As of: 6/30/2017

• 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.

• 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.
• Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.
• The Fund is new with a limited operating history.

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	0.95 %
   Distribution (12b-1) Fee	None
   Acquired Fund Fees	0.05 %
   Other Expenses
   Dividends On Short Sales	None
   All Other Expenses	0.30 %
   Gross Expenses	1.30 %
   Less: Fee Waivers	0.10 %
   Net Expenses	1.20 %

   Expense Cap+	1.15 %
   Expense Cap Expiration Date	1/28/2018

   + 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
  
  

• 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.
• Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.
• The Fund is new with a limited operating history.

• Michele L. Aghassi

  

  Principal

  • 19 years of experience
  • 11 years at AQR
  • Ph.D., Massachusetts Institute of Technology
  • B.S., Brown University

• 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

  

  Principal

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

• Hoon Kim

  

  Principal

  • 18 years of experience
  • 12 years at AQR
  • Ph.D., Carnegie Mellon University
  • M.B.A., Carnegie Mellon University
  • B.A., Yonsei University

As of: 6/30/2017

• 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.

• 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.
• Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.
• The Fund is new with a limited operating history.

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	0.95 %
   Distribution (12b-1) Fee	0.25 %
   Acquired Fund Fees	0.05 %
   Other Expenses
   Dividends On Short Sales	None
   All Other Expenses	0.30 %
   Gross Expenses	1.55 %
   Less: Fee Waivers	0.10 %
   Net Expenses	1.45 %

   Expense Cap+	1.40 %
   Expense Cap Expiration Date	1/28/2018

   + 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
  
  

• 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.
• Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.
• The Fund is new with a limited operating history.

• Michele L. Aghassi

  

  Principal

  • 19 years of experience
  • 11 years at AQR
  • Ph.D., Massachusetts Institute of Technology
  • B.S., Brown University

• 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

  

  Principal

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

• Hoon Kim

  

  Principal

  • 18 years of experience
  • 12 years at AQR
  • Ph.D., Carnegie Mellon University
  • M.B.A., Carnegie Mellon University
  • B.A., Yonsei University

As of: 6/30/2017

• 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.

• 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.
• Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.
• The Fund is new with a limited operating history.

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	0.95 %
   Distribution (12b-1) Fee	None
   Acquired Fund Fees	0.05 %
   Other Expenses
   Dividends On Short Sales	None
   All Other Expenses	0.20 %
   Gross Expenses	1.20 %
   Less: Fee Waivers	0.10 %
   Net Expenses	1.10 %

   Expense Cap+	1.05 %
   Expense Cap Expiration Date	1/28/2018

   + 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
  
  

• 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.
• Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.
• The Fund is new with a limited operating history.

• Michele L. Aghassi

  

  Principal

  • 19 years of experience
  • 11 years at AQR
  • Ph.D., Massachusetts Institute of Technology
  • B.S., Brown University

• 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

  

  Principal

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

• Hoon Kim

  

  Principal

  • 18 years of experience
  • 12 years at AQR
  • Ph.D., Carnegie Mellon University
  • M.B.A., Carnegie Mellon University
  • B.A., Yonsei University