical Performance

Please Describe Past Performance (Performance relative to benchmark and peers; and historical alpha.)

Please Discuss Volatility and Tracking Error (Standard deviation and tracking error relative to benchmark(s) and peers.)

Please Provide Style Orientation and Consistency (Return-based style analysis(es) and level(s) of residual risk to that style.)

Please Describe Three Worst Transactions (Environment; impact; reaction; and performance impact of reaction.)

Please Describe Three Best Transactions (Environment; impact; performance impact of reaction; and repeatability.)

Other Information

Do you have a succession plan? If yes, please describe.

Please return completed forms electronically or direct inquiries to:

CLAYTON C. JUE, CFA

Chief Executive Officer

Leading Edge Investment Advisors, LLC

50 California Street

Suite 2320

San Francisco, CA 94111

415.217.7030 (Main)

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LEIA Manager Questionnaire Rev 9/20/2011