Tax Impact Series: Tax Planning 2015

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1 Tax Impact Series: Avoid Manage Defer Tax Planning 2015 Keep More of What You Earn February Not FDIC Insured May Lose Value Not Bank Guaranteed BR

2 Avoid Manage Defer Strategies to Help You Keep More of What You Earn For investors with substantial assets, managing the impact of taxes continues to be a major focus. That s particularly true for investors who may have realized significant gains over the past few years due to the strong performance of the markets. Tax season is the perfect time to review ways to better manage your tax exposure. Avoid The simplest way to reduce your tax obligation is to avoid taxes by investing in mutual funds that offer tax advantages based on their underlying assets, such as municipal bond funds. Manage The emphasis here is on managing taxable events, such as realizing longand short-term capital gains, and seeking to maximize the tax advantages of dividend income. Defer Are you maximizing the tax effectiveness of your retirement accounts? You can use tax-deferred accounts such as IRAs, Roth IRAs and 401(k)s to defer a portion of your tax burden until retirement, when you may be in a lower tax bracket. PAGE 1

3 Keep More of What You Earn AVOID Avoiding Taxes Tax-Exempt Investing The major focus of this strategy is on mutual funds that offer tax advantages based on their underlying investments, such as municipal bond funds, which may be exempt from federal taxes and, in some cases, from state and local taxes as well. Municipal bonds are debt securities issued by a state, municipality, county or special purpose district such as public schools or airports. Bonds may be general obligation bonds or issued to finance capital expenditures. These investments can help shield your portfolio and reduce your tax exposure. They may also play a role in helping individuals who are subject to the alternative minimum tax (AMT). A Fund to Consider: AMG GW&K Municipal Bond Fund (GWMIX) Founded in 1974, GW&K provides the history and stability of managing assets that many high-networth investors seek. GW&K has been an AMG Affiliate since GW&K is large enough to gain priority access to the municipal market, conduct in-depth proprietary security research and have knowledge of forthcoming deals, yet nimble enough to navigate the market and potentially add value through trading and research. This municipal bond fund is actively managed, with a total return, high-quality focus: Large, liquid investment-grade issues Typically maintains portfolio credit quality around AA Responds to interest rate moves in a disciplined manner Investment income from municipal bond funds may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax. PAGE 2

4 Tax Impact 2015: Avoid Manage Defer MANAGE Managing Your Tax Exposure Investing With Taxes in Mind A sound option for some investors is to manage tax exposure by investing in a mutual fund that seeks to reduce tax liabilities by minimizing dividends and reducing realized gains. This strategy emphasizes the importance of managing taxable events such as avoiding short-term capital gains, which are usually taxed at a higher rate than long-term capital gains. Tax-loss harvesting may also be employed, selling securities at a loss to help offset capital gain tax liabilities that were incurred elsewhere. A Fund to Consider: AMG FQ Tax-Managed U.S. Equity Fund (MFQTX) This actively managed fund strives to earn sound returns while managing taxable events within the portfolio, and provides investors with the following benefits: Access to an innovative, highly respected investment boutique Primarily targets high-quality, large-cap U.S. companies, with additional exposure to midand small-caps. A focus on seeking long-term returns while minimizing taxable distributions by: Investing in stocks that have historically paid below-average dividends Employing a buy-and-hold strategy designed to avoid realizing short-term capital gains and deferring 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 First Quadrant, the Fund subadvisor, has been an AMG Affiliate since PAGE 3

5 February 2015 DEFER Maximizing Your Tax-Deferred Retirement Vehicles Managing Taxes Now and in the Future If you are not maximizing your use of tax-deferred, qualified accounts, now is the perfect time to review your annual contributions. Qualified accounts such as IRAs, Roth IRAs and 401(k)s can help you save for retirement and reduce your current taxes, while allowing your savings to grow taxdeferred. By deferring taxes until later in your life, you may pay taxes at a lower rate when you do withdraw from your retirement accounts in most cases you may have stopped working, so your effective tax rate may often be lower. Maximizing your tax-deferred contributions can help you to reduce your taxes now so you have more savings at hand when you retire later Contribution Limits Regular Contributions Catch-Up Contributions (age 50 or older) IRA or Roth IRA $5,500 $1, (k) $18,000 $6,000 While you are assessing your contributions and any catch-up opportunities, you should also review your entire retirement regimen, including: Reviewing and updating your beneficiaries Updating and rebalancing your asset allocations Assessing the practicality of a stretch IRA to pass along tax benefits to your beneficiaries Identifying opportunities for account consolidation through account rollovers Consulting your legal professional to ensure your estate planning documents reflect your current wishes Funds to Consider: To help build a diversified portfolio within a tax-deferred account, consider these mutual funds: AMG Yacktman Fund (YACKX) AMG Renaissance Large Cap Growth Fund (MRLIX) AMG Renaissance International Equity Fund (RIELX) AMG Chicago Equity Partners Balanced Fund (MBEYX) AMG Managers Bond Fund (MGFIX) AMG Managers Real Estate Securities Fund (MREYX) To find out how to keep more of what you earn, consult with your financial advisor. PAGE 4

6 Why choose AMG Funds? AMG Funds provides access to premier boutique asset managers through a unique partnership where our fund advisors are truly independent. We are not beholden to a single investment approach or a single manager to help find the best investment solutions. Our innovative approach leverages our independent advisors expertise to deliver products that cover the complete asset class spectrum. Combine this with the most efficient delivery of investment expertise in the asset management business and you have unmatched resources to meet your wealth management needs. Next Steps Contact your advisor to determine how you can take advantage of these avoid, manage and defer strategies. For more information on our Tax Impact Series, visit DISCLOSURES Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call or visit com to download a free prospectus. Read it carefully before investing or sending money. The tax information contained herein is provided for informational purposes only. AMG Funds does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific financial or tax situation. Although tax-managed mutual funds are managed to minimize taxable distributions, they may not be able to avoid taxable distributions. Investing involves risk, including possible loss of principal. Investments in debt securities, such as default risk and fluctuations in the perception of the debtor s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall. Issuer of bonds may not be able to meet interest or principal payments when the bonds come due. Diversification does not protect against a loss in declining markets. The Funds may invest in derivatives, such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses. Factors unique to the municipal bond market may negatively affect the value in municipal bonds. Funds are distributed by AMG Distributors, Inc., a member of FINRA, SIPC. AMG Funds LLC is a subsidiary and U.S Distribution arm of Affiliated Managers Group, Inc. (NYSE: AMG) AMG Funds LLC. All Rights Reserved

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