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    Equity Market Neutral Fund

    1. Class I
    2. Class N
    3. Class R6
    Ticker: QMNIX

    Investment Objective

    Seeks positive absolute returns.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.81 -$0.02 -0.20%
    As of: 8/23/2019
     
    • The Fund seeks to deliver positive absolute returns by taking long and short positions in equity and equity-related instruments that, based on proprietary quantitative models, are deemed to be either undervalued (and likely to increase in price) or overvalued (and likely to decrease in price). 

      The Fund is designed to be market neutral, targeting a portfolio beta to equity markets of zero over a normal business cycle. We construct the portfolio based on our global security selection and asset allocation models, employing the following indicators:

      • Value indicators to identify investments that appear cheap based on fundamental measures, such as price-to-earnings and price-to-book ratios.
      • Momentum indicators, such as simple price momentum, to identify investments with strong short-term performance.
      • Quality indicators to identify stable companies in good business health, including those with strong profitability and stable earnings.
      Applying these and other proprietary indicators, we take long or short positions in industries, sectors and companies that we believe are conditionally attractive or unattractive. The result is a portfolio that seeks positive absolute returns with close to zero equity market beta.

      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      1. Monthly

        Period Ending: 07/31/2019
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Equity Market Neutral Fund 0.20% -8.27% -11.13% -3.37% 2.57% 10/7/2014 2.03% 2.03%
        Bank of America ML 3 Month T-Bill Index 0.19% 1.43% 2.34% 1.44% 0.94% - - -
      2.  
      3. Quarterly

        Period Ending: 6/28/2019
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Equity Market Neutral Fund -6.46% -8.46% -11.62% -3.35% 2.57% 10/7/2014 2.03% 2.03%
        Bank of America ML 3 Month T-Bill Index 0.64% 1.24% 2.31% 1.38% 0.92% - - -

      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • MSCI World Total Return Index with Net Dividends Unhedged is a free float-adjusted market capitalization index that is designed to measure the performance of equities in development markets, including the United States and Canada. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

       

    • As of: 6/30/2019

      Country Exposures

        Long Short
      Australia 2.7% -2.7%
      Belgium 1.9% -1.3%
      Canada 4.9% -4.9%
      Denmark 5.2% -3.2%
      Finland 2.3% -1.1%
      France 6.8% -7.2%
      Germany 8.4% -8.4%
      Hong Kong 2.3% -2.2%
      Italy 5.6% -3.7%
      Japan 29.9% -29.9%
      Netherlands 4.2% -2.4%
      Norway 1.7% -1.8%
      Singapore 0.7% -0.7%
      Spain 3.7% -3.7%
      Sweden 3.3% -2.5%
      Switzerland 4.4% -3.4%
      United Kingdom 11.4% -11.1%
      United States 85.8% -78.8%
      Total 185.0% -169.0%

      Top 5 Long Holdings

      Japan Airlines 1.6%
      Endesa 1.4%
      Neste 1.4%
      Peugeot 1.1%
      Exelon 1.1%

      Top 5 Short Holdings

      Valeo -1.4%
      Genmab -1.3%
      Sterling Bn -1.3%
      Cellnex Telecom -1.3%
      Insulet -1.2%

      Sector Exposures

        Long Short Net
      Communication Services 11.0% -9.5% 1.5%
      Consumer Discretionary 21.5% -31.0% -9.6%
      Consumer Staples 12.9% -8.5% 4.4%
      Energy 6.3% -12.8% -6.5%
      Financials 18.1% -23.6% -5.5%
      Health Care 27.1% -17.2% 9.9%
      Industrials 34.7% -24.6% 10.0%
      Information Technology 24.5% -14.6% 9.9%
      Materials 13.3% -16.5% -3.2%
      Real Estate 1.5% -4.1% -2.6%
      Utilities 14.0% -6.6% 7.5%
      Total 185.0% -169.0% 16.0%

      Portfolio Statistics

      # of long holdings 723
      # of short holdings 645
      Long Exposure (% of NAV) 185.01 %
      Short Exposure (% of NAV) 168.96 %

      • All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      1. Investment Minimums

        Individual Investors $5 Million
        Institutional Investors None
        Fee-based Accounts Offered By Financial Advisors None
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 1.10 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.04 %
        Other Expenses  
            Dividends On Short Sales and/or Interest Expense 0.75 %
            All Other Expenses 0.14 %
        Gross Expenses 2.03 %
        Less: Fee Waivers 0.00 %
        Net Expenses 2.03 %
        + As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.20% for Class I Shares at least through April 30, 2020. "All Other Expenses" include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 14 years of experience
        • 11 years at AQR
        • Ph.D., Yale University
        • M.S., London School of Economics
        • B.S., University of Rome III
      • Jacques A. Friedman

        AQR Principal Jacques Friedman

        Principal

        • 23 years of experience
        • 21 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Michele L. Aghassi

        Principal

        • 21 years of experience
        • 13 years at AQR
        • Ph.D., Massachusetts Institute of Technology
        • B.S., Brown University
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 24 years of experience
        • 19 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
    Ticker: QMNNX

    Investment Objective

    Seeks positive absolute returns.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.74 -$0.01 -0.10%
    As of: 8/23/2019
     
    • The Fund seeks to deliver positive absolute returns by taking long and short positions in equity and equity-related instruments that, based on proprietary quantitative models, are deemed to be either undervalued (and likely to increase in price) or overvalued (and likely to decrease in price). 

      The Fund is designed to be market neutral, targeting a portfolio beta to equity markets of zero over a normal business cycle. We construct the portfolio based on our global security selection and asset allocation models, employing the following indicators:

      • Value indicators to identify investments that appear cheap based on fundamental measures, such as price-to-earnings and price-to-book ratios.
      • Momentum indicators, such as simple price momentum, to identify investments with strong short-term performance.
      • Quality indicators to identify stable companies in good business health, including those with strong profitability and stable earnings.
      Applying these and other proprietary indicators, we take long or short positions in industries, sectors and companies that we believe are conditionally attractive or unattractive. The result is a portfolio that seeks positive absolute returns with close to zero equity market beta.

      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      1. Monthly

        Period Ending: 07/31/2019
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Equity Market Neutral Fund 0.20% -8.41% -11.36% -3.65% 2.30% 10/7/2014 2.31% 2.31%
        Bank of America ML 3 Month T-Bill Index 0.19% 1.43% 2.34% 1.44% 0.94% - - -
      2.  
      3. Quarterly

        Period Ending: 6/28/2019
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Equity Market Neutral Fund -6.50% -8.60% -11.94% -3.60% 2.30% 10/7/2014 2.31% 2.31%
        Bank of America ML 3 Month T-Bill Index 0.64% 1.24% 2.31% 1.38% 0.92% - - -

      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • MSCI World Total Return Index with Net Dividends Unhedged is a free float-adjusted market capitalization index that is designed to measure the performance of equities in development markets, including the United States and Canada. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

       

    • As of: 6/30/2019

      Country Exposures

        Long Short
      Australia 2.7% -2.7%
      Belgium 1.9% -1.3%
      Canada 4.9% -4.9%
      Denmark 5.2% -3.2%
      Finland 2.3% -1.1%
      France 6.8% -7.2%
      Germany 8.4% -8.4%
      Hong Kong 2.3% -2.2%
      Italy 5.6% -3.7%
      Japan 29.9% -29.9%
      Netherlands 4.2% -2.4%
      Norway 1.7% -1.8%
      Singapore 0.7% -0.7%
      Spain 3.7% -3.7%
      Sweden 3.3% -2.5%
      Switzerland 4.4% -3.4%
      United Kingdom 11.4% -11.1%
      United States 85.8% -78.8%
      Total 185.0% -169.0%

      Top 5 Long Holdings

      Japan Airlines 1.6%
      Endesa 1.4%
      Neste 1.4%
      Peugeot 1.1%
      Exelon 1.1%

      Top 5 Short Holdings

      Valeo -1.4%
      Genmab -1.3%
      Sterling Bn -1.3%
      Cellnex Telecom -1.3%
      Insulet -1.2%

      Sector Exposures

        Long Short Net
      Communication Services 11.0% -9.5% 1.5%
      Consumer Discretionary 21.5% -31.0% -9.6%
      Consumer Staples 12.9% -8.5% 4.4%
      Energy 6.3% -12.8% -6.5%
      Financials 18.1% -23.6% -5.5%
      Health Care 27.1% -17.2% 9.9%
      Industrials 34.7% -24.6% 10.0%
      Information Technology 24.5% -14.6% 9.9%
      Materials 13.3% -16.5% -3.2%
      Real Estate 1.5% -4.1% -2.6%
      Utilities 14.0% -6.6% 7.5%
      Total 185.0% -169.0% 16.0%

      Portfolio Statistics

      # of long holdings 723
      # of short holdings 645
      Long Exposure (% of NAV) 185.01 %
      Short Exposure (% of NAV) 168.96 %

      • All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      1. Investment Minimums

        Individual Investors $1,000,000
        Institutional Investors None
        Fee-based Accounts Offered By Financial Advisors None
        Certain other categories of investors may invest in Class N shares at a reduced minimum. See Prospectus for details.
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 1.10 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees 0.04 %
        Other Expenses  
            Dividends On Short Sales and/or Interest Expense 0.74 %
            All Other Expenses 0.18 %
        Gross Expenses 2.31 %
        Less: Fee Waivers 0.00 %
        Net Expenses 2.31 %
        + As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.20% for Class N Shares at least through April 30, 2020. "All Other Expenses" include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 14 years of experience
        • 11 years at AQR
        • Ph.D., Yale University
        • M.S., London School of Economics
        • B.S., University of Rome III
      • Jacques A. Friedman

        AQR Principal Jacques Friedman

        Principal

        • 23 years of experience
        • 21 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Michele L. Aghassi

        Principal

        • 21 years of experience
        • 13 years at AQR
        • Ph.D., Massachusetts Institute of Technology
        • B.S., Brown University
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 24 years of experience
        • 19 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
    Ticker: QMNRX

    Investment Objective

    Seeks positive absolute returns.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.83 -$0.01 -0.10%
    As of: 8/23/2019
     
    • The Fund seeks to deliver positive absolute returns by taking long and short positions in equity and equity-related instruments that, based on proprietary quantitative models, are deemed to be either undervalued (and likely to increase in price) or overvalued (and likely to decrease in price). 

      The Fund is designed to be market neutral, targeting a portfolio beta to equity markets of zero over a normal business cycle. We construct the portfolio based on our global security selection and asset allocation models, employing the following indicators:

      • Value indicators to identify investments that appear cheap based on fundamental measures, such as price-to-earnings and price-to-book ratios.
      • Momentum indicators, such as simple price momentum, to identify investments with strong short-term performance.
      • Quality indicators to identify stable companies in good business health, including those with strong profitability and stable earnings.
      Applying these and other proprietary indicators, we take long or short positions in industries, sectors and companies that we believe are conditionally attractive or unattractive. The result is a portfolio that seeks positive absolute returns with close to zero equity market beta.

      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      1. Monthly

        Period Ending: 07/31/2019
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Equity Market Neutral Fund 0.30% -8.17% -11.03% -3.29% 2.65% 10/7/2014 1.97% 1.97%
        Bank of America ML 3 Month T-Bill Index 0.19% 1.43% 2.34% 1.44% 0.94% - - -
      2.  
      3. Quarterly

        Period Ending: 6/28/2019
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Equity Market Neutral Fund -6.45% -8.45% -11.61% -3.28% 2.63% 10/7/2014 1.97% 1.97%
        Bank of America ML 3 Month T-Bill Index 0.64% 1.24% 2.31% 1.38% 0.92% - - -

      • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

        Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • MSCI World Total Return Index with Net Dividends Unhedged is a free float-adjusted market capitalization index that is designed to measure the performance of equities in development markets, including the United States and Canada. Indexes are unmanaged and one cannot invest directly in an index.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

       

    • As of: 6/30/2019

      Country Exposures

        Long Short
      Australia 2.7% -2.7%
      Belgium 1.9% -1.3%
      Canada 4.9% -4.9%
      Denmark 5.2% -3.2%
      Finland 2.3% -1.1%
      France 6.8% -7.2%
      Germany 8.4% -8.4%
      Hong Kong 2.3% -2.2%
      Italy 5.6% -3.7%
      Japan 29.9% -29.9%
      Netherlands 4.2% -2.4%
      Norway 1.7% -1.8%
      Singapore 0.7% -0.7%
      Spain 3.7% -3.7%
      Sweden 3.3% -2.5%
      Switzerland 4.4% -3.4%
      United Kingdom 11.4% -11.1%
      United States 85.8% -78.8%
      Total 185.0% -169.0%

      Top 5 Long Holdings

      Japan Airlines 1.6%
      Endesa 1.4%
      Neste 1.4%
      Peugeot 1.1%
      Exelon 1.1%

      Top 5 Short Holdings

      Valeo -1.4%
      Genmab -1.3%
      Sterling Bn -1.3%
      Cellnex Telecom -1.3%
      Insulet -1.2%

      Sector Exposures

        Long Short Net
      Communication Services 11.0% -9.5% 1.5%
      Consumer Discretionary 21.5% -31.0% -9.6%
      Consumer Staples 12.9% -8.5% 4.4%
      Energy 6.3% -12.8% -6.5%
      Financials 18.1% -23.6% -5.5%
      Health Care 27.1% -17.2% 9.9%
      Industrials 34.7% -24.6% 10.0%
      Information Technology 24.5% -14.6% 9.9%
      Materials 13.3% -16.5% -3.2%
      Real Estate 1.5% -4.1% -2.6%
      Utilities 14.0% -6.6% 7.5%
      Total 185.0% -169.0% 16.0%

      Portfolio Statistics

      # of long holdings 723
      # of short holdings 645
      Long Exposure (% of NAV) 185.01 %
      Short Exposure (% of NAV) 168.96 %

      • All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      1. Investment Minimums

        Individual Investors Not Available
        Institutional Investors $100,000
        Fee-based Accounts Offered By Financial Advisors $50 million or a total of $100 million combined per advisor across all Funds
        Some financial intermediaries may impose different or additional eligibility and minimum requirements for Class R6 shares. Please see the Fund's Class R6 Prospectus for further details.
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 1.10 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.04 %
        Other Expenses  
            Dividends On Short Sales and/or Interest Expense 0.75 %
            All Other Expenses 0.08 %
        Gross Expenses 1.97 %
        Less: Fee Waivers 0.00 %
        Net Expenses 1.97 %
        + As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.10% for Class R6 Shares at least through April30, 2020. "All Other Expenses" include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

      • The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.
      • The Net Expense Ratio per the Fund’s latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.
      • AQR Equity Market Neutral Fund: The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.
      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 14 years of experience
        • 11 years at AQR
        • Ph.D., Yale University
        • M.S., London School of Economics
        • B.S., University of Rome III
      • Jacques A. Friedman

        AQR Principal Jacques Friedman

        Principal

        • 23 years of experience
        • 21 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
      • Michele L. Aghassi

        Principal

        • 21 years of experience
        • 13 years at AQR
        • Ph.D., Massachusetts Institute of Technology
        • B.S., Brown University
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 24 years of experience
        • 19 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania


    • An investment in any of the AQR Funds involves risk, including loss of principal. The value of the Funds’ portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the United States or abroad. Please refer to the prospectus for complete information regarding all risks associated with the Funds. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Funds. The Funds may attempt to increase its income or total return through the use of securities lending, and they may be subject to the possibility of additional loss as a result of this investment technique.

      Information about how each Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 will be available no later than August 31. Please click here to view the most recent Form N-PX for the AQR Funds.

    • Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Fund’s advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call 866-290-2688 for most recent month-end performance. 

      Performance shown prior to a share class’s inception date reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.