Total Returns
(Period Ending 6/30/2010)
    Ticker Quarter 1 Yr 3 Yr Since Inception Inception Date Gross Expense Ratio* Net Expense Ratio** Expense Cap***  
  Diversified Arbitrage Fund - N Shares ADANX 0.37% 4.87% -- 6.56% 1/15/2009 2.32% 1.75% 1.50%  
  Diversified Arbitrage Fund - I Shares ADAIX 0.46% 5.11% -- 6.87% 1/15/2009 1.93% 1.45% 1.20%  
  Global Equity Fund - N Shares AQGNX -12.32% 11.66% -13.29% -5.33% 6/1/2006 1.34% 1.20% 1.20%  
  Global Equity Fund - I Shares AQGIX -12.22% 11.97% -13.00% -5.01% 6/1/2006 0.95% 0.85% 0.85%  
  Global Equity Fund - Y Shares AQGYX -12.20% 12.41% -12.68% -4.67% 6/1/2006 0.64% 0.50% 0.50%  
  International Equity Fund - N Shares AQINX -14.90% 7.62% -15.44% 2.62% 7/31/2004 1.36% 1.25% 1.25%  
  International Equity Fund - I Shares AQIIX -14.84% 7.65% -15.23% 2.92% 7/31/2004 0.97% 0.90% 0.90%  
  International Equity Fund - Y Shares AQIYX -14.76% 7.92% -14.96% 3.27% 7/31/2004 0.73% 0.55% 0.55%  
  International Momentum Fund - L Shares AIMOX -14.09% -- -- 7.77% 7/9/2009 0.92% 0.65% 0.65%  
  Managed Futures Strategy Fund - N Shares AQMNX -1.11% -- -- -2.10% 1/5/2010 1.87% 1.50% 1.50%  
  Managed Futures Strategy Fund - I Shares AQMIX -1.11% -- -- -2.00% 1/5/2010 1.62% 1.25% 1.25%  
  Momentum Fund - L Shares AMOMX -11.65% -- -- 16.41% 7/9/2009 0.73% 0.49% 0.49%  
  Small Cap Momentum Fund - L Shares ASMOX -10.46% -- -- 18.37% 7/9/2009 0.85% 0.65% 0.65%  
 


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. Returns shown are average annual total returns, which assume reinvestment of dividends and capital gains. 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.

To obtain performance data current to the most recent month-end, click on the "Monthly" tab above.
 

* 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, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings. 

*** The Adviser has contractually agreed until at least April 30, 2011 (2010 for the Diversified Arbitrage Fund) to waive its management fee and/or reimburse expenses of the Managed Futures Strategy Fund, International Momentum Fund, Momentum Fund and Small Cap Momentum Fund to the extent necessary to maintain the total annual Fund operating expenses at the stated levels, exclusive of certain expenses such as acquired Fund fees and extraordinary expenses (and, for the Diversified Arbitrage Fund, expenses related to short sales and borrowing costs). The Adviser has contractually agreed until at least December 31, 2010 to waive its management fee and/or reimburse expenses of the Ineternational Equity Fund and Global Equity Fund to the extent necessary to maintain the total annual Fund operating expenses at the stated levels, exclusive of certain expenses such as acquired Fund fees and extraordinary expenses. See the Prospectus for additional details.

All AQR Funds. 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. The use of derivatives exposes the Funds 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. Please refer to the prospectus for complete information regarding all risks associated with the Funds.


Diversified Arbitrage Fund. This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This Fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.

 

Momentum Funds. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. 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. 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, they may be subject to the possibility of additional loss as a result of this investment technique.
 

Small Cap Momentum Fund. Funds that emphasize investments in smaller companies generally will experience greater price volatility.

International Momentum Fund. Foreign investing involves special risks such as currency fluctuations and political uncertainty.

 

Managed Futures Fund: The use of derivatives, forward and futures contracts, and commodities exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Concentration generally will lead to greater price volatility. This Fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.