FQ Tax-Managed U.S. Equity Fund

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MFQTX Morningstar Risk-Adjusted Ratings as of April 30, 2012
Overall Rating	3 Years	5 Years	10 Years	Category
(of 1572 Funds)	(of 1572 Funds)	(of 1379 Funds)	(of 842 Funds)	Large Blend

Fund Facts (as of 3/31/2012)

Investment Style:	All-Cap Core; Tax Managed

Benchmark(s):	Russell 3000^®

Subadvisor(s):	First Quadrant, L.P.

Fund Net Assets:	$44,175,180

Share Class Facts

Share Class:	Institutional

Ticker:	MFQTX

Cusip:	561709304

Inception Date:	12/18/2000

Expense Ratio: (Gross / Net)	1.11% / 0.99%

Minimum Investment: Initial / Subsequent	$2,500,000 / $1,000

Minimum IRA Investment: Initial / Subsequent	$50,000 / $1,000

Maximum Sales Charges:	N/A

12b-1 Fees:	N/A

Learn more about share classes offered by Managers Investment Group.

Fund Focus

The Managers AMG FQ Tax-Managed U.S. Equity Fund invests at least 80% of its assets in equity securities of issuers located in the United States. Generally the Fund will invest in approximately 75 to 250 stocks, but this number will vary depending on market conditions and the size of the Fund. These stocks will generally reflect the characteristics of the Russell 3000^® Index in terms of industry, earnings growth, valuation and similar measurements.

The Fund strives to minimize taxable distributions to shareholders. First Quadrant may apply a variety of tax-sensitive investment techniques including:

Investing in stocks that pay below-average dividends
Employing a buy-and-hold strategy designed to avoid realizing short-term capital gains and defer as long as possible the realization of long-term capital gains
Realizing losses on specific securities or specific tax lots of securities to offset realized gains

Where This Fund May Fit As Part Of Your Asset Allocation

The Managers AMG FQ Tax-Managed U.S. Equity Fund may be appropriate for your overall investment allocation if you are:

Looking to gain exposure to high-quality U.S. companies
Seeking an equity portfolio that minimizes the impact of taxes
Willing to accept a higher degree of risk for the opportunity of higher potential returns
Willing to accept short-term volatility of returns

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 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. Unlike the Fund, the index listed is unmanaged, is not available for investment and does not incur expenses.

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

The Fund's investment manager has contractually agreed, through at least March 1, 2013, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric.

Morningstar Rating is for the share class indicated only (see ticker), other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund's fees. Without such waiver, the Rankings may have been lower.

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