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 Tax-Managed 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. As of December 31, 2007, First Quadrant had assets under management of approximately $31.1 billion.

Portfolio Managers

The Fund is team-managed and Christopher G. Luck, CFA and Max Darnell are the lead portfolio managers.

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.

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.

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. 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 data shown is current to the most recent month end.