Period Ending 3/31/2014
Alternative Investment Funds
Alternative Investment Funds
Ticker Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio * Net Expense Ratio ** Expense Cap ***
Diversified Arbitrage Fund ADAIX -0.18% 1.10% 1.95% 1.84% 3.95% 3.98% 01/15/09 2.39% 2.37% 1.20%
Global Macro Fund QGMIX 04/08/14 1.84% 1.45% 1.45%
Long-Short Equity Fund QLEIX 1.76% 2.06% 13.45% 07/16/13 1.62% 1.30% 1.30%
Managed Futures Strategy Fund AQMIX -1.87% -6.04% -0.17% 0.59% 1.04% 01/05/10 1.40% 1.40% 1.25%
Managed Futures Strategy HV Fund QMHIX -2.97% -9.26% -1.88% 07/16/13 2.12% 1.80% 1.65%
Multi-Strategy Alternative Fund ASAIX 0.31% -0.61% 3.92% 1.29% 07/19/11 3.66% 3.58% 1.98%
Risk-Balanced Commodities Strategy Fund ARCIX -0.33% 10.74% -2.65% -4.84% 07/09/12 1.92% 1.25% 1.05%
Style Premia Alternative Fund QSPIX 3.02% 0.59% 4.70% 10/30/13 1.93% 1.56% 1.50%
Global Allocation Funds
Global Allocation Funds
Ticker Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio * Net Expense Ratio ** Expense Cap ***
Risk Parity Fund AQRIX 0.09% 2.88% -1.63% 6.47% 7.49% 09/29/10 1.04% 1.04% 0.95%
Risk Parity II HV Fund QRHIX -0.86% 4.66% -4.30% 2.97% 11/05/12 2.35% 1.37% 1.15%
Risk Parity II MV Fund QRMIX -0.58% 3.20% -2.21% 2.58% 11/05/12 2.13% 1.01% 0.95%
Momentum Funds
Momentum Funds
Ticker Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio * Net Expense Ratio ** Expense Cap ***
International Momentum Fund AIMOX -1.22% -2.29% 11.08% 5.29% 11.79% 07/09/09 0.73% 0.65% 0.65%
Momentum Fund AMOMX -2.59% 1.59% 25.43% 13.55% 19.67% 07/09/09 0.56% 0.50% 0.49%
Small Cap Momentum Fund ASMOX -2.38% 1.07% 28.20% 15.93% 22.76% 07/09/09 0.80% 0.77% 0.65%
Tax-Managed International Momentum Fund ATIMX -1.17% -1.03% 13.65% 16.52% 01/27/12 2.33% 0.72% 0.70%
Return after taxes on distributions ATIMX -1.17% -1.03% 13.05% 16.12% 01/27/12 2.33% 0.72% 0.70%
Return after taxes on distributions
and share liquidation
ATIMX -0.66% -0.58% 7.92% 12.84% 01/27/12 2.33% 0.72% 0.70%
Tax-Managed Momentum Fund ATMOX -2.64% 1.55% 25.70% 22.63% 01/27/12 1.42% 0.55% 0.54%
Return after taxes on distributions ATMOX -2.64% 1.55% 25.26% 22.16% 01/27/12 1.42% 0.55% 0.54%
Return after taxes on distributions
and share liquidation
ATMOX -1.50% 0.88% 14.66% 17.58% 01/27/12 1.42% 0.55% 0.54%
Tax-Managed Small Cap Momentum Fund ATSMX -2.76% 0.95% 26.78% 25.52% 01/27/12 2.80% 0.83% 0.70%
Return after taxes on distributions ATSMX -2.76% 0.95% 25.96% 24.99% 01/27/12 2.80% 0.83% 0.70%
Return after taxes on distributions
and share liquidation
ATSMX -1.56% 0.54% 15.33% 19.86% 01/27/12 2.80% 0.83% 0.70%
Equity Funds
Equity Funds
Ticker Month YTD 1 Year 3 Year 5 Year Since Inception Inception Date Gross Expense Ratio * Net Expense Ratio ** Expense Cap ***
Core Equity Fund QCELX 1.85% 3.00% 26.61% 27.45% 03/26/13 1.84% 0.58% 0.54%
Emerging Defensive Equity Fund AZEIX 5.40% 0.30% -4.01% 2.04% 07/09/12 1.98% 0.95% 0.90%
Global Equity Fund AQGIX -0.23% 1.61% 20.37% 10.92% 20.00% 5.21% 06/30/06 2.27% 0.90% 0.90%
International Core Equity Fund QICLX -0.94% -1.19% 16.37% 16.82% 03/26/13 2.19% 0.73% 0.70%
International Defensive Equity Fund ANDIX 0.00% 2.01% 8.51% 14.30% 07/09/12 1.89% 0.68% 0.65%
International Equity Fund AQIIX -1.28% 0.00% 17.98% 7.41% 17.78% 7.31% 07/30/04 0.90% 0.90% 0.95%
Small Cap Core Equity Fund QSMLX 1.01% 0.93% 30.53% 31.08% 03/26/13 6.02% 0.93% 0.75%
US Defensive Equity Fund AUEIX 0.45% 2.36% 18.65% 19.75% 07/09/12 0.79% 0.50% 0.49%


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 show 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.

A privately offered fund managed by the Adviser was reorganized into the International Equity Fund on August 28, 2009, the date the Fund commenced operations. This privately offered fund was organized in June 2004 and commenced operations in August 2004 and had an investment objective, investment policies and restrictions that were, in all material respects, the same as those of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act. In addition, this privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code which, if applicable, might have adversely affected its performance. The Fund’s performance for periods prior to the commencement of operations on or about August 28, 2009 is that of the privately offered fund.

A privately offered fund managed by the Adviser was reorganized into the Global Equity Fund on December 31, 2009, the date the Fund commenced operations. This privately offered fund was organized in March 2006 and commenced operations in June 2006 and had an investment objective, investment policies and restrictions that were, in all material respects, the same as those of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act. In addition, this privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code which, if applicable, might have adversely affected its performance. The Fund’s performance for periods prior to the commencement of operations on or about December 31, 2009 is that of the privately offered fund.

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, Managed Futures Strategy Fund, Risk-Balanced Commodities Strategy Fund, Risk Parity Fund and Multi-Strategy Alternative Fund,: April 30, 2014
Momentum Funds, Defensive Equity Funds, International Equity Fund and Global Equity Fund: January 28, 2015
Core Equity Fund, Long-Short Equity Fund, Managed Futures Strategy HV Fund and Style Premia Fund: April 30, 2015
Global Macro Fund: April 30, 2016

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. The Fund uses derivatives to hedge certain economic 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

Managed Futures Strategy 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.

Managed Futures Strategy HV 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.

Equity-Long Short 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.

Multi-Strategy Alternative Fund: The Fund does not invest directly in hedge funds, but pursues strategies similar to those traditionally employed by hedge funds.

Risk Parity Fund: Foreign investing involves special risks such as currency fluctuations and political uncertainty. 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. 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. When investing in bonds, yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. Actual or realized volatility can and will differ from the forecasted or target volatility described above.

Risk Parity II HV Fund: Foreign investing involves special risks such as currency fluctuations and political uncertainty. 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. 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. When investing in bonds, yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. Actual or realized volatility can and will differ from the forecasted or target volatility described above. This fund is new and has a limited operating history.

Risk Parity II MV Fund: Foreign investing involves special risks such as currency fluctuations and political uncertainty. 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. 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. When investing in bonds, yield and share price will vary with changes in interest rates and market conditions. Investors should note that if interest rates rise significantly from current levels, bond total returns will decline and may even turn negative in the short term. There is also a chance that some of the fund’s holdings may have their credit rating downgraded or may default. Actual or realized volatility can and will differ from the forecasted or target volatility described above. This fund is new and has a limited operating history.

International Equity 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.

Global Equity 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.

Momentum 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.

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

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

AQR Risk-Balanced Commodities Strategy Fund: Commodities and futures generally are volatile and involve a high degree of risk. The fund may trade more frequently and incur higher levels of brokerage fees and commissions, and cause higher levels of current tax liability to shareholders in the Fund. Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase and may cause losses. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

AQR Emerging Defensive Equity: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

International Defensive Equity Fund: Foreign investing involves special risks such as currency fluctuations and political uncertainty. Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

U.S. Defensive Equity Fund: Funds that emphasize investments in small and mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

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. 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.

AQR Global Macro Fund: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Funds that emphasize investments in mid-cap companies generally will experience greater price volatility. Commodities and futures generally are volatile and involve a high degree of risk. The Adviser from time to time employs various hedging techniques, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.