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    Large Cap Momentum Style Fund

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

    Investment Objective

    Seeks long-term capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $23.46 -$0.01 -0.04%
    As of: 12/12/2017
     
    • We invest in stocks of large- and mid-cap U.S. companies with positive momentum. A stock is considered to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe of large and mid-cap U.S. companies.
       
      We employ a systematic approach to construct the portfolio that starts with the investment universe, ranks the stocks in the universe by their total return over the prior 12 months excluding the last month, selects those that rank in the top third, weights them by market capitalization, and rebalances at least quarterly.
       
      The Fund is expected to have annual turnover in excess of 100%, and will therefore employ optimization and other sophisticated techniques to keep transaction costs as low as possible. The Fund will maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs low.


      • AQR Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      1. Monthly

        Period Ending: 11/30/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Large Cap Momentum Style Fund 2.58% 23.64% 25.18% 9.71% 14.73% 15.55% 7/9/2009 0.42% 0.40%
        RUSSELL 1000 Growth 3.04% 29.21% 30.81% 13.10% 17.14% 17.49% - - -
        Russell 1000 Total Return Index 3.05% 20.35% 22.61% 10.73% 15.69% 16.51% - - -
      2.  
      3. Quarterly

        Period Ending: 9/29/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Large Cap Momentum Style Fund 5.92% 15.85% 16.37% 9.01% 13.04% 14.97% 7/9/2009 0.42% 0.40%
        RUSSELL 1000 Growth 5.90% 20.72% 21.94% 12.69% 15.26% 16.91% - - -
        Russell 1000 Total Return Index 4.48% 14.17% 18.54% 10.63% 14.27% 16.13% - - -


      • 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 Russell 1000 Growth Index measures the performance of those Russell 1000 companies that have higher price-to-book ratios and higher forecasted growth rates. Indexes are unmanaged and one cannot invest directly in an index.
      • 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 Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.

       

    • As of: 9/30/2017

      Sector Exposures

        Large Cap Momentum Style Fund Benchmark Fund-Index
      Consumer Discretionary 12.9% 12.2% 0.7%
      Consumer Staples 1.4% 7.7% -6.3%
      Energy 1.0% 5.9% -4.9%
      Financials 19.9% 14.8% 5.1%
      Health Care 9.6% 13.8% -4.3%
      Industrials 13.1% 10.5% 2.6%
      Information Technology 36.3% 22.8% 13.5%
      Materials 2.6% 3.3% -0.8%
      Real Estate 1.6% 3.7% -2.1%
      Telecommunication Services 0.9% 2.1% -1.2%
      Utilities 0.8% 3.1% -2.3%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Apple 5.5%
      Microsoft 4.1%
      Facebook 3.7%
      Alphabet 3.4%
      JPMorgan 2.6%
      Amazon.com 2.4%
      Bank of America 2.1%
      UnitedHealth 1.8%
      Citigroup 1.5%
      Boeing 1.3%
      Top Ten Total (%) 28.2%

      Portfolio Statistics

      # of stocks 441
      Price Momentum 0.36
      EPS Growth (5 Year) 10.77
      P/B 3.30
      P/E (trailing 12 months) 23.74
      Median Market Cap ($MM) 12217
      Average Market Cap ($MM) 174854


      • 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 Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      1. Investment Minimums

        Individual Investors $5 Million
        Institutional Investors $100,000
        Fee-based Accounts Offered By Financial Advisors None
        Certain other categories of investors may invest in Class I 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 0.25 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees None
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.17 %
        Gross Expenses 0.42 %
        Less: Fee Waivers 0.02 %
        Net Expenses 0.40 %
        + As stated in the prospectus, 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 and extraordinary expenses) at 0.40 % at least through January 28, 2018. The Fee Waiver Agreement may only be terminated with the consent of the Board of Trustees.


      • 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.
      • AQR Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      • Clifford S. Asness, Founder

        AQR Founder and Managing Principal Clifford S. Asness

        Managing & Founding Principal

        • 25 years of experience
        • 19 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.S., B.S., University of Pennsylvania
      • 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
        • 18 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • 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
    Ticker: AMONX

    Investment Objective

    Seeks long-term capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $23.42 -$0.02 -0.09%
    As of: 12/12/2017
     
    • We invest in stocks of large- and mid-cap U.S. companies with positive momentum. A stock is considered to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe of large and mid-cap U.S. companies.
       
      We employ a systematic approach to construct the portfolio that starts with the investment universe, ranks the stocks in the universe by their total return over the prior 12 months excluding the last month, selects those that rank in the top third, weights them by market capitalization, and rebalances at least quarterly.
       
      The Fund is expected to have annual turnover in excess of 100%, and will therefore employ optimization and other sophisticated techniques to keep transaction costs as low as possible. The Fund will maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs low.


      • AQR Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      1. Monthly

        Period Ending: 11/30/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Large Cap Momentum Style Fund 2.54% 23.36% 24.87% 9.43% 14.44% 15.26% 7/9/2009 0.66% 0.65%
        RUSSELL 1000 Growth 3.04% 29.21% 30.81% 13.10% 17.14% 17.49% - - -
        Russell 1000 Total Return Index 3.05% 20.35% 22.61% 10.73% 15.69% 16.51% - - -
      2.  
      3. Quarterly

        Period Ending: 9/29/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Large Cap Momentum Style Fund 5.88% 15.62% 16.07% 8.74% 12.76% 14.69% 7/9/2009 0.66% 0.65%
        RUSSELL 1000 Growth 5.90% 20.72% 21.94% 12.69% 15.26% 16.91% - - -
        Russell 1000 Total Return Index 4.48% 14.17% 18.54% 10.63% 14.27% 16.13% - - -


      • 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 Russell 1000 Growth Index measures the performance of those Russell 1000 companies that have higher price-to-book ratios and higher forecasted growth rates. Indexes are unmanaged and one cannot invest directly in an index.
      • 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 Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.

       

    • As of: 9/30/2017

      Sector Exposures

        Large Cap Momentum Style Fund Benchmark Fund-Index
      Consumer Discretionary 12.9% 12.2% 0.7%
      Consumer Staples 1.4% 7.7% -6.3%
      Energy 1.0% 5.9% -4.9%
      Financials 19.9% 14.8% 5.1%
      Health Care 9.6% 13.8% -4.3%
      Industrials 13.1% 10.5% 2.6%
      Information Technology 36.3% 22.8% 13.5%
      Materials 2.6% 3.3% -0.8%
      Real Estate 1.6% 3.7% -2.1%
      Telecommunication Services 0.9% 2.1% -1.2%
      Utilities 0.8% 3.1% -2.3%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      Apple 5.5%
      Microsoft 4.1%
      Facebook 3.7%
      Alphabet 3.4%
      JPMorgan 2.6%
      Amazon.com 2.4%
      Bank of America 2.1%
      UnitedHealth 1.8%
      Citigroup 1.5%
      Boeing 1.3%
      Top Ten Total (%) 28.2%

      Portfolio Statistics

      # of stocks 441
      Price Momentum 0.36
      EPS Growth (5 Year) 10.77
      P/B 3.30
      P/E (trailing 12 months) 23.74
      Median Market Cap ($MM) 12217
      Average Market Cap ($MM) 174854


      • 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 Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      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 0.25 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees None
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.16 %
        Gross Expenses 0.66 %
        Less: Fee Waivers 0.01 %
        Net Expenses 0.65 %
        + As stated in the prospectus, 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 and extraordinary expenses) at 0.65 % at least through January 28, 2018. The Fee Waiver Agreement may only be terminated with the consent of the Board of Trustees.


      • 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.
      • AQR Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      • Clifford S. Asness, Founder

        AQR Founder and Managing Principal Clifford S. Asness

        Managing & Founding Principal

        • 25 years of experience
        • 19 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.S., B.S., University of Pennsylvania
      • 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
        • 18 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • 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
    Ticker: QMORX

    Investment Objective

    Seeks long-term capital appreciation. 

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $23.43 -$0.01 -0.04%
    As of: 12/12/2017
     
    • We invest in stocks of large- and mid-cap U.S. companies with positive momentum. A stock is considered to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe of large and mid-cap U.S. companies.
       
      We employ a systematic approach to construct the portfolio that starts with the investment universe, ranks the stocks in the universe by their total return over the prior 12 months excluding the last month, selects those that rank in the top third, weights them by market capitalization, and rebalances at least quarterly.
       
      The Fund is expected to have annual turnover in excess of 100%, and will therefore employ optimization and other sophisticated techniques to keep transaction costs as low as possible. The Fund will maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs low.


      • AQR Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      1. Monthly

        Period Ending: 11/30/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Large Cap Momentum Style Fund 2.54% 23.69% 25.30% 9.82% 14.83% 15.66% 7/9/2009 0.32% 0.30%
        RUSSELL 1000 Growth 3.04% 29.21% 30.81% 13.10% 17.14% 17.49% - - -
        Russell 1000 Total Return Index 3.05% 20.35% 22.61% 10.73% 15.69% 16.51% - - -
      2.  
      3. Quarterly

        Period Ending: 9/29/2017
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Large Cap Momentum Style Fund 5.93% 15.88% 16.47% 9.11% 13.14% 15.08% 7/9/2009 0.32% 0.30%
        RUSSELL 1000 Growth 5.90% 20.72% 21.94% 12.69% 15.26% 16.91% - - -
        Russell 1000 Total Return Index 4.48% 14.17% 18.54% 10.63% 14.27% 16.13% - - -


      • 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 Russell 1000 Growth Index measures the performance of those Russell 1000 companies that have higher price-to-book ratios and higher forecasted growth rates. Indexes are unmanaged and one cannot invest directly in an index.
      • 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 Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.

       

      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. 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 0.25 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees None
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.07 %
        Gross Expenses 0.32 %
        Less: Fee Waivers 0.02 %
        Net Expenses 0.30 %
        + As stated in the prospectus, 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 and extraordinary expenses) at 0.30 % at least through January 28, 2018. The Fee Waiver Agreement may only be terminated with the consent of the Board of Trustees.


      • 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.
      • AQR Momentum Style Funds: Securities with positive momentum generally will be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy generally will suffer.
      • Clifford S. Asness, Founder

        AQR Founder and Managing Principal Clifford S. Asness

        Managing & Founding Principal

        • 25 years of experience
        • 19 years at AQR
        • Ph.D., M.B.A., University of Chicago
        • B.S., B.S., University of Pennsylvania
      • 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
        • 18 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • 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


    • 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.