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Mutual Fund Product Profile
AMG FQ Tax-Managed U.S. Equity Fund
AMG FQ Tax-Managed U.S. Equity Fund
Mutual Fund Product Profile
PAGE 1
ABOUT FIRST QUADRANT, L.P. (FQ)
Overview of FQ:
u FQ offers strategies in three main areas:
Founded in 1988
u $20.4 billion assets under
management1,2
u Headquartered in Pasadena, CA
u Partnership with employee ownership
u Beta strategies that offer efficient
participation in global growth
u Alpha strategies that offer low
correlation to broad markets
u Total return solutions that strategically
u 89 total employees – 29 investment
professionals
1
combine beta and alpha seek to
maximize risk-adjusted returns
u Global, institutional client base
u Systematic, theory-based process
INVESTMENT PHILOSOPHY
FQ believes that significant and recurring fundamental market inefficiencies present opportunities
for profit. With inefficiencies changing over time, FQ believes it is necessary to conduct ongoing
research to keep the investment process ahead of the curve.
FQ also believes that market inefficiencies exist for a variety of reasons including:
 In certain dimensions of the market, information is not always immediately reflected in the
price of securities
 Certain information is given either too much or too little weight in investors’ decisions
 Investors fail to respond efficiently to changes in various risk attributes
INVESTMENT STRATEGY
The AMG FQ Tax-Managed U.S. Equity Fund seeks to achieve superior long-term returns for investors
by investing in a diversified portfolio of U.S. equity securities that reflects the characteristics of the
Russell 3000® Index in terms of industry, earnings growth, valuation and other similar factors. The Fund
invests at least 80% of its assets in equity securities. First Quadrant will manage the Fund’s portfolio to
minimize taxable distributions to shareholders and will 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
1
As of June 30, 2016
2
Includes market values for fully funded portfolios and the notional values for margin funded portfolios, all actively managed by First Quadrant and nondiscretionary portfolios managed by joint venture partners using First Quadrant investment signals. First Quadrant is defined in this context as the combination
of all discretionary portfolios of First Quadrant, and its joint venture partners, but only wherein First Quadrant has full investment discretion over the portfolios.
INVESTMENT PROCESS
PORTFOLIO MANAGERS
FQ uses a proprietary multi-factor quantitative model to construct portfolios that combine
a top-down analysis of market and economic conditions with a bottom-up stock selection process.
First Quadrant utilizes an integrated investment process that consists of four key components:
1. Tax Management: maximizes retention of investment gains after taxes
2. Alpha Generation: seeks to provide better return than the market
3. Risk Management: seeks to achieve desired returns by taking diversified positions
4. Transaction Cost Management: minimizes market impact
Jia Ye, PhD
Partner and Chief
Investment Strategist
Tax
Management
1
Transaction Cost
Management
4
2
Alpha
Generation
3
Risk
Management
There is no guarantee that these investment strategies will work under all market conditions, and each investor should
evaluate his or her ability to invest for the long term, especially during periods of downturns in the market.
David Chrisman, PhD, CFA,
Director of Investment Research
AMG FQ Tax-Managed U.S. Equity Fund
Mutual Fund Product Profile
ASSET CLASS/OBJECTIVE
STYLE
EQUITY
The Fund’s investment
objective is to achieve
long-term after-tax
returns for investors.
VALUE
CORE GROWTH

LARGE
MID
Style box placement
is based on Fund’s
principal investment
strategies
BENCHMARK
ADVISOR
SUBADVISOR
PORTFOLIO
MANAGERS
Russell 3000® Index
AMG Funds
First Quadrant, L.P.
Jia Ye
David Chrisman
SMALL
FUND FACTS
Ticker
Inception
Expense Ratio
(Gross/Net)1
Minimum
Investment
Maximum
Sales Load
12b–1
Fees
Investor Class
MFQAX
03/01/06
1.27%/1.14%
$2,000 ($1,000 IRA)
—
0.25%
Institutional Class
MFQTX
12/18/00
1.02%/0.89%
$1,000,000 ($50,000 IRA)
—
—
Share Class
The Fund’s Investment Manager has contractually agreed, through at least March 1, 2017, 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.
1
AMG FUNDS
AMG Funds provides access to premier asset managers through a unique partnership where the investment managers are truly independent.
We are not beholden to a single investment approach or a single manager in delivering quality investment solutions. This innovative approach
leverages each manager’s specific expertise to deliver products that cover the complete asset class spectrum. Delivering the talents of all of
these portfolio managers under a consolidated platform allows AMG Funds to offer unmatched access to specialized investment expertise.
For more information, call 800.368.4410.
DISCLOSURES
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 visit www.amgfunds.com
to download a free prospectus. Read it carefully before investing or
sending money. 
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.
The Fund may use derivative instruments, such as options and futures, 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.
The Russell Indices are trademarks of the London Stock Exchange Group companies.
Although the Fund is managed to minimize taxable distributions, it may not be able to avoid taxable
distributions.
The Russell 3000® Index is composed of the 3,000 largest U.S. companies as measured by market
capitalization, and represents about 98% of the U.S. stock market. Unlike the Fund, the Russell 3000®
Index is unmanaged, is not available for investment and does not incur expenses.
AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC.
www.amgfunds.com
Not FDIC
Insured
May
Lose Value
Not Bank
Guaranteed
063016
PR063