also how the galaxies effectively reddened by the inclusion of the AGN feedback constitute a minor fraction of the galaxies contributing to the B and UV band luminosity; although the abundance of bright galaxies in the UV and B bands is indeed decreased by the inclusion of the AGN feedback (see top-left and bottom-left panels of fig. 6), the resulting luminosity functions are still consistent with the data.

\[0.43\]

A direct comparision of the predicted and the observed color distribution of galaxies at intermediate redshifts $z=1-2$ is perfomed in fig. 7 for three magnitude bins, to show how the model matches the observed early (at $z\approx 
2$) appearence of the same downsizing effect which marks the color distribution at low redshifts (see text below fig. 4), indicating that the model captures the observed [*early*]{} decline of the star formation rate in massive, bright galaxies.

\[0.4\]

The Color Distribution and Abundance of EROs
--------------------------------------------

From the discussions above, and from inspection of fig. 5, we expect that the inclusion of the AGN feedback will solve the long-standing problem of semi- analytic models related to their severe underestimate of EROs (with observed $R-K>5$) at $z\approx 1.5-2.5$ (see McCarthy et al 2004; Cimatti 