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    Volatility Risk Premium Fund

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

    Investment Objective

    Seeks total return.

    Total return consists of capital appreciation and income.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.89 -$0.08 -0.80%
    As of: 11/19/2018
     
    • The Fund seeks to deliver equity market-like returns with lower overall risk than global equity markets. It invests globally in a broad range of instruments including, but not limited to, equities, futures, currency futures and forwards, options and swaps.

      The Fund combines two distinct sources of potential returns:

      Volatility Risk Premium Strategy — The Fund seeks to capture the volatility risk premium across global developed equity and fixed income markets by selling (i.e., writing) call and put options to buyers seeking financial insurance in exchange for a premium, or payment, from the option buyer.

      Systematic Equity Strategy — The Fund invests approximately 50% of its total assets in an actively-managed portfolio of global equities that seeks to outperform the MSCI World Index while targeting a consistent level of risk relative to this benchmark.

      The Fund is not designed to be market neutral. Over the long term, the Fund targets a portfolio beta of 0.5, typically within a range of range of 0.4 and 0.6, to the MSCI World Index.


      Definitions

      Beta: A portfolio's sensitivity to fluctuations in the securities markets.
      Option: A financial derivative that offers the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying asset at an agreed-upon price during a certain period of time or on a specific date.
      MSCI World Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index.


      Risk Disclosures
      The Fund’s volatility risk premium strategy will be implemented, in part, by selling (writing) put and call options, which exposes the Fund to Tail Risk. Tail Risk is the risk that an event with a small probability of happening occurs (such as a major market movement or sharp spike in the volatility of equity or bond markets), resulting in a large negative impact on the Fund’s returns.
      The use of derivatives, forward and futures contracts, and commodities 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.
      Concentration generally will lead to greater price volatility. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. Diversification does not eliminate risk.

      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 0.55 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 1,2 0.03 %
        Other Expenses  
            Dividends On Short Sales3 None
            All Other Expenses 0.49 %
        Gross Expenses 1.07 %
        Less: Fee Waivers 0.29 %
        Net Expenses 0.78 %
        1 Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund has not commenced operations as of the date of this prospectus.
        2 Acquired Fund Fees and Expenses reflect the expenses incurred indirectly by the Fund as a result of the Fund’s investments in underlying money market mutual funds, exchange-traded funds or other pooled investment vehicles.
        3 The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses (excluding 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) at no more than 0.75% for Class I Shares and 1.00% for Class N Shares (the “Fee Waiver Agreement”). This arrangement will continue at least through April 30, 2020. The Fee Waiver Agreement may only be terminated with the consent of the Board of Trustees, including a majority of the disinterested Trustees of the Trust. The Adviser may recapture any fees waived and/or expenses reimbursed during the thirty-six month period following the end of the month in which the Adviser waived fees or reimbursed expenses, provided that the amount recaptured may not cause the aggregate operating expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed the lesser of (i) the applicable limits in effect at the time of the waiver and/or reimbursement, or (ii) the applicable limits in effect at the time of recapture.

      • 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.
      • Roni Israelov

        Principal

        • 19 years of experience
        • 9 years at AQR
        • Ph.D., M.S., Carnegie Mellon University
        • M.S., Georgia State University
        • B.S., Georgia Institute of Technology
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

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

        AQR Principal Jacques Friedman

        Principal

        • 22 years of experience
        • 20 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
    Ticker: QVPNX

    Investment Objective

    Seeks total return.

    Total return consists of capital appreciation and income.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.88 -$0.09 -0.90%
    As of: 11/19/2018
     
    • The Fund seeks to deliver equity market-like returns with lower overall risk than global equity markets. It invests globally in a broad range of instruments including, but not limited to, equities, futures, currency futures and forwards, options and swaps.

      The Fund combines two distinct sources of potential returns:

      Volatility Risk Premium Strategy — The Fund seeks to capture the volatility risk premium across global developed equity and fixed income markets by selling (i.e., writing) call and put options to buyers seeking financial insurance in exchange for a premium, or payment, from the option buyer.

      Systematic Equity Strategy — The Fund invests approximately 50% of its total assets in an actively-managed portfolio of global equities that seeks to outperform the MSCI World Index while targeting a consistent level of risk relative to this benchmark.

      The Fund is not designed to be market neutral. Over the long term, the Fund targets a portfolio beta of 0.5, typically within a range of range of 0.4 and 0.6, to the MSCI World Index.

      Definitions
      Beta: A portfolio's sensitivity to fluctuations in the securities markets.
      Option: A financial derivative that offers the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying asset at an agreed-upon price during a certain period of time or on a specific date.
      MSCI World Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index.


      Risk Disclosures
      The Fund’s volatility risk premium strategy will be implemented, in part, by selling (writing) put and call options, which exposes the Fund to Tail Risk. Tail Risk is the risk that an event with a small probability of happening occurs (such as a major market movement or sharp spike in the volatility of equity or bond markets), resulting in a large negative impact on the Fund’s returns.
      The use of derivatives, forward and futures contracts, and commodities 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.
      Concentration generally will lead to greater price volatility. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. Diversification does not eliminate risk.

      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 0.55 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees 1,2 0.03 %
        Other Expenses  
            Dividends On Short Sales3 None
            All Other Expenses 0.49 %
        Gross Expenses 1.32 %
        Less: Fee Waivers 0.29 %
        Net Expenses 1.03 %
        1 Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund has not commenced operations as of the date of this prospectus.
        2 Acquired Fund Fees and Expenses reflect the expenses incurred indirectly by the Fund as a result of the Fund’s investments in underlying money market mutual funds, exchange-traded funds or other pooled investment vehicles.
        3 The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses (excluding 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) at no more than 0.75% for Class I Shares and 1.00% for Class N Shares (the “Fee Waiver Agreement”). This arrangement will continue at least through April 30, 2020. The Fee Waiver Agreement may only be terminated with the consent of the Board of Trustees, including a majority of the disinterested Trustees of the Trust. The Adviser may recapture any fees waived and/or expenses reimbursed during the thirty-six month period following the end of the month in which the Adviser waived fees or reimbursed expenses, provided that the amount recaptured may not cause the aggregate operating expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed the lesser of (i) the applicable limits in effect at the time of the waiver and/or reimbursement, or (ii) the applicable limits in effect at the time of recapture.

      • 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.
      • Roni Israelov

        Principal

        • 19 years of experience
        • 9 years at AQR
        • Ph.D., M.S., Carnegie Mellon University
        • M.S., Georgia State University
        • B.S., Georgia Institute of Technology
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

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

        AQR Principal Jacques Friedman

        Principal

        • 22 years of experience
        • 20 years at AQR
        • M.S., University of Washington
        • B.S., Brown University
    Ticker: QVPRX

    Investment Objective

    Seeks total return.

    Total return consists of capital appreciation and income.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $9.89 -$0.08 -0.80%
    As of: 11/19/2018
     
    • The Fund seeks to deliver equity market-like returns with lower overall risk than global equity markets. It invests globally in a broad range of instruments including, but not limited to, equities, futures, currency futures and forwards, options and swaps.

      The Fund combines two distinct sources of potential returns:

      Volatility Risk Premium Strategy — The Fund seeks to capture the volatility risk premium across global developed equity and fixed income markets by selling (i.e., writing) call and put options to buyers seeking financial insurance in exchange for a premium, or payment, from the option buyer.

      Systematic Equity Strategy — The Fund invests approximately 50% of its total assets in an actively-managed portfolio of global equities that seeks to outperform the MSCI World Index while targeting a consistent level of risk relative to this benchmark.

      The Fund is not designed to be market neutral. Over the long term, the Fund targets a portfolio beta of 0.5, typically within a range of range of 0.4 and 0.6, to the MSCI World Index.


      Definitions

      Beta: A portfolio's sensitivity to fluctuations in the securities markets.
      Option: A financial derivative that offers the buyer the right, but not the obligation, to buy (call option) or sell (put option) the underlying asset at an agreed-upon price during a certain period of time or on a specific date.
      MSCI World Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets. One cannot invest directly in an index.

      Risk Disclosures
      The Fund’s volatility risk premium strategy will be implemented, in part, by selling (writing) put and call options, which exposes the Fund to Tail Risk. Tail Risk is the risk that an event with a small probability of happening occurs (such as a major market movement or sharp spike in the volatility of equity or bond markets), resulting in a large negative impact on the Fund’s returns.
      The use of derivatives, forward and futures contracts, and commodities 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.
      Concentration generally will lead to greater price volatility. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. Diversification does not eliminate risk.


      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. 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 0.55 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 1,2 0.03 %
        Other Expenses  
            Dividends On Short Sales3 None
            All Other Expenses 0.39 %
        Gross Expenses 0.97 %
        Less: Fee Waivers 0.29 %
        Net Expenses 0.68 %
        1 Other Expenses and Acquired Fund Fees and Expenses are estimated for the current fiscal year because the Fund has not commenced operations as of the date of this prospectus.
        2 Acquired Fund Fees and Expenses reflect the expenses incurred indirectly by the Fund as a result of the Fund’s investments in underlying money market mutual funds, exchange-traded funds or other pooled investment vehicles.
        3 The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses (excluding 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) at no more than 0.65% for Class R6 Shares (the “Fee Waiver Agreement”). This arrangement will continue at least through April 30, 2020. The Fee Waiver Agreement may only be terminated with the consent of the Board of Trustees, including a majority of the disinterested Trustees of the Trust. The Adviser may recapture any fees waived and/or expenses reimbursed during the thirty-six month period following the end of the month in which the Adviser waived fees or reimbursed expenses, provided that the amount recaptured may not cause the aggregate operating expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed the lesser of (i) the applicable limits in effect at the time of the waiver and/or reimbursement, or (ii) the applicable limits in effect at the time of recapture.

      • 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.
      • Roni Israelov

        Principal

        • 19 years of experience
        • 9 years at AQR
        • Ph.D., M.S., Carnegie Mellon University
        • M.S., Georgia State University
        • B.S., Georgia Institute of Technology
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

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

        AQR Principal Jacques Friedman

        Principal

        • 22 years of experience
        • 20 years at AQR
        • M.S., University of Washington
        • B.S., Brown University


    • 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.