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    Style Premia Alternative Fund

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

    Investment Objective

    Seeks long-term absolute (positive) returns. Fund closed to new investors.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $10.23 $0.02 0.20%
    As of: 7/27/2017
     
    • We invest long and short across six different asset groups: stocks of major developed markets, country indices, bond futures, interest rate futures, currencies and commodities. We employ market-neutral, long-short strategies across these asset groups based on four investment styles: 
       
      Value — the tendency for relatively cheap assets to outperform relatively expensive ones

      Momentum — the tendency for an asset’s recent relative performance to continue in the future

      Carry — the tendency for higher-yielding assets to provide higher returns than lower-yielding assets

      Defensive — the tendency for lower-risk and higher-quality assets to generate higher risk-adjusted returns

      Each of these styles have historically had low correlations to one another, so we expect them to be profitable at different times for different reasons. Thus, a portfolio combining all four of them seeks to benefit from their expected low correlations to one another and could help provide a more robust, dependable stream of returns.

      1. Monthly

        Period Ending: 06/30/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Style Premia Alternative Fund 0.20% 1.31% 1.24% 6.28% 6.75% 10/31/2013 2.35% 2.33% 1.50%
        Merrill Lynch 3 Month T-Bill Index 0.08% 0.31% 0.49% 0.23% 0.20% - - - -
      2.  

      3. Quarterly

        Period Ending: 6/30/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Style Premia Alternative Fund 0.20% 1.31% 1.24% 6.28% 6.75% 10/31/2013 2.35% 2.33% 1.50%
        Merrill Lynch 3 Month T-Bill Index 0.20% 0.31% 0.49% 0.23% 0.20% - - - -

      • 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.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details.

        The expense caps are guaranteed until the following dates: Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.

       

    • As of: 6/30/2017

      Portfolio Statistics

      # of short holdings 669
      # of long holdings 830

      Asset Class Exposure

        % of Risk Allocation
      Stocks & Industries 39.8%
      Currencies 17.2%
      Commodities 17.2%
      Equity Markets 16.3%
      Fixed Income 9.5%

      • 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.
      • Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.

      1. Investment Minimums

        Individual Investors $5 Million
        Institutional Investors $100,000
        Fee-based Accounts Offered By Financial Advisors None
        To be eligible for Class I Shares, a financial advisor must invest a minimum of $100,000 across all client accounts. Certain other categories of investors may invest 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 1.35 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.10 %
        Other Expenses  
            Dividends On Short Sales 0.75 %
            All Other Expenses 0.16 %
        Gross Expenses 2.36 %
        Less: Fee Waivers 0.01 %
        Net Expenses 2.35 %
        Expense Cap+ 1.50 %
        Expense Cap Expiration Date 4/30/2018
        + The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

      • 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.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details.

        The expense caps are guaranteed until the following dates: Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 12 years of experience
        • 9 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

        • 21 years of experience
        • 19 years at AQR
        • M.S., University of Washington
        • B.S., Brown University

      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 22 years of experience
        • 17 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania

      • Michael Katz

        AQR Principal Michael Katz

        Principal

        • 9 years of experience
        • 9 years at AQR
        • Ph.D., A.M., Harvard University
        • B.A., Tel Aviv University

      • Cliff Asness, Brian Hurst, Ari Levine and Yao Hua Ooi are Registered Representatives of ALPS Distributors, Inc.

    • Fund Reporting
      Fact Sheet
      Summary Prospectus
      Prospectus
      Annual Report
      Semi-Annual Report
      Statement of Additional Information
      Fund Updates
      Quarterly Review Book
      Exposure Summary
      Data Downloads
      Complete Holdings
      Daily Price History
      Monthly Return History
    Ticker: QSPNX

    Investment Objective

    Seeks long-term absolute (positive) returns. Fund closed to new investors.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $10.18 $0.01 0.10%
    As of: 7/27/2017
     
    • We invest long and short across six different asset groups: stocks of major developed markets, country indices, bond futures, interest rate futures, currencies and commodities. We employ market-neutral, long-short strategies across these asset groups based on four investment styles: 
       
      Value — the tendency for relatively cheap assets to outperform relatively expensive ones

      Momentum — the tendency for an asset’s recent relative performance to continue in the future

      Carry — the tendency for higher-yielding assets to provide higher returns than lower-yielding assets

      Defensive — the tendency for lower-risk and higher-quality assets to generate higher risk-adjusted returns

      Each of these styles have historically had low correlations to one another, so we expect them to be profitable at different times for different reasons. Thus, a portfolio combining all four of them seeks to benefit from their expected low correlations to one another and could help provide a more robust, dependable stream of returns.

      1. Monthly

        Period Ending: 06/30/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Style Premia Alternative Fund 0.20% 1.21% 1.04% 6.02% 6.50% 10/31/2013 2.62% 2.58% 1.75%
        Merrill Lynch 3 Month T-Bill Index 0.08% 0.31% 0.49% 0.23% 0.20% - - - -
      2.  

      3. Quarterly

        Period Ending: 6/30/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Style Premia Alternative Fund 0.20% 1.21% 1.04% 6.02% 6.50% 10/31/2013 2.62% 2.58% 1.75%
        Merrill Lynch 3 Month T-Bill Index 0.20% 0.31% 0.49% 0.23% 0.20% - - - -

      • 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.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details.

        The expense caps are guaranteed until the following dates: Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.

       

    • As of: 6/30/2017

      Portfolio Statistics

      # of short holdings 669
      # of long holdings 830

      Asset Class Exposure

        % of Risk Allocation
      Stocks & Industries 39.8%
      Currencies 17.2%
      Commodities 17.2%
      Equity Markets 16.3%
      Fixed Income 9.5%

      • 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.
      • Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.

      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 1.35 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees 0.10 %
        Other Expenses  
            Dividends On Short Sales 0.75 %
            All Other Expenses 0.18 %
        Gross Expenses 2.63 %
        Less: Fee Waivers 0.03 %
        Net Expenses 2.60 %
        Expense Cap+ 1.75 %
        Expense Cap Expiration Date 4/30/2018
        + The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

      • 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.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details.

        The expense caps are guaranteed until the following dates: Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 12 years of experience
        • 9 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

        • 21 years of experience
        • 19 years at AQR
        • M.S., University of Washington
        • B.S., Brown University

      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 22 years of experience
        • 17 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania

      • Michael Katz

        AQR Principal Michael Katz

        Principal

        • 9 years of experience
        • 9 years at AQR
        • Ph.D., A.M., Harvard University
        • B.A., Tel Aviv University

      • Cliff Asness, Brian Hurst, Ari Levine and Yao Hua Ooi are Registered Representatives of ALPS Distributors, Inc.

    • Fund Reporting
      Fact Sheet
      Summary Prospectus
      Prospectus
      Annual Report
      Semi-Annual Report
      Statement of Additional Information
      Fund Updates
      Quarterly Review Book
      Exposure Summary
      Data Downloads
      Complete Holdings
      Daily Price History
      Monthly Return History
    Ticker: QSPRX

    Investment Objective

    Seeks long-term absolute (positive) returns. Fund closed to new investors.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $10.25 $0.01 0.10%
    As of: 7/27/2017
     
    • We invest long and short across six different asset groups: stocks of major developed markets, country indices, bond futures, interest rate futures, currencies and commodities. We employ market-neutral, long-short strategies across these asset groups based on four investment styles: 
       
      Value — the tendency for relatively cheap assets to outperform relatively expensive ones

      Momentum — the tendency for an asset’s recent relative performance to continue in the future

      Carry — the tendency for higher-yielding assets to provide higher returns than lower-yielding assets

      Defensive — the tendency for lower-risk and higher-quality assets to generate higher risk-adjusted returns

      Each of these styles have historically had low correlations to one another, so we expect them to be profitable at different times for different reasons. Thus, a portfolio combining all four of them seeks to benefit from their expected low correlations to one another and could help provide a more robust, dependable stream of returns.

      1. Monthly

        Period Ending: 06/30/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Style Premia Alternative Fund 0.20% 1.41% 1.34% 6.41% 6.87% 10/31/2013 2.27% 2.23% 1.40%
        Merrill Lynch 3 Month T-Bill Index 0.08% 0.31% 0.49% 0.23% 0.20% - - - -
      2.  

      3. Quarterly

        Period Ending: 6/30/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio Expense Cap
        AQR Style Premia Alternative Fund 0.30% 1.41% 1.34% 6.41% 6.87% 10/31/2013 2.27% 2.23% 1.40%
        Merrill Lynch 3 Month T-Bill Index 0.20% 0.31% 0.49% 0.23% 0.20% - - - -

      • 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.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details.

        The expense caps are guaranteed until the following dates: Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.

       

    • As of: 6/30/2017

      Portfolio Statistics

      # of short holdings 669
      # of long holdings 830

      Asset Class Exposure

        % of Risk Allocation
      Stocks & Industries 39.8%
      Currencies 17.2%
      Commodities 17.2%
      Equity Markets 16.3%
      Fixed Income 9.5%

      • 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.
      • Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.

      1. Investment Minimums

        Individual Investors Not Available
        Institutional Investors $100,000
        Fee-based Accounts Offered By Financial Advisors Not Available for New Fund Investors
        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 1.35 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.10 %
        Other Expenses  
            Dividends On Short Sales 0.75 %
            All Other Expenses 0.08 %
        Gross Expenses 2.28 %
        Less: Fee Waivers 0.03 %
        Net Expenses 2.25 %
        Expense Cap+ 1.40 %
        Expense Cap Expiration Date 4/30/2018
        + The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the Total Annual Fund Operating Expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short and borrowing costs and extraordinary expenses. See the Prospectus for additional details.

      • 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.
      • The Adviser has contractually agreed to waive its management fee and/or reimburse expenses to the extent necessary to maintain the total annual Fund operating expenses at the stated levels. These expense caps are exclusive of expenses that may apply to some of the Funds, such as acquired fund fees, expenses related to short sales and borrowing costs, and extraordinary expenses. See the Prospectus for additional details.

        The expense caps are guaranteed until the following dates: Diversified Arbitrage Fund, Equity Market Neutral Fund, Global Macro Fund, Long/Short Equity Fund, Managed Futures Strategy Fund, Managed Futures Strategy HV Fund, Multi-Strategy Alternative Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund, Risk Parity II MV Fund, Risk Parity II HV Fund, Style Premia Alternative Fund LV and Style Premia Alternative Fund: April 30, 2018

        Defensive Style Funds, Momentum Style Funds, Multi-Style Funds, International Equity Fund, Global Equity Fund and Relaxed Constraint Equity Funds: January 28, 2018

      • Andrea Frazzini

        AQR Principal Andrea Frazzini

        Principal

        • 12 years of experience
        • 9 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

        • 21 years of experience
        • 19 years at AQR
        • M.S., University of Washington
        • B.S., Brown University

      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 22 years of experience
        • 17 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania

      • Michael Katz

        AQR Principal Michael Katz

        Principal

        • 9 years of experience
        • 9 years at AQR
        • Ph.D., A.M., Harvard University
        • B.A., Tel Aviv University

      • Cliff Asness, Brian Hurst, Ari Levine and Yao Hua Ooi are Registered Representatives of ALPS Distributors, Inc.

    • Fund Reporting
      Fact Sheet
      Summary Prospectus
      Prospectus
      Annual Report
      Semi-Annual Report
      Statement of Additional Information
      Fund Updates
      Quarterly Review Book
      Exposure Summary
      Data Downloads
      Complete Holdings
      Daily Price History
      Monthly Return History

    • 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.