FQ Tax-Managed U.S. Equity Fund

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		Month Ending 12/31/2008 (%)							Quarter Ending 12/31/2008 (%)
Fund/Class		1 Year	3 Year	5 Year	10 Year	Life of Fund	Expense Ratio		1 Year	3 Year	5 Year	10 Year	Life of Fund
							Gross	Net
FQ Tax-Managed U.S. Equity Fund
Class A	NAV	-40.96	—	—	—	-11.46	1.31	1.25	-40.96	—	—	—	-11.46
Class A	Load	-44.36	—	—	—	-13.28	1.31	1.25	-44.36	—	—	—	-13.28
Class C	NAV	-41.36	—	—	—	-12.14	2.06	2.00	-41.36	—	—	—	-12.14
Class C	Load	-41.94	—	—	—	-12.14	2.06	2.00	-41.94	—	—	—	-12.14
Institutional Class (No Load) Before Tax		-41.06	-9.52	-0.99	—	-0.68	1.06	1.00	-41.06	-9.52	-0.99	—	-0.68
Institutional Class (No Load) After Tax on Distributions		-41.42	-9.76	-1.23	—	-0.89	1.06	1.00	-41.42	-9.76	-1.23	—	-0.89
Institutional Class (No Load) After Tax on Distributions and Sale of Fund Shares		-26.70	-8.08	-0.96	—	-0.69	1.06	1.00	-26.70	-8.08	-0.96	—	-0.69
Russell 3000® Index
		-37.31	-8.63	-1.95	-0.80	—			-37.31	-8.63	-1.95	-0.80	—

Fund Inception Date	Class A	Class C	Institutional
	3/1/2006	3/1/2006	12/18/2000
Calendar Year Returns	Class A	Class C	Institutional	Russell 3000® Index
2008	-40.96%	-41.36%	-41.06%	-37.31%
2007	9.42%	8.55%	9.75%	5.14%
2006	—	—	14.51%	15.72%
2005	—	—	15.46%	6.12%
2004	—	—	11.22%	11.95%
2003	—	—	29.29%	31.06%
2002	—	—	-19.52%	-21.54%
2001	—	—	-7.36%	-11.46%

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.

Performance reflects Class A shares. Load performance: maximum sales charge on Class A shares is 5.75%. For information about other share classes available, please consult the prospectus. Performance of Fund classes will differ. Please see the prospectus for details. From time to time the Fund’s advisor has waived fees or reimbursed expenses, which may have resulted in higher returns.

The Fund share classes differ with regard to sales charges and Fund expenses. In choosing a Fund and class(es), investors should consider the amount they plan to invest, their investment objectives, the Fund’s investment objectives, risks, charges and expenses carefully before investing, and how long they intend to keep their money invested in the Fund and class(es).  Investors should discuss their goals and choices with a registered financial professional in order to determine which share class is appropriate for them.

Class C shares convert to an equal dollar value of Class A shares at the end of the tenth year after purchase.

Performance for periods longer than a year are annualized.

Performance marked "NAV" does not reflect the deduction of a sales load and that, if reflected, would reduce the performance reported.

Figures are based on the historical highest Individual Federal tax bracket and do not consider state or local taxes or the Alternative Minimum Tax. After tax returns shown are for the Institutional class. A and C class shares are invested similarly but will have after tax performance less than that shown because of their higher expenses. Actual returns depend on an investor's situation and may differ. After-tax returns may not be relevant to investors who hold their fund shares through tax-deferred arrangements. The after-tax performance figures here may vary from figures provided by other sources if those figures include certain additional tax credits. Pre-liquidation figures include taxes on the fund’s distribution of dividends and capital gains. If the sale of shares results in a capital loss that offsets capital gains or other income, post-liquidation after-tax returns may exceed pre-liquidation after-tax returns.

The 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.

Annual net expense ratios as of the current prospectus dated 03/01/2008 adjusted for the reduction in custodial fees, which took effect on 07/01/2007. The Investment Manager has contractually agreed, through at least March 1, 2009, to limit Total Annual Fund Operating Expenses (exclusive of taxes, interest, brokerage commissions, acquired fund expenses, and extraordinary items) to the expense cap ratios listed of each class' average daily net assets.

Unlike the Fund, the Index is unmanaged, is not available for investment and does not incur expenses. Please see Index Definitions for all our funds' benchmarks.

The Russell 3000^® Growth Index is a trademark of Russell Investments. Russell^® is a trademark of Russell Investments. An investment cannot be made directly into an Index.