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    Core Plus Bond Fund

    1. Class I
    2. Class N
    3. Class R6

    Investment Objective

    Seeks total return, consisting of capital appreciation and income

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $10.38 $0.01 0.10%
    As of: 11/12/2019
     
    • The Fund applies fundamental drivers of fixed income returns such as Value, Momentum, Carry and Defensive in a systematic process across a broad range of sectors and issuers. We seek to generate returns through issue selection, curve positioning and currency selection with minimal active duration or spread “bets.”

      1. Monthly

        Period Ending: 10/31/2019
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Core Plus Bond Fund 0.53% 9.47% 10.92% 6.17% 4/5/2018 0.61% 0.48%
        Bloomberg Barclays US Aggregate Total Return Value Unhedged USD 0.30% 8.85% 11.51% 6.77% - - -
      2.  
      3. Quarterly

        Period Ending: 9/30/2019
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Core Plus Bond Fund 1.93% 8.89% 9.31% 6.15% 4/5/2018 0.61% 0.48%
        Bloomberg Barclays US Aggregate Total Return Value Unhedged USD 2.27% 8.52% 10.30% 6.96% - - -

      • 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 Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).
      • 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 fee waivers 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 fee waivers 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, Multi-Asset 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, Relaxed Constraint Equity Funds, and the Core Plus Fund: January 28, 2019

       

      1. Portfolio Statistics

        Period Ending: 10/31/2019

        30-Day SEC Yield with Subsidy (%) 1.48
        30-Day SEC Yield without Subsidy (%) 1.31
        Yield to Maturity (%) 2.54
        Duration (years) 6.52


        Monthly

        Record Date Ex Date Income ST Cap Gains Return of Capital LT Cap Gains
        01/29/2019 01/30/2019 0.01950
        02/26/2019 02/27/2019 0.01757
        03/27/2019 03/28/2019 0.01964
        04/26/2019 04/29/2019 0.01684
        05/29/2019 05/30/2019 0.01806
        06/26/2019 06/27/2019 0.01793
        07/29/2019 07/30/2019 0.01784
        08/28/2019 08/29/2019 0.01499
        09/26/2019 09/27/2019 0.01504
        10/29/2019 10/30/2019 0.01521
        11/26/2019 11/27/2019
        12/27/2019 12/30/2019

      • The 30-Day SEC yield is an annualized yield based on the most recent 30 day period computed using a SEC standardized formula. With Subsidy yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Without Subsidy yields do not reflect fee waivers in effect.

        The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses of the Fund at 0.47 % for Class I, 0.72 % for Class N and at 0.37 % for Class R6 at least through January 28, 2019.

        Yield to Maturity: The excepted total return of the portfolio if all bonds are held to maturity.
        Duration: Measures the sensitivity of the price of the Fund to a change in interest rates.

       

      1. Investment Minimums

        Individual Investors $5 Million
        Institutional Investors None
        Fee-based Accounts Offered By Financial Advisors None
      2.  
      3. Shareholder Fees

        Sales Load None
        Deferred Sales Load None
        Redemption Fees None
      1. Annual Fund Operating Expenses

        Management Fee 0.32 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends on Short Sales None
            All Other Expenses 0.28 %
        Gross Expenses 0.61 %
        Less: Fee Waivers 0.13 %
        Net Expenses 0.48 %
        + 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.
        + As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit Other Expenses in the table above at no more than 0.15% for Class I Shares at least through January 28, 2020. "Other Expenses" include all Fund operating expenses other than management fees and 12b-1 fees and exclude 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. The Expense Limitation Agreement may 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.
      • 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 fee waivers 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 fee waivers 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, Multi-Asset 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, Relaxed Constraint Equity Funds, and the Core Plus Fund: January 28, 2019

      • Jordan Brooks

        Jordan Brooks, AQR

        Principal

        • 10 years of experience
        • 10 years at AQR
        • Ph.D., M.A., New York University
        • B.A., B.A., Boston College
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 24 years of experience
        • 20 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • Scott A Richardson

        Principal

        • 16 years of experience
        • 7 years at AQR
        • Ph.D., University of Michigan
        • B.Ec., University of Sydney

    Investment Objective

    Seeks total return, consisting of capital appreciation and income

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $10.37 $0.01 0.10%
    As of: 11/12/2019
     
    • The Fund applies fundamental drivers of fixed income returns such as Value, Momentum, Carry and Defensive in a systematic process across a broad range of sectors and issuers. We seek to generate returns through issue selection, curve positioning and currency selection with minimal active duration or spread “bets.”

      1. Monthly

        Period Ending: 10/31/2019
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Core Plus Bond Fund 0.41% 9.17% 10.58% 5.88% 4/5/2018 0.80% 0.73%
        Bloomberg Barclays US Aggregate Total Return Value Unhedged USD 0.30% 8.85% 11.51% 6.77% - - -
      2.  
      3. Quarterly

        Period Ending: 9/30/2019
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Core Plus Bond Fund 1.97% 8.72% 9.09% 5.93% 4/5/2018 0.80% 0.73%
        Bloomberg Barclays US Aggregate Total Return Value Unhedged USD 2.27% 8.52% 10.30% 6.96% - - -

      • 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 Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).
      • 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 fee waivers 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 fee waivers 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, Multi-Asset 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, Relaxed Constraint Equity Funds, and the Core Plus Fund: January 28, 2019

       

      1. Portfolio Statistics

        Period Ending: 10/31/2019

        30-Day SEC Yield with Subsidy (%) 1.23
        30-Day SEC Yield without Subsidy (%) 1.06
        Yield to Maturity (%) 2.54
        Duration (years) 6.52


        Monthly

        Record Date Ex Date Income ST Cap Gains Return of Capital LT Cap Gains
        01/29/2019 01/30/2019 0.01787
        02/26/2019 02/27/2019 0.01611
        03/27/2019 03/28/2019 0.01804
        04/26/2019 04/29/2019 0.01524
        05/29/2019 05/30/2019 0.01703
        06/26/2019 06/27/2019 0.01598
        07/29/2019 07/30/2019 0.01575
        08/28/2019 08/29/2019 0.01288
        09/26/2019 09/27/2019 0.01262
        10/29/2019 10/30/2019 0.01307
        11/26/2019 11/27/2019
        12/27/2019 12/30/2019

      • The 30-Day SEC yield is an annualized yield based on the most recent 30 day period computed using a SEC standardized formula. With Subsidy yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Without Subsidy yields do not reflect fee waivers in effect.

        The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses of the Fund at 0.47 % for Class I, 0.72 % for Class N and at 0.37 % for Class R6 at least through January 28, 2019.

        Yield to Maturity: The excepted total return of the portfolio if all bonds are held to maturity.
        Duration: Measures the sensitivity of the price of the Fund to a change in interest rates.

       

      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 0.32 %
        Distribution (12b-1) Fee 0.25 %
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.22 %
        Gross Expenses 0.80 %
        Less: Fee Waivers 0.07 %
        Net Expenses 0.73 %
        + 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.
        + As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit Other Expenses in the table above at no more than 0.15% for Class N Shares at least through January 28, 2020. "Other Expenses" include all Fund operating expenses other than management fees and 12b-1 fees and exclude 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. The Expense Limitation Agreement may 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.
      • 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 fee waivers 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 fee waivers 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, Multi-Asset 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, Relaxed Constraint Equity Funds, and the Core Plus Fund: January 28, 2019

      • Jordan Brooks

        Jordan Brooks, AQR

        Principal

        • 10 years of experience
        • 10 years at AQR
        • Ph.D., M.A., New York University
        • B.A., B.A., Boston College
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 24 years of experience
        • 20 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • Scott A Richardson

        Principal

        • 16 years of experience
        • 7 years at AQR
        • Ph.D., University of Michigan
        • B.Ec., University of Sydney

    Investment Objective

    Seeks total return, consisting of capital appreciation and income

    Performance
    NAV Change Daily Return
    NAV Change Daily Return
    $10.38 $0.02 0.19%
    As of: 11/12/2019
     
    • The Fund applies fundamental drivers of fixed income returns such as Value, Momentum, Carry and Defensive in a systematic process across a broad range of sectors and issuers. We seek to generate returns through issue selection, curve positioning and currency selection with minimal active duration or spread “bets.”

      1. Monthly

        Period Ending: 10/31/2019
          Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio SEC Yield with Waivers SEC Yield without Waivers
        AQR Funds - AQR Core Plus Bond Fund 0.44% 9.42% 10.89% 6.17% 4/5/2018 0.55% 0.38% 10
        Bloomberg Barclays US Aggregate Total Return Value Unhedged USD 0.30% 8.85% 11.51% 6.77% - - - 10
      2.  
      3. Quarterly

        Period Ending: 9/30/2019
          Quarter YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio Net Expense Ratio
        AQR Funds - AQR Core Plus Bond Fund 2.05% 8.94% 9.38% 6.21% 4/5/2018 0.55% 0.38%
        Bloomberg Barclays US Aggregate Total Return Value Unhedged USD 2.27% 8.52% 10.30% 6.96% - - -

      • 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 Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).
      • 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 fee waivers 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 fee waivers 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, Multi-Asset 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, Relaxed Constraint Equity Funds, and the Core Plus Fund: January 28, 2019

       

      1. Portfolio Statistics

        Period Ending: 10/31/2019

        30-Day SEC Yield with Subsidy (%) 1.58
        30-Day SEC Yield without Subsidy (%) 1.41
        Yield to Maturity (%) 2.54
        Duration (years) 6.52


        Monthly

        Record Date Ex Date Income ST Cap Gains Return of Capital LT Cap Gains
        01/29/2019 01/30/2019 0.02004
        02/26/2019 02/27/2019 0.01809
        03/27/2019 03/28/2019 0.02024
        04/26/2019 04/29/2019 0.01739
        05/29/2019 05/30/2019 0.01871
        06/26/2019 06/27/2019 0.01832
        07/29/2019 07/30/2019 0.01798
        08/28/2019 08/29/2019 0.01514
        09/26/2019 09/27/2019 0.01645
        10/29/2019 10/30/2019 0.01610
        11/26/2019 11/27/2019
        12/27/2019 12/30/2019

      • The 30-Day SEC yield is an annualized yield based on the most recent 30 day period computed using a SEC standardized formula. With Subsidy yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Without Subsidy yields do not reflect fee waivers in effect.

        The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses of the Fund at 0.47 % for Class I, 0.72 % for Class N and at 0.37 % for Class R6 at least through January 28, 2019.

        Yield to Maturity: The excepted total return of the portfolio if all bonds are held to maturity.
        Duration: Measures the sensitivity of the price of the Fund to a change in interest rates.

       

      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 0.32 %
        Distribution (12b-1) Fee None
        Acquired Fund Fees 0.01 %
        Other Expenses  
            Dividends On Short Sales None
            All Other Expenses 0.22 %
        Gross Expenses 0.55 %
        Less: Fee Waivers 0.17 %
        Net Expenses 0.38 %
        + 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.
        + As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit Other Expenses in the table above at no more than 0.05% for Class R6 Shares at least through January 28, 2020. "Other Expenses" include all Fund operating expenses other than management fees and 12b-1 fees and exclude 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. The Expense Limitation Agreement may 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.
      • 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 fee waivers 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 fee waivers 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, Multi-Asset 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, Relaxed Constraint Equity Funds, and the Core Plus Fund: January 28, 2019

      • Jordan Brooks

        Jordan Brooks, AQR

        Principal

        • 10 years of experience
        • 10 years at AQR
        • Ph.D., M.A., New York University
        • B.A., B.A., Boston College
      • Ronen Israel

        AQR Principal Ronen Israel

        Principal

        • 24 years of experience
        • 20 years at AQR
        • M.A., Columbia University
        • B.S., B.A.S., University of Pennsylvania
      • Scott A Richardson

        Principal

        • 16 years of experience
        • 7 years at AQR
        • Ph.D., University of Michigan
        • B.Ec., University of Sydney


    • 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.