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    TM International Multi-Style Fund

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

    Investment Objective

    Seeks long-term after-tax capital appreciation.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $11.09 $0.00 0.00%
    As of: 9/21/2017
     
    • Multi-style equity funds seek to outperform a broad equity index. While many rely on "manager skill" to beat their benchmarks, AQR takes a different approach. Instead of investing in a manager’s skill, we invest in rigorously researched "styles."



      Styles are systematic investment strategies that have historically provided long-term positive returns in excess of their benchmarks. This Fund employs three styles—value, momentum and quality—to construct a portfolio of non-U.S. large- and mid-cap companies.



      In addition to these three styles having positive excess returns in the long run, they have historically generated returns with low correlations (or the tendency to move in sync) with one another. Thus, a portfolio combining all three could help to provide a more robust, dependable stream of returns.



      The Fund also employs tax management techniques designed to ensure investors receive lower distributions of realized capital gains than mutual funds that do not take tax consequences into account. However, investors should not expect that there will be no capital gain distributions.



      We believe no other investment manager offers a multi-style equity mutual fund that seeks to exploit the positive returns and diversification benefits of all three of these robust styles in a single portfolio.





      • AQR International Multi-Style 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: 07/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR TM International Multi-Style Fund 3.13% 18.13% 21.02% 4.88% 2/11/2015 0.82% 0.62%
        - Return after taxes on distributions 0.48% 14.55% 21.57% 4.74% - - -
        - Return after taxes on distributions and share liquidation 0.27% 8.23% 12.99% 3.85% - - -
        MSCI World ex USA (Net) 2.98% 16.18% 17.27% 5.77% - - -
      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
        AQR TM International Multi-Style Fund 6.14% 14.55% 22.00% 3.71% 2/11/2015 0.82% 0.62%
        - Return after taxes on distributions 6.14% 14.55% 21.57% 3.46% - - -
        - Return after taxes on distributions and share liquidation 3.47% 8.23% 12.99% 2.88% - - -
        MSCI World ex USA (Net) 5.63% 12.82% 19.49% 4.68% - - -


      • 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 MSCI-World ex USA Index is market capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.- based companies. 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 International Multi-Style 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: 6/30/2017

      Sector Exposures

        TM International Multi-Style Fund Benchmark Fund-Index
      Consumer Discretionary 10.9% 11.5% -0.6%
      Consumer Staples 8.5% 10.9% -2.4%
      Energy 5.0% 6.2% -1.2%
      Financials 24.3% 23.2% 1.0%
      Health Care 7.9% 9.9% -2.0%
      Industrials 17.1% 14.0% 3.1%
      Information Technology 7.9% 5.8% 2.1%
      Materials 9.6% 7.7% 1.9%
      Real Estate 2.0% 3.4% -1.3%
      Telecommunication Services 3.6% 4.1% -0.5%
      Utilities 3.2% 3.3% -0.1%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      HSBC 1.9%
      Roche Hldg 1.7%
      Aena SME 1.5%
      Siemens 1.4%
      WH Group 1.3%
      Infineon Technol 1.3%
      Lufthansa 1.3%
      Covestro 1.2%
      Sanofi FR 1.1%
      CNP Assurances 1.1%
      Top Ten Total (%) 13.8%

      Portfolio Statistics

      # of stocks 283
      Price Momentum 0.36
      EPS Growth (5 Year) 9.04
      P/B 1.57
      P/E (trailing 12 months) 14.54
      Median Market Cap ($MM) 16835
      Average Market Cap ($MM) 48847


      • 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 International Multi-Style 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 $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 0.45 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.35 %
        Gross Expenses 0.82 %
        Less: Fee Waivers 0.20 %
        Net Expenses 0.62 %
        + 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 0.60 % 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 International Multi-Style 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.
      • 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
      • 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
        • 18 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
    Ticker: QIMNX

    Investment Objective

    Seeks long-term after-tax capital appreciation.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $11.06 $0.00 0.00%
    As of: 9/21/2017
     
    • Multi-style equity funds seek to outperform a broad equity index. While many rely on "manager skill" to beat their benchmarks, AQR takes a different approach. Instead of investing in a manager’s skill, we invest in rigorously researched "styles."



      Styles are systematic investment strategies that have historically provided long-term positive returns in excess of their benchmarks. This Fund employs three styles—value, momentum and quality—to construct a portfolio of non-U.S. large- and mid-cap companies.



      In addition to these three styles having positive excess returns in the long run, they have historically generated returns with low correlations (or the tendency to move in sync) with one another. Thus, a portfolio combining all three could help to provide a more robust, dependable stream of returns.



      The Fund also employs tax management techniques designed to ensure investors receive lower distributions of realized capital gains than mutual funds that do not take tax consequences into account. However, investors should not expect that there will be no capital gain distributions.



      We believe no other investment manager offers a multi-style equity mutual fund that seeks to exploit the positive returns and diversification benefits of all three of these robust styles in a single portfolio.





      • AQR International Multi-Style 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: 07/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR TM International Multi-Style Fund 3.14% 18.06% 20.80% 4.65% 2/11/2015 1.08% 0.86%
        - Return after taxes on distributions 0.38% 14.47% 21.24% 4.51% - - -
        - Return after taxes on distributions and share liquidation 0.22% 8.19% 12.77% 3.65% - - -
        MSCI World ex USA (Net) 2.98% 16.18% 17.27% 5.77% - - -
      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
        AQR TM International Multi-Style Fund 6.05% 14.47% 21.64% 3.47% 2/11/2015 1.08% 0.86%
        - Return after taxes on distributions 6.05% 14.47% 21.24% 3.25% - - -
        - Return after taxes on distributions and share liquidation 3.42% 8.19% 12.77% 2.70% - - -
        MSCI World ex USA (Net) 5.63% 12.82% 19.49% 4.68% - - -


      • 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 MSCI-World ex USA Index is market capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.- based companies. 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 International Multi-Style 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: 6/30/2017

      Sector Exposures

        TM International Multi-Style Fund Benchmark Fund-Index
      Consumer Discretionary 10.9% 11.5% -0.6%
      Consumer Staples 8.5% 10.9% -2.4%
      Energy 5.0% 6.2% -1.2%
      Financials 24.3% 23.2% 1.0%
      Health Care 7.9% 9.9% -2.0%
      Industrials 17.1% 14.0% 3.1%
      Information Technology 7.9% 5.8% 2.1%
      Materials 9.6% 7.7% 1.9%
      Real Estate 2.0% 3.4% -1.3%
      Telecommunication Services 3.6% 4.1% -0.5%
      Utilities 3.2% 3.3% -0.1%
      Total 100.0% 100.0% 0.0%

      Top Ten Holdings

        % of Net Assets
      HSBC 1.9%
      Roche Hldg 1.7%
      Aena SME 1.5%
      Siemens 1.4%
      WH Group 1.3%
      Infineon Technol 1.3%
      Lufthansa 1.3%
      Covestro 1.2%
      Sanofi FR 1.1%
      CNP Assurances 1.1%
      Top Ten Total (%) 13.8%

      Portfolio Statistics

      # of stocks 283
      Price Momentum 0.36
      EPS Growth (5 Year) 9.04
      P/B 1.57
      P/E (trailing 12 months) 14.54
      Median Market Cap ($MM) 16835
      Average Market Cap ($MM) 48847


      • 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 International Multi-Style 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 0.45 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.37 %
        Gross Expenses 1.08 %
        Less: Fee Waivers 0.22 %
        Net Expenses 0.86 %
        + 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 0.85 % 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 International Multi-Style 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.
      • 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
      • 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
        • 18 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
    Ticker: QIMRX

    Investment Objective

    Seeks long-term after-tax capital appreciation.

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $11.11 -$0.01 -0.09%
    As of: 9/21/2017
     
    • Multi-style equity funds seek to outperform a broad equity index. While many rely on "manager skill" to beat their benchmarks, AQR takes a different approach. Instead of investing in a manager’s skill, we invest in rigorously researched "styles."



      Styles are systematic investment strategies that have historically provided long-term positive returns in excess of their benchmarks. This Fund employs three styles—value, momentum and quality—to construct a portfolio of non-U.S. large- and mid-cap companies.



      In addition to these three styles having positive excess returns in the long run, they have historically generated returns with low correlations (or the tendency to move in sync) with one another. Thus, a portfolio combining all three could help to provide a more robust, dependable stream of returns.



      The Fund also employs tax management techniques designed to ensure investors receive lower distributions of realized capital gains than mutual funds that do not take tax consequences into account. However, investors should not expect that there will be no capital gain distributions.



      We believe no other investment manager offers a multi-style equity mutual fund that seeks to exploit the positive returns and diversification benefits of all three of these robust styles in a single portfolio.





      • AQR International Multi-Style 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: 07/31/2017
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR TM International Multi-Style Fund 3.12% 18.22% 21.19% 5.00% 2/11/2015 0.73% 0.51%
        - Return after taxes on distributions 0.48% 14.64% 21.72% 4.84% - - -
        - Return after taxes on distributions and share liquidation 0.27% 8.29% 13.11% 3.93% - - -
        MSCI World ex USA (Net) 2.98% 16.18% 17.27% 5.77% - - -
      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
        AQR TM International Multi-Style Fund 6.23% 14.64% 22.18% 3.84% 2/11/2015 0.73% 0.51%
        - Return after taxes on distributions 6.23% 14.64% 21.72% 3.57% - - -
        - Return after taxes on distributions and share liquidation 3.53% 8.29% 13.11% 2.97% - - -
        MSCI World ex USA (Net) 5.63% 12.82% 19.49% 4.68% - - -


      • 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 MSCI-World ex USA Index is market capitalization weighted index designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.- based companies. 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 International Multi-Style 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. 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 0.45 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.27 %
        Gross Expenses 0.73 %
        Less: Fee Waivers 0.22 %
        Net Expenses 0.51 %
        + 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 0.50 % 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 International Multi-Style 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.


    • 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.