Investment Talent on Tap – First Quadrant, L.P.

First Quadrant, L.P. First Quadrant believes that significant and recurring market inefficiencies are the source of alpha, or excess profit. As these inefficiencies change over time, the market undergoes ongoing phases of expansion and contraction. Focus is on exploiting market inefficiencies while controlling risk While continually focused on risk management, First Quadrant attempts to achieve its competitive edge through their ability to: Build Breadth: Diversification remains the most important principle of investing. Relying upon a wide array of market inefficiencies diversifies alpha in a manner similar to the way that broadening the holdings diversifies a stock portfolio’s total risk. Diversification among independent alpha sources is what is meant by “breadth,” and First Quadrant portfolios with breadth of alpha sources may deliver a more consistent alpha. Respond Tactically: Truly active investors are opportunistic. Once the fishing hole is fished out, you only return when the catch is replenished. By refocusing portfolios on areas where inefficiencies are at their cyclical peak, First Quadrant believes it is better positioned to find alpha with greater consistency. Innovate Relentlessly: Leaders never rest in the competition for return. Market inefficiencies come and go. Particularly when other investors seize upon the same opportunities, excess profits shrink and sometimes disappear entirely. First Quadrant constantly trolls the waters for new market inefficiencies — ones that it believes have not been widely identified.

Mutual Funds Offered by Managers FQ Global Alternatives Fund FQ Tax-Managed U.S. Equity Fund FQ U.S. Equity Fund Fremont Global Fund Separate Account Strategies Offered by Managers FQ Small Cap Value Strategy Investment Professionals R. Max Darnell Chief Investment Officer 17 Years Industry Experience Christopher Luck, CFA Partner, Director of Global Equity 21 Years Industry Experience Jia Ye First Quadrant and Chief Investment Strategist Nelson Wicas Director of Global Equities Research Firm Highlights Founded in 1988 Affiliate of Affiliated Managers Group (AMG) since 1996 Manages approximately $26.6 billion is assets as of 6/30/08 Offers investment strategies in two main areas: equities and global macro

Disclosure
Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for a long-term, especially during periods of downturns in the market.

FQ Global Alternatives Fund may use derivative instruments for hedging purposes or as part of its investment strategy. There is a risk that a derivative intended as a hedge may not perform as expected. The main risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative or that the counterparty may fail to honor its contract terms, causing a loss for the Fund. Use of these instruments may also involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so.

FQ Tax-Managed U.S. Equities Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

FQ U.S. Equities Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small and medium capitalization companies) when stocks of large-capitalization companies are out of favor.

Fremont Global Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors.

Investments in foreign securities, even though publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments.

The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors.

Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.

First Quadrant, L.P. is an affiliate of AMG. AMG, through its affiliates, offers over 300 investment products across a wide range of investment styles and asset classes in the mutual fund, institutional and high net worth distribution channels.