FQ Tax-Managed U.S. Equity Fund

First Quadrant, L.P.

First Quadrant, L.P. (“First Quadrant”) is the subadvisor for the Managers AMG FQ U.S. Equity Fund. First Quadrant, located at 800 E. Colorado Boulevard, Suite 900, Pasadena, California was founded in 1988. First Quadrant is a fundamental research-based investment management company that creates investment strategies for clients to best fit with their asset allocation, tolerance for risk, and an ever-changing market environment. Affiliated Managers Group, Inc. indirectly owns a majority interest in First Quadrant.

Portfolio Managers

The portfolio is team-managed by Max Darnell, Christopher G. Luck, CFA, Jia Ye and Nelson Wicas.

Max Darnell
Partner, Chief Investment Officer and Director of Research
Max Darnell joined First Quadrant in 1991, after having earned a Masters of Science degree in Economics from the University of California, Los Angeles. At First Quadrant, he oversaw derivatives research until 2000 when he assumed the role of Director of Research, overseeing both equities and derivative products, a role he continues to hold today.  The active strategies involved include Domestic and Global Tactical Asset Allocation, Tactical Currency Allocation, U.S. Equity Style Management, and Pan European Market Neutral.  In January 2003, he was promoted to Chief Investment Officer.

Christopher G. Luck, CFA
Partner and Portfolio Engineer
Christopher G. Luck joined First Quadrant in 1995. He currently manages the Equity Portfolio Management group, which is responsible for approximately $3 billion in U.S. and international equities.  Prior to joining First Quadrant, Chris spent eight years at BARRA, most recently as Director of Sponsor Services.  He received his BA in Economics from the College of the Holy Cross and his MBA from the University of California, Berkeley in 1988.

Jia Ye
First Quadrant and Chief Investment Strategist
Ms. Ye is a Partner of First Quadrant and Chief Investment Strategist, positions she has held since 2008 and 2006, respectively. In 2000, Ms. Ye was named Director (Equities Research), responsible for overseeing the firm’s global market neutral strategies and involved in the construction of equity signals for both domestic and international markets, risk management, and product designs.

Nelson Wicas
Director of Global Equities Research
Mr. Wicas has been Director of Global Equities Research at First Quadrant since March of 2008. Prior to joining First Quadrant, Mr. Wicas was a Principal in the Quantitative Equity Group of Research at Vanguard Group from 2007 through February 2008 and a Principal in the Investment Counseling and Research Group at Vanguard Group from 2003-2006.

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.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.