0001444822 2024-12-31 2024-12-31 0001444822 aqrf:S000024177Member 2024-12-31 2024-12-31 0001444822 aqrf:S000024177Member aqrf:C000070967Member 2024-12-31 2024-12-31 0001444822 aqrf:S000024177Member aqrf:C000070968Member 2024-12-31 2024-12-31 0001444822 aqrf:S000024177Member aqrf:C000145937Member 2024-12-31 2024-12-31 0001444822 aqrf:S000027214Member 2024-12-31 2024-12-31 0001444822 aqrf:S000027214Member aqrf:C000082154Member 2024-12-31 2024-12-31 0001444822 aqrf:S000027214Member aqrf:C000082155Member 2024-12-31 2024-12-31 0001444822 aqrf:S000027214Member aqrf:C000145938Member 2024-12-31 2024-12-31 0001444822 aqrf:S000029959Member 2024-12-31 2024-12-31 0001444822 aqrf:S000029959Member aqrf:C000091908Member 2024-12-31 2024-12-31 0001444822 aqrf:S000029959Member aqrf:C000091909Member 2024-12-31 2024-12-31 0001444822 aqrf:S000029959Member aqrf:C000145939Member 2024-12-31 2024-12-31 0001444822 aqrf:S000037432Member 2024-12-31 2024-12-31 0001444822 aqrf:S000037432Member aqrf:C000115559Member 2024-12-31 2024-12-31 0001444822 aqrf:S000037432Member aqrf:C000115560Member 2024-12-31 2024-12-31 0001444822 aqrf:S000037432Member aqrf:C000145941Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041116Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041116Member aqrf:C000127655Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041116Member aqrf:C000127656Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041116Member aqrf:C000145944Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041117Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041117Member aqrf:C000127657Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041117Member aqrf:C000127658Member 2024-12-31 2024-12-31 0001444822 aqrf:S000041117Member aqrf:C000145945Member 2024-12-31 2024-12-31 0001444822 aqrf:S000042050Member 2024-12-31 2024-12-31 0001444822 aqrf:S000042050Member aqrf:C000130629Member 2024-12-31 2024-12-31 0001444822 aqrf:S000042050Member aqrf:C000130630Member 2024-12-31 2024-12-31 0001444822 aqrf:S000042050Member aqrf:C000145946Member 2024-12-31 2024-12-31 0001444822 aqrf:S000044524Member 2024-12-31 2024-12-31 0001444822 aqrf:S000044524Member aqrf:C000138522Member 2024-12-31 2024-12-31 0001444822 aqrf:S000044524Member aqrf:C000138523Member 2024-12-31 2024-12-31 0001444822 aqrf:S000044524Member aqrf:C000145947Member 2024-12-31 2024-12-31 0001444822 aqrf:S000046740Member 2024-12-31 2024-12-31 0001444822 aqrf:S000046740Member aqrf:C000145994Member 2024-12-31 2024-12-31 0001444822 aqrf:S000046740Member aqrf:C000145995Member 2024-12-31 2024-12-31 0001444822 aqrf:S000046740Member aqrf:C000145996Member 2024-12-31 2024-12-31 0001444822 aqrf:S000058563Member 2024-12-31 2024-12-31 0001444822 aqrf:S000058563Member aqrf:C000192463Member 2024-12-31 2024-12-31 0001444822 aqrf:S000058563Member aqrf:C000192464Member 2024-12-31 2024-12-31 0001444822 aqrf:S000058563Member aqrf:C000192465Member 2024-12-31 2024-12-31 0001444822 aqrf:S000074759Member 2024-12-31 2024-12-31 0001444822 aqrf:S000074759Member aqrf:C000232926Member 2024-12-31 2024-12-31 0001444822 aqrf:S000074759Member aqrf:C000232927Member 2024-12-31 2024-12-31 0001444822 aqrf:S000074759Member aqrf:C000232928Member 2024-12-31 2024-12-31 iso4217:USD pure false 2024-12-31 497 0001444822 N-1A <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Alternative Risk Premia Fund’s Summary Prospectus and Prospectus, beginning on page 1 of each, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.20%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.20%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.20%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> <div style="font-size:3pt;margin-top:0pt;margin-bottom:1pt;"> </div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.57%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.57%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.57%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.30%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.26%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.16%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.87%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.83%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.73%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.35%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">5.06%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.96%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.05%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.31%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">5.05%</span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.91%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.74%, 1.48% and 1.34% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:right;"><span style="font-family:arial">$530  </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,593</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,649</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,255</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">$505  </span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,516</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,525</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,044</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:right;"><span style="font-family:arial">$491  </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,485</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,479</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,967</span></td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>199</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Diversified Arbitrage Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 10, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:54%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends and Interest on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup></div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">and Other Interest Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.52%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.52%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.52%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.21%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.76%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.73%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.62%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.05%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.66%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.05%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.66%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, or an interest payment is made on a bond the Fund has sold short, the Fund is required to pay an amount equal to the dividend or interest payment, as applicable, to the party from which the Fund has borrowed the stock or bond, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser</span> <span style="font-style:italic"></span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.53%, 1.25% and 1.14% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends and Interest on Short Sales and Other Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$208</span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$643</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,103</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,379</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">$180</span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$557</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$  959</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,084</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$169</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$523</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$  902</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,965</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>410</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Equity Market Neutral Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 19, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.69%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.69%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.69%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.21%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.09%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.93%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.90%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.78%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.31%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">6.03%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.91%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.31%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">6.03%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.91%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.62%, 1.34% and 1.22% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"> and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$627</span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,856</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,053</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,912</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">$600</span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,781</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,938</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,728</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$588</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,749</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,889</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,648</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>338</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Long-Short Equity Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 27, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.49%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.49%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.49%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.20%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.17%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.07%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.69%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.66%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.56%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.06%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">5.78%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.68%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.06%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">5.78%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.68%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.57%, 1.29% and 1.19% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$603</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,789</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,951</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,748</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$576</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,714</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,834</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,560</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$566</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,687</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,792</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,491</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>296</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Macro Opportunities Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 35, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Interest Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">1,2</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.26%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.13%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.49%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.51%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.38%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">2</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.54%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.41%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">2,5</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.53%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.38%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.52%, 1.28% and 1.13% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Interest Expense is not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 4 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$180</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$557</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$959</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,084</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$156</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$485</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$838</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,834</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$140</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$443</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$768</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,688</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>158</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Managed Futures Strategy Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 45, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.84%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.84%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.84%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.19%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.11%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.08%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.03%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.95%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.39%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.09%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.39%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">3.09%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.01%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.55%, 1.25% and 1.17% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"> and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$342</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,042</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,765</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,676</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$312</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$  954</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,620</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$3,402</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$304</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$  930</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,582</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,327</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>412</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Managed Futures Strategy HV Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 54, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.45%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.45%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.45%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.70%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.70%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.70%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.26%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.11%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.96%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.94%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.81%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.68%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.41%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.28%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.67%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.41%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.27%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.97%, 1.71% and 1.57% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$468</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,410</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,358</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,755</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$442</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,335</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,238</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$4,542</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$429</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,297</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,178</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,437</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>455</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Multi-Asset Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 63, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.60%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.60%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.60%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.22%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.46%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.44%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.32%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.32%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.32%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. <span style="font-style:italic"></span>Total Annual Fund Operating Expenses for Class R6 Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025 due to rounding.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.10%, 0.83% and 0.71% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$134</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$418</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$723</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,590</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$107</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$334</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$579</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,283</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$  95</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$296</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$515</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,143</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>110</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Risk-Balanced Commodities Strategy Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 72, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.80%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.80%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.80%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses<sup style="font-size:75%;vertical-align:top">1,2</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.27%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.11%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">2</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.34%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.04%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">2</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.33%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.04%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 4 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$135</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$424</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$733</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,612</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$106</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$331</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$574</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,271</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$ 95</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$296</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$515</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,143</span></td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>0</span>% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the 0% portfolio turnover rate reported above. If these instruments were included in the calculation, the Fund would have a high portfolio turnover rate (as discussed below under “Principal Investment Strategies of the Fund”). </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Style Premia Alternative Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 80, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.30%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.30%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.30%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.60%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.60%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.60%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.23%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.21%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.83%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.81%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.70%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.40%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">6.13%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.40%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">6.13%</span></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.02%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.80%, 1.53% and 1.42% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$636</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,880</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,090</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,969</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$610</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,808</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,980</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,795</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$599</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,779</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,934</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,722</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>142</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Trend Total Return Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 89, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.99%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.99%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.99%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.71%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.67%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.61%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.70%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.66%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.60%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.03%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.74%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.68%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.46%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.42%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.51%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.57%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">3.32%</span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.17%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.58%, 1.33% and 1.18% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027 as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$360</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,185</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,027</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,203</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$335</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,105</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,895</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$3,958</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$320</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,079</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,859</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,900</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>461</span>% of the average value of its portfolio. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">AQR FUNDS </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">Supplement dated March 30, 2026 (“Supplement”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:center;">to the Class I, Class N and Class R6 Shares Summary Prospectuses and Prospectus, each dated May 1, 2025, as amended (“Summary Prospectus” and “Prospectus,” respectively), of the AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund, and AQR Trend Total Return Fund (each a “Fund”) </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">This Supplement updates certain information contained in the Summary Prospectuses and Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290‑2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512. </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Alternative Risk Premia Fund’s Summary Prospectus and Prospectus, beginning on page 1 of each, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.20%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.20%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.20%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> <div style="font-size:3pt;margin-top:0pt;margin-bottom:1pt;"> </div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.57%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.57%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.57%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.30%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.26%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.16%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.87%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.83%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.73%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.35%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">5.06%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.96%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.05%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.31%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">5.05%</span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.91%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.74%, 1.48% and 1.34% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:right;"><span style="font-family:arial">$530  </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,593</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,649</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,255</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;"><span style="font-family:arial">$505  </span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,516</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,525</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,044</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:right;"><span style="font-family:arial">$491  </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,485</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,479</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,967</span></td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>199</span>% of the average value of its portfolio. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Diversified Arbitrage Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 10, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:54%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends and Interest on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup></div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">and Other Interest Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.52%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.52%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.52%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.21%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.76%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.73%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.62%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.04%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.05%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.66%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.05%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.66%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, or an interest payment is made on a bond the Fund has sold short, the Fund is required to pay an amount equal to the dividend or interest payment, as applicable, to the party from which the Fund has borrowed the stock or bond, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser</span> <span style="font-style:italic"></span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.53%, 1.25% and 1.14% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends and Interest on Short Sales and Other Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$208</span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$643</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,103</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,379</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">$180</span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$557</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$  959</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,084</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$169</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$523</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$  902</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,965</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>410</span>% of the average value of its portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Equity Market Neutral Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 19, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.69%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.69%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.69%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.21%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.09%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.93%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.90%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.78%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.31%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">6.03%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.91%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.31%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">6.03%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.91%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.62%, 1.34% and 1.22% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"> and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"><span style="font-weight:bold"> </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$627</span></td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,856</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,053</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,912</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">$600</span></td> <td style="white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,781</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,938</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,728</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$588</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,749</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,889</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,648</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>338</span>% of the average value of its portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Long-Short Equity Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 27, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.49%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.49%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.49%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.20%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.17%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.07%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.69%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.66%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.56%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.06%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">5.78%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.68%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.06%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">5.78%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">5.68%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.57%, 1.29% and 1.19% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$603</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,789</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,951</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,748</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$576</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,714</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,834</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,560</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$566</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,687</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,792</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,491</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>296</span>% of the average value of its portfolio. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Macro Opportunities Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 35, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Interest Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">1,2</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.26%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.13%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.49%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.51%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.38%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">2</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.54%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.41%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">2,5</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.77%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.53%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.38%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.52%, 1.28% and 1.13% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Interest Expense is not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 4 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$180</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$557</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$959</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,084</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$156</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$485</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$838</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,834</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$140</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$443</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$768</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,688</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>158</span>% of the average value of its portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Managed Futures Strategy Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 45, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.84%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.84%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.84%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.19%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.11%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.08%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.03%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.95%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.39%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.09%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.39%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">3.09%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.01%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.55%, 1.25% and 1.17% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"> and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$342</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,042</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,765</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,676</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$312</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$  954</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,620</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$3,402</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$304</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$  930</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,582</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,327</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>412</span>% of the average value of its portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Managed Futures Strategy HV Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 54, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.45%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.45%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.45%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.70%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.70%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.70%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.26%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.11%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.96%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.94%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.81%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.68%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.41%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.28%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.67%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">4.41%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.27%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.97%, 1.71% and 1.57% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$468</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,410</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,358</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,755</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$442</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,335</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,238</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$4,542</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$429</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,297</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,178</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,437</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>455</span>% of the average value of its portfolio. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Multi-Asset Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 63, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.60%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.60%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.60%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.22%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.24%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.46%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.44%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.32%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.01%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.32%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.32%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. <span style="font-style:italic"></span>Total Annual Fund Operating Expenses for Class R6 Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025 due to rounding.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.10%, 0.83% and 0.71% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$134</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$418</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$723</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,590</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$107</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$334</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$579</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,283</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$  95</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$296</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$515</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,143</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>110</span>% of the average value of its portfolio. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Risk-Balanced Commodities Strategy Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 72, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.80%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.80%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.80%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses<sup style="font-size:75%;vertical-align:top">1,2</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.27%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.22%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.11%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">2</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.34%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.04%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.01%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">2</sup></div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.33%</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.04%</span></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.93%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 4 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:37%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$135</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$424</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$733</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,612</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$106</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$331</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$574</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,271</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$ 95</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$296</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$515</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,143</span></td> </tr> </table><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>0</span>% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the 0% portfolio turnover rate reported above. If these instruments were included in the calculation, the Fund would have a high portfolio turnover rate (as discussed below under “Principal Investment Strategies of the Fund”). </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Style Premia Alternative Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 80, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.30%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.30%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.30%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.60%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.60%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.60%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.23%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.21%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.10%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.83%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">4.81%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.70%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.40%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">6.13%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.02%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.00%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.40%</span></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">6.13%</span></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">6.02%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.80%, 1.53% and 1.42% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$636</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,880</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,090</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,969</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$610</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,808</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$2,980</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$5,795</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$599</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,779</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,934</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$5,722</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>142</span>% of the average value of its portfolio. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-style:italic">Effective on May 1, 2026, the section titled “Fund Summary—Fees and Expenses of the Fund” of the AQR Trend Total Return Fund’s Summary Prospectus and Prospectus, beginning on page 1 and page 89, respectively, is restated in its entirety as follows: </span></div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;font-weight:bold;text-align:justify;">Fees and Expenses of the Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Annual Fund Operating Expenses</span> (expenses that you pay each year as a percentage of the value of your investment) </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:55%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class N  </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:right;"><span style="font-family:arial">  Class I  </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;"><span style="font-family:arial">  Class R6  </span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Management Fee</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">1.05%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Distribution (12b‑1) Fee</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">0.25%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">None</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">None</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:9pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Other Expenses</div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;background-color:#f2f2f2;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Dividends on Short Sales<sup style="font-size:75%;vertical-align:top">1</sup> and Interest</div> <div style="margin-top:0pt;margin-bottom:1pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Expense</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.99%</span></td> <td style="vertical-align:bottom;">  </td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">1.99%</span></td> <td style="white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">1.99%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.40em;text-indent:-1.00em;font-size:10pt;font-family:arial;">All Other Expenses<sup style="font-size:75%;vertical-align:top">2,3</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.71%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.67%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.61%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Other Expenses</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.70%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">2.66%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">2.60%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Acquired Fund Fees and Expenses<sup style="font-size:75%;vertical-align:top">4</sup></div> </td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> <td style="white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.03%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses<sup style="font-size:75%;vertical-align:top">3</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">4.03%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;text-align:center;"><span style="font-family:arial">3.74%</span></td> <td style="BORDER-TOP:1.00pt solid #000000;white-space:nowrap;vertical-align:top;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.68%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Less: Expense Reimbursements<sup style="font-size:75%;vertical-align:top">5</sup></div> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.46%</span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.42%</span></td> <td style="BORDER-BOTTOM:1.00pt solid #000000;white-space:nowrap;vertical-align:top;background-color:#f2f2f2;"><span style="font-family:arial"> </span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">0.51%</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:10pt;font-family:arial;">Total Annual Fund Operating Expenses after Expense Reimbursements<sup style="font-size:75%;vertical-align:top">3,6</sup></div> </td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.57%</span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:center;"><span style="font-family:arial">3.32%</span></td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"><span style="font-family:arial"> </span></td> <td style=" BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">3.17%</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">1</sup></td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">2</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">3</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">4</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">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 <span style="font-style:italic">mutual funds</span>, exchange-traded funds or other pooled investment vehicles. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">5</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Effective May 1, 2026, the <span style="font-style:italic">Adviser </span>has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the <span style="font-style:italic">Adviser </span>had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:6%;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:arial;font-size:8pt;text-align:justify;"> April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the <span style="font-style:italic">Board of Trustees</span>, including a majority of the <span style="font-style:italic">Non‑Interested Trustees </span>of the <span style="font-style:italic">Trust</span>. The <span style="font-style:italic">Adviser </span>is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the <span style="font-style:italic">Adviser </span>reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="width:5%;vertical-align:top;text-align:left;"><sup style="font-size:75%;vertical-align:top">6</sup> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial;text-align:justify;">Total Annual Fund Operating Expenses after Expense Reimbursements are 1.58%, 1.33% and 1.18% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. </div> </td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Example: </span>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027 as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:12pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:35%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 1 Year </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 3 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 5 Years </span></span></td> <td style=" BORDER-BOTTOM:1.00pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:1.00pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;"><span style="font-family:arial"><span style="font-weight:bold"> 10 Years </span></span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class N Shares</div> </td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$360</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,185</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$2,027</span></td> <td style=" BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-TOP:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$4,203</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class I Shares</div> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$335</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,105</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$1,895</span></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;"><span style="font-family:arial">$3,958</span></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:12pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;background-color:#f2f2f2;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.60em;text-indent:-1.00em;font-size:12pt;font-family:arial;">Class R6 Shares</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$320</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,079</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$1,859</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#f2f2f2;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#f2f2f2;text-align:center;"><span style="font-family:arial">$3,900</span></td> </tr> </table><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;"><span style="font-weight:bold">Portfolio Turnover:</span> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>461</span>% of the average value of its portfolio. </div> AQR FUNDS 2025-05-01 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0120 0.0120 0.0120 0.0025 0 0 0.0357 0.0357 0.0357 0.0030 0.0026 0.0016 0.0387 0.0383 0.0373 0.0003 0.0003 0.0003 0.0535 0.0506 0.0496 -0.0004 -0.0001 -0.0005 0.0531 0.0505 0.0491 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 530 1593 2649 5255 505 1516 2525 5044 491 1485 2479 4967 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>199</span>% of the average value of its portfolio. 1.99 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0.0025 0 0 0.0052 0.0052 0.0052 0.0024 0.0021 0.0010 0.0076 0.0073 0.0062 0.0004 0.0004 0.0004 0.0205 0.0177 0.0166 0.0000 0.0000 0.0000 0.0205 0.0177 0.0166 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 208 643 1103 2379 180 557 959 2084 169 523 902 1965 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>410</span>% of the average value of its portfolio. 4.10 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0110 0.0110 0.0110 0.0025 0 0 0.0469 0.0469 0.0469 0.0024 0.0021 0.0009 0.0493 0.0490 0.0478 0.0003 0.0003 0.0003 0.0631 0.0603 0.0591 0.0000 0.0000 0.0000 0.0631 0.0603 0.0591 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the sameand takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 627 1856 3053 5912 600 1781 2938 5728 588 1749 2889 5648 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>338</span>% of the average value of its portfolio. 3.38 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0110 0.0110 0.0110 0.0025 0 0 0.0449 0.0449 0.0449 0.0020 0.0017 0.0007 0.0469 0.0466 0.0456 0.0002 0.0002 0.0002 0.0606 0.0578 0.0568 0.0000 0.0000 0.0000 0.0606 0.0578 0.0568 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 603 1789 2951 5748 576 1714 2834 5560 566 1687 2792 5491 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>296</span>% of the average value of its portfolio. 2.96 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0.0025 0 0 0.0025 0.0025 0.0025 0.0024 0.0026 0.0013 0.0049 0.0051 0.0038 0.0003 0.0003 0.0003 0.0177 0.0154 0.0141 0.0000 -0.0001 -0.0003 0.0177 0.0153 0.0138 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 4 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 180 557 959 2084 156 485 838 1834 140 443 768 1688 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>158</span>% of the average value of its portfolio. 1.58 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0105 0.0105 0.0105 0.0025 0 0 0.0184 0.0184 0.0184 0.0024 0.0019 0.0011 0.0208 0.0203 0.0195 0.0001 0.0001 0.0001 0.0339 0.0309 0.0301 0.0000 0.0000 0.0000 0.0339 0.0309 0.0301 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the sameand takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 342 1042 1765 3676 312 954 1620 3402 304 930 1582 3327 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>412</span>% of the average value of its portfolio. 4.12 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0145 0.0145 0.0145 0.0025 0 0 0.0270 0.0270 0.0270 0.0026 0.0024 0.0011 0.0296 0.0294 0.0281 0.0002 0.0002 0.0002 0.0468 0.0441 0.0428 -0.0001 0.0000 -0.0001 0.0467 0.0441 0.0427 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). otal Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 468 1410 2358 4755 442 1335 2238 4542 429 1297 2178 4437 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>455</span>% of the average value of its portfolio. 4.55 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0025 0 0 0.0022 0.0022 0.0022 0.0024 0.0022 0.0010 0.0046 0.0044 0.0032 0.0001 0.0001 0.0001 0.0132 0.0105 0.0093 0.0000 0.0000 0.0000 0.0132 0.0105 0.0093 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. Total Annual Fund Operating Expenses for Class R6 Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025 due to rounding. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 134 418 723 1590 107 334 579 1283 95 296 515 1143 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>110</span>% of the average value of its portfolio. 1.10 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0080 0.0025 0 0 0.0027 0.0022 0.0011 0.0002 0.0002 0.0002 0.0134 0.0104 0.0093 -0.0001 0.0000 0.0000 0.0133 0.0104 0.0093 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 4 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 135 424 733 1612 106 331 574 1271 95 296 515 1143 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>0</span>% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the 0% portfolio turnover rate reported above. If these instruments were included in the calculation, the Fund would have a high portfolio turnover rate (as discussed below under “Principal Investment Strategies of the Fund”). 0 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0130 0.0130 0.0130 0.0025 0 0 0.0460 0.0460 0.0460 0.0023 0.0021 0.0010 0.0483 0.0481 0.0470 0.0002 0.0002 0.0002 0.0640 0.0613 0.0602 0.0000 0.0000 0.0000 0.0640 0.0613 0.0602 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 636 1880 3090 5969 610 1808 2980 5795 599 1779 2934 5722 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>142</span>% of the average value of its portfolio. 1.42 Fees and Expenses of the Fund <div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:arial;text-align:justify;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0105 0.0105 0.0105 0.0025 0 0 0.0199 0.0199 0.0199 0.0071 0.0067 0.0061 0.0270 0.0266 0.0260 0.0003 0.0003 0.0003 0.0403 0.0374 0.0368 -0.0046 -0.0042 -0.0051 0.0357 0.0332 0.0317 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. April 30, 2027 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other <span style="font-style:italic">mutual funds</span>. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027 as discussed in Footnote No. 5 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 360 1185 2027 4203 335 1105 1895 3958 320 1079 1859 3900 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was <span>461</span>% of the average value of its portfolio. 4.61 All Other Expenses for Class N Shares and Class I Shares have been restated to reflect the implementation of the Updated Expense Cap (as defined below). Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. Effective May 1, 2026, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.25% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares (the “Updated Expense Cap”). From May 1, 2025 to April 30, 2026, the Adviser had contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. “Specified Expenses” for this purpose 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, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the “Expense Limitation Agreement”) will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees, including a majority of the Non‑Interested Trustees of the Trust. The Adviser is entitled to recapture any expenses reimbursed during the thirty‑six month period following the end of the month during which the Adviser reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.62%, 1.34% and 1.22% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense. 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. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.57%, 1.29% and 1.19% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.52%, 1.28% and 1.13% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Interest Expense is not included. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.55%, 1.25% and 1.17% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.74%, 1.48% and 1.34% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.97%, 1.71% and 1.57% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of All Other Expenses. Total Annual Fund Operating Expenses for Class R6 Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025 due to rounding. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.10%, 0.83% and 0.71% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements for Class N Shares and Class I Shares do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements or Ratio to Average Net Assets of Expenses, Net of Reimbursements given in the Fund’s most recent Annual Financial Statements and Other Information included in Form N‑CSR for the fiscal year ended December 31, 2025, which do not include the restatement of Other Expenses. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.80%, 1.53% and 1.42% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.58%, 1.33% and 1.18% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends on Short Sales and Interest Expense are not included. When a cash dividend is declared on a stock the Fund has sold short, or an interest payment is made on a bond the Fund has sold short, the Fund is required to pay an amount equal to the dividend or interest payment, as applicable, to the party from which the Fund has borrowed the stock or bond, and to record the payment as an expense. Total Annual Fund Operating Expenses after Expense Reimbursements are 1.53%, 1.25% and 1.14% for Class N Shares, Class I Shares and Class R6 Shares, respectively, if Dividends and Interest on Short Sales and Other Interest Expense are not included.