# EDGAR Filing Document

**Accession Number:** 0001444822
**File Stem:** 0001193125-23-016172
**Filing Date:** 2023-1
**Character Count:** 1091370
**Document Hash:** ddc3c895c168376a9d7aa1c0ea1a6c84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-016172.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001193125-23-016172

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQR Funds
- **CENTRAL INDEX KEY:** 0001444822
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22235
- **FILM NUMBER:** 23557236

**BUSINESS ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-742-3600

**MAIL ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQR Funds
- **CENTRAL INDEX KEY:** 0001444822
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-153445
- **FILM NUMBER:** 23557235

**BUSINESS ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-742-3600

**MAIL ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Series and Classes Contracts Data

### AQR Global Equity Fund (Series ID: S000024170)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000070949 | Class N      | AQGNX           |
| C000070950 | Class I      | AQGIX           |
| C000135923 | Class R6     | AQGRX           |

### AQR Large Cap Momentum Style Fund (Series ID: S000025643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076804 | Class I      | AMOMX           |
| C000120475 | Class N      | AMONX           |
| C000144284 | Class R6     | QMORX           |

### AQR Small Cap Momentum Style Fund (Series ID: S000025644)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076805 | Class I      | ASMOX           |
| C000120476 | Class N      | ASMNX           |
| C000144285 | Class R6     | QSMRX           |

### AQR International Momentum Style Fund (Series ID: S000025645)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076806 | Class I      | AIMOX           |
| C000120477 | Class N      | AIONX           |
| C000144286 | Class R6     | QIORX           |

### AQR Large Cap Defensive Style Fund (Series ID: S000037429)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115553 | Class N      | AUENX           |
| C000115554 | Class I      | AUEIX           |
| C000145934 | Class R6     | QUERX           |

### AQR International Defensive Style Fund (Series ID: S000037430)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115555 | Class N      | ANDNX           |
| C000115556 | Class I      | ANDIX           |
| C000145935 | Class R6     | ANDRX           |

### AQR Large Cap Multi-Style Fund (Series ID: S000040063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124381 | Class I      | QCELX           |
| C000124382 | Class N      | QCENX           |
| C000144290 | Class R6     | QCERX           |

### AQR Small Cap Multi-Style Fund (Series ID: S000040064)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124383 | Class I      | QSMLX           |
| C000124384 | Class N      | QSMNX           |
| C000144291 | Class R6     | QSERX           |

### AQR International Multi-Style Fund (Series ID: S000040065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000124385 | Class I      | QICLX           |
| C000124386 | Class N      | QICNX           |
| C000144292 | Class R6     | QICRX           |

### AQR Emerging Multi-Style II Fund (Series ID: S000048055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000151790 | Class I      | QTELX           |
| C000151791 | Class N      | QTENX           |
| C000151792 | Class R6     | QTERX           |

?xml version="1.0" encoding="utf-8" ? AQR Funds

As filed with the Securities and Exchange Commission on January 26, 2023

**Securities Act File (No. 333-153445)**

**Investment Company Act File (No. 811-22235)**

------

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A** 

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **☒** |
| **Pre-Effective Amendment No.** | **☐** |
| **Post-Effective Amendment No. 147** | **☒** |
| **and/or** |  |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **☒** |
| **Amendment No. 149** | **☒** |
| **(Check appropriate box or boxes)** |  |

---

------

**AQR Funds**

**(Exact Name of Registrant Specified in Charter)** 

**One Greenwich Plaza**

**Greenwich, CT 06830**

**(Address of Principal Executive Offices)** 

**Registrant's Telephone Number, Including Area Code: (203) 742-3600**

**H.J. Willcox, Esq.**

**Principal & Chief Legal Officer**

**AQR Capital Management, LLC**

**One Greenwich Plaza**

**Greenwich, CT 06830**

**(Name and Address of Agent for Service)** 

***With copies to:***

**David W. Blass, Esq.**

**Ryan P. Brizek, Esq.**

**Simpson Thacher & Bartlett LLP**

**900 G Street, N.W.**

**Washington, D.C. 20001**

------

---

| | |
|:---|:---|
| **It is proposed that this filing will become effective (check appropriate box)** | **It is proposed that this filing will become effective (check appropriate box)** |
| [ ] | immediately upon filing pursuant to paragraph (b) |
| ☒ | on January 29, 2023, pursuant to paragraph (b) |
| [ ] | 60 days after filing pursuant to paragraph (a)(1) |
| [ ] | on (date), pursuant to paragraph (a)(1) |
| [ ] | 75 days after filing pursuant to paragraph (a)(2) |
| [ ] | on (date), pursuant to paragraph (a)(2) of rule 485. |
| **If appropriate, check the following box:** | **If appropriate, check the following box:** |
| [ ] | This post-effective amendment designates a new effective date for a previously filed post-effective <br> amendment.<br>|

---

------

![](g423791aqrfrontcoverlogo.jpg)

**AQR Funds Prospectus**

**January 29, 2023**

**Class N Shares, Class I Shares and Class R6 Shares** 

---

| | | |
|:---|:---|:---|
|  | **Class** | **Ticker Symbol** |
| **AQR Multi-Style Funds** |  |  |
| AQR Large Cap Multi-Style Fund | N | QCENX |
|  | I | QCELX |
|  | R6 | QCERX |
| AQR Small Cap Multi-Style Fund | N | QSMNX |
|  | I | QSMLX |
|  | R6 | QSERX |
| AQR International Multi-Style Fund | N | QICNX |
|  | I | QICLX |
|  | R6 | QICRX |
| AQR Emerging Multi-Style II Fund | N | QTENX |
|  | I | QTELX |
|  | R6 | QTERX |
| **AQR Momentum Style Funds** |  |  |
| AQR Large Cap Momentum Style Fund | N | AMONX |
|  | I | AMOMX |
|  | R6 | QMORX |
| AQR Small Cap Momentum Style Fund | N | ASMNX |
|  | I | ASMOX |
|  | R6 | QSMRX |
| AQR International Momentum Style Fund | N | AIONX |
|  | I | AIMOX |
|  | R6 | QIORX |
| **AQR Defensive Style Funds** |  |  |
| AQR Large Cap Defensive Style Fund | N | AUENX |
|  | I | AUEIX |
|  | R6 | QUERX |
| AQR International Defensive Style Fund | N | ANDNX |
|  | I | ANDIX |
|  | R6 | ANDRX |
| **AQR Global Equity Fund** |  |  |
| AQR Global Equity Fund | N | AQGNX |
|  | I | AQGIX |
|  | R6 | AQGRX |

---

This prospectus contains important information about each Fund, including its investment objective, fees and expenses. For your benefit and protection, please read it before you invest and keep it for future reference. This prospectus relates to the Class N Shares, Class I Shares and Class R6 Shares of each Fund, as applicable.

The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. In addition, your investment in any of the Funds is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in any of the Funds. The likelihood of loss may be greater if you invest for a shorter period of time.

------

AQR Funds–Prospectus

**Table of Contents** 

---

| | |
|:---|:---|
| [Fund Summary:](#xx_53052529-e62f-4fe1-930f-80e84b7f989f_1)[AQR Large Cap Multi-Style Fund](#xx_53052529-e62f-4fe1-930f-80e84b7f989f_1) | 1 |
| [Fund Summary:](#xx_e2c174e9-8fa0-47f6-a63c-a0c008f88316_1)[AQR Small Cap Multi-Style Fund](#xx_e2c174e9-8fa0-47f6-a63c-a0c008f88316_1) | 6 |
| [Fund Summary:](#xx_cd1edb9e-2660-45fa-8ce2-ff8d2eb67990_1)[AQR International Multi-Style Fund](#xx_cd1edb9e-2660-45fa-8ce2-ff8d2eb67990_1) | 11 |
| [Fund Summary:](#xx_48a880ef-b4c2-449f-a580-165a83fa8c7a_1)[AQR Emerging Multi-Style II Fund](#xx_48a880ef-b4c2-449f-a580-165a83fa8c7a_1) | 17 |
| [Fund Summary:](#xx_776f805f-bd4f-4c70-b8d3-f0536f2d441b_1)[AQR Large Cap Momentum Style Fund](#xx_776f805f-bd4f-4c70-b8d3-f0536f2d441b_1) | 23 |
| [Fund Summary:](#xx_5510c9f4-fe2a-476d-ba1f-bfea6d421e03_1)[AQR Small Cap Momentum Style Fund](#xx_5510c9f4-fe2a-476d-ba1f-bfea6d421e03_1) | 29 |
| [Fund Summary:](#xx_10456d6c-7b8f-4968-aec8-be67cad881f9_1)[AQR International Momentum Style Fund](#xx_10456d6c-7b8f-4968-aec8-be67cad881f9_1) | 35 |
| [Fund Summary:](#xx_0189bfc0-0de5-4d26-8b7d-38f7e5cfbbca_1)[AQR Large Cap Defensive Style Fund](#xx_0189bfc0-0de5-4d26-8b7d-38f7e5cfbbca_1) | 41 |
| [Fund Summary:](#xx_c4e12d57-820b-4afe-8d5c-a95d69a1061e_1)[AQR International Defensive Style Fund](#xx_c4e12d57-820b-4afe-8d5c-a95d69a1061e_1) | 47 |
| [Fund Summary:](#xx_4a24d89b-b226-4626-9d86-92659dc78f01_1)[AQR Global Equity Fund](#xx_4a24d89b-b226-4626-9d86-92659dc78f01_1) | 54 |
| [Important Additional Information](#xx_500bfc67-780e-467f-9904-775d18b48e4e_1) | 61 |
| [Details About the Funds](#xx_64f3e7ff-c5c7-494c-9142-ed1a677bc0e3_1) | 62 |
| [How the Funds Pursue Their Investment Objectives](#xx_a5ee08b2-fbfc-4516-ab43-68f20e1579a6_1) | 81 |
| [Risk Factors](#xx_b7d1ce67-1121-4ebd-8313-01ced202c707_1) | 82 |
| [Portfolio Holdings Disclosure](#xx_b7d1ce67-1121-4ebd-8313-01ced202c707_8) | 89 |
| [Change in Objective](#xx_b7d1ce67-1121-4ebd-8313-01ced202c707_9) | 90 |
| [Management of the Funds](#xx_cc86888a-572d-4ba4-9c2f-8c4798433b2d_1) | 91 |
| [Investing With the AQR Funds](#xx_3abeee63-7354-4051-9696-17c22b7fb5f4_1) | 95 |
| [How to Buy Class N Shares, Class I Shares and Class R6 Shares](#xx_51017909-a9d0-4250-8d28-9efb57c7933c_1) | 102 |
| [How to Redeem Class N Shares, Class I Shares and Class R6 Shares](#xx_be1550d1-615d-44eb-8365-84d881b08210_1) | 104 |
| [How to Exchange Class N Shares, Class I Shares and Class R6 Shares](#xx_93cac7c8-501f-4fa8-9bf5-6f268fcb9479_1) | 106 |
| [Rule 12b-1 Plan (Class N Shares)](#xx_5b8da1c0-9c8b-4c53-9bbf-f80e46f5172e_1) | 108 |
| [Certain Additional Payments](#xx_5b8da1c0-9c8b-4c53-9bbf-f80e46f5172e_1) | 108 |
| [Distributions and Taxes](#xx_c1d5fcfe-73e7-4c43-87f2-ed545e8a03c3_1) | 109 |
| [Financial Highlights](#xx_7aacd947-ed2d-4813-80ef-1819420fc576_2) | 112 |
| [Glossary of Terms](#xx_07cb63f1-79df-4ac7-9ab5-76d802f7a6c4_1) | 124 |

---

------

AQR Funds–Prospectus1

**AQR Large Cap Multi-Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Large Cap Multi-Style Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.25% | 0.25% | 0.25% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.16% | 0.16% | 0.06% |
| Total Other Expenses | 0.17% | 0.17% | 0.07% |
| Total Annual Fund Operating Expenses | 0.67% | 0.42% | 0.32% |
| Less: Expense Reimbursements<sup>1</sup> <br>| 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 0.66% | 0.41% | 0.31% |

---

<sup>1</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $67 | $213 | $372 | $834 |
| Class I Shares | $42 | $134 | $234 | $529 |
| Class R6 Shares | $32 | $102 | $179 | $405 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps and real estate investment trusts) of large-cap companies.

------

AQR Funds–Prospectus2

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

The Fund generally invests in large-cap U.S. companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *Russell 1000*<sup>®</sup> *Index* at the time of purchase. The Fund may also invest in mid-cap securities.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In

------

AQR Funds–Prospectus3

addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts and swaps. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Futures Contract Risk:** The successful use of futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and

------

AQR Funds–Prospectus4

reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective April 1, 2015, the *Board of Trustees* of the *Trust* approved the reclassification of Class L Shares of the Fund as Class I Shares. Prior to April 1, 2015, the performance for the Class I Shares reflects the performance of the share class when it was classified as the Class L Shares of the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

------

AQR Funds–Prospectus5

![](g423791lcms.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 20.49% | 6/30/20 | -22.40% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *Russell 1000*<sup>®</sup> *Index.* You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| AQR Large Cap Multi-Style Fund—Class I  |  |  |  |  |
| Return Before Taxes  | -15.64% | 6.43% | 10.10% | 03/26/2013 |
| Return After Taxes on Distributions  | -17.65% | 4.20% | 8.74% |  |
| &nbsp;&nbsp; Return After Taxes on Distributions and <br> Sale of Fund Shares <br>| -7.84% | 4.86% | 8.18% |  |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects no deductions <br> for fees, expenses or taxes)<br>| -19.13% | 9.13% | 11.53% |  |
| AQR Large Cap Multi-Style Fund—Class N  |  |  |  |  |
| Return Before Taxes  | -15.84% | 6.16% | 9.84% | 03/26/2013 |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects no deductions <br> for fees, expenses or taxes)<br>| -19.13% | 9.13% | 11.53% |  |
| AQR Large Cap Multi-Style Fund—Class R6  |  |  |  |  |
| Return Before Taxes  | -15.57% | 6.52% | 8.01% | 07/10/2014 |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects no deductions <br> for fees, expenses or taxes)<br>| -19.13% | 9.13% | 10.02% |  |

---

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | March 26, 2013 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | March 26, 2013 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus6

**AQR Small Cap Multi-Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Small Cap Multi-Style Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.45% | 0.45% | 0.45% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.29% | 0.29% | 0.19% |
| Total Other Expenses | 0.30% | 0.30% | 0.20% |
| Total Annual Fund Operating Expenses | 1.00% | 0.75% | 0.65% |
| Less: Expense Reimbursements<sup>1</sup> <br>| 0.14% | 0.14% | 0.14% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 0.86% | 0.61% | 0.51% |

---

<sup>1</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $88 | $304 | $539 | $1212 |
| Class I Shares | $62 | $226 | $403 | $917 |
| Class R6 Shares | $52 | $194 | $348 | $797 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 65% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps and real estate investment trusts) of small-cap companies.

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AQR Funds–Prospectus7

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

The Fund generally invests in small-cap U.S. companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *Russell 2000*<sup>®</sup> *Index* at the time of purchase.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In

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AQR Funds–Prospectus8

addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts and swaps. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Futures Contract Risk:** The successful use of futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

------

AQR Funds–Prospectus9

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective April 1, 2015, the *Board of Trustees* of the *Trust* approved the reclassification of Class L Shares of the Fund as Class I Shares. Prior to April 1, 2015, the performance for the Class I Shares reflects the performance of the share class when it was classified as the Class L Shares of the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

------

AQR Funds–Prospectus10

![](g423791scms.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 27.72% | 12/31/20 | -31.86% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *Russell 2000*<sup>®</sup> *Index.* You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| AQR Small Cap Multi-Style Fund—Class I  |  |  |  |  |
| Return Before Taxes  | -18.30% | 4.77% | 8.31% | 03/26/2013 |
| Return After Taxes on Distributions  | -18.47% | 3.66% | 7.19% |  |
| &nbsp;&nbsp; Return After Taxes on Distributions and <br> Sale of Fund Shares <br>| -10.72% | 3.56% | 6.48% |  |
| &nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no deductions <br> for fees, expenses or taxes)<br>| -20.44% | 4.13% | 7.95% |  |
| AQR Small Cap Multi-Style Fund—Class N  |  |  |  |  |
| Return Before Taxes  | -18.53% | 4.50% | 8.03% | 03/26/2013 |
| &nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no deductions <br> for fees, expenses or taxes)<br>| -20.44% | 4.13% | 7.95% |  |
| AQR Small Cap Multi-Style Fund—Class R6  |  |  |  |  |
| Return Before Taxes  | -18.21% | 4.86% | 6.29% | 07/10/2014 |
| &nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no deductions <br> for fees, expenses or taxes)<br>| -20.44% | 4.13% | 6.44% |  |

---

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | March 26, 2013 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | March 26, 2013 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus11

**AQR International Multi-Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR International Multi-Style Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.40% | 0.40% | 0.40% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses<sup>1,2</sup> <br>| 0.22% | 0.22% | 0.12% |
| Total Annual Fund Operating Expenses<sup>2</sup> <br>| 0.87% | 0.62% | 0.52% |
| Less: Expense Reimbursements<sup>3</sup> <br>| 0.07% | 0.07% | 0.07% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<sup>2</sup> <br>| 0.80% | 0.55% | 0.45% |

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<sup>1</sup> Other Expenses have been restated to reflect the exclusion of certain non-recurring expenses that occurred during the fiscal year ended September 30, 2022.

<sup>2</sup> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements and/or Waivers given in the Fund's most recent annual report which does not include the restatement of Other Expenses.

<sup>3</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 3 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $82 | $271 | $475 | $1066 |
| Class I Shares | $56 | $191 | $339 | $768 |
| Class R6 Shares | $46 | $160 | $284 | $646 |

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**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 73% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of non-U.S. companies.

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AQR Funds–Prospectus12

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

The Fund will generally invest in developed markets outside of the U.S. As of the date of this prospectus, the *Adviser* considers developed markets outside of the U.S. to be those countries that are included in the *MSCI World ex-USA Index* at the time of purchase.

The Fund generally invests in large-cap companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *MSCI World ex-USA Index* at the time of purchase. Although the Fund does not limit its investments to any one country, the Fund may invest in any one country without limit. The Fund may also invest in mid-cap securities.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

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AQR Funds–Prospectus13

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts, swaps and forward foreign currency contracts. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Foreign Investments Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory, financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the

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AQR Funds–Prospectus14

Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

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AQR Funds–Prospectus15

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective April 1, 2015, the *Board of Trustees* of the *Trust* approved the reclassification of Class L Shares of the Fund as Class I Shares. Prior to April 1, 2015, the performance for the Class I Shares reflects the performance of the share class when it was classified as the Class L Shares of the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

![](g423791intlms.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 18.46% | 12/31/22 | -24.29% | 3/31/20 |

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AQR Funds–Prospectus16

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *MSCI World ex-USA Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| AQR International Multi-Style Fund—Class I  |  |  |  |  |
| Return Before Taxes  | -12.21% | 1.42% | 3.68% | 03/26/2013 |
| Return After Taxes on Distributions  | -12.68% | 0.94% | 3.23% |  |
| &nbsp;&nbsp; Return After Taxes on Distributions and <br> Sale of Fund Shares <br>| -6.57% | 1.28% | 3.01% |  |
| &nbsp;&nbsp; *MSCI World ex-USA Index* (reflects no <br> deductions for fees, expenses or taxes)<br>| -14.29% | 1.79% | 4.21% |  |
| AQR International Multi-Style Fund—Class N  |  |  |  |  |
| Return Before Taxes  | -12.40% | 1.17% | 3.42% | 03/26/2013 |
| &nbsp;&nbsp; *MSCI World ex-USA Index* (reflects no <br> deductions for fees, expenses or taxes)<br>| -14.29% | 1.79% | 4.21% |  |
| AQR International Multi-Style Fund—Class R6  |  |  |  |  |
| Return Before Taxes  | -12.14% | 1.51% | 2.09% | 07/10/2014 |
| &nbsp;&nbsp; *MSCI World ex-USA Index* (reflects no <br> deductions for fees, expenses or taxes)<br>| -14.29% | 1.79% | 2.60% |  |

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After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | March 26, 2013 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | March 26, 2013 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

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For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus17

**AQR Emerging Multi-Style II Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Emerging Multi-Style II Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

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| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee<sup>1,2</sup> <br>| 0.50% | 0.50% | 0.50% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.24% | 0.24% | 0.14% |
| Total Other Expenses | 0.25% | 0.25% | 0.15% |
| Total Annual Fund Operating Expenses<sup>2</sup> <br>| 1.00% | 0.75% | 0.65% |
| Less: Expense Reimbursements<sup>3</sup> <br>| 0.04% | 0.04% | 0.04% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<sup>2</sup> <br>| 0.96% | 0.71% | 0.61% |

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<sup>1</sup> The Management Fee has been restated to reflect current fees. Effective July 1, 2022, the Fund's Management Fee was reduced from 0.55% to 0.50%.

<sup>2</sup> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements and/or Waivers given in the Fund's most recent annual report which does not include the restatement of the Management Fee.

<sup>3</sup> 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 0.20% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 3 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $98 | $314 | $549 | $1221 |
| Class I Shares | $73 | $236 | $413 | $927 |
| Class R6 Shares | $62 | $204 | $358 | $807 |

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**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 61% of the average value of its portfolio.

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AQR Funds–Prospectus18

**Principal Investment Strategies of the Fund**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related instruments (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of emerging market companies.

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

A company will be considered to be an emerging market company if it is organized, domiciled, or has a principal place of business in an emerging market. Emerging markets include countries that are included in the *MSCI Emerging Markets Index* at the time of purchase. Equity-related instruments include instruments that provide exposure to the change in value of an emerging market company. The Fund may also invest in, and have exposure to, non-emerging market companies if the *Adviser* considers it advisable to achieve the Fund's investment objective.

The Fund generally invests in large- and mid-cap companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *MSCI Emerging Markets Index* at the time of purchase. Although the Fund does not limit its investments to any one country, the Fund may invest in any one country without limit.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded-funds and similar pooled investment vehicles, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more***

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AQR Funds–Prospectus19

***appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**China Risk:** Despite economic and market reforms implemented over the last few decades, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. Investing in China also involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. There can be no assurance that economic reforms implemented over the past few decades will continue or that they will be respected.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts, forward foreign currency contracts and swaps. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Emerging Market Risk:** The Fund intends to have exposure to emerging markets. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Emerging markets generally have less stable political systems, less developed securities settlement procedures and may require the establishment of special custody arrangements. Emerging securities markets generally do not have the level of market efficiency and strict standards in accounting and securities regulation as developed markets, which could impact the *Adviser's* ability to evaluate these securities and/or impact Fund performance.

**Foreign Investments Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

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AQR Funds–Prospectus20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory, financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

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AQR Funds–Prospectus21

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

![](g423791tmemgms.jpg)

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AQR Funds–Prospectus22

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| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 19.40% | 6/30/20 | -24.67% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *MSCI Emerging Markets Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| AQR Emerging Multi-Style II Fund—Class I  |  |  |  |  |
| Return Before Taxes  | -21.29% | -2.32% | 0.89% | 02/11/2015 |
| Return After Taxes on Distributions  | -22.03% | -2.81% | 0.44% |  |
| &nbsp;&nbsp; Return After Taxes on Distributions and <br> Sale of Fund Shares <br>| -11.93% | -1.61% | 0.78% |  |
| AQR Emerging Multi-Style II Fund—Class N  |  |  |  |  |
| Return Before Taxes  | -21.44% | -2.58% | 0.63% | 02/11/2015 |
| AQR Emerging Multi-Style II Fund—Class R6  |  |  |  |  |
| Return Before Taxes  | -21.12% | -2.23% | 0.98% | 02/11/2015 |
| &nbsp;&nbsp; *MSCI Emerging Markets Index* (reflects no <br> deductions for fees, expenses or taxes)<br>| -20.09% | -1.40% | 2.37% |  |

---

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | February 11, 2015 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | February 11, 2015 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus23

**AQR Large Cap Momentum Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Large Cap Momentum Style Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.25% | 0.25% | 0.25% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.16% | 0.16% | 0.06% |
| Total Other Expenses | 0.17% | 0.17% | 0.07% |
| Total Annual Fund Operating Expenses | 0.67% | 0.42% | 0.32% |
| Less: Expense Reimbursements<sup>1</sup> <br>| 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 0.66% | 0.41% | 0.31% |

---

<sup>1</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $67 | $213 | $372 | $834 |
| Class I Shares | $42 | $134 | $234 | $529 |
| Class R6 Shares | $32 | $102 | $179 | $405 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 84% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures and real estate investment trusts) of large-cap companies traded on a principal U.S. exchange or over-the-counter market that the *Adviser* determines to have positive momentum. The *Adviser* considers a security to have positive momentum primarily if it has outperformed other

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AQR Funds–Prospectus24

securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the *Adviser* uses for determining positive momentum may change from time to time.

Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in large-cap U.S. companies. As of the date of this prospectus, the *Adviser* generally considers large-cap U.S. companies to be those companies with market capitalizations within the range of the *Russell 1000*<sup>®</sup> *Index* at the time of purchase. The Fund may also invest in mid-cap companies.

The *Adviser* determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the *Adviser's* determination of the attractiveness of the security based on the *Adviser's* assessment of the security's momentum and additional criteria that form part of the *Adviser's* security selection process.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The *Adviser* believes that effective management of transaction costs is essential. Transaction costs include commissions, bid-ask spreads, market impact and time delays (the time between the investment decision and implementation, during which a market may move in favor of or against the Fund). The *Adviser* will seek to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs reasonably low.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In

------

AQR Funds–Prospectus25

addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts and swaps. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Futures Contract Risk:** The successful use of futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**High Portfolio Turnover Risk:** The investment techniques and strategies utilized by the Fund, including investments made on a shorter-term basis or in derivative instruments or instruments with a maturity of one year or less at the time of acquisition, may result in frequent portfolio trading and high portfolio turnover. High portfolio turnover rates will cause the Fund to incur higher levels of brokerage fees and commissions, which may reduce performance, and may cause higher levels of current tax liability to shareholders in the Fund.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

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AQR Funds–Prospectus26

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective April 1, 2015, the *Board of Trustees* of the *Trust* approved the reclassification of Class L Shares of the Fund as Class I Shares. Prior to April 1, 2015, the performance for the Class I Shares reflects the performance of the share class when it was classified as the Class L Shares of the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

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AQR Funds–Prospectus27

![](g423791lcmom.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 23.99% | 6/30/20 | -17.97% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *Russell 1000*<sup>®</sup> *Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ten**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; AQR Large Cap Momentum <br> Style Fund—Class I <br>|  |  |  |  |  |
| Return Before Taxes  | -17.94% | 10.22% | 12.41% | - | 07/09/2009 |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -19.88% | 6.98% | 9.71% | - |  |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of <br> Fund Shares <br>| -9.25% | 7.82% | 9.76% | - |  |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects <br> no deductions for fees, <br> expenses or taxes)<br>| -19.13% | 9.13% | 12.37% | - |  |
| &nbsp;&nbsp; AQR Large Cap Momentum <br> Style Fund—Class N <br>|  |  |  |  |  |
| Return Before Taxes  | -18.09% | 9.95% | 12.14% | - | 12/17/2012 |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects <br> no deductions for fees, <br> expenses or taxes)<br>| -19.13% | 9.13% | 12.37% | - |  |
| &nbsp;&nbsp; AQR Large Cap Momentum <br> Style Fund—Class R6 <br>|  |  |  |  |  |
| Return Before Taxes  | -17.80% | 10.33% | - | 10.16%\* | 07/10/2014 |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects <br> no deductions for fees, <br> expenses or taxes)<br>| -19.13% | 9.13% | - | 10.02%\* |  |

---

\* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

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AQR Funds–Prospectus28

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | July 9, 2009 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | May 1, 2012 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus29

**AQR Small Cap Momentum Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Small Cap Momentum Style Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.45% | 0.45% | 0.45% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.22% | 0.22% | 0.12% |
| Total Other Expenses | 0.23% | 0.23% | 0.13% |
| Total Annual Fund Operating Expenses | 0.93% | 0.68% | 0.58% |
| Less: Expense Reimbursements<sup>1</sup> <br>| 0.07% | 0.07% | 0.07% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 0.86% | 0.61% | 0.51% |

---

<sup>1</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $88 | $289 | $508 | $1137 |
| Class I Shares | $62 | $211 | $372 | $840 |
| Class R6 Shares | $52 | $179 | $317 | $719 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 74% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures and real estate investment trusts) of small-cap companies traded on a principal U.S. exchange or over-the-counter market that the *Adviser* determines to have positive momentum. The *Adviser* considers a security to have positive momentum primarily if it has outperformed other

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AQR Funds–Prospectus30

securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the *Adviser* uses for determining positive momentum may change from time to time.

Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in small-cap U.S. companies. As of the date of this prospectus, the *Adviser* considers small-cap U.S. companies to be those companies with market capitalizations within the range of the *Russell 2000*<sup>®</sup> *Index* at the time of purchase.

The *Adviser* determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the *Adviser's* determination of the attractiveness of the security based on the *Adviser's* assessment of the security's momentum and additional criteria that form part of the *Adviser's* security selection process.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The *Adviser* believes that effective management of transaction costs is essential. Transaction costs include commissions, bid-ask spreads, market impact and time delays (the time between the investment decision and implementation, during which a market may move in favor of or against the Fund). The *Adviser* will seek to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs reasonably low.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In

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AQR Funds–Prospectus31

addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts and swaps. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Futures Contract Risk:** The successful use of futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**High Portfolio Turnover Risk:** The investment techniques and strategies utilized by the Fund, including investments made on a shorter-term basis or in derivative instruments or instruments with a maturity of one year or less at the time of acquisition, may result in frequent portfolio trading and high portfolio turnover. High portfolio turnover rates will cause the Fund to incur higher levels of brokerage fees and commissions, which may reduce performance, and may cause higher levels of current tax liability to shareholders in the Fund.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and

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AQR Funds–Prospectus32

reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective April 1, 2015, the *Board of Trustees* of the *Trust* approved the reclassification of Class L Shares of the Fund as Class I Shares. Prior to April 1, 2015, the performance for the Class I Shares reflects the performance of the share class when it was classified as the Class L Shares of the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

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AQR Funds–Prospectus33

![](g423791scmom.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 27.06% | 6/30/20 | -26.82% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *Russell 2000*<sup>®</sup> *Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ten**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; AQR Small Cap Momentum <br> Style Fund—Class I <br>|  |  |  |  |  |
| Return Before Taxes  | -19.55% | 5.52% | 9.55% | - | 07/09/2009 |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -19.66% | 2.67% | 7.26% | - |  |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of <br> Fund Shares <br>| -11.50% | 4.03% | 7.42% | - |  |
| &nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no <br> deductions for fees, expenses <br> or taxes)<br>| -20.44% | 4.13% | 9.01% | - |  |
| &nbsp;&nbsp; AQR Small Cap Momentum <br> Style Fund—Class N <br>|  |  |  |  |  |
| Return Before Taxes  | -19.78% | 5.26% | 9.28% | - | 12/17/2012 |
| &nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no <br> deductions for fees, expenses <br> or taxes)<br>| -20.44% | 4.13% | 9.01% | - |  |
| &nbsp;&nbsp; AQR Small Cap Momentum <br> Style Fund—Class R6 <br>|  |  |  |  |  |
| Return Before Taxes  | -19.51% | 5.62% | - | 6.86%\* | 07/10/2014 |
| &nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no <br> deductions for fees, expenses <br> or taxes)<br>| -20.44% | 4.13% | - | 6.44%\* |  |

---

\* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

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AQR Funds–Prospectus34

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | July 9, 2009 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | May 1, 2012 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus35

**AQR International Momentum Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR International Momentum Style Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.40% | 0.40% | 0.40% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses<sup>1,2</sup> <br>| 0.21% | 0.20% | 0.11% |
| Total Other Expenses | 0.22% | 0.21% | 0.12% |
| Total Annual Fund Operating Expenses<sup>2</sup> <br>| 0.87% | 0.61% | 0.52% |
| Less: Expense Reimbursements<sup>3</sup> <br>| 0.06% | 0.05% | 0.06% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<sup>2</sup> <br>| 0.81% | 0.56% | 0.46% |

---

<sup>1</sup> All Other Expenses have been restated to reflect the exclusion of certain non-recurring expenses that occurred during the fiscal year ended September 30, 2022.

<sup>2</sup> The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Expense Reimbursements do not correlate to the Ratio to Average Net Assets of Expenses, Before Reimbursements and/or Waivers given in the Fund's most recent annual report which does not include the restatement of All Other Expenses.

<sup>3</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 3 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $83 | $272 | $476 | $1067 |
| Class I Shares | $57 | $190 | $335 | $757 |
| Class R6 Shares | $47 | $161 | $285 | $647 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 77% of the average value of its portfolio.

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AQR Funds–Prospectus36

**Principal Investment Strategies of the Fund**

The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of non-U.S. companies that the *Adviser* determines to have positive momentum. The *Adviser* considers a security to have positive momentum primarily if it has outperformed other securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the *Adviser* uses for determining positive momentum may change from time to time.

The Fund will generally invest in developed markets outside the U.S. As of the date of this prospectus, the *Adviser* considers developed markets outside of the U.S. to be those countries that are included in the *MSCI World ex-USA Index* at the time of purchase. Although the Fund does not limit its investments to any one country, the Fund may invest in any one country without limit.

The *Adviser* determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the *Adviser's* determination of the attractiveness of the security based on the *Adviser's* assessment of the security's momentum and additional criteria that form part of the *Adviser's* security selection process.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The *Adviser* believes that effective management of transaction costs is essential. Transaction costs include commissions, bid-ask spreads, market impact and time delays (the time between the investment decision and implementation, during which a market may move in favor of or against the Fund). The *Adviser* will seek to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs reasonably low.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

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AQR Funds–Prospectus37

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts, swaps and forward foreign currency contracts. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Foreign Investments Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory, financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the

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AQR Funds–Prospectus38

Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

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AQR Funds–Prospectus39

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective April 1, 2015, the *Board of Trustees* of the *Trust* approved the reclassification of Class L Shares of the Fund as Class I Shares. Prior to April 1, 2015, the performance for the Class I Shares reflects the performance of the share class when it was classified as the Class L Shares of the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

![](g423791intlmom.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 18.18% | 6/30/20 | -18.21% | 3/31/20 |

---

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AQR Funds–Prospectus40

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *MSCI World ex-USA Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ten**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; AQR International Momentum <br> Style Fund—Class I <br>|  |  |  |  |  |
| Return Before Taxes  | -19.42% | 1.80% | 3.91% | - | 07/09/2009 |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -19.71% | 1.45% | 3.53% | - |  |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of <br> Fund Shares <br>| -10.90% | 1.54% | 3.21% | - |  |
| &nbsp;&nbsp; *MSCI World ex-USA Index* <br> (reflects no deductions for <br> fees, expenses or taxes)<br>| -14.29% | 1.79% | 4.59% | - |  |
| &nbsp;&nbsp; AQR International Momentum <br> Style Fund—Class N <br>|  |  |  |  |  |
| Return Before Taxes  | -19.64% | 1.54% | 3.65% | - | 12/17/2012 |
| &nbsp;&nbsp; *MSCI World ex-USA Index* <br> (reflects no deductions for <br> fees, expenses or taxes)<br>| -14.29% | 1.79% | 4.59% | - |  |
| &nbsp;&nbsp; AQR International Momentum <br> Style Fund—Class R6 <br>|  |  |  |  |  |
| Return Before Taxes  | -19.34% | 1.89% | - | 2.44%\* | 07/10/2014 |
| &nbsp;&nbsp; *MSCI World ex-USA Index* <br> (reflects no deductions for <br> fees, expenses or taxes)<br>| -14.29% | 1.79% | - | 2.60%\* |  |

---

\* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | July 9, 2009 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | January 1, 2020 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | May 1, 2012 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus41

**AQR Large Cap Defensive Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Large Cap Defensive Style Fund (the "Fund") seeks *total return*.

*Total return* consists of capital appreciation and income.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.25% | 0.25% | 0.25% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.15% | 0.12% | 0.05% |
| Total Other Expenses | 0.16% | 0.13% | 0.06% |
| Total Annual Fund Operating Expenses | 0.66% | 0.38% | 0.31% |
| Less: Expense Reimbursements<sup>1</sup> <br>| 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 0.66% | 0.38% | 0.31% |

---

<sup>1</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $67 | $211 | $368 | $822 |
| Class I Shares | $39 | $122 | $213 | $480 |
| Class R6 Shares | $32 | $100 | $174 | $393 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 28% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues a "defensive" investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification.

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AQR Funds–Prospectus42

The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in Equity Instruments of large-cap issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, real estate investment trusts and other derivative instruments where the reference asset is an equity security. As of the date of this prospectus, the *Adviser* generally considers large-cap issuers to be those issuers with market capitalizations within the range of the *Russell 1000*<sup>®</sup> *Index* at the time of purchase. The Fund can invest in companies of any size and may invest in small- and mid-cap companies from time to time in the discretion of the *Adviser*. There is no guarantee that the Fund's objective will be met.

The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In other words, the Fund expects to lag the performance of traditional U.S. equity funds when equity markets are rising, but to exceed the performance of traditional U.S. equity funds during equity market declines. To achieve this result, the Fund will be broadly diversified across companies and industries and will invest in companies that the *Adviser* has identified to have low measures of risk and high quality (*e.g.*, stable companies in good business health). The *Adviser* believes that the stocks of these types of companies may tend to be lower "beta" stocks and that lower "beta" stocks generally are less volatile than higher "beta" stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The *Adviser* expects low "beta" and high quality stocks to produce higher risk-adjusted returns over a full market cycle than high "beta" or poor quality stocks.

The Fund is actively managed and the *Adviser* will vary the Fund's exposures to issuers and industries based on the *Adviser's* evaluation of investment opportunities. In constructing the portfolio, the *Adviser* uses quantitative models, which combine active management to identify quality companies and statistical measures of risk to assure diversification by issuer and industry, as well as additional criteria that form part of the *Adviser's* security selection process. The *Adviser* uses *volatility* and correlation forecasting and other portfolio construction methodologies to manage the Fund. The *Adviser* utilizes quantitative risk models in furtherance of the Fund's investment objective, which seek to control portfolio level risk. Shifts in allocations among issuers and industries will be determined using the quantitative models based on the *Adviser's* determinations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts as well as exchange-traded funds and similar pooled investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such other liquid investments deemed appropriate by the *Adviser*. The Fund may invest in these securities without limit for temporary defensive purposes.

There is no assurance that the Fund's use of Equity Instruments providing enhanced exposure will enable the Fund to achieve its investment objective.

The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account anticipated transaction costs associated with trading each Equity Instrument. The Fund employs sophisticated proprietary trading techniques in an effort to mitigate trading costs and execution impact on the Fund.

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AQR Funds–Prospectus43

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts and other derivative instruments where the reference asset is an equity security. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Futures Contract Risk:** The successful use of futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Hedging Transactions Risk:** The *Adviser* from time to time employs various hedging techniques. The success of the Fund's hedging strategy will be subject to the *Adviser's* ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund's hedging strategy will also be subject to the *Adviser's* ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the *Adviser* may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs (such as trading commissions and fees).

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to

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AQR Funds–Prospectus44

purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. Each Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. Each Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, each Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

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AQR Funds–Prospectus45

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

![](g423791lcdef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 17.90% | 6/30/20 | -18.53% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *Russell 1000*<sup>®</sup> *Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ten**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; AQR Large Cap Defensive <br> Style Fund—Class I <br>|  |  |  |  |  |
| Return Before Taxes  | -13.75% | 9.10% | 13.04% | - | 07/09/2012 |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -15.68% | 8.27% | 12.15% | - |  |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of <br> Fund Shares <br>| -6.79% | 7.17% | 10.73% | - |  |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects <br> no deductions for fees, <br> expenses or taxes)<br>| -19.13% | 9.13% | 12.37% | - |  |
| &nbsp;&nbsp; AQR Large Cap Defensive <br> Style Fund—Class N <br>|  |  |  |  |  |
| Return Before Taxes  | -13.97% | 8.82% | 12.76% | - | 07/09/2012 |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects <br> no deductions for fees, <br> expenses or taxes)<br>| -19.13% | 9.13% | 12.37% | - |  |
| &nbsp;&nbsp; AQR Large Cap Defensive <br> Style Fund—Class R6 <br>|  |  |  |  |  |
| Return Before Taxes  | -13.67% | 9.19% | - | 11.32%\* | 09/02/2014 |
| &nbsp;&nbsp; *Russell 1000*<sup>®</sup> *Index* (reflects <br> no deductions for fees, <br> expenses or taxes)<br>| -19.13% | 9.13% | - | 9.89%\* |  |

---

\* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of

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AQR Funds–Prospectus46

Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | January 1, 2022 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | March 16, 2016 | Principal of the Adviser |
| Andrea Frazzini, Ph.D., M.S. | July 9, 2012 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus47

**AQR International Defensive Style Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR International Defensive Style Fund (the "Fund") seeks *total return*.

*Total return* consists of capital appreciation and income.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.40% | 0.40% | 0.40% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.23% | 0.24% | 0.14% |
| Total Other Expenses | 0.24% | 0.25% | 0.15% |
| Total Annual Fund Operating Expenses | 0.89% | 0.65% | 0.55% |
| Less: Expense Reimbursements<sup>1</sup> <br>| 0.08% | 0.09% | 0.09% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 0.81% | 0.56% | 0.46% |

---

<sup>1</sup> 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 0.15% for Class N Shares and Class I Shares and 0.05% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 1 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $83 | $276 | $485 | $1089 |
| Class I Shares | $57 | $199 | $353 | $802 |
| Class R6 Shares | $47 | $167 | $298 | $681 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues a "defensive" investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification.

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AQR Funds–Prospectus48

The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in Equity Instruments of International Issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, depositary receipts, real estate investment trusts or securities with similar characteristics and other derivative instruments where the reference asset is an equity security. An issuer will be considered an International Issuer if it is organized, domiciled, or has a principal place of business in a country that is part of the *MSCI World ex-USA Index,* or if an instrument provides exposure to the change in value of a company that meets that definition. However, the Fund may also invest in issuers organized, domiciled, or with a principal place of business in other countries if the *Adviser* considers it advisable to achieve the Fund's investment objective. The Fund can invest in companies of any size and may invest to a significant extent in small- and mid-cap companies from time to time in the discretion of the *Adviser*. There is no guarantee that the Fund's objective will be met.

The Fund may engage in currency transactions with counterparties primarily in order to mitigate the *volatility* associated with particular currencies in which portfolio holdings are denominated and to provide temporary exposure to a particular currency in lieu of leaving cash inflows uninvested. Currency transactions include forward currency contracts and exchange listed currency futures. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The Fund seeks to diversify currency exposures and to avoid the risk of high exposures to any one currency, including U.S. dollars.

The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In other words, the Fund expects to lag the performance of traditional international equity funds when these markets are rising, but to exceed the performance of traditional international equity funds during international equity market declines. To achieve this result, the Fund will be broadly diversified across companies, industries and countries and will invest in companies that the *Adviser* has identified to have low measures of risk and high quality (*e.g.*, stable companies in good business health). The *Adviser* believes that the stocks of these types of companies may tend to be lower "beta" stocks and that lower "beta" stocks generally are less volatile than higher "beta" stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The *Adviser* expects low "beta" and high quality stocks to produce higher risk-adjusted returns over a full market cycle than high "beta" or poor quality stocks.

The Fund is actively managed and the *Adviser* will vary the Fund's exposures to issuers, industries, countries and currencies based on the *Adviser's* evaluation of investment opportunities within and across markets. In constructing the portfolio, the *Adviser* uses quantitative models, which combine active management to identify quality companies and statistical measures of risk to assure diversification by issuer, country, currency and industry, as well as additional criteria that form part of the *Adviser's* security selection process. The *Adviser* uses *volatility* and correlation forecasting and other portfolio construction methodologies to manage the Fund. The *Adviser* utilizes quantitative risk models in furtherance of the Fund's investment objective, which seek to control portfolio level risk. Shifts in allocations among issuers, industries, countries or currencies will be determined using the quantitative models based on the *Adviser's* determinations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

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AQR Funds–Prospectus49

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward currency contracts as well as exchange-traded funds and similar pooled investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such other liquid investments deemed appropriate by the *Adviser*. The Fund may invest in these securities without limit for temporary defensive purposes.

There is no assurance that the Fund's use of Equity Instruments providing enhanced exposure will enable the Fund to achieve its investment objective.

The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account anticipated transaction costs associated with trading each Equity Instrument. The Fund employs sophisticated proprietary trading techniques in an effort to mitigate trading costs and execution impact on the Fund.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts, forward contracts and other derivative instruments where the reference asset is an equity security. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Foreign Investments Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory, financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Hedging Transactions Risk:** The *Adviser* from time to time employs various hedging techniques. The success of the Fund's hedging strategy will be subject to the *Adviser's* ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund's hedging strategy will also be subject to the *Adviser's* ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the *Adviser* may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs (such as trading commissions and fees).

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

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**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. Each Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. Each Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, each Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

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![](g423791intldef.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 13.70% | 12/31/22 | -18.13% | 3/31/20 |

---

**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *MSCI World ex-USA Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ten**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; AQR International Defensive <br> Style Fund—Class I <br>|  |  |  |  |  |
| Return Before Taxes  | -14.26% | 1.21% | 4.31% | - | 07/09/2012 |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -14.51% | 0.84% | 3.85% | - |  |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of <br> Fund Shares <br>| -8.01% | 1.09% | 3.51% | - |  |
| &nbsp;&nbsp; *MSCI World ex-USA Index* <br> (reflects no deductions for <br> fees, expenses or taxes)<br>| -14.29% | 1.79% | 4.59% | - |  |
| &nbsp;&nbsp; AQR International Defensive <br> Style Fund—Class N <br>|  |  |  |  |  |
| Return Before Taxes  | -14.47% | 0.95% | 4.05% | - | 07/09/2012 |
| &nbsp;&nbsp; *MSCI World ex-USA Index* <br> (reflects no deductions for <br> fees, expenses or taxes)<br>| -14.29% | 1.79% | 4.59% | - |  |
| &nbsp;&nbsp; AQR International Defensive <br> Style Fund—Class R6 <br>|  |  |  |  |  |
| Return Before Taxes  | -14.25% | 1.30% | - | 2.52%\* | 09/02/2014 |
| &nbsp;&nbsp; *MSCI World ex-USA Index* <br> (reflects no deductions for <br> fees, expenses or taxes)<br>| -14.29% | 1.79% | - | 2.72%\* |  |

---

\* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

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**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | January 1, 2022 | Managing and Founding Principal of the *Adviser* |
| Michele L. Aghassi, Ph.D. | March 16, 2016 | Principal of the Adviser |
| Andrea Frazzini, Ph.D., M.S. | July 9, 2012 | Principal of the *Adviser* |
| John J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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**AQR Global Equity Fund**

**Fund Summary — January 29, 2023**

**Investment Objective**

The AQR Global Equity Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

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.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N | Class I | Class R6 |
| Management Fee | 0.60% | 0.60% | 0.60% |
| Distribution (12b-1) Fee | 0.25% |  |  |
| Other Expenses |  |  |  |
| Interest Expense | 0.01% | 0.01% | 0.01% |
| All Other Expenses | 0.21% | 0.21% | 0.11% |
| Total Other Expenses | 0.22% | 0.22% | 0.12% |
| Acquired Fund Fees and Expenses<sup>1</sup> <br>| 0.01% | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 1.08% | 0.83% | 0.73% |
| Less: Expense Reimbursements<sup>2</sup> <br>| 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<br>| 1.07% | 0.82% | 0.72% |

---

<sup>1</sup> 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.

<sup>2</sup> 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 0.20% 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 and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through January 28, 2024. 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.

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. 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 January 28, 2024, as discussed in Footnote No. 2 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $109 | $342 | $595 | $1316 |
| Class I Shares | $84 | $264 | $460 | $1024 |
| Class R6 Shares | $74 | $232 | $405 | $906 |

---

**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 fiscal year ended September 30, 2022, the Fund's portfolio turnover rate was 123% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund seeks to outperform, after expenses, the *MSCI World Index* (the *Global Equity Benchmark*) while seeking to control its *tracking error* relative to this benchmark. While the *Adviser* expects that the Fund's targeted annualized forecasted *tracking error* will typically range between 3-5% relative to the *Global Equity Benchmark*; the *Adviser* may, on

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AQR Funds–Prospectus55

occasion, tactically target a level of *tracking error* outside of this range. The actual or realized *tracking error* level for longer or shorter periods may be materially higher or lower depending on market conditions, sector positioning, securities selection and other factors. Higher *tracking error* generally indicates higher market risk. Actual or realized *tracking error* can and will differ from the forecasted or target *tracking error* described above.

Generally, the Fund will invest in instruments of companies located in a number of different countries throughout the world, one of which will be the United States. Under normal circumstances, the Fund will invest at least 40% of its assets in non-U.S. companies. Notwithstanding the previous sentence, if the weighting of non-U.S. companies in the *Global Equity Benchmark* drops below 45%, the Fund may invest a lower amount in non-U.S. companies, which will normally be such that the minimum level for non-U.S. companies will be 5% below the weighting of non-U.S. companies in the *Global Equity Benchmark* as of the end of the prior business day (or, if such information is unavailable, the most recently published composition). The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries outside of the U.S.).

The *Adviser* uses a set of value, momentum and other factors to generate an investment portfolio based on the *Adviser's* global asset allocation models and security selection procedures. The *Adviser* believes that a better risk-adjusted return may be achievable by applying both value and momentum strategies simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;• Value strategies favor securities that appear cheap based on fundamental measures. Examples of value measures include using price-to-earnings and price-to-book ratios for choosing individual equities and countries, and purchasing power parity for choosing currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• Momentum strategies favor securities with measures of strong recent performance. Examples of momentum measures include simple price momentum for choosing individual equities and countries, and foreign exchange rate momentum for selecting currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• In addition to these two main strategies, the *Adviser* may use a number of additional quantitative strategies based on the *Adviser's* proprietary research. These may include, but are not limited to, quality strategies (which favor stable companies in good business health, including those with strong profitability and stable earnings) and sentiment strategies (which favor companies favored by high-conviction investors or companies whose management is acting in shareholder-friendly ways).

In seeking to achieve its investment objective, the Fund may enter into both "long" and "short" positions in equities and currencies using derivative instruments. The owner of a "long" position in a derivative instrument will benefit from an increase in the price of the underlying investment. The owner of a "short" position in a derivative instrument will benefit from a decrease in the price of the underlying investment.

Generally, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equity and equity-related instruments (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, swaps on equity index futures, depositary receipts and real estate investment trusts or securities with similar characteristics). The Fund will invest in companies with a broad range of market capitalizations. The Fund has no market capitalization constraints. The Fund invests primarily in securities comprising the *Global Equity Benchmark* and also invests to some extent in securities outside the *Global Equity Benchmark* which the *Adviser* deems to have similar investment characteristics to the securities comprising the *Global Equity Benchmark*. The Fund may invest in or use rights, warrants, equity swaps, financial futures contracts, swaps on futures contracts, forward foreign currency contracts and other types of derivative instruments in seeking to achieve its investment objective. A portion of the Fund's assets may be held in cash or cash equivalents including, but not limited to, money market instruments, interests in short-term investment funds or shares of money market or short-term bond funds. However, under normal market conditions net economic exposure to the equity markets (i.e. the total value of equity positions plus the net notional value of equity derivatives) will generally equal at least 95% of the Fund's net assets.

The *Adviser* believes that the management of transaction costs should be considered when determining whether an investment is attractive. Transaction costs include commissions, bid-ask spreads, market impact and time delays (time between decision and implementation when a market may move in favor of or against the Fund). The *Adviser* considers expected transaction costs both in its forecasting model and optimization process to seek to ensure that trades for the Fund will remain attractive after transaction costs are reflected.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. ***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

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**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts. Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**Derivatives Risk:** In general, a derivative contract typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts, swaps and forward foreign currency contracts. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

**Foreign Investments Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory, financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

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AQR Funds–Prospectus57

**High Portfolio Turnover Risk:** The investment techniques and strategies utilized by the Fund, including investments made on a shorter-term basis or in derivative instruments or instruments with a maturity of one year or less at the time of acquisition, may result in frequent portfolio trading and high portfolio turnover. High portfolio turnover rates will cause the Fund to incur higher levels of brokerage fees and commissions, which may reduce performance, and may cause higher levels of current tax liability to shareholders in the Fund.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share. Investments in real estate investment trusts or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (*i.e.*, in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

**Leverage Risk:** As part of the Fund's principal investment strategy, the Fund will make investments in futures contracts, forward contracts, swaps and other derivative instruments. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. **If the Fund uses leverage through purchasing derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund.** The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and traditional and non-traditional data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The *Adviser* currently makes use of non-traditional data, also known as "alternative data" (e.g., data related to consumer transactions or other behavior, social media sentiment, and internet search and traffic data). There can be no assurance that using alternative data will result in positive performance. Alternative data is often less structured than traditional data sets and usually has less history, making it more complicated (and riskier) to incorporate into quantitative models. Alternative data providers often have less robust information technology infrastructure, which can result in data sets

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AQR Funds–Prospectus58

being suspended, delayed, or otherwise unavailable. In addition, as regulators have increased scrutiny of the use of alternative data in making investment decisions, the changing regulatory landscape could result in legal, regulatory, financial and/or reputational risk.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Short Sale Risk:** The Fund may take a short position in a derivative instrument, such as a future, forward or swap. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Short sales also involve transaction and financing costs that will reduce potential Fund gains and increase potential Fund losses.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Swap Agreements Risk:** Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. Additionally, certain unexpected market events or significant adverse market movements could result in the Fund not holding enough assets to be able to meet its obligations under the agreement. Such occurrences may negatively impact the Fund's ability to implement its principal investment strategies and could result in losses to the Fund.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Performance Information**

The performance information below shows summary performance information for the Fund in a bar chart and an average annual *total returns* table. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund.

**The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follows, is not an indication of future results.** Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Class I Shares—Total Returns**

The bar chart below provides an illustration of how the Fund's performance has varied in each of the indicated calendar years.

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AQR Funds–Prospectus59

![](g423791gef.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 20.18% | 6/30/20 | -24.06% | 3/31/20 |

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**Average Annual Total Returns as of December 31, 2022**

The following table compares the Fund's average annual *total returns* for Class I Shares, Class N Shares and Class R6 Shares as of December 31, 2022 to the *MSCI World Index*. You cannot invest directly in an index. The table includes all applicable fees and sales charges.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Five**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ten**<br> **Year**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Share Class**<br> **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; AQR Global Equity Fund—<br> Class I <br>|  |  |  |  |  |
| Return Before Taxes  | -14.11% | 3.08% | 7.83% | - | 12/31/2009 |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -14.98% | 1.94% | 4.97% | - |  |
| &nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of <br> Fund Shares <br>| -7.75% | 2.34% | 5.42% | - |  |
| &nbsp;&nbsp; *MSCI World Index* (reflects no <br> deductions for fees, expenses <br> or taxes)<br>| -18.14% | 6.14% | 8.85% | - |  |
| &nbsp;&nbsp; AQR Global Equity Fund—<br> Class N <br>|  |  |  |  |  |
| Return Before Taxes  | -14.41% | 2.79% | 7.53% | - | 12/31/2009 |
| &nbsp;&nbsp; *MSCI World Index* (reflects no <br> deductions for fees, expenses <br> or taxes)<br>| -18.14% | 6.14% | 8.85% | - |  |
| &nbsp;&nbsp; AQR Global Equity Fund—<br> Class R6 <br>|  |  |  |  |  |
| Return Before Taxes  | -14.09% | 3.16% | - | 5.97%\* | 01/08/2014 |
| &nbsp;&nbsp; *MSCI World Index* (reflects no <br> deductions for fees, expenses <br> or taxes)<br>| -18.14% | 6.14% | - | 7.12%\* |  |

---

\* Since inception performance is shown for Class R6 since it does not have 10 years of performance history.

After-tax returns are calculated using the historical highest individual marginal tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes and the return after taxes on distributions due to an assumed benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are for Class I Shares only. After-tax returns for other classes will vary.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

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AQR Funds–Prospectus60

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| Name | Portfolio Manager<br> of the Fund Since<br>| Title |
| Clifford S. Asness, Ph.D., M.B.A. | December 31, 2009 | Managing and Founding Principal of the *Adviser* |
| John M. Liew, Ph.D., M.B.A. | December 31, 2009 | Founding Principal of the *Adviser* |
| Jordan Brooks, Ph.D., M.A. | January 1, 2022 | Principal of the *Adviser* |
| Andrea Frazzini, Ph.D., M.S. | January 1, 2020 | Principal of the *Adviser* |
| John. J. Huss | January 1, 2022 | Principal of the *Adviser* |
| Lars N. Nielsen, M.Sc. | January 1, 2020 | Principal of the *Adviser* |

---

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to "Important Additional Information" on page 61 of the prospectus.

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AQR Funds–Prospectus61

**Important Additional Information**

**PURCHASE AND SALE OF FUND SHARES**

You may purchase or redeem Class N Shares, Class I Shares and Class R6 Shares of each Fund, as applicable, each day the *NYSE* is open. To purchase or redeem shares you should contact your financial intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (866) 290-2688 or by mail (c/o AQR Funds, P.O. Box 2248, Denver, CO 80201-2248). Each Fund's initial and subsequent investment minimums for Class N Shares, Class I Shares and Class R6 Shares, as applicable, generally are as follows.

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| | | | |
|:---|:---|:---|:---|
|  | **Class N Shares** | **Class I Shares** | **Class R6 Shares** |
| Minimum Initial Investment | $1000000<sup>\*</sup> <br>| $5000000<sup>\*</sup> <br>| $50000000<sup>\*</sup> <br>|
| Minimum Subsequent Investment |  |  |  |

---

<sup>\*</sup> Reductions apply to certain eligibility groups. See "Investing With the AQR Funds" in the Funds' prospectus.

**Tax Information**

Each Fund's dividends and distributions may be subject to federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to federal income tax upon withdrawal from such tax deferred arrangements.

**Payments to Broker/Dealers and other Financial Intermediaries**

If you purchase shares of a Fund through a broker-dealer or other financial intermediary, the Fund and/or the *Adviser* or its affiliates may pay the intermediary for the sale of Fund shares and other services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

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AQR Funds–Prospectus62

**Details About the Funds**

***Glossary.*** To keep things simple, we have defined and explained a number of terms and concepts in a Glossary at the back of this prospectus. Terms that are in italics have definitions or explanations in the Glossary.

Included in this prospectus are sections that tell you about buying and selling shares, management information, shareholder features of the Funds and your rights as a shareholder.

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AQR Funds–Prospectus63

**Details About the AQR Large Cap Multi-Style Fund**

**Investment Objective**

The AQR Large Cap Multi-Style Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps and real estate investment trusts) of large-cap companies.

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

The Fund generally invests in large-cap U.S. companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *Russell 1000*<sup>®</sup> *Index* at the time of purchase. As of December 31, 2022, the market capitalization of the companies comprising the *Russell 1000*<sup>®</sup> *Index* ranged from $651 million to $2.06 trillion. The Fund may also invest in mid-cap securities.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles, for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus64

**Details About the AQR Small Cap Multi-Style Fund**

**Investment Objective**

The AQR Small Cap Multi-Style Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps and real estate investment trusts) of small-cap companies.

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

The Fund generally invests in small-cap U.S. companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *Russell 2000*<sup>®</sup> *Index* at the time of purchase. As of December 31, 2022, the market capitalization of the companies comprising the *Russell 2000*<sup>®</sup> *Index* ranged from $6 million to $7.88 billion.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles, for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus65

**Details About the AQR International Multi-Style Fund**

**Investment Objective**

The AQR International Multi-Style Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of non-U.S. companies.

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

The Fund will generally invest in developed markets outside of the U.S. As of the date of this prospectus, the *Adviser* considers developed markets outside of the U.S. to be those countries that are included in the *MSCI World ex-USA Index* at the time of purchase.

The Fund generally invests in large-cap companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *MSCI World ex-USA Index* at the time of purchase. Although the Fund does not limit its investments to any one country, the Fund may invest in any one country without limit. The Fund may also invest in mid-cap securities.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles, for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

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AQR Funds–Prospectus66

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus67

**Details About the AQR Emerging Multi-Style II Fund**

**Investment Objective**

The AQR Emerging Multi-Style II Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its net assets (including borrowings for investment purposes) in equity or equity-related instruments (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of emerging market companies.

The Fund combines multiple investment styles, primarily including value, momentum and quality, using an integrated approach. In managing the Fund, the *Adviser* seeks to invest in attractively valued companies with positive momentum and stable businesses. Companies are considered to be good value investments if they appear cheap based on multiple fundamental measures, including price-to-book and price-to-earnings ratios relative to other securities in its relevant universe at the time of purchase. In assessing positive momentum, the *Adviser* favors securities with strong medium-term performance relative to other securities in its relevant universe at the time of purchase. Further, the *Adviser* favors stable companies in good business health, including those with strong profitability and stable earnings. The *Adviser* may add to or modify the economic factors employed in selecting securities. There is no guarantee that the Fund's objective will be met.

A company will be considered to be an emerging market company if it is organized, domiciled, or has a principal place of business in an emerging market. Emerging markets include countries that are included in the *MSCI Emerging Markets Index* at the time of purchase. Equity-related instruments include instruments that provide exposure to the change in value of an emerging market company. The Fund may also invest in, and have exposure to, non-emerging market companies if the *Adviser* considers it advisable to achieve the Fund's investment objective.

The Fund generally invests in large- and mid-cap companies, which the *Adviser* generally considers to be those companies with market capitalizations within the range of the *MSCI Emerging Markets Index* at the time of purchase. Although the Fund does not limit its investments to any one country, the Fund may invest in any one country without limit.

The *Adviser* determines the weight of each security in the portfolio using a combination of its assessment of the liquidity of the security, the attractiveness of the security based on each factor described above and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account both anticipated transaction costs and potential tax consequences associated with trading each equity instrument.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded-funds and similar pooled investment vehicles, for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

------

AQR Funds–Prospectus68

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus69

**Details About the AQR Large Cap Momentum Style Fund**

**Investment Objective**

The AQR Large Cap Momentum Style Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures and real estate investment trusts) of large-cap companies traded on a principal U.S. exchange or over-the-counter market that the *Adviser* determines to have positive momentum. The *Adviser* considers a security to have positive momentum primarily if it has outperformed other securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the *Adviser* uses for determining positive momentum may change from time to time.

Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in large-cap U.S. companies. As of the date of this prospectus, the *Adviser* generally considers large-cap U.S. companies to be those companies with market capitalizations within the range of the *Russell 1000*<sup>®</sup> *Index* at the time of purchase. As of December 31, 2022, the market capitalization of the companies comprising the *Russell 1000*<sup>®</sup> *Index* ranged from $651 million to $2.06 trillion. The Fund may also invest in mid-cap companies.

The *Adviser* determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the *Adviser's* determination of the attractiveness of the security based on the *Adviser's* assessment of the security's momentum and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* expects to rebalance the portfolio monthly, at which time the *Adviser* will consider which securities are eligible for inclusion in the portfolio by virtue of their capitalization and positive momentum.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The *Adviser* believes that effective management of transaction costs is essential. Transaction costs include commissions, bid-ask spreads, market impact and time delays (the time between the investment decision and implementation, during which a market may move in favor of or against the Fund). The *Adviser* employs an optimization process and a number of sophisticated trading techniques in an effort to keep trading costs for the Fund reasonably low.

In order to manage transaction costs and minimize adverse tax consequences, the *Adviser* does not intend to rebalance the Fund's portfolio mechanically or to purchase and sell exclusively those securities defined by the eligibility criteria described above. The *Adviser* will seek to maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs reasonably low and to minimize federal income taxes on returns.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

------

AQR Funds–Prospectus70

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus71

**Details About the AQR Small Cap Momentum Style Fund**

**Investment Objective**

The AQR Small Cap Momentum Style Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures and real estate investment trusts) of small-cap companies traded on a principal U.S. exchange or over-the-counter market that the *Adviser* determines to have positive momentum. The *Adviser* considers a security to have positive momentum primarily if it has outperformed other securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the *Adviser* uses for determining positive momentum may change from time to time.

Under normal market circumstances, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in small-cap U.S. companies. As of the date of this prospectus, the *Adviser* considers small-cap U.S. companies to be those companies with market capitalizations within the range of the *Russell 2000*<sup>®</sup> *Index* at the time of purchase. As of December 31, 2022, the market capitalization of the companies comprising the *Russell 2000*<sup>®</sup> *Index* ranged from $6 million to $7.88 billion.

The *Adviser* determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the *Adviser's* determination of the attractiveness of the security based on the *Adviser's* assessment of the security's momentum and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* expects to rebalance the portfolio monthly, at which time the *Adviser* will consider which securities are eligible for inclusion in the portfolio by virtue of their capitalization and positive momentum.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The *Adviser* believes that effective management of transaction costs is essential. Transaction costs include commissions, bid-ask spreads, market impact and time delays (the time between the investment decision and implementation, during which a market may move in favor of or against the Fund). The *Adviser* employs an optimization process and a number of sophisticated trading techniques in an effort to keep trading costs for the Fund reasonably low.

In order to manage transaction costs and minimize adverse tax consequences, the *Adviser* does not intend to rebalance the Fund's portfolio mechanically or to purchase and sell exclusively those securities defined by the eligibility criteria described above. The *Adviser* will seek to maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs reasonably low and to minimize federal income taxes on returns.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

------

AQR Funds–Prospectus72

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus73

**Details About the AQR International Momentum Style Fund**

**Investment Objective**

The AQR International Momentum Style Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues a momentum investment style by investing primarily in equity or equity-related securities (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, depositary receipts and real estate investment trusts or securities with similar characteristics) of non-U.S. companies that the *Adviser* determines to have positive momentum. The *Adviser* considers a security to have positive momentum primarily if it has outperformed other securities on a relative basis over a recent time period. Relative performance may be based on price momentum, earnings momentum, or other types of momentum, and will generally be measured over time periods ranging from one to twelve months. The criteria the *Adviser* uses for determining positive momentum may change from time to time.

The Fund will generally invest in developed markets outside the U.S. As of the date of this prospectus, the *Adviser* considers developed markets outside of the U.S. to be those countries that are included in the *MSCI World ex-USA Index* at the time of purchase. Although the Fund does not limit its investments to any one country, the Fund may invest in any one country without limit.

The *Adviser* determines the weight of each security in the portfolio using a combination of the market capitalization of the security and the *Adviser's* determination of the attractiveness of the security based on the *Adviser's* assessment of the security's momentum and additional criteria that form part of the *Adviser's* security selection process. The *Adviser* expects to rebalance the portfolio monthly, at which time the *Adviser* will consider which securities are eligible for inclusion in the portfolio by virtue of their capitalization and positive momentum.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The *Adviser* believes that effective management of transaction costs is essential. Transaction costs include commissions, bid-ask spreads, market impact and time delays (the time between the investment decision and implementation, during which a market may move in favor of or against the Fund). The *Adviser* employs an optimization process and a number of sophisticated trading techniques in an effort to keep trading costs for the Fund reasonably low.

In order to manage transaction costs and minimize adverse tax consequences, the *Adviser* does not intend to rebalance the Fund's portfolio mechanically or to purchase and sell exclusively those securities defined by the eligibility criteria described above. The *Adviser* will seek to maintain flexibility to trade opportunistically in order to strike a balance between maintaining the desired exposure to positive momentum while attempting to keep transaction costs reasonably low and to minimize federal income taxes on returns.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds and similar pooled investment vehicles to gain exposure to the equity market and to maintain liquidity to pay for redemptions. A portion of the Fund's assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

------

AQR Funds–Prospectus74

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus75

**Details About the AQR Large Cap Defensive Style Fund**

**Investment Objective**

The AQR Large Cap Defensive Style Fund (the "Fund") seeks *total return*.

*Total return* consists of capital appreciation and income.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues a "defensive" investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification.

The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in Equity Instruments of large-cap issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, real estate investment trusts and other derivative instruments where the reference asset is an equity security. As of the date of this prospectus, the *Adviser* generally considers large-cap issuers to be those issuers with market capitalizations within the range of the *Russell 1000*<sup>®</sup> *Index* at the time of purchase. As of December 31, 2022, the market capitalization of the companies comprising the *Russell 1000*<sup>®</sup> *Index* ranged from $651 million to $2.06 trillion. The Fund can invest in companies of any size and may invest in small- and mid-cap companies from time to time in the discretion of the *Adviser*. There is no guarantee that the Fund's objective will be met.

The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In other words, the Fund expects to lag the performance of traditional U.S. equity funds when equity markets are rising, but to exceed the performance of traditional U.S. equity funds during equity market declines. To achieve this result, the Fund will be broadly diversified across companies and industries and will invest in companies that the *Adviser* has identified to have low measures of risk and high quality (*e.g.*, stable companies in good business health). The *Adviser* believes that the stocks of these types of companies may tend to be lower "beta" stocks and that lower "beta" stocks generally are less volatile than higher "beta" stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The *Adviser* expects low "beta" and high quality stocks to produce higher risk-adjusted returns over a full market cycle than high "beta" or poor quality stocks.

The Fund is actively managed and the *Adviser* will vary the Fund's exposures to issuers and industries based on the *Adviser's* evaluation of investment opportunities. In constructing the portfolio, the *Adviser* uses quantitative models, which combine active management to identify quality companies and statistical measures of risk to assure diversification by issuer and industry, as well as additional criteria that form part of the *Adviser's* security selection process. The *Adviser* uses *volatility* and correlation forecasting and other portfolio construction methodologies to manage the Fund. The *Adviser* utilizes quantitative risk models in furtherance of the Fund's investment objective, which seek to control portfolio level risk. Shifts in allocations among issuers and industries will be determined using the quantitative models based on the *Adviser's* determinations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

------

AQR Funds–Prospectus76

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts as well as exchange-traded funds and similar pooled investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such other liquid investments deemed appropriate by the *Adviser*. The Fund may invest in these securities without limit for temporary defensive purposes.

There is no assurance that the Fund's use of Equity Instruments providing enhanced exposure will enable the Fund to achieve its investment objective. In addition, to attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account anticipated transaction costs associated with trading each Equity Instrument. The Fund employs sophisticated proprietary trading techniques in an effort to mitigate trading costs and execution impact on the Fund.

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus77

**Details About the AQR International Defensive Style Fund**

**Investment Objective**

The AQR International Defensive Style Fund (the "Fund") seeks *total return*.

*Total return* consists of capital appreciation and income.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund pursues a "defensive" investment style, seeking to provide downside protection with upside potential through active stock selection, risk management and diversification.

The Fund pursues its objective by investing, under normal market conditions, at least 80% of its net assets (including any borrowings for investment purposes) in Equity Instruments of International Issuers. Equity Instruments include common stock, preferred stock, warrants, exchange-traded funds that invest in equity securities, stock index futures, depositary receipts, real estate investment trusts or securities with similar characteristics and other derivative instruments where the reference asset is an equity security. An issuer will be considered an International Issuer if it is organized, domiciled, or has a principal place of business in a country that is part of the *MSCI World ex-USA Index,* or if an instrument provides exposure to the change in value of a company that meets that definition. However, the Fund may also invest in issuers organized, domiciled, or with a principal place of business in other countries if the *Adviser* considers it advisable to achieve the Fund's investment objective. The Fund can invest in companies of any size and may invest to a significant extent in small- and mid-cap companies from time to time in the discretion of the *Adviser*. There is no guarantee that the Fund's objective will be met.

The Fund may engage in currency transactions with counterparties primarily in order to mitigate the *volatility* associated with particular currencies in which portfolio holdings are denominated and to provide temporary exposure to a particular currency in lieu of leaving cash inflows uninvested. Currency transactions include forward currency contracts and exchange listed currency futures. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The Fund seeks to diversify currency exposures and to avoid the risk of high exposures to any one currency, including U.S. dollars.

The Fund pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets. In other words, the Fund expects to lag the performance of traditional international equity funds when these markets are rising, but to exceed the performance of traditional international equity funds during international equity market declines. To achieve this result, the Fund will be broadly diversified across companies, industries and countries and will invest in companies that the *Adviser* has identified to have low measures of risk and high quality (*e.g.*, stable companies in good business health). The *Adviser* believes that the stocks of these types of companies may tend to be lower "beta" stocks and that lower "beta" stocks generally are less volatile than higher "beta" stocks (that is, their value has a lower sensitivity to fluctuations in the securities markets). The *Adviser* expects low "beta" and high quality stocks to produce higher risk-adjusted returns over a full market cycle than high "beta" or poor quality stocks.

The Fund is actively managed and the *Adviser* will vary the Fund's exposures to issuers, industries, countries and currencies based on the *Adviser's* evaluation of investment opportunities within and across markets. In constructing the portfolio, the *Adviser* uses quantitative models, which combine active management to identify quality companies and statistical measures of risk to assure diversification by issuer, country, currency and industry, as well as additional criteria that form part of the *Adviser's* security selection process. The *Adviser* uses *volatility* and correlation forecasting and other portfolio construction methodologies to manage the Fund. The *Adviser* utilizes quantitative risk models in furtherance of the Fund's investment objective, which seek to control portfolio level risk. Shifts in allocations among issuers, industries, countries or currencies will be determined using the quantitative models based on the *Adviser's* determinations of risk and quality, as well as other factors including, but not limited to, managing industry and sector exposures. The Fund bears the risk that the quantitative models used by the portfolio managers will not be successful in forecasting market returns or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

When selecting securities for the portfolio, the *Adviser* will employ tax management strategies which consider the potential impact of federal income tax on shareholders' investment return. These tax management strategies are generally designed to both (i) reduce the Fund's overall realization of capital gains, and (ii) minimize the Fund's realized short-term capital gains as a percentage of the Fund's total realized capital gains (both long-term and short term), as compared to funds that do not take tax consequences into account. Investors should not expect that there will be no capital gain distributions or that the Fund's short-term capital gains distributions will necessarily be less than its long-term capital gains distributions, however, as the Fund will balance investment considerations with tax consequences in making investment decisions and the Fund may not employ these tax management strategies at all times. The

------

AQR Funds–Prospectus78

techniques that may be used to attempt to reduce the impact of federal income tax on shareholders' investment returns include:

&nbsp;&nbsp;&nbsp;&nbsp;• when believed by the *Adviser* to be appropriate, selling stocks to realize losses, with the specific purpose of offsetting gains;

&nbsp;&nbsp;&nbsp;&nbsp;• deferring realizations of net capital gains;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting portfolio turnover that may result in taxable gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• choosing a tax accounting method that reduces tax liability: for example, using the highest-in, first-out (HIFO) method which sells tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis.

The Fund invests significantly in common stocks. The Fund may also invest in or use financial futures contracts, forward currency contracts as well as exchange-traded funds and similar pooled investment vehicles for hedging purposes, to gain exposure to the equity market and to maintain liquidity to pay for redemptions. The Fund may invest in short-term instruments, including U.S. Government securities, bank certificates of deposit, money market instruments or funds, and such other liquid investments deemed appropriate by the *Adviser*. The Fund may invest in these securities without limit for temporary defensive purposes.

There is no assurance that the Fund's use of Equity Instruments providing enhanced exposure will enable the Fund to achieve its investment objective. In addition, to attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

The *Adviser* utilizes portfolio optimization techniques to determine trading activity, taking into account anticipated transaction costs associated with trading each Equity Instrument. The Fund employs sophisticated proprietary trading techniques in an effort to mitigate trading costs and execution impact on the Fund.

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

------

AQR Funds–Prospectus79

**Details About the AQR Global Equity Fund**

**Investment Objective**

The AQR Global Equity Fund (the "Fund") seeks long-term capital appreciation.

There can be no assurance that the Fund will be successful in achieving its investment objective.

**Principal Investment Strategies**

The Fund seeks to outperform, after expenses, the *MSCI World Index* (the *Global Equity Benchmark*) while seeking to control its *tracking error* relative to this benchmark. While the *Adviser* expects that the Fund's targeted annualized forecasted *tracking error* will typically range between 3-5% relative to the *Global Equity Benchmark*; the *Adviser* may, on occasion, tactically target a level of *tracking error* outside of this range. The actual or realized *tracking error* level for longer or shorter periods may be materially higher or lower depending on market conditions, sector positioning, securities selection and other factors. Higher *tracking error* generally indicates higher market risk. Actual or realized *tracking error* can and will differ from the forecasted or target *tracking error* described above.

Generally, the Fund will invest in instruments of companies located in a number of different countries throughout the world, one of which will be the United States. Under normal circumstances, the Fund will invest at least 40% of its assets in non-U.S. companies. Notwithstanding the previous sentence, if the weighting of non-U.S. companies in the *Global Equity Benchmark* drops below 45%, the Fund may invest a lower amount in non-U.S. companies, which will normally be such that the minimum level for non-U.S. companies will be 5% below the weighting of non-U.S. companies in the *Global Equity Benchmark* as of the end of the prior business day (or, if such information is unavailable, the most recently published composition). The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries outside of the U.S.).

The Fund's portfolio normally will be managed by both overweighting and underweighting securities, countries and currencies relative to the *Global Equity Benchmark*, using the *Adviser's* proprietary quantitative return forecasting models and systematic risk-control methods. The *Adviser* starts with the securities that are included in the *Global Equity Benchmark* and augments them with additional securities that are deemed to have similar characteristics. From this investment universe, the *Adviser* employs a disciplined approach emphasizing both top-down country/currency allocation and bottom-up security selection decisions that include selection of individual stocks within industries as well as explicit industry/sector selection.

The *Adviser* uses a set of value, momentum and other factors to generate an investment portfolio based on the *Adviser's* global asset allocation models and security selection procedures. The *Adviser* believes that a better risk-adjusted return may be achievable by applying both value and momentum strategies simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;• Value strategies favor securities that appear cheap based on fundamental measures. Examples of value measures include using price-to-earnings and price-to-book ratios for choosing individual equities and countries, and purchasing power parity for choosing currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• Momentum strategies favor securities with measures of strong recent performance. Examples of momentum measures include simple price momentum for choosing individual equities and countries, and foreign exchange rate momentum for selecting currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• In addition to these two main strategies, the *Adviser* may use a number of additional quantitative strategies based on the *Adviser's* proprietary research. These may include, but are not limited to, quality strategies (which favor stable companies in good business health, including those with strong profitability and stable earnings) and sentiment strategies (which favor companies favored by high-conviction investors or companies whose management is acting in shareholder-friendly ways).

The *Adviser* views the selection of individual securities, countries and currencies as three independent decisions. The *Adviser* may utilize country index futures, index swaps, swaps on equity index futures, currencies and foreign currency forwards to overweight or underweight the country and currency exposure of the overall portfolio relative to the *Global Equity Benchmark*.

In seeking to achieve its investment objective, the Fund may enter into both "long" and "short" positions in equities and currencies using derivative instruments. The owner of a "long" position in a derivative instrument will benefit from an increase in the price of the underlying investment. The owner of a "short" position in a derivative instrument will benefit from a decrease in the price of the underlying investment. Short exposure to any currency generally will not exceed -20% of the net assets of the Fund. For example, if 5% of the Fund's net assets are invested in Swiss stocks held long, generally the Fund's collective short positions in Swiss francs would be 25% or less of the Fund's net assets. Foreign currency denominated stock positions and the notional value of foreign currency spot and forward positions are included in determining aggregate long and short currency exposure.

Short exposure to the equity of issuers in a particular country generally will not exceed -12% of the net assets of the Fund. In other words, the total value of stock positions held long in a country, plus the notional value of equity derivatives providing long exposure to issuers in that country, minus the notional value of equity derivatives providing

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AQR Funds–Prospectus80

short exposure to issuers in that country must be greater than -12% of the Fund's net assets. For example, if 3% of the net assets of the Fund are invested in Spanish equities, generally the largest short position in Spanish equity futures would be 15% of the Fund's net assets.

Generally, the Fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in equity and equity-related instruments (including, but not limited to, exchange-traded funds, equity index futures, equity index swaps, swaps on equity index futures, depositary receipts and real estate investment trusts or securities with similar characteristics). The Fund will invest in companies with a broad range of market capitalizations. The Fund has no market capitalization constraints. The Fund invests primarily in securities comprising the *Global Equity Benchmark* and also invests to some extent in securities outside the *Global Equity Benchmark* which the *Adviser* deems to have similar investment characteristics to the securities comprising the *Global Equity Benchmark*. The Fund may invest in or use rights, warrants, equity swaps, financial futures contracts, swaps on futures contracts, forward foreign currency contracts and other types of derivative instruments in seeking to achieve its investment objective. A portion of the Fund's assets may be held in cash or cash equivalents including, but not limited to, money market instruments, interests in short-term investment funds or shares of money market or short-term bond funds. However, under normal market conditions, net economic exposure to the equity markets (i.e. the total value of equity positions plus the net notional value of equity derivatives) will generally equal at least 95% of the Fund's net assets.

In general, the Fund expects to be broadly diversified, typically holding the securities of more than 250 different issuers. The Fund generally will not invest more than 5% of its net assets, measured at the time of purchase, in a single class of the securities of any issuer within the *Global Equity Benchmark*. The Fund will also be diversified by sector under normal market conditions. The maximum allocation of Fund assets to any particular global sector relative to the weighting of that sector in the *Global Equity Benchmark*, generally will not exceed (or be less than) 15%. Equity derivatives that gain exposure to countries, rather than individual stocks or sectors, are excluded from these sector exposure calculations.

The Fund may invest to a lesser extent in securities of issuers, countries and currencies not included in the *Global Equity Benchmark*. However, the *Adviser* does not currently expect such securities to be a significant component of the Fund's investment portfolio.

To attempt to increase its income or *total return*, the Fund may lend its portfolio securities to certain types of eligible borrowers.

The *Adviser* believes that the management of transaction costs should be considered when determining whether an investment is attractive. Transaction costs include commissions, bid-ask spreads, market impact and time delays (time between decision and implementation when a market may move in favor of or against the Fund). The *Adviser* considers expected transaction costs both in its forecasting model and optimization process to seek to ensure that trades for the Fund will remain attractive after transaction costs are reflected.

***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.***

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AQR Funds–Prospectus81

**How the Funds Pursue Their Investment Objectives**

**Investment Techniques**

In addition to the principal investment strategies described above, the Funds may employ the following techniques in pursuing their investment objectives.

**Temporary Defensive Positions *(All Funds)*:** A Fund may take temporary defensive positions that are inconsistent with its normal investment policies and strategies in response to adverse or unusual market, economic, political, regulatory or other conditions. For instance, for temporary defensive purposes, a Fund may restrict the markets in which it invests or may hold uninvested cash or invest without limitation in cash equivalents such as money market instruments, U.S. treasury bills, interests in short-term investment funds, repurchase agreements, or shares of money market or short-term bond funds, even if the investments are inconsistent with the Fund's principal investment strategies. To the extent a Fund invests in these temporary investments in this manner, the Fund may succeed in avoiding losses but may not otherwise achieve its investment objective.

**Regulation of Derivatives *(All Funds)*:** Each Fund relies on certain exemptions in *Rule 18f-4* under the *1940 Act* to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the *1940 Act*. Section 18 of the Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under *Rule 18f-4*, "Derivatives Transactions" include the following: (1) any swap, security-based swap, futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) so long as the Fund determines to rely on the exemption in *Rule 18f-4*(d)(1)(ii), reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under *Rule 18f-4*.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with *Rule 18f-4* with respect to its Derivatives Transactions. *Rule 18f-4*, among other things, requires a Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Fund's Board, including a majority of the *Non-Interested Trustees*, and periodically reviews the DRMP and reports to the Fund's Board.

*Rule 18f-4* provides an exception from the DRMP, VaR limit and certain other requirements if a Fund's "derivatives exposure" is limited to 10% of its net assets (as calculated in accordance with *Rule 18f-4*) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

**Float-Adjusted Market Capitalization *(All Funds)*:** When market capitalization is used in the construction of a Fund's portfolio, the market capitalization may be float-adjusted. Float-adjusted market capitalization is a method of calculating the market capitalization of a security under which only the shares of the security that are readily available for purchase on open markets (as opposed to the total shares of the security outstanding) are included in the calculation of the security's market capitalization. As a result, securities with less float (*i.e.*, less liquidity) are underweighted comparative to securities with greater float (*i.e.*, greater liquidity).

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AQR Funds–Prospectus82

**Risk Factors** 

All investments, including those in *mutual funds*, have risks and it is possible that you could lose money by investing in a Fund. No one investment is suitable for all investors. Each Fund is intended for long-term investors. The risks identified below are the principal risks of investing in a Fund. The Summary section for each Fund and the below matrix lists the principal risks applicable to that Fund. This section provides more detailed information about each risk.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AQR**<br> **Large Cap**<br> **Multi-Style**<br> **Fund**<br>| **AQR**<br> **Small Cap**<br> **Multi-Style**<br> **Fund**<br>| **AQR**<br> **International**<br> **Multi-Style**<br> **Fund**<br>| **AQR**<br> **Emerging**<br> **Multi-Style II**<br> **Fund** <br>|
| China Risk |  |  |  | x |
| Common Stock Risk | x | x | x | x |
| Counterparty Risk | x | x | x | x |
| Currency Risk |  |  | x | x |
| Derivatives Risk | x | x | x | x |
| Emerging Market Risk |  |  |  | x |
| Foreign Investments Risk |  |  | x | x |
| Forward and Futures Contract Risk | x | x | x | x |
| Hedging Transactions Risk |  |  |  |  |
| High Portfolio Turnover Risk |  |  |  |  |
| Investment in Other Investment Companies Risk | x | x | x | x |
| Leverage Risk |  |  |  |  |
| Manager Risk | x | x | x | x |
| Market Risk | x | x | x | x |
| Mid-Cap Securities Risk | x |  | x | x |
| Model and Data Risk | x | x | x | x |
| Momentum Style Risk | x | x | x | x |
| Real Estate-Related Investment Risk | x | x | x | x |
| Short Sale Risk |  |  |  |  |
| Small-Cap Securities Risk |  | x |  |  |
| Swap Agreements Risk |  |  |  |  |
| Tax-Managed Investment Risk | x | x | x | x |
| Value Style Risk | x | x | x | x |
| Volatility Risk | x | x | x | x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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AQR Funds–Prospectus83

---

| | | | |
|:---|:---|:---|:---|
|  | **AQR**<br> **Large Cap**<br> **Momentum**<br> **Style Fund**<br>| **AQR**<br> **Small Cap**<br> **Momentum**<br> **Style Fund**<br>| **AQR**<br> **International**<br> **Momentum**<br> **Style Fund**<br>|
| China Risk |  |  |  |
| Common Stock Risk | x | x | x |
| Counterparty Risk | x | x | x |
| Currency Risk |  |  | x |
| Derivatives Risk | x | x | x |
| Emerging Market Risk |  |  |  |
| Foreign Investments Risk |  |  | x |
| Forward and Futures Contract Risk | x | x | x |
| Hedging Transactions Risk |  |  |  |
| High Portfolio Turnover Risk | x | x |  |
| Investment in Other Investment Companies Risk | x | x | x |
| Leverage Risk |  |  |  |
| Manager Risk | x | x | x |
| Market Risk | x | x | x |
| Mid-Cap Securities Risk | x |  | x |
| Model and Data Risk | x | x | x |
| Momentum Style Risk | x | x | x |
| Real Estate-Related Investment Risk | x | x | x |
| Short Sale Risk |  |  |  |
| Small-Cap Securities Risk |  | x |  |
| Swap Agreements Risk |  |  |  |
| Tax-Managed Investment Risk | x | x | x |
| Value Style Risk |  |  |  |
| Volatility Risk | x | x | x |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **AQR**<br> **Large Cap**<br> **Defensive**<br> **Style Fund**<br>| **AQR**<br> **International**<br> **Defensive**<br> **Style Fund**<br>| **AQR**<br> **Global**<br> **Equity**<br> **Fund**<br>|
| China Risk |  |  |  |
| Common Stock Risk | x | x | x |
| Counterparty Risk | x | x | x |
| Currency Risk |  | x | x |
| Derivatives Risk | x | x | x |
| Emerging Market Risk |  |  |  |
| Foreign Investments Risk |  | x | x |
| Forward and Futures Contract Risk | x | x | x |
| Hedging Transactions Risk | x | x |  |
| High Portfolio Turnover Risk |  |  | x |
| Investment in Other Investment Companies Risk | x | x | x |
| Leverage Risk |  |  | x |
| Manager Risk | x | x | x |
| Market Risk | x | x | x |
| Mid-Cap Securities Risk | x | x | x |
| Model and Data Risk | x | x | x |
| Momentum Style Risk |  |  | x |
| Real Estate-Related Investment Risk | x | x | x |
| Short Sale Risk |  |  | x |
| Small-Cap Securities Risk | x | x | x |
| Swap Agreements Risk |  |  | x |
| Tax-Managed Investment Risk | x | x |  |
| Value Style Risk |  |  | x |
| Volatility Risk | x | x | x |

---

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AQR Funds–Prospectus84

**China Risk:** A Fund's performance may be impacted by economic, political, diplomatic, and social conditions within China. Despite economic and market reforms implemented over the last few decades, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. Investing in China also involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. Investments in China are subject to the risks associated with greater governmental control over the economy, political and legal uncertainties and currency fluctuations or blockage. There can be no assurance that economic reforms implemented over the past few decades will continue or that they will be respected.

**Common Stock Risk:** A Fund may invest in, or have exposure to, common stocks, which are a type of equity security that represents an ownership interest in a corporation. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions. The rights of common stockholders are subordinate to all other claims on a company's assets, including debt holders and preferred stockholders. Therefore, a Fund could lose money if a company in which it invests becomes financially distressed.

**Counterparty Risk:** A Fund may enter into various types of derivative contracts as described below under "Derivatives Risk". Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by a Fund, a Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, a Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to a Fund.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a Fund's investments in securities denominated in a foreign currency or may widen existing losses.

Currency exchange rates may be particularly affected by the relative rates of inflation, interest rate levels, the balance of payments and the extent of governmental surpluses or deficits in such foreign countries and in the United States, all of which are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of such foreign countries, the United States and other countries important to international trade and finance. Governments may use a variety of techniques, such as intervention by their central bank or imposition of regulatory controls or taxes, to affect the exchange rates of their respective currencies. They may also issue a new currency to replace an existing currency or alter the exchange rate or relative exchange characteristics by devaluation or revaluation of a currency. The liquidity and trading value of these foreign currencies could be affected by the actions of sovereign governments and central banks, which could change or interfere with theretofore freely determined currency valuation, fluctuations in response to other market forces and the movement of currencies across borders.

**Derivatives Risk:** The *Adviser* may make use of futures, forwards, swaps and other forms of derivative instruments. In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The use of derivative instruments also exposes a Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the "Principal Investment Strategies" section for each Fund, futures contracts, swaps, and/or forward foreign currency contracts. Risks of these instruments include:

&nbsp;&nbsp;&nbsp;&nbsp;• that interest rates, securities prices and currency markets will not move in the direction that the portfolio managers anticipate;

&nbsp;&nbsp;&nbsp;&nbsp;• that prices of the instruments and the prices of underlying securities, interest rates or currencies they are designed to reflect do not move together as expected;

&nbsp;&nbsp;&nbsp;&nbsp;• that the skills needed to use these strategies are different than those needed to select portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the possible absence of a liquid secondary market for any particular instrument and, for exchange-traded instruments, possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired;

&nbsp;&nbsp;&nbsp;&nbsp;• that adverse price movements in an instrument can result in a loss substantially greater than a Fund's initial investment in that instrument (in some cases, the potential loss is unlimited);

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AQR Funds–Prospectus85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• particularly in the case of privately-negotiated instruments, that the counterparty will not perform its obligations, which could cause a Fund to lose money;

&nbsp;&nbsp;&nbsp;&nbsp;• the inability to close out certain hedged positions to avoid adverse tax consequences, and the fact that some of these instruments may have uncertain tax implications for a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• the fact that "speculative position limits" imposed by the Commodity Futures Trading Commission ("CFTC") and certain futures exchanges on net long and short positions may require a Fund to limit or unravel positions in certain types of instruments; in October 2020, the CFTC adopted new rules that will impose speculative position limits on additional derivative instruments, which may further limit a Funds' ability to trade futures contracts and swaps; and

&nbsp;&nbsp;&nbsp;&nbsp;• the high levels of *volatility* some of these instruments may exhibit, in some cases due to the high levels of leverage an investor may achieve with them.

Each Fund relies on certain exemptions in *Rule 18f-4* under the *1940 Act* to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the *1940 Act*. Section 18 of the Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under *Rule 18f-4*, "Derivatives Transactions" include the following: (1) any swap, security-based swap, futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) so long as the Fund determines to rely on the exemption in *Rule 18f-4*(d)(1)(ii), reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under *Rule 18f-4*.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with *Rule 18f-4* with respect to its Derivatives Transactions. *Rule 18f-4*, among other things, requires a Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Fund's Board, including a majority of the *Non-Interested Trustees*, and periodically reviews the DRMP and reports to the Fund's Board.

*Rule 18f-4* provides an exception from the DRMP, VaR limit and certain other requirements if a Fund's "derivatives exposure" is limited to 10% of its net assets (as calculated in accordance with *Rule 18f-4*) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

**Emerging Market Risk:** A Fund may have exposure to emerging markets. Investing in emerging markets will, among other things, expose a Fund to all the risks described below in the "Foreign Investments Risk" section, and you should review that section carefully. However, there are greater risks involved in investing in emerging market countries and/or their securities markets than there are in more developed countries and/or markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging market countries may be affected by national policies that control or restrict foreign investment in certain issuers or industries. Sanctions and other intergovernmental actions may be undertaken against an emerging market country, which may result in the devaluation of the country's currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of the country's securities. Sanctions could result in the immediate freeze of securities issued by an emerging market company or government, impairing the ability of a Fund to buy, sell, receive or deliver these securities. The small size of their securities markets and low trading volumes can make emerging market investments illiquid and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. A Fund may be required to establish special custody or other arrangements before investing. In addition, because the securities settlement procedures are less developed in these countries, a Fund may be required to deliver securities before receiving payment and may also be unable to complete transactions during market disruptions. The possible establishment of exchange controls or freezes on the convertibility of currency might adversely affect an investment in foreign securities.

**Foreign Investments Risk:** A Fund's investments in foreign instruments, including depositary receipts, involve risks not associated with investing in U.S. instruments. Foreign markets may be less liquid, more volatile and subject to less government supervision than domestic markets. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. The specific risks of investing in foreign instruments, among others, include:

&nbsp;&nbsp;&nbsp;&nbsp;• **Counterparty Risk:** A Fund may enter into foreign investment instruments with a counterparty, which will subject a Fund to counterparty risk (see "Counterparty Risk" above).

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AQR Funds–Prospectus86

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect instruments denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a Funds' investments in instruments denominated in a foreign currency or may widen existing losses. To the extent that a Fund is invested in foreign instruments while also maintaining currency positions, it may be exposed to greater combined risk. See "Currency Risk" above.

&nbsp;&nbsp;&nbsp;&nbsp;• **Geographic Risk:** If a Fund concentrates its investments in issuers located or doing business in any country or region, factors adversely affecting that country or region will affect a Fund's net asset value more than would be the case if a Fund had made more geographically diverse investments. The economies and financial markets of certain regions, such as Latin America or Asia, can be highly interdependent and decline all at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;• **Political/Economic Risk:** Changes in economic and tax policies, government instability, war or other political or economic actions or factors may have an adverse effect on a Fund's foreign investments, potentially including expropriation and nationalization, confiscatory taxation, and the potential difficulty of repatriating funds to the United States.

&nbsp;&nbsp;&nbsp;&nbsp;• **Regulatory Risk:** Issuers of foreign instruments and foreign instruments markets are generally not subject to the same degree of regulation as are U.S. issuers and U.S. securities markets, which among other things, could lead to market manipulation. The financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

&nbsp;&nbsp;&nbsp;&nbsp;• **Transaction Costs Risk:** The costs of buying and selling foreign instruments, including tax, brokerage and custody costs, generally are higher than those involving domestic transactions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Use of Foreign Currency Forward Agreements:** Foreign currency forward prices are influenced by, among other things, changes in balances of payments and trade, domestic and international rates of inflation, international trade restrictions and currency devaluations and revaluations. Investments in currency forward contracts may cause a Fund to maintain net short positions in any currency, including home country currency. In other words, the total value of short exposure to such currency (such as short spot and forward positions in such currency) may exceed the total value of long exposure to such currency (such as long individual equity positions, long spot and forward positions in such currency).

**Forward and Futures Contract Risk:** As described in the "Principal Investment Strategies" section for each Fund, a Fund may invest in forward and/or futures contracts. The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect a Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Hedging Transactions Risk:** The *Adviser* from time to time employs various hedging techniques. The success of a Fund's hedging strategy will be subject to the *Adviser's* ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of a Fund's hedging strategy will also be subject to the *Adviser's* ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner.

Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of those portfolio positions or prevent losses if the values of those positions decline. Rather, it establishes other positions designed to gain from those same declines, thus seeking to moderate the decline in the portfolio position's value. Such hedging transactions also limit the opportunity for gain if the value of the portfolio position should increase. For a variety of reasons, the *Adviser* may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent a Fund from achieving the intended hedge or expose a Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs (such as trading commissions and fees). The *Adviser* may determine, in its sole discretion, not to hedge against certain risks and certain risks may exist that cannot be hedged. Furthermore, the *Adviser* may not anticipate a particular risk so as to hedge against it effectively.

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AQR Funds–Prospectus87

**High Portfolio Turnover Risk:** The investment techniques and strategies utilized by a Fund, including investments made on a shorter-term basis or in derivative instruments or instruments with a maturity of one year or less at the time of acquisition, may result in frequent portfolio trading and high portfolio turnover. High portfolio turnover rates will cause a Fund to incur higher levels of brokerage fees and commissions, which may reduce performance, and may cause higher levels of current tax liability to shareholders in a Fund.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if a Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in a Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. A Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. government securities seek to preserve the value of a Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of a Fund's investment at $1.00 per share. A prime money market *mutual fund* may impose liquidity fees or temporary gates on redemptions if its weekly liquid assets fall below a designated threshold. If this were to occur, a Fund may lose money on its investment in the prime money market *mutual fund*, or a Fund may not be able to redeem its investment in the prime money market *mutual fund*.

**Leverage Risk:** As part of a Fund's principal investment strategy, the Fund may enter into short sales and/or make investments in futures contracts, forward contracts, swaps and other derivative instruments. These investment activities provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. **If a Fund uses leverage through activities such as entering into short sales or purchasing derivative instruments, a Fund has the risk that losses may exceed the net assets of a Fund.** The net asset value of a Fund while employing leverage will be more volatile and sensitive to market movements.

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect a Fund's investment performance.

**Market Risk:** Each Fund is subject to market risk, which is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Market risk applies to every Fund investment. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. Recently, there have been inflationary price movements and rising interest rates. If there is a general decline in the securities and other markets, your investment in a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** A Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of each Fund, the *Adviser* relies heavily on quantitative models and information and traditional and non-traditional data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging a Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose a Fund to potential risks. For example, by relying on Models and Data, the *Adviser* may be induced to buy certain investments at prices that are too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting companies for investment, forecasting movements in industries, sectors, or corporate or government entities, as applicable, or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

Some of the models used by the *Adviser* for one or more Funds are predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models may produce unexpected results, which can result in losses for a Fund. Furthermore, because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data.

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AQR Funds–Prospectus88

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. Model prices can differ from market prices as model prices are typically based on assumptions and estimates derived from recent market data that may not remain realistic or relevant in the future. To address these issues, the *Adviser* evaluates model prices and outputs versus recent transactions or similar securities, and as a result, such models may be modified from time to time.

With respect to the management of certain Funds, the *Adviser* currently makes use of non-traditional data, also known as "alternative data" (e.g., data related to consumer transactions or other behavior, social media sentiment, and internet search and traffic data). These data sets are expected to change over time, and the *Adviser's* use of alternative data is expected to evolve over time as well. The decision to incorporate certain alternative data sets within a particular model is subjective and in the sole discretion of the *Adviser*. There can be no assurance that using alternative data will result in positive performance. Alternative data is often less structured than traditional data sets and usually has less history, making it more complicated (and riskier) to incorporate into quantitative models. Alternative data providers often have less robust information technology infrastructure, which can result in data sets being suspended, delayed, or otherwise unavailable. In addition, as regulators have increased scrutiny of the use of alternative data in making investment decisions, the changing regulatory landscape could result in legal, regulatory, financial and/or reputational risk.

A Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated. The *Adviser's* testing of its Models and Data are directed in part at identifying these risks, but there is no guarantee that these risks will be effectively managed. If and to the extent that the models do not reflect certain factors, and the *Adviser* does not successfully address such omissions through its testing and evaluation and modify the models accordingly, major losses may result. The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. Any modification of the models or strategies will not be subject to any requirement that shareholders receive notice of the change or that they consent to it. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of a Fund while using a momentum strategy may suffer.

**Real Estate-Related Investment Risk:** Investments in real estate investment trusts and other real estate-related investments are subject to unique risks. Adverse developments affecting the real estate industry and real property values can cause the stocks of these companies to decline. In a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase. Historically, the returns from the stocks of real estate-related investments, which typically are small- or mid-capitalization stocks, have performed differently from the overall stock market. Real estate-related investments are subject to management fees and other expenses. A Fund will bear its proportionate share of these costs when it invests in real estate-related investments.

**Short Sale Risk:** A Fund may take a short position in a derivative instrument, such as a future, forward or swap. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Short sales also involve transaction and financing costs that will reduce potential Fund gains and increase potential Fund losses.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Swap Agreements Risk:** Swap agreements involve the risk that the party with whom a Fund has entered into the swap will default on its obligation to pay a Fund. Additionally, certain unexpected market events or significant adverse market movements could result in a Fund not holding enough assets to be able to meet its obligations under the agreement. Such occurrences may negatively impact a Fund's ability to implement its principal investment strategies and could result in losses to a Fund.

**Tax-Managed Investment Risk:** When employing tax managed strategies, the performance of a Fund may deviate from that of non-tax managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax managed funds. Each Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may

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AQR Funds–Prospectus89

limit a Fund's ability to execute such strategy. Each Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax managed strategies, each Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest in stocks and other securities that generate income taxable at ordinary income rates.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** A Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**The Funds may also be subject to certain other risks associated with their investments and investment strategies, including:**

**LIBOR Risk *(All Funds)*:** Certain financial instruments may be tied to the London Interbank Offered Rate, or "LIBOR," to determine payment obligations, financing terms, hedging strategies, or investment value. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications (overnight and one, three, six and 12 months) is delayed until June 30, 2023. This delay is intended to allow most legacy U.S. dollar LIBOR contracts to mature before LIBOR experiences disruptions. Global regulators have also advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. A subset of non-U.S. dollar LIBOR settings are continuing to be published on a "synthetic" basis and it is possible that a subset of U.S. dollar LIBOR settings will also be published after June 30, 2023 on a "synthetic" basis. Any such publications are, or would be considered, non-representative of the underlying market. Uncertainty related to the liquidity impact of changes in reference rates, and how to appropriately adjust these rates at the time of transition, poses risks for a Fund. For example, the transition away from LIBOR may lead to increased *volatility* and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting a Fund's performance or *NAV*. In addition, the alternative reference rate may be an ineffective substitute resulting in prolonged adverse market conditions for a Fund. It is difficult to predict the full impact of the transition away from LIBOR on a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted and market practices become more settled.

**Market Disruption Risk *(All Funds)*:** Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, extreme weather and climate-related events, public health crises, spread of infectious illness and related geopolitical events have led, and in the future may lead, to increased market volatility, which may disrupt the U.S. and world economies, individual companies and markets and may have significant adverse direct or indirect effects on a Fund and its investments. Such events include the pandemic caused by the novel coronavirus and its variants (COVID-19), which has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility. Such events also include Russia's recent invasion of Ukraine, which could have a negative impact on the economy and business activity globally.

The Funds could lose money due to the effects of a market disruption. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets.

**Portfolio Holdings Disclosure**

A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' Statement of Additional Information ("SAI").

The *Adviser* may make available certain information about each Fund's portfolio prior to the public dissemination of portfolio holdings, including, but not limited to, the Fund's portfolio characteristics data; the Fund's country, currency and sector exposures; the Fund's asset class and instrument type exposures; the Fund's long/short exposures; and the Fund's performance attribution, including contributors/detractors to Fund performance, by posting such information to the Fund's website (https://funds.aqr.com) or upon reasonable request made to the Fund or the *Adviser*. Disclosure of such information is subject to, and may be limited by, the availability of disclosure reports that meet applicable regulatory requirements and restrictions.

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AQR Funds–Prospectus90

**Change in Objective**

Each Fund's investment objective is not fundamental and may be changed by the *Board of Trustees* without shareholder approval. Shareholders will normally receive at least 30 days' written notice of any change in a Fund's investment objective.

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AQR Funds–Prospectus91

**Management of the Funds**

The *Trust* is organized as a Delaware statutory trust and is governed by a *Board of Trustees* that is responsible for overseeing all business activities of the *Trust*.

The Funds' *Adviser* is AQR Capital Management, LLC, a Delaware limited liability company formed in 1998. Subject to the overall authority of the *Board of Trustees*, the *Adviser* furnishes continuous investment supervision and management to the Funds' portfolios and also furnishes office space, equipment, and management personnel. The *Adviser's* address is One Greenwich Plaza, Greenwich, CT 06830.

The *Adviser* is an investment management firm that employs a disciplined multi-asset, global research process. (AQR stands for Applied Quantitative Research). Until the launch of the AQR Funds in January 2009, the *Adviser's* investment products had been primarily provided through collective investment vehicles and separate accounts that utilize all or a subset of the *Adviser's* investment strategies. The *Adviser* also serves as a sub-adviser to several registered investment companies. These investment products range from aggressive, high *volatility* and market-neutral alternative strategies, to low *volatility*, more traditional benchmark-driven products. The *Adviser* and its affiliates had approximately $95 billion in assets under management as of December 31, 2022.

Investment decisions are made by the *Adviser* using a series of global asset allocation, arbitrage, and security selection models, and implemented using proprietary trading and risk-management systems. The *Adviser* believes that a systematic and disciplined process is essential to achieving long-term success in investment and risk management. The principals of the *Adviser* have been pursuing the research supporting this approach since the late 1980s, and have been implementing this approach in one form or another since 1993. The research conducted by principals and employees of the *Adviser* has been published in a variety of professional journals since 1991. Please see the *Adviser's* website (www.aqr.com) for additional information regarding the published papers written by the *Adviser's* principals and other personnel.

The *Adviser's* founding principals, Clifford S. Asness, Ph.D., M.B.A., David G. Kabiller, CFA, Robert J. Krail, and John M. Liew, Ph.D., M.B.A., and several colleagues founded the *Adviser* in January 1998. Each of the *Adviser's* founding principals was formerly at Goldman Sachs, & Co., where Messrs. Asness, Krail, and Liew comprised the senior management of the Quantitative Research Group at Goldman Sachs Asset Management (GSAM). At GSAM, the team managed both traditional (managed relative to a benchmark) and non-traditional (managed seeking absolute returns) mandates. The founding principals formed the *Adviser* to build upon the success achieved at GSAM while enabling key professionals to devote a greater portion of their time to research and investment product development. The *Adviser* manages assets for institutional investors both in the United States and globally.

***Advisory Agreement***

For serving as investment adviser, the *Adviser* is entitled to receive an advisory fee from each Fund, as reflected below and expressed as a percentage of average daily net assets.

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| | |
|:---|:---|
| **Fund** |  |
| AQR Large Cap Multi-Style Fund | 0.25% |
| AQR Small Cap Multi-Style Fund | 0.45% |
| AQR International Multi-Style Fund | 0.40% |
| AQR Emerging Multi-Style II Fund<sup>1</sup> <br>| 0.50% |
| AQR Large Cap Momentum Style Fund | 0.25% |
| AQR Small Cap Momentum Style Fund | 0.45% |
| AQR International Momentum Style Fund | 0.40% |
| AQR Large Cap Defensive Style Fund | 0.25% |
| AQR International Defensive Style Fund | 0.40% |
| AQR Global Equity Fund | 0.60% |

---

<sup>1</sup> Effective July 1, 2022, the Fund's Management Fee was reduced by 0.05% to 0.50%.

For the fiscal year ended September 30, 2022, the *Adviser* received from each Fund the following aggregate investment advisory fee as a percentage of average daily net assets. Fund operating expenses reimbursed by the *Adviser* under the Expense Limitation Agreement are not investment advisory fee waivers and do not reduce these aggregate investment advisory fees.

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| | |
|:---|:---|
| **Fund** |  |
| AQR Large Cap Multi-Style Fund | 0.25% |
| AQR Small Cap Multi-Style Fund | 0.45% |
| AQR International Multi-Style Fund | 0.40% |
| AQR Emerging Multi-Style II Fund<sup>1</sup> <br>| 0.54% |

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AQR Funds–Prospectus92

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| | |
|:---|:---|
| **Fund** |  |
| AQR Large Cap Momentum Style Fund | 0.25% |
| AQR Small Cap Momentum Style Fund | 0.45% |
| AQR International Momentum Style Fund | 0.40% |
| AQR Large Cap Defensive Style Fund | 0.25% |
| AQR International Defensive Style Fund | 0.40% |
| AQR Global Equity Fund | 0.60% |

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<sup>1</sup> Effective July 1, 2022, the Fund's Management Fee was reduced by 0.05% to 0.50%.

The *Advisory Agreement* is governed by Delaware law. *The Advisory Agreement* is not intended to create any third-party beneficiary or otherwise confer any rights, privileges, claims or remedies upon any person other than the parties to the *Advisory Agreement* and their respective successors and permitted assigns. The *Trust*, on behalf of the Funds, enters into contractual arrangements with various parties who provide services for the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements cannot be enforced by shareholders. Neither this prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

A discussion regarding the basis for the *Board of Trustees'* approval of each Fund's *Advisory Agreement* with the *Adviser* is available in the Funds' annual report to shareholders for the period ended September 30, 2022.

**Expense Limitation Agreement**

The *Adviser* has contractually agreed to reimburse operating expenses of Class N, Class I and Class R6 Shares of the Funds (the "Expense Limitation Agreement") in an amount sufficient to limit the other operating expenses of a class, exclusive of certain expenses, at no more than the set percentages as described in each Fund's current prospectus. These percentages are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class N Shares** | **Class I Shares** | **Class R6 Shares** |
| AQR Large Cap Multi-Style Fund | 0.15% | 0.15% | 0.05% |
| AQR Small Cap Multi-Style Fund | 0.15% | 0.15% | 0.05% |
| AQR International Multi-Style Fund | 0.15% | 0.15% | 0.05% |
| AQR Emerging Multi-Style II Fund | 0.20% | 0.20% | 0.10% |
| AQR Large Cap Momentum Style Fund | 0.15% | 0.15% | 0.05% |
| AQR Small Cap Momentum Style Fund | 0.15% | 0.15% | 0.05% |
| AQR International Momentum Style Fund | 0.15% | 0.15% | 0.05% |
| AQR Large Cap Defensive Style Fund | 0.15% | 0.15% | 0.05% |
| AQR International Defensive Style Fund | 0.15% | 0.15% | 0.05% |
| AQR Global Equity Fund | 0.20% | 0.20% | 0.10% |

---

The Expense Limitation Agreement for each Fund is effective at least through January 28, 2024.

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*, and does not extend to management fees, 12b-1 fees, 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 and extraordinary expenses (for this purpose referred to as "Specified Expenses"). 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 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.

For the fiscal year ended September 30, 2022, the *Adviser* recaptured fees waived and/or expenses reimbursed in an amount equal to approximately 0.01% or less of the average daily net assets of each of the AQR Global Equity Fund, AQR Large Cap Defensive Style Fund and AQR International Multi-Style Fund.

***Portfolio Managers***

The *Adviser* utilizes a team-based and integrated approach to its investment management process, including strategy development, research, portfolio implementation, risk management and trading execution. The *Adviser's* investment decisions are based on quantitative analysis of a specified universe of securities or other assets. This quantitative analysis relies on proprietary models to generate views on securities or other assets and applies them in a disciplined

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AQR Funds–Prospectus93

and systematic process. The *Adviser's* research, portfolio implementation and trading teams supervise the day-to-day execution of these models and continuously research ways to enhance their efficiency. Senior portfolio managers oversee this process while junior portfolio managers and portfolio implementation specialists provide appropriate oversight of the day to day details of each Fund's portfolio.

Each of the portfolio managers listed below is a senior member of the applicable portfolio management team that oversees the *Adviser's* investment management process for one or more of the investment strategies employed by the applicable Fund.

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| | |
|:---|:---|
| **Fund** | **Portfolio Managers** |
| *<u>Multi-Style Funds</u>* |  |
| AQR Large Cap Multi-Style Fund | Clifford S. Asness, Ph.D., M.B.A. |
| AQR Small Cap Multi-Style Fund | Michele L. Aghassi, Ph.D. |
| AQR International Multi-Style Fund | Andrea Frazzini, Ph.D., M.S. |
| AQR Emerging Multi-Style II Fund | John J. Huss |
|  | Lars N. Nielsen, M.Sc. |
| *<u>Momentum Style Funds</u>* |  |
| AQR Large Cap Momentum Style Fund | Clifford S. Asness, Ph.D., M.B.A. |
| AQR Small Cap Momentum Style Fund | Michele L. Aghassi, Ph.D. |
| &nbsp;&nbsp; AQR International Momentum Style <br> Fund<br>| Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Lars N. Nielsen, M.Sc. |
| *<u>Defensive Style Funds</u>* |  |
| AQR Large Cap Defensive Style Fund | Clifford S. Asness, Ph.D., M.B.A. |
| AQR International Defensive Style Fund | Michele L. Aghassi, Ph.D. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Lars N. Nielsen, M.Sc. |
| *<u>Global Equity Fund</u>* |  |
| AQR Global Equity Fund | Clifford S. Asness, Ph.D., M.B.A. |
|  | John M. Liew, Ph.D., M.B.A. |
|  | Jordan Brooks, Ph.D., M.A. |
|  | Andrea Frazzini, Ph.D., M.S. |
|  | John J. Huss |
|  | Lars N. Nielsen, M.Sc. |

---

Information regarding the portfolio managers of each Fund is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Funds' SAI.

**Clifford S. Asness, Ph.D., M.B.A.,** is the Managing and Founding Principal of the *Adviser*. Dr. Asness cofounded the *Adviser* in 1998 and serves as its chief investment officer. He earned a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an M.B.A. and a Ph.D. in finance from the University of Chicago.

**John M. Liew, Ph.D., M.B.A.,** is a Founding Principal of the *Adviser*. Dr. Liew cofounded the *Adviser* in 1998 where he oversees research and portfolio management and is a member of the firm's Executive Committee. Dr. Liew earned a B.A. in economics, and an M.B.A. and a Ph.D. in finance, each from the University of Chicago.

**Michele L. Aghassi, Ph.D.,** is a Principal of the *Adviser*. Dr. Aghassi joined the *Adviser* in 2005 and serves as a portfolio manager for the firm's equity strategies. Dr. Aghassi earned a B.Sc. in applied mathematics from Brown University and a Ph.D. in operations research from the Massachusetts Institute of Technology.

**Jordan Brooks, Ph.D., M.A.,** is a Principal of the *Adviser*. Dr. Brooks joined the *Adviser* in August 2009 where he is Co-Head of the Macro Strategies Group. He earned a B.A. in economics and mathematics from Boston College, and an M.A. and a Ph.D., both in economics, from New York University in 2009.

**Andrea Frazzini, Ph.D., M.S.,** is a Principal of the *Adviser*. Dr. Frazzini joined the *Adviser* in 2008 and is the Head of the *Adviser's* Global Stock Selection team. He earned a B.S. in economics from the University of Rome III, an M.S. in economics from the London School of Economics and a Ph.D. in economics from Yale University.

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AQR Funds–Prospectus94

**John J. Huss** is a Principal of the *Adviser.* Mr. Huss rejoined the *Adviser* in 2013 and is a researcher and portfolio manager for multi-asset class strategies as well as the firm's equity strategies. Mr. Huss earned an S.B. in mathematics from the Massachusetts Institute of Technology.

**Lars N. Nielsen, M.Sc.,** is a Principal of the *Adviser*. Mr. Nielsen joined the *Adviser* in 2000 and is a portfolio manager. Mr. Nielsen earned a B.Sc. and M.Sc. in economics from the University of Copenhagen.

From time to time, a manager, analyst, or other employee of the *Adviser* or any of their affiliates may express views regarding a particular asset class, company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of the *Adviser* or any other person within the *Adviser's* organization. Any such views are subject to change at any time based upon market or other conditions and the *Adviser* disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of a Fund.

The *Adviser* has developed the AQR Momentum Index, the AQR Small Cap Momentum Index and the AQR International Momentum Index (collectively, the "AQR Momentum Indices"), each of which has a methodology similar to that of the AQR Large Cap Momentum Style Fund, the AQR Small Cap Momentum Style Fund and the AQR International Momentum Style Fund, respectively. The AQR Momentum Index is a capitalization-weighted index designed to measure the performance of large- and mid-cap U.S. stocks with positive momentum. The AQR Small Cap Momentum Index is a capitalization-weighted index designed to measure the performance of small-cap U.S. stocks with positive momentum and the AQR International Momentum Index is a capitalization-weighted index designed to measure the performance of stocks with positive momentum in developed markets outside of the U.S. You cannot invest directly in the AQR Momentum Indices. For details regarding the AQR Momentum Indices, please see www.aqrindex.com.

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AQR Funds–Prospectus95

**Investing With the AQR Funds**

Each Fund offers Class N, Class I and Class R6 Shares. Each class of a Fund's shares has a pro rata interest in the Fund's investment portfolio, but differs as to expenses, distribution arrangements and the types of investors who may be eligible to invest in the share class.

Non-U.S. residents are not permitted to invest in any Fund without the prior consent of the Fund. Prior to investing, assuming such investment is approved by the Fund, non-U.S. residents should consult a qualified tax and/or legal adviser about whether purchasing shares of a Fund is a suitable investment given legal and tax ramifications.

The Funds reserve the right to refuse any request to purchase shares.

**Class N Shares and Class I Shares Eligibility CRITERIA AND Investment Minimums**

Each Fund's Class N Shares and Class I Shares are offered to investors subject to the minimum initial account sizes specified below.

The minimum initial account size is $1,000,000 for Class N Shares and $5,000,000 for Class I Shares. This minimum requirement may be modified or reduced with respect to certain eligibility groups as indicated in the following table:

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| | | |
|:---|:---|:---|
|  | **Minimum Investment** | **Minimum Investment** |
| **Eligibility Group** | **Class N** | **Class I** |
| &nbsp;&nbsp; Defined benefit plans, endowments and foundations, investment companies, <br> corporations, insurance companies, trust companies, and other institutional <br> investors not specifically enumerated<br>|  |  |
| &nbsp;&nbsp; Accounts and programs offered by certain financial intermediaries, such as <br> registered investment advisers, broker-dealers, bank trust departments, wrap <br> fee programs and unified managed accounts<br>|  |  |
| Qualified defined contribution plans and 457 plans |  |  |
| Investors who are not eligible for a reduced minimum | $1000000 | $5000000 |

---

Investors or financial advisors may aggregate accounts for purposes of determining whether the above minimum investment requirements have been met. Investors or financial advisors may also enter into a letter of intent indicating that they intend to meet the applicable minimum investment requirement within an 18-month period.

In addition to the eligibility groups listed in the table above, the following groups of investors are also subject to no minimum initial account size in Class N Shares and Class I Shares: (i) tax-exempt retirement plans of the *Adviser* and its affiliates and rollover accounts from those plans; (ii) employees of the *Adviser* and affiliates, trustees and officers of the *Trust* and members of their immediate families; and (iii) investment professionals, employees of broker-dealers or other financial intermediaries, and their immediate family members.

Class N and Class I Shares are available directly from the Funds, or through certain financial intermediaries that have entered into appropriate agreements with the Funds' *Distributor*.

Some financial intermediaries may impose different or additional eligibility and minimum investment requirements. The Funds have the discretion to further modify, waive or reduce the above minimum investment requirements for Class N Shares and Class I Shares.

Financial intermediaries may offer different share classes of the Funds on investment platforms with different services and/or fees. Some financial intermediaries do not offer all share classes of the Funds on all investment platforms or to all customers. The availability of a class of a Fund's shares may depend on the policies, procedures and investment platforms of the financial intermediary. Class I Shares may also be available on brokerage platforms of intermediaries that have agreements with the *Distributor* to offer such shares solely when acting as an agent for the investor. An investor transacting in Class I Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

There is no minimum subsequent investment amount for Class N Shares or Class I Shares.

**Class R6 Shares Eligibility CRITERIA AND Investment Minimums**

Each Fund's Class R6 Shares are offered exclusively to the following types of investors subject to the minimum initial account size specified below.

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AQR Funds–Prospectus96

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| | |
|:---|:---|
| **Eligibility Group** | **Minimum** <br> **Investment**<br>|
| &nbsp;&nbsp; Defined benefit plans, endowments and foundations, investment companies, corporations, <br> insurance companies, trust companies, and other institutional investors not specifically enumerated<br>| $100000 |
| &nbsp;&nbsp; Accounts and programs offered by certain financial intermediaries, such as registered investment <br> advisers, broker-dealers, bank trust departments, wrap fee programs and unified managed <br> accounts<br>| $50,000,000<br> or<br> $100,000,000 <br> aggregate <br> investment across <br> all series of the <br> *Trust*<br>|
| Qualified defined contribution plans and 457 plans |  |
| Tax-exempt retirement plans of the *Adviser* and its affiliates and rollover accounts from those plans |  |
| &nbsp;&nbsp; Employees of the *Adviser* and affiliates, trustees and officers of the *Trust* and their immediate <br> family members<br>|  |

---

Investors, financial advisors and affiliated entities (e.g. affiliated financial intermediaries) may aggregate accounts for purposes of determining whether the above minimum investment requirements have been met. Investors or financial advisors may also enter into a letter of intent indicating that they intend to meet the applicable minimum investment requirement within an 18-month period.

Any of the above eligible investors may invest either directly or through a financial advisor or other intermediaries not enumerated above.

Class R6 Shares are available directly from the Funds, or through certain financial intermediaries that have entered into appropriate agreements with the Funds' *Distributor*.

Class R6 Shares do not pay commissions or *Rule 12b-1 Plan* fees or make administrative or service payments to financial intermediaries in connection with investments in Class R6 Shares, however, the *Adviser* or its affiliates may pay financial intermediaries for the sale of Fund shares or other services, including with respect to investments in Class R6 Shares.

Some financial intermediaries may not offer Class R6 Shares or may impose different or additional eligibility and minimum investment requirements, including limiting the availability of Class R6 Shares to certain of the eligibility groups enumerated above. The Funds have the discretion to further modify, waive or reduce the above minimum investment requirements.

Financial intermediaries may offer different share classes of the Funds on investment platforms with different services and/or fees. Some financial intermediaries do not offer all share classes of the Funds on all investment platforms or to all customers. The availability of a class of a Fund's shares may depend on the policies, procedures and investment platforms of the financial intermediary.

There is no minimum subsequent investment amount for Class R6 Shares. If a shareholder's account size declines below the minimum initial investment amount described above, other than as a result of a decline in the *NAV* per share, the Funds reserve the right, upon 60 days' written notice, to (a) convert the shareholders' Class R6 Shares, at *NAV*, to the lowest fee share class for which the shareholder is then eligible, or (b) redeem, at *NAV*, the Class R6 Shares of the shareholder in accordance with the Funds' Small Account Policy described under "Other Policies – Small Account Policy" herein.

**Types of Accounts—Class N Shares, Class i Shares and Class r6 Shares**

You may set up your account in any of the following ways:

**Individual or Joint Ownership.** Individual accounts are owned by one person. Joint accounts can have two or more owners, and provide for rights of survivorship.

**Gift or Transfer to a Minor (UGMA, UTMA).** These gift or transfer accounts let you give money to a minor for any purpose. The gift is irrevocable and the minor gains control of the account once he/she reaches the age of majority. Your application should include the minor's social security number.

**Trust for Established Employee Benefit or Profit-Sharing Plan.** The trust or plan must be established before you can open an account and you must include the date of establishment of the trust or plan on your application.

**Business or Organization.** You may invest money on behalf of a corporation, association, partnership or similar institution. You should include a certified resolution with your application that indicates which officers are authorized to act on behalf of the entity.

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AQR Funds–Prospectus97

**Retirement or Education.** A qualified retirement account enables you to defer taxes on investment income and capital gains. Your contributions may be tax-deductible. For detailed information on the tax advantages and consequences of investing in individual retirement accounts (IRAs) and retirement plan accounts, please consult your tax advisor. The types of IRAs available to you are: Traditional IRA, Roth IRA, Rollover IRA, SIMPLE IRA, SEP IRA and Coverdell Education Savings Account (formerly called an Education IRA). The IRA and Coverdell Education Savings Account custodian charges an annual maintenance fee (currently $15.00) per IRA or ESA holder.

The Funds may be used as an investment in other kinds of retirement plans, including, but not limited to, Keogh plans maintained by self-employed individuals or owner-employees, traditional pension plans, corporate profit-sharing and money purchase pension plans, section 403(b)(7) custodial tax-deferred annuity plans, other plans maintained by tax-exempt organizations, cash balance plans and any and all other types of retirement plans. All of these accounts need to be established by the plan's trustee and the plan's trustee should contact the Funds regarding the establishment of an investment relationship.

**Share Price**

**Net Asset Value.** The price you pay for a share of a Fund, and the price you receive upon selling or redeeming a share of that Fund, is called the Fund's *NAV* per share. Each Fund's *NAV* per share is generally calculated as of the scheduled close of trading on the *NYSE* (normally 4:00 p.m. eastern time) on each *Business Day*. Each Fund determines a *NAV* per share for each class of its shares. The price at which a purchase or redemption order is effected is based upon the next *NAV* calculation after the purchase or redemption order is received by the Fund (or its agent) in proper form. If there is an unscheduled *NYSE* closure prior to 4:00 p.m. eastern time, transaction deadlines and *NAV* calculations may occur at 4:00 p.m. eastern time or at an earlier time if the particular closure directly affects the *NYSE* but other exchanges remain open for trading. Each Fund reserves the right to change the time its *NAV* is calculated if otherwise permitted by the *1940 Act* or pursuant to statements from the *SEC* or its staff. The *NAV* per share of a class of a Fund is computed by dividing the total current value of the assets of the Fund attributable to a class, less class liabilities, by the total number of shares of that class of the Fund outstanding at the time the computation is made.

Foreign markets may be open at different times and on different days than the *NYSE*, meaning that the value of the Funds' shares may change on days when shareholders are not able to buy or sell their shares. Foreign currencies, securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates generally determined as of 4:00 p.m. eastern time.

For purposes of calculating the *NAV*, portfolio securities and other financial derivative instruments ("portfolio securities") are valued on each *Business Day* using valuation methods as adopted by the *Board of Trustees*. Pursuant to Rule 2a-5 under the *1940 Act*, the *Board of Trustees* has designated the *Adviser* as the Valuation Designee for the Funds. As Valuation Designee, the *Adviser* has primary responsibility for the development and implementation of the *Trust's* valuation policy and procedures, subject to oversight by the *Board of Trustees*. The *Adviser*, as the Valuation Designee, is also responsible for periodically assessing and managing material risks associated with fair value determinations; selecting, applying and testing fair value methodologies; and overseeing and evaluating third-party pricing services, among other responsibilities. The *Adviser's* Security Valuation Team is responsible for the day-to-day implementation of the *Trust's* valuation policy and the execution of the *Adviser's* obligations as the Valuation Designee, subject to the oversight of the *Adviser's* Valuation Committee.

Portfolio securities are valued at market value using market quotations when they are readily available. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access on a valuation date prior to the time the Funds' net asset values are determined, provided that a quotation will not be readily available if it is not reliable. Where market quotations are not readily available or are not reliable, portfolio securities are valued at fair value by the *Adviser* as the Valuation Designee pursuant to Rule 2a-5. Such fair value methodologies may include consideration of relevant factors, including but not limited to Level 2 inputs including (i) quoted prices for similar assets in active markets; (ii) quoted prices for identical or similar assets in markets that are not active; (iii) inputs other than quoted prices that are observable for the assets, including interest rates, yield curves, implied volatilities, and credit spreads; (iv) the relationship of a security in the issuer's capital structure; (v) the size of the issue; and (vi) comparison of a security to transactions or prices of other securities of issuers having similar characteristics, issues of similar size, and credit quality, maturity and purpose and market cooperated inputs. Fair value methodologies may also consider Level 3 unobservable inputs if reliable observable inputs are unavailable. Using fair value to price a security may require subjective determinations about the value of a security that could result in a value that is different from a security's most recent closing price and from the prices used by other *mutual funds* to calculate their net assets. It is possible the estimated values may differ significantly from the values which would have been used had a ready market for the investments existed. These differences could be material.

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AQR Funds–Prospectus98

Equity securities, including securities sold short, rights, exchange-traded option contracts, warrants, ETFs and closed-end investment companies, are valued at the primary official closing price or last quoted sales price from the markets in which each security trades. Investments in open-end investment companies are valued at such investment company's current day closing net asset value per share. An equity for which no sales are reported, as in the case of a security that is traded in the over-the-counter ("OTC") market or a less liquid listed equity, is valued at its last bid price.

Fixed income securities (other than certain short-term investments maturing in 60 days or less) are normally valued based on prices received from pricing services or brokers and dealers using data reflecting the earlier closing of the principal market for such instruments. The pricing services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the pricing services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date.

Equities that trade on either markets that close prior to the close of the *NYSE* or on markets that are closed due to a holiday are fair valued daily based on the application of a fair value factor (unless the *Adviser* determines that use of another valuation methodology is appropriate). When available, the Funds apply daily fair value factors, furnished by an independent pricing service, to account for the market movement between the close of the foreign market and the close of the *NYSE*. The pricing service uses statistical analysis and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, American Depositary Receipts, futures contracts and exchange rates in other markets in determining fair value as of the time a Fund calculates its *NAV*.

Futures and option contracts that are listed on national exchanges and are freely transferable are valued at fair value based on their settlement or last sales price on the date of determination on the exchange that constitutes their principal market. For option contracts, if no sales occurred on such date, the contracts will be valued at the mid price on such exchange at the close of business. Centrally cleared swaps listed or traded on a multilateral trade facility platform, such as a registered exchange, are valued on a daily basis using quotations provided by an independent pricing service.

OTC derivatives, including forward contracts and swap contracts, are fair valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. The value of each *total return* swap contract and *total return* basket swap contract is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing price on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable.

The U.S. dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.

Credit default swap contracts and interest rate swap contracts are marked to market daily based on quotations as provided by an independent pricing service. The independent pricing services aggregate valuation information from various market participants to create a single reference value for each credit default swap contract and interest rate swap contract.

The Funds value the repurchase agreements and reverse repurchase agreements they have entered based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral), and reverse repurchase agreements are carried at the amount of cash received plus accrued interest payable (or interest receivable in periods of increased demand for collateral).

You may obtain information as to a Fund's current *NAV* per share by visiting the Funds' website at https://funds.aqr.com or by calling (866) 290-2688.

**General Purchasing Policies**

&nbsp;&nbsp;&nbsp;&nbsp;• You may purchase a Fund's Class N Shares, Class I Shares and Class R6 Shares at the *NAV* per share next determined following receipt of your purchase order in *good order* by a Fund or an authorized financial intermediary or other agent of a Fund. A purchase, exchange or redemption order is in "*good order*" when a Fund, the *Transfer Agent* and/or its agent, receives all required information, including properly completed and signed documents. Financial intermediaries authorized to accept purchase orders on behalf of a Fund are responsible for timely transmitting those orders to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• You may purchase a Fund's Class N Shares, Class I Shares and Class R6 Shares directly from the Fund or through certain financial intermediaries (and other intermediaries these firms may designate) without the imposition of any sales charges. See "How to Buy Class N Shares, Class I Shares and Class R6 Shares" below.

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AQR Funds–Prospectus99

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Once a Fund accepts your purchase order, you may not cancel or revoke it; however, you may redeem the shares. A Fund is deemed to have received a purchase or redemption order when an authorized financial intermediary (or its authorized designee) receives the order. A Fund may withhold redemption proceeds until it is reasonably satisfied it has received your payment. This confirmation process may take up to 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund reserves the right to cancel a purchase if payment, including by check or electronic funds transfer, does not clear your bank or is not received by settlement date. A Fund may charge a fee for insufficient funds and you may be responsible for any fees imposed by your bank and any losses that the Fund may incur as a result of the canceled purchase. In addition, a Fund reserves the right to cancel any purchase or exchange order it receives if the *Trust* believes that it is in the best interest of the Fund's shareholders to do so.

&nbsp;&nbsp;&nbsp;&nbsp;• A Fund may place orders for investments in anticipation of the receipt of the purchase price for Fund shares, although it is not required to do so. If an investor defaults on its purchase obligation, the Fund could incur a loss when it liquidates positions bought in anticipation of receiving the purchase price for shares. In addition, if the Fund does not place orders until purchase proceeds are received, the Fund's returns could be adversely affected by holding higher levels of cash pending investment.

&nbsp;&nbsp;&nbsp;&nbsp;• Financial intermediaries purchasing a Fund's shares on behalf of its customers must pay for such shares by the time designated by the agreement with the financial intermediary, which is generally on the first *Business Day* following the receipt of the order. When authorized by the *Trust*, certain financial intermediaries may be permitted to delay payment for purchases, but in no case later than the third *Business Day* following the receipt of the order. If payment is not received by this time, the order may be canceled. The financial intermediary or the underlying customer is responsible for any costs or losses incurred if payment is delayed or not received.

**General Redemption Policies**

&nbsp;&nbsp;&nbsp;&nbsp;• You may redeem a Fund's Class N Shares, Class I Shares and Class R6 Shares at the *NAV* per share next-determined following receipt of your redemption order in *good order* by the Fund or an authorized financial intermediary or other agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Funds cannot accept a redemption request that specifies a particular redemption date or price.

&nbsp;&nbsp;&nbsp;&nbsp;• Once a Fund accepts your redemption order, you may not cancel or revoke it.

&nbsp;&nbsp;&nbsp;&nbsp;• Upon receipt of advance notice of a shareholder's intent to submit a request for the redemption of shares of a Fund that the *Adviser* reasonably believes to be genuine, the Fund may place orders and trade out of portfolio instruments in order to generate additional cash or other liquid assets in order to pay the redemption, although it is not required to do so. If the shareholder that provided advance notice of the redemption request does not timely submit a redemption request in *good order* and the Fund holds uninvested cash intended to meet this redemption request, the Fund could incur additional trading costs when it re-invests the uninvested cash in portfolio instruments and could fail to benefit from investment opportunities if the portfolio instruments in which the uninvested cash would have been invested appreciate in value. If a Fund does not place orders until a redemption request in *good order* is received, the Fund may temporarily experience an increase in implied portfolio leverage as the amount of the Fund's uninvested cash in excess of its obligations decreases, or the Fund's portfolio positions may become more concentrated due to the time necessary to trade out of portfolio instruments to meet the redemption.

**Timing of Redemption Proceeds.** The Funds generally will transmit redemption proceeds on the next *Business Day* after receipt of your redemption request regardless of whether payment of redemption proceeds is to be made by check, wire, or Automatic Clearing House ("ACH") transfer as described below under the heading "Payment of Redemption Proceeds." However, the Funds reserve the right to delay payment for up to seven calendar days. If you recently made a purchase, the Funds may withhold redemption proceeds until they are reasonably satisfied that they have received your payment. This confirmation process may take up to 10 days. The Funds may temporarily stop redeeming shares or delay payment of redemption proceeds when the *NYSE* is closed or trading on the *NYSE* is restricted, when an emergency exists and the Funds cannot sell shares or accurately determine the value of assets, or if the *SEC* orders the Funds to suspend redemptions or delay payment of redemption proceeds.

The Funds reserve the right at any time without prior notice to suspend, limit, modify or terminate any privilege, including the telephone exchange privilege, or its use in any manner by any person or class.

**Excessive and Short-Term Trading.** The Funds are intended for long-term investment purposes, and thus purchases, redemptions and exchanges of Fund shares should be made with a view toward long-term investment objectives. Excessive trading, short-term trading and other abusive trading activities may be detrimental to a Fund and its long-term shareholders by disrupting portfolio management strategies, increasing brokerage and administrative costs, harming Fund performance and diluting the value of shares. Such trading may also require a Fund to sell securities to meet redemptions, which could cause taxable events that impact shareholders. If your investment horizon is not long-term, then you should not invest in the Funds.

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AQR Funds–Prospectus100

The *Board of Trustees* has adopted policies and procedures that seek to discourage and deter excessive or short-term trading activities. These policies and procedures include the use of fair value pricing of international securities and periodic review of shareholder trading activity and provide each Fund with the ability to suspend or terminate telephone or internet redemption privileges and any exchange privileges. In addition, the Funds reserve the right to refuse any purchase or exchange request that, in the view of the *Adviser*, could adversely affect any Fund or its operations, including any purchase or exchange request from any individual, group or account that is likely to engage in excessive short-term trading, or any order that may be viewed as market-timing activity. With respect to the review of shareholder trading activity, the Funds have set and utilize a set of criteria believed to serve as a preliminary indicator of market-timing and/or excessive short-term trading activity (referred to herein, as "Shareholder Criteria") and review each account meeting this criteria. If, after review of these accounts, the transaction history of an account appears to indicate excessive short-term trading or market timing, the Fund will provide notice to the shareholder or the applicable intermediary to cease such trading activities and, when appropriate, restrict or prohibit further purchases or exchanges of shares for the account. In addition, if the transaction history of an omnibus account appears to indicate the possibility of excessive trading, short-term trading or market timing, the Fund or the *Adviser* may request underlying shareholder information from the financial intermediary associated with the omnibus account pursuant to Rule 22c-2 under the *1940 Act*. Upon receipt of the underlying shareholder information from the financial intermediary, the Fund or the *Adviser* will review any of the underlying shareholder accounts meeting the Shareholder Criteria and if the transaction history of an underlying shareholder appears to indicate excessive trading, short-term trading or market timing, the *Adviser* may instruct the financial intermediary to restrict or prohibit further purchases or exchanges of Fund shares by the underlying shareholder.

Despite the Funds' efforts to detect and prevent abusive trading activity, there can be no assurance that the Funds will be able to identify all of those who may engage in abusive trading and curtail their activity in every instance. In particular, it may be difficult to curtail such activity in certain omnibus accounts and other accounts traded through intermediaries, despite arrangements the Funds have entered into with the intermediaries to provide access to account level trading information. Omnibus accounts are comprised of multiple investors whose purchases, exchanges and redemptions are aggregated before being submitted to the Funds.

**Other Policies**

**No Certificates.** The issuance of shares is recorded electronically on the books of the Funds. You will receive a confirmation of, or account statement reflecting, each new transaction in your account, which will also show the total number of shares of each Fund you own. You can rely on these statements in lieu of certificates. The Funds do not issue certificates representing shares of the Funds.

**Frozen Accounts.** The Funds may be required to "freeze" your account if there appears to be suspicious activity or if account information matches information on a government list of known terrorists or other suspicious persons.

**Small Account Policy.** Each Fund reserves the right, upon 60 days' written notice to:

(A) redeem, at *NAV*, the shares of any shareholder whose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

with respect to Class N Shares, account with a Fund has a value of less than $1,000 in Class N Shares, <u>other than as a result of a decline in the net asset value per share;</u> or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

with respect to Class I Shares, account(s) across all AQR Funds has a value of less than $1,000 in the aggregate in Class I Shares, <u>other than as a result of a decline in the net asset value per share;</u> or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

with respect to Class R6 Shares, account has a value in the Fund of less than the minimum initial investment requirement described under "Investing With the AQR Funds—Investment Minimums," <u>other than as a result of a decline in the</u> *<u>NAV</u>* <u>per share</u>, or

(B) with respect to any Class R6 shareholder whose account has a value in the Fund of less than the minimum initial investment requirement described under "Investing with the AQR Funds – Investment Minimums," other than as a result of a decline in the *NAV* per share, convert the shareholder's Class R6 Shares, at *NAV*, to the lowest fee share class of the Fund for which the shareholder is then eligible.

(C) permit an exchange for shares of another class of the same Fund if the shareholder requests an exchange in lieu of redemption in accordance with subparagraph (A) above.

With respect to shareholders who made their initial purchase of Class R6 Shares of a Fund prior to May 2, 2014, the minimum initial investment requirement for the purposes of this policy is $5,000,000 in the aggregate of Class R6 Shares across all series of the *Trust*. This policy will not be implemented where the Fund has previously waived the minimum investment requirement for that shareholder.

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AQR Funds–Prospectus101

Before a Fund redeems such shares and sends the proceeds to the shareholder, it will notify the shareholder that the value of the shares in the account is less than the minimum amount and will allow the shareholder 60 days to make an additional investment in an amount that will increase the value of the account(s) to the minimum amount specified above before the redemption is processed. As a sale of your Fund shares, this redemption may have tax consequences.

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AQR Funds–Prospectus102

**How to Buy Class N Shares, Class I Shares and Class R6 Shares**

**How to Buy Shares**

You can open an account and make an initial purchase of shares of the Funds directly from the Funds or through certain financial intermediaries that have entered into appropriate arrangements with the Funds' *Distributor*.

To open an account and make an initial purchase directly with the Funds, you can mail a check or other negotiable bank draft (payable to AQR Funds) in the applicable minimum amount, along with a completed and signed Account Application, to AQR Funds, P.O. Box 2248, Denver, CO 80201-2248. You may also fax your completed Account Application to (866) 205-1499. To obtain an Account Application, call (866) 290-2688. A completed Account Application must include your valid taxpayer identification number. You may be subject to penalties if you falsify information with respect to your taxpayer identification number.

Payment must be in U.S. dollars by a check drawn on a bank in the United States, wire transfer or electronic transfer. The Funds will not accept cash, traveler's checks, starter checks, money orders, third party checks (except for properly endorsed IRA rollover checks), checks drawn on foreign banks or checks issued by credit card companies or Internet-based companies. Shares purchased by checks that are returned will be canceled and you will be liable for any losses or fees incurred by the Fund or its agents, including bank handling charges for returned checks.

You may also open an account or make an initial purchase directly with the Funds by wire transfer from your bank account to your Fund account along with mailing or faxing your completed Account Application as described above. To place a purchase by wire, please call (866) 290-2688 for more information.

After you have opened an account, you can make subsequent purchases of shares of the Funds through your financial intermediary or directly from the Funds, depending on where your account is established. To purchase additional shares directly from the Funds, you may do so by mail, wire or fax following the instructions described above.

Depending upon the terms of your account, you may pay account fees for services provided in connection with your investment in a Fund. The Funds have authorized certain financial intermediaries (such as broker-dealers, investment advisors or financial institutions) to accept purchase and redemption orders on behalf of the Funds. These financial intermediaries may, subject to compliance with applicable rules, regulations and guidance, charge their customers a commission, transaction fee or service fee. Your financial intermediary can provide you with information about these services and charges. You should read this prospectus in conjunction with any such information you receive.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Funds' post office box, of purchase orders, redemption requests or exchange requests does not constitute receipt by the Funds.

**Automatic Investment Plan**

The Funds offer an Automatic Investment Plan for current and prospective investors in which you may make monthly investments in one or more of the Funds. Sums for investment will be automatically withdrawn from your checking or savings account on the day you specify. If you do not specify a day, the transaction will occur on the 20th of each month or the next *Business Day* if the 20th is not a *Business Day*. Please call (866) 290-2688 if you would like more information.

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person that opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Funds must obtain the following information for each person that opens a new account:

&nbsp;&nbsp;&nbsp;&nbsp;• Name;

&nbsp;&nbsp;&nbsp;&nbsp;• Date of birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;• Residential or business street address (although post office boxes are still permitted for mailing); and

&nbsp;&nbsp;&nbsp;&nbsp;• Social Security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities.

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AQR Funds–Prospectus103

Federal law prohibits the Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Funds may restrict your ability to purchase additional shares until your identity is verified. The Funds may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the *NAV* next calculated after the account is closed.

The Funds and their agents will not be responsible for any loss in an investor's account resulting from the investor's delay in providing all required identifying information or from closing an account and redeeming an investor's shares when an investor's identity is not verified.

**eDelivery**

eDelivery allows you to receive your quarterly account statements, transaction confirmations and other important information concerning your investment in the Funds online. Select this option on your Account Application to receive email notifications when quarterly statements and confirmations are available for you to view via secure online access. You will also receive emails whenever a new prospectus, semi-annual or annual fund report is available. To establish eDelivery, call (866) 290-2688 or visit https://funds.aqr.com.

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AQR Funds–Prospectus104

**How to Redeem Class N Shares, Class I Shares and Class R6 Shares**

You may normally redeem your shares on any *Business Day*, *i.e.*, any day during which the *NYSE* is open for trading. Redemptions of Class N Shares, Class I Shares and Class R6 Shares are priced at the *NAV* per share next determined after receipt of a redemption request in *good order* by the *Transfer Agent*, the Funds or an authorized agent of the Funds. A financial intermediary may, subject to compliance with applicable rules, regulations and guidance, charge its customers a commission, transaction fee or service fee in connection with redemptions, and will have its own procedures for arranging for redemptions of the Funds' shares. If you have purchased your Fund shares through a financial intermediary, consult your intermediary for more information.

None of the Funds, the *Adviser*, the *Distributor* and the *Transfer Agent* of the Funds, nor any of their affiliates or agents will be liable for any loss, expense or cost when acting upon any oral, wired or electronically transmitted instructions or inquiries believed by them to be genuine.

While precautions will be taken, as more fully described below, you bear the risk of any loss as the result of unauthorized telephone redemptions or exchanges believed to be genuine, subject to applicable law. The Funds will employ reasonable procedures to confirm that instructions communicated are genuine. These procedures include recording phone conversations, sending confirmations to shareholders within 72 hours of the telephone transaction, verifying the account name and sending redemption proceeds only to the address of record or to a previously authorized bank account.

**By Telephone**

You may redeem your shares by telephone if you choose that option on your Account Application. If you did not originally select the telephone option, you must provide written instructions to the Funds in order to add this option. The maximum amount that may be redeemed by telephone at any one time is $50,000. You may have the proceeds mailed to your address of record or wired to a bank account previously designated on the Account Application.

**By Mail**

To redeem by mail, you must send a written request for redemption to the Funds, AQR Funds, P.O. Box 2248, Denver, CO 80201-2248. The Funds' *Transfer Agent* will require a Medallion Signature Guarantee. A Medallion Signature Guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency, savings association, or other financial institution that is participating in a medallion program recognized by the Securities Transfer Association. Signature guarantees from financial institutions that are not participating in one of these programs are not accepted as Medallion Signature Guarantees. The Medallion Signature Guarantee requirement will be waived if all of the following conditions apply: (1) the redemption check is payable to the shareholder(s) of record; (2) the redemption check is mailed to the shareholder(s) at the address of record; (3) an application is on file with the *Transfer Agent*; and (4) the proceeds of the redemption are $100,000 or less. The *Transfer Agent* cannot send an overnight package to a post office box.

**By Fax**

You may redeem your shares by faxing a written request for redemption to (866) 205-1499. You may have the proceeds mailed to your address of record or wired to a bank account previously designated on the Account Application.

**By Systematic Withdrawal**

You may elect to have monthly electronic transfers ($250 minimum) made to your bank account from your Funds account. Your Funds account must have a minimum balance of $10,000 and automatically have all dividends and capital gains reinvested. The transfer will be made on the *Business Day* you specify (or the next *Business Day*) to your designated account or a check will be mailed to your address of record. If you do not specify a day, the transfer will be made on the 20th day of each month or the next *Business Day* if the 20th is not a *Business Day*.

**Retirement Accounts**

To redeem shares from an IRA, Roth IRA, SIMPLE IRA, SEP IRA, 403(b) or other retirement account, you must mail a completed and signed Distribution Form to the Funds. You may not redeem shares of an IRA, Roth IRA, SIMPLE IRA, SEP IRA, 403(b) or other retirement account by telephone or via the Internet.

**Payments of Redemption Proceeds**

Redemption orders are valued at the *NAV* per share next determined after the shares are properly tendered for redemption, as described above. Payment for shares redeemed generally will be on the next *Business Day* after receipt of a valid request for redemption regardless of whether payment of redemption proceeds is to be made by check, wire, or ACH transfer. The Funds reserve the right to delay payment for up to seven calendar days. The Funds may temporarily stop redeeming shares or delay payment of redemption proceeds for more than seven calendar days when

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AQR Funds–Prospectus105

the *NYSE* is closed or trading on the *NYSE* is restricted, when an emergency exists and the Funds cannot sell shares or accurately determine the value of assets, or if the *SEC* orders the Funds to suspend redemptions or delay payment of redemption proceeds.

At various times, a Fund may be requested to redeem shares for which it has not yet received good payment. If this is the case, the forwarding of proceeds may be delayed until payment has been collected for the purchase of the shares. The delay may last 10 days or more. The Funds intend to forward the redemption proceeds as soon as good payment for purchase orders has been received. This delay may be avoided if shares are purchased by wire transfer.

Generally, all redemptions will be in cash. The Funds typically expect to satisfy redemption requests by using holdings of cash or cash equivalents. The Funds may also determine to sell portfolio assets to meet such requests. On a less regular basis, the Funds may satisfy redemption requests by accessing a bank line of credit, participating in an interfund lending program or using other short-term borrowings from the Funds' custodian (if permitted by the custodian). These methods may be used during both normal and stressed market conditions.

In addition to paying redemption proceeds in cash, the Funds reserve the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash. The Funds are obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of a Fund's *NAV* during any 90 day period for any one shareholder of record. Redemptions in excess of those amounts will normally be paid in cash, but may be paid wholly or partly by a distribution in kind of marketable securities, provided that, among other things, the requested redemption is for an amount greater than 5% of a Fund's *NAV* as of the redemption date. Additionally, the Funds may pay, wholly or partly, redemption proceeds by a distribution in kind of marketable securities at the request of the shareholder or with the shareholder's consent. Each Fund reserves the right to pay in-kind redemptions through distributions of (i) securities comprising a pro rata portion of the Fund's securities holdings, (ii) individual securities and/or (iii) baskets of securities. If payment is made in securities, a Fund will value the securities selected in the same manner in which it computes its *NAV*. Brokerage costs may be incurred by a shareholder who receives securities and desires to convert them to cash. Also, the portfolio securities received may increase or decrease in value before the investor can convert them into cash. While the Funds do not expect to routinely use redemptions in kind, each Fund may pay redemption proceeds in kind during stressed market conditions or to manage the impact of large redemptions on the Fund under normal or stressed market conditions.

**By Check**

You may have a check for the redemption proceeds mailed to your address of record. To change the address to which a redemption check is to be mailed, you must send a written request with a Medallion Signature Guarantee to the Funds, AQR Funds, P.O. Box 2248, Denver, CO 80201-2248.

**By ACH Transfer**

If your bank account is ACH active, you may have your redemption proceeds sent to your bank account via ACH transfer.

**By Wire Transfer**

You can arrange for the proceeds of a redemption to be sent by wire transfer to a single previously designated bank account if you have given authorization for expedited wire redemption on your Funds Account Application. This redemption option does not apply to shares held in broker "street name" accounts. If a request for a wire redemption is received by the Funds prior to the close of the *NYSE*, the shares will be redeemed that day at the next determined *NAV*, and the proceeds will generally be sent to the designated bank account the next *Business Day*. The bank must be a member of the Federal Reserve wire system. Delivery of the proceeds of a wire redemption request may be delayed by the Funds for up to seven days if deemed appropriate under then current market conditions. Redeeming shareholders will be notified if a delay in transmitting proceeds is anticipated. The Funds cannot be responsible for the efficiency of the Federal Reserve wire system or the shareholder's bank. You are responsible for any charges imposed by your bank. The Funds reserve the right to terminate the wire redemption privilege. Shares purchased by check may not be redeemed by wire transfer until the shares have been owned (*i.e.*, paid for) for at least 10 days. To change the name of the single bank account designated to receive wire redemption proceeds, you must send a written request with a Medallion Signature Guarantee to the Funds, AQR Funds, P.O. Box 2248, Denver, CO 80201-2248. If you elect to have the payment wired to your bank, a wire transfer fee of $30.00 may be charged by the Funds.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Funds' post office box, of purchase orders, redemption requests or exchange requests does not constitute receipt by the Funds.

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AQR Funds–Prospectus106

**How to Exchange Class N Shares, Class I Shares and Class R6 Shares**

You may exchange shares of a Fund for any class of shares of another Fund or any other series of the *Trust* (each, a "Series"), provided that you meet all eligibility requirements for investment in the particular class of shares. See "Investing with the AQR Funds" in this prospectus for more details. Exchanges may be made on any day during which the *NYSE* is open for trading.

Exchanges are priced at the *NAV* per share next determined after receipt of an exchange request in *good order* by the *Transfer Agent*, the Funds or an authorized financial intermediary or other agent of the Funds. A financial intermediary may, subject to compliance with applicable rules, regulations and guidance, charge its customers a commission, transaction fee or service fee in connection with exchanges, and will have its own procedures for arranging for exchanges of the Funds' shares. If you have purchased your Fund shares through a financial intermediary, consult your intermediary for more information.

An exchange of shares of one Fund for shares of another Fund or Series is considered a sale and generally results in a capital gain or loss for federal income tax purposes, unless you are investing through an IRA, 401(k) or other tax-advantaged account. You should talk to your tax advisor before making an exchange.

None of the Funds, the *Adviser*, the *Distributor* and the *Transfer Agent* of the Funds, nor any of their affiliates or agents will be liable for any loss, expense or cost when acting upon any oral, wired or electronically transmitted instructions or inquiries believed by them to be genuine, subject to applicable law.

While precautions will be taken, as more fully described below, you bear the risk of any loss as the result of unauthorized telephone exchanges believed to be genuine. The Funds will employ reasonable procedures to confirm that instructions communicated are genuine. These procedures include recording phone conversations, sending confirmations to shareholders within 72 hours of the telephone transaction and verifying the account name.

Always be sure to read the prospectus of the Fund or Series into which you are exchanging shares. To receive a current copy of a Fund's or Series' prospectus, please call (866) 290-2688 or visit https://funds.aqr.com.

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services, or receipt at the Funds' post office box, of purchase orders, redemption requests or exchange requests does not constitute receipt by the Funds.

**Restrictions**

&nbsp;&nbsp;&nbsp;&nbsp;• If you bought shares through a financial intermediary, contact your financial intermediary to learn which Funds, Series and share classes your financial intermediary makes available to you for exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchanges may be made only between accounts that have identical registrations.

&nbsp;&nbsp;&nbsp;&nbsp;• Not all Funds or Series offer all share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• You will generally be required to meet the minimum investment requirement for the class of shares into which your exchange is made.

&nbsp;&nbsp;&nbsp;&nbsp;• Your exchange will also be subject to any other requirements of the Fund, Series or share class into which, or from which, you are exchanging shares, including the imposition of sales loads and/or subscription or redemption fees (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;• The exchange privilege is not intended as a vehicle for short-term trading. The Funds or Series may suspend or terminate your exchange privilege if you engage in a pattern of excessive exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;• Each Fund and each Series reserve the right to cancel any purchase or exchange order it receives if the *Trust* believes that it is in the best interest of the Fund's or Series' (as applicable) shareholders to do so.

**By Telephone**

Contact your financial intermediary or, if you purchased your shares directly from the Funds, you may exchange your shares by telephone if you choose that option on your Account Application by calling (866) 290-2688. If you did not originally select the telephone option, you must provide written instructions to the Funds in order to add this option.

**By Mail**

Contact your financial intermediary or, if you purchased your shares through the *Transfer Agent*, you must send a written request for exchange to the Funds at the following address:

AQR Funds

P.O. Box 2248

Denver, CO 80201-2248

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AQR Funds–Prospectus107

**By Systematic Exchange Plan**

You may be permitted to schedule automatic exchanges of shares of a Fund for shares of other Funds or Series available for exchange. All requirements for exchanging shares described above apply to these exchanges. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;• Exchanges may be made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;• Each exchange must meet the applicable investment minimums for automatic investment plans (see "How to Buy Class N Shares, Class I Shares and Class R6 Shares").

For more information, please contact your financial intermediary or the Funds.

The Funds also reserve the right to permit exchanges of shares of a Fund for shares of another class of the same Fund.

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AQR Funds–Prospectus108

**Rule 12b-1 Plan (Class N Shares)**

The *Board of Trustees* has adopted a *Rule 12b-1 Plan* with respect to each Fund's Class N Shares. The *Rule 12b-1 Plan* provides that the distribution fee payable is up to 0.25% annually of the Fund's average daily net assets for Class N Shares. The *Rule 12b-1 Plan* permits a Fund to make payments for distribution *(i.e*., activities designed to result primarily in the sale of the Funds' Class N Shares*)* and/or administrative activities related to Class N Shares. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Certain Additional Payments**

The Funds and/or the *Adviser* also enter into agreements with certain intermediaries under which Class I or Class N Shares of the Funds make payments to the intermediaries in recognition of the avoided transfer agency costs to the Funds associated with the intermediaries' maintenance of customer accounts or in recognition of the services provided by intermediaries through *mutual fund* platforms. Payments made out of the Funds under such agreements are generally based on either (1) a percentage of the average daily net asset value of the customer shares serviced by the intermediary, up to a set maximum, or (2) a per account fee assessed against each account serviced by such intermediary, up to a set maximum. These payments are in addition to other payments described in this prospectus such as the *Rule 12b-1 Plan*.

The *Adviser* (or an affiliate) makes additional payments out of its own resources to certain intermediaries or their affiliates based on sales or assets attributable to the intermediary, or such other criteria agreed to by the *Adviser* in connection with the sale or distribution of a Fund's shares and/or the administration of shareholder accounts. Such payments may be made with respect to any share class of the Funds. The *Adviser* selects the intermediaries to which it or its affiliate makes payments. These additional payments to intermediaries, which are sometimes referred to as "revenue sharing" payments, may represent a premium over payments made by other fund families, and investment professionals have an added incentive to sell or recommend a Fund or a share class of the Fund over others offered by competing fund families. Ask your investment professional for more information.

In certain circumstances, to the extent permitted by *SEC* and Financial Industry Regulatory Authority (FINRA) rules and by other applicable laws and regulations, the *Adviser* makes other payments to broker-dealers and/or financial intermediaries that make the Funds available for sale to their clients.

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AQR Funds–Prospectus109

**Distributions and Taxes**

**Distributions**

Each Fund distributes to its shareholders substantially all net investment income as dividends and any net capital gains realized from sales of the Fund's portfolio securities. Each of the Funds expects to declare and pay dividends annually. Net realized long-term capital gains, if any, are paid to shareholders at least annually.

All of your income dividends and capital gain distributions will be reinvested in additional shares unless you elect to have distributions paid by check. If any check from a Fund mailed to you is returned as undeliverable or is not presented for payment within six months, the *Trust* reserves the right to reinvest the check proceeds and future distributions in additional Fund shares. A distribution check will only be issued for a payment greater than $25.00. A distribution will automatically be reinvested in shares of a Fund generating the distribution if the distribution is under $25.00. An uncashed distribution check may be canceled and the proceeds reinvested at the then current *NAV*, for a shareholder that chooses to receive a distribution in cash, if a distribution check: (1) is returned and marked as "undeliverable" or (2) remains uncashed for six months after the date of issuance. If a distribution check is canceled and reinvested, the shareholder's account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on an uncashed distribution check.

**Taxes**

The following is a discussion of certain U.S. federal income tax considerations as they relate to distributions paid to you by a Fund and the sale or exchange of your Fund shares. It is not intended to be a full discussion of income tax laws and does not address special tax rules applicable to certain types of investors, such as tax-exempt entities, insurance companies, and financial institutions; therefore we recommend you consult your tax advisor with respect to the specific federal, state, local and foreign tax consequences of investing in a Fund. Unless otherwise noted, the tax information below assumes you are a U.S. citizen or resident.

**Sales.** When you redeem or otherwise dispose of Fund shares, you will generally recognize capital gain or loss in the amount of the difference between the adjusted tax basis of your shares and the redemption proceeds, assuming that you hold the shares as capital assets. Such capital gain or loss would be long-term if the holding period exceeds one year and short-term if the holding period is one year or less, except any loss realized on shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received on such shares.

**Exchanges.** If you exchange your shares of a Fund for shares of another class of the same Fund, it will not be considered a taxable event and should not result in capital gain or loss. If you exchange your shares of a Fund for shares of another series of the *Trust*, it will be considered a sale and purchase of shares for federal income tax purposes and may result in a capital gain or loss.

**Cost Basis Reporting.** Each shareholder is responsible for their own tax reporting and Fund share cost calculation. To facilitate your tax reporting, a Fund is required to report annually on Form 1099-B the gross proceeds of all Fund shares sold or redeemed. In addition to gross proceeds, a Fund is also required to report the cost basis of Fund shares sold or redeemed that were purchased on or after January 1, 2012. The cost basis will be calculated using the Funds' default method of average cost, unless you instruct the Fund to use a different methodology. If your account is held through a third party intermediary, you will need to contact your account representative with respect to the cost basis reporting methods available to you.

The cost basis information you receive may not include certain additional basis, holding period or other adjustments required for federal income tax purposes. Therefore, you should consult with your tax advisor to properly calculate gain or loss on the sale or redemption of Fund shares.

**Distributions.** Distributions are subject to federal income tax and may be subject to state or local taxes. If you are a U.S. citizen residing outside the U.S., your distributions may also be taxed by the country in which you reside. Distributions from net investment income and net short-term capital gain are taxable to you as ordinary income, while distributions of long-term capital gains are taxable to you as long-term capital gains regardless of the length of time you held your Fund shares. Fund distributions paid to you are taxable whether received in cash or reinvested in additional Fund shares, unless your Fund shares are held in an individual retirement account or other tax-deferred account. These accounts are subject to complex tax rules; therefore, it is recommended that you consult your tax advisor about their applicability to your investment.

Distributions paid from long-term capital gains are generally taxed to non-corporate shareholders at either 15% or 20%, depending upon whether their taxable income exceeds certain threshold amounts. Distributions that are designated as "qualified dividend income" are generally taxed to non-corporate shareholders at long-term capital gain rates assuming that the relevant Fund shares are held for at least 61 days during the 121-day period beginning 60 days before the Fund's ex-dividend date and certain other conditions are met.

An additional 3.8% Medicare contribution tax is imposed on net investment income, including, among other items, interest, dividends, and net gain, of U.S. individuals, estates and trusts that exceeds certain threshold amounts.

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AQR Funds–Prospectus110

Investment income earned by a Fund from sources within foreign countries may be subject to foreign income taxes withheld at the source. If a Fund pays nonrefundable taxes to foreign countries during the year, the taxes will be deductible against the Fund's taxable income. However, if a Fund qualifies for and makes a special election, such foreign taxes paid by the Fund will be included as an amount deemed distributed to you as taxable income, and you may be able to claim an offsetting credit or deduction on your tax return for your share of these foreign taxes.

Purchasing a Fund's shares in a taxable account shortly before a distribution is paid by the Fund is sometimes called "buying into a distribution." You will be fully taxed on the distribution even though the distribution reflects a return of a portion of your recent investment.

**Backup Withholding.** You must furnish to the Funds your social security or other taxpayer identification number to avoid federal income tax backup withholding on dividends, distributions and redemption proceeds. The Fund is required to withhold tax, based on the applicable backup withholding rate, from your taxable distributions and redemption proceeds if you do not provide your correct taxpayer identification number, or certify that it is correct, or if the *IRS* instructs the Fund to do so.

**Other Information.** The Funds are required to withhold a 30% U.S. tax on dividend payments made to certain non-U.S. entities, unless such entities comply with certain reporting requirements to the *IRS*, or with the reporting requirements of an applicable intergovernmental agreement, in respect of its direct and indirect U.S. investors.

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AQR Funds–Prospectus112

**Financial Highlights**

The financial highlights tables are intended to help you understand each Fund's financial performance for each share class for each of the periods presented. Certain information reflects financial results for a single fund share. The *total returns* in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information for each period presented has been audited by PricewaterhouseCoopers LLP, whose reports on the financial statements containing the financial highlights are included in the representative Fund's annual report, which is available upon request.

Effective March 8, 2021, the AQR TM Emerging Multi-Style Fund was renamed AQR Emerging Multi-Style II Fund. The financial performance prior to March 8, 2021 are those of the Fund when it was named "AQR TM Emerging Multi-Style Fund."

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
|  |  | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** |
|  | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| <br>**Net**<br> **Investment**<br> **Income**<br> **(Loss)**<br>| <br>**Net**<br> **Realized**<br> **and**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net**<br> **Asset**<br> **Value from**<br> **Operations**<br>| <br>**Distributions**<br> **from Net**<br> **Investment**<br> **Income**<br>| <br>**Distributions**<br> **from Net**<br> **Realized**<br> **Gains**<br>| <br>**Total**<br> **Distributions**<br>|
| **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** | **AQR LARGE CAP MULTI-STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $20.84 | 0.25 | (2.57) | (2.32) | (0.26) | (2.26) | (2.52) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $17.63 | 0.22<sup>6</sup> <br>| 4.78 | 5.00 | (0.23) | (1.56) | (1.79) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $16.84 | 0.23 | 1.48 | 1.71 | (0.21) | (0.71) | (0.92) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $18.83 | 0.21<sup>9</sup> <br>| (1.06) | (0.85) | (0.27) | (0.87) | (1.14) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $16.87 | 0.23 | 2.13 | 2.36 | (0.22) | (0.18) | (0.40) |
| **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** | **AQR LARGE CAP MULTI-STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $20.95 | 0.20 | (2.59) | (2.39) | (0.19) | (2.26) | (2.45) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $17.72 | 0.17<sup>6</sup> <br>| 4.81 | 4.98 | (0.19) | (1.56) | (1.75) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $16.76 | 0.20 | 1.47 | 1.67 |  | (0.71) | (0.71) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $18.74 | 0.17<sup>9</sup> <br>| (1.06) | (0.89) | (0.22) | (0.87) | (1.09) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $16.79 | 0.18 | 2.13 | 2.31 | (0.18) | (0.18) | (0.36) |
| **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** | **AQR LARGE CAP MULTI-STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $20.83 | 0.27 | (2.57) | (2.30) | (0.28) | (2.26) | (2.54) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $17.62 | 0.24<sup>6</sup> <br>| 4.78 | 5.02 | (0.25) | (1.56) | (1.81) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $16.83 | 0.25 | 1.48 | 1.73 | (0.23) | (0.71) | (0.94) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $18.83 | 0.23<sup>9</sup> <br>| (1.07) | (0.84) | (0.29) | (0.87) | (1.16) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $16.87 | 0.25 | 2.13 | 2.38 | (0.24) | (0.18) | (0.42) |
| **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** | **AQR SMALL CAP MULTI-STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $18.38 | 0.14<sup>10</sup> <br>| (3.64) | (3.50) | (0.08) | (1.05) | (1.13) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $12.35 | 0.07<sup>611</sup> <br>| 6.24 | 6.31 | (0.28) |  | (0.28) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $12.33 | 0.08 | 0.07<sup>12</sup> <br>| 0.15 | (0.12) | (0.01) | (0.13) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $15.88 | 0.11<sup>9</sup> <br>| (2.14) | (2.03) | (0.08) | (1.44) | (1.52) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $16.09 | 0.10 | 1.27 | 1.37 | (0.12) | (1.46) | (1.58) |
| **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** | **AQR SMALL CAP MULTI-STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $18.32 | 0.09<sup>10</sup> <br>| (3.62) | (3.53) | (0.03) | (1.05) | (1.08) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $12.32 | 0.03<sup>611</sup> <br>| 6.22 | 6.25 | (0.25) |  | (0.25) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $12.29 | 0.04 | 0.08<sup>12</sup> <br>| 0.12 | (0.08) | (0.01) | (0.09) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $15.82 | 0.08<sup>9</sup> <br>| (2.12) | (2.04) | (0.05) | (1.44) | (1.49) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $16.01 | 0.06 | 1.28 | 1.34 | (0.07) | (1.46) | (1.53) |
| **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** | **AQR SMALL CAP MULTI-STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $18.41 | 0.15<sup>10</sup> <br>| (3.64) | (3.49) | (0.10) | (1.05) | (1.15) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $12.37 | 0.10<sup>611</sup> <br>| 6.23 | 6.33 | (0.29) |  | (0.29) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $12.35 | 0.08 | 0.08<sup>12</sup> <br>| 0.16 | (0.13) | (0.01) | (0.14) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $15.91 | 0.13<sup>9</sup> <br>| (2.15) | (2.02) | (0.10) | (1.44) | (1.54) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $16.11 | 0.11 | 1.29 | 1.40 | (0.14) | (1.46) | (1.60) |

---

------

AQR Funds–Prospectus113

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** |
| | |  | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>**Net**<br> **Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| <br>&nbsp;&nbsp; <br>**Total**<br> **Return**<sup>2,3</sup><br>| &nbsp;&nbsp; <br>**Net Assets,**<br> **End of Period**<br> **(000's)**<br>| &nbsp;&nbsp; <br>**Expenses, Before**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br> **Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<br> **(Excluding Dividend**<br> **Short Expense &**<br> **Interest Expense)**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Net Investment**<br> **Income (Loss)**<br>| &nbsp;&nbsp; <br>**Portfolio**<br> **Turnover**<br> **Rate**<sup>5</sup><br>|
| $16.00 | **(13.59)%** | $206052 | 0.42% | 0.41% | 0.40% | 1.30% | 56% |
| $20.84 | **30.10%** | $283306 | 0.41%<sup>7</sup> <br>| 0.41%<sup>7</sup> <br>| 0.40%<sup>7</sup> <br>| 1.13%<sup>6</sup> <br>| 59%<sup>8</sup> <br>|
| $17.63 | **10.30%** | $218609 | 0.45% | 0.44% | 0.44% | 1.38% | 48% |
| $16.84 | **(3.55)%** | $361920 | 0.44% | 0.44% | 0.44% | 1.29%<sup>9</sup> <br>| 55% |
| $18.83 | **14.11%** | $507109 | 0.44% | 0.44% | 0.44% | 1.28% | 64% |
| $16.11 | **(13.82)%** | $5348 | 0.67% | 0.66% | 0.65% | 1.04% | 56% |
| $20.95 | **29.73%** | $8726 | 0.66%<sup>7</sup> <br>| 0.66%<sup>7</sup> <br>| 0.65%<sup>7</sup> <br>| 0.87%<sup>6</sup> <br>| 59%<sup>8</sup> <br>|
| $17.72 | **10.07%** | $10681 | 0.71% | 0.69% | 0.69% | 1.17% | 48% |
| $16.76 | **(3.84)%** | $57421 | 0.70% | 0.70% | 0.70% | 1.02%<sup>9</sup> <br>| 55% |
| $18.74 | **13.83%** | $71104 | 0.70% | 0.70% | 0.70% | 1.02% | 64% |
| $15.99 | **(13.51)%** | $720884 | 0.32% | 0.31% | 0.30% | 1.40% | 56% |
| $20.83 | **30.26%** | $1008244 | 0.31%<sup>7</sup> <br>| 0.31%<sup>7</sup> <br>| 0.30%<sup>7</sup> <br>| 1.23%<sup>6</sup> <br>| 59%<sup>8</sup> <br>|
| $17.62 | **10.43%** | $863892 | 0.35% | 0.34% | 0.34% | 1.51% | 48% |
| $16.83 | **(3.50)%** | $1027712 | 0.35% | 0.35% | 0.35% | 1.38%<sup>9</sup> <br>| 55% |
| $18.83 | **14.20%** | $1366762 | 0.35% | 0.35% | 0.35% | 1.37% | 64% |
| $13.75 | **(20.56)%** | $60005 | 0.75% | 0.61% | 0.60% | 0.81%<sup>10</sup> <br>| 65% |
| $18.38 | **51.47%** | $67830 | 0.83%<sup>7</sup> <br>| 0.72%<sup>7</sup> <br>| 0.71%<sup>7</sup> <br>| 0.43%<sup>6,11</sup> <br>| 60%<sup>8</sup> <br>|
| $12.35 | **1.13%** | $39049 | 0.70% | 0.65% | 0.64% | 0.63% | 51% |
| $12.33 | **(11.74)%** | $42197 | 0.66% | 0.64% | 0.64% | 0.92%<sup>9</sup> <br>| 70% |
| $15.88 | **9.18%** | $61690 | 0.66% | 0.65% | 0.64% | 0.63% | 64% |
| $13.71 | **(20.75)%** | $4979 | 1.00% | 0.86% | 0.85% | 0.55%<sup>10</sup> <br>| 65% |
| $18.32 | **51.05%** | $8123 | 1.08%<sup>7</sup> <br>| 0.97%<sup>7</sup> <br>| 0.96%<sup>7</sup> <br>| 0.16%<sup>6,11</sup> <br>| 60%<sup>8</sup> <br>|
| $12.32 | **0.87%** | $5421 | 0.95% | 0.90% | 0.89% | 0.36% | 51% |
| $12.29 | **(11.94)%** | $8304 | 0.92% | 0.90% | 0.90% | 0.66%<sup>9</sup> <br>| 70% |
| $15.82 | **8.94%** | $7795 | 0.92% | 0.90% | 0.90% | 0.38% | 64% |
| $13.77 | **(20.51)%** | $37123 | 0.65% | 0.51% | 0.50% | 0.91%<sup>10</sup> <br>| 65% |
| $18.41 | **51.60%** | $54607 | 0.74%<sup>7</sup> <br>| 0.63%<sup>7</sup> <br>| 0.62%<sup>7</sup> <br>| 0.64%<sup>6,11</sup> <br>| 60%<sup>8</sup> <br>|
| $12.37 | **1.22%** | $213517 | 0.60% | 0.55% | 0.54% | 0.70% | 51% |
| $12.35 | **(11.66)%** | $501656 | 0.57% | 0.55% | 0.55% | 1.02%<sup>9</sup> <br>| 70% |
| $15.91 | **9.34%** | $675945 | 0.57% | 0.55% | 0.55% | 0.73% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

AQR Funds–Prospectus114

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
|  |  | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** |
|  | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| <br>**Net**<br> **Investment**<br> **Income**<br> **(Loss)**<br>| <br>**Net**<br> **Realized**<br> **and**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net**<br> **Asset**<br> **Value from**<br> **Operations**<br>| <br>**Distributions**<br> **from Net**<br> **Investment**<br> **Income**<br>| <br>**Distributions**<br> **from Net**<br> **Realized**<br> **Gains**<br>| <br>**Total**<br> **Distributions**<br>|
| **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $13.12 | 0.39 | (3.39) | (3.00) | (0.39) |  | (0.39) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $10.69 | 0.34<sup>6</sup> <br>| 2.31 | 2.65 | (0.22) |  | (0.22) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $11.06 | 0.22 | (0.25) | (0.03) | (0.34) |  | (0.34) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $11.76 | 0.28 | (0.60) | (0.32) | (0.38) |  | (0.38) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $11.95 | 0.28 | (0.18) | 0.10 | (0.29) |  | (0.29) |
| **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $13.08 | 0.32 | (3.34) | (3.02) | (0.35) |  | (0.35) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $10.66 | 0.28<sup>6</sup> <br>| 2.33 | 2.61 | (0.19) |  | (0.19) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $11.03 | 0.19 | (0.25) | (0.06) | (0.31) |  | (0.31) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $11.73 | 0.24 | (0.59) | (0.35) | (0.35) |  | (0.35) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $11.92 | 0.24 | (0.17) | 0.07 | (0.26) |  | (0.26) |
| **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** | **AQR INTERNATIONAL MULTI-STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $13.10 | 0.39 | (3.37) | (2.98) | (0.40) |  | (0.40) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $10.67 | 0.37<sup>6</sup> <br>| 2.29 | 2.66 | (0.23) |  | (0.23) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $11.05 | 0.23 | (0.26) | (0.03) | (0.35) |  | (0.35) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $11.75 | 0.28 | (0.59) | (0.31) | (0.39) |  | (0.39) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $11.94 | 0.29 | (0.18) | 0.11 | (0.30) |  | (0.30) |
| **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** | **AQR EMERGING MULTI-STYLE II FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $12.20 | 0.41 | (3.83) | (3.42) | (0.29) |  | (0.29) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $10.57 | 0.34<sup>611</sup> <br>| 1.48 | 1.82 | (0.19) |  | (0.19) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $9.75 | 0.14 | 0.92 | 1.06 | (0.24) |  | (0.24) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $10.58 | 0.25<sup>9</sup> <br>| (0.86) | (0.61) | (0.22) |  | (0.22) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $11.12 | 0.23<sup>13</sup> <br>| (0.59) | (0.36) | (0.18) |  | (0.18) |
| **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** | **AQR EMERGING MULTI-STYLE II FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $12.22 | 0.33 | (3.78) | (3.45) | (0.26) |  | (0.26) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $10.60 | 0.33<sup>611</sup> <br>| 1.46 | 1.79 | (0.17) |  | (0.17) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $9.77 | 0.14 | 0.90 | 1.04 | (0.21) |  | (0.21) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $10.57 | 0.16<sup>9</sup> <br>| (0.79) | (0.63) | (0.17) |  | (0.17) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $11.12 | 0.19<sup>13</sup> <br>| (0.59) | (0.40) | (0.15) |  | (0.15) |
| **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** | **AQR EMERGING MULTI-STYLE II FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $12.20 | 0.41 | (3.82) | (3.41) | (0.30) |  | (0.30) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $10.58 | 0.31<sup>611</sup> <br>| 1.51 | 1.82 | (0.20) |  | (0.20) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $9.76 | 0.18 | 0.89 | 1.07 | (0.25) |  | (0.25) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $10.59 | 0.23<sup>9</sup> <br>| (0.83) | (0.60) | (0.23) |  | (0.23) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $11.13 | 0.24<sup>13</sup> <br>| (0.59) | (0.35) | (0.19) |  | (0.19) |

---

------

AQR Funds–Prospectus115

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** |
| | |  | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>**Net**<br> **Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| <br>&nbsp;&nbsp; <br>**Total**<br> **Return**<sup>2,3</sup><br>| &nbsp;&nbsp; <br>**Net Assets,**<br> **End of Period**<br> **(000's)**<br>| &nbsp;&nbsp; <br>**Expenses, Before**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br> **Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<br> **(Excluding Dividend**<br> **Short Expense &**<br> **Interest Expense)**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Net Investment**<br> **Income (Loss)**<br>| &nbsp;&nbsp; <br>**Portfolio**<br> **Turnover**<br> **Rate**<sup>5</sup><br>|
| $9.73 | **(23.62)%** | $62389 | 0.63% | 0.56% | 0.56% | 3.17% | 73% |
| $13.12 | **24.97%** | $81680 | 0.61%<sup>7</sup> <br>| 0.56%<sup>7</sup> <br>| 0.56%<sup>7</sup> <br>| 2.61%<sup>6</sup> <br>| 62%<sup>8</sup> <br>|
| $10.69 | **(0.51)%** | $49672 | 0.67% | 0.60% | 0.59% | 2.04% | 74% |
| $11.06 | **(2.37)%** | $50189 | 0.67% | 0.60% | 0.60% | 2.56% | 57% |
| $11.76 | **0.81%** | $82661 | 0.64% | 0.60% | 0.60% | 2.36% | 61% |
| $9.71 | **(23.79)%** | $1074 | 0.88% | 0.81% | 0.81% | 2.61% | 73% |
| $13.08 | **24.67%** | $4184 | 0.86%<sup>7</sup> <br>| 0.81%<sup>7</sup> <br>| 0.81%<sup>7</sup> <br>| 2.17%<sup>6</sup> <br>| 62%<sup>8</sup> <br>|
| $10.66 | **(0.75)%** | $4147 | 0.92% | 0.85% | 0.84% | 1.82% | 74% |
| $11.03 | **(2.62)%** | $4261 | 0.92% | 0.85% | 0.85% | 2.25% | 57% |
| $11.73 | **0.51%** | $6892 | 0.89% | 0.85% | 0.85% | 2.04% | 61% |
| $9.72 | **(23.50)%** | $311227 | 0.53% | 0.46% | 0.46% | 3.23% | 73% |
| $13.10 | **25.13%** | $418160 | 0.51%<sup>7</sup> <br>| 0.46%<sup>7</sup> <br>| 0.46%<sup>7</sup> <br>| 2.89%<sup>6</sup> <br>| 62%<sup>8</sup> <br>|
| $10.67 | **(0.47)%** | $191955 | 0.57% | 0.50% | 0.49% | 2.16% | 74% |
| $11.05 | **(2.27)%** | $217891 | 0.57% | 0.50% | 0.50% | 2.54% | 57% |
| $11.75 | **0.90%** | $329854 | 0.54% | 0.50% | 0.50% | 2.44% | 61% |
| $8.49 | **(28.72)%** | $44791 | 0.79% | 0.71% | 0.70% | 3.69% | 61% |
| $12.20 | **17.26%** | $66601 | 0.80%<sup>7</sup> <br>| 0.72%<sup>7</sup> <br>| 0.72%<sup>7</sup> <br>| 2.68%<sup>6,11</sup> <br>| 61%<sup>8</sup> <br>|
| $10.57 | **10.94%** | $19271 | 0.86% | 0.75% | 0.75% | 1.48% | 58% |
| $9.75 | **(5.68)%** | $36722 | 0.84% | 0.75% | 0.75% | 2.51%<sup>9</sup> <br>| 62% |
| $10.58 | **(3.35)%** | $17266 | 0.85% | 0.74% | 0.74% | 2.01%<sup>13</sup> <br>| 54% |
| $8.51 | **(28.85)%** | $846 | 1.04% | 0.96% | 0.95% | 2.87% | 61% |
| $12.22 | **16.96%** | $3885 | 1.05%<sup>7</sup> <br>| 0.96%<sup>7</sup> <br>| 0.96%<sup>7</sup> <br>| 2.56%<sup>6,11</sup> <br>| 61%<sup>8</sup> <br>|
| $10.60 | **10.65%** | $867 | 1.12% | 1.00% | 1.00% | 1.47% | 58% |
| $9.77 | **(5.92)%** | $677 | 1.09% | 1.00% | 1.00% | 1.64%<sup>9</sup> <br>| 62% |
| $10.57 | **(3.70)%** | $1675 | 1.11% | 1.00% | 1.00% | 1.63%<sup>13</sup> <br>| 54% |
| $8.49 | **(28.65)%** | $399011 | 0.69% | 0.61% | 0.60% | 3.74% | 61% |
| $12.20 | **17.32%** | $572793 | 0.71%<sup>7</sup> <br>| 0.63%<sup>7</sup> <br>| 0.63%<sup>7</sup> <br>| 2.44%<sup>6,11</sup> <br>| 61%<sup>8</sup> <br>|
| $10.58 | **11.03%** | $321431 | 0.77% | 0.65% | 0.65% | 1.82% | 58% |
| $9.76 | **(5.59)%** | $305195 | 0.74% | 0.65% | 0.65% | 2.32%<sup>9</sup> <br>| 62% |
| $10.59 | **(3.27)%** | $313070 | 0.76% | 0.65% | 0.65% | 2.07%<sup>13</sup> <br>| 54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

AQR Funds–Prospectus116

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
|  |  | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** |
|  | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| <br>**Net**<br> **Investment**<br> **Income**<br> **(Loss)**<br>| <br>**Net**<br> **Realized**<br> **and**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net**<br> **Asset**<br> **Value from**<br> **Operations**<br>| <br>**Distributions**<br> **from Net**<br> **Investment**<br> **Income**<br>| <br>**Distributions**<br> **from Net**<br> **Realized**<br> **Gains**<br>| <br>**Total**<br> **Distributions**<br>|
| **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $26.92 | 0.21 | (3.67) | (3.46) | (0.13) | (4.25) | (4.38) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $24.47 | 0.10<sup>6</sup> <br>| 6.30 | 6.40 | (0.17) | (3.78) | (3.95) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $22.57 | 0.20 | 3.92 | 4.12 | (0.25) | (1.97) | (2.22) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $24.99 | 0.26<sup>9</sup> <br>| (0.44) | (0.18) | (0.22) | (2.02) | (2.24) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $22.00 | 0.19 | 4.77 | 4.96 | (0.21) | (1.76) | (1.97) |
| **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $26.92 | 0.16 | (3.70) | (3.54) | (0.06) | (4.25) | (4.31) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $24.46 | 0.04<sup>6</sup> <br>| 6.31 | 6.35 | (0.11) | (3.78) | (3.89) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $22.56 | 0.15 | 3.90 | 4.05 | (0.18) | (1.97) | (2.15) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $24.96 | 0.21<sup>9</sup> <br>| (0.43) | (0.22) | (0.16) | (2.02) | (2.18) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $21.98 | 0.13 | 4.77 | 4.90 | (0.16) | (1.76) | (1.92) |
| **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** | **AQR LARGE CAP MOMENTUM STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $26.83 | 0.24 | (3.67) | (3.43) | (0.15) | (4.25) | (4.40) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $24.40 | 0.13<sup>6</sup> <br>| 6.28 | 6.41 | (0.20) | (3.78) | (3.98) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $22.51 | 0.23 | 3.90 | 4.13 | (0.27) | (1.97) | (2.24) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $24.94 | 0.29<sup>9</sup> <br>| (0.45) | (0.16) | (0.25) | (2.02) | (2.27) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $21.96 | 0.22 | 4.75 | 4.97 | (0.23) | (1.76) | (1.99) |
| **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $25.93 | 0.12<sup>10</sup> <br>| (4.92) | (4.80) | (0.07) | (5.18) | (5.25) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $19.47 | (0.00)<sup>614</sup> <br>| 7.92 | 7.92 | (0.15) | (1.31) | (1.46) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $18.66 | 0.09 | 1.56 | 1.65 | (0.10) | (0.74) | (0.84) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $27.14 | 0.09<sup>9</sup> <br>| (3.83) | (3.74) | (0.04) | (4.70) | (4.74) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $24.83 | 0.05<sup>13</sup> <br>| 4.58 | 4.63 | (0.06) | (2.26) | (2.32) |
| **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $25.91 | 0.07<sup>10</sup> <br>| (4.93) | (4.86) | (0.01) | (5.18) | (5.19) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $19.45 | (0.07)<sup>6</sup> <br>| 7.93 | 7.86 | (0.09) | (1.31) | (1.40) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $18.66 | 0.04 | 1.56 | 1.60 | (0.07) | (0.74) | (0.81) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $27.14 | 0.05<sup>9</sup> <br>| (3.83) | (3.78) | (0.00)<sup>14</sup> <br>| (4.70) | (4.70) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $24.82 | (0.00)<sup>1314</sup> <br>| 4.58 | 4.58 |  | (2.26) | (2.26) |
| **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** | **AQR SMALL CAP MOMENTUM STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $25.85 | 0.14<sup>10</sup> <br>| (4.91) | (4.77) | (0.09) | (5.18) | (5.27) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $19.41 | 0.03<sup>6</sup> <br>| 7.89 | 7.92 | (0.17) | (1.31) | (1.48) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $18.61 | 0.11 | 1.56 | 1.67 | (0.13) | (0.74) | (0.87) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $27.10 | 0.13<sup>9</sup> <br>| (3.85) | (3.72) | (0.07) | (4.70) | (4.77) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $24.79 | 0.08<sup>13</sup> <br>| 4.58 | 4.66 | (0.09) | (2.26) | (2.35) |

---

------

AQR Funds–Prospectus117

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** |
| | |  | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>**Net**<br> **Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| <br>&nbsp;&nbsp; <br>**Total**<br> **Return**<sup>2,3</sup><br>| &nbsp;&nbsp; <br>**Net Assets,**<br> **End of Period**<br> **(000's)**<br>| &nbsp;&nbsp; <br>**Expenses, Before**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br> **Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<br> **(Excluding Dividend**<br> **Short Expense &**<br> **Interest Expense)**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Net Investment**<br> **Income (Loss)**<br>| &nbsp;&nbsp; <br>**Portfolio**<br> **Turnover**<br> **Rate**<sup>5</sup><br>|
| $19.08 | **(16.71)%** | $412574 | 0.42% | 0.41% | 0.40% | 0.87% | 84% |
| $26.92 | **28.54%** | $794698 | 0.42%<sup>7</sup> <br>| 0.41%<sup>7</sup> <br>| 0.40%<sup>7</sup> <br>| 0.41%<sup>6</sup> <br>| 102%<sup>8</sup> <br>|
| $24.47 | **19.52%** | $616263 | 0.42% | 0.40% | 0.40% | 0.91% | 75% |
| $22.57 | **1.38%** | $678252 | 0.41% | 0.40% | 0.40% | 1.21%<sup>9</sup> <br>| 61% |
| $24.99 | **23.94%** | $986458 | 0.40% | 0.39% | 0.39% | 0.84% | 66% |
| $19.07 | **(16.97)%** | $52860 | 0.67% | 0.66% | 0.65% | 0.70% | 84% |
| $26.92 | **28.27%** | $58376 | 0.67%<sup>7</sup> <br>| 0.66%<sup>7</sup> <br>| 0.65%<sup>7</sup> <br>| 0.15%<sup>6</sup> <br>| 102%<sup>8</sup> <br>|
| $24.46 | **19.20%** | $46797 | 0.67% | 0.65% | 0.65% | 0.69% | 75% |
| $22.56 | **1.14%** | $67654 | 0.66% | 0.65% | 0.65% | 0.97%<sup>9</sup> <br>| 61% |
| $24.96 | **23.61%** | $77381 | 0.65% | 0.65% | 0.65% | 0.58% | 66% |
| $19.00 | **(16.64)%** | $226855 | 0.32% | 0.31% | 0.30% | 1.03% | 84% |
| $26.83 | **28.68%** | $307619 | 0.31%<sup>7</sup> <br>| 0.31%<sup>7</sup> <br>| 0.30%<sup>7</sup> <br>| 0.51%<sup>6</sup> <br>| 102%<sup>8</sup> <br>|
| $24.40 | **19.66%** | $116264 | 0.32% | 0.30% | 0.30% | 1.05% | 75% |
| $22.51 | **1.48%** | $202063 | 0.31% | 0.30% | 0.30% | 1.33%<sup>9</sup> <br>| 61% |
| $24.94 | **24.06%** | $101971 | 0.30% | 0.30% | 0.30% | 0.93% | 66% |
| $15.88 | **(23.61)%** | $152563 | 0.68% | 0.61% | 0.60% | 0.61%<sup>10</sup> <br>| 74% |
| $25.93 | **41.25%** | $210181 | 0.67%<sup>7</sup> <br>| 0.61%<sup>7</sup> <br>| 0.60%<sup>7</sup> <br>| 0.00%<sup>6</sup> <br>| 103%<sup>8</sup> <br>|
| $19.47 | **8.89%** | $160586 | 0.67% | 0.60% | 0.60% | 0.48% | 86% |
| $18.66 | **(10.90)%** | $201555 | 0.66% | 0.60% | 0.60% | 0.46%<sup>9</sup> <br>| 79% |
| $27.14 | **20.11%** | $346665 | 0.63% | 0.60% | 0.60% | 0.21%<sup>13</sup> <br>| 73% |
| $15.86 | **(23.83)%** | $4488 | 0.93% | 0.86% | 0.85% | 0.36%<sup>10</sup> <br>| 74% |
| $25.91 | **40.98%** | $5908 | 0.92%<sup>7</sup> <br>| 0.86%<sup>7</sup> <br>| 0.85%<sup>7</sup> <br>| (0.28)%<sup>6</sup> <br>| 103%<sup>8</sup> <br>|
| $19.45 | **8.59%** | $3761 | 0.92% | 0.85% | 0.85% | 0.23% | 86% |
| $18.66 | **(11.09)%** | $4395 | 0.91% | 0.85% | 0.85% | 0.28%<sup>9</sup> <br>| 79% |
| $27.14 | **19.84%** | $2835 | 0.85% | 0.83% | 0.83% | (0.02)%<sup>13</sup> <br>| 73% |
| $15.81 | **(23.56)%** | $43555 | 0.58% | 0.51% | 0.50% | 0.72%<sup>10</sup> <br>| 74% |
| $25.85 | **41.41%** | $61524 | 0.57%<sup>7</sup> <br>| 0.51%<sup>7</sup> <br>| 0.50%<sup>7</sup> <br>| 0.11%<sup>6</sup> <br>| 103%<sup>8</sup> <br>|
| $19.41 | **8.99%** | $42453 | 0.57% | 0.50% | 0.50% | 0.60% | 86% |
| $18.61 | **(10.80)%** | $54417 | 0.56% | 0.50% | 0.50% | 0.67%<sup>9</sup> <br>| 79% |
| $27.10 | **20.26%** | $21162 | 0.53% | 0.50% | 0.50% | 0.31%<sup>13</sup> <br>| 73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

AQR Funds–Prospectus118

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
|  |  | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** |
|  | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| <br>**Net**<br> **Investment**<br> **Income**<br> **(Loss)**<br>| <br>**Net**<br> **Realized**<br> **and**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net**<br> **Asset**<br> **Value from**<br> **Operations**<br>| <br>**Distributions**<br> **from Net**<br> **Investment**<br> **Income**<br>| <br>**Distributions**<br> **from Net**<br> **Realized**<br> **Gains**<br>| <br>**Total**<br> **Distributions**<br>|
| **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $19.11 | 0.40 | (5.43) | (5.03) | (0.44) |  | (0.44) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $16.19 | 0.29<sup>6</sup> <br>| 2.83 | 3.12 | (0.20) |  | (0.20) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $14.98 | 0.21 | 1.37 | 1.58 | (0.37) |  | (0.37) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $15.82 | 0.31 | (0.87) | (0.56) | (0.28) |  | (0.28) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $15.50 | 0.29 | 0.37 | 0.66 | (0.34) |  | (0.34) |
| **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $19.05 | 0.37 | (5.45) | (5.08) | (0.35) |  | (0.35) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $16.14 | 0.23<sup>6</sup> <br>| 2.85 | 3.08 | (0.17) |  | (0.17) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $14.94 | 0.18 | 1.35 | 1.53 | (0.33) |  | (0.33) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $15.77 | 0.27 | (0.86) | (0.59) | (0.24) |  | (0.24) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $15.46 | 0.26 | 0.36 | 0.62 | (0.31) |  | (0.31) |
| **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** | **AQR INTERNATIONAL MOMENTUM STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $19.08 | 0.42 | (5.42) | (5.00) | (0.46) |  | (0.46) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $16.16 | 0.31<sup>6</sup> <br>| 2.83 | 3.14 | (0.22) |  | (0.22) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $14.96 | 0.23 | 1.35 | 1.58 | (0.38) |  | (0.38) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $15.80 | 0.33 | (0.87) | (0.54) | (0.30) |  | (0.30) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $15.49 | 0.32 | 0.35 | 0.67 | (0.36) |  | (0.36) |
| **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $29.60 | 0.38 | (4.18) | (3.80) | (0.34) | (0.47) | (0.81) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $24.88 | 0.31<sup>6</sup> <br>| 4.75 | 5.06 | (0.34) |  | (0.34) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $22.83 | 0.33 | 1.99 | 2.32 | (0.26) | (0.01) | (0.27) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $21.18 | 0.34 | 1.62 | 1.96 | (0.23) | (0.08) | (0.31) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $18.23 | 0.30 | 3.10 | 3.40 | (0.27) | (0.18) | (0.45) |
| **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $29.50 | 0.29 | (4.17) | (3.88) | (0.25) | (0.47) | (0.72) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $24.81 | 0.24<sup>6</sup> <br>| 4.73 | 4.97 | (0.28) |  | (0.28) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $22.76 | 0.27 | 1.99 | 2.26 | (0.20) | (0.01) | (0.21) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $21.11 | 0.28 | 1.62 | 1.90 | (0.17) | (0.08) | (0.25) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $18.18 | 0.25 | 3.09 | 3.34 | (0.23) | (0.18) | (0.41) |
| **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** | **AQR LARGE CAP DEFENSIVE STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $29.57 | 0.40 | (4.17) | (3.77) | (0.36) | (0.47) | (0.83) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $24.87 | 0.33<sup>6</sup> <br>| 4.73 | 5.06 | (0.36) |  | (0.36) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $22.81 | 0.36 | 1.99 | 2.35 | (0.28) | (0.01) | (0.29) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $21.15 | 0.35 | 1.63 | 1.98 | (0.24) | (0.08) | (0.32) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $18.21 | 0.32 | 3.09 | 3.41 | (0.29) | (0.18) | (0.47) |

---

------

AQR Funds–Prospectus119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** |
| | |  | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>**Net**<br> **Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| <br>&nbsp;&nbsp; <br>**Total**<br> **Return**<sup>2,3</sup><br>| &nbsp;&nbsp; <br>**Net Assets,**<br> **End of Period**<br> **(000's)**<br>| &nbsp;&nbsp; <br>**Expenses, Before**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br> **Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<br> **(Excluding Dividend**<br> **Short Expense &**<br> **Interest Expense)**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Net Investment**<br> **Income (Loss)**<br>| &nbsp;&nbsp; <br>**Portfolio**<br> **Turnover**<br> **Rate**<sup>5</sup><br>|
| $13.64 | **(27.03)%** | $158014 | 0.63% | 0.58% | 0.57% | 2.23% | 77% |
| $19.11 | **19.40%** | $332293 | 0.60%<sup>7</sup> <br>| 0.56%<sup>7</sup> <br>| 0.55%<sup>7</sup> <br>| 1.54%<sup>6</sup> <br>| 84%<sup>8</sup> <br>|
| $16.19 | **10.62%** | $256067 | 0.60% | 0.55% | 0.55% | 1.41% | 72% |
| $14.98 | **(3.26)%** | $270031 | 0.61% | 0.55% | 0.55% | 2.12% | 70% |
| $15.82 | **4.31%** | $348643 | 0.60% | 0.55% | 0.55% | 1.84% | 65% |
| $13.62 | **(27.23)%** | $33996 | 0.89% | 0.83% | 0.82% | 2.11% | 77% |
| $19.05 | **19.18%** | $68275 | 0.85%<sup>7</sup> <br>| 0.81%<sup>7</sup> <br>| 0.80%<sup>7</sup> <br>| 1.24%<sup>6</sup> <br>| 84%<sup>8</sup> <br>|
| $16.14 | **10.33%** | $60332 | 0.86% | 0.80% | 0.80% | 1.18% | 72% |
| $14.94 | **(3.51)%** | $36694 | 0.86% | 0.80% | 0.80% | 1.86% | 70% |
| $15.77 | **4.02%** | $40452 | 0.85% | 0.80% | 0.80% | 1.61% | 65% |
| $13.62 | **(26.95)%** | $127615 | 0.54% | 0.48% | 0.47% | 2.42% | 77% |
| $19.08 | **19.55%** | $200637 | 0.50%<sup>7</sup> <br>| 0.46%<sup>7</sup> <br>| 0.45%<sup>7</sup> <br>| 1.69%<sup>6</sup> <br>| 84%<sup>8</sup> <br>|
| $16.16 | **10.68%** | $114949 | 0.50% | 0.45% | 0.45% | 1.50% | 72% |
| $14.96 | **(3.15)%** | $129267 | 0.51% | 0.45% | 0.45% | 2.25% | 70% |
| $15.80 | **4.34%** | $63978 | 0.50% | 0.45% | 0.45% | 1.99% | 65% |
| $24.99 | **(13.40)%** | $2734495 | 0.38% | 0.38% | 0.37% | 1.29% | 28% |
| $29.60 | **20.53%** | $3903177 | 0.37%<sup>7</sup> <br>| 0.37%<sup>7</sup> <br>| 0.37%<sup>7</sup> <br>| 1.13%<sup>6</sup> <br>| 17% |
| $24.88 | **10.21%** | $4248841 | 0.40% | 0.40% | 0.40% | 1.44% | 35% |
| $22.83 | **9.59%** | $3262596 | 0.39% | 0.38% | 0.38% | 1.60% | 20% |
| $21.18 | **18.92%** | $1502430 | 0.39% | 0.39% | 0.39% | 1.52% | 18% |
| $24.90 | **(13.66)%** | $296466 | 0.66% | 0.66% | 0.65% | 1.01% | 28% |
| $29.50 | **20.17%** | $432165 | 0.66%<sup>7</sup> <br>| 0.65%<sup>7</sup> <br>| 0.65%<sup>7</sup> <br>| 0.85%<sup>6</sup> <br>| 17% |
| $24.81 | **9.95%** | $463060 | 0.66% | 0.65% | 0.65% | 1.18% | 35% |
| $22.76 | **9.30%** | $389897 | 0.66% | 0.65% | 0.65% | 1.33% | 20% |
| $21.11 | **18.58%** | $309274 | 0.65% | 0.64% | 0.64% | 1.27% | 18% |
| $24.97 | **(13.31)%** | $913045 | 0.31% | 0.31% | 0.30% | 1.37% | 28% |
| $29.57 | **20.55%** | $1344591 | 0.31%<sup>7</sup> <br>| 0.30%<sup>7</sup> <br>| 0.30%<sup>7</sup> <br>| 1.20%<sup>6</sup> <br>| 17% |
| $24.87 | **10.32%** | $1377116 | 0.31% | 0.30% | 0.30% | 1.55% | 35% |
| $22.81 | **9.72%** | $1275970 | 0.31% | 0.30% | 0.30% | 1.61% | 20% |
| $21.15 | **18.99%** | $309211 | 0.30% | 0.30% | 0.30% | 1.61% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

AQR Funds–Prospectus120

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
|  |  | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | **Change in Net Assets Resulting from**<br> **Operations**<sup>1</sup> | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** | <br> **Less Dividends and Distributions** |
|  | <br>**Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| <br>**Net**<br> **Investment**<br> **Income**<br> **(Loss)**<br>| <br>**Net**<br> **Realized**<br> **and**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Net**<br> **Increase**<br> **(Decrease)**<br> **in Net**<br> **Asset**<br> **Value from**<br> **Operations**<br>| <br>**Distributions**<br> **from Net**<br> **Investment**<br> **Income**<br>| <br>**Distributions**<br> **from Net**<br> **Realized**<br> **Gains**<br>| <br>**Total**<br> **Distributions**<br>|
| **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $15.08 | 0.31 | (3.57) | (3.26) | (0.38) |  | (0.38) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $13.18 | 0.29 | 1.86 | 2.15 | (0.25) |  | (0.25) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $13.09 | 0.23 | 0.20<sup>12</sup> <br>| 0.43 | (0.34) |  | (0.34) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $13.38 | 0.34 | (0.35) | (0.01) | (0.28) |  | (0.28) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $13.27 | 0.32<sup>13</sup> <br>| 0.10 | 0.42 | (0.29) | (0.02) | (0.31) |
| **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $15.60 | 0.28 | (3.70) | (3.42) | (0.34) |  | (0.34) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $13.63 | 0.26 | 1.92 | 2.18 | (0.21) |  | (0.21) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $13.52 | 0.24 | 0.18<sup>12</sup> <br>| 0.42 | (0.31) |  | (0.31) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $13.71 | 0.33 | (0.36) | (0.03) | (0.16) |  | (0.16) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $13.58 | 0.26<sup>13</sup> <br>| 0.14 | 0.40 | (0.25) | (0.02) | (0.27) |
| **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** | **AQR INTERNATIONAL DEFENSIVE STYLE FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $15.08 | 0.34 | (3.59) | (3.25) | (0.40) |  | (0.40) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $13.18 | 0.33 | 1.83 | 2.16 | (0.26) |  | (0.26) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $13.09 | 0.28 | 0.16<sup>12</sup> <br>| 0.44 | (0.35) |  | (0.35) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $13.38 | 0.33 | (0.33) | 0.00<sup>14</sup> <br>| (0.29) |  | (0.29) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $13.26 | 0.34<sup>13</sup> <br>| 0.10 | 0.44 | (0.30) | (0.02) | (0.32) |
| **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** | **AQR GLOBAL EQUITY FUND CLASS I** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $10.45 | 0.15 | (1.61) | (1.46) | (0.20) | (1.02) | (1.22) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $8.61 | 0.13 | 1.82 | 1.95 | (0.11) |  | (0.11) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $8.20 | 0.06 | 0.47 | 0.53 | (0.12) |  | (0.12) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $9.11 | 0.15 | (0.72) | (0.57) | (0.13) | (0.21) | (0.34) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $8.89 | 0.13 | 0.54 | 0.67 | (0.08) | (0.37) | (0.45) |
| **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** | **AQR GLOBAL EQUITY FUND CLASS N** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $10.32 | 0.12 | (1.58) | (1.46) | (0.18) | (1.02) | (1.20) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $8.52 | 0.11 | 1.79 | 1.90 | (0.10) |  | (0.10) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $8.12 | 0.08 | 0.43 | 0.51 | (0.11) |  | (0.11) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $9.06 | 0.13 | (0.73) | (0.60) | (0.13) | (0.21) | (0.34) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $8.84 | 0.09 | 0.55 | 0.64 | (0.05) | (0.37) | (0.42) |
| **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** | **AQR GLOBAL EQUITY FUND CLASS R6** |
| FOR THE YEAR ENDED SEPTEMBER 30, 2022 | $10.52 | 0.16 | (1.62) | (1.46) | (0.21) | (1.02) | (1.23) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2021 | $8.67 | 0.14 | 1.84 | 1.98 | (0.13) |  | (0.13) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2020 | $8.27 | 0.12 | 0.41 | 0.53 | (0.13) |  | (0.13) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2019 | $9.19 | 0.14 | (0.70) | (0.56) | (0.15) | (0.21) | (0.36) |
| FOR THE YEAR ENDED SEPTEMBER 30, 2018 | $8.96 | 0.13 | 0.55 | 0.68 | (0.08) | (0.37) | (0.45) |

---

------

AQR Funds–Prospectus121

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** | **RATIOS/SUPPLEMENTAL DATA** |
| | |  | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** | <br> **Ratios to Average Net Assets of:** |  |
| <br>&nbsp;&nbsp;&nbsp;&nbsp; <br>**Net**<br> **Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| <br>&nbsp;&nbsp; <br>**Total**<br> **Return**<sup>2,3</sup><br>| &nbsp;&nbsp; <br>**Net Assets,**<br> **End of Period**<br> **(000's)**<br>| &nbsp;&nbsp; <br>**Expenses, Before**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<sup>4</sup><br>| &nbsp;&nbsp; <br> **Expenses, Net of**<br> **Reimbursements**<br> **and/or Waivers**<br> **(Excluding Dividend**<br> **Short Expense &**<br> **Interest Expense)**<sup>4</sup><br>| &nbsp;&nbsp; <br>**Net Investment**<br> **Income (Loss)**<br>| &nbsp;&nbsp; <br>**Portfolio**<br> **Turnover**<br> **Rate**<sup>5</sup><br>|
| $11.44 | **(22.21)%** | $99478 | 0.65% | 0.56% | 0.55% | 2.26% | 34% |
| $15.08 | **16.44%** | $117803 | 0.63% | 0.55% | 0.55% | 1.94% | 30% |
| $13.18 | **3.21%** | $131283 | 0.64% | 0.55% | 0.55% | 1.79% | 27% |
| $13.09 | **0.18%** | $202228 | 0.64% | 0.55% | 0.55% | 2.64% | 24% |
| $13.38 | **3.15%** | $173932 | 0.63% | 0.55% | 0.55% | 2.41%<sup>13</sup> <br>| 21% |
| $11.84 | **(22.47)%** | $6027 | 0.89% | 0.81% | 0.80% | 1.95% | 34% |
| $15.60 | **16.13%** | $9129 | 0.88% | 0.80% | 0.80% | 1.69% | 30% |
| $13.63 | **3.04%** | $9541 | 0.90% | 0.80% | 0.80% | 1.79% | 27% |
| $13.52 | **(0.10)%** | $7221 | 0.89% | 0.80% | 0.80% | 2.51% | 24% |
| $13.71 | **2.90%** | $4266 | 0.88% | 0.80% | 0.80% | 1.84%<sup>13</sup> <br>| 21% |
| $11.43 | **(22.19)%** | $129578 | 0.55% | 0.46% | 0.45% | 2.43% | 34% |
| $15.08 | **16.54%** | $144117 | 0.54% | 0.45% | 0.45% | 2.21% | 30% |
| $13.18 | **3.32%** | $65720 | 0.55% | 0.45% | 0.45% | 2.20% | 27% |
| $13.09 | **0.26%** | $31493 | 0.54% | 0.45% | 0.45% | 2.58% | 24% |
| $13.38 | **3.32%** | $28741 | 0.53% | 0.45% | 0.45% | 2.54%<sup>13</sup> <br>| 21% |
| $7.77 | **(16.48)%** | $6796 | 0.82% | 0.81% | 0.80% | 1.54% | 123% |
| $10.45 | **22.81%** | $16256 | 0.82% | 0.80% | 0.80% | 1.28% | 95% |
| $8.61 | **6.48%** | $15876 | 0.82% | 0.80% | 0.80% | 0.76% | 94% |
| $8.20 | **(5.78)%** | $187408 | 0.81% | 0.80% | 0.80% | 1.82% | 122% |
| $9.11 | **7.65%** | $198954 | 0.82% | 0.80% | 0.80% | 1.42% | 87% |
| $7.66 | **(16.70)%** | $5811 | 1.07% | 1.06% | 1.05% | 1.29% | 123% |
| $10.32 | **22.46%** | $7706 | 1.07% | 1.05% | 1.05% | 1.10% | 95% |
| $8.52 | **6.24%** | $5126 | 1.07% | 1.05% | 1.05% | 0.94% | 94% |
| $8.12 | **(6.17)%** | $4573 | 1.06% | 1.05% | 1.05% | 1.59% | 122% |
| $9.06 | **7.36%** | $2120 | 1.07% | 1.05% | 1.05% | 1.02% | 87% |
| $7.83 | **(16.38)%** | $260152 | 0.72% | 0.71% | 0.70% | 1.68% | 123% |
| $10.52 | **23.00%** | $306332 | 0.72% | 0.70% | 0.70% | 1.39% | 95% |
| $8.67 | **6.40%** | $290082 | 0.72% | 0.70% | 0.70% | 1.47% | 94% |
| $8.27 | **(5.67)%** | $106872 | 0.72% | 0.70% | 0.70% | 1.72% | 122% |
| $9.19 | **7.74%** | $173425 | 0.72% | 0.70% | 0.70% | 1.39% | 87% |

---

\*

Annualized for periods less than one year.

Per share net investment income (loss) and net realized and unrealized gain (loss) are based on average shares outstanding.

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period and is not annualized.

Ratios do not include the impact of the expenses of the underlying funds in which the Funds invest.

Portfolio turnover rate excludes derivatives, if any, and is not annualized.

For the period ended September 30, 2021, certain Funds incurred expenses related to the Funds' reorganizations and/or the closing agreement with the U.S. Internal Revenue Service ("IRS") and reimbursement related to such closing agreement. Without these costs and reimbursement, the Net Investment Income (Loss) Per Share and Net Investment Income (Loss) Ratio would have been:

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT INCOME**<br> **(LOSS) PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT INCOME** <br> **(LOSS) RATIO**<br>|
| AQR Large Cap Multi-Style Fund – Class I | $0.23 | 1.13% |
| AQR Large Cap Multi-Style Fund – Class N | 0.17 | 0.87 |
| AQR Large Cap Multi-Style Fund – Class R6 | 0.24 | 1.23 |
| AQR Small Cap Multi-Style Fund – Class I | 0.06 | 0.36 |
| AQR Small Cap Multi-Style Fund – Class N | 0.02 | 0.09 |
| AQR Small Cap Multi-Style Fund – Class R6 | 0.09 | 0.56 |
| AQR International Multi-Style Fund – Class I | 0.34 | 2.61 |
| AQR International Multi-Style Fund – Class N | 0.28 | 2.17 |

---

------

AQR Funds–Prospectus122

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT INCOME**<br> **(LOSS) PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT INCOME** <br> **(LOSS) RATIO**<br>|
| AQR International Multi-Style Fund – Class R6 | 0.37 | 2.89 |
| AQR Emerging Multi–Style II Fund–Class I | 0.34 | 2.69 |
| AQR Emerging Multi–Style II Fund–Class N | 0.33 | 2.56 |
| AQR Emerging Multi–Style II Fund–Class R6 | 0.31 | 2.45 |
| AQR Large Cap Momentum Style Fund–Class I | 0.11 | 0.41 |
| AQR Large Cap Momentum Style Fund–Class N | 0.04 | 0.16 |
| AQR Large Cap Momentum Style Fund–Class R6 | 0.13 | 0.51 |
| AQR Small Cap Momentum Style Fund–Class I | 0.00 | 0.00 |
| AQR Small Cap Momentum Style Fund–Class N | (0.07) | (0.27) |
| AQR Small Cap Momentum Style Fund–Class R6 | 0.03 | 0.12 |
| AQR International Momentum Style Fund–Class I | 0.29 | 1.55 |
| AQR International Momentum Style Fund–Class N | 0.23 | 1.24 |
| AQR International Momentum Style Fund–Class R6 | 0.31 | 1.70 |
| AQR Large Cap Defensive Style Fund–Class I | 0.31 | 1.13 |
| AQR Large Cap Defensive Style Fund–Class N | 0.24 | 0.85 |
| AQR Large Cap Defensive Style Fund–Class R6 | 0.33 | 1.20 |

---

For the period ended September 30, 2021, certain Funds incurred expenses related to the Funds' reorganizations and/or the closing agreement with the IRS. Without these costs, the Expenses, Before Reimbursements and/or Waivers and Expenses, Net of Reimbursements and/or Waivers would have been:

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **EXPENSES, BEFORE**<br> **REIMBURSEMENTS**<br> **AND/OR WAIVER**<br>| &nbsp;&nbsp; **EXPENSESE, NET OF**<br> **REIMBURSEMENTS**<br> **AND/OR WAIVERS**<br>|
| AQR Large Cap Multi-Style Fund – Class I | 0.41% | 0.40% |
| AQR Large Cap Multi-Style Fund – Class N | 0.66 | 0.65 |
| AQR Large Cap Multi-Style Fund – Class R6 | 0.31 | 0.30 |
| AQR Small Cap Multi-Style Fund – Class I | 0.72 | 0.61 |
| AQR Small Cap Multi-Style Fund – Class N | 0.97 | 0.86 |
| AQR Small Cap Multi-Style Fund – Class R6 | 0.62 | 0.51 |
| AQR International Multi-Style Fund – Class I | 0.60 | 0.55 |
| AQR International Multi-Style Fund – Class N | 0.86 | 0.80 |
| AQR International Multi-Style Fund – Class R6 | 0.51 | 0.45 |
| AQR Emerging Multi–Style II Fund–Class I | 0.79 | 0.71 |
| AQR Emerging Multi–Style II Fund–Class N | 1.04 | 0.96 |
| AQR Emerging Multi–Style II Fund–Class R6 | 0.70 | 0.62 |
| AQR Large Cap Momentum Style Fund–Class I | 0.41 | 0.40 |
| AQR Large Cap Momentum Style Fund–Class N | 0.66 | 0.65 |
| AQR Large Cap Momentum Style Fund–Class R6 | 0.31 | 0.30 |
| AQR Small Cap Momentum Style Fund–Class I | 0.66 | 0.60 |
| AQR Small Cap Momentum Style Fund–Class N | 0.92 | 0.85 |
| AQR Small Cap Momentum Style Fund–Class R6 | 0.57 | 0.50 |
| AQR International Momentum Style Fund–Class I | 0.60 | 0.55 |
| AQR International Momentum Style Fund–Class N | 0.85 | 0.80 |
| AQR International Momentum Style Fund–Class R6 | 0.50 | 0.45 |
| AQR Large Cap Defensive Style Fund–Class I | 0.37 | 0.37 |
| AQR Large Cap Defensive Style Fund–Class N | 0.65 | 0.65 |
| AQR Large Cap Defensive Style Fund–Class R6 | 0.31 | 0.30 |

---

Excludes activity related to Funds' reorganizations.

For the period ended September 30, 2019, certain Funds received special dividends. Had these special dividends not been received, the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME RATIO**<br>|
| AQR Large Cap Multi-Style Fund – Class I | $0.19 | 1.18% |
| AQR Large Cap Multi-Style Fund – Class N | 0.15 | 0.90 |
| AQR Large Cap Multi-Style Fund – Class R6 | 0.21 | 1.27 |
| AQR Small Cap Multi-Style Fund – Class I | 0.09 | 0.77 |
| AQR Small Cap Multi-Style Fund – Class N | 0.06 | 0.51 |
| AQR Small Cap Multi-Style Fund – Class R6 | 0.11 | 0.87 |
| AQR Emerging Multi–Style II Fund–Class I | 0.23 | 2.28 |
| AQR Emerging Multi–Style II Fund–Class N | 0.14 | 1.41 |
| AQR Emerging Multi–Style II Fund–Class R6 | 0.21 | 2.09 |
| AQR Large Cap Momentum Style Fund–Class I | 0.23 | 1.09 |
| AQR Large Cap Momentum Style Fund–Class N | 0.18 | 0.85 |

---

------

AQR Funds–Prospectus123

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME RATIO**<br>|
| AQR Large Cap Momentum Style Fund–Class R6 | 0.26 | 1.21 |
| AQR Small Cap Momentum Style Fund–Class I | 0.07 | 0.34 |
| AQR Small Cap Momentum Style Fund–Class N | 0.03 | 0.16 |
| AQR Small Cap Momentum Style Fund–Class R6 | 0.11 | 0.55 |

---

For the period ended September 30, 2022, certain Funds received special dividends. Had these special dividends not been received, the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME RATIO**<br>|
| AQR Small Cap Multi-Style Fund – Class I | $0.12 | 0.67% |
| AQR Small Cap Multi-Style Fund – Class N | 0.07 | 0.41 |
| AQR Small Cap Multi-Style Fund – Class R6 | 0.13 | 0.77 |
| AQR Small Cap Momentum Style Fund–Class I | 0.07 | 0.38 |
| AQR Small Cap Momentum Style Fund–Class N | 0.02 | 0.13 |
| AQR Small Cap Momentum Style Fund–Class R6 | 0.09 | 0.49 |

---

For the period ended September 30, 2021, certain Funds received special dividends. Had these special dividends not been received, the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME RATIO**<br>|
| AQR Small Cap Multi-Style Fund – Class I | $0.04 | 0.27% |
| AQR Small Cap Multi-Style Fund – Class N | 0.00 | 0.00 |
| AQR Small Cap Multi-Style Fund – Class R6 | 0.07 | 0.48 |
| AQR Emerging Multi–Style II Fund–Class I | 0.31 | 2.43 |
| AQR Emerging Multi–Style II Fund–Class N | 0.30 | 2.31 |
| AQR Emerging Multi–Style II Fund–Class R6 | 0.28 | 2.19 |

---

The amount shown for a share outstanding throughout the period is not indicative of the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

For the period ended September 30, 2018, certain Funds received special dividends. Had these special dividends not been received, the Net Investment Income Per Share and Net Investment Income Ratio would have been as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME PER SHARE**<br>| &nbsp;&nbsp; **NET INVESTMENT** <br> **INCOME RATIO**<br>|
| AQR Emerging Multi–Style II Fund–Class I | $0.22 | 1.90% |
| AQR Emerging Multi–Style II Fund–Class N | 0.18 | 1.52 |
| AQR Emerging Multi–Style II Fund–Class R6 | 0.23 | 1.96 |
| AQR Small Cap Momentum Style Fund–Class I | 0.03 | 0.12 |
| AQR Small Cap Momentum Style Fund–Class N | (0.02) | (0.11) |
| AQR Small Cap Momentum Style Fund–Class R6 | 0.06 | 0.22 |
| AQR International Defensive Style Fund–Class I | 0.28 | 2.14 |
| AQR International Defensive Style Fund–Class N | 0.22 | 1.57 |
| AQR International Defensive Style Fund–Class R6 | 0.30 | 2.27 |

---

Amount is less than $.005 per share.

------

AQR Funds–Prospectus124

**Glossary of Terms**

The following is a glossary of terms used throughout this prospectus and their definitions. This glossary is set forth solely for reference purposes. The terms summarized or referenced in this glossary are qualified in their entirety by the prospectus itself.

---

| | |
|:---|:---|
| **1940 Act** | the Investment Company Act of 1940, as amended |
| **Adviser** | AQR Capital Management, LLC |
| **Advisory Agreement** | the investment advisory contracts under which the *Adviser* serves as investment <br> adviser to each Fund<br>|
| **Board of Trustees** | the Board of Trustees of the AQR Funds or any duly authorized committee <br> thereof, as permitted by applicable law<br>|
| **Business Day** | each day during which the *NYSE* is open for trading |
| **Code** | the Internal Revenue Code of 1986, as amended |
| **Distributor** | ALPS Distributors, Inc. |
| **Global Equity Benchmark or MSCI** <br> **World Index**<br>| the MSCI World Index is a free float-adjusted market capitalization index that is <br> designed to measure the performance of equities in developed markets, <br> including the United States and Canada. Indexes are unmanaged and one <br> cannot invest directly in an index<br>|
| **Good order** | a purchase, exchange or redemption order is in "good order" when a Fund, its <br> *Distributor* and/or its agent, receives all required information, including properly <br> completed and signed documents<br>|
| **IRS** | the Internal Revenue Service |
| **MSCI Emerging Markets Index** | the MSCI Emerging Markets Index is a free float-adjusted market capitalization <br> index that is designed to measure the performance of equities in emerging <br> markets. Indexes are unmanaged and one cannot invest directly in an index<br>|
| **MSCI World ex-USA Index** | the MSCI World ex-USA Total Return Index is a free float-adjusted market <br> capitalization index that is designed to measure the performance of equities in <br> developed markets, excluding the United States. Indexes are unmanaged and <br> one cannot invest directly in an index<br>|
| **Mutual fund** | an investment company registered under the *1940 Act* that pools the money of <br> many investors and invests it in a variety of securities in an effort to achieve a <br> specific objective over time<br>|
| **NAV** | the net asset value of a particular Fund |
| **Non-Interested Trustee** | a trustee of the *Trust* who is not an "interested person" of the *Trust*, as defined in <br> the *1940 Act*<br>|
| **NYSE** | the New York Stock Exchange |
| **Rule 12b-1 Plan** | a plan pursuant to Rule 12b-1 under the *1940 Act*, which permits a Fund to pay <br> distribution and/or administrative expenses out of fund assets<br>|
| **Rule 18f-4** | *Rule 18f-4* of the *1940 Act*, providing certain conditional exemptions related to a <br> Fund's investment in Derivative Transactions (as defined in the section titled <br> "How the Funds Pursue Their Investment Objectives – Regulation of <br> Derivatives") from the requirements of Section 18 of the *1940 Act*<br>|
| **Russell 1000**<sup>®</sup> **Index** | the Russell 1000<sup>®</sup> Index measures the performance of the large- and mid-cap <br> segment of the U.S. equity universe. It is a subset of the Russell 3000<sup>®</sup> Index <br> and includes approximately 1,000 of the largest securities based on a <br> combination of their market cap and current index membership. Indexes are <br> unmanaged and one cannot invest directly in an index<br>|
| **Russell 2000**<sup>®</sup> **Index** | the Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of <br> the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell <br> 3000<sup>®</sup> Index and includes approximately 2,000 of the smallest securities based <br> on a combination of their market cap and current index membership. Indexes are <br> unmanaged and one cannot invest directly in an index<br>|
| **SEC** | U.S. Securities and Exchange Commission |
| **Total return** | the percentage change, over a specified time period, in a *mutual fund's NAV*, <br> assuming the reinvestment of all distributions of dividends and capital gains<br>|
| **Tracking error** | a measure of how closely a portfolio follows the index to which it is benchmarked. <br> It measures the standard deviation of the difference between the portfolio and <br> index returns<br>|
| **Transfer Agent** | ALPS Fund Services, Inc. |

---

------

AQR Funds–Prospectus125

---

| | |
|:---|:---|
| **Trust** | AQR Funds, a Delaware statutory trust |
| **Volatility** | a statistical measure of the dispersion of returns of a security or fund or index, as <br> measured by the annualized standard deviation of its returns. Higher volatility <br> generally indicates higher risk<br>|

---

------

You may wish to read the Statement of Additional Information for more information about the Funds. The Statement of Additional Information is incorporated by reference into this prospectus, which means that it is considered to be part of this prospectus.

You may obtain free copies of the Funds' Statement of Additional Information, request other information, and discuss your questions about the Funds by writing or calling:

**AQR Funds**

**P.O. Box 2248**

**Denver, CO 80201-2248**

**(866) 290-2688**

The requested documents will be sent within three *Business Days* of your request.

You may also obtain the Funds' Statement of Additional Information, along with other information, free of charge, by visiting the Funds' Web site at https://funds.aqr.com.

Text-only versions of all Fund documents can be viewed online or downloaded from the EDGAR Database on the *SEC's* internet web site at sec.gov. In addition, copies of the Fund documents may be obtained, after mailing the appropriate duplicating fee, by e-mail request at publicinfo@sec.gov.

Additional information about each Fund's investments is available in the Fund's annual and semi-annual reports to shareholders. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

**AQR Funds**

Investment Company Act File No.: 811-22235

------

![](g423791aqrfrontcoverlogo.jpg)

**AQR Funds**

**Statement of Additional Information** 

**AQR MULTI-STYLE FUNDS**

**AQR Large Cap Multi-Style Fund**

**AQR Small Cap Multi-Style Fund**

**AQR International Multi-Style Fund**

**AQR Emerging Multi-Style II Fund** 

**AQR MOMENTUM STYLE FUNDS**

**AQR Large Cap Momentum Style Fund**

**AQR Small Cap Momentum Style Fund**

**AQR International Momentum Style Fund** 

**AQR DEFENSIVE STYLE FUNDS**

**AQR Large Cap Defensive Style Fund**

**AQR International Defensive Style Fund** 

**AQR GLOBAL EQUITY FUND**

**AQR Global Equity Fund** 

**January 29, 2023**

**One Greenwich Plaza**

**Greenwich, CT 06830**

**(866) 290-2688**

**This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with each Prospectus of the above listed series of the AQR Funds dated January 29, 2023 (together the "Prospectus") which have been filed with the Securities and Exchange Commission ("SEC") and can be obtained, without charge, by writing to AQR Funds, P.O. Box 2248, Denver, CO 80201-2248 or calling the telephone number given above. This SAI is incorporated by reference in its entirety in the Prospectus. The Funds' audited financial statements are incorporated into this SAI by reference to the Funds'** [Annual Report](https://www.sec.gov/Archives/edgar/data/1444822/000153152722000016/primary-document.htm) **to Shareholders for the fiscal year ended September 30, 2022. Copies of the Prospectus, SAI and the most current annual and semi-annual reports, when available, may be obtained without charge by writing the address or calling the phone number shown above. Each series of AQR Funds has distinct investment objectives and strategies.** 

---

| | |
|:---|:---|
| **Fund** | **Ticker Symbol** |
| AQR Large Cap Multi-Style Fund |  |
| Class N | QCENX |
| Class I | QCELX |
| Class R6 | QCERX |
| AQR Small Cap Multi-Style Fund |  |
| Class N | QSMNX |
| Class I | QSMLX |
| Class R6 | QSERX |

---

------

---

| | |
|:---|:---|
| **Fund** | **Ticker Symbol** |
| AQR International Multi-Style Fund |  |
| Class N | QICNX |
| Class I | QICLX |
| Class R6 | QICRX |
| AQR Emerging Multi-Style II Fund |  |
| Class N | QTENX |
| Class I | QTELX |
| Class R6 | QTERX |
| AQR Large Cap Momentum Style Fund |  |
| Class N | AMONX |
| Class I | AMOMX |
| Class R6 | QMORX |
| AQR Small Cap Momentum Style Fund |  |
| Class N | ASMNX |
| Class I | ASMOX |
| Class R6 | QSMRX |
| AQR International Momentum Style Fund |  |
| Class N | AIONX |
| Class I | AIMOX |
| Class R6 | QIORX |
| AQR Large Cap Defensive Style Fund |  |
| Class N | AUENX |
| Class I | AUEIX |
| Class R6 | QUERX |
| AQR International Defensive Style Fund |  |
| Class N | ANDNX |
| Class I | ANDIX |
| Class R6 | ANDRX |
| AQR Global Equity Fund |  |
| Class N | AQGNX |
| Class I | AQGIX |
| Class R6 | AQGRX |

---

------

AQR Funds–Statement of Additional Information

**Table of Contents** 

---

| | |
|:---|:---|
| [Securities, Investment Strategies and Related Risks](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_1) | 2 |
| [Borrowing and Leverage](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_3) | 4 |
| [Cash Management/Temporary Investments](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_4) | 5 |
| [Cybersecurity Risk](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_4) | 5 |
| [Depositary Receipts](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_4) | 5 |
| [Emerging Markets Investments](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_4) | 5 |
| [Equity Securities](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_7) | 8 |
| [Exchange-Traded Funds ("ETFs")](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_7) | 8 |
| [Exchange-Traded Notes ("ETNs")](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_7) | 8 |
| [Foreign Investments](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_8) | 9 |
| [Foreign Exchange Risk and Currency Transactions](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_8) | 9 |
| [Forwards, Futures, Swaps and Options](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_9) | 10 |
| [Hedging Transactions](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_15) | 16 |
| [Illiquid and Restricted Investments](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_15) | 16 |
| [Loans of Portfolio Securities](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_15) | 16 |
| [Margin Deposits and Cover Requirements](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_16) | 17 |
| [Market Disruption Risk](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_17) | 18 |
| [Mid-Cap Securities Risk](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_17) | 18 |
| [Momentum Style Risk](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_17) | 18 |
| [Real Estate-Related Investments](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_18) | 19 |
| [Regulatory Limitations on Adviser Activity](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_18) | 19 |
| [Repurchase Agreements](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_19) | 20 |
| [Reverse Repurchase Agreements](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_19) | 20 |
| [Rights and Warrants](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_19) | 20 |
| [Securities of Other Investment Companies](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_19) | 20 |
| [Short Sales](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_19) | 20 |
| [Small-Cap Securities Risk](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_20) | 21 |
| [Tax-Managed Investing](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_20) | 21 |
| [U.S. Government Securities](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_21) | 22 |
| [Risks Related to the Adviser and to its Quantitative and Statistical Approach](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_21) | 22 |
| [Fundamental Policies](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_23) | 24 |
| [Non-Fundamental Investment Policies Related to Fund Names](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_24) | 25 |
| [Management of the Funds](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_25) | 26 |
| [Leadership Structure of the Board of Trustees](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_27) | 28 |
| [Board of Trustees and Committees](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_28) | 29 |
| [Committees of the Board of Trustees](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_29) | 30 |
| [Fund Ownership of the Trustees](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_30) | 31 |
| [Fund Ownership of the Trustees and Officers](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_30) | 31 |
| [Compensation of Trustees and Certain Officers](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_30) | 31 |
| [Compensation Table](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_31) | 32 |
| [Personal Trading](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_32) | 33 |
| [Proxy Voting Policies and Procedures](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_32) | 33 |
| [Portfolio Holdings Disclosure](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_32) | 33 |
| [Investment Advisory and Other Services](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_34) | 35 |
| [Investment Adviser](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_34) | 35 |
| [Other Payments](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_36) | 37 |
| [Portfolio Manager Compensation](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_37) | 38 |
| [Portfolio Manager Holdings](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_37) | 38 |
| [Other Accounts Managed](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_39) | 40 |
| [Potential Conflicts of Interest](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_40) | 41 |
| [Administrator and Fund Accountant](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_42) | 43 |
| [Distributor](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_42) | 43 |
| [Distribution Plan](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_42) | 43 |

---

------

AQR Funds–Statement of Additional Information

---

| | |
|:---|:---|
| [Custodian](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_43) | 44 |
| [Transfer Agent and Dividend Disbursing Agent](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_43) | 44 |
| [Securities Lending](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_43) | 44 |
| [Determination of Net Asset Value](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_44) | 45 |
| [Calculation of Offering Price](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_46) | 47 |
| [Additional Information about Purchases and Redemption of Shares](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_46) | 47 |
| [Cut-Off Time for Purchase and Redemption Orders](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_46) | 47 |
| [Purchases In-Kind](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_47) | 48 |
| [Redemptions In-Kind](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_47) | 48 |
| [Involuntary Redemptions](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_47) | 48 |
| [Other Purchase and Redemption Information](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_48) | 49 |
| [Portfolio Turnover](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_48) | 49 |
| [Portfolio Transactions and Brokerage](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_48) | 49 |
| [Organization of the Trust and a Description of the Shares](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_53) | 54 |
| [Taxation](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_61) | 62 |
| [Taxation of the Funds](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_61) | 62 |
| [Taxable U.S. Shareholder - Distributions](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_62) | 63 |
| [Taxable U.S. Shareholder - Sale of Shares](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_63) | 64 |
| [Futures, Options and Hedging Transactions](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_63) | 64 |
| [Foreign Currency Transactions—"Section 988" Gains or Losses](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_63) | 64 |
| [Short Sales](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_64) | 65 |
| [Swaps](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_64) | 65 |
| [Excess Inclusion Income](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_64) | 65 |
| [Passive Foreign Investment Companies](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_64) | 65 |
| [Post-October Loss Deferral](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_64) | 65 |
| [Foreign Withholding Taxes](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_65) | 66 |
| [Backup Withholding](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_65) | 66 |
| [Non-U.S. Shareholders](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_65) | 66 |
| [Other Taxation](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_66) | 67 |
| [Counsel and Independent Registered Public Accounting Firm](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_66) | 67 |
| [Registration Statement](#xx_29582464-ce5c-4a60-89c3-6691b9fbc96c_66) | 67 |
| [Appendix A—Proxy Voting Policies and Procedures](#xx_472b5ce1-2e0d-443f-b592-26c4ca5fbfc1_1) | 68 |
| [Proxy Voting Policies and Procedures](#xx_472b5ce1-2e0d-443f-b592-26c4ca5fbfc1_1) | 68 |

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AQR Funds–Statement of Additional Information2

**Statement of Additional Information**

AQR Funds (the "Trust") is an open-end management investment company organized as a Delaware statutory trust on September 4, 2008, and is currently composed of thirty-six series including, in part: AQR Large Cap Multi-Style Fund, AQR Small Cap Multi-Style Fund, AQR International Multi-Style Fund, AQR Emerging Multi-Style II Fund, AQR Large Cap Momentum Style Fund, AQR Small Cap Momentum Style Fund, AQR International Momentum Style Fund, AQR Large Cap Defensive Style Fund, AQR International Defensive Style Fund and AQR Global Equity Fund, (each a "Fund" and collectively, the "Funds"). Each Fund has distinct investment objectives and strategies. This SAI relates only to the Funds, each of which has the same fiscal year-end of September 30. The AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Diversifying Strategies 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 Sustainable Long-Short Equity Carbon Aware Fund are also series of the Trust and are described in separate Statements of Additional Information.

The Board of Trustees of the Trust approved changing the name of AQR TM Emerging Multi-Style Fund to AQR Emerging Multi-Style II Fund, effective March 8, 2021.

AQR Global Equity Fund acquired the assets and liabilities of a privately offered fund managed by AQR Capital Management, LLC, the Fund's investment adviser ("Adviser"), in a reorganization completed on the date the Fund commenced operations. The privately offered fund had an investment objective and investment policies that were, in all material respects, the same as those of the Fund. However, the privately offered fund was not registered as an investment company under the Investment Company Act of 1940, as amended ("1940 Act"), and was not subject to certain investment limitations, diversification requirements, liquidity requirements and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended ("Code").

Much of the information contained in this SAI expands on subjects discussed in each Fund's respective Prospectus. No investment in the shares of any of the Funds should be made without first reading the Prospectus. All terms defined in the Prospectus have the same meaning in the SAI.

**Securities, Investment Strategies and Related Risks**

The following descriptions supplement the descriptions of the investment objectives, strategies and related risks of each Fund as set forth in the Prospectus.

Subject to the investment policies and restrictions as described in the Prospectus and in this SAI, the below table indicates which Funds may invest in or have exposure to the following securities or risks or pursue any of the following investment strategies. The information below does not describe every type of investment, technique or risk to which a Fund may be exposed.

---

| | |
|:---|:---|
| **Securities and/or Investment Strategies** | **Funds** |
| **Borrowing and Leverage** | All Funds |
| *Interfund Borrowing and Lending* | All Funds |
| **Cash Management/Temporary Investments** | All Funds |
| **Cybersecurity Risk** | All Funds |
| **Depositary Receipts** | All Funds |
| **Emerging Markets Investments** | AQR International Multi-Style Fund |
|  | AQR Emerging Multi-Style II Fund |
|  | AQR International Momentum Style Fund |
|  | AQR Global Equity Fund |
| **Equity Securities** | All Funds |
| **Exchange-Traded Funds ("ETFs")** | All Funds |
| **Exchange-Traded Notes ("ETNs")** | All Funds |
| **Foreign Investments** | AQR International Multi-Style Fund |
|  | AQR Emerging Multi-Style II Fund |
|  | AQR International Momentum Style Fund |
|  | AQR International Defensive Style Fund |
|  | AQR Global Equity Fund |
| **Foreign Exchange Risk and Currency Transactions** | AQR International Multi-Style Fund |
|  | AQR Emerging Multi-Style II Fund |
|  | AQR International Momentum Style Fund |

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AQR Funds–Statement of Additional Information3

---

| | |
|:---|:---|
| **Securities and/or Investment Strategies** | **Funds** |
|  | AQR International Defensive Style Fund |
|  | AQR Global Equity Fund |
| **Forwards, Futures, Swaps and Options** | All Funds |
| *Special Risk Factors Regarding Forwards, Futures, Swaps and Options* | All Funds |
| *Regulatory Matters Regarding Forwards, Futures, Swaps and Options* | All Funds |
| *Forward Contracts* | All Funds |
| *Futures Contracts* | All Funds |
| *Stock Index Futures* | All Funds |
| *Futures Contracts on Securities* | All Funds |
| *Swap Agreements* | All Funds |
| *Swaps on Equities, Currencies, Commodities and Futures* | All Funds |
| *Total Return and Interest Rate Swaps* | All Funds |
| *Combined Transactions* | All Funds |
| **Hedging Transactions** | All Funds |
| **Illiquid and Restricted Investments** | All Funds |
| **Loans of Portfolio Securities** | All Funds |
| **Margin Deposits and Cover Requirements** | All Funds |
| *Margin Deposits for Futures Contracts* | All Funds |
| &nbsp;&nbsp; *Cover Requirements for Forward Contracts, Swap Agreements, Options,* <br> *Futures and Options on Futures*<br>| All Funds |
| **Market Disruption Risk** | All Funds |
| **Mid Cap Securities Risk** | All Funds |
| **Momentum Style Risk** | AQR Large Cap Multi-Style Fund |
|  | AQR Small Cap Multi-Style Fund |
|  | AQR International Multi-Style Fund |
|  | AQR Emerging Multi-Style II Fund |
|  | AQR Large Cap Momentum Style Fund |
|  | AQR Small Cap Momentum Style Fund |
|  | AQR International Momentum Style Fund |
|  | AQR Global Equity Fund |
| **Real Estate-Related Investments** | All Funds |
| **Regulatory Limitations on Adviser Activity** | All Funds |
| **Repurchase Agreements** | All Funds |
| **Reverse Repurchase Agreements** | All Funds |
| **Rights and Warrants** | All Funds |
| **Securities of Other Investment Companies** | All Funds |
| **Short Sales** | All Funds |
| **Small Cap Securities Risk** | AQR Small Cap Multi-Style Fund |
|  | AQR Small Cap Momentum Style Fund |
|  | AQR Large Cap Defensive Style Fund |
|  | AQR International Defensive Style Fund |
|  | AQR Global Equity Fund |
| **Tax-Managed Investing** | AQR Large Cap Multi-Style Fund |
|  | AQR Small Cap Multi-Style Fund |
|  | AQR International Multi-Style Fund |
|  | AQR Emerging Multi-Style II Fund |
|  | AQR Large Cap Momentum Style Fund |
|  | AQR Small Cap Momentum Style Fund |
|  | AQR International Momentum Style Fund |
|  | AQR Large Cap Defensive Style Fund |
|  | AQR International Defensive Style Fund |

---

------

AQR Funds–Statement of Additional Information4

---

| | |
|:---|:---|
| **Securities and/or Investment Strategies** | **Funds** |
| **U.S. Government Securities** | All Funds |
| &nbsp;&nbsp; **Risks Related to the Adviser and to its Quantitative and Statistical** <br> **Approach**<br>| All Funds |

---

**Borrowing and Leverage**

Each Fund may borrow money to the extent permitted under the 1940 Act, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time. This borrowing may be unsecured. The 1940 Act precludes a fund from borrowing if, as a result of such borrowing, the total amount of all money borrowed by a fund exceeds 33<sup>1/3</sup>% of the value of its total assets (that is, total assets including borrowings, less liabilities exclusive of borrowings) at the time of such borrowings. This means that the 1940 Act requires a fund to maintain continuous asset coverage of 300% of the amount borrowed. If the 300% asset coverage should decline as a result of market fluctuations or other reasons, a Fund may be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time, and could cause the Fund to be unable to meet certain requirements for qualification as a regulated investment company under the Code. In addition, certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that observance of such covenants would impede the Adviser from managing a Fund's portfolio in accordance with the Fund's investment objectives and policies. However, a breach of any such covenants not cured within the specified cure period may result in acceleration of outstanding indebtedness and require a Fund to dispose of portfolio investments at a time when it may be disadvantageous to do so.

Borrowing has a leveraging effect because it tends to exaggerate the effect on a Fund's net asset value ("NAV") per share of any changes in the market value of its portfolio securities. Money borrowed will be subject to interest costs and other fees, which may or may not be recovered by earnings on the securities purchased. A Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate. Unless the appreciation and income, if any, on assets acquired with borrowed funds exceed the costs of borrowing, the use of leverage will diminish the investment performance of a fund compared with what it would have been without leverage.

The SEC takes the position that other transactions that have a leveraging effect on the capital structure of a fund can be viewed as constituting a form of "senior security" of the fund for purposes of the 1940 Act. These transactions may include selling securities short, buying and selling certain derivatives (such as futures contracts or swap agreements), selling (or writing) put and call options, engaging in when-issued, delayed-delivery, forward-commitment or reverse repurchase transactions and other trading practices that have a leveraging effect on the capital structure of a fund or may be viewed as economically equivalent to borrowing. A borrowing transaction will not be considered to constitute the issuance of a "senior security" by a Fund if the Fund (1) maintains an offsetting financial position, (2) maintains liquid assets in a sufficient value to cover the Fund's potential obligation under the borrowing transaction not offset or covered as provided in (1) and (3), or (3) otherwise "covers" the transaction in accordance with applicable SEC guidance (collectively, "covers" the transaction). The value of a Fund's holdings in such instruments are marked-to-market daily to ensure proper coverage. A Fund may have to buy or sell a security at a disadvantageous time or price in order to cover such transaction. In addition, assets being maintained to cover such transactions may not be available to satisfy redemptions or for other purposes or obligations.

***Interfund Borrowing and Lending***

The SEC has issued an exemptive order permitting the Funds to participate in an interfund lending program. This program allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes. The program is subject to a number of conditions, including, among other things, the requirements that (1) no Fund may borrow or lend money through the program unless it receives a more favorable rate than is typically available for comparable borrowings from a bank or investments in U.S. Treasury bills, respectively, (2) no Fund may lend money if the loan would cause its aggregate outstanding loans through the interfund lending program to exceed 15% of its net assets at the time of the loan, and (3) a Fund's interfund loans to any one Fund shall not exceed 5% of the lending Fund's net assets. In addition, a Fund may participate in the interfund lending program only if and to the extent that such participation is consistent with the Fund's investment objective and investment policies. Interfund loans have a maximum duration of seven days. Loans may be called with one business day's notice and may be repaid on any day. A borrowing Fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional costs. The interfund lending program is subject to the oversight and periodic review of the Trust's board of trustees (the "Board of Trustees" or the "Board").

------

AQR Funds–Statement of Additional Information5

A Fund is not required to borrow money under the interfund lending program and may borrow under other arrangements, including the existing bank line of credit, for temporary or emergency purposes. This could result in a Fund borrowing money at a higher interest rate than it would have received under the interfund lending program.

**Cash Management/Temporary Investments**

A Fund can hold uninvested cash or can invest it in cash equivalents such as money market instruments, U.S. treasury bills, interests in short-term investment funds, repurchase agreements, or shares of money market or short-term bond funds. Generally, these securities offer less potential for gains than other types of securities.

A Fund also may adopt temporary defensive positions by investing up to 100% of its assets in these instruments, even if the investments are inconsistent with the Fund's principal investment strategies, in attempting to respond to adverse market, economic, political, regulatory or other conditions. To the extent a Fund invests in these temporary investments in this manner, the Fund may not achieve its investment objective.

**Cybersecurity Risk**

With the increased use of technologies such as the Internet to conduct business, a Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Adviser and other service providers (including, but not limited to, Fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a Fund invests, counterparties with which a Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for Fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a Fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, a Fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect a Fund or its shareholders. A Fund and its shareholders could be negatively impacted as a result.

**Depositary Receipts**

A Fund, subject to its investment strategies and policies, may purchase American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Thailand Non-Voting Depositary Receipts ("NVDRs"). ADRs, EDRs, GDRs and NVDRs are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the political and economic risks of the underlying issuer's country, as well as in the case of depositary receipts traded on non-U.S. markets, exchange risk. ADRs, EDRs, GDRs and NVDRs may be sponsored or unsponsored. The issuer of a sponsored receipt typically bears certain expenses of maintaining the depositary receipt facility. Unsponsored receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not pass-through voting or other shareholder rights, and they may be less liquid. Holders of unsponsored receipts generally bear all the costs of the depositary receipt facility. The bank or trust company depositary of an unsponsored depositary receipt may be under no obligation to distribute shareholder communications.

**Emerging Markets Investments**

A Fund, subject to its investment strategies and policies, may invest in emerging markets investments, which have exposure to the risks discussed below relating to foreign instruments more generally, as well as certain additional risks. A high proportion of the shares of many issuers in emerging market countries may be held by a limited number of persons and financial institutions, which may limit the number of shares available for investment. The prices at which investments may be acquired may be affected by trading by persons with material non-public information and by securities transactions by brokers in anticipation of transactions by a Fund in particular securities. In addition, emerging market investments are susceptible to being influenced by large investors trading significant blocks of securities.

------

AQR Funds–Statement of Additional Information6

Emerging market stock markets are undergoing a period of growth and change which may result in trading volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying the relevant law and regulations. The securities industries in these countries are comparatively underdeveloped. Emerging securities markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States and other more developed securities markets. Stockbrokers and other intermediaries in the emerging markets may not perform as well as their counterparts in the United States and other more developed securities markets. Differences in the regulatory, accounting, auditing, financial reporting and recordkeeping standards in emerging markets could impede the Adviser's ability to evaluate local companies and could impact a Fund's performance.

Political and economic structures in many emerging market countries are undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of the United States and other more developed nations. Certain of such countries may have, in the past, failed to recognize private property rights and have at times nationalized or expropriated the assets of private companies. As a result, the risks described above, including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political or social developments may affect the values of investments in those countries and the availability of additional investments in those countries. The laws of countries in emerging markets relating to limited liability of corporate shareholders, fiduciary duties of officers and directors, and the bankruptcy of state enterprises are generally less well developed than or different from such laws in the United States. It may be more difficult to obtain or enforce a judgment in the courts of these countries than it is in the United States. Although some governments in emerging markets have instituted economic reform policies, there can be no assurances that such policies will continue or succeed.

Sanctions and other intergovernmental actions may be undertaken against an emerging market country, which may result in the devaluation of the country's currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of the country's securities. Sanctions could result in the immediate freeze of securities issued by an emerging market company or government, impairing the ability of a Fund to buy, sell, receive or deliver these securities.

***Russia's Invasion of Ukraine***

Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain investments. To the extent that a Fund has exposure to investments in countries affected by the invasion, a Fund's ability to price, buy, sell, receive or deliver such investments may be impaired. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict, but could result in significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even beyond any direct exposure a Fund may have to issuers in countries affected by the invasion.

***China Risk***

A Fund's performance may be impacted by economic, political, diplomatic, and social conditions within China. Despite economic and market reforms implemented over the last few decades, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. Investing in China also involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. Investments in China are subject to the risks associated with greater governmental control over the economy, political and legal uncertainties and currency fluctuations or blockage. There can be no assurance that economic reforms implemented over the past few decades will continue or that they will be respected.

***Investments in China A-shares***

A Fund may invest in equity securities of companies domiciled in the People's Republic of China ("PRC") that are listed and traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange ("China A-shares"). Historically, foreign investors have been restricted from investing in China A-shares, other than through a license granted under regulations in the PRC that permits investment in China A-shares only up to a specified quota. In November 2014, Hong Kong Exchanges and Clearing Limited ("HKEx"), the Shanghai Stock Exchange and China Securities Depository and Clearing Corporation Limited ("ChinaClear") launched the Shanghai-Hong Kong Stock Connect program, an investment channel that established cross-border, mutual stock market access. The Shenzhen-Hong Kong Stock Connect program (together

------

AQR Funds–Statement of Additional Information7

with the Shanghai-Hong Kong Stock Connect program, "Stock Connect") launched in 2016. Stock Connect provides foreign investors, such as a Fund, access to invest in China A-shares through their brokers in Hong Kong without obtaining a license.

Investments in Chinese securities involve the risks of investing in emerging markets, which may include an authoritarian government, nationalization or expropriation of private assets, less developed markets and currency devaluations. China A-shares are settled only in Renminbi ("RMB"), which may subject a Fund to the risk of currency fluctuations. Trading on the Shanghai Stock Exchange and the Shenzhen Stock Exchange is also subject to daily price limits. Orders for China A-shares may not vary from the previous day's closing price by more than 10%. There can be no assurance that a liquid market will exist for any particular China A-share.

Investments through Stock Connect may be subject to additional risks. The regulations governing Stock Connect are subject to change and there is no certainty as to how the regulations will be applied or interpreted. Regulators in the PRC or Hong Kong may issue additional regulations that impact a foreign investor's ability to transact in China A-shares through Stock Connect, which regulations may adversely impact a Fund. Investments in China A-shares through Stock Connect are subject to Chinese securities regulations and listing rules. Securities regulations implemented in the PRC and Hong Kong differ significantly and trading through Stock Connect may give rise to issues based on these differences. Different fees, costs and taxes are imposed on foreign investors acquiring China A-shares through Stock Connect, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of other securities providing similar investment exposure.

The Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of HKEx ("HKSCC"), and ChinaClear are responsible for the clearing, settlement and the provision of depository, nominee and other related services for trades initiated by investors in their respective markets. China A-shares purchased by a foreign investor through Stock Connect are held in an omnibus account registered in the name of HKSCC, as nominee on behalf of investors. The nature and rights, and methods of enforcing any rights, of a Fund as beneficial owner of China A-shares held through HKSCC as nominee are not well-defined under PRC law. There is lack of a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights and interests of a Fund under PRC law is also uncertain. In the event that HKSCC becomes subject to winding up proceedings in Hong Kong there is a risk that the China A-shares may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim proprietary interests in the China A-shares held in its omnibus stock account at ChinaClear, ChinaClear as the share registrar for China A-shares will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such China A-shares. HKSCC monitors the corporate actions affecting China A-shares and keeps participants of HKEx's Central Clearing and Settlement System ("CCASS") informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to the HKSCC through participants of the CCASS. All voting instructions from CCASS participants will be consolidated by HKSCC, who will then submit a combined single voting instruction to the relevant listed company.

A Fund's investments in China A-shares through Stock Connect are not covered by Hong Kong's Investor Compensation Fund. Hong Kong's Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products in Hong Kong. In addition, since a Fund is carrying out trading in China A-shares through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.

Trading through Stock Connect may only be done on days when both PRC and Hong Kong markets are open for trading and when banking services in both markets are available on the corresponding settlement days. If either market is closed, a Fund will not be able to buy or sell China A-shares through Stock Connect in a timely manner. Therefore, an investment in China A-shares through Stock Connect may subject a Fund to the risk of price fluctuations on days where the Chinese market is open, but Stock Connect is not trading. Additionally, same day trading in China A-shares is not permitted. China A-shares will settle on the trade date (T), with cash settlement on the following day (T+1). An investor transacting in China A-shares must have a cash amount not less than the purchase price, or a number of shares not less than the size of the sell order, in its brokerage account on the day prior to the trade date. If an investor does not have sufficient funds or shares in its account, the investor's buy or sell order will be rejected. The Hong Kong Stock Exchange conducts pre-trading checks to ensure compliance with these requirements.

Foreign investors trading China A-shares through Stock Connect are not subject to any individual investment quotas on trading activity, but are subject to daily quotas on the level of all trading activity through Stock Connect on a "net buy" basis. The Hong Kong Stock Exchange tracks daily trading activity in China A-shares through Stock Connect in real time. If trading activity on any given day exceeds the daily quota, buy orders will not be accepted for the rest of that trading day, unless cancellation orders result in a positive daily quota balance during the trading day. Investors may

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AQR Funds–Statement of Additional Information8

continue to sell China A-shares or input order cancellation requests after the daily quota has been exceeded. The investment quotas may restrict a Fund from investing in China A-shares on a timely basis, which could adversely affect the Fund's ability to effectively pursue its investment strategy, and such quotas are subject to change.

China A-shares purchased through Stock Connect may only be sold through Stock Connect and are not otherwise transferable. China A-shares designated as eligible for trading through Stock Connect may lose such designation at any time, and thereafter may be sold, but not purchased, through Stock Connect. Moreover, since all trades of eligible China A-shares through Stock Connect must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed.

**Equity Securities**

A Fund, subject to its investment strategies and policies, may purchase equity securities or be exposed to equity securities through derivative instruments. Equity securities may include common and preferred stock, convertible securities, private investments in public equities (PIPEs), depositary receipts and warrants. Common stock represents an equity or ownership interest in a company. This interest often gives a Fund the right to vote on measures affecting the company's organization and operations. Equity securities have a history of long-term growth in value, but their prices tend to fluctuate in the shorter term. Preferred stock generally does not exhibit as great a potential for appreciation or depreciation as common stock, although it ranks above common stock in its claim on income for dividend payments.

The market value of all securities, including equity securities, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measure of a company's worth.

**Exchange-Traded Funds ("ETFs")**

A Fund, subject to its investment strategies and policies, may purchase shares of ETFs. ETFs are investment companies whose shares are bought and sold on a securities exchange. An ETF holds a portfolio of securities designed to track a particular market segment or index. Tracking error, the divergence of an ETF's performance from that of its underlying index, may arise due to imperfect correlation between the ETF's portfolio securities and those in its index, rounding of prices, timing of cash flows, the ETF's size, changes to the index and regulatory requirements. A Fund could purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the underlying securities or commodities they are designed to track, although a lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities or commodities. ETFs have management fees that increase their costs versus the costs of owning the underlying securities directly. See also "Securities of Other Investment Companies" below.

**Exchange-Traded Notes ("ETNs")**

A Fund may invest in ETNs. ETNs are generally notes representing debt of an issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected.

The value of an ETN may be influenced by, among other things, time to maturity, levels of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential returns, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on an ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite there being no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

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AQR Funds–Statement of Additional Information9

There may be restrictions on a Fund's right to redeem its investment in an ETN, which is generally meant to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the unavailability or limited nature of a secondary market. A Fund could lose some or all of the amount invested in an ETN.

**Foreign Investments**

A Fund, subject to its investment strategies and policies, may invest, either directly or via exposure through a derivative instrument, in securities and other investments (which may be denominated in U.S. dollars or non-U.S. currencies) issued or guaranteed by foreign corporations, certain supranational entities and foreign governments or their agencies or instrumentalities, and in securities issued by U.S. corporations denominated in non-U.S. currencies. All such investments are referred to as "foreign instruments."

Investing in foreign instruments offers potential benefits not available from investing solely in securities of domestic issuers, including the opportunity to invest in foreign issuers that appear to offer investment potential, or in foreign countries with economic policies or business cycles different from those of the United States, or to reduce fluctuations in portfolio value by taking advantage of foreign stock markets that do not move in a manner parallel to U.S. markets. Investments in foreign instruments present additional risks and considerations not typically associated with investments in domestic securities: reduction of income due to foreign taxes; fluctuation in value of foreign portfolio investments due to changes in currency rates and control regulations (e.g., currency blockage); transaction charges for currency exchange; lack of public information about foreign issuers; lack of uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic issuers; less trading volume on foreign exchanges than on U.S. exchanges; greater volatility and less liquidity on foreign markets than in the United States; less regulation of foreign issuers, stock exchanges and brokers than in the United States; greater difficulties in commencing lawsuits and obtaining judgments in foreign courts; higher brokerage commission rates than in the United States; increased risks of delays in settlement of portfolio transactions or loss of certificates for portfolio securities; requirement of payment for investments prior to settlement possibilities in some countries of expropriation, confiscatory taxation, political, financial or social instability or adverse diplomatic developments; repercussions of, or retaliatory measures resulting from, sanctions imposed by other nations and/or supranational entities; and unfavorable differences between the United States economy and foreign economies. In the past, U.S. Government policies have discouraged certain investments abroad by U.S. investors, through taxation or other restrictions, and it is possible that such restrictions could be re-imposed.

**Foreign Exchange Risk and Currency Transactions**

The value of foreign assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency rates and exchange control regulations. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks, or the failure to intervene, or by currency controls or political developments in the U.S. or abroad. Foreign currency exchange transactions may be conducted on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through entering into derivative currency transactions. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.

Forward foreign currency exchange contracts are individually negotiated and privately traded so they are dependent upon the creditworthiness of the counterparty. Such contracts may be used to (i) gain exposure to a particular currency or currencies as a part of a Fund's investment strategy, (ii) when a security denominated in a foreign currency is purchased or sold, or (iii) when the receipt in a foreign currency of dividend or interest payments on such a security is anticipated. With respect to subparagraphs (ii) and (iii), a forward contract can then "lock in" the U.S. dollar price of the security or the U.S. dollar equivalent of such dividend or interest payment, as the case may be. Additionally, when the Adviser believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the securities held that are denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible. In addition, it may not be possible to hedge against long-term currency changes. Cross-hedging may be used by using forward contracts in one currency (or basket of currencies) to hedge against fluctuations in the value of securities denominated in a different currency. Use of a different foreign currency magnifies exposure to foreign currency exchange rate fluctuations. Forward contracts may also be used to shift exposure to foreign currency exchange rate changes from one currency to another. Short-term hedging provides a means of fixing the dollar value of only a portion of portfolio assets.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") includes foreign exchange forwards in the definition of "swap" as well as over-the-counter ("OTC") derivatives and therefore contemplates that certain of these contracts may be exchange-traded, cleared by a clearinghouse and otherwise regulated by the Commodity Futures Trading Commission (the "CFTC"). The CFTC has been granted authority to regulate forward foreign currency contracts and many of the final regulations already adopted by the CFTC will apply to such contracts, however a limited category of forward foreign currency contracts were excluded from certain of the Dodd-Frank Act

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AQR Funds–Statement of Additional Information10

regulations by the Secretary of the U.S. Treasury Department. Therefore, trading by a Fund in forward foreign currency contracts excluded by the Treasury Department is not subject to the CFTC regulations to which trading in other forward foreign currency contracts is subject.

Currency transactions are subject to the risk of a number of complex political and economic factors applicable to the countries issuing the underlying currencies. Furthermore, unlike trading in most other types of instruments, there is no systematic reporting of last sale information with respect to the foreign currencies underlying the derivative currency transactions. As a result, available information may not be complete. In an OTC trading environment, there are no daily price fluctuation limits. There may be no liquid secondary market to close out options purchased or written, or forward contracts entered into, until their exercise, expiration or maturity. There is also the risk of default by, or the bankruptcy of, the financial institution serving as a counterparty.

Currency swaps involve the exchange of rights to make or receive payments in specified currencies and are individually negotiated. The entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. A Fund's performance may be adversely affected as the Adviser may be incorrect in its forecasts of market value and currency exchange rates.

**Forwards, Futures, Swaps and Options**

As described below, a Fund may purchase and sell in the U.S. or abroad futures contracts, forward contracts, swaps and put and call options on securities, futures, securities indices, swaps and currencies. In the future, a Fund may employ instruments and strategies that are not presently contemplated, but which may be subsequently developed, to the extent such investment methods are consistent with such Fund's investment objectives, and are legally permissible. There can be no assurance that an instrument, if employed, will be successful.

A Fund may buy and sell these investments for a number of purposes, including hedging, investment or speculative purposes. For example, it may do so to try to manage its exposure to the possibility that the prices of its portfolio securities may decline, or to establish a position in the securities market as a substitute for purchasing individual securities. Some of these strategies, such as selling futures, buying puts and writing covered calls, may be used to hedge a Fund's portfolio against price fluctuations. Other hedging strategies, such as buying futures and call options, tend to increase a Fund's exposure to the securities market.

***Special Risk Factors Regarding Forwards, Futures, Swaps and Options***

Transactions in derivative instruments (e.g., futures, options, forwards, and swaps) involve a risk of loss or depreciation due to: unanticipated adverse changes in securities or commodities prices, interest rates, indices, the other financial instruments' prices or currency exchange rates; the inability to close out a position; default by the counterparty; imperfect correlation between a position and the desired hedge (if the derivative instrument is being used for hedging purposes); tax constraints on closing out positions; and portfolio management constraints on securities subject to such transactions. The loss on derivative instruments (other than purchased options) may substantially exceed the amount invested in these instruments. In addition, the entire premium paid for purchased options may be lost before they can be profitably exercised. Transaction costs are incurred in opening and closing positions.

A Fund's use of swaps, futures contracts, options, forward contracts and certain other derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset underlying a derivative instrument and results in increased volatility, which means a Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund does not use derivative instruments that have a leveraging effect. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in a Fund's exposure to an asset and may cause the Fund's NAV to be volatile. For example, if the Adviser seeks to gain enhanced exposure to a specific asset through a derivative instrument providing leveraged exposure to the asset and that derivative instrument increases in value, the gain to a Fund will be enhanced; however, if that investment decreases in value, the loss to the Fund will be magnified. A decline in a Fund's assets due to losses magnified by the derivative instruments providing leveraged exposure may require the Fund to liquidate portfolio positions to satisfy its obligations or to meet redemption requests when it may not be advantageous to do so. There is no assurance that a Fund's use of derivative instruments to obtain enhanced exposure will enable the Fund to achieve its investment objective.

A Fund's success in using derivative instruments to hedge portfolio assets depends on the degree of price correlation between the derivative instruments and the hedged asset. Imperfect correlation may be caused by several factors, including temporary price disparities among the trading markets for the derivative instrument, the assets underlying the derivative instrument and a Fund's assets.

OTC derivative instruments involve an increased risk that the issuer or counterparty will fail to perform its contractual obligations. Some derivative instruments are not readily marketable or may become illiquid under adverse market conditions. In addition, during periods of market volatility, a commodity exchange may suspend or limit trading in an exchange-traded derivative instrument, which may make the contract temporarily illiquid and difficult to price. Commodity exchanges may also establish daily limits on the amount that the price of a futures contract or futures option

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AQR Funds–Statement of Additional Information11

can vary from the previous day's settlement price. Once the daily limit is reached, no trades may be made that day at a price beyond the limit. This may prevent the closing out of positions to limit losses. Further, under certain circumstances commodity exchanges or regulators may impose limits that are lower than current open equity in a given futures contract, such limit changes have the potential to cause liquidation of positions and may adversely affect a Fund. Certain purchased OTC options, and assets used as cover for written OTC options, may be considered illiquid. The ability to terminate OTC derivative instruments may depend on the cooperation of the counterparties to such contracts. For thinly traded derivative instruments, the only source of price quotations may be the selling dealer or counterparty.

Regulations adopted by prudential regulators will require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential additional government regulation and other developments in the market, could adversely affect a Fund's ability to terminate existing derivatives agreements or to realize amounts to be received under such agreements.

The use of derivatives is a highly specialized activity that involves skills different from conducting ordinary portfolio securities transactions. There can be no assurance that the Adviser's use of derivative instruments will be advantageous to a Fund.

***Regulatory Matters Regarding Forwards, Futures, Swaps and Options***

A Fund is subject to regulation by the CFTC as commodity pools and the Adviser is subject to regulation by the CFTC as a commodity pool operator ("CPO") with respect to a Fund under the Commodity Exchange Act ("CEA"). The Adviser does not currently rely on an exclusion from the definition of CPO in CFTC Rule 4.5 with respect to any of the Funds.

In October 2020, the CFTC approved a final rule amending regulations of speculative position limits to conform with certain Dodd-Frank amendments to the Commodity Exchange Act. The CFTC adopted new and amended federal spot month position limits for derivatives contracts associated with 25 physical commodities, and amended single-month and all-months-combined federal limits for most of the agricultural contracts currently subject to federal position limits. Under the final rule, federal non-spot month position limits were not extended to the sixteen new physical commodities. These federal position limits apply to "economically equivalent swaps," which are swaps with materially identical contractual specifications, terms and conditions as a referenced contract.

The new rules also modify the bona fide hedge exemption by expanding from six to eleven the number of self-effectuating enumerated bona fide hedges and by liberalizing the terms of some existing enumerated hedges. The final rules include an expedited review and approval regime for market participants to exceed federal position limits for non-enumerated bona fide hedging transactions or positions. In addition, the final rules adopt a "spread transaction" exemption, which is self-effectuating for federal position limit purposes.

Transactions in futures and options by a Fund are subject to limitations established by futures and option exchanges governing the maximum number of futures and options that may be written or held by a single investor or group of investors acting in concert, regardless of whether the futures or options were written or purchased on the same or different exchanges or are held in one or more accounts or through one or more different exchanges or through one or more brokers. Thus the number of futures or options which a Fund may write or hold may be affected by futures or options written or held by other entities, including other investment companies advised by the Adviser (or an adviser that is an affiliate of the Funds' Adviser). An exchange may order the liquidation of positions found to be in violation of those limits and may impose certain other sanctions.

***Forward Contracts***

A forward contract is an obligation to purchase or sell a specific security, currency or other instrument for an agreed price at a future date that is individually negotiated and privately traded by traders and their customers. In contrast to contracts traded on an exchange (such as futures contracts), forward contracts are not guaranteed by any exchange or clearinghouse and are subject to the creditworthiness of the counterparty of the trade. Forward contracts are highly leveraged and highly volatile, and a relatively small price movement in a forward contract may result in substantial losses to a Fund. To the extent a Fund engages in forward contracts to generate return, the Fund will be subject to these risks.

Forward contracts are not always standardized and are frequently the subject of individual negotiation between the parties involved. By contrast, futures contracts are generally standardized and futures exchanges have central clearinghouses which keep track of all positions.

Because there is no clearinghouse system applicable to forward contracts, there is no direct means of offsetting a forward contract by purchase of an offsetting position on the same exchange as one can with respect to a futures contract. Absent contractual termination rights, a Fund may not be able to terminate a forward contract at a price and

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AQR Funds–Statement of Additional Information12

time that it desires. In such event, a Fund will remain subject to counterparty risk with respect to the forward contract, even if the Fund enters into an offsetting forward contract with the same, or a different, counterparty. If a counterparty defaults, a Fund may lose money on the transaction.

Depending on the asset underlying the forward contract, forward transactions can be influenced by, among other things, changing supply and demand relationships, government commercial and trade programs and policies, national and international political and economic events, weather and climate conditions, insects and plant disease, purchases and sales by foreign countries and changing interest rates.

***Futures Contracts***

U.S. futures contracts are traded on organized exchanges regulated by the CFTC. Transactions on such exchanges are cleared through a clearing corporation, which guarantees the performance of the parties to each contract. The Funds may also invest in non-U.S. futures contracts.

There are several risks in connection with the use of futures by a Fund. In the event futures are used by a Fund for hedging purposes, one risk arises because of the imperfect correlation between movements in the price of futures and movements in the price of the instruments which are the subject of the hedge. The price of futures may move more than or less than the price of the instruments being hedged. If the price of futures moves less than the price of the instruments which are the subject of the hedge, the hedge will not be fully effective, but, if the price of the instruments being hedged has moved in an unfavorable direction, a Fund would be in a better position than if it had not hedged at all. If the price of the instruments being hedged has moved in a favorable direction, this advantage will be partially offset by the loss on the futures. If the price of the futures moves more than the price of the hedged instruments, a Fund involved will experience either a loss or gain on the futures which will not be completely offset by movements in the price of the instruments which are the subject of the hedge.

To compensate for the imperfect correlation of movements in the price of instruments being hedged and movements in the price of futures contracts, a Fund may buy or sell futures contracts in a greater dollar amount than the dollar amount of instruments being hedged if the volatility over a particular time period of the prices of such instruments has been greater than the volatility over such time period of the futures, or if otherwise deemed to be appropriate by the Adviser. Conversely, a Fund may buy or sell fewer futures contracts if the volatility over a particular time period of the prices of the instruments being hedged is less than the volatility over such time period of the futures contract being used, or if otherwise deemed to be appropriate by the Adviser. It is also possible that, when a Fund sells futures to hedge its portfolio against a decline in the market, the market may advance and the value of the futures instruments held in the Fund may decline.

Where futures are purchased to hedge against a possible increase in the price of securities before a Fund is able to invest its cash (or cash equivalents) in an orderly fashion, it is possible that the market may decline instead; if the Fund then concludes not to invest its cash at that time because of concern as to possible further market decline or for other reasons, the Fund will realize a loss on the futures contract that is not offset by a reduction in the price of the securities that were to be purchased.

Successful use of futures to hedge portfolio securities protects against adverse market movements but also reduces potential gain. For example, if a Fund has hedged against the possibility of a decline in the market adversely affecting securities held by it and securities prices increase instead, the Fund will lose part or all of the benefit to the increased value of its securities which it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if a Fund has insufficient cash, it may have to sell securities to meet daily variation margin requirements (as described below). Such sales of securities may be, but will not necessarily be, at increased prices which reflect the rising market. The Funds may have to sell securities at a time when it may be disadvantageous to do so.

The Funds may also use futures to attempt to gain exposure to a particular market, index, security, commodity or instrument or for speculative purposes to increase return. One or more markets, indices or instruments to which a Fund has exposure through futures may go down in value, possibly sharply and unpredictably. This means a Fund may lose money.

The price of futures may not correlate perfectly with movement in the cash market due to certain market distortions. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions which could distort the normal relationship between the cash and futures markets. Second, with respect to financial futures contracts, the liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortions. Third, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may also cause temporary price distortions. Due to the possibility of price distortion in the futures market, and because of the imperfect correlation between the movements in

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AQR Funds–Statement of Additional Information13

the cash market and movements in the price of futures, a correct forecast of general market trends or interest rate movements by the Adviser may still not result in a successful hedging transaction over a short time frame (in the event futures are used for hedging purposes).

Positions in futures may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Although the Funds intend to purchase or sell futures only on exchanges or boards of trade where there appear to be active secondary markets, there is no assurance that a liquid secondary market on any exchange or board of trade will exist for any particular contract or at any particular time. When there is no liquid market, it may not be possible to close a futures investment position, and in the event of adverse price movements, the Funds would continue to be required to make daily cash payments of variation margin (as described below). In such circumstances, an increase in the price of the securities, if any, may partially or completely offset losses on the futures contract. However, as described above, there is no guarantee that the price of the securities will in fact correlate with the price movements in the futures contract and thus provide an offset on a futures contract.

Futures contracts with a longer term to expiration may be priced higher than futures contracts with a shorter term to expiration, a relationship called "contango." Conversely, futures contracts with a longer term to expiration may be priced lower than futures contracts with a shorter term to expiration, a relationship called "backwardation." When rolling futures contracts that are in contango, the Funds may sell the expiring futures at a lower price and buy a longer dated futures at a higher price, resulting in a negative roll yield (i.e., a loss to the Funds). When rolling futures contracts that are in backwardation, the Funds may sell the expiring futures at a higher price and buy the longer-dated futures at a lower price, resulting in a positive roll yield (i.e., a gain to the Funds). Additionally, because of the frequency with which the Funds may roll futures contracts, the impact of contango or backwardation on Funds performance may be greater than it would have been if the Fund rolled futures contracts less frequently.

Further, it should be noted that the liquidity of a secondary market in a futures contract may be adversely affected by "daily price fluctuation limits" established by commodities exchanges which limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open futures positions. The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal activity, which could at times make it difficult or impossible to liquidate existing positions or to recover equity.

***Stock Index Futures***

A Fund may invest in stock index futures. A stock index assigns relative values to the common stocks included in the index and fluctuates with the changes in the market value of those stocks.

Stock index futures are contracts based on the future value of the basket of securities that comprise the underlying stock index. The contracts obligate the seller to deliver and the purchaser to take cash to settle the futures transaction or to enter into an obligation contract. No physical delivery of the securities underlying the index is made on settling the futures obligation. No monetary amount is paid or received by a Fund on the purchase or sale of a stock index future. At any time prior to the expiration of the future, a Fund may elect to close out its position by taking an opposite position, at which time a final determination of variation margin is made and additional cash is required to be paid by or released to the Fund. Any gain or loss is then realized by a Fund on the future for tax purposes. Although stock index futures by their terms call for settlement by the delivery of cash, in most cases the settlement obligation is fulfilled without such delivery by entering into an offsetting transaction. All futures transactions are effected through a clearing house associated with the exchange on which the contracts are traded.

***Futures Contracts on Securities***

The Funds may purchase and sell futures contracts on securities. A futures contract sale creates an obligation by a Fund, as seller, to deliver the specific type of financial instrument called for in the contract at a specific future time for a specified price. A futures contract purchase creates an obligation by a Fund, as purchaser, to take delivery of the specific type of financial instrument at a specific future time at a specific price. The specific securities delivered or taken, respectively, at settlement date, would not be determined until or near that date. The determination would be in accordance with the rules of the exchange on which the futures contract sale or purchase was made.

Although futures contracts on securities by their terms call for actual delivery or acceptance of securities, in most cases the contracts are closed out before the settlement date without making or taking delivery of securities. A Fund may close out a futures contract sale by entering into a futures contract purchase for the same aggregate amount of the specific type of financial instrument and the same delivery date. If the price of the sale exceeds the price of the offsetting purchase, a Fund is immediately paid the difference and thus realizes a gain. If the offsetting purchase price exceeds the sale price, a Fund pays the difference and realizes a loss. Similarly, a Fund may close out of a futures contract purchase by entering into a futures contract sale. If the offsetting sale price exceeds the purchase price, a Fund realizes a gain, and if the purchase price exceeds the offsetting sale price, the Fund realizes a loss. Accounting for futures contracts will be in accordance with generally accepted accounting principles.

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AQR Funds–Statement of Additional Information14

***Swap Agreements***

A Fund may enter into swap agreements with respect to securities, futures, currencies, indices, commodities and other instruments. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors, including securities, futures, currencies, indices, commodities and other instruments. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates (in the United States or abroad), foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security or commodity prices or inflation rates. Swap agreements can take many different forms and are known by a variety of names.

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange.

Some swap agreements entered into by a Fund would calculate the obligations of the parties to the agreements on a "net" basis. Consequently, a Fund's obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Fund's obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid assets in accordance with SEC staff guidance.

Forms of swap agreements also include cap, floor and collar agreements. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level, while the seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another. For example, if a Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease the Fund's exposure to long-term interest rates. Caps and floors have an effect similar to buying or writing options. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund's investments and its share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, whether in respect of periodic payments or margin, the Fund must be prepared to make such payments when due.

A Fund's use of swap agreements may not be successful in furthering its investment objective, as the Adviser may not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Certain swap agreements may also be considered to be illiquid. If such instruments are determined to be illiquid, then a Fund will limit its investment in these instruments subject to its limitation on investments in illiquid securities. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

Certain restrictions imposed on the Funds by the Code may limit the Funds' ability to use swap agreements. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. It is possible that developments in the swaps market, including potential government regulation, could adversely affect a Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Global regulatory changes could adversely affect a Fund by restricting its trading activities and/or increasing the costs or taxes to which its investors are subject. The Dodd-Frank Act in the U.S., and the European Market Infrastructure Regulation ("EMIR") in the European Union (among others), grant prudential and financial regulators (notably the SEC and CFTC in the U.S. and European Securities and Markets Authority in the European Union) the jurisdictional and rulemaking authority necessary to impose comprehensive regulations on the OTC and cleared derivatives markets. These regulations include, but are not limited to, requirements relating to disclosure, trade processing, trade reporting, margin and registration requirements. Under the Dodd-Frank Act, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with a Fund. Shares of other investment companies in which a Fund invests generally may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through 2020. The implementation of these margin requirements with respect to OTC swaps, as well as the other types of regulations described above and other global regulatory initiatives,

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could adversely impact the Funds by increasing transaction costs and/or regulatory compliance costs, limiting the availability of certain derivatives or otherwise adversely affecting the value or performance of derivatives that each Fund trades. Other potentially adverse regulatory obligations can develop suddenly and be imposed without notice.

***Swaps on Equities, Currencies, Commodities and Futures***

A Fund may enter into swaps with respect to a security, currency, commodity or futures contract (each, an "asset"); basket of assets; asset index; or index component (each, a "reference asset"). An equity, currency, commodity or futures swap is a two-party contract that generally obligates one party to pay the positive return and the other party to pay the negative return on a specified reference asset during the period of the swap. The payments based on the reference asset may be adjusted for transaction costs, interest payments, the amount of dividends paid on the referenced asset or other economic factors.

Equity, currency, commodity or futures swap contracts may be structured in different ways. For example, with respect to an equity swap, when a Fund takes a long position, the counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular stock (or group of stocks), plus the dividends that would have been received on the stock. In these cases, a Fund may agree to pay to the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stock.

Therefore, in this case the return to a Fund on the equity swap should be the gain or loss on the notional amount plus dividends on the stock less the interest paid by the Fund on the notional amount. In other cases, when a Fund takes a short position, a counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Fund sold a particular stock (or group of stocks) short, less the dividend expense that the Fund would have paid on the stock, as adjusted for interest payments or other economic factors. In these situations, a Fund may be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested in such stock.

Equity, currency, commodity or futures swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to these swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to the swap defaults, a Fund's risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any.

Equity, currency, commodity or futures swaps are derivatives and their value can be very volatile. To the extent that the Adviser does not accurately analyze and predict future market trends, the values of assets or economic factors, a Fund may suffer a loss, which may be substantial. The swap markets in which many types of swap transactions are traded have grown substantially in recent years, with a large number of banks and investment banking firms acting both as principals and as agents. As a result, the markets for certain types of swaps have become relatively liquid.

***Total Return and Interest Rate Swaps***

In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index, for a specified period of time. In return, the buyer pays the counterparty a variable stream of payments, typically based upon short term interest rates, possibly plus or minus an agreed upon spread.

Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for floating swaps where the notional amount changes if certain conditions are met. Like a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if a Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if a Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

Interest rate and total return swaps entered into in which payments are not netted may entail greater risk than a swap entered into on a net basis. If there is a default by the other party to such a transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction.

***Combined Transactions***

A Fund may enter into multiple transactions, including multiple options transactions, multiple futures transactions, multiple currency transactions including forward currency contracts, multiple interest rate transactions and multiple swap transactions, and any combination of options, futures, currency, interest rate, and swap transactions ("component

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AQR Funds–Statement of Additional Information16

transactions"), instead of a single transaction, as part of a single or combined strategy when, in the opinion of the Adviser, it is in the best interests of a Fund to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objective.

**Hedging Transactions**

The Adviser, from time to time, employs various hedging techniques.

The success of a Fund's hedging strategy will be subject to the Adviser's ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of a Fund's hedging strategy will also be subject to the Adviser's ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner.

Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of those portfolio positions or prevent losses if the values of those positions decline. Rather, it establishes other positions designed to gain from those same declines, thus seeking to moderate the decline in the portfolio position's value. Such hedging transactions also limit the opportunity for gain if the value of the portfolio position should increase. For a variety of reasons, the Adviser may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent a Fund from achieving the intended hedge or expose a Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs. The Adviser may determine, in its sole discretion, not to hedge against certain risks and certain risks may exist that cannot be hedged. Furthermore, the Adviser may not anticipate a particular risk so as to hedge against it effectively. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase.

**Illiquid and Restricted Investments**

Pursuant to Rule 22e-4 under the 1940 Act, a Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Illiquid securities are investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If, after the time of acquisition, events cause this limit to be exceeded, a Fund will take steps to reduce the aggregate amount of illiquid investments as soon as reasonably practicable in accordance with the Fund's written liquidity risk management program.

Repurchase agreements not entitling the holder to payment of principal in seven days, and certain "restricted securities" may be illiquid. A security is restricted if it is subject to contractual or legal restrictions on resale to the general public. A liquid institutional market has developed, however, for certain restricted securities such as repurchase agreements, commercial paper, foreign securities and corporate bonds and notes. Thus, restrictions on resale do not necessarily indicate a lack of liquidity for the security. For example, if a restricted security may be sold to certain institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "1933 Act"), or another exemption from registration under such Act, the Adviser may determine that the security is not illiquid, in accordance with the Fund's liquidity risk management program. With other restricted securities, however, there can be no assurance that a liquid market will exist for the security at any particular time. A Fund might not be able to dispose of such securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions. Such holdings may be deemed to be illiquid.

To enable the Funds to sell restricted securities not registered under the 1933 Act, the Funds may have to cause those securities to be registered. The expenses of registration of restricted securities may be negotiated by a Fund with the issuer at the time such securities are purchased by such Fund, if such registration is required before such securities may be sold publicly. Securities having contractual restrictions on their resale might limit a Fund's ability to dispose of such securities and might lower the amount realizable upon the sale of such securities.

In addition to the above, market conditions may cause a Fund to experience temporary mark-to-market losses, especially in less liquid positions, even in the absence of any selling of investments by the Fund.

**Loans of Portfolio Securities**

To attempt to increase its income or total return, a Fund may lend its portfolio securities to certain types of eligible borrowers. Each loan will be secured continuously by collateral in the form of cash, high quality money market instruments or securities issued by the U.S. government or its agencies or instrumentalities. Collateral will be received and maintained by a Fund's custodian concurrent with delivery of the loaned securities and kept in a segregated

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AQR Funds–Statement of Additional Information17

account or designated on the records of the custodian for the benefit of the Fund. Initial collateral will have a market value at least equal to 105% of the then-current market value of loaned equity securities not denominated in U.S. dollars or Canadian dollars or not primarily traded on a U.S. exchange, or 102% of the then-current market value of any other loaned securities. For all loaned foreign equity securities, the borrower must increase the collateral on a daily basis if the then-current market value of the collateral becomes insufficient to meet certain minimum required collateral levels for the type of loaned security. For all other loaned securities, the borrower must increase the collateral only when the market value of the collateral is less than 100% of the then-current market value of the loaned securities. The borrower pays to the lending Fund an amount equal to any dividends or interest received on loaned securities. A Fund retains all or a portion of the interest received on investment of cash collateral and/or receives a fee from the borrower; however, the lending Fund will generally pay certain administrative and custodial fees in connection with each loan.

A Fund has a right to call a loan at any time and require the borrower to redeliver the borrowed securities to the Fund within the settlement time specified in the loan agreement or be subject to a "buy in." A Fund will generally not have the right to vote securities while they are being loaned, but it is expected that the Adviser will call a loan in anticipation of any important vote.

The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (i) the inability of the borrower to return the securities, (ii) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (iii) a delay in recovery of the securities, which could result in Fund losses as well as regulatory consequences, or (iv) the loss of rights in the collateral should the borrower fail financially. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral.

Securities lending will be conducted by a securities lending agent approved by the Board of Trustees. The securities lending agent maintains a list of broker-dealers, banks or other institutions that it has determined to be creditworthy. A Fund will only enter into loan arrangements with borrowers on the approved list.

**Margin Deposits and Cover Requirements**

***Margin Deposits for Futures Contracts***

Unlike the purchase or sale of portfolio securities, no price is paid or received by a Fund upon the purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. The nature of initial margin in futures transactions is different from that of margin in securities transactions in that futures contract margin does not involve the borrowing of funds by the customer to finance the transactions. Rather, the initial margin is in the nature of a performance bond or good faith deposit on the contract which is returned to a Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, called variation margin, to and from the broker will be made on a daily basis as the price of the underlying instruments fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." For example, when a Fund has purchased a futures contract and the price of the contract has risen in response to a rise in the price of the underlying instruments, that position will have increased in value and the Fund will be entitled to receive from the broker a variation margin payment equal to that increase in value. Conversely, where a Fund has purchased a futures contract and the price of the futures contract has declined in response to a decrease in the underlying instruments, the position would be less valuable and the Fund would be required to make a variation margin payment to the broker. At any time prior to expiration of the futures contract, the Adviser may elect to close the position by taking an opposite position, subject to the availability of a secondary market, which will operate to terminate a Fund's position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to a Fund, and the Fund realizes a loss or gain.

***Compliance with Exemptions in Rule 18f-4***

Each Fund relies on certain exemptions in Rule 18f-4 under the *1940 Act* to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the *1940 Act*. Section 18 of the Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap, futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) so long as the Fund determines to rely on the exemption in Rule 18f-4(d)(1)(ii), reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4.

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AQR Funds–Statement of Additional Information18

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Fund's Board, including a majority of the Disinterested Trustees, and periodically reviews the DRMP and reports to the Fund's Board. A Fund may rely on another exemption in Rule 18f-4(e) when entering unfunded commitment agreements, or Rule 18f-4(f) when purchasing when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, in each case if certain conditions are met.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund's "derivatives exposure" is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

**Market Disruption Risk**

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, extreme weather and climate-related events, public health crises, spread of infectious illness and related geopolitical events have led, and in the future may lead, to increased market volatility, which may disrupt U.S. and world economies, individual companies and markets, and may have significant adverse direct or indirect effects on a Fund and its investments. The impact may be short-term or may last for an extended period. Such events include the pandemic caused by the novel coronavirus and its variants (COVID-19), which has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility. Such events also include Russia's recent invasion of Ukraine, which could have a negative impact on the economy and business activity globally.

The global outbreak of COVID-19 has created enormous, unprecedented economic and social uncertainty throughout the world. The ongoing impact of the COVID-19 outbreak (or of any future pandemic, epidemic or outbreak of a contagious disease) is difficult to predict, but COVID-19 and the reactions to it have already had dramatic adverse effects on global, national and local economies and on financial markets, and there is a significant likelihood that that negative impact will continue to persist for an extended period. Disruptions to commercial activity across economies due to the imposition of quarantines, remote working policies, "social distancing" practices and travel restrictions and/or failures to contain the outbreak despite these measures, could materially and adversely impact a Fund's investments, both in the near- and long-term in a variety of industries and regions or globally. Similar disruptions have occurred, and may continue to occur, in respect of a Fund's service providers and counterparties (including providers of financing).

A market disruption, such as COVID-19, could adversely affect a Fund's performance, the value and liquidity of the instruments in which a Fund invests, disrupt the availability of financing and may lead to losses on your investment in a Fund. A market disruption may disturb historical pricing relationships or trends that certain strategies and models are based on, resulting in losses to a Fund. Similarly, the responses of governments, regulators and exchanges to a market disruption may be inadequate to limit the outbreak's spread or to mitigate its impact on any nation's economy or the global economy. In addition, these responses could have adverse effects, intended and unintended, on market structures and on the overall, long-term performance of markets which could adversely impact a Fund's ability to implement certain strategies or manage the risk of outstanding positions. For example, in response to the COVID-19 outbreak, some regulators permitted the delay in the public reporting of financial information, and numerous exchanges implemented trading suspensions or restrictions on short selling. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets.

**Mid-Cap Securities Risk**

The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Momentum Style Risk**

Investing in securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of a Fund using a momentum strategy may suffer.

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AQR Funds–Statement of Additional Information19

**Real Estate-Related Investments**

In pursuing its investment strategy, a Fund may invest in shares of real estate investment trusts ("REITs"). REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor's capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types, i.e., hotels, shopping malls, residential complexes and office buildings.

REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans; the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be adversely affected by several factors, including rising interest rates, changes in the national, state and local economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties, the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain their exemptions from registration under the 1940 Act, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent application of a Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed the percentage of the Fund's portfolio which is comprised of REIT shares. A direct non-corporate REIT shareholder is permitted to claim a 20% "qualified business income" deduction for ordinary REIT dividends, and regulations provide a mechanism for a regulated investment company to pass through to its shareholders the special character of this income. Generally, dividends received by a Fund from REIT shares and distributed to the Fund's shareholders will not constitute "qualified dividend income." Therefore, the tax rate applicable to that portion of the dividend income attributable to ordinary REIT dividends received by a Fund will be taxed at a higher rate than dividends eligible for special treatment.

REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of a Fund's REIT investments to decline. During periods when interest rates are declining, mortgages are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment under their mortgage loans and leases to generate cash to make distributions to their shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.

Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as investing in other small capitalization companies. REITs may have limited financial resources and their securities may trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.

**Regulatory Limitations on Adviser Activity**

Various laws, rules, regulations and corporate requirements impose regulatory filing and/or other compliance obligations based on meeting, exceeding or falling below certain ownership or voting thresholds in publicly traded securities or engaging in certain other securities transactions such as short sales. Compliance with such filing and/or other requirements may result in additional costs to one or more Funds, the Adviser and/or their affiliates. In certain circumstances, the Adviser, on behalf of one or more Funds, will limit certain or all purchases or sales (including short sales), sell existing investments, or otherwise restrict, forgo, or limit the exercise of rights when the Adviser, each in its sole discretion, deems it appropriate in light of potential operational costs, regulatory or corporate restrictions on ownership, voting rights, or other consequences resulting from reaching or exceeding the applicable threshold. Additionally, governments may impose bans, restrictions or limitations on ownership and/or trading. Such limitations can be applied to securities, derivative instruments or other assets or instruments, including but not limited to, futures, options, or swaps. The imposition of the types of restrictions noted above will, in certain circumstances, adversely affect one or more Funds' performance.

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In addition, countries or regulators may restrict or prohibit investments in specific issuers with little or no prior notice. For example, in November 2020 the President of the United States signed an executive order prohibiting U.S. persons from purchasing or investing in certain Chinese issuers. Such sudden restrictions or prohibitions on investments in specific issuers may force a Fund to sell, or otherwise not participate in, certain investments, which could adversely affect the Fund's ability to achieve its investment objective.

**Repurchase Agreements**

A Fund may acquire securities subject to repurchase agreements. In a repurchase transaction, a Fund acquires a security from, and simultaneously agrees to resell it to, an approved vendor. An "approved vendor" is a U.S. commercial bank or the U.S. branch of a foreign bank or a broker-dealer that has been designated a primary dealer in government securities that meets the Trust's credit requirements. The resale price exceeds the purchase price by an amount that reflects an agreed-upon interest rate effective for the period during which the repurchase agreement is in effect. If the vendor fails to pay the resale price on the delivery date, a Fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so. Repurchase agreements are considered "loans" under the 1940 Act, collateralized by the underlying security. There is no limit on the amount of a Fund's net assets that may be subject to repurchase agreements.

**Reverse Repurchase Agreements**

A Fund, subject to its investment strategies and policies, may enter into reverse repurchase agreements. A Fund may enter into reverse repurchase agreements with the same parties with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse repurchase agreement when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction.

The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative. Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the market value of the securities sold will decline below the price at which the Fund is required to repurchase them and (iv) the securities will not be returned to the Fund.

In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a Fund's obligations to repurchase the securities and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

**Rights and Warrants**

Warrants essentially are options to purchase equity securities at specific prices valid for a specific period of time. Their prices do not necessarily move parallel to the prices of the underlying securities. Investments in warrants involve certain risks, including the possible lack of a liquid market for the resale of the warrants, potential price fluctuations as a result of speculation or other factors, and failure of the price of the underlying security to reach a level at which the warrant can be prudently exercised (in which case the warrant may expire without being exercised, resulting in the loss of a Fund's entire investment therein).

Rights are similar to warrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer.

**Securities of Other Investment Companies**

A Fund may invest in shares of other investment companies, including ETFs, money market mutual funds, and closed-end investment companies, to the extent permitted by the 1940 Act. To the extent a Fund invests in shares of an investment company, it will bear its pro rata share of the other investment company's expenses, such as investment advisory and distribution fees and operating expenses.

**Short Sales**

A Fund may engage in short sales, including short sales against the box. Short sales (other than against the box) are transactions in which a Fund sells an instrument it does not own in anticipation of a decline in the market value of that instrument. A short sale against the box is a short sale where at the time of the sale, a Fund owns or has the right to obtain instruments equivalent in kind and amounts. To complete a short sale transaction, a Fund must borrow the

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AQR Funds–Statement of Additional Information21

instrument to make delivery to the buyer. A Fund then is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the instrument was sold by a Fund. Until the instrument is replaced, a Fund is required to pay to the lender amounts equal to any interest or dividends which accrue during the period of the loan. To borrow the instrument, a Fund also may be required to pay a premium, which would increase the cost of the instrument sold. There will also be other costs associated with short sales.

A Fund will incur a loss as a result of the short sale if the price of the instrument increases between the date of the short sale and the date on which the Fund replaces the borrowed instrument. Unlike taking a long position in an instrument by purchasing the instrument, where potential losses are limited to the purchase price, short sales have no cap on maximum loss. A Fund will realize a gain if the instrument declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in an instrument.

Until a Fund replaces a borrowed instrument in connection with a short sale, the Fund will (a) designate on its records as collateral cash or liquid assets at such a level that the designated assets plus any amount deposited with the counterparty as collateral will equal the current value of the instrument sold short or (b) otherwise cover its short position in accordance with applicable law. The amount designated on a Fund's records will be marked to market daily. This may limit a Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.

There is no guarantee that a Fund will be able to close out a short position at any particular time or at an acceptable price. During the time that a Fund is short an instrument, it is subject to the risk that the lender of the instrument will terminate the loan at a time when the Fund is unable to borrow the same instrument from another lender. If that occurs, a Fund may be "bought in" at the price required to purchase the instrument needed to close out the short position, which may be a disadvantageous price. Thus, there is a risk that a Fund may be unable to fully implement its investment strategy due to a lack of available instruments or for some other reason. It is possible that the market value of the instruments a Fund holds in long positions will decline at the same time that the market value of the instruments a Fund has sold short increases, thereby increasing a Fund potential volatility. Short sales also involve other costs. A Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. In addition, to borrow the instrument, a Fund may be required to pay a premium. A Fund also will incur transaction costs in effecting short sales. The amount of any ultimate gain for a Fund resulting from a short sale will be decreased, and the amount of any ultimate loss will be increased, by the amount of premiums, dividends, interest or expenses the Fund may be required to pay in connection with the short sale.

A Fund may enter into short sales on derivative instruments with a counterparty, which will subject the Fund to counterparty risk. See "Counterparty Risk" in a Fund's Prospectus.

In addition to the general risks related to short sales discussed above, a Fund will be subject to additional risks when it makes short sales "against the box," a transaction in which the Fund enters into a short sale of an instrument that the Fund owns or has the right to obtain at no additional cost. In a short sale "against the box" transaction, a Fund does not immediately deliver the instruments sold and is said to have a short position in those instruments until delivery occurs. If a Fund effects a short sale of instruments against the box at a time when it has an unrealized gain on the instruments, it may be required to recognize that gain as if it had actually sold the instruments (as a "constructive sale") on the date it effects the short sale. However, such constructive sale treatment may not apply if a Fund closes out the short sale with instruments other than the appreciated instruments held at the time of the short sale and if certain other conditions are satisfied.

**Small-Cap Securities Risk**

Investments in small-cap companies involve higher risks in some respects than do investments in securities of larger companies (including mid-cap and large-cap companies). For example, prices of such securities are often more volatile than prices of larger capitalization securities. In addition, due to thin trading in some small capitalization securities, an investment in these securities may be less liquid (i.e., harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Tax-Managed Investing**

Taxes are a major influence on the net returns that investors receive on their taxable investments. There are four components of the returns of a mutual fund that invests in equities—price appreciation, distributions of qualified dividend income, distributions of other investment income and distributions of realized short-term and long-term capital gains—which are treated differently for federal income tax purposes. Distributions of income other than qualified dividend income and distributions of net realized short term gains (on stocks held for one year or less) are taxed as ordinary income. Distributions of qualified dividend income and net realized long-term gains (on stocks held for more than one year) are currently taxed at rates up to 15% or 20% for non-corporate investors, depending upon whether their taxable income exceeds certain threshold amounts. Each Fund's investment program and the tax treatment of Fund distributions may be affected by Internal Revenue Service interpretations of the Code and future changes in tax laws

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AQR Funds–Statement of Additional Information22

and regulations. Returns derived from price appreciation generally are untaxed until the shareholder disposes of his or her shares. Upon disposition, a capital gain (short-term, if the shareholder has held his or her shares for one year or less, otherwise long-term) equal to the difference between the net proceeds of the disposition and the shareholder's adjusted tax basis is realized.

**U.S. Government Securities**

U.S. Treasury obligations are backed by the full faith and credit of the United States. Obligations of U.S. Government agencies or instrumentalities (including certain types of mortgage-backed securities) may or may not be guaranteed or supported by the "full faith and credit" of the United States. Some are backed by the right of the issuer to borrow from the U.S. Treasury; others are supported by discretionary authority of the U.S. Government to purchase the agencies' obligations; while still others are supported only by the credit of the instrumentality. If the securities are not backed by the full faith and credit of the United States, the owner of the securities must look principally to the agency issuing the obligation for repayment and may not be able to assert a claim against the United States in the event that the agency of instrumentality does not meet its commitment.

On August 5, 2011, S&P Global Ratings ("S&P") downgraded U.S. Treasury securities from AAA rating to AA+ rating. Another downgrade of the ratings of U.S. government debt obligations, which are often used as a benchmark for other borrowing arrangements, could result in higher interest rates for individual and corporate borrowers, cause disruptions in the international bond markets and have a substantial negative effect on the U.S. economy. A downgrade of U.S. Treasury securities from another ratings agency or a further downgrade below AA+ rating by S&P may cause the value of a Fund's U.S. Treasury obligations to decline.

**Risks Related to the Adviser and to its Quantitative and Statistical Approach**

***Trading Judgment***

The success of the proprietary valuation techniques and trading strategies employed by the Funds is subject to the judgment and skills of the Adviser and the research team that it oversees. Additionally, the trading abilities of the portfolio management team with regard to execution and discipline are important to the return of the Funds. There can be no assurance that the investment decisions or actions of the Adviser will be correct. Incorrect decisions or poor judgment may result in substantial losses.

***Trading Decisions Based on Quantitative and Other Analysis***

The Adviser's portfolio management and trading decisions may be based on quantitative models, signals and other analyses. Any factor that would lessen the prospect of major trends occurring in the future (such as increased governmental control of, or participation in, the financial markets) may reduce the prospect that a particular trading method or strategy will be profitable in the future. In the past, there have been periods without discernible trends and such periods may occur in the future. Moreover, any factor that would make it more difficult to execute trades at desired prices in accordance with the signals of the trading method or strategy (such as a significant lessening of liquidity in a particular market) would also be detrimental to profitability. Further, many advisers' investment models and trading methods utilize similar analyses in making trading decisions. Therefore, bunching of buy and sell orders can occur, which makes it more difficult for a position to be taken or liquidated. There can be no assurance that the Adviser's strategies will be successful under all or any market conditions.

***Model and Data Risk***

Given the complexity of the investments and strategies of each Fund, the Adviser relies heavily on quantitative models and information and traditional and non-traditional data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to value investments or potential investments, to provide risk management insights, and to assist in hedging a Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose a Fund to potential risks. For example, by relying on Models and Data, the Adviser may be induced to buy certain investments at prices that are too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. A Fund bears the risk that the quantitative models used by the Adviser will not be successful in forecasting movements in industries, sectors or companies and/or in determining the size, direction, and/or weighting of investment positions that will enable the Fund to achieve its investment objective.

Some of the models used by the Adviser for one or more Funds are predictive in nature. The use of predictive models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a

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AQR Funds–Statement of Additional Information23

market disruption of some kind), such models may produce unexpected results, which can result in losses for a Fund. Furthermore, because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. Model prices can differ from market prices as model prices are typically based on assumptions and estimates derived from recent market data that may not remain realistic or relevant in the future. To address these issues, the Adviser evaluates model prices and outputs versus recent transactions or similar securities, and as a result, such models may be modified from time to time.

The Adviser currently makes use of non-traditional data, also known as "alternative data" (e.g., data related to consumer transactions or other behavior, social media sentiment, and internet search and traffic data). These data sets are expected to change over time, and the Adviser's use of alternative data is expected to evolve over time as well. The decision to incorporate certain alternative data sets within a particular model is subjective and in the sole discretion of the Adviser. There can be no assurance that using alternative data will result in positive performance. Alternative data is often less structured than traditional data sets and usually has less history, making it more complicated (and riskier) to incorporate into quantitative models. Alternative data providers often have less robust information technology infrastructure, which can result in data sets being suspended, delayed, or otherwise unavailable. In addition, as regulators have increased scrutiny of the use of alternative data in making investment decisions, the changing regulatory landscape could result in legal, regulatory, financial and/or reputational risk.

***Obsolescence Risk***

A Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated. The Adviser's testing of its Models and Data are directed in part at identifying these risks, but there is no guarantee that these risks will be effectively managed. If and to the extent that the models do not reflect certain factors, and the Adviser does not successfully address such omissions through its testing and evaluation and modify the models accordingly, major losses may result. The Adviser will continue to test, evaluate and add new models, as a result of which the existing models may be modified from time to time. Any modification of the models or strategies will not be subject to any requirement that shareholders receive notice of the change or that they consent to it. There can be no assurance as to the effects (positive or negative) of any modification of the models or strategies on a Fund's portfolio.

***Crowding/Convergence***

There is significant competition among quantitatively-focused managers, and the ability of the Adviser to deliver returns consistent with a Fund's objectives and policies is dependent on its ability to employ models that are simultaneously profitable and differentiated from those employed by other managers. Many managers utilizing similar models in making trading decisions may result in bunching of buy and sell orders, which may make it more difficult to take or liquidate a position. To the extent that the Adviser's models used for a Fund come to resemble those employed by other managers, the risk that a market disruption that negatively affects predictive models will adversely affect the Fund is increased, and such a disruption could accelerate reductions in liquidity or rapid repricing due to simultaneous trading across a number of funds in the marketplace.

***Risk of Programming and Modeling Errors***

The research and modeling process engaged in by the Adviser is extremely complex and involves financial, economic, econometric and statistical theories, simulations, research and modeling; the results of that process must then be translated into computer code. Although the Adviser seeks to hire individuals skilled in each of these functions and to provide appropriate levels of oversight, the complexity of the individual tasks, the difficulty of integrating such tasks, and the limited ability to perform "real world" testing of the end product raises the chances that the finished model may contain an error. Programming, model or coding errors are often difficult to detect and could go undetected for long periods of time, or never be detected, compounding over time. If the Adviser determines to fix a programming, model or coding error, it may also result in unintended consequences, including creating other errors. In addition, third party programming, model or coding errors are outside the control of the Adviser. One or more of such errors could adversely affect a Fund's performance and, depending on the circumstances, would generally not constitute a trade error under the Trust's policies. The Adviser also will use other numerical estimation methods that can give sub-optimal or incorrect outputs even when coded properly. The Adviser's testing of its Models and Data are directed in part at identifying these risks, but there is no guarantee that these risks will be effectively managed.

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AQR Funds–Statement of Additional Information24

***Computer Systems Risk***

Throughout its investment management process and business operations, the Adviser relies on a variety of computer hardware and software systems and platforms, some of which may be proprietary while others may be licensed from third parties (such systems and platforms, collectively, "Computer Systems"). Incorrect data, including stale or missing data, hardware or software malfunctions, programming inaccuracies, and similar errors may impair the performance of Computer Systems, which may negatively affect a Fund's investment performance.

***Operational Risk***

The Adviser has developed systems and procedures to manage operational risk. Operational risks arising from mistakes made in the confirmation or settlement of transactions, from transactions not being properly booked or accounted for, or other similar disruption in the Adviser's operations may result in losses to a Fund. The Adviser relies heavily on its portfolio management, trading, financial, accounting, and other data processing systems. The ability of its systems to accommodate an increasing volume of transactions could also constrain the Adviser's ability to properly manage the Funds.

***Involuntary Disclosure Risk***

As described above (under "Model and Data Risk" and "Crowding/Convergence"), the ability of the Adviser to achieve its investment goals for a Fund is dependent in large part on its ability to develop and protect its models and proprietary research. The models and proprietary research and the Models and Data are largely protected by the Adviser through the use of policies, procedures, agreements, and similar measures designed to create and enforce robust confidentiality, non-disclosure, and similar safeguards. However, public disclosure obligations (or disclosure obligations to exchanges or regulators with insufficient privacy safeguards) and theft of research, technical specifications, and other data could lead to opportunities for competitors to reverse-engineer the Adviser's Models and Data, and thereby impair the relative or absolute performance of a Fund.

***Proprietary Trading Methods***

Because the trading methods employed by the Adviser on behalf of each Fund are proprietary to the Adviser, a shareholder will not be able to determine any details of such methods or whether they are being followed.

**Fundamental Policies**

The Funds' policies set forth below are fundamental policies of each Fund; i.e., they may not be changed with respect to a Fund without shareholder approval. Shareholder approval means approval by the lesser of (1) more than 50% of the outstanding voting securities of the Fund, or (2) 67% or more of the voting securities present at a meeting if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy. Except for those investment policies of a Fund specifically identified as fundamental in the Prospectus and this SAI, the Funds' investment objectives as described in the Prospectus, and all other investment policies and practices described in the Prospectus and this SAI may be changed by the Trust's Board of Trustees without the approval of shareholders.

Unless otherwise indicated, all of the percentage limitations below, and in the investment restrictions recited in the Prospectus, apply to each Fund on an individual basis, and apply only at the time a transaction is entered into, except that any borrowing by a Fund that exceeds the fundamental investment limitations stated in item 2 below must be reduced to meet such limitations within the period required by the 1940 Act (currently three days).

**Each Fund**

1. Shall be a "diversified company" as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

2. May borrow money to the extent permitted under the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

3. May not concentrate its investments in a particular industry or group of industries, except as permitted under the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time, provided that, without limiting the generality of the foregoing, this limitation will not apply to a Fund's investments in: (i) securities of other investment companies; (ii) securities issued or guaranteed as to principal and/or interest by the U.S. government, its agencies or instrumentalities; or (iii) repurchase agreements (collateralized by the instruments described in Clause (ii)).

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AQR Funds–Statement of Additional Information25

For the purposes of this policy, each Fund may use the industry classifications provided by Bloomberg, L.P., the Morgan Stanley Capital International/Standard & Poor's Global Industry Classification Standard ("GICS") or any other reasonable industry classification system. Wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of the parents. Utilities will be divided according to their services, for example, gas, gas transmission, electric and gas, electric and telephone will each be considered a separate industry.

4. May not purchase or sell real estate or any interest therein, other than as may be acquired as a result of ownership of securities or other instruments and provided that the Fund shall not be prevented from investing in securities backed by real estate or securities of companies engaged in the real estate business.

5. The AQR Global Equity Fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted under the 1940 Act and other applicable laws, rules and regulations, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time. The AQR Large Cap Momentum Style Fund, AQR Small Cap Momentum Style Fund, AQR International Momentum Style Fund, AQR Large Cap Defensive Style Fund, AQR International Defensive Style Fund, AQR Large Cap Multi-Style Fund, AQR Small Cap Multi-Style Fund, AQR International Multi-Style Fund and AQR Emerging Multi-Style II Fund may not purchase commodities or contracts relating to commodities, except as permitted under the 1940 Act and other applicable laws, rules and regulations, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time.

6. May make loans to the extent permitted under the 1940 Act, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time.

7. May not act as an underwriter of securities within the meaning of the 1933 Act, except as permitted under the 1933 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time. Among other things, to the extent that a Fund may be deemed to be an underwriter within the meaning of the 1933 Act, this would permit a Fund to act as an underwriter of securities in connection with the purchase and sale of its portfolio securities in the ordinary course of pursuing its investment objective, investment policies and investment program.

8. May not issue any senior security, except as permitted under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time. Among other things, this would permit a Fund to: (a) enter into commitments to purchase securities in accordance with a Fund's investment program, including, without limitation, reverse repurchase agreements, delayed delivery securities and when-issued securities, to the extent permitted by its investment program and other restrictions; (b) engage in short sales of securities to the extent permitted in its investment program and other restrictions; and (c) purchase or sell derivative instruments to the extent permitted by its investment program and other restrictions.

The following notations are not considered to be part of the Funds' fundamental policies and are subject to change without shareholder approval.

Unless otherwise indicated, all of the percentage limitations below, and in the investment restrictions recited in the Prospectus, apply to each Fund on an individual basis and except as noted in the following sentence, apply only at the time a transaction is entered into. Therefore, if a percentage limitation is satisfied at the time of investment, a later increase or decrease in such percentage resulting from a change in the value of the Fund's investments will not constitute a violation of such limitation, except that any borrowing by the Fund that exceeds the fundamental investment limitations stated above must be reduced to meet such limitations within the period required by the 1940 Act (currently three days). In addition, if the Fund's holdings of illiquid securities exceed 15% of net assets because of changes in the value of the Fund's investments, the Fund will take action to reduce its holdings of illiquid securities within a time frame deemed to be in the best interest of the Fund. Otherwise, the Fund may continue to hold a security even though it causes the Fund to exceed a percentage limitation because of fluctuation in the value of the Fund's assets.

With respect to the fundamental policy relating to the concentration of investments set forth in (3) above, a Fund intends to include the Fund's investments in securities of other industry-specific investment companies for purposes of calculating such Fund's industry concentration, to the extent practicable.

**Non-Fundamental Investment Policies Related to Fund Names**

Certain Funds have names that suggest that the Fund will focus on a type of investment, within the meaning of Rule 35d-1 under the 1940 Act. The Trust has adopted a non-fundamental policy for each Fund with such a name to invest under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in investments of the type suggested by the Fund's name, in each case as set forth in the Fund's Prospectus.

With respect to each of these Funds, the Trust has adopted a policy to provide the Fund's shareholders with at least 60 days' prior notice of any change in the policy of a Fund to invest at least 80% of its assets in the manner described above.

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AQR Funds–Statement of Additional Information26

A Fund may take temporary defensive positions that are inconsistent with its normal investment policies and strategies—for instance, by allocating substantial assets to cash equivalent investments or other less volatile instruments—in response to adverse or unusual market, economic, political, regulatory or other conditions. In doing so, a Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective.

**Management of the Funds**

The overall management of the business and affairs of the Funds is vested with the Board of Trustees. The Board of Trustees consists of six individuals (each, a "Trustee"), five of whom are not "interested persons" of the Trust as defined in the 1940 Act (the "Disinterested Trustees"). The Trustees are responsible for the oversight of the operations of the Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board of Trustees approves all significant agreements between the Trust and persons or companies furnishing services to it, including the Trust's agreements with its investment advisers, investment sub-advisers, administrator, custodian and transfer agent. The management of each Fund's day-to-day operations is delegated to its officers, the Adviser and the Funds' administrator, subject always to the investment objectives and policies of each of the Funds and to general supervision of the Board of Trustees. The Disinterested Trustees have retained independent legal counsel to assist them in connection with their duties.

Listed in the chart below is basic information regarding the Trustees and officers of the Trust. The address of each officer and Trustee is One Greenwich Plaza, Greenwich, CT 06830.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Year of** <br> **Birth**<br>| **Current Position**<br> **with the Trust,**<br> **Term of Office**<sup>1</sup><br> **and Length of**<br> **Time Served**<br>| &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| &nbsp;&nbsp; **Other Present or**<br> **Past Directorships**<br> **Held by Trustee**<br> **(during the past 5** <br> **years)**<br>|
| **Disinterested Trustees**<sup>2</sup> | **Disinterested Trustees**<sup>2</sup> |  |  |  |  |
| &nbsp;&nbsp; William L. Atwell, <br> M.B.A.,<br> 1950<br>| Chairman of the <br> Board since 2023; <br> Trustee, since 2011<br>| &nbsp;&nbsp; Retired from Atwell <br> Partners, LLC (2012-<br> 2019) (consulting) <br>| 36 | 36 | &nbsp;&nbsp; Webster Financial <br> Corporation (since <br> 2014) (banking); <br> Blucora, Inc. (2017-<br> 2019)<br>|
| &nbsp;&nbsp; L. Joe Moravy, M.B.A., <br> CPA, <br> 1950<br>| Trustee, since 2008 | &nbsp;&nbsp; Retired Independent <br> Consultant (2014-<br> 2021)<br>| 36 | 36 |  |
| &nbsp;&nbsp; Gregg D. Behrens, <br> M.M.,<br> 1952<br>| Trustee, since 2011 | &nbsp;&nbsp; Retired from <br> Northern Trust <br> Company (1974- <br> 2009) (banking)<br>| 36 | 36 | &nbsp;&nbsp; Kiwibank (since <br> 2022); Kiwi Wealth <br> (wealth <br> management) (2020-<br> 2022) <br>|
| &nbsp;&nbsp; Mark A. Zurack,<br> M.B.A., CFA<br> 1957<br>| Trustee, since 2014 | &nbsp;&nbsp; Professor, Columbia <br> Business School <br> (since 2002)<br>| 36 | 36 | &nbsp;&nbsp; Exchange Traded <br> Concepts Trust (19 <br> portfolios) (since <br> 2011)<br>|
| &nbsp;&nbsp; Kathleen Hagerty,<br> Ph.D., M.B.A. <br> 1953<br>| Trustee, since 2022 | &nbsp;&nbsp; Provost (since 2020) <br> and Associate <br> Provost (2019-2020), <br> Northwestern <br> University; Interim <br> Dean (2019-2020), <br> Senior Associate <br> Dean (2016-2019) <br> and Professor (since <br> 1984), Kellogg <br> School of <br> Management, <br> Northwestern <br> University<br>| 36 | 36 |  |

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AQR Funds–Statement of Additional Information27

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Year of** <br> **Birth**<br>| **Current Position**<br> **with the Trust,**<br> **Term of Office**<sup>1</sup><br> **and Length of**<br> **Time Served**<br>| &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| &nbsp;&nbsp; **Other Present or**<br> **Past Directorships**<br> **Held by Trustee**<br> **(during the past 5** <br> **years)**<br>|
| **Interested Trustees**<sup>3</sup> | **Interested Trustees**<sup>3</sup> |  |  |  |  |
| &nbsp;&nbsp; David Kabiller, CFA, <br> 1963<br>| Trustee, since 2010 | &nbsp;&nbsp; Founding Principal, <br> AQR Capital <br> Management, LLC <br> (since 1998)<br>| 36 | 36 |  |

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AQR Funds–Statement of Additional Information28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Year of** <br> **Birth**<br>| **Current Position**<br> **with the Trust,**<br> **Term of Office**<sup>1</sup><br> **and Length of**<br> **Time Served**<br>| &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp; **Number of**<br> **Funds in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee**<br>| &nbsp;&nbsp; **Other Present or**<br> **Past Directorships**<br> **Held by Trustee**<br> **(during the past 5** <br> **years)**<br>|
| **Officers** | **Officers** |  |  |  |  |
| &nbsp;&nbsp; Ted Pyne, M.B.A., <br> Ph.D., 1966<br>| Chief Executive <br> Officer and <br> President, since 2020<br>| &nbsp;&nbsp; Principal, AQR <br> Capital Management, <br> LLC (since 2016)<br>| N/A | N/A | N/A |
| &nbsp;&nbsp; H.J. Willcox, J.D.,<br> 1966<br>| Chief Compliance <br> Officer, since 2013; <br> Anti-Money <br> Laundering Officer, <br> since 2017<br>| &nbsp;&nbsp; Principal, Chief Legal <br> Officer and Global <br> Head of Compliance, <br> AQR Capital <br> Management, LLC <br> (since 2013)<br>| N/A | N/A | N/A |
| &nbsp;&nbsp; Bradley Asness, J.D., <br> M.B.A.,<br> 1969<br>| Vice President, <br> since 2009<br>| &nbsp;&nbsp; Principal and <br> Co-Chief Operating <br> Officer, AQR Capital <br> Management, LLC <br> (since 1998)<br>| N/A | N/A | N/A |
| &nbsp;&nbsp; Patrick Ryan, CPA<br> 1965 <br>| Assistant Treasurer, <br> since 2020<br>| &nbsp;&nbsp; Principal, AQR <br> Capital Management, <br> LLC (since 2012)<br>| N/A | N/A | N/A |
| &nbsp;&nbsp; Matthew Plastina, <br> 1970<br>| Chief Financial <br> Officer and <br> Treasurer, since 2022<br>| &nbsp;&nbsp; Vice President, AQR <br> Capital Management, <br> LLC (since 2018); <br> Executive Director, <br> JP Morgan <br> Investment <br> Management (2010-<br> 2018)<br>| N/A | N/A | N/A |
| &nbsp;&nbsp; Nicole DonVito, J.D.,<br> 1979<br>| Chief Legal Officer, <br> since 2014; Vice <br> President, <br> since 2009, <br> Secretary, since 2022<br>| &nbsp;&nbsp; Managing Director, <br> Senior Counsel & <br> Head of Registered <br> Products, AQR <br> Capital Management, <br> LLC (since 2007)<br>| N/A | N/A | N/A |

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<sup>1</sup> Each Trustee serves until the election and qualification of a successor, or until death, resignation or removal as provided in the Trust's Declaration of Trust. A Disinterested Trustee may not hold office beyond December 31 of the year in which he or she turns 75.

<sup>2</sup> A Disinterested Trustee is any Trustee that is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.

<sup>3</sup> An Interested Trustee is a Trustee that is an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act. Mr. Kabiller is an interested person of the Trust because of his position with the Adviser.

**Leadership Structure of the Board of Trustees**

Overall responsibility for oversight of the Trust and its Funds rests with the Board of Trustees. The Trust, on behalf of the Funds, has engaged the Adviser to manage the Funds on a day-to-day basis. The Board is responsible for overseeing the Adviser and any other service providers in the operations of the Funds in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws, the Trust's Declaration of Trust and By-laws, and each Fund's investment objectives and strategies. The Board is presently composed of six members, five of whom are Disinterested Trustees. The Board currently conducts regular in-person meetings and holds special telephonic meetings, or informal conference calls, to discuss specific matters that may arise or require action between regular Board meetings. The Disinterested Trustees also meet in executive session, at which no Trustees who are interested persons of the Funds are present. The Disinterested Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.

The Board has appointed Mr. Atwell, a Disinterested Trustee, to serve as Chairman of the Board. The Chairman's role is to preside at all meetings of the Board and to act as a liaison with service providers, including the Adviser, officers, attorneys, and other Trustees generally, between meetings. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has established two committees, *i.e.*, the Audit Committee and the Nominating and Governance Committee (each, a "Committee") to assist the Board in the oversight and direction

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AQR Funds–Statement of Additional Information29

of the business and affairs of the Funds, and from time to time may establish informal working groups to review and address the policies and practices of the Funds with respect to certain specified matters. The Committee system facilitates the timely and efficient consideration of matters by the Trustees, and facilitates effective oversight of compliance with legal and regulatory requirements and of the Funds' activities and associated risks. The standing Committees currently conduct an annual review of their charters, which includes a review of their responsibilities and operations. The Nominating and Governance Committee and the Board as a whole also conduct an annual evaluation of the performance of the Board, including consideration of the effectiveness of the Board's committee structure. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances efficient and effective oversight.

The Funds are subject to a number of risks, including, among others, investment, compliance, operational and valuation risks. Risk oversight forms part of the Board's general oversight of the Funds and is addressed as part of various Board and Committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser, which carries out the Funds' investment management and business affairs, and other service providers in connection with the services they provide to the Funds. Each of the Adviser and other service providers have their own independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. As part of its regular oversight of the Funds, the Board, directly and/or through a Committee, interacts with and reviews reports from, among others, the Adviser and the Funds' other service providers (including the Funds' distributor, servicing agent and transfer agent), the Funds' Chief Compliance Officer, the independent registered public accounting firm for the Funds, and legal counsel to the Funds. The Board recognizes that it may not be possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

**Board of Trustees and Committees**

Among the attributes common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, the Adviser, other service providers, legal counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Trustees. A Trustee's ability to perform his or her duties effectively may have been attained, as set forth below, through the Trustee's executive, business, consulting, and/or academic positions; experience from service as a Trustee of the Trust (and/or in other capacities), other investment funds, public companies, or non-profit entities or other organizations; educational background or professional training; and/or other life experiences.

William L. Atwell, M.B.A. Mr. Atwell has served as a Trustee of the Trust since 2011. In addition, he has more than 49 years of business experience in financial services. Mr. Atwell has extensive experience in various executive and other positions with Cigna, Charles Schwab and Citibank. Mr. Atwell also has corporate governance experience serving as a director of Webster Financial Corporation, as a director/trustee of several not-for-profit organizations and has served as a director/trustee of USI Holdings Corporation.

L. Joe Moravy, M.B.A., CPA. Mr. Moravy has served as a Trustee of the Trust since 2008. In addition, he has more than 48 years of business and executive experience primarily in the auditing and accounting area. Mr. Moravy is a certified public accountant and was a partner at two leading accounting firms where he provided audit and accounting-related services to financial services companies. As a certified public accountant, Mr. Moravy also has gained corporate governance experience through working with the boards of directors and audit committees of public and private corporations. He also served on the independent committee of Nuveen Exchange Traded Commodity Funds and has served as a director of several not-for-profit organizations.

Gregg D. Behrens, M.M. Mr. Behrens has served as a Trustee of the Trust since 2011. In addition, he has more than 48 years of business experience in financial services. Mr. Behrens has extensive experience in various executive and other positions with Northern Trust Company, including his executive experience in London and Singapore. Mr. Behrens also has corporate governance experience serving as a director/trustee of several not-for-profit organizations.

Mark A. Zurack, M.B.A., CFA. Mr. Zurack has served as a Trustee of the Trust since 2014. In addition, he has more than 37 years of business and executive experience specifically in equity markets, equity derivatives and related products. Mr. Zurack has 21 years of experience as a professor at Columbia Business School and extensive experience in various executive and other positions serving 18 years at Goldman Sachs & Co. He also has corporate governance experience serving as a trustee for Exchange Traded Concepts Trust and as director/trustee for not-for-profit organizations.

Kathleen M. Hagerty, Ph.D., M.B.A. Ms. Hagerty has served as Trustee of the Trust since 2022. Ms. Hagerty has over 30 years of experience as a professor of finance at Northwestern University, holding many leadership positions within the Kellogg Scholl of Management. She currently serves as the Provost of Northwestern University and holds the First Chicago Professorship in Finance at the Kellogg School of Management. Ms. Hagerty also has corporate governance experience serving on the board of a not-for-profit organization and having served as a member of the National Adjudicatory Council of the National Association of Security Dealers. She also has consulting experience providing derivatives training to various financial services firms.

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AQR Funds–Statement of Additional Information30

David Kabiller, CFA. Mr. Kabiller has served as a Trustee of the Trust since 2010. In addition, he has more than 34 years of business and executive experience and is a Founding Principal of the Adviser. He has been with the Adviser since its inception in 1998. Prior to cofounding the Adviser, Mr. Kabiller was associated with Goldman Sachs & Co. where he served as a Vice President (1987 – 1998). Mr. Kabiller also has corporate governance experience serving as a director/trustee of several not-for-profit organizations.

**Committees of the Board of Trustees**

As discussed above, the Board of Trustees currently has two standing committees: (1) an Audit Committee, and (2) a Nominating and Governance Committee. Currently, each Disinterested Trustee serves on each committee. Mr. Kabiller, as an Interested Trustee, is not a member of either committee. Each committee has adopted a written charter setting forth its duties and responsibilities. The Audit Committee met five times and the Nominating and Governance Committee met three times during the fiscal year ended September 30, 2022.

***Audit Committee.*** L. Joe Moravy, M.B.A., CPA, serves as the Chairman of the Audit Committee. The Audit Committee is required to meet at least twice a year and:

&nbsp;&nbsp;&nbsp;&nbsp;• oversees the accounting, auditing and financial reporting processes of each of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• hires (and fires, if needed) the Funds' independent registered public accounting firm (subject to the ratification of the Board of Trustees);

&nbsp;&nbsp;&nbsp;&nbsp;• pre-approves all audit, audit-related, tax and non-audit services to be provided by the independent registered public accounting firm to the Funds and certain Fund affiliates if those non-audit services relate directly to the operations and financial reporting of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• reviews with the independent registered public accounting firm the proposed scope of, and fees for, their audit, the registered public accounting firm's independence, and the staffing of the audit team of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• receives and considers a report from the independent registered public accounting firm concerning their conduct of the audit, including any comments or recommendations they might want to make in that connection;

&nbsp;&nbsp;&nbsp;&nbsp;• considers all critical accounting policies and practices to be used by each of the Funds and any proposed alternative treatments thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;• investigates any improprieties or suspected improprieties in connection with the Funds' accounting or financial reporting.

***Nominating and Governance Committee.*** Gregg D. Behrens, M.M., serves as the Chairman of the Nominating and Governance Committee. The Nominating and Governance Committee normally meets once a year and as necessary to address governance issues and:

&nbsp;&nbsp;&nbsp;&nbsp;• reviews and assesses the adequacy of the Board's ongoing adherence to industry corporate governance best practices and makes recommendations as to any appropriate changes;

&nbsp;&nbsp;&nbsp;&nbsp;• reviews and makes recommendations to the Board regarding Trustee compensation and expense reimbursement policies;

&nbsp;&nbsp;&nbsp;&nbsp;• undertakes periodically to coordinate and facilitate evaluations of the Board and recommend improvements, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;• meets with the Funds' management to review reports and other information concerning the status of the Funds' operations, procedures, and processes.

If there is a vacancy on the Board, the Nominating and Governance Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;• identify and evaluate potential candidates to fill any such vacancy on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;• select from among the potential candidates a nominee to be presented to the full Board for its consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;• recommend to the Board a nominee to fill any such vacancy.

When seeking suggestions for nominees to serve as disinterested trustees, the Nominating and Governance Committee may consider suggestions from anyone it deems appropriate. When seeking to fill a position on the Board previously held by an Interested Trustee, the Nominating and Governance Committee will consider the views and recommendations of the Adviser. The Nominating and Governance Committee will not normally consider Trustee nominations submitted by shareholders.

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AQR Funds–Statement of Additional Information31

**Fund Ownership of the Trustees**

The following table sets forth, for each Trustee, the dollar range of shares owned in a Fund as of December 31, 2022 (unless otherwise indicated), as well as the aggregate dollar range of shares owned by the Trustee in the Trust as of the same date:

---

| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in the Fund** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of**<br> **Equity Securities in All**<br> **Registered Investment**<br> **Companies Overseen by**<br> **Director in Family of**<br> **Investment Companies**<br>|
|  | **Name of Fund** | **Dollar Range** |  |
| William L. Atwell, M.B.A. | AQR Small Cap Momentum Style Fund | Over $100,000 | Over $100,000\* |
| &nbsp;&nbsp; L. Joe Moravy, M.B.A., <br> CPA<br>| AQR International Defensive Style Fund | $10001 - $50000 | Over $100,000\* |
|  | AQR Small Cap Momentum Style Fund | $10001 - $50000 |  |
|  | AQR Large Cap Multi-Style Fund | $50001 - $100000 |  |
|  | AQR Large Cap Defensive Style Fund | Over $100,000 |  |
|  | AQR Small Cap Multi-Style Fund | $10001 - $50000 |  |
|  | AQR International Multi-Style Fund | $10001 - $50000 |  |
| Gregg D. Behrens, M.M. | AQR Large Cap Multi-Style Fund | $10001 - $50000 | Over $100,000\* |
|  | AQR Large Cap Defensive Style Fund | $10001 - $50000 |  |
| &nbsp;&nbsp; Mark A. Zurack, M.B.A., <br> CFA<br>| AQR International Multi-Style Fund | $50001 - $100000 | Over $100,000 |
|  | AQR Small Cap Multi-Style Fund | Over $100,000 |  |
| &nbsp;&nbsp; Kathleen Hagerty, Ph.D., <br> M.B.A.<br>| N/A |  | None\*\* |
| David Kabiller, CFA | AQR Global Equity Fund | $10001 - $50000 | Over $100,000\* |

---

<sup>\*</sup> Trustee holds equity securities in other series of the Trust which are described in a separate Statement of Additional Information.

<sup>\*\*</sup> Trustee was appointed as a Trustee of the Trust on March 1, 2022.

**Fund Ownership of the Trustees and Officers**

As of December 31, 2022, the Trustees and Officers of the Trust owned in the aggregate less than 1% of each Fund.

**Compensation of Trustees and Certain Officers**

Officers of the Trust and Trustees who are interested persons of the Trust do not receive any compensation from the Trust. Effective January 1, 2023, the annual retainer paid to Disinterested Trustees is $185,000 per year, which includes four regularly scheduled quarterly Board meetings and up to four additional special meetings (the "Retainer Meetings"). The Disinterested Trustees will receive $2,000 for each additional special meeting in excess of the Retainer Meetings (in-person or telephonic). The Chairman of the Board receives an annual retainer of $40,000, the Chairman of the Audit Committee receives an annual retainer of $22,500 and the Chairman of the Nominating and Governance Committee receives an annual retainer of $12,500. Prior to January 1, 2023, the annual retainer paid to Disinterested Trustees was $160,000 per year for the Retainer Meetings and $2,000 for each additional special meeting in excess of the Retainer Meetings (in-person or telephonic). The Chairman of the Board received an annual retainer of $35,000, the Chairman of the Audit Committee received an annual retainer of $17,500 and the Chairman of the Nominating and Governance Committee received an annual retainer of $7,500. All Trustees are reimbursed for their travel expenses and other reasonable out-of-pocket expenses incurred in connection with attending Board meetings (these other expenses are subject to Board review to ensure that they are not excessive). The Trust does not pay any pension or retirement benefits.

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AQR Funds–Statement of Additional Information32

The table below shows the compensation that was paid to the Disinterested Trustees for the Funds' fiscal year ended September 30, 2022:

**Compensation Table** 

---

| | | |
|:---|:---|:---|
| **Name of Person, Position** | **Estimated Annual Benefits**<br> **upon Retirement**<br>| **Aggregate Compensation**<br> **from the Trust**<br>|
| &nbsp;&nbsp; William L. Atwell, M.B.A., Disinterested Trustee, Chairman of <br> the Board<br>|  | $169500.00 |
| &nbsp;&nbsp; L. Joe Moravy, M.B.A., CPA, Disinterested Trustee, Audit <br> Committee Chairman<br>|  | $178875.00 |
| &nbsp;&nbsp; Gregg D. Behrens, M.M., Disinterested Trustee, Nominating <br> and Governance Committee Chairman<br>|  | $162000.00 |
| Mark A. Zurack, M.B.A., CFA, Disinterested Trustee |  | $162000.00 |
| Kathleen Hagerty, Ph.D., M.B.A., Disinterested Trustee\* |  | $93333.00 |
| &nbsp;&nbsp; Brian Posner, M.B.A., Former Disinterested Trustee, Former <br> Chairman of the Board\*\*<br>|  | $197000.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Global**<br> **Equity Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR International**<br> **Momentum**<br> **Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Large Cap**<br> **Momentum**<br> **Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Small Cap**<br> **Momentum**<br> **Style Fund**<br>|
| &nbsp;&nbsp; William L. Atwell, M.B.A., Disinterested <br> Trustee, Chairman of the Board<br>| $3716 | $5204 | $10408 | $2747 |
| &nbsp;&nbsp; L. Joe Moravy, M.B.A., CPA, Disinterested <br> Trustee, Audit Committee Chairman<br>| $3929 | $5503 | $11015 | $2901 |
| &nbsp;&nbsp; Gregg D. Behrens, M.M., Disinterested <br> Trustee, Nominating and Governance <br> Committee Chairman<br>| $3545 | $4962 | $9916 | $2624 |
| &nbsp;&nbsp; Mark A. Zurack, M.B.A., CFA, Disinterested <br> Trustee<br>| $3545 | $4962 | $9916 | $2624 |
| &nbsp;&nbsp; Kathleen Hagerty, Ph.D., M.B.A., <br> Disinterested Trustee\*<br>| $2032 | $2399 | $4804 | $1411 |
| &nbsp;&nbsp; Brian Posner, M.B.A., Former Disinterested <br> Trustee, Former Chairman of the Board\*\*<br>| $4341 | $6091 | $12214 | $3200 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Large Cap**<br> **Defensive**<br> **Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR International**<br> **Defensive**<br> **Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Large Cap**<br> **Multi-Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Small Cap**<br> **Multi-Style Fund**<br>|
| &nbsp;&nbsp; William L. Atwell, M.B.A., Disinterested <br> Trustee, Chairman of the Board<br>| $53375 | $3011 | $12841 | $1440 |
| &nbsp;&nbsp; L. Joe Moravy, M.B.A., CPA, Disinterested <br> Trustee, Audit Committee Chairman<br>| $56559 | $3182 | $13600 | $1515 |
| &nbsp;&nbsp; Gregg D. Behrens, M.M., Disinterested <br> Trustee, Nominating and Governance <br> Committee Chairman<br>| $50811 | $2875 | $12230 | $1379 |
| &nbsp;&nbsp; Mark A. Zurack, M.B.A., CFA, <br> Disinterested Trustee<br>| $50811 | $2875 | $12230 | $1379 |

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AQR Funds–Statement of Additional Information33

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Large Cap**<br> **Defensive**<br> **Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR International**<br> **Defensive**<br> **Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Large Cap**<br> **Multi-Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Small Cap**<br> **Multi-Style Fund**<br>|
| &nbsp;&nbsp; Kathleen Hagerty, Ph.D., M.B.A., <br> Disinterested Trustee\*<br>| $27696 | $1654 | $6735 | $745 |
| &nbsp;&nbsp; Brian Posner, M.B.A., Former <br> Disinterested Trustee, Former Chairman <br> of the Board\*\*<br>| $62777 | $3511 | $15078 | $1662 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR International**<br> **Multi-Style Fund**<br>| **Aggregate**<br> **Compensation**<br> **from the**<br> **AQR Emerging**<br> **Multi-Style II Fund**<br>|
| William L. Atwell, M.B.A., Disinterested Trustee, Chairman of the Board | $5224 | $6309 |
| L. Joe Moravy, M.B.A., CPA, Disinterested Trustee, Audit Committee Chairman | $5528 | $6676 |
| &nbsp;&nbsp; Gregg D. Behrens, M.M., Disinterested Trustee, Nominating and Governance <br> Committee Chairman<br>| $4981 | $6013 |
| Mark A. Zurack, M.B.A., CFA, Disinterested Trustee | $4981 | $6013 |
| Kathleen Hagerty, Ph.D., M.B.A., Disinterested Trustee\* | $2765 | $3205 |
| &nbsp;&nbsp; Brian Posner, M.B.A., Former Disinterested Trustee, Former Chairman of the <br> Board\*\*<br>| $6116 | $7392 |

---

<sup>\*</sup> Trustee was appointed as a Trustee to the Trust on March 1, 2022.

<sup>\*\*</sup> Mr. Posner resigned as Trustee effective December 31, 2022.

**Personal Trading**

The Trust and Adviser have each adopted a code of ethics, which puts restrictions on the timing of personal trading in relation to trades by the Funds and other advisory clients of the Adviser and their affiliates. The codes of ethics, which were adopted in accordance with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"), as appropriate, describe the fiduciary duties owed to shareholders of the Funds and to other advisory accounts by all Trustees, officers, members and employees of the Trust, and by the Adviser; establish procedures for personal investing; and restrict certain transactions.

The Funds' distributor, ALPS Distributors, Inc. (the "Distributor") has also adopted a code of ethics governing the personal trading activities of its directors, officers and employees, which contains comparable restrictions.

**Proxy Voting Policies and Procedures**

The Adviser has adopted written proxy voting policies and procedures ("Proxy Policies") as required by Rule 206(4)-6 under the Investment Advisers Act, consistent with their fiduciary obligations. The Trust has delegated proxy voting responsibilities with respect to each Fund to the Adviser, subject to the general oversight of the Board. The Proxy Policies have been approved by the Trust as the policies and procedures that the Adviser will use when voting proxies on behalf of the Funds. A copy of the Proxy Policies is attached as Appendix A to this SAI.

Information about how each Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 will be available no later than August 31, of each year: (i) without charge, upon request, by calling 1-866-290-2688 or (ii) on the SEC's website at sec.gov.

**Portfolio Holdings Disclosure**

On or about 15 days following the end of each calendar quarter, each Fund will make available a complete uncertified schedule of its portfolio holdings as of the end of the quarter. Each Fund will make its portfolio holdings information available to the general public on the Funds' website at https://funds.aqr.com. Portfolio holdings of each Fund will also be disclosed on a quarterly basis no later than sixty (60) days following the end of the preceding quarter on forms required to be filed with the SEC as follows: (i) portfolio holdings as of the end of each fiscal year will be filed as part of the annual report filed on Form N-CSR and on Form N-PORT; (ii) portfolio holdings as of the end of the first and third

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AQR Funds–Statement of Additional Information34

fiscal quarters will be filed on Form N-PORT; and (iii) portfolio holdings as of the end of the six month period will be filed as part of the semi-annual report filed on Form N-CSR and on Form N-PORT. The Trust's Forms N-CSR and N-PORT (and its predecessor Form N-Q) will be available on the SEC website at sec.gov.

Non-public information regarding a Fund, including portfolio holdings information, may be disclosed more frequently or in advance of the website posting or its filing with the SEC on the EDGAR filing system to agents, service providers, analysts, rating agencies, pricing services, proxy voting services or others including the following: advisers and sub-advisers to the Funds, independent registered public accountants, counsel, administrator, transfer agent or custodians, who require access to such information in order to fulfill their contractual duties to the Funds, or consultants, data aggregators, mutual fund evaluation services, due diligence departments of broker dealers and wirehouses that regularly analyze the portfolio holdings and calculate information derived from holdings of the Funds, and which supply their analyses (but not the holdings themselves) to their clients. Such parties, either by law, agreement or by the nature of their duties, are required to keep the non-public portfolio holdings information received from the Funds confidential.

The Funds or the Adviser have entered into ongoing arrangements to disclose complete portfolio holdings more frequently or in advance of the website posting or its filing with the SEC on the EDGAR filing system to the following persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Trustees of the Funds and, if necessary, Disinterested Trustee counsel and Fund counsel

&nbsp;&nbsp;&nbsp;&nbsp;• Employees of the Adviser and its affiliates

&nbsp;&nbsp;&nbsp;&nbsp;• The Custodians of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;• The Administrator of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;• The Transfer Agent of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;• The Distributor of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;• The Independent Registered Public Accounting Firm of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;• Bloomberg

&nbsp;&nbsp;&nbsp;&nbsp;• Factset

&nbsp;&nbsp;&nbsp;&nbsp;• ISS Governance Services

&nbsp;&nbsp;&nbsp;&nbsp;• IHS Markit

&nbsp;&nbsp;&nbsp;&nbsp;• Markit WSO Corporation

&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Partners Advisors LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Infinit Outsourcing, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• International Fund Services (Ireland) Limited

&nbsp;&nbsp;&nbsp;&nbsp;• Financial Recovery Technologies, LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance Solutions Strategies

&nbsp;&nbsp;&nbsp;&nbsp;• FundApps Limited

&nbsp;&nbsp;&nbsp;&nbsp;• Donnelley Financial Solutions, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;• Citibank, N.A.

&nbsp;&nbsp;&nbsp;&nbsp;• Ernst & Young LLP

&nbsp;&nbsp;&nbsp;&nbsp;• Acuity Knowledge Partners

With respect to each such arrangement, a Fund has a legitimate business purpose for the release of information. As described above, the release of the portfolio holdings to these persons or entities is subject to confidential treatment to prohibit the person or entity from sharing with an unauthorized source or trading upon the information provided. The Funds, the Adviser and their affiliates do not receive any compensation in connection with such arrangements.

In addition, in connection with the purchase and sale of portfolio securities and in the course of seeking best execution, the Adviser provides information regarding individual portfolio holdings to broker-dealers who may be selected to execute or clear trades for the Funds or serve as counterparties to the Fund's derivative positions. The Securities Exchange Act of 1934, as amended, and the rules of the Financial Industry Regulatory Authority ("FINRA") provide limitations on a broker-dealer's ability to trade for its own accounts or the accounts of others on the basis of such information. In addition, in connection with a redemption in kind, the redeeming shareholder may be required to agree to keep the information about the securities to be so distributed confidential, except to the extent necessary to dispose of the securities.

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AQR Funds–Statement of Additional Information35

The Adviser also may make available certain information about a Fund's portfolio prior to the public dissemination of portfolio holdings, including, but not limited to, the Fund's portfolio characteristics data; the Fund's country, currency and sector exposures; the Fund's asset class and instrument type exposures; the Fund's long/short exposures; and the Fund's performance attribution, including contributors/detractors to Fund performance, by posting such information to the Fund's website (https://funds.aqr.com) or upon reasonable request made to the Fund or the Adviser.

Non-public portfolio holdings information may be disclosed to certain third parties (other than as noted above) by written request (which may be completed via email) prior to its being posted on the Funds' website or filed with the SEC through the EDGAR filing system, upon the preapproval of the president or a vice president of the Trust and a senior member of the Adviser's Legal or Compliance Departments after making a good faith determination that the disclosure would serve a legitimate business purpose of the Fund and is in the best interest of the Fund and its shareholders. In addition, the recipient must agree to maintain the confidentiality of the portfolio holdings information. The Trust's Chief Compliance Officer and the executive officers of the Trust monitor the release of non-public information regarding the Trust. In order to assess whether there are any conflicts between the interests of the Funds' shareholders and the interests of the Adviser or their affiliates, the Trustees will review at each regular meeting of the Board of Trustees the information related to any such written approvals that have been approved by the president or a vice president of the Trust and a senior member of the Adviser's Legal or Compliance Departments since the last regular meeting of the Board of Trustees. As noted above, pre-approval by the president or a vice president of the Trust and a senior member of the Adviser's Legal or Compliance Departments is not necessary with respect to the disclosure of certain non-public portfolio holdings information to certain third parties or with respect to the disclosure of certain other information about a Fund's portfolio prior to the public dissemination of portfolio holdings information.

The Adviser manages other accounts such as separate accounts, model portfolios, unregistered products and funds sponsored by companies other than the Adviser. These other accounts may be managed in a similar fashion to certain Funds and thus may have similar portfolio holdings. Such accounts may make disclosures at different times than the Funds' portfolio holdings are disclosed. Additionally, clients of such accounts have access to their portfolio holdings, and may not be subject to the foregoing restrictions.

The Chief Compliance Officer of the Trust is responsible for ensuring that the Funds have adopted and implemented policies and procedures reasonably designed to ensure compliance with the Trust's portfolio holdings disclosure policy and, to the extent necessary, the Chief Compliance Officer and/or his or her designee shall monitor the Funds' compliance with this policy.

Any exceptions to the policy may be made only if approved by the Chief Compliance Officer of the Trust upon determining that the exception is in the best interests of the Funds and their shareholders. The Chief Compliance Officer must report any exceptions made to the policy to the Trustees at its next regularly scheduled meeting.

Each violation of the disclosure policy must be reported to the Chief Compliance Officer. If the Chief Compliance Officer, in the exercise of his or her duties, deems that such violation constitutes a "Material Compliance Matter" within the meaning of Rule 38a-1 under the 1940 Act, he or she shall report it to the applicable Trustees, as required by Rule 38a-1.

The Trustees reserve the right to amend the Trust's policies and procedures regarding the disclosure of portfolio holdings at any time and from time to time without prior notice and in their sole discretion. The Board of Trustees also considers the reports and recommendations of the Trust's Chief Compliance Officer regarding any material compliance matters that may arise with respect to the disclosure of portfolio holdings information and periodically, as required under the circumstances, considers whether to approve or ratify any amendment to the Trust's policies and procedures regarding the dissemination of portfolio holdings information.

**Investment Advisory and Other Services**

**Investment Adviser**

The Adviser, AQR Capital Management, LLC, One Greenwich Plaza, Greenwich, CT 06830, serves as the investment adviser to each Fund pursuant to an investment advisory contract entered into by the Trust, on behalf of each Fund (together, the "Advisory Agreements"). Subject to the general supervision of the Board of Trustees, under the terms of the Advisory Agreements, the Adviser furnishes a continuous investment program for each Fund's portfolio, makes day-to-day investment decisions for each Fund, and manages each of the Funds' investments in accordance with the stated policies of the Fund. The Adviser is also responsible for selecting brokers and dealers to execute purchase and sale orders for the portfolio transactions of each Fund, subject to its obligation to seek best execution, and also provides certain other administrative services to each Fund. The Adviser provides persons satisfactory to the Trustees to serve as officers of the Funds. Such officers, as well as certain other employees and Trustees of the Trust, may be directors, officers, or employees of the Adviser.

The Adviser is a wholly-owned subsidiary of AQR Capital Management Holdings, LLC ("AQR Holdings"), which has no activities other than holding the interests of the Adviser. Clifford S. Asness, Ph.D., M.B.A., may be deemed to control the Adviser through his voting control of the Board of Members of AQR Holdings.

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AQR Funds–Statement of Additional Information36

Under the Advisory Agreements, the Funds pay the Adviser a management fee on a monthly basis in an amount equal to the following amounts annually of the average daily net assets of each of the Funds:

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| | |
|:---|:---|
| **Fund:** | **Management Fee** |
| AQR Large Cap Multi-Style Fund | 0.25% |
| AQR Small Cap Multi-Style Fund | 0.45% |
| AQR International Multi-Style Fund | 0.40% |
| AQR Emerging Multi-Style II Fund<sup>1</sup> <br>| 0.50% |
| AQR Large Cap Momentum Style Fund | 0.25% |
| AQR Small Cap Momentum Style Fund | 0.45% |
| AQR International Momentum Style Fund | 0.40% |
| AQR Large Cap Defensive Style Fund | 0.25% |
| AQR International Defensive Style Fund | 0.40% |
| AQR Global Equity Fund | 0.60% |

---

<sup>1</sup> Effective July 1, 2022, the Fund's Management Fee was reduced by 0.05% to 0.50%.

For the fiscal year ended September 30, 2020, the Trust paid the Adviser management fees (after reimbursements), and the Adviser reimbursed expenses, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Management**<br> **Fees**<br>| **Waivers** | **Reimbursements** | **Fees Paid**<br> **(After Waivers**<br> **and**<br> **Reimbursements)**<br>|
| AQR Global Equity Fund | $1796966 | $— | $47207 | $1749759 |
| AQR International Momentum Style Fund | $1694794 | $— | $215052 | $1479742 |
| AQR Large Cap Momentum Style Fund | $2128658 | $— | $130096 | $1998562 |
| AQR Small Cap Momentum Style Fund | $1039151 | $— | $156803 | $882348 |
| AQR Large Cap Defensive Style Fund | $14091723 | $— | $141036 | $13950687 |
| AQR International Defensive Style Fund | $876800 | $— | $193398 | $683402 |
| AQR Large Cap Multi-Style Fund | $3405823 | $— | $91592 | $3314231 |
| AQR Small Cap Multi-Style Fund | $1935493 | $— | $186633 | $1748860 |
| AQR International Multi-Style Fund | $1065701 | $— | $179534 | $886167 |
| AQR Emerging Multi-Style II Fund | $2040050 | $— | $369716 | $1670334 |

---

For the fiscal year ended September 30, 2021, the Trust paid the Adviser management fees (after reimbursements), and the Adviser reimbursed expenses, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Management**<br> **Fees**<br>| **Waivers** | **Reimbursements** | **Fees Paid**<br> **(After Waivers**<br> **and**<br> **Reimbursements)**<br>|
| AQR Global Equity Fund | $2078756 | $— | $65326 | $2013430 |
| AQR International Momentum Style Fund | $2135488 | $— | $227818 | $1907670 |
| AQR Large Cap Momentum Style Fund | $2480301 | $— | $67214 | $2413087 |
| AQR Small Cap Momentum Style Fund | $1178820 | $— | $158046 | $1020774 |
| AQR Large Cap Defensive Style Fund | $15078989 | $— | $14701 | $15064288 |
| AQR International Defensive Style Fund | $1009243 | $— | $200091 | $809152 |
| AQR Large Cap Multi-Style Fund | $3230442 | $— | $63815 | $3166627 |
| AQR Small Cap Multi-Style Fund | $615133 | $— | $153798 | $461335 |
| AQR International Multi-Style Fund | $1653328 | $— | $220291 | $1433037 |
| AQR Emerging Multi-Style II Fund | $3066320 | $— | $445061 | $2621259 |

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AQR Funds–Statement of Additional Information37

For the fiscal year ended September 30, 2022, the Trust paid the Adviser management fees (after reimbursements), and the Adviser reimbursed expenses, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Management**<br> **Fees**<br>| **Waivers** | **Reimbursements** | **Fees Paid**<br> **(After Waivers**<br> **and**<br> **Reimbursements)**<br>|
| AQR Global Equity Fund | $1976808 | $— | $60174 | $1916634 |
| AQR International Momentum Style Fund | $1896032 | $— | $248702 | $1647330 |
| AQR Large Cap Momentum Style Fund | $2421745 | $— | $119886 | $2301859 |
| AQR Small Cap Momentum Style Fund | $1092050 | $— | $174925 | $917125 |
| AQR Large Cap Defensive Style Fund | $12437158 | $— | $36545 | $12400613 |
| AQR International Defensive Style Fund | $1066229 | $— | $258049 | $808180 |
| AQR Large Cap Multi-Style Fund | $2955767 | $— | $107771 | $2847996 |
| AQR Small Cap Multi-Style Fund | $536688 | $— | $167450 | $369238 |
| AQR International Multi-Style Fund | $1883228 | $— | $296625 | $1586603 |
| AQR Emerging Multi-Style II Fund | $3106345 | $— | $454481 | $2651864 |

---

For the fiscal year ended September 30, 2020, with respect to the AQR Global Equity Fund, AQR Large Cap Defensive Style Fund and AQR Large Cap Multi-Style Fund, the Adviser recaptured fees waived and/or expenses reimbursed under the Fund's Expense Limitation Agreement in the amount of $2,116, $296,149 and $28,346, respectively. For the fiscal year ended September 30, 2021, with respect to the AQR Large Cap Multi-Style Fund, AQR Large Cap Momentum Style Fund, and AQR Large Cap Defensive Style Fund, the Adviser recaptured fees waived and/or expenses reimbursed under the Fund's Expense Limitation Agreement in the amount of $28,290, $37,588, and $110,257, respectively. For the fiscal year ended September 30, 2022, with respect to AQR Global Equity Fund, AQR Large Cap Defensive Style Fund and AQR International Multi-Style Fund, the Adviser recaptured fees waived and/or expenses reimbursed under the Fund's Expense Limitation Agreement in the amount of $5,699, $35,444 and $336, respectively. For additional information regarding the Expense Limitation Agreement, please see the Funds' prospectus dated January 29, 2023.

**Other Payments**

In addition to the payments to the Adviser under the Advisory Agreements described above, each Fund pays certain other costs of its operations including (a) custody, transfer agency, pricing and dividend disbursing expenses, (b) for Class N and Class I Shares, certain amounts paid to intermediaries in recognition of the transfer agency costs avoided by the Funds as a result of the customer recordkeeping activities of the intermediaries, (c) distribution related fees for the Class N shares, (d) fees of Trustees who are not affiliated with the Adviser, (e) legal, audit and tax expenses, (f) litigation expenses, (g) clerical, accounting and other office costs, (h) costs of printing the Funds' Prospectuses, shareholder reports, notices and other reports for current shareholders, (i) costs of maintaining the Trust's existence, (j) interest charges, taxes, brokerage fees and commissions, (k) costs of stationery and supplies, (l) expenses and fees related to registration and/or filing with the SEC, the CFTC and with other federal and state regulatory authorities, and (m) upon the approval of the Board of Trustees, costs of personnel of the Adviser or its affiliates rendering clerical, accounting and other office services.

The Adviser, from time to time, makes payments to financial intermediaries (including the Distributor) for certain distribution, sub-administration, sub-transfer agency or other shareholder services provided to Class N, Class I and/or Class R6 shareholders of the Funds whose shares are held of record in certain omnibus accounts and other group accounts (e.g., a fund "supermarket" account). The Adviser also makes other payments out of its own resources to financial intermediaries as permitted under applicable rules of FINRA, such as the Adviser's participation at a financial intermediary's internal events including conferences, seminars, due diligence and other meetings. Payments made by the Adviser are in addition to any distribution or service fees payable under any Rule 12b-1 Plan of a Fund, any sub-transfer agency or similar fees payable directly by a Fund to certain financial intermediaries for performing those services, and any sales charges, commissions, non-cash compensation arrangements permitted under applicable rules of FINRA, or other concessions described in the fee table or elsewhere in a Fund's Prospectus or the SAI as payable to financial intermediaries.

Payments by the Adviser and/or the Fund pursuant to its Rule 12b-1 Plan, as applicable, may be made to compensate financial intermediaries for, among other things: marketing shares of the Funds, which may consist of payments relating to the Funds included on preferred or recommended fund lists or in certain sales programs from time to time sponsored by the intermediaries; "due diligence" examination and/or review of the Funds from time to time; access to the financial intermediaries' registered representatives or salespersons, including at conferences and other meetings; assistance in

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AQR Funds–Statement of Additional Information38

training and education of personnel; "finders" or "referral fees" for directing investors to the Funds; marketing support fees for providing assistance in promoting the sale of Fund shares (which may include promotions in communications with the intermediaries' customers, registered representatives and salespersons); and/or other specified services intended to assist in the distribution and marketing of the Funds. These payments to financial intermediaries may exceed amounts earned on these assets by the Adviser for the performance of these or similar services. The payments are negotiated with each financial intermediary based on a range of factors, including but not limited to the financial intermediary's ability to attract and retain assets (including particular classes of Fund shares), target markets, customer relationships, quality of service and industry reputation.

The presence of these payments by the Adviser and/or the Fund, as applicable, to financial intermediaries, the varying fee structure and the basis on which a financial intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend funds, including the Funds, or other investments based, at least in part, on the level of compensation paid. Additionally, if one mutual fund sponsor makes greater distribution payments than another, a financial intermediary may have an incentive to recommend one fund complex over another. Similarly, if a financial intermediary receives more distribution assistance for one share class versus another, that financial intermediary may have an incentive to recommend that share class. Because financial intermediaries may be paid varying amounts per class for sub-transfer agency and related recordkeeping services, the service requirements of which also may vary by class, this may create an additional incentive for financial firms and their financial advisors to favor one fund complex over another, or one fund class over another. You should consider whether such incentives exist when evaluating any recommendations from a financial intermediary to purchase or sell shares of the Funds and when considering which share class is most appropriate for you.

**Portfolio Manager Compensation**

The compensation for each of the portfolio managers that are a Principal of the Adviser is in the form of distributions based on the net income generated by the Adviser and each Principal's relative ownership in the Adviser, as the case may be. A Principal's relative ownership in the Adviser is based on a number of factors including contribution to the research process, leadership and other contributions to the Adviser. There is no direct linkage between assets under management, Fund performance and compensation. However, there is an indirect linkage in that superior performance tends to attract assets and thus increase revenues and presumably net income. Each portfolio manager is also eligible to participate in the Adviser's 401(k) retirement plan which is offered to all employees of the Adviser.

**Portfolio Manager Holdings**

The dollar range of equity securities of each Fund listed below beneficially owned by the portfolio managers of such Fund as of September 30, 2022, unless noted otherwise, is as follows:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Name of Fund** | &nbsp;&nbsp; **Dollar Range of Equity**<br> **Securities Beneficially**<br> **Owned**<br>|
| Michele L. Aghassi, Ph.D. | AQR Large Cap Momentum Style Fund |  |
|  | AQR Small Cap Momentum Style Fund |  |
|  | AQR International Momentum Style Fund |  |
|  | AQR Large Cap Defensive Style Fund | $10001-$50000 |
|  | AQR International Defensive Style Fund | $10001-$50000 |
|  | AQR Large Cap Multi-Style Fund |  |
|  | AQR Small Cap Multi-Style Fund |  |
|  | AQR International Multi-Style Fund |  |
|  | AQR Emerging Multi-Style II Fund |  |

---

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AQR Funds–Statement of Additional Information39

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Name of Fund** | &nbsp;&nbsp; **Dollar Range of Equity**<br> **Securities Beneficially**<br> **Owned**<br>|
| Clifford S. Asness, Ph.D., M.B.A. | AQR Global Equity Fund | $10001-$50000 |
|  | AQR Large Cap Momentum Style Fund | $50001-$100000 |
|  | AQR Small Cap Momentum Style Fund | $10001-$50000 |
|  | AQR International Momentum Style Fund | $10001-$50000 |
|  | AQR Large Cap Multi-Style Fund | $100001-$500000 |
|  | AQR Small Cap Multi-Style Fund | $100001-$500000 |
|  | AQR Large Cap Defensive Style Fund | None<sup>1</sup> <br>|
|  | AQR International Defensive Style Fund | None<sup>1</sup> <br>|
|  | AQR International Multi-Style Fund | $50001-$100000 |
|  | AQR Emerging Multi-Style II Fund | $100001-$500000 |
| Jordan Brooks, Ph.D., M.A. | AQR Global Equity Fund | None<sup>1</sup> <br>|
| Andrea Frazzini, Ph.D., M.S. | AQR Global Equity Fund |  |
|  | AQR Large Cap Momentum Style Fund | $10001-$50000 |
|  | AQR Small Cap Momentum Style Fund | $10001-$50000 |
|  | AQR International Momentum Style Fund | $10001-$50000 |
|  | AQR Large Cap Defensive Style Fund | $10001-$50000 |
|  | AQR International Defensive Style Fund | $10001-$50000 |
|  | AQR Large Cap Multi-Style Fund | $10001-$50000 |
|  | AQR Small Cap Multi-Style Fund | $10001-$50000 |
|  | AQR International Multi-Style Fund | $10001-$50000 |
|  | AQR Emerging Multi-Style II Fund | $10001-$50000 |
| John J. Huss | AQR Global Equity Fund | $10001-$50000<sup>1</sup> <br>|
|  | AQR Large Cap Momentum Style Fund | $1-$10000<sup>1</sup> <br>|
|  | AQR Small Cap Momentum Style Fund | $1-$10000<sup>1</sup> <br>|
|  | AQR International Momentum Style Fund | $1-$10000<sup>1</sup> <br>|
|  | AQR Large Cap Defensive Style Fund | $1-$10000<sup>1</sup> <br>|
|  | AQR International Defensive Style Fund | $1-$10000<sup>1</sup> <br>|
|  | AQR Large Cap Multi-Style Fund | $10001-$50000<sup>1</sup> <br>|
|  | AQR Small Cap Multi-Style Fund | $10001-$50000<sup>1</sup> <br>|
|  | AQR International Multi-Style Fund | $1-$10000<sup>1</sup> <br>|
|  | AQR Emerging Multi-Style II Fund | $1-$10000<sup>1</sup> <br>|
| John M. Liew, Ph.D., M.B.A. | AQR Global Equity Fund | $1-$10000 |

---

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AQR Funds–Statement of Additional Information40

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Name of Fund** | &nbsp;&nbsp; **Dollar Range of Equity**<br> **Securities Beneficially**<br> **Owned**<br>|
| Lars N. Nielsen, M.Sc. | AQR Global Equity Fund | $10001-$50000 |
|  | AQR Large Cap Momentum Style Fund |  |
|  | AQR Small Cap Momentum Style Fund |  |
|  | AQR International Momentum Style Fund |  |
|  | AQR Large Cap Defensive Style Fund | $10001-$50000 |
|  | AQR International Defensive Style Fund |  |
|  | AQR Large Cap Multi-Style Fund |  |
|  | AQR Small Cap Multi-Style Fund |  |
|  | AQR International Multi-Style Fund |  |
|  | AQR Emerging Multi-Style II Fund |  |

---

<sup>1</sup> Portfolio Manager began managing the Fund on January 1, 2022.

**Other Accounts Managed**

Each of the portfolio managers is also responsible for managing other accounts in addition to the respective Fund or Funds which the portfolio manager manages, including other accounts of the Adviser, or their affiliates. Other accounts may include, without limitation, separately managed accounts for foundations, endowments, pension plans, and high net-worth families; registered investment companies; unregistered investment companies relying on either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act (such companies are commonly referred to as "hedge funds"); foreign investment companies; and may also include accounts or investments managed or made by the portfolio managers in a personal or other capacity, including reference accounts for non-discretionary model portfolios offered by the Adviser ("Proprietary Accounts"). Management of other accounts in addition to the Funds can present certain conflicts of interest, as described below (under "Potential Conflicts of Interest").

The following table indicates the number of accounts and assets under management for each type of account managed as of September 30, 2022 unless otherwise noted:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **PORTFOLIO**<br> **MANAGER** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** | **NUMBER OF OTHER ACCOUNTS MANAGED AND**<br> **ASSETS BY ACCOUNT TYPE** |
| &nbsp;&nbsp; **PORTFOLIO**<br> **MANAGER** | **REGISTERED**<br> **INVESTMENT**<br> **COMPANY** | **REGISTERED**<br> **INVESTMENT**<br> **COMPANY** | **REGISTERED**<br> **INVESTMENT**<br> **COMPANY** | **OTHER POOLED**<br> **INVESTMENT**<br> **VEHICLES** | **OTHER POOLED**<br> **INVESTMENT**<br> **VEHICLES** | **OTHER**<br> **ACCOUNTS** | **OTHER**<br> **ACCOUNTS** |
|  |  | **# of**<br> **Accts.**<br>| **Assets Under**<br> **Management**<br>| **# of**<br> **Accts.**<br>| **Assets Under**<br> **Management**<br>| **# of**<br> **Accts.**<br>| **Assets Under**<br> **Management**<br>|
| Michele L. Aghassi, Ph.D. | Michele L. Aghassi, Ph.D. | 19 | $9574635422  | 7 | $3102941003  | 8 | $3049527810  |
| Clifford Asness, Ph.D., M.B.A. | Clifford Asness, Ph.D., M.B.A. | 13 | $5538471995  | 17 | $7114065901  | 28 | $10163643845  |
| Jordan Brooks, Ph.D., M.A. | Jordan Brooks, Ph.D., M.A. | 2 | $402625117  | 1 | $52866528  | 0 |  |
| Andrea Frazzini, Ph.D., M.S. | Andrea Frazzini, Ph.D., M.S. | 23 | $10857817696  | 12 | $3897070680  | 13 | $6758629459  |
| John J. Huss | John J. Huss | 2 | $1234480239  | 17 | $7974337218  | 0 |  |
| John Liew, Ph.D., M.B.A. | John Liew, Ph.D., M.B.A. | 7 | $2614498909  | 12 | $6356978922  | 16 | $5858086546  |
| Lars N. Nielsen, M.Sc. | Lars N. Nielsen, M.Sc. | 27 | $13513328141  | 24 | $7156643750  | 19 | $7746153628  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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AQR Funds–Statement of Additional Information41

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **PORTFOLIO**<br> **MANAGER** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** | **NUMBER OF OTHER ACCOUNTS AND ASSETS FOR**<br> **WHICH THE ADVISORY FEE IS BASED ON**<br> **PERFORMANCE** |
| &nbsp;&nbsp; **PORTFOLIO**<br> **MANAGER** | **REGISTERED**<br> **INVESTMENT**<br> **COMPANY** | **REGISTERED**<br> **INVESTMENT**<br> **COMPANY** | **REGISTERED**<br> **INVESTMENT**<br> **COMPANY** | **OTHER POOLED**<br> **INVESTMENT**<br> **VEHICLES** | **OTHER POOLED**<br> **INVESTMENT**<br> **VEHICLES** | **OTHER**<br> **ACCOUNTS** | **OTHER**<br> **ACCOUNTS** |
|  |  | **# of**<br> **Accts.**<br>| **Assets Under**<br> **Management**<br>| **# of**<br> **Accts.**<br>| **Assets Under**<br> **Management**<br>| **# of**<br> **Accts.**<br>| **Assets Under**<br> **Management**<br>|
| Michele L. Aghassi, Ph.D.  | Michele L. Aghassi, Ph.D.  | 1 | $105550305  | 4 | $1879748869  | 3 | $1424060506  |
| Clifford Asness, Ph.D., M.B.A. | Clifford Asness, Ph.D., M.B.A. | 0 | —  | 15 | $6034336475  | 14 | $5557577990  |
| Jordan Brooks, Ph.D., M.A. | Jordan Brooks, Ph.D., M.A. | 0 |  | 1 | $52866528  | 0 |  |
| Andrea Frazzini, Ph.D., M.S. | Andrea Frazzini, Ph.D., M.S. | 1 | $105550305  | 9 | $2673878546  | 5 | $2700332902  |
| John J. Huss | John J. Huss | 0 | —  | 15 | $7637047541  | 0 |  |
| John Liew, Ph.D., M.B.A. | John Liew, Ph.D., M.B.A. | 0 | —  | 11 | $5331803732  | 8 | $3118143984  |
| Lars N. Nielsen, M.Sc. | Lars N. Nielsen, M.Sc. | 1 | $105550305  | 21 | $5933451616  | 8 | $4170832994  |

---

**Potential Conflicts of Interest**

From time to time, potential conflicts of interest may arise between a portfolio manager's management of the investments of a Fund, on the one hand, and the management of other accounts (including, for purposes of this discussion, other funds and Proprietary Accounts), on the other. The other accounts might have similar investment objectives or strategies as a Fund, or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of a Fund's trades. A potential conflict of interest exists where portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a Fund.

A number of potential conflicts of interest may arise as a result of the Adviser's or portfolio manager's management of a number of accounts with similar investment strategies. Often, an investment opportunity may be suitable for both a Fund and other accounts, but may not be available in sufficient quantities for both the Fund and the other accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a Fund and another account. In circumstances where the amount of total exposure to a strategy or investment type across accounts is, in the opinion of the Adviser, capacity constrained, the availability of the strategy or investment type for the Funds and other accounts may be reduced in the Adviser's discretion. A Fund may therefore have reduced exposure to a capacity constrained strategy or investment type, which could adversely affect the Fund's return. The Adviser is not obligated to allocate capacity pro rata and may take its financial interests into account when allocating capacity among the Funds and other accounts. Among other things, capacity constraints in a particular strategy or investment type could cause a Fund to close to all or certain new investors.

Another conflict could arise where different account guidelines and/or differences within particular investment strategies lead to the use of different investment practices for portfolios with a similar investment strategy. The Adviser will not necessarily purchase or sell the same instruments at the same time or in the same direction (particularly if different accounts have different strategies), or in the same proportionate amounts for all eligible accounts (particularly if different accounts have materially different amounts of capital under management, different amounts of investable cash available, different investment restrictions, or different risk tolerances). As a result, although the Adviser manages numerous accounts and/or portfolios with similar or identical investment objectives, or may manage accounts with different objectives that trade in the same instruments, the portfolio decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. The Adviser may, from time to time, implement new trading strategies or participate in new trading strategies for some but not all accounts, including the Funds. Strategies may not be implemented in the same manner among accounts where they are employed, even if the strategy is consistent with the objectives of such accounts. In certain circumstances, investment opportunities that are in limited supply and/or have limited return potential in light of administrative costs of pursuing such investments (e.g., IPOs) are only allocated to accounts where the given opportunity is more closely aligned with the applicable strategy and/or trading approach.

Whenever decisions are made to buy or sell investments by a Fund and one or more other accounts simultaneously, the Adviser or portfolio manager may aggregate the purchases and sales of the investments and will allocate the transactions in a manner that it believes to be equitable under the circumstances. To this end, the Adviser has adopted policies and procedures that are intended to ensure that investment opportunities are allocated equitably among accounts over time. As a result of the allocations, there may be instances where a Fund will not participate in a transaction that is allocated among other accounts or a Fund may not be allocated the full amount of the investments

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AQR Funds–Statement of Additional Information42

sought to be traded. These aggregation and allocation policies could have a detrimental effect on the price or amount of the investments available to a Fund from time to time. Subject to applicable laws and/or account restrictions, the Adviser may buy, sell or hold securities for other accounts while entering into a different or opposite investment decision for one or more Funds.

To the extent that a Fund holds interests in an issuer that are different (or more senior or junior) than, or potentially adverse to, those held by other accounts, the Adviser may be presented with investment decisions where the outcome would benefit one account and would not benefit or would harm the other account. This may include, but is not limited to, an account investing in a different security of an issuer's capital structure than another account, an account investing in the same security but on different terms than another account, an account obtaining exposure to an investment using different types of securities or instruments than another account, an account engaging in short selling of securities that another account holds long, an account voting securities in a different manner than another account, and/or an account acquiring or disposing of its interests at different times than another account. This could have a material adverse effect on, or in some instances could benefit, one or more of such accounts, including accounts that are affiliates of the Adviser, accounts in which the Adviser has an interest, or accounts which pay the Adviser higher fees or a performance fee. These transactions or investments by one or more accounts could dilute or otherwise disadvantage the values, prices, or investment strategies of such accounts. When the Adviser, on behalf of an account, manages or implements a portfolio decision ahead of, or contemporaneously with, portfolio decisions of another account, market impact, liquidity constraints, or other factors could result in such other account receiving less favorable pricing or trading results, paying higher transaction costs, or being otherwise disadvantaged. In addition, in connection with the foregoing, the Adviser, on behalf of an account, is permitted to pursue or enforce rights or actions, or refrain from pursuing or enforcing rights or actions, with respect to a particular issuer in which action could materially adversely affect such other account.

In addition, when a Fund and other accounts hold investments in the same issuer (including at the same place in the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work- outs or other activities related to its investment in the issuer. As a result, a Fund may not be permitted by law to make the same investment decisions as other accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. A Fund may be prohibited by applicable law from investing in an issuer (or an affiliate) that other accounts are also investing in or currently invest in even if the Adviser believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with issuers that the Adviser considers to be at risk of default and restructuring or work-outs with debt holders, which may include a Fund and other accounts. In some cases, to avoid the potential of future prohibited transactions, the Adviser may avoid allocating an investment opportunity to a Fund that it would otherwise recommend, subject to the Adviser's then-current allocation policy and any applicable exemptions.

In certain circumstances, the Adviser may be restricted from transacting in a security or instrument because of material non-public information received in connection with an investment opportunity that is offered to the Adviser or an affiliate of the Adviser. In other circumstances, the Adviser will not participate in an investment opportunity to avoid receiving material non-public information that would restrict the Adviser from transacting in a security or instrument. These restrictions may adversely impact a Fund's performance.

The Adviser and the Funds' portfolio managers may also face a conflict of interest where some accounts pay higher fees to the Adviser than others, as they may have an incentive to favor accounts with the potential for greater fees. For instance, the entitlement to a performance fee in managing one or more accounts may create an incentive for the Adviser to take risks in managing assets that it would not otherwise take in the absence of such arrangements. Additionally, since performance fees reward the Adviser for performance in accounts which are subject to such fees, the Adviser may have an incentive to favor these accounts over those that have only fixed asset-based fees, such as the Funds, with respect to areas such as trading opportunities, trade allocation, and allocation of new investment opportunities.

The Adviser may also participate in model portfolio platforms in which the Adviser provides model portfolios that allocate exclusively to a number of Funds based on a given targeted risk profile and/or investment objective. In constructing and rebalancing a model portfolio, a potential conflict between the interests of the model portfolio and those of the Funds may arise in connection with decisions made by the Adviser to change allocations to one or more Funds or to rebalance the assets of the model portfolios that results in subscriptions into and redemptions from the Funds. Depending upon the timing and/or amounts involved, reallocations and rebalancing of investments have the potential to disrupt the orderly management of a Fund's portfolio or to increase its expenses, including its portfolio transaction and administrative costs.

The Adviser has implemented specific policies and procedures (e.g., a code of ethics and trade allocation policies) that seek to address potential conflicts of interest that may arise in connection with the management of the Funds and other accounts and that are designed to ensure that all accounts, including the Funds, are treated fairly and equitably over time.

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AQR Funds–Statement of Additional Information43

**Administrator and Fund Accountant**

On behalf of the Funds, the Trust has entered into an Administration Agreement (the "JPM Administration Agreement") with JPMorgan Chase Bank, N.A. (the "JPM Administrator") located at 70 Fargo Street, Boston, Massachusetts 02210. The JPM Administration Agreement initially took effect on September 19, 2010 with respect to the AQR Global Equity Fund, AQR Large Cap Momentum Style Fund, AQR Small Cap Momentum Style Fund and AQR International Momentum Style Fund. The JPM Administration Agreement also took effect with respect to the other current series of the Trust, and takes effect with respect to each new series of the Trust, upon the Fund's inception. Under the JPM Administration Agreement, the JPM Administrator's services include, but are not limited to, the following: preparing minutes of meetings of the Board of Trustees and assisting the Secretary of the Trust in preparing for quarterly meetings of the Board of Trustees; performing certain compliance tests for the Trust; participating in the annual update of the Trust's registration statement and coordinating in the preparation and filing of certain other Trust filings and documents; preparing federal and state income tax returns for the Trust; performing NAV calculations; establishing appropriate expense accruals, maintaining expense files and coordinating the payment of invoices for the Trust. For the fiscal years ended September 30, 2020, September 30, 2021 and September 30, 2022, the Trust paid JPM Administrator fees of $2,610,678, $2,303,241 and $2,015,192, respectively.

The JPM Administration Agreement was in effect for the initial term of three years and automatically renewed upon the expiration of the initial term in September 2013 and will continue until terminated. Either party may terminate the agreement upon not less than six months' prior written notice to the other party.

**Distributor**

The Trust has entered into a Distribution Agreement, on behalf of each Fund, with the Distributor, ALPS Distributors, Inc., pursuant to which the Distributor acts as distributor for each Fund and acts as agent for each Fund in selling its shares to the public. ALPS Distributors, Inc. is located at 1290 Broadway, Suite 1000, Denver, CO 80203. The Distributor offers shares of the Funds on a continuous basis and may engage in advertising and solicitation activities in connection therewith. The Distributor is not obligated to sell any certain number of shares of the Funds. The Distributor also reviews advertisements and acts as liaison for broker-dealer relationships. Investors purchasing or redeeming shares of a Fund through another financial institution should read any materials and information provided by the financial institution to acquaint themselves with its procedures and any fees that the institution may charge. Following its initial term, the Distribution Agreement continues in effect for successive one-year periods provided such continuance is specifically approved at least annually by (i) the Board of Trustees or (ii) the vote of a majority of outstanding shares of the Fund, and provided that in either event the continuance is also approved by a majority of the Trust's Board of Trustees who are not "interested persons" (as defined in the 1940 Act) of any party to the Distribution Agreement.

**Distribution Plan**

The Board has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act with respect to the Class N shares of each Fund (the "12b-1 Plan"). Under the 12b-1 Plan, the Class N shares of each Fund pay a distribution fee of 0.25% to the Distributor as compensation for distribution and/or administrative activities related to Class N shares of each Fund. Because these fees are paid out of each Fund's assets on an on-going basis, over time these fees will increase the cost of an investment and may cost a shareholder more than paying other types of sales charges. The 12b-1 Plan provides that the distribution fees may be paid entirely to the Distributor regardless of the amounts actually expended by the Distributor. The Distributor uses these distribution fees to make payments to financial intermediaries as compensation for distribution and/or administrative activities related to Class N shares of each Fund. The Distributor may retain a portion of these distribution fees as part of the compensation it receives for reviewing advertisements and other marketing materials.

If the 12b-1 Plan is terminated with respect to a Fund, the Fund will owe no payments to the Distributor other than fees accrued but unpaid on the termination date. The 12b-1 Plan may be terminated only by specific action of the Trustees or shareholders.

The 12b-1 Plan shall continue in effect from year to year with respect to each Fund, provided such continuance is approved at least annually by the Trustees or by a vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act and the rules thereunder) and, in either case, by a majority of the Disinterested Trustees. The 12b-1 Plan may not be amended to increase materially the amount to be spent for the services described therein without approval of the shareholders of the Class N shares of a Fund, and all material amendments of a 12b-1 Plan must also be approved by the Trustees in the manner described above. The 12b-1 Plan may be terminated with respect to a Fund at any time, without payment of any penalty, by vote of a majority of the Disinterested Trustees, or by a vote of a majority of the outstanding voting securities of the affected Fund (as defined in the 1940 Act) on not more than 60 days' written notice to any other party to the 12b-1 Plan. So long as the 12b-1 Plan is in effect, the selection and nomination of Disinterested Trustees has been committed to the Disinterested Trustees.

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AQR Funds–Statement of Additional Information44

Pursuant to the 12b-1 Plan, the Distributor shall provide the Trust for review by the Trustees, and the Trustees shall review and consider at least quarterly, a written report of the amounts expended under the 12b-1 Plan and the purposes for which such expenditures were made. The Trustees have determined that, in their judgment, there is a reasonable likelihood that the 12b-1 Plan will benefit the respective Funds and their shareholders.

The table below provides information for the period ended September 30, 2022 about the 12b-1 fees each Fund paid to the Distributor under the Trust's 12b-1 Plan.

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| | |
|:---|:---|
| **Funds** | **Fees**<br> **Paid**<br>|
| AQR Global Equity Fund | $18259 |
| AQR International Momentum Style Fund | $99331 |
| AQR Large Cap Momentum Style Fund | $144024 |
| AQR Small Cap Momentum Style Fund | $13494 |
| AQR Large Cap Defensive Style Fund | $947141 |
| AQR International Defensive Style Fund | $18702 |
| AQR Large Cap Multi-Style Fund | $19683 |
| AQR Small Cap Multi-Style Fund | $18155 |
| AQR International Multi-Style Fund | $7761 |
| AQR Emerging Multi-Style II Fund | $6961 |

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**Custodian**

The Custodian for the Funds is JPMorgan Chase Bank, N.A. ("JPM Custodian"), located at 1 Chase Manhattan Plaza, New York, NY 10005. The Custodian has no part in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. Under the custody agreements with the Trust, on behalf of the Funds, the Custodian holds each Fund's securities and maintains all necessary accounts and records.

**Transfer Agent and Dividend Disbursing Agent**

ALPS Fund Services, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, has been retained to serve as the Funds' transfer agent and dividend disbursing agent.

**Securities Lending**

On behalf of certain Funds that may engage in securities lending activities (as shown below), the Trust has entered into a Global Securities Lending Agency Agreement with Citibank, N.A. ("Citi") dated November 14, 2016 whereby Citi acts as securities lending agent for the Trust and facilitates the Trust's securities lending program. In its role as securities lending agent, Citi (i) arranges and administers the loan of securities when establishing a loan and the return of securities upon termination of a loan, (ii) collects from borrowers cash, securities or other instruments to serve as collateral for the loans, (iii) monitors the value of securities on loan and the value of the corresponding collateral, (iv) communicates to each borrower the minimum amount of collateral required for each loan and collects additional collateral as required on a daily basis to maintain such minimum, (v) collects or arranges for the collection of any interest, dividends or other distributions related to loaned securities, and (vi) performs other necessary services related to the establishment and maintenance of the Trust's securities lending program. The following reflects the dollar amounts of income and fees/compensation related to the Funds' securities lending activities during the Funds' fiscal year ended September 30, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross income** <br> **from** <br> **securities** <br> **lending** <br> **activities**<br>| &nbsp;&nbsp; **Fees paid to** <br> **securities** <br> **lending agent** <br> **from a** <br> **revenue split**<br>| &nbsp;&nbsp; **Rebate fees**<br> **paid to or (received from)**<br> **securities**<br> **lending**<br> **agent**<br>| &nbsp;&nbsp; **Aggregate** <br> **fees/**<br> **compensation**<br> **for securities**<br> **lending** <br> **activities**<br>| &nbsp;&nbsp; **Net income** <br> **from** <br> **securities** <br> **lending** <br> **activities**<br>|
| &nbsp;&nbsp; AQR Large Cap Multi-<br> Style Fund<br>| $7115  | $1102  | ($252) | $850  | $6265  |
| &nbsp;&nbsp; AQR Small Cap Multi-<br> Style Fund<br>| $5489  | $2119  | ($8666) | ($6547) | $12036  |

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AQR Funds–Statement of Additional Information45

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross income** <br> **from** <br> **securities** <br> **lending** <br> **activities**<br>| &nbsp;&nbsp; **Fees paid to** <br> **securities** <br> **lending agent** <br> **from a** <br> **revenue split**<br>| &nbsp;&nbsp; **Rebate fees**<br> **paid to or (received from)**<br> **securities**<br> **lending**<br> **agent**<br>| &nbsp;&nbsp; **Aggregate** <br> **fees/**<br> **compensation**<br> **for securities**<br> **lending** <br> **activities**<br>| &nbsp;&nbsp; **Net income** <br> **from** <br> **securities** <br> **lending** <br> **activities**<br>|
| &nbsp;&nbsp; AQR International <br> Multi-Style Fund<br>| $3715  | $422  | $904  | $1326  | $2389  |
| &nbsp;&nbsp; AQR Emerging Multi-<br> Style II Fund<br>| $27490  | $6054  | ($12879) | ($6825) | $34315  |
| &nbsp;&nbsp; AQR Large Cap <br> Momentum Style Fund<br>| $5348  | $1182  | ($2577) | ($1395) | $6743  |
| &nbsp;&nbsp; AQR Small Cap <br> Momentum Style Fund<br>| $10526  | $26597  | ($166842) | ($140245) | $150771  |
| &nbsp;&nbsp; AQR International <br> Momentum Style Fund<br>| $428  | $580  | $(3441) | ($2861) | $3289  |
| &nbsp;&nbsp; AQR Large Cap <br> Defensive Style Fund<br>| $14475  | $1906  | $1668  | $3574  | $10901  |
| &nbsp;&nbsp; AQR International <br> Defensive Style Fund<br>| $4439  | $843  | ($1208) | ($365) | $4804  |
| &nbsp;&nbsp; AQR Global Equity <br> Fund<br>| $664  | $82  | $117  | $199  | $465  |

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**Determination of Net Asset Value**

Each Fund's NAV per share is generally calculated as of the scheduled close of trading on the New York Stock Exchange (the "NYSE") (normally 4:00 p.m. eastern time) on each day during which the NYSE is open for trading (a Business Day). Each Fund determines a NAV per share for each class of its shares. The price at which a purchase or redemption order is effected is based upon the next NAV calculation after the purchase or redemption order is received by the Fund (or its agent) in proper form. If there is an unscheduled NYSE closure prior to 4:00 p.m. eastern time, transaction deadlines and NAV calculations may occur at 4:00 p.m. eastern time or at an earlier time if the particular closure directly affects the NYSE but other exchanges remain open for trading. Each Fund reserves the right to change the time its NAV is calculated if otherwise permitted by the 1940 Act or pursuant to statements from the SEC or its staff. The NAV per share of a class of a Fund is computed by dividing the total current value of the assets of the Fund attributable to a class, less class liabilities, by the total number of shares of that class of the Fund outstanding at the time the computation is made.

Foreign markets may be open at different times and on different days than the NYSE, meaning that the value of the Funds' shares may change on days when shareholders are not able to buy or sell their shares. Foreign currencies, securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates generally determined as of 4:00 p.m. eastern time.

For purposes of calculating the NAV, portfolio securities and other financial derivative instruments ("portfolio securities") are valued on each Business Day using valuation methods as adopted by the Board of Trustees. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the Valuation Designee for the Funds. As Valuation Designee, the Adviser has primary responsibility for the development and implementation of the Trust's valuation policy and procedures, subject to oversight by the Board of Trustees. The Adviser, as the Valuation Designee, is also responsible for periodically assessing and managing material risks associated with fair value determinations; selecting, applying and testing fair value methodologies; and overseeing and evaluating third-party pricing services, among other responsibilities. The Adviser's Security Valuation Team is responsible for the day-to-day implementation of the Trust's valuation policy and the execution of the Adviser's obligations as the Valuation Designee, subject to the oversight of the Adviser's Valuation Committee.

Portfolio securities are valued at market value using market quotations when they are readily available. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access on a valuation date prior to the time the Funds' net asset values are determined, provided that a quotation will not be readily available if it is not reliable. Where market quotations are not readily available or are not reliable, portfolio securities are valued at fair value by the Adviser as the Valuation Designee pursuant to Rule 2a-5. Such fair value methodologies may include consideration of relevant factors, including but not

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AQR Funds–Statement of Additional Information46

limited to Level 2 inputs including (i) quoted prices for similar assets in active markets; (ii) quoted prices for identical or similar assets in markets that are not active; (iii) inputs other than quoted prices that are observable for the assets, including interest rates, yield curves, implied volatilities, and credit spreads; (iv) the relationship of a security in the issuer's capital structure; (v) the size of the issue; and (vi) comparison of a security to transactions or prices of other securities of issuers having similar characteristics, issues of similar size, and credit quality, maturity and purpose and market cooperated inputs. Fair vale methodologies may also consider Level 3 unobservable inputs if reliable observable inputs are unavailable. Using fair value to price a security may require subjective determinations about the value of a security that could result in a value that is different from a security's most recent closing price and from the prices used by other mutual funds to calculate their net assets. It is possible the estimated values may differ significantly from the values which would have been used had a ready market for the investments existed. These differences could be material. When observable prices are not available for these securities, the Funds may use one or more valuation approaches (e.g., the market approach, the income approach, or the cost approach), including proprietary models for which sufficient and reliable data is available. The market approach generally is based on the technique of using comparable market transactions, while the use of the income approach includes the estimation of future cash flows discounted to calculate fair value. Discounts may also be applied due to the nature or durations of any restrictions on the disposition of the investment or adjusted as appropriate for credit, market and/or other risk factors.

Equity securities, including securities sold short, rights, exchange-traded option contracts, warrants, ETFs and closed-end investment companies, are valued at the primary official closing price or last quoted sales price from the markets in which each security trades. Investments in open-end investment companies are valued at such investment company's current day closing net asset value per share. An equity for which no sales are reported, as in the case of a security that is traded in the OTC market or a less liquid listed equity, is valued at its last bid price.

Fixed-income securities (other than certain short-term investments maturing in 60 days or less) and other investments that trade in markets that are not considered to be active, are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, money market funds and less liquid listed equities. Corporate and sovereign bonds and other fixed-income instruments are valued at estimated fair value using the latest bid prices or evaluated quotes furnished by independent pricing services, as well as quotations from counterparties and other market participants. Evaluated quotes are based on a matrix system, which may consider such factors as quoted prices for identical or similar assets, yields, maturities and ratings and are not necessarily reliant on quoted prices. Short-term debt investments of sufficient credit quality maturing in 60 days or less are generally valued at amortized cost, which approximates fair value.

Equities that trade on either markets that close prior to the close of the NYSE or on markets that are closed due to a holiday are fair valued daily based on the application of a fair value factor (unless the Adviser determines that use of another valuation methodology is appropriate). When available, the Funds apply daily fair value factors, furnished by an independent pricing service, to account for the market movement between the close of the foreign market and the close of the NYSE. The pricing service uses statistical analysis and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, American Depositary Receipts, futures contracts and exchange rates in other markets in determining fair value as of the time a Fund calculates its NAV.

Futures and option contracts that are listed on national exchanges and are freely transferable are valued at fair value based on their last settlement or sales price on the date of determination on the exchange that constitutes their principal market. For options contracts, if no sales occurred on such date, the contracts will be valued at the mid price on such exchange at the close of business. Centrally cleared swaps listed or traded on a multilateral trade facility platform, such as a registered exchange, are valued on a daily basis using quotations provided by an independent pricing service.

OTC derivatives, including forward contracts and swap contracts, are fair valued by the Funds on a daily basis using observable inputs, such as quotations provided by an independent pricing service, the counterparty, dealers or brokers, whenever available and considered reliable. Generally, a valuation model is used consistently for similar derivative types and model inputs, including, but not limited to, market prices, yield curves, credit spreads, volatilities and implied correlations which are obtained from outside brokers and/or pricing services when available. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. Certain OTC derivatives, such as generic forwards, swaps and options, have inputs which can generally be corroborated by market data.

The value of each total return swap contract and total return basket swap contract is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing price on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable.

The U.S. Dollar value of forward foreign currency exchange contracts is determined using current forward currency exchange rates supplied by an independent pricing service.

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AQR Funds–Statement of Additional Information47

Credit default swap contracts and interest rate swap contracts are marked to market daily based on quotations as provided by an independent pricing service. The independent pricing services aggregate valuation information from various market participants to create a single reference value for each credit default swap contract and interest rate swap contract.

The Funds value the repurchase agreements and reverse repurchase agreements they have entered based on the respective contract amounts, which approximate fair value. As such, repurchase agreements are carried at the amount of cash paid plus accrued interest receivable (or interest payable in periods of increased demand for collateral), and reverse repurchase agreements are carried at the amount of cash received plus accrued interest payable (or interest receivable in periods of increased demand for collateral).

**Calculation of Offering Price**

An illustration of the calculation of the offering price for the outstanding Class I shares of each Fund based on the value of that Fund's net assets and number of shares outstanding on September 30, 2022 is set forth below:

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| | | | |
|:---|:---|:---|:---|
|  | **AQR Global**<br> **Equity Fund**<br>| **AQR Large Cap**<br> **Defensive**<br> **Style Fund**<br>| **AQR International**<br> **Defensive**<br> **Style Fund**<br>|
| Net Assets | $6796415 | $2734494869 | $99478284 |
| Number of Shares Outstanding | 874571 | 109433399 | 8699248 |
| &nbsp;&nbsp; Net Asset Value Per Share (net assets<br> divided by number of shares<br> outstanding)<br>| $7.77 | $24.99 | $11.44 |
| Sales Charge |  |  |  |
| Offering Price | $7.77 | $24.99 | $11.44 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **AQR Large Cap**<br> **Momentum**<br> **Style Fund**<br>| **AQR Small Cap**<br> **Momentum**<br> **Style Fund**<br>| **AQR International**<br> **Momentum**<br> **Style Fund**<br>| **AQR Large Cap**<br> **Multi-Style**<br> **Fund**<br>|
| Net Assets | $412573513 | $152563014 | $158014178 | $206052233 |
| Number of Shares Outstanding | 21627910 | 9607947 | 11583846 | 12877494 |
| &nbsp;&nbsp; Net Asset Value Per Share (net assets<br> divided by number of shares<br> outstanding)<br>| $19.08 | $15.88 | $13.64 | $16.00 |
| Sales Charge |  |  |  |  |
| Offering Price | $19.08 | $15.88 | $13.64 | $16.00 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  | **AQR Small Cap**<br> **Multi-Style**<br> **Fund**<br>| **AQR International**<br> **Multi-Style**<br> **Fund**<br>| **AQR Emerging**<br> **Multi-Style II**<br> **Fund**<br>|
| Net Assets | $60004646 | $62388744 | $44791448 |
| Number of Shares Outstanding | 4363260 | 6411784 | 5275790 |
| &nbsp;&nbsp; Net Asset Value Per Share (net assets<br> divided by number of shares<br> outstanding)<br>| $13.75 | $9.73 | $8.49 |
| Sales Charge |  |  |  |
| Offering Price | $13.75 | $9.73 | $8.49 |

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**Additional Information about Purchases and Redemption of Shares**

**Cut-Off Time for Purchase and Redemption Orders**

Orders to purchase or redeem shares received by the Transfer Agent, or by a financial intermediary authorized to receive such orders, by the cut-off time indicated in the Funds' Prospectus will be processed at the NAV next calculated after the order is received by the Transfer Agent or the financial intermediary that is an authorized agent of the Funds. Under a variety of different types of servicing agreements, financial intermediaries that are authorized to receive

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AQR Funds–Statement of Additional Information48

purchase and redemption orders from investors are permitted to transmit those orders that are received by the financial intermediary before the cut-off time in the Prospectus to the Transfer Agent by the cut-off times stated in those agreements, which are generally later than the cut-off time stated in the Prospectus. Financial intermediaries are prohibited by law from transmitting orders received after the cut-off time stated in the Prospectus to the Transfer Agent for processing at that day's NAV. Any order otherwise received by the Transfer Agent after the cut-off time stated in the Prospectus will be specifically identified for processing on the next day on which a NAV is computed.

**Purchases In-Kind**

The Trust may permit purchases of any of the Fund's shares by means of in-kind contributions of portfolio securities under limited circumstances in accordance with procedures approved by the Trust's Board of Trustees. In-kind purchases of Fund shares may only be permitted if the Adviser determines that acceptance of the in-kind securities will not adversely affect the purchasing Fund, does not favor a shareholder of the purchasing Fund to the detriment of another shareholder of the purchasing Fund, and conforms with the purchasing Fund's fundamental investment objectives, policies and restrictions. In-kind securities will be valued in the same manner as they would be valued for purposes of computing a Fund's NAV. The Fund will not be liable for any brokerage commission or fee (except for customary transfer fees) in connection with an in-kind purchase of Fund shares.

Your broker may impose a fee in connection with processing your in-kind purchase of Fund shares. An investor contemplating an in-kind purchase of Fund shares should consult his or her tax adviser to determine the tax consequences under federal and state law of making such a purchase.

**Redemptions In-Kind**

Payment of the redemption price for shares redeemed may be made either in cash or in portfolio securities (selected in the discretion of the Board of Trustees and taken at their value used in determining a Fund's NAV per share as described under "Determination of Net Asset Value"), or partly in cash and partly in portfolio securities. While the Funds do not expect to routinely use redemptions in-kind, each Fund reserves the right to do so at the request, or with the consent, of the shareholder, during stressed market conditions or to manage the impact of large redemptions on the Fund under normal or stressed market conditions. Each Fund may make a redemption in-kind if the following criteria (together, the "Criteria") are met: (i) the requested redemption is for an amount greater than 5% of the net asset value of the Fund as of the redemption date; (ii) the redeeming shareholder is an institutional investor; and (iii) the Adviser has determined that: (a) the Fund is not able to sell sufficient assets without significantly adversely affecting the value of such assets and pay the redemption proceeds within seven calendar days of the redemption date; or (b) the redemption in-kind is in the best interests of the Fund and its non-redeeming shareholders. Each Fund may redeem a shareholder in-kind for a redemption that does not meet these criteria if the redeeming shareholder requests, or consents to, such redemption in-kind. Moreover, the Trust has elected to be governed by Rule 18f-1 under the 1940 Act, under which the Funds are obligated to redeem their shares solely in cash up to the lesser of $250,000 or 1% of their net asset value during any 90-day period for one shareholder of record. This election is irrevocable unless the SEC permits its withdrawal. If payment for shares redeemed is made wholly or partly in portfolio securities, brokerage costs may be incurred by the investor in converting the securities to cash. Also, the portfolio securities received may increase or decrease in value before the investor can convert them into cash. The Funds may redeem shares held by affiliates in kind as long as neither the affiliated shareholder nor any other party with the ability and pecuniary incentive to influence the redemption in kind selects, or influences the selection of the distributed securities and as long as the redemption in kind is approved by the Board of Trustees, including a majority of the Disinterested Trustees, in a manner consistent with SEC rules, regulations and interpretive positions.

**Involuntary Redemptions**

Each Fund reserves the right to involuntarily redeem any shareholder's account, subject to applicable law, if:

&nbsp;&nbsp;&nbsp;&nbsp;• the Fund or a class of its shares are to be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;• the value of the account falls below any investment minimum for the account set by the Trust, provided that (1) the Trust provides a written notice of redemption to the shareholder at least 15 days before the redemption date, and (2) any policies adopted by the Board with respect to the redemption of small accounts have been disclosed to shareholders at least 60 days prior to the mailing of the written notice of redemption;

&nbsp;&nbsp;&nbsp;&nbsp;• the shareholder fails to pay when due the full purchase price of shares issued to him;

&nbsp;&nbsp;&nbsp;&nbsp;• it appears appropriate to do so in connection with a failure of the appropriate person(s) to furnish certified taxpayer identification numbers, other tax-related certifications, or if the Fund is unable to verify the account holder's identity; or

&nbsp;&nbsp;&nbsp;&nbsp;• the Fund otherwise determines it appropriate to do so in light of the Fund's responsibilities under the 1940 Act or other applicable law or necessary to prevent harm to the Trust or its shareholders.

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AQR Funds–Statement of Additional Information49

If a shareholder's account is involuntarily redeemed, a check for the redemption proceeds payable to the shareholder will be mailed to the shareholder at the shareholder's address of record.

**Other Purchase and Redemption Information**

Each Fund reserves the right to reject any purchase order for its shares in its sole discretion.

Each Fund reserves the right to suspend or postpone redemptions during any period when: (a) trading on the NYSE is restricted by applicable rules and regulations of the SEC; (b) the NYSE is closed other than for customary weekend and holiday closings; (c) the SEC has by order permitted such suspension or postponement for the protection of the shareholders or (d) an emergency, as determined by the SEC, exists making disposal of portfolio securities or valuation of net assets of a Fund not reasonably practicable. Upon the occurrence of any of the foregoing conditions, each Fund may also suspend or postpone the recording of the transfer of its shares.

In addition, each Fund may compel the redemption of, reject any order for, or refuse to give effect on the Fund's books to the transfer of, its shares where the relevant investor or investors have not furnished the Fund with valid, certified taxpayer identification numbers and such other tax-related certifications or other necessary documentation as the Fund may request.

Brokers or other financial intermediaries may charge their customers a processing or service fee in connection with the purchase or redemption of the Funds' shares. The amount and applicability of such a fee is determined and disclosed to its customers by each individual broker or financial intermediary. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the charges described in the Prospectus and this SAI. An investor's broker will provide them with specific information about any processing or service fees they will be charged.

**Portfolio Turnover**

The frequency of portfolio transactions is generally expressed in terms of a portfolio turnover rate. For example, an annual turnover rate of 100% would occur if all of the securities in a Fund were replaced once a year. The Adviser for a Fund may engage in active short-term trading to rebalance the Fund's portfolio or for other reasons. It is anticipated that the portfolio turnover may vary greatly from year to year as well as within a particular year, and may be affected by changes in the holdings of specific issuers, changes in country and currency weightings, cash requirements for redemption of shares and by requirements which enable a Fund to receive favorable tax treatment. The Funds are not restricted by policy with regard to their portfolio turnover rates. Higher portfolio turnover rates, generally meaning rates in excess of 100%, and short-term trading involve correspondingly greater commission expenses and transaction costs, which may reduce performance and may cause higher levels of current tax liability to shareholders in the Fund.

Each Fund's portfolio turnover rate was as follows for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fiscal Year Ended**<br> **September 30, 2021**<br>| **Fiscal Year Ended**<br> **September 30, 2022**<br>|
| AQR Global Equity Fund | 95% | 123% |
| AQR Large Cap Momentum Style Fund | 102% | 84% |
| AQR Small Cap Momentum Style Fund | 103% | 74% |
| AQR International Momentum Style Fund | 84% | 77% |
| AQR Large Cap Defensive Style Fund | 17% | 28% |
| AQR International Defensive Style Fund | 30% | 34% |
| AQR Large Cap Multi-Style Fund | 59% | 56% |
| AQR Small Cap Multi-Style Fund | 60% | 65% |
| AQR International Multi-Style Fund | 62% | 73% |
| AQR Emerging Multi-Style II Fund | 61% | 61% |

---

**Portfolio Transactions and Brokerage**

The Funds grant the Adviser responsibility for selecting brokers to execute portfolio transactions on behalf of the Funds as well as negotiating any commissions or spreads paid on such transactions. Securities transactions normally will be executed through brokers selected by the Adviser in its sole discretion. Before establishing a relationship with any counterparty, the Adviser's Global Trading group ("GT") will evaluate the counterparty based on selection factors including, but not limited to, those listed below. In addition, the Adviser's Counterparty Committee will review each proposed counterparty relationship. Only after due diligence is complete will the Counterparty Committee vote to

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AQR Funds–Statement of Additional Information50

approve a counterparty. The Counterparty Committee maintains a list of all counterparties approved to execute Fund orders and will continue to review those counterparties on an ongoing basis. The Adviser's Best Execution Committee evaluates the selection factors listed below on an ongoing basis.

**Selection Factors for Counterparties**

**Best Execution**. The Adviser has a duty to seek best execution of transactions for the Funds. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances.

In seeking best execution, the selection of executing brokers and their respective capabilities on behalf of the Funds shall be evaluated by GT and the Best Execution Committee. Each broker evaluation shall be conducted by GT and consider factors including, but not limited to, those described below. The determining factor is not necessarily the lowest possible commission cost, but whether the transaction represents the best qualitative execution overall. The Best Execution Committee has determined that the following factors, to the extent applicable, should be considered in determining whether a broker provides best execution: competitiveness of commission rates or spreads; execution capabilities; clearance and settlement capabilities; access to various market centers; expertise in executing trades for a particular security type; reputation and business practices; overall quality of broker services, including responsiveness and technology support; ability or willingness to maintain and commit adequate capital; and the size and volume of the broker's order flow.

Recognizing the value of these factors, the Adviser may select counterparties that charge a commission in excess of that which another counterparty might have charged for effecting the same transaction. The Adviser is not obligated to choose the counterparty offering the lowest available commission rate if, in the Adviser's reasonable judgment, the total cost or proceeds from the transaction may be less favorable than what may be obtained elsewhere or if a higher commission is justified by the service provided by another counterparty.

<u>Additional Considerations</u>. When selecting brokers to execute Fund trades, employees may not consider factors that are based on a personal benefit or conflicts of interest (e.g., directing execution as a means of compensating others for personal favors). In addition, employees are required to disclose to the Adviser any related person of the employee who is employed by or affiliated with a bank, broker-dealer, futures broker or commodities broker, which may present a potential conflict of interest.

The Funds will not compensate a broker or dealer for any promotion or sale of shares of the Funds by direction to the broker or dealer of the Funds' portfolio securities transactions, or any remuneration (including, but not limited to, any commission, mark-up, mark down, or other fee) received or to be received from the portfolio transactions effected through any other broker or dealer. However, the Funds are permitted to use a broker or dealer that promotes or sells the Funds' shares, provided the business arrangement is in compliance with the conditions required by applicable law.

***Review of Counterparty Execution*.** The Adviser has implemented internal controls and procedures to address the conflicts of interest associated with its brokerage practices. To determine that it is receiving best execution for its transactions over time, the Adviser will obtain information as to the general level of commission rates being charged by the brokerage community, from time to time, and will periodically evaluate the overall reasonableness of brokerage commissions paid on a Fund's transactions by reference to such data. To the extent the Adviser has been paying higher commission rates for its transactions, the Adviser will determine if the quality of execution and the services provided by the counterparty justify these higher commissions.

The Adviser's Best Execution Committee is responsible for the design, implementation and oversight of the Adviser's best execution governance framework, which includes controls, processes and systems designed to provide reasonable assurance that best execution is achieved for the Funds and the Adviser's other clients. The Best Execution Committee reviews commission rates by broker, country, and investment type by Fund as part of its overall responsibility. Counterparty effectiveness is evaluated on cost, connectivity, operational performance and other related factors. Moreover, the Adviser's Counterparty Committee reviews credit quality and operational viability of clearing and execution counterparties.

***Prime Brokerage***. A Fund may have one or more prime brokers through which the Fund's trade clearance and financing is coordinated. Certain prime brokers also provide the Adviser with research, reporting, and analysis tools as part of their services.

***Step-Outs***. In certain circumstances, the Adviser uses "step-out trades" when the Adviser determines that the step-out trades facilitate better execution for certain Fund trades. Step-out trades are transactions which are placed at one counterparty and then "given up" or "stepped out" by that counterparty to another counterparty. Step-out trades may benefit a Fund by finding a natural buyer or seller of a particular security so that the Adviser can trade a larger block of shares more efficiently.

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AQR Funds–Statement of Additional Information51

***Soft Dollar Arrangements***. The term "soft dollars" refers generally to the practice by investment advisers of paying for research and brokerage services using brokerage commissions generated by the execution of trades for their clients' accounts. The Adviser does not currently use soft dollars in connection with any of the Funds. To the extent the Adviser does use soft dollars in the future, it is expected that such use will fall within the safe harbor afforded by Section 28(e) of the Securities Exchange Act of 1934, as amended.

***Brokerage for Fund Referrals***. The Adviser does not select counterparties based on or in connection with past or future placement of investors into the Funds. Certain broker-dealers host conferences and events for prospective investors. On occasion, representatives of the Adviser speak at these "capital introduction" events and meet with prospective investors. The Adviser may accept subscriptions from certain investors who also provide services to a Fund, including brokers and their affiliates. Relationships such as these could be viewed as creating a conflict of interest that potentially could affect the Adviser's ability to seek best execution. While the Adviser's relationship with broker-dealers may influence it in deciding whether to use such brokers in connection with trading, financing and other activities of the Funds, the Adviser will not commit with any broker to allocate a particular amount of brokerage to that broker. In addition, the Adviser will not select any broker for trading purposes based upon any distribution related activity of that broker or one of its affiliates on a behalf of a Fund. The Adviser conducts best execution reviews on a regular basis in an effort to mitigate potential conflicts of interest with brokerage relationships, and to provide reasonable assurance that the Adviser obtains best execution for the Funds.

***Trade Aggregation and Allocation***. The timing, size, and frequency of trading in a Fund's portfolio will be determined by a number of factors, including, but not limited to: (1) investment objectives and guidelines; (2) regulatory restrictions; (3) risk tolerance including exposure control; (4) liquidity needs; (5) redemptions and subscriptions; (6) distance from target exposure; (7) composite dispersion; and (8) daily trading limits. If a Fund's portfolio is scheduled to trade on the same day as a separate, but similar, client portfolio, trading may be aggregated.

The Adviser has implemented specific controls built on two general principles: (i) fair allocation of a trade opportunity and (ii) fair allocation of price. Depending upon the particular instrument, the trade opportunities in which a Fund will participate are determined by the Adviser's quantitative investment models, as they prescribe the specific appetites based on pre-determined parameters and measures for individual instruments based on a Fund's investment objectives and other considerations. In certain circumstances, certain investment opportunities may be allocated to some eligible clients and not others, depending on existing holdings, investment strategies or other pre-determined criteria. Upon completion of this process, a set of transactions are identified that are then either traded in aggregate with other accounts with similar objectives or traded individually. When evaluating trade opportunities, the Adviser's considerations include the expected liquidity available in the market relative to the size of the overall trades the Adviser will effect on behalf of the Funds and other clients. The Adviser will also consider the expected impact of trade activity on behalf of the clients or other persons for which the Adviser does not exercise investment discretion, including persons who receive model portfolios or other persons whom the Adviser expects to trade in the same instruments, if any. Taking into consideration the anticipated trading activity by these accounts has the potential of reducing the amount of trading that the Adviser estimates that it will be able to implement for the Funds and could extend the period necessary for the Adviser to implement investment ideas for the Funds.

If the Adviser has determined to invest at the same time for more than one account including one or more Funds, the Adviser will under certain circumstances, but is not obligated to, aggregate or "bunch" orders to obtain best execution, negotiate more favorable commission rates, or allocate equitably among the Funds and other client accounts differences in prices and commissions or other transaction costs than might have been obtained had such orders been placed independently. Under this aggregation procedure, transactions will generally be averaged as to price and allocated among the Funds and other client accounts pro rata, based on the original purchase and sale orders placed for each Fund or other client account on any given day, and transaction costs, with limited exceptions, will be shared pro rata based on each client's participation in the transaction. To the extent that the Adviser determines to aggregate Fund orders for the purchase or sale of investments, the Adviser shall do so in a fair and equitable manner and consistent with its duty to seek best execution. The Adviser shall not receive any additional compensation or remuneration as a result of the aggregation. In the event that the Adviser determines not to aggregate Fund orders, the Funds will, under certain circumstances, be subject to different prices and commissions or other transaction costs compared to what they would have obtained had such orders been placed on an aggregate basis.

The Adviser targets its daily trading volume for a given security in the applicable investable universe under prevailing market conditions. If an aggregate order on behalf of the Funds and more than one other client account cannot be fully executed under prevailing market conditions, the Adviser will allocate the instruments traded among those Funds and other client accounts on the basis in which it considers equitable. In these circumstances, a Fund would generally pay (or receive), in connection with the purchase (or sale) of securities by more than one client, the average price per unit acquired (or sold), which may be higher (or lower) than if it had acted alone, and it may otherwise not be able to execute an investment decision as effectively as it could have if it had acted alone.

In the event that the Adviser determines that a pro rata allocation for partially executed aggregate orders (*i.e.*, a "partial fill") is not appropriate under the particular circumstances, the allocation will be made based upon other relevant factors, which may include, but are not limited to: (1) when only a small percentage of the order is executed, interests may be

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AQR Funds–Statement of Additional Information52

allocated to the account with the smallest order or the smallest position or to an account that is out of line with respect to target weightings relative to other client portfolios, with similar mandates, including if the imbalance is due to a cash subscription; (2) an allocation may be given to an account when the account has limitations in its investment guidelines which prohibit it from purchasing other instruments that are expected to produce similar investment results and can be purchased by other accounts; (3) if an account reaches an investment guideline limit and cannot participate in an allocation, interests may be reallocated to other accounts (this may be due to unforeseen changes in an account's assets after an order is placed); (4) with respect to sale allocations, allocations may be given to an account low in cash, including to satisfy a cash redemption; (5) in cases when a pro rata allocation of a potential execution would result in a de minimis allocation in one or more accounts, the Adviser may exclude the account from the allocation and the transactions may be executed on a pro rata basis among the remaining accounts; (6) in cases when there is a minimum tradeable lot size, the transaction may be allocated first based on the minimum lot size for the security type and then the remainder shall be allocated pro rata per applicable portfolio guidelines (unless such pro rata allocation would not meet the security's minimum lot size, where applicable, in which case that portfolio may be excluded from the allocation); or (7) in cases where a small proportion of an order is executed for all accounts, interests may be allocated to one or more accounts on a random basis.

The following table shows the dollar amount of brokerage commissions paid to brokers and the approximate dollar amount of the transactions involved for the fiscal year ended September 30, 2020. The provision of third party research services was not a factor in the placement of all brokerage business with such brokers.

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| | | |
|:---|:---|:---|
| **Funds** | **Brokerage**<br> **Commissions**<br>| **Amount of**<br> **Transactions**<br> **Involved**<br>|
| AQR Global Equity Fund | $49668 | $2537187428 |
| AQR International Momentum Style Fund | $63541 | $870290598 |
| AQR Large Cap Momentum Style Fund | $21135 | $2241454766 |
| AQR Small Cap Momentum Style Fund | $18408 | $630323598 |
| AQR Large Cap Defensive Style Fund | $113015 | $9332625230 |
| AQR International Defensive Style Fund | $17757 | $311585894 |
| AQR Large Cap Multi-Style Fund | $34206 | $2711264616 |
| AQR Small Cap Multi-Style Fund | $39340 | $1159183672 |
| AQR International Multi-Style Fund | $40657 | $609177790 |
| AQR Emerging Multi-Style II Fund | $140182 | $604950681 |

---

There were no brokerage commissions paid to any affiliated brokers or dealers of the Adviser during the fiscal period of October 1, 2019 to September 30, 2020.

The following table shows the dollar amount of brokerage commissions paid to brokers and the approximate dollar amount of the transactions involved for the fiscal year ended September 30, 2021. The provision of third party research services was not a factor in the placement of all brokerage business with such brokers.

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| | | |
|:---|:---|:---|
| **Funds** | **Brokerage**<br> **Commissions**<br>| **Amount of**<br> **Transactions**<br> **Involved**<br>|
| AQR Global Equity Fund | $67690 | $3969811216 |
| AQR International Momentum Style Fund | $84481 | $1267660564 |
| AQR Large Cap Momentum Style Fund | $29239 | $2973820469 |
| AQR Small Cap Momentum Style Fund | $23766 | $832264479 |
| AQR Large Cap Defensive Style Fund | $70728 | $7792532173 |
| AQR International Defensive Style Fund | $20667 | $373176442 |
| AQR Large Cap Multi-Style Fund | $36287 | $3331223325 |
| AQR Small Cap Multi-Style Fund | $21772 | $806142830 |
| AQR International Multi-Style Fund | $48138 | $725768717 |
| AQR Emerging Multi-Style II Fund | $255200 | $1260480471 |

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AQR Funds–Statement of Additional Information53

The dollar increase in brokerage commissions for the AQR Emerging Multi-Style II Fund from 2020 to 2021 is primarily as a result of an increase in the Fund's asset base in 2021 which resulted in increased trading activity. However, the brokerage commissions per dollar traded were roughly similar across 2020 and 2021.

There were no brokerage commissions paid to any affiliated brokers or dealers of the Adviser during the fiscal period of October 1, 2020 to September 30, 2021.

The following table shows the dollar amount of brokerage commissions paid to brokers and the approximate dollar amount of the transactions involved for the fiscal year ended September 30, 2022. The provision of third party research services was not a factor in the placement of all brokerage business with such brokers.

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| | | |
|:---|:---|:---|
| **Funds** | **Brokerage**<br> **Commissions**<br>| **Amount of**<br> **Transactions**<br> **Involved**<br>|
| AQR Global Equity Fund | $60427 | $3403003020 |
| AQR International Momentum Style Fund | $84825 | $1137669449 |
| AQR Large Cap Momentum Style Fund | $19206 | $2527350967 |
| AQR Small Cap Momentum Style Fund | $14783 | $480509046 |
| AQR Large Cap Defensive Style Fund | $62998 | $6933905314 |
| AQR International Defensive Style Fund | $22616 | $379701500 |
| AQR Large Cap Multi-Style Fund | $23771 | $2154590804 |
| AQR Small Cap Multi-Style Fund | $11415 | $222322150 |
| AQR International Multi-Style Fund | $62166 | $842545092 |
| AQR Emerging Multi-Style II Fund | $269690 | $992775165 |

---

There were no brokerage commissions paid to any affiliated brokers or dealers of the Adviser during the fiscal period of October 1, 2021 to September 30, 2022.

The value of the AQR Large Cap Multi-Style Fund's aggregate holdings of the securities of its regular brokers or dealers as of September 30, 2022 (as defined in Rule 10b-1 under the 1940 Act) if any portion of such holdings were purchased during the fiscal year ended September 30, 2022 is as follows:

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| | | |
|:---|:---|:---|
| **Regular Broker-Dealer** | **Debt (D)/Equity (E)** | **Aggregate Holdings**<br> **(000's)**<br>|
| Citigroup, Inc. | E | 4,678 |
| JPMorgan Chase & Co. | E | 4,122 |

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The value of the AQR International Multi-Style Fund's aggregate holdings of the securities of its regular brokers or dealers as of September 30, 2022 (as defined in Rule 10b-1 under the 1940 Act) if any portion of such holdings were purchased during the fiscal year ended September 30, 2022 is as follows:

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| | | |
|:---|:---|:---|
| **Regular Broker-Dealer** | **Debt (D)/Equity (E)** | **Aggregate Holdings**<br> **(000's)**<br>|
| UBS Group AG (Registered) | E | 2,296 |

---

The value of the AQR Large Cap Momentum Style Fund's aggregate holdings of the securities of its regular brokers or dealers as of September 30, 2022 (as defined in Rule 10b-1 under the 1940 Act) if any portion of such holdings were purchased during the fiscal year ended September 30, 2022 is as follows:

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| | | |
|:---|:---|:---|
| **Regular Broker-Dealer** | **Debt (D)/Equity €** | **Aggregate Holdings**<br> **(000's)**<br>|
| Goldman Sachs Group, Inc. | E | 307 |

---

The value of the AQR Large Cap Defensive Style Fund's aggregate holdings of the securities of its regular brokers or dealers as of September 30, 2022 (as defined in Rule 10b-1 under the 1940 Act) if any portion of such holdings were purchased during the fiscal year ended September 30, 2022 is as follows:

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| | | |
|:---|:---|:---|
| **Regular Broker-Dealer** | **Debt (D)/Equity (E)** | **Aggregate Holdings**<br> **(000's)**<br>|
| Citigroup, Inc. | E | 10,120 |

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AQR Funds–Statement of Additional Information54

The value of the AQR Global Equity Fund's aggregate holdings of the securities of its regular brokers or dealers as of September 30, 2022 (as defined in Rule 10b-1 under the 1940 Act) if any portion of such holdings were purchased during the fiscal year ended September 30, 2022 is as follows:

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| | | |
|:---|:---|:---|
| **Regular Broker-Dealer** | **Debt (D)/Equity (E)** | **Aggregate Holdings**<br> **(000's)**<br>|
| Bank of America Corp. | E | 1,044 |
| Barclays plc | E | 1,088 |
| Citigroup, Inc. | E | 2,484 |
| JPMorgan Chase & Co. | E | 2,054 |
| UBS Group AG (Registered) | E | 99 |

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**Organization of the Trust and a Description of the Shares**

The Trust was established on September 4, 2008 as a Delaware statutory trust and is authorized to issue an unlimited number of par shares of beneficial interest which may be issued in any number of series and classes. The Trust currently has thirty-six series. Each Fund described in this SAI offers Class I Shares, Class N Shares and Class R6 Shares.

All shares of each Fund have equal voting rights and each shareholder is entitled to one vote for each full share held and fractional votes for fractional shares held and will vote on the election of Trustees and any other matter submitted to a shareholder vote. The Trust is not required, and does not intend, to hold annual meetings of shareholders. The Trust will call such special meetings of shareholders as may be required under the 1940 Act (e.g., to approve a new investment advisory agreement or to change the fundamental investment policies) or by the Declaration of Trust. A meeting of shareholders shall, however, be called by the Secretary upon the written request of the holders of not less than 10% of the outstanding shares of a Fund. The Fund will assist shareholders wishing to communicate with one another for the purpose of requesting such a meeting. Shares of each Fund will, when issued, be fully paid and non-assessable and have no preemptive or conversion rights. Each share is entitled to participate equally in dividends and distributions declared by the relevant Fund and in the net assets of such Fund on liquidation or dissolution after satisfaction of outstanding liabilities.

The following is a list of shareholders of each Fund who owned (beneficially or of record) 5% or more of a class of a Fund's shares as of December 31, 2022.

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| **AQR Large Cap Multi-Style Fund—Class I** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 55.37% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 22.86% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 5.76% |
| **AQR Large Cap Multi-Style Fund—Class N** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 38.12% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 26.71% |

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AQR Funds–Statement of Additional Information55

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 15.09% |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> P.O. Box 509046<br> San Diego, CA 92121-3091<br>| 6.84% |
| &nbsp;&nbsp; Ascensus Trust Company<br> FBO JB Transportation 401(K) Plan<br> P.O. Box 10758<br> Fargo, ND 58106-0758<br>| 5.07% |
| **AQR Large Cap Multi-Style Fund—Class R6** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 41.12% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 30.48% |
| &nbsp;&nbsp; Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CA 80155-6503<br>| 11.36% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 10.58% |
| **AQR Small Cap Multi-Style Fund—Class I** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 55.75% |
| &nbsp;&nbsp; Reliance Trust Co<br> FBO Fiduciary Trust <br> P.O. Box 78446<br> Atlanta, GA 30357<br>| 23.03% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 9.72% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 6.53% |
| **AQR Small Cap Multi-Style Fund—Class N** |  |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> P.O. Box 509046<br> San Diego, CA 92121-3091<br>| 74.27% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 8.69% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 8.24% |

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AQR Funds–Statement of Additional Information56

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| **AQR Small Cap Multi-Style Fund—Class R6** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 78.91% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 11.46% |
| **AQR International Multi-Style Fund—Class I** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 64.68% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 17.05% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 13.53% |
| **AQR International Multi-Style Fund—Class N** |  |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 39.40% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 23.75% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 16.99% |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> P.O. Box 509046<br> San Diego, CA 92121-3091<br>| 12.02% |
| **AQR International Multi-Style Fund—Class R6** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 47.37% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 24.43% |
| &nbsp;&nbsp; Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CA 80155-6503<br>| 13.35% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 8.67% |

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AQR Funds–Statement of Additional Information57

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| **AQR Emerging Multi-Style II Fund—Class I** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 56.19% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 26.52% |
| &nbsp;&nbsp; Raymond James<br> 880 Carillion Parkway<br> St. Petersburg, FL 33716-1102<br>| 8.70% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 8.17% |
| **AQR Emerging Multi-Style II Fund—Class N** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 35.74% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 32.78% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 23.08% |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> 4707 Executive Drive<br> San Diego, CA 92121-3091<br>| 8.10% |
| **AQR Emerging Multi-Style II Fund—Class R6** |  |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 76.37% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 9.51% |
| &nbsp;&nbsp; Axos Clearing LLC<br> P.O. Box 6503<br> Englewood, CA 80155-6503<br>| 6.69% |
| **AQR Large Cap Momentum Style Fund—Class I** |  |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 42.64% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 30.91% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 12.49% |

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AQR Funds–Statement of Additional Information58

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0001<br>| 5.61% |
| **AQR Large Cap Momentum Style Fund—Class N** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 73.02% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 12.86% |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> 4707 Executive Drive<br> San Diego, CA 92121-3091<br>| 11.76% |
| **AQR Large Cap Momentum Style Fund—Class R6** |  |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 64.98% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 31.45% |
| **AQR Small Cap Momentum Style Fund—Class I** |  |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 46.30% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 37.81% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 9.04% |
| **AQR Small Cap Momentum Style Fund—Class N** |  |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> 4707 Executive Drive<br> San Diego, CA 92121-3091<br>| 63.49% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 26.06% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 7.47% |
| **AQR Small Cap Momentum Style Fund—Class R6** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 81.02% |

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AQR Funds–Statement of Additional Information59

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| &nbsp;&nbsp; Mitra & Co <br> c/o Reliance Trust Company WI<br> 4900 W. Brown Deer Road<br> Milwaukee, WI 53223-2422<br>| 9.76% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 6.01% |
| **AQR International Momentum Style Fund—Class I** |  |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 46.62% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 33.89% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 13.13% |
| **AQR International Momentum Style Fund—Class N** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 77.24% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 13.57% |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> 4707 Executive Drive<br> San Diego, CA 92121-3091<br>| 6.94% |
| **AQR International Momentum Style Fund—Class R6** |  |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 52.82% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 45.80% |
| **AQR Large Cap Defensive Style Fund—Class I** |  |
| &nbsp;&nbsp; Raymond James<br> 880 Carillion Parkway<br> St. Petersburg, FL 33716-1102<br>| 31.42% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 21.47% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 12.07% |

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AQR Funds–Statement of Additional Information60

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| &nbsp;&nbsp; UBS Financial Services Inc.<br> 1000 Harbor Boulevard<br> Weehawken, NJ 07096-6761<br>| 7.85% |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> 9785 Town Centre Drive<br> San Diego, CA 92121-1968<br>| 6.59% |
| **AQR Large Cap Defensive Style Fund—Class N** |  |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 55.16% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94104-1901<br>| 30.37% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 8.74% |
| **AQR Large Cap Defensive Style Fund—Class R6** |  |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 25.33% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 24.90% |
| &nbsp;&nbsp; Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0001<br>| 11.35% |
| &nbsp;&nbsp; MAC & Co.<br> ATTN: Mutual Fund Operations<br> 500 Grant Street<br> Pittsburgh, PA 15219-2502<br>| 9.91% |
| &nbsp;&nbsp; Aspiriant Trust.<br> Aspiriant Risk-Managed Equity Allocation Fund<br> N19W242CO Riverwood Drive, Ste 320<br> Waukesha, WI 53188<br>| 7.58% |
| &nbsp;&nbsp; SEI Private Trust Company<br> Attn: Mutual Fund Administrator<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989<br>| 7.50% |
| &nbsp;&nbsp; Principal Life Ins. Company Cust. .<br> FBO PFG Omnibus Wrapped and Custom Funds<br> 711 High Street<br> Des Moines, IA 50392-0001<br>| 5.44% |
| **AQR International Defensive Style Fund—Class I** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 46.62% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 19.56% |

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AQR Funds–Statement of Additional Information61

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 15.09% |
| &nbsp;&nbsp; Raymond James<br> 880 Carillion Parkway<br> St. Petersburg, FL 33716-1102<br>| 11.17% |
| **AQR International Defensive Style Fund—Class N** |  |
| &nbsp;&nbsp; Morgan Stanley Smith Barney LLC<br> 1 New York Plaza, Floor 12<br> New York, NY 10004-1965<br>| 34.29% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 27.53% |
| &nbsp;&nbsp; John Hancock Trust Company LLC<br> 200 Berkeley Street, Suite 7<br> Boston, MA 02116-5038<br>| 21.22% |
| &nbsp;&nbsp; TD Ameritrade Inc.<br> P.O. Box 2226<br> Omaha, NE 68103-2226<br>| 10.83% |
| **AQR International Defensive Style Fund—Class R6** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94104-1901<br>| 71.12% |
| &nbsp;&nbsp; SEI Private Trust Company<br> Attn: Mutual Fund Administrator<br> One Freedom Valley Drive<br> Oaks, PA 19456-9989<br>| 15.88% |
| &nbsp;&nbsp; MAC & Co.<br> ATTN: Mutual Fund Operations<br> 500 Grant Street<br> Pittsburgh, PA 15219-2502<br>| 10.71% |
| **AQR Global Equity Fund—Class I** |  |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 77.14% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 11.24% |
| **AQR Global Equity Fund—Class N** |  |
| &nbsp;&nbsp; LPL Financial<br> ATTN: Mutual Fund Operations<br> 4707 Executive Drive<br> San Diego, CA 92121-3091<br>| 59.99% |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 30.36% |

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AQR Funds–Statement of Additional Information62

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| | |
|:---|:---|
| Name and Address | Percentage Ownership |
| **AQR Global Equity Fund—Class R6** |  |
| &nbsp;&nbsp; Charles Schwab & Co. Inc.<br> ATTN: Mutual Funds<br> 101 Montgomery Street<br> San Francisco, CA 94104-4151<br>| 61.05% |
| &nbsp;&nbsp; Northern Trust as Trustee<br> FBO Idaho National Laboratory Employee Retirement Plan<br> PO Box 92956<br> Chicago, IL 60675-2956<br>| 20.70% |
| &nbsp;&nbsp; National Financial Services LLC<br> ATTN: Mutual Funds<br> 499 Washington Boulevard, 4th Floor<br> Jersey City, NJ 07310-1995<br>| 17.32% |

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**Taxation**

Set forth below is a discussion of certain U.S. federal income tax considerations affecting the Funds and the purchase, ownership and disposition of shares of a Fund. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to taxable U.S. shareholders that hold shares as capital assets. For these purposes, a U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. domestic corporation, or any other person that is subject to U.S. federal income tax on a net income basis in respect of an investment in shares of a Fund. This discussion is based upon provisions of the Code, and regulations, rulings and judicial decisions thereunder as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below. This discussion does not represent a detailed description of the U.S. federal income tax consequences applicable to a shareholder that is subject to special treatment under the U.S. federal income tax laws. Investors should consult their own tax advisors concerning the particular U.S. federal income tax consequences of the purchase, ownership and disposition of shares of a Fund, as well as the consequences arising under other U.S. federal tax laws and the laws of any other taxing jurisdiction.

**Taxation of the Funds**

Each Fund intends to qualify annually and has elected to be treated as a regulated investment company under the Code. To qualify as a regulated investment company, each Fund must, among other things, (a) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships (i.e., partnerships that are traded on an established securities market or readily tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends, capital gains, and other traditionally permitted mutual fund income) and gains from the sale or other disposition of stock, securities or foreign currencies or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies; and (b) diversify its holdings so that, at the end of each quarter of the taxable year, (i) at least 50% of the market value of that Fund's total assets is represented by cash and cash items (including receivables), U.S. Government securities, the securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of that Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its total assets is invested in (1) the securities of any one issuer (other than U.S. Government securities or the securities of other regulated investment companies), or (2) the securities (other than securities of other regulated investment companies) of two or more issuers of which a Fund holds 20% or more of the voting stock in the same or similar or related trades or businesses, or (3) the securities of one or more qualified publicly traded partnerships.

A Fund may be able to cure a failure to derive 90% of its income from the sources specified above or a failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure the failure, that Fund will be taxed in the same manner as a regular corporation and distributions to its shareholders will not be deductible by such Fund in computing its taxable income.

The U.S. Treasury is authorized to issue regulations providing that foreign currency gains that are not directly related to a Fund's principal business of investing in stock or securities (or options and futures with respect to stock or securities) will be excluded from the income which qualifies for purposes of the 90% gross income requirement described above. To date, however, no such regulations have been issued.

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AQR Funds–Statement of Additional Information63

If a Fund qualifies as a regulated investment company, it generally will not be subject to U.S. federal income tax assuming it distributes at least 90% of its investment company taxable income (which includes, among other items, dividends, interest, income inclusions from wholly-owned subsidiaries and net short-term capital gains in excess of net long-term capital losses) each taxable year. The Funds intend to distribute to their shareholders, at least annually, substantially all of their investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital losses).

If a Fund retains an amount equal to all or a portion of its net capital gains, it will be subject to corporate tax (at a flat rate of 21%) on the amount retained. In that event, the Fund may designate such retained amounts as undistributed capital gains in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate share of the undistributed amount, (b) will be entitled to credit their proportionate share of the tax paid by the Fund against their U.S. federal income tax liability, if any, and to claim a refund to the extent their credit exceeds their liability, if any, and (c) will be entitled to increase their tax basis, for U.S. federal income tax purposes, in their Fund shares by an amount equal to the excess of the amount in clause (a) over the amount in clause (b). Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Fund upon timely filing of appropriate returns or claims for refund with the IRS.

A Fund is also subject to a nondeductible 4% federal excise tax on income and net gains not distributed on a timely basis in accordance with a calendar year distribution requirement. In order to prevent an imposition of the excise tax, each Fund must distribute during each calendar year an amount equal to the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending on October 31 of the calendar year, and (3) any ordinary income and capital gains for previous years that was not distributed or taxed to the Fund during those years. A distribution will be treated as paid December 31 of the current calendar year if it is declared by a Fund in October, November or December with a record date in such a month and paid by such Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. Each Fund intends to make sufficient distributions to avoid this 4% excise tax, although there can be no assurance that each Fund will be able to do so.

Net capital loss carryovers, if any, may be applied against any net realized capital gains in each succeeding year, until they have been reduced to zero. In the event that a Fund were to experience an ownership change as defined under the Code, the Fund's loss carryovers and potentially other favorable tax attributes of the Fund, if any, may be limited. Distributions in excess of a Fund's minimum distribution requirements but not in excess of the Fund's earnings and profits will be taxable to shareholders and will not constitute nontaxable returns of capital.

Investment income earned by a Fund from sources within foreign countries may be subject to foreign income taxes withheld at the source. If a Fund pays nonrefundable taxes to foreign countries during the year, the taxes will be deductible against the Fund's taxable income. However, if a Fund qualifies for and makes a special election, such foreign taxes paid by the Fund will be included as an amount deemed distributed to a shareholder as taxable income, and the shareholder may be able to claim an offsetting credit or deduction on his or her tax return for his or her share of these foreign taxes.

**Taxable U.S. Shareholder - Distributions**

Dividends paid out of a Fund's investment company taxable income, which includes net short-term capital gains, will be taxable to a U.S. shareholder as ordinary income. If a portion of a Fund's income consists of dividends paid by certain corporations, a portion of the distributions paid and properly reported by such Fund may be eligible for the dividends-received deduction for corporations and the long-term capital gain tax rate on qualified dividends for individuals, provided that the Fund and the shareholder satisfy applicable holding period requirements. Distributions of net capital gains, if any, that are reported as capital gain dividends are taxable as long-term capital gains regardless of how long the shareholder has held the relevant Fund's shares, and are not eligible for the dividends-received deduction. Distributions by a Fund are taxable to a shareholder regardless of whether they are received in cash or additional shares of the Fund. Shareholders receiving distributions in the form of additional shares, rather than cash, generally will have a cost basis in each new share equal to the NAV per share of the relevant Fund on the reinvestment date. Long-term capital gains and qualified dividend income of an individual taxpayer are generally eligible for taxation at a maximum rate of 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. If an individual receives a dividend qualifying for the long-term capital gain rates and such dividend constitutes an "extraordinary dividend," and the individual subsequently recognizes a loss on the sale or exchange of stock in respect of which the extraordinary dividend was paid, then the loss will be long-term capital loss to the extent of such extraordinary dividend. An "extraordinary dividend" on common stock for this purpose is generally a dividend (i) in an amount greater than or equal to 10% of the taxpayer's tax basis (or trading value) in a share of stock, aggregating dividends with ex-dividend dates within an 85-day period, or (ii) in an amount greater than 20% of the taxpayer's tax basis (or trading value) in a share of stock, aggregating dividends with ex-dividend dates within a 365-day period. A distribution of an amount in excess of a Fund's current and accumulated earnings and profits will be treated by a

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AQR Funds–Statement of Additional Information64

shareholder as a return of capital, which is applied against and reduces the shareholder's basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares.

Shareholders will be notified annually as to the U.S. federal income tax character of distributions on Form 1099-DIV.

A 3.8% Medicare contribution tax is imposed on net investment income, including, among other things, interest, dividends, and net gain, of U.S. individuals with income exceeding certain threshold amounts, and of estates and trusts.

**Taxable U.S. Shareholder - Sale of Shares**

Upon the sale, redemption, or other disposition of shares of a Fund, a shareholder may realize a capital gain or loss, which will be long-term or short-term, generally depending upon the shareholder's holding period of the shares (the gain or loss will generally be long-term if the shares have been held for more than one year; otherwise, it will be short-term). Any loss realized will be disallowed to the extent the shares disposed of are replaced within a period of 61 days beginning 30 days before and ending 30 days after disposition of the shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on a disposition of shares of a Fund held by the shareholder for six months or less will be treated as a long-term capital loss to the extent of any distributions of net capital gains received by the shareholder (or amounts designated as undistributed capital gains) with respect to such shares.

If a shareholder incurs a sales charge when acquiring shares of the Fund, disposes of those shares within 90 days and then, on or before January 31 of the following calendar year, acquires shares in a mutual fund for which the otherwise applicable sales charge is reduced by reason of a reinvestment right (e.g., an exchange privilege), the original sales charge will not be taken into account in computing gain or loss on the original shares to the extent the subsequent sales charge is reduced. Instead, the disregarded portion of the original sales charge will be added to the cost basis of the newly acquired shares. Furthermore, the same rule also applies to a disposition of the newly acquired shares made within 90 days of the second acquisition. This provision prevents a shareholder from immediately deducting the sales charge by shifting his or her investment within a family of mutual funds.

The 3.8% Medicare contribution tax (discussed above) applies to gains from the sale, redemption or other disposition of Fund shares.

The exchange of shares of a Fund for shares of another class of the same Fund is not considered a taxable event and should not result in capital gain or loss.

**Futures, Options and Hedging Transactions**

Certain options, futures, and forward currency contracts in which the Funds may invest are subject to rules that for federal income tax purposes require a Fund to treat them as having been sold at their fair market value on the last day of the Fund's taxable year (or for excise tax purposes, on the last day of the relevant period) resulting in unrealized gains or losses being treated as realized. Any gains or losses on such contracts generally are treated as 60% long-term and 40% short-term capital gain or loss, except for gain or loss on certain foreign currency forward, options and futures contracts which is treated as ordinary gain or loss unless the Fund makes an applicable tax election to receive capital treatment.

Certain hedging transactions undertaken by the Funds may result in the deferral of loss or accelerate the recognition of gain on futures, options, and forward contracts, or underlying securities, and may affect the tax character of gain or loss realized by a Fund on such investments. The tax consequences to a Fund of engaging in certain hedging or similar transactions are not entirely clear and may impact the amount, timing, and tax character of distributions paid by the Fund to its shareholders.

Notwithstanding any of the foregoing, a Fund may be required to recognize gain (but not loss) on certain "appreciated financial positions" if the Fund enters into a short sale, offsetting notional principal contract, futures or forward contract transaction with respect to the appreciated position or of substantially identical property. Appreciated financial positions potentially subject to this tax treatment are interests (including options, futures and forward contracts, and short sales) in stock, partnership interests, certain actively traded trust instruments and certain debt instruments. This tax treatment will not apply to certain transactions closed on or before the 30th day after the close of the taxable year, if certain conditions are met.

**Foreign Currency Transactions—"Section 988" Gains or Losses**

Pursuant to Section 988 of the Code, foreign exchange gain or loss attributable to certain foreign currency transactions, including foreign currency-denominated payables and receivables, foreign currency denominated debt instruments, and certain currency related options, futures and forward contracts, are treated as ordinary gain or loss. Section 988 gain or

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AQR Funds–Statement of Additional Information65

loss may increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders. A Fund may elect to treat certain foreign currency transactions, when entered, as giving rise to capital rather than as ordinary gain or loss.

**Short Sales**

In general, a Fund will not realize gain or loss on a short sale of a security until it closes the transaction by delivering the borrowed security to the lender. All or a portion of any gain arising from a short sale may be treated as short-term capital gain, regardless of the period for which a Fund held the security used to close the short sale. In addition, the holding period for any security which is substantially identical to that which is sold short may be reduced or eliminated as a result of the short sale. As described more fully under "Futures, Options and Hedging Transactions" above, a Fund is required to recognize gain (but not loss) upon entering into a short sale with respect to an appreciated security that such Fund owns. Similarly, if a Fund enters into a short sale of property that becomes substantially worthless, the Fund will recognize gain at that time as though it had closed the short sale. Future Treasury regulations may apply similar treatment to other transactions with respect to property that becomes substantially worthless.

**Swaps**

As a result of entering into swap contracts, a Fund may make or receive periodic net payments. A Fund may also make or receive a payment when a swap is terminated prior to maturity through an assignment of the swap or other closing transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will generally result in capital gain or loss (which will be a short-term capital gain or loss if a Fund has been a party to the swap for one year or less). With respect to certain types of swaps, a Fund may be required to currently recognize income or loss with respect to future payments on such swaps, or may be required to treat such swaps as having been sold at their fair market value on the last day of the Fund's taxable year (or for excise tax purposes, on the last day of the relevant period) resulting in unrealized gains or losses being treated as realized.

**Excess Inclusion Income**

If a Fund invests in certain REITs or in REMIC residual interests, a portion of the Fund's income may be classified as "excess inclusion income." A shareholder that is otherwise not subject to tax may be taxed on their share of any such excess inclusion income as "unrelated business taxable income."

**Passive Foreign Investment Companies**

If a Fund invests in stock of certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, rents, royalties or capital gain) or hold at least 50% of their assets in investments producing such passive income, or passive foreign investment companies ("PFICs"), such Fund may be subject to federal income taxation on a portion of any "excess distribution" with respect to, or gain from the disposition of, such stock. The tax would be determined by allocating such distribution or gain ratably to each day of such Fund's holding period for the stock. The distribution or gain so allocated to any taxable year of a Fund, other than the taxable year of the excess distribution or disposition, would be taxed to such Fund at the highest ordinary income tax rate in effect for such year, and the tax would be further increased by an interest charge to reflect the value of the tax deferral deemed to have resulted from the ownership of the foreign company's stock. Any amount of distribution or gain allocated to the taxable year of the distribution or disposition would be included in such Fund's investment company taxable income and, accordingly, would not be taxable to that Fund to the extent distributed by such Fund as a distribution to its shareholders.

A Fund may be able to make an election, in lieu of being taxable in the manner described above, to include annually in income its pro rata share of the ordinary earnings and net capital gain of the PFIC, regardless of whether it actually received any distributions from the foreign company. These amounts would be included in a Fund's investment company taxable income and net capital gain which, to the extent distributed by such Fund as ordinary or capital gain dividends, as the case may be, would not be taxable to that Fund. In order to make this election, such Fund would be required to obtain certain annual information from the foreign investment companies in which it invests, which in many cases may be difficult to obtain. Alternatively, a Fund is permitted to make a mark-to-market election on its PFIC stock, resulting in the stock being treated as sold at fair market value on the last business day of each tax year. Any resulting gain would be reported as ordinary income; any resulting loss and any loss from an actual disposition of the stock would be reported as ordinary loss to the extent of any net marked-to-market gains reported in prior years.

**Post-October Loss Deferral**

A Fund may, for a given taxable year, defer all or a portion of its net capital loss realized after October (or if there is no net capital loss, then any net long-term or short-term capital loss) and its late-year ordinary loss (defined as the sum of (i) the excess of post-October ordinary losses from the disposition of property (including foreign currency and PFIC losses) over post-October ordinary gains from the disposition of property (including foreign currency and PFIC gains)

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AQR Funds–Statement of Additional Information66

plus (ii) the excess of post-December ordinary losses over post-December ordinary income, other than any such losses or income described in clause (i)) until the first day of the next taxable year when computing its investment company taxable income and net capital gain. Such rules regarding loss realized after October (or December) may affect the timing and tax character of Fund distributions to shareholders.

**Foreign Withholding Taxes**

Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass-through" to the Fund's shareholders the amount of foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his taxable income or to use it (subject to limitations) as a foreign tax credit against his or her U.S. federal income tax liability. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified after the close of the Fund's taxable year if the foreign taxes paid by the Fund will "pass-through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made by a Fund, the source of a Fund's income will flow through to the Fund's shareholders. With respect to such Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables, will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. Shareholders may be unable to claim a credit for the full amount of their proportionate share of the foreign taxes paid by the Fund. Various other limitations, including a minimum holding period requirement, apply to limit the credit or deduction for foreign taxes for purposes of regular U.S. federal tax and/or alternative minimum tax.

**Backup Withholding**

A Fund may be required to withhold U.S. federal income tax, at the applicable backup withholding rate, from all taxable distributions and redemption proceeds payable to shareholders who fail to provide such Fund with their correct taxpayer identification number or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Corporate shareholders and certain other shareholders specified in the Code generally are exempt from such backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's federal income tax liability.

**Non-U.S. Shareholders**

Distributions treated as ordinary income to shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations or foreign partnerships ("foreign shareholders") will, except as described below, be subject to a U.S. federal withholding tax of 30%, unless a lower treaty rate applies or the distributions are effectively connected with a U.S. trade or business of the foreign shareholder (and, in each case, the foreign shareholder complies with applicable certification requirements).

Dividends paid by a regulated investment company to foreign shareholders that are attributable to "qualified net interest income" (generally, interest that would not have been subject to U.S. federal withholding tax at the source if received directly by a foreign shareholder) or short-term capital gain are generally exempt from the 30% withholding tax to the extent the regulated investment company properly reports such dividends. A Fund may report all, some or none of its potentially eligible distributions paid to foreign shareholders, of qualified interest income and short-term capital gain, as exempt from the 30% withholding tax. It is expected that the Funds will generally make a report with respect to short-term capital gain distributions, but not to distributions attributable to qualified interest income. Therefore, any distributions of interest income will be subject to withholding tax when paid to foreign shareholders. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports the distribution as qualified net interest income or short-term capital gain. Foreign shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

Distributions of long-term capital gains and any amounts retained by a Fund which are designated as undistributed long-term capital gains will not be subject to tax unless the foreign shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements, or the income is effectively connected with the foreign shareholder's trade or business in the United States. Any gain realized upon the sale or exchange of shares of a Fund will ordinarily be exempt from U.S. tax unless (i) the foreign shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements, (ii) the gain is effectively connected with

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AQR Funds–Statement of Additional Information67

the foreign shareholder's trade or business in the United States or (iii) such Fund was a "U.S. Real Property Holding Corporation" and the foreign shareholder held more than 5% of the shares of that Fund, for a certain period of time. If the foreign shareholder held more than 5% of the shares of a Fund for a certain period of time, such foreign shareholder may also be subject to tax on Fund distributions attributable to gain from the sale or exchange by the Fund of U.S. real property or an interest in a U.S. Real Property Holding Corporation. A corporation is a "U.S. Real Property Holding Corporation" if the fair market value of its U.S. real property interests equals or exceeds 50% of the fair market value of such interests plus its interests in real property located outside the United States plus any other assets used or held for use in a business. In the case of a Fund, U.S. real property interests include interests in stock in U.S. Real Property Holding Corporations and certain participating debt securities.

A Fund is required to withhold a 30% U.S. tax on dividend payments made to certain non-U.S. entities, unless such entities comply with certain reporting requirements to the IRS, or with the reporting requirements of an applicable intergovernmental agreement, in respect of its direct and indirect U.S. investors.

Foreign shareholders who fail to comply with applicable certification requirements relating to their non-U.S. status, including furnishing a Form W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or substitute form, may be subject to backup withholding on distributions (including distributions of capital gains) and on redemption proceeds.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty might differ from those described herein. Foreign shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of investing in a Fund.

Shares of a Fund held by a non-U.S. shareholder at death will be considered situated within the United States and subject to U.S. estate tax.

**Other Taxation**

Fund shareholders may be subject to state, local and foreign taxes on their Fund distributions. Some states may exempt from income tax all or a portion of dividends paid to a shareholder by a Fund if such dividends are derived from interest on qualifying U.S. federal obligations. Each Fund will provide information annually to shareholders indicating the amount and percentage of a Fund's distributions which are attributable to qualifying U.S. federal obligations. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences of making an investment in a Fund.

**Counsel and Independent Registered Public Accounting Firm**

Legal matters in connection with the issuance of the shares of each Fund offered hereby will be passed on by Simpson Thacher & Bartlett LLP, 900 G Street, NW, Washington, D.C. 20001.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017, has been appointed as the independent registered public accounting firm for the Funds. The audited financial statements and notes thereto in the Funds' Annual Report to Shareholders for the fiscal year ended September 30, 2022 (the "[2022 Annual Report](https://www.sec.gov/Archives/edgar/data/1444822/000153152722000016/primary-document.htm)") are incorporated by reference herein. No other parts of the 2022 Annual Report are incorporated by reference herein. The financial statements included in the 2022 Annual Report have been audited by PricewaterhouseCoopers LLP. The report of PricewaterhouseCoopers LLP is incorporated herein by reference.

**Registration Statement**

The Prospectus and this SAI are not an offering of the securities herein described in any state in which such offering may not be lawfully made. No salesman, dealer, or other person is authorized to give any information or make any representation other than those contained in the Prospectus and this SAI.

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AQR Funds–Statement of Additional Information68

**Appendix A—Proxy Voting Policies and Procedures**

**Proxy Voting Policies and Procedures**

**I.** **STATEMENT OF POLICY**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to seek to ensure that such rights are properly and timely exercised. AQR Capital Management, LLC ("AQR")<sup>1</sup> manages a variety of products and AQR's proxy voting authority may vary depending on the type of product or specific client preferences. AQR retains full proxy voting discretion for accounts comprised of comingled client assets. However, AQR's proxy voting authority may vary for accounts that AQR manages on behalf of individual clients. These clients may retain full proxy voting authority for themselves, grant AQR full discretion to vote proxies on their behalf, or provide AQR with proxy voting authority along with specific instructions and/or custom proxy voting guidelines. Where AQR has been granted discretion to vote proxies on behalf of managed account clients this authority must be explicitly defined in the relevant Investment Management Agreement, or other document governing the relationship between AQR and the client.

In exercising its proxy voting authority, AQR is mindful of the fact that the value of proxy voting to a client's investments may vary depending on the nature of an individual voting matter and the strategy in which a client is invested. AQR typically follows a systematic, research-driven investment approach, applying quantitative tools to process fundamental information and manage risk. Some proxy votes may have heightened importance for clients (e.g., mergers, acquisitions, spinoffs, etc.) for those clients invested in AQR strategies involving the purchase of securities around corporate events. These differences may result in varying levels of AQR engagement in proxy votes, but in all cases where AQR retains proxy voting authority, it will seek to vote proxies in the best interest of its clients and in accordance with this Proxy Voting Policy and Procedures (the "Policy").

AQR's Stewardship Committee, is responsible for the implementation of this Policy, including the oversight and use of third-party proxy advisers, the manner in which AQR votes its proxies, and fulfilling AQR's obligation to vote proxies in the best interest of its clients.

**II.** **USE OF THIRD-PARTY PROXY ADVISORS**

AQR has retained an independent third-party Proxy Advisory firm for a variety of services including, but not limited to, receiving proxy ballots, working with custodian banks, proxy voting research and recommendations, and executing votes. AQR may consider other Proxy Advisory firms as appropriate for proxy voting research and other services.

The AQR Stewardship Committee periodically assesses the performance of its Proxy Advisory firm(s).

**III.** **CONSIDERATIONS WHEN ASSESSING OR CONSIDERING A PROXY ADVISORY FIRM**

When considering the engagement of a new, or the performance and retention of an existing, Proxy Advisory firm to provide research, voting recommendations, or other proxy voting related services, AQR will, as part of its assessment, consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The capacity and competency of the Proxy Advisory firm to adequately analyze the matters up for a vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Proxy Advisory firm has an effective process for obtaining current and accurate information including from issuers and clients (e.g., engagement with issuers, efforts to correct deficiencies, disclosure about sources of information and methodologies, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How the Proxy Advisory firm incorporates appropriate input in formulating its methodologies and construction of issuer peer groups, including unique characteristics regarding an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Proxy Advisory firm has adequately disclosed its methodologies and application in formulating specific voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of third-party information sources used as a basis for voting recommendations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When and how the Proxy Advisory firm would expect to engage with issuers and other third parties;

------

<sup>1</sup> The term "AQR" includes AQR Capital Management, LLC and AQR Arbitrage, LLC and their respective investment advisory affiliates.

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AQR Funds–Statement of Additional Information69

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Proxy Advisory firm has established adequate policies and procedures on how it identifies and addresses conflicts of interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding any errors, deficiencies, or weaknesses that may materially affect the Proxy Advisory firm's research or ultimate recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Proxy Advisory firm appropriately and regularly updates methodologies, guidelines, and recommendations, including in response to feedback from issuers and their shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the Proxy Advisory firm adequately discloses any material business changes taking into account any potential conflicts of interests that may arise from such changes.

AQR also undertakes periodic sampling of proxy votes as part of its assessment of a Proxy Advisory firm and in order to reasonably determine that proxy votes are being cast on behalf of its clients consistent with this Policy.

**IV.** **POTENTIAL CONFLICTS OF INTEREST OF THE PROXY ADVISOR**

AQR requires any Proxy Advisory firm it engages with to identify and provide information regarding any material business changes or conflicts of interest on an ongoing basis. Where a conflict of interest may exist, AQR requires information on how said conflict is being addressed. If AQR determines that a material conflict of interest exists and is not sufficiently mitigated, AQR's Stewardship Committee will determine whether the conflict has an impact on the Proxy Advisory firm's voting recommendations, research, or other services and determine if any action should be taken.

**V.** **VOTING PROCEDURES AND APPROACH**

In relation to stocks held in AQR funds and accounts where AQR has proxy voting discretion, AQR will, as a general rule, seek to vote in accordance with this Policy and the applicable guidelines AQR has developed to govern voting recommendations from its Proxy Advisory firm ("AQR Voting Guidelines"). In instances where a client has provided AQR with specific instructions and/or custom proxy voting guidelines, AQR will seek to vote proxies in line with such instructions or custom guidelines.

AQR may refrain from voting in certain situations unless otherwise agreed to with a client. These situations include, but are not limited to, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The cost of voting a proxy outweighs the benefit of voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. AQR does not have enough time to process and submit a vote due to the timing of proxy information transfer or other related logistical or administrative issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. AQR has an outstanding sell order or intends to sell the applicable security prior to the voting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. There are restrictions on trading resulting from the exercise of a proxy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Voting would cause an undue burden to AQR (e.g., votes occurring in jurisdictions with beneficial ownership disclosure and/or Power of Attorney requirements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AQR has agreed with the client in advance of the vote not to vote in certain situations or on specific issues.

AQR generally does not notify clients of non-voted proxy ballots.

Some of AQR's strategies primarily focus on portfolio management and research related to macro trading strategies which are implemented through the use of derivatives. These strategies typically do not hold equity securities with voting rights, but may, in certain circumstances, hold an exchange**-**traded fund ("ETF") for the purposes of managing market exposure. For AQR funds and managed accounts that only have a de minimis exposure to equites via an ETF, AQR will generally not vote proxies.

AQR takes a sustainable approach to proxy voting in relation to all its comingled client assets as evidenced in their voting guidelines. The aim is to promote sustainable best practices in portfolio companies, which includes advocating for environmental protection, human rights, fair labor, and anti-discrimination practices. When evaluating and adopting these guidelines and to encourage best sustainability practices, the voting guidelines take into account generally accepted frameworks such as those defined by the United Nations Principles for Responsible Investment and United Nations Global Compact.

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AQR Funds–Statement of Additional Information70

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**VI.** **ISSUER SPECIFIC BALLOT EVALUATIONS**

AQR may review individual ballots (for example, in relation to specific corporate events such as mergers or acquisitions) using a more detailed analysis than is generally applied through the AQR Voting Guidelines. This analysis may, but does not always, result in a deviation from the voting recommendation that would result from the AQR Voting Guidelines assigned to a given AQR fund or managed account. When determining whether to conduct an issuer-specific analysis, AQR will consider the potential effect of the vote on the value of the investment. To the extent that issuer-specific analysis results in a voting recommendation that deviates from a recommendation produced by the AQR Voting Guidelines, AQR will be required to vote proxies in a way that, in AQR's reasonable judgment, is in the best interest of AQR's clients.

Unless prior approval is obtained from the Chief Compliance Officer, Head of Stewardship, or designee, the following principles will generally be adhered to when deviating from the AQR Voting Guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AQR will not engage in conduct that involves an attempt to change or influence the control of a public company. In addition, all communications regarding proxy issues or corporate actions between companies or their agents, or with fellow shareholders, shall be for the sole purpose of expressing and addressing AQR's concerns consistent with the best interests of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. AQR will not announce its voting intentions and the reasons therefore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. AQR will not initiate a proxy solicitation or otherwise seek proxy-voting authority from any other public company shareholder.

**VII.** **POTENTIAL CONFLICTS OF INTEREST OF THE ADVISER**

AQR mitigates potential conflicts of interest by generally voting in accordance with the AQR Voting Guidelines and/or specific voting guidelines provided by clients. However, from time to time, AQR may determine to vote contrary to AQR Voting Guidelines with respect to AQR funds or accounts for which AQR has voting discretion, which itself could give rise to potential conflicts of interest.

If AQR intends to directly vote a proxy in a manner that is inconsistent with the AQR Voting Guidelines, the Compliance Department will examine any potential conflicts of interest. This examination includes, but is not limited to, a review of any material economic interest, including outside business activities, of AQR, its personnel, and its affiliates with the issuer of the security in question. If the Compliance Department determines a potential material conflict of interest exists, it may instruct AQR and the Stewardship Committee to not deviate from the AQR Voting Guidelines.

**VIII.** **BALLOT MATERIALS AND PROCESSING**

The Proxy Advisory firm is responsible for coordinating with AQR's clients' custodians to seek to ensure that proxy materials received by custodians relating to a client's securities are processed in a timely fashion. Proxies relating to securities held in client accounts will typically be sent directly to the Proxy Advisory firm. In the event that proxy materials are sent to AQR directly instead of the Proxy Advisory firm, AQR will use reasonable efforts to coordinate with the Proxy Advisory firm for processing.

**IX.** **DISCLOSURE**

Upon request, AQR will provide clients with a copy of this Policy and how the relevant client's proxies have been voted. In relation to the latter, AQR will prepare a written response that lists, with respect to each voted proxy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The proposal voted upon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The election made for the proposal.

Clients may contact AQR's Client Administration team by calling 203-742-3700 or via e-mail at Client.Admin@aqr.com to obtain a record of how proxies were voted for their account.

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AQR Funds–Statement of Additional Information71

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**X.** **POTENTIAL CONFLICTS OF INTEREST OF THE ADVISER** 

On an annual basis, AQR will provide, or cause the Proxy Advisory firm to provide, to the AQR Funds' administrator or other designee on a timely basis, any and all reports and information necessary to prepare and file Form N-PX, which is required by Rule 30b1-4 under the Investment Company Act of 1940.<sup>2</sup>

**XI.** **PROXY RECORDKEEPING**

AQR and its Proxy Advisory firm (where applicable) will maintain the following records with respect to this Policy for a period of no less than five (5) years as required by SEC Rule 204-2 under the Investment Advisers Act of 1940:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Policy, and any amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of any document that was material to making a decision how to vote proxies, or that memorializes that decision.

**XII.** **REVIEW OF POLICY AND PROCEDURES**

As a general principle, the Stewardship Committee, with the involvement from the Compliance Department, reviews, on an annual basis, the adequacy of this Policy to reasonably ensure it has been implemented effectively, including whether it continues to be reasonably designed to ensure that AQR's approach to voting proxies is in the best interests of its clients.

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<sup>2</sup> Form N-PX is required to contain an AQR Fund's complete proxy voting record for the most recent 12-month period ended June 30 and must be filed no later than August 31 of each year.

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**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [<u>Certificate of Trust as filed with the State of Delaware on September 4, 2008</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99a1.htm) <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) [<u>Declaration of Trust dated as of September 4, 2008</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99a2.htm) <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amended Schedule A to the Declaration of Trust</u>](d423791dex99a2ii.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amended Schedule A to the Declaration of Trust</u>](d423791dex99a2iii.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Amended Schedule A to the Declaration of Trust</u>](d423791dex99a2iv.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Amended Schedule A to the Declaration of Trust</u>](d423791dex99a2v.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(b) [<u>Bylaws of the Registrant</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99b.htm) <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust does not issue Certificates. [<u>See Article III, "Meetings of Shareholders," and Article VIII, "Inspection of Records and</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99b.htm) [<u>Reports" of Registrant's Bylaws</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99b.htm) . <sup>1</sup> [<u>See Article III, "Shares," and Article V, "Shareholders' Voting Powers and Meetings" of</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99a2.htm) [<u>Declaration of Trust of the Registrant</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508194711/dex99a2.htm) . <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(d) (1) (i) [<u>Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517021888/d264855dex99d1xxv.htm) <sup>30</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>First Amendment to Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518021794/d519434dex99d1xvi.htm) <sup>34</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Second Amendment to Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312519129693/d713394dex99d1xvii.htm) <sup>39</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Third Amendment to Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521008167/d108906dex99d1iv.htm) <sup>44</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Fourth Amendment to Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521079483/d136877dex99d1v.htm) <sup>46</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Fifth Amendment to Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521137006/d27684dex99d1vi.htm) <sup>47</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Sixth Amendment to Third Amended and Restated Investment Management Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522224140/d367420dex99d1vii.htm) <sup>54</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) [<u>Second Amended and Restated Investment Sub-Advisory Agreement among Registrant, AQR Capital Management,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515155822/d906148dex99d2iii.htm) [<u>LLC and CNH Partners, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515155822/d906148dex99d2iii.htm) <sup>26</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (i) [<u>Investment Management Agreement II between Registrant and AQR Capital Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516462649/d58130dex99d4i.htm) <sup>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>First Amendment to Investment Management Agreement II between Registrant and AQR Capital Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99d4ii.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Second Amendment to Investment Management Agreement II between Registrant and AQR Capital Management,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99d4iii.htm) [<u>LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99d4iii.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Third Amendment to Investment Management Agreement II between Registrant and AQR Capital Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99d4iv.htm) <sup>33</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Fourth Amendment to Investment Management Agreement II between Registrant and AQR Capital Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99d4v.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Fifth Amendment to Investment Management Agreement II between Registrant and AQR Capital Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d2.htm) <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Sixth Amendment to Investment Management Agreement II between Registrant and AQR Capital Management, LLC</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521356712/d405672dex99d3vii.htm) <sup>51</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [<u>Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518138617/d546305dex99e27.htm) <sup>35</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518138617/d546305dex99e28.htm) <sup>35</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>First Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99e29.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>First Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99e30.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Second Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312519018978/d676698dex99e31.htm) <sup>38</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Second Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312519018978/d676698dex99e32.htm) <sup>38</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Third Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d3.htm) <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Third Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d4.htm) <sup>43</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Fourth Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521020794/d80422dex99e9.htm) <sup>45</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Fourth Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521020794/d80422dex99e10.htm) <sup>45</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Fifth Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521137006/d27684dex99e11.htm) <sup>47</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Fifth Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521137006/d27684dex99e12.htm) <sup>47</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Sixth Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521252712/d198628dex99e13.htm) <sup>48</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Seventh Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99e14.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Sixth Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99e15.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Eighth Amendment to Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522019888/d274837dex99e16.htm) <sup>52</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Seventh Amendment to Distribution Fee Letter Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522019888/d274837dex99e17.htm) <sup>52</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) (i) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312510218632/dex99g1iv.htm) <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99g1v.htm) <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99g1vi.htm) <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Second Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99g1vii.htm) <sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Third Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99g1viii.htm) <sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Fourth Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99g1ix.htm) <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Fifth Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99g1x.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [<u>Sixth Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513265652/d516337dex99g111.htm) <sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [<u>Seventh Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99g1xii.htm) <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99g1xiii.htm) <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [<u>Eighth Amendment to Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514118370/d649447dex99g1xiv.htm) <sup>18</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [<u>Ninth Amendment to Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99g1xv.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99g1xvi.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99g1xvii.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [<u>Tenth Amendment to Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99g1xviii.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [<u>Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99g1xix.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [<u>Eleventh Amendment to Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99g1xx.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [<u>Global Custody Agreement between the AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99g1xxiv.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [<u>Joinder to Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99g1xxv.htm) <sup>33</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [<u>Joinder to Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d5.htm) <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [<u>Joinder to Global Custody Agreement between AQR Funds and JPMorgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99g1xxi.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) [<u>Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513420819/d617483dex99g3i.htm) <sup>16</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514259262/d747614dex99g3ii.htm) <sup>20</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99g3iii.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99g3iv.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515155822/d906148dex99g3v.htm) <sup>26</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516440001/d81132dex99g3vi.htm) <sup>27</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99g3vii.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [<u>Amendment to Master Custodian Agreement between AQR Funds and State Street Bank and Trust Company</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99g3viii.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) (i) [<u>Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312510218632/dex99h1iv.htm) <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511123903/dex99h1v.htm) <sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Amendment Two to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99hivi.htm) <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Amendment Three to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99h1vii.htm) <sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Amendment Four to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99h1viii.htm) . <sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Amendment Five to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99h1ix.htm) . <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Amendment Six to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99h1x.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [<u>Amendment Seven to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513265652/d516337dex99h111.htm) . <sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [<u>Amendment Eight to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99h1xii.htm) . <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [<u>Amendment Nine to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514118370/d649447dex99h1xiii.htm) <sup>18</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [<u>Amendment Ten to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99h1xiv.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [<u>Amendment Eleven to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99h1xv.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [<u>Amendment Twelve to Administration Agreement between AQR Funds and J.P. Morgan Investor Services Co.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99h1xvi.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [<u>Joinder to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99h1xvii.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [<u>Joinder to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99h1xviii.htm) <sup>33</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [<u>Amendment to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518234588/d660393dex99h1xix.htm) <sup>36</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [<u>Joinder to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99h1xx.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [<u>Joinder to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d6.htm) <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [<u>Joinder to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521137006/d27684dex99h1xix.htm) <sup>47</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [<u>Joinder to Administration Agreement between AQR Funds and J.P. Morgan Chase Bank, N.A.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99h1xx.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) [<u>Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508255181/dex99h2.htm) <sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509114602/dex99h2ii.htm) <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Second Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509260256/dex99h2iii.htm) <sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Third Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312510218632/dex99h2iv.htm) <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Fourth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99h2v.htm) <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Fifth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99h2vi.htm) <sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Sixth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99h2vii.htm) <sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [<u>Seventh Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99h2viii.htm) <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [<u>Eighth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99h2ix.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [<u>Ninth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99h2x.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [<u>Tenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513265652/d516337dex99h211.htm) <sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [<u>Eleventh Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99h2xii.htm) <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [<u>Twelfth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514118370/d649447dex99h2xiii.htm) <sup>18</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [<u>Thirteenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99h2xiv.htm) <sup>21</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [<u>Fourteenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99h2xv.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [<u>Fifteenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99h2xvi.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [<u>Sixteenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99h2xvii.htm) <sup>25</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [<u>Seventeenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516462649/d58130dex99h2xviii.htm) <sup>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [<u>Eighteenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99h2xix.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [<u>Nineteenth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99h2xx.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [<u>Twentieth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99h2xxi.htm) <sup>33</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) [<u>Twenty-First Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99h2xxii.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) [<u>Twenty-Second Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312519018978/d676698dex99h2xxiii.htm) <sup>38</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) [<u>Twenty-Third Amendment to Transfer Agency and Service Agreemen</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d7.htm) t <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) [<u>Twenty-Fourth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521020794/d80422dex99h2xxv.htm) <sup>45</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [<u>Twenty-Fifth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521137006/d27684dex99h2xxvi.htm) <sup>47</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) [<u>Twenty-Sixth Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99h2xxvii.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) [<u>Twenty-Seventh Amendment to Transfer Agency and Service Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522019888/d274837dex99h2xxviii.htm) <sup>52</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (i) [<u>Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509114602/dex99h2ii.htm) <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509114602/dex99h4i.htm) <sup>3</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [<u>Second Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509260256/dex99h4iii.htm) <sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [<u>Third Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312510218632/dex99h4iv.htm) <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [<u>Fourth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99h4v.htm) <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [<u>Fifth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99h4vi.htm) <sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [<u>Sixth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99h4vii.htm) <sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [<u>Seventh Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99h4viii.htm) <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [<u>Eighth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99h4ix.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [<u>Ninth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99h4x.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [<u>Tenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513265652/d516337dex99h411.htm) <sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [<u>Eleventh Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99h4xii.htm) <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [<u>Twelfth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514118370/d649447dex99h4xiii.htm) <sup>18</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [<u>Thirteenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99h4xiv.htm) <sup>21</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [<u>Fourteenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99h4xv.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [<u>Fifteenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99h4xvi.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [<u>Sixteenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99h4xvii.htm) <sup>25</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [<u>Seventeenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516462649/d58130dex99h4xviii.htm) <sup>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [<u>Eighteenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99h4xix.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [<u>Nineteenth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99h4xx.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [<u>Twentieth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99h4xxi.htm) <sup>33</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) [<u>Twenty-First Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99h4xxii.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) [<u>Twenty-Second Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312519018978/d676698dex99h4xxiii.htm) <sup>38</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) [<u>Twenty-Third Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d8.htm) <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) [<u>Twenty-Fourth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521020794/d80422dex99h3xxv.htm) <sup>45</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [<u>Twenty-Fifth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521137006/d27684dex99h3xxvi.htm) <sup>47</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) [<u>Twenty-Sixth Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99h3xxvii.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) [<u>Twenty-Seventh Amendment to Transfer Agency Interactive Client Services Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522019888/d274837dex99h3xxviii.htm) <sup>52</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (i) [<u>Sixth Amended and Restated Fee Waiver and Expense Reimbursement Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522224140/d367420dex99h4xii.htm) <sup>54</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>First Amendment to Sixth Amended and Restated Fee Waiver and Expense Reimbursement Agreement</u>](d423791dex99h4ii.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;(i) (1) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Global Equity Fund,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508255181/dex99i.htm) [<u>AQR International Equity Fund and AQR Diversified Arbitrage Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508255181/dex99i.htm) <sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Momentum Fund, AQR</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509145941/dex99i.htm) [<u>Small Cap Momentum Fund and AQR International Momentum Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509145941/dex99i.htm) <sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Managed Futures</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509260256/dex99i.htm) [<u>Strategy Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312509260256/dex99i.htm) <sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Risk Parity Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312510218632/dex99i4.htm) <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Multi-Strategy</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99i5.htm) [<u>Alternative Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312511189412/dex99i5.htm) <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Tax-Managed</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99i6.htm) [<u>Momentum Fund, AQR Tax-Managed Small Cap Momentum Fund and AQR Tax-Managed International Momentum</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99i6.htm) [<u>Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512011978/d250442dex99i6.htm) <sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR U.S. Defensive Equity</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99i7.htm) [<u>Fund, AQR International Defensive Equity Fund, AQR Emerging Defensive Equity Fund, AQR Risk-Balanced</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99i7.htm) [<u>Commodities Strategy Fund, and AQR Risk-Balanced Commodities Strategy LV Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512282066/d368802dex99i7.htm) <sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Risk Parity II MV Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99i8.htm) [<u>and AQR Risk Parity II HV Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99i8.htm) <sup>11</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [<u>Opinion and Consent of Counsel with respect to the legality of Class N shares being issued of the AQR Momentum</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99g1ix.htm) [<u>Fund, AQR Small Cap Momentum Fund, AQR International Momentum Fund, AQR Tax-Managed Momentum Fund,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99g1ix.htm) [<u>AQR Tax-Managed Small Cap Momentum Fund and AQR Tax-Managed International Momentum Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312512437601/d396897dex99g1ix.htm) <sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Core Equity Fund, AQR</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99i10.htm) [<u>Small Cap Core Equity Fund and AQR International Core Equity Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513103460/d485697dex99i10.htm) <sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Long-Short Equity Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513265652/d516337dex99i11.htm) [<u>and AQR Managed Futures Strategy HV Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513265652/d516337dex99i11.htm) <sup>14</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Style Premia Alternative</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99i12.htm) [<u>Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513371584/d564941dex99i12.htm) <sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [<u>Opinion and Consent of Counsel with respect to the legality of Class R6 shares being issued of the AQR Global Equity</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513486253/d617464dex99i13.htm) [<u>Fund and the AQR International Equity Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312513486253/d617464dex99i13.htm) <sup>17</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Global Macro Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514118370/d649447dex99i14.htm) <sup>18</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Emerging Core Equity</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514147932/d669556dex99i15.htm) [<u>Fund and AQR Emerging Momentum Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514147932/d669556dex99i15.htm) <sup>19</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [<u>Opinion and Consent of Counsel with respect to the legality of Class R6 shares being issued of the AQR Core Equity</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99i16.htm) [<u>Fund, AQR Small Cap Core Equity Fund, AQR International Core Equity Fund, AQR Emerging Core Equity Fund,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99i16.htm) [<u>AQR Momentum Fund, AQR Small Cap Momentum Fund, AQR International Momentum Fund, AQR Emerging</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99i16.htm) [<u>Momentum Fund, AQR Tax-Managed Momentum Fund, AQR Tax-Managed Small Cap Momentum Fund and AQR</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99i16.htm) [<u>Tax-Managed International Momentum Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514264149/d718901dex99i16.htm) <sup>21</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) [<u>Opinion and Consent of Counsel with respect to the legality of Class R6 shares being issued of the AQR U.S. Defensive</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514327249/d747094dex99i17.htm) [<u>Equity Fund, AQR International Defensive Equity Fund, AQR Emerging Defensive Equity Fund, AQR Diversified</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514327249/d747094dex99i17.htm) [<u>Arbitrage Fund, AQR Global Macro Fund, AQR Long-Short Equity Fund, AQR Managed Futures Strategy Fund, AQR</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514327249/d747094dex99i17.htm) [<u>Managed Futures Strategy HV Fund, AQR Multi-Strategy Alternative Fund, AQR Risk-Balanced Commodities Strategy</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514327249/d747094dex99i17.htm) [<u>Fund, AQR Risk Parity Fund, AQR Risk Parity II MV Fund, AQR Risk Parity II HV Fund and the AQR Style Premia</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514327249/d747094dex99i17.htm) [<u>Alternative Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514327249/d747094dex99i17.htm) <sup>22</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Equity Market Neutral</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99i18.htm) [<u>Fund and AQR Style Premia Alternative LV Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312514341799/d752654dex99i18.htm) <sup>23</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR TM Large Cap Multi-</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99i19.htm) [<u>Style Fund, AQR TM Small Cap Multi-Style Fund, AQR TM International Multi-Style Fund and AQR TM Emerging</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99i19.htm) [<u>Multi-Style Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99i19.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) [<u>Opinion and Consent of Counsel with respect to the legality of Class I shares being issued of the AQR Large Cap Multi-</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) [<u>Style Fund, AQR Small Cap Multi-Style Fund, AQR International Multi-Style Fund, AQR Emerging Multi-Style Fund,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) [<u>AQR TM Large Cap Multi-Style Fund, AQR TM Small Cap Multi-Style Fund, AQR TM International Multi-Style Fund,</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) [<u>AQR TM Emerging Multi-Style Fund, AQR Large Cap Momentum-Style Fund, AQR Small Cap Momentum Style</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) [<u>Fund, AQR International Momentum Style Fund, AQR Emerging Momentum Style Fund, AQR TM Large Cap</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) [<u>Momentum Style Fund, AQR TM Small Cap Momentum Style Fund and AQR TM International Momentum Style</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) [<u>Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515111685/d892965dex99i20.htm) <sup>25</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Style Premia Alternative</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516462649/d58130dex99i21.htm) [<u>II Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516462649/d58130dex99i21.htm) <sup>28</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Large Cap Relaxed</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99i22.htm) [<u>Constraint Equity Fund, AQR Small Cap Relaxed Constraint Equity Fund, AQR International Relaxed Constraint Equity</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99i22.htm) [<u>Fund and AQR Emerging Relaxed Constraint Equity Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312516789639/d267351dex99i22.htm) <sup>29</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Alternative Risk Premia</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99i.htm) [<u>Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517264409/d385584dex99i.htm) <sup>32</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Core Plus Bond Fund and</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99i24.htm) [<u>AQR High Yield Bond Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99i24.htm) <sup>33</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Volatility Risk Premium</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99i25.htm) [<u>Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312518298308/d660393dex99i25.htm) <sup>37</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Diversifying Strategies</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d10.htm) [<u>Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000168386320010027/f5783d10.htm) <sup>43</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [<u>Opinion and Consent of Counsel with respect to the legality of shares being issued of the AQR Sustainable Long-Short</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521356712/d405672dex99i27.htm) [<u>Equity Carbon Aware Fund</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312521356712/d405672dex99i27.htm) <sup>51</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [<u>Consent of Independent Registered Public Accounting Firm</u>](d423791dex99j.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [<u>Initial Capital Agreement</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312508255181/dex99l.htm) <sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (i) [<u>Amended and Restated Distribution Plan</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312515021914/d819816dex99mii.htm) <sup>24</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [<u>Amended Exhibit A to Amended and Restated Distribution Plan</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99mii.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (i) [<u>Twenty-Fifth Amended and Restated Multiple Class Plan</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99ni.htm) <sup>53</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (1) [<u>Code of Ethics of AQR Funds</u>](d423791dex99p1.htm) <sup>\*</sup>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (2) | [<u>Code of Ethics of AQR Capital Management, LLC and AQR Arbitrage, LLC</u>](d423791dex99p2.htm)<sup>\*</sup> <br>|
| (3) | [<u>Code of Ethics of ALPS Distributor, Inc.</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312517379614/d368916dex99p3.htm)<sup>33</sup> <br>|
| Other <br> Exhibit: | [<u>Power of Attorney of L. Joe Moravy</u>](d423791dex99poa1.htm)<sup>\*</sup> <br>|
|  | [<u>Power of Attorney of William Atwell</u>](d423791dex99poa2.htm)<sup>\*</sup> <br>|
|  | [<u>Power of Attorney of Gregg Behrens</u>](d423791dex99poa3.htm)<sup>\*</sup> <br>|
|  | [<u>Power of Attorney of Mark Zurack</u>](d423791dex99poa4.htm)<sup>\*</sup> <br>|
|  | [<u>Power of Attorney of David Kabiller</u>](d423791dex99poa5.htm)<sup>\*</sup> <br>|
|  | [<u>Power of Attorney of Kathleen Hagerty</u>](https://www.sec.gov/Archives/edgar/data/1444822/000119312522127812/d329919dex99poa.htm)<sup>53</sup> <br>|
| 101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags <br> are embedded within the XBRL document<br>|
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101 LAB | XBRL Taxonomy Extension Labels Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

------

<sup>1</sup>

Incorporated by reference from the Registrant's initial Registration Statement, SEC File No. 333-153445, filed September 11,

2008. <sup>2</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed December 17, 2008.

<sup>3</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed May 19, 2009.

<sup>4</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed July 9, 2009.

<sup>5</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed December 28, 2009.

<sup>6</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed September 28, 2010.

<sup>7</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed May 3, 2011.

<sup>8</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed July 15, 2011.

<sup>9</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 13, 2012.

<sup>10</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed June 25, 2012.

<sup>11</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed October 26, 2012.

<sup>12</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed November 26, 2012.

<sup>13</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed March 12, 2013.

<sup>14</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed June 20, 2013.

<sup>15</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed September 19, 2013.

<sup>16</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed October 31, 2013.

<sup>17</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed December 27, 2013.

<sup>18</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed March 27, 2014.

<sup>19</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 17, 2014.

<sup>20</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed July 2, 2014.

<sup>21</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed July 9, 2014.

<sup>22</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed August 29, 2014.

<sup>23</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed September 15, 2014.

<sup>24</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 27, 2015.

<sup>25</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed March 30, 2015.

<sup>26</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 29, 2015.

<sup>27</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 27, 2016.

<sup>28</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed February 12, 2016.

<sup>29</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed December 9, 2016.

<sup>30</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 27, 2017.

<sup>31</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 27, 2017.

<sup>32</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed August 22, 2017.

<sup>33</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed December 27, 2017.

<sup>34</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 26, 2018.

------

<sup>35</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 27, 2018.

<sup>36</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed August 1, 2018.

<sup>37</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed October 12, 2018.

<sup>38</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 28, 2019.

<sup>39</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 30, 2019.

<sup>40</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 28, 2020.

<sup>41</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed March 13, 2020.

<sup>42</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 29, 2020.

<sup>43</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed May 26, 2020.

<sup>44</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 13, 2021.

<sup>45</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 28, 2021.

<sup>46</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed March 12, 2021.

<sup>47</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 28, 2021.

<sup>48</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed August 20, 2021.

<sup>49</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed October 1, 2021.

<sup>50</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed October 18, 2021.

<sup>51</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed December 14, 2021.

<sup>52</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed January 29, 2022.

<sup>53</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed April 29, 2022.

<sup>54</sup>

Incorporated by reference from the Registrant's Registration Statement, SEC File No. 333-153445, filed August 18, 2022.

<sup>\*</sup>Filed herewith.

**Item 29. Persons Controlled by or Under Common Control with the Fund**

The AQR Managed Futures Strategy Fund wholly owns and controls the AQR Managed Futures Strategy Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company. The AQR Managed Futures Strategy HV Fund wholly owns and controls the AQR Managed Futures Strategy HV Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company. The AQR Multi-Asset Fund wholly owns and controls the AQR Multi-Asset Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company. The AQR Risk-Balanced Commodities Strategy Fund wholly owns and controls the AQR Risk-Balanced Commodities Strategy Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company. The AQR Style Premia Alternative Fund wholly owns and controls the AQR Style Premia Alternative Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company. The AQR Macro Opportunities Fund wholly owns and controls the AQR Macro Opportunities Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company. The AQR Alternative Risk Premia Fund wholly owns and controls the AQR Alternative Risk Premia Offshore Fund Ltd., a company organized under the laws of the Cayman Islands as an exempted company.

**Item 30. Indemnification**

**Article VII, Section 2 of the Declaration of Trust provides as follows:**

A Trustee, when acting in such capacity, shall not be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust or any Trustee. A Trustee shall not be liable for any act or omission or any conduct whatsoever in his capacity as Trustee, provided that nothing contained herein or in the Delaware Act shall protect any Trustee against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder. No Trustee who has been determined to be an "audit committee financial expert" (for purposes of Section 407 of the Sarbanes-Oxley Act of 2002 or any successor provision thereto) by the Board of Trustees shall be subject to any greater liability or duty of care in discharging such Trustee's duties and responsibilities by virtue of such determination than is any Trustee who has not been so designated.

**Article VII, Section 3 of the Declaration of Trust provides as follows:**

(a) For purposes of this Section 3 and Section 5 of this Article VII and any related provisions of the By-laws, "Agent" means any Person who is, was or becomes an employee or other agent of the Trust who is not a Covered Person; "Proceeding" means any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (including appeals); and " liabilities" and "expenses" include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

(b) Subject to the exceptions and limitations contained in this Section, as well as any procedural requirements set forth in the By- Laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who is, has been, or becomes a Trustee or officer of the Trust (hereinafter referred to as a "Covered Person")

------

shall be indemnified by the Trust to the fullest extent permitted by law against any and all liabilities and expenses reasonably incurred or paid by him in connection with the defense of any Proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee or officer, and against amounts paid or incurred by him in the settlement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) every Person who is, has been, or becomes an Agent of the Trust may, upon due approval of the Trustees (including a majority of the Trustees who are not Interested Persons of the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by him in connection with the defense of any Proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been an Agent, and against amounts paid or incurred by him in the settlement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) every Person who is serving or has served at the request of the Trust as a director, officer, partner, trustee, employee, agent or fiduciary of another domestic or foreign corporation, partnership, joint venture, trust, other enterprise or employee benefit plan ("Other Position") and who was or is a party or is threatened to be made a party to any Proceeding by reason of alleged acts or omissions while acting within the scope of his or her service in such Other Position, may, upon due approval of the Trustees (including a majority of the Trustees who are not Interested Persons of the Trust), be indemnified by the Trust, to the fullest extent permitted by law, against any and all liabilities and expenses reasonably incurred or paid by him in connection with the defense of any Proceeding in which he becomes involved as a party or otherwise by virtue of his being or having held such Other Position, and against amounts paid or incurred by him in the settlement thereof;

(c) Without limitation of the foregoing and subject to the exceptions and limitations set forth in this Section, as well as any procedural requirements set forth in the By-Laws, the Trust shall indemnify each Covered Person who was or is a party or is threatened to be made a party to any Proceedings, by reason of alleged acts or omissions within the scope of his or her service as a Covered Person, against judgments, fines, penalties, settlements and reasonable expenses (including attorneys' fees) actually incurred by him in connection with such proceeding to the maximum extent consistent with state law and the 1940 Act.

(d) No indemnification shall be provided hereunder to any Person who shall have been adjudicated by a court or body before which the proceeding was brought (i) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (collectively, "Disabling Conduct") or (ii) not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust.

(e) The Trust's financial obligations arising from the indemnification provided herein or in the By-Laws (i) may be insured by policies maintained by the Trust; (ii) shall be severable; (iii) shall not be exclusive of or affect any other rights to which any Person may now or hereafter be entitled; and (iv) shall continue as to a Person who has ceased to be subject to indemnification as provided in this Section as to acts or omissions that occurred while the Person was indemnified as provided herein and shall inure to the benefit of the heirs, executors and administrators of such Person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel, other than Covered Persons, may be entitled, and other persons may be entitled by contract or otherwise under law.

(f) Expenses of a Person entitled to indemnification hereunder in connection with the defense of any Proceeding of the character described in paragraphs (a) and (b) above may be advanced by the Trust or Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Person that such amount will be paid over by him to the Trust or Series if it is ultimately determined that he is not entitled to indemnification under this Section 3; provided, however, that either (i) such Person shall have provided appropriate security for such undertaking, (ii) the Trust is insured against losses arising out of any such advance payments, or (iii) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such Person will be found entitled to indemnification under Section 3.

**Article VII, Section 1 of the By-Laws provides as follows:**

With respect to any Proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the Proceeding was brought, no indemnification shall be provided hereunder or pursuant to the Declaration of Trust to a Trustee, officer, Agent or other Person unless there has been a dismissal of the Proceeding by the court or other body before which it was brought for insufficiency of evidence of any Disabling Conduct with which such Trustee, officer, Agent or other Person has been charged or a determination that such Trustee, officer, Agent or other Person did not engage in Disabling Conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the court or other body before which the Proceeding was brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the Proceeding based upon a review of readily available facts (as opposed to a full trial-type inquiry); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

**Item 31.**

**Business and Other Connections of the Investment Adviser**

The Registrant's investment adviser, AQR Capital Management, LLC ("Adviser"), is a Delaware limited liability company that serves as investment adviser to the AQR Funds and provides investment advisory services. Additional information as to Adviser and its management is included in Adviser's Form ADV filed with the U.S. Securities and Exchange Commission ("SEC") (File No. 801- 55543), which is incorporated herein by reference. The Adviser's Form ADV and the following table set forth information as to any business, profession, vocation or employment of a substantial nature engaged in by Adviser and its principals during the past two years.

---

| | | |
|:---|:---|:---|
| **Name and Position with Adviser** | **Name and Principal Business Address**<br> **of Other Company**<br>| **Connection with Other Company** |
| Lasse Pedersen, <br> Principal<br>| Copenhagen Business School<br> Howitzvej 60, <br> 2000 Frederiksberg, <br> Denmark 2815 2815<br>| Professor (2011-present)  |
| Tobias Moskowitz, <br> Principal | Yale University School of Management<br> Yale University<br> New Haven, CT 06511<br>| Dean Takahashi Professor of Finance (2016-present) |
| Tobias Moskowitz, <br> Principal | Commonfund<br> 15 Old Danbury Road<br> Wilton, CT 06897<br>| Board Member (2022-present) |
| David Kabiller, <br> Principal<br>| Arqitel Investment Management, LP<br> 9800 Wilshire Blvd., Suite 203<br> Beverly Hills, CA 90212<br>| Chairman and Founding Partner (2022-present) |

---

The Registrant's sub-adviser, AQR Arbitrage, LLC ("Sub-Adviser"), is a Delaware limited liability company that serves as investment sub-adviser to AQR Funds with respect to AQR Diversified Arbitrage Fund. Additional information as to Sub-Adviser and the management of Sub-Adviser is included in Sub-Adviser's Form ADV filed with the SEC (File No. 801-60678), which is incorporated herein by reference. The Sub-Adviser's Form ADV sets forth information as to any business, profession, vocation or employment of a substantial nature engaged in by Sub-Adviser and its principals during the past two years.

**Item 32.**

**Principal Underwriters(a) ALPS Distributors, Inc. acts as the distributor for the Registrant and the following investment companies: 1WS Credit Income Fund, 1290 Funds, abrdn ETFs, Alpha Alternative Assets Fund, ALPS Series Trust, Alternative Credit Income Fund, Apollo Diversified Credit Fund (fka Griffin Institutional Access Credit Fund), Apollo Diversified Real Estate Fund (fka Griffin Institutional Access Real Estate Fund), The Arbitrage Funds, AQR Funds, Axonic Alternative Income Fund, Axonic Funds, BBH Trust, Bluerock High Income Institutional Credit Fund, Bluerock Total Income+ Real Estate Fund, Brandes Investment Trust, Bridge Builder Trust, Broadstone Real Estate Access Fund, Cambria ETF Trust, Centre Funds, CIM Real Assets & Credit Fund, CION Ares Diversified Credit Fund, Columbia ETF Trust, Columbia ETF Trust I, Columbia ETF Trust II, CRM Mutual Fund Trust, DBX ETF Trust, Emerge ETF Trust, ETF Series Solutions, Flat Rock Core Income Fund, Flat Rock Opportunity Fund, Financial Investors Trust, Firsthand Funds, FS Credit Income Fund, FS Energy Total Return Fund, FS Series Trust, FS Multi-Alternative Income Fund, Goehring & Rozencwajg Investment Funds, Goldman Sachs ETF Trust, Graniteshares ETF Trust, Hartford Funds Exchange-Traded Trust, Hartford Funds NextShares Trust, Heartland Group, Inc., IndexIQ Active ETF Trust, IndexIQ ETF Trust, Investment Managers Series Trust II (AXS-Advised Funds), Janus Detroit Street Trust, Lattice Strategies Trust, Litman Gregory Funds Trust, Longleaf Partners Funds Trust, Manager Directed Portfolios (Spyglass Growth Fund), MassMutual Premier Funds, MassMutual Advantage Funds, Meridian Fund, Inc., MVP Private Markets Fund, Natixis ETF Trust, Natixis ETF Trust II, Opportunistic Credit Interval Fund, PRIMECAP Odyssey Funds, Principal Exchange-Traded Funds, Reality Shares ETF Trust, RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust, SPDR S&P MidCap 400 ETF Trust, Sprott Funds Trust, Stone Harbor Investment Funds, Stone Ridge Trust, Stone Ridge Trust II, Stone Ridge Trust III, Stone Ridge Trust IV, Stone Ridge Trust V, Stone Ridge Trust VI, Stone Ridge Residential Real Estate Income Fund I, Inc., Thrivent ETF Trust, USCF ETF Trust, Valkyrie ETF Trust II, Wasatch Funds, WesMark Funds, Wilmington Funds, XAI Octagon Credit Trust, X-Square Balanced Fund, X-Square Series Trust and YieldStreet Prism Fund.(b) To the best of Registrant's knowledge, the directors and executive officers of ALPS Distributors, Inc., are as** 

------

**follows:** 

---

| | | |
|:---|:---|:---|
| **Name**<sup>\*</sup> <br>| **Position with Underwriter** | **Positions**<br> **with**<br> **Fund**<br>|
| Stephen J. Kyllo | President, Chief Operating Officer, Director, Chief Compliance Officer |  |
| Patrick J. Pedonti\*\* | Vice President, Treasurer and Assistant Secretary |  |
| Eric T. Parsons | Vice President, Controller and Assistant Treasurer |  |
| Jason White<sup>\*\*\*</sup> <br>| Secretary |  |
| Richard C. Noyes | Senior Vice President, General Counsel, Assistant Secretary |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Underwriter** | **Positions**<br> **with**<br> **Fund**<br>|
| Liza Orr | Vice President, Senior Counsel | None |
| Jed Stahl | Vice President, Senior Counsel | None |
| Terence Digan | Vice President | None |
| James Stegall | Vice President | None |
| Gary Ross | Senior Vice President | None |
| Hilary Quinn | Vice President | None |

---

<sup>\*</sup>

Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1000, Denver, Colorado 80203.

<sup>\*\*</sup>

The principal business address for Mr. Pedonti is 333 W. 11th Street, 5th Floor, Kansas City, Missouri 64105.

<sup>\*\*\*</sup>

The principal business address for Mr. White is 4 Times Square, New York, NY 10036.

(c) Not applicable.

**Item 33.**

**Location of Accounts and Records**

All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the offices of the: (a) Registrant; (b) Investment Adviser; (c) Sub-Adviser; (d) Principal Underwriter; (e) Transfer Agent; (f) Administrator and Custodian (JPM); (g) Custodian (SSB) (AQR Style Premia Alternative Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Multi-Asset Fund and AQR Alternative Risk Premia Fund only). The address of each is as follows:

(a) *Registrant*

AQR Funds

One Greenwich Plaza

Greenwich, CT 06830

(b) *Investment Adviser*

AQR Capital Management, LLC

One Greenwich Plaza

Greenwich, CT 06830

(c) *Sub-Adviser*

AQR Arbitrage, LLC

One Greenwich Plaza

Greenwich, CT 06830

(d) *Principal Underwriter*

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

(e) *Transfer Agent*

ALPS Fund Services, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

(f) *Administrator and Custodian*

J.P. Morgan Chase Bank, National Association

1 Chase Manhattan Plaza

------

New York, NY 10005

(g) *Custodian*

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

**Item 34.**

**Management Services**

Not Applicable.

**Item 35.**

**Undertakings**

Not Applicable.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) of the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Greenwich, Connecticut, on the 26th day of January, 2023.

AQR Funds

---

| | |
|:---|:---|
| By | /s/ Ted Pyne |
|  | **Ted Pyne**<br> **President** |

---

Pursuant to the requirements of the Securities Act of 1933, the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| /s/ Ted Pyne | /s/ Ted Pyne | Ted Pyne |  |
| (Ted Pyne) | (Ted Pyne) | &nbsp;&nbsp; President <br> (Principal Executive Officer)<br>| January 26, 2023 |
| /s/ Matthew Plastina | /s/ Matthew Plastina | Matthew Plastina |  |
| (Matthew Plastina) | (Matthew Plastina) | &nbsp;&nbsp; Chief Financial Officer<br> (Principal Financial Officer)<br>| January 26, 2023 |
| \* | \* | David Kabiller |  |
| (David Kabiller) | (David Kabiller) | Trustee |  |
| \* | \* | William L. Atwell |  |
| (William L. Atwell) | (William L. Atwell) | Trustee |  |
| \* | \* | Gregg D. Behrens |  |
| (Gregg D. Behrens) | (Gregg D. Behrens) | Trustee |  |
| \* | \* | Kathleen Hagerty |  |
| (Kathleen Hagerty) | (Kathleen Hagerty) | Trustee |  |
| \* | \* | L. Joe Moravy |  |
| (L. Joe Moravy) | (L. Joe Moravy) | Trustee |  |
| \* | \* | Mark A. Zurack |  |
| (Mark A. Zurack) | (Mark A. Zurack) | Trustee |  |
| \*By: | /s/ Nicole DonVito |  | January 26, 2023 |
|  | Nicole DonVito<br> Attorney-in-fact for each Trustee<br>|  |  |

---

------

**Exhibit Index** 

---

| | |
|:---|:---|
| **<u>Item Number</u>** | **<u>Item</u>** |
| (a)(2)(ii) | Amended Schedule A to the Declaration of Trust |
| (a)(2)(iii) | Amended Schedule A to the Declaration of Trust |
| (a)(2)(iv) | Amended Schedule A to the Declaration of Trust |
| (a)(2)(v) | Amended Schedule A to the Declaration of Trust |
| (h)(4)(ii) | First Amendment to Sixth Amended and Restated Fee Waiver and Expense Reimbursement Agreement |
| (j) | Consent of Independent Registered Public Accounting Firm |
| (p)(1) | Code of Ethics of AQR Funds |
| (p)(2) | Code of Ethics of AQR Capital Management, LLC and AQR Arbitrage, LLC |
| Other Exhibit | Power of Attorney of L. Joe Moravy |
| Other Exhibit | Power of Attorney of William Atwell |
| Other Exhibit | Power of Attorney of Gregg Behrens |
| Other Exhibit | Power of Attorney of Mark Zurack |
| Other Exhibit | Power of Attorney of David Kabiller |
| EX-101.INS | XBRL Instance Document |
| EX-101.SCH | XBRL Taxonomy Extension Schema Document |
| EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| EX-101 LAB | XBRL Taxonomy Extension Labels Linkbase |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

------

## Ex-99.(A)(2)(Ii)

**SCHEDULE A** 

**<u>SERIES AND CLASSES</u>**

**As of December 21, 2020** 

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Diversified Arbitrage Fund | Class I, Class N and Class R6 |
|  AQR Emerging Markets Fund | Class Y, Class I and Class N |
|  AQR Global Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Small Cap Fund | Class Y, Class I and Class N |
|  AQR Equity Plus Fund | Class I and Class N |
|  AQR Small Cap Core Fund | Class I and Class N |
|  AQR Small Cap Growth Fund | Class I and Class N |
|  AQR Large Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR International Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Managed Futures Strategy Fund | Class I, Class N and Class R6 |
|  AQR Multi-Asset Fund | Class I, Class N and Class R6 |
|  AQR Multi-Strategy Alternative Fund | Class I, Class N and Class R6 |
|  AQR TM Large Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR TM Small Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR TM International Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Large Cap Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR International Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Emerging Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy LV Fund | Class I and Class N |
|  AQR Risk Parity II MV Fund | Class Y, Class I, Class N and Class R6 |
|  AQR Large Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR International Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Global Macro MV Fund | Class N and Class I |

---

------

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Global Macro Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Equity Fund | Class N, Class I and Class R6 |
|  AQR Managed Futures Strategy HV Fund | Class N, Class I and Class R6 |
|  AQR Style Premia Alternative Fund | Class N, Class I and Class R6 |
|  AQR Emerging Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Equity Market Neutral Fund | Class N, Class I and Class R6 |
|  AQR TM Large Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR TM Small Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR TM International Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR TM Emerging Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Long-Short Credit Fund | Class N, Class I and Class R6 |
|  AQR Style Premia Alternative II Fund | Class N, Class I and Class R6 |
|  AQR Alternative Risk Premia Fund | Class I, Class N and Class R6 |
|  AQR Core Plus Bond Fund | Class I, Class N and Class R6 |
|  AQR High Yield Bond Fund | Class I, Class N and Class R6 |
|  AQR Diversifying Strategies Fund | Class I, Class N and Class R6 |

---

## Ex-99.(A)(2)(Iii)

**SCHEDULE A** 

**<u>SERIES AND CLASSES</u>**

**As of March 15, 2021** 

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Diversified Arbitrage Fund | Class I, Class N and Class R6 |
|  AQR Emerging Markets Fund | Class Y, Class I and Class N |
|  AQR Global Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Small Cap Fund | Class Y, Class I and Class N |
|  AQR Equity Plus Fund | Class I and Class N |
|  AQR Small Cap Core Fund | Class I and Class N |
|  AQR Small Cap Growth Fund | Class I and Class N |
|  AQR Large Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR International Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Managed Futures Strategy Fund | Class I, Class N and Class R6 |
|  AQR Multi-Asset Fund | Class I, Class N and Class R6 |
|  AQR Multi-Strategy Alternative Fund | Class I, Class N and Class R6 |
|  AQR Large Cap Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR International Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Emerging Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy LV Fund | Class I and Class N |
|  AQR Risk Parity II MV Fund | Class Y, Class I, Class N and Class R6 |
|  AQR Large Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR International Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Global Macro MV Fund | Class N and Class I |
|  AQR Global Macro Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Equity Fund | Class N, Class I and Class R6 |
|  AQR Managed Futures Strategy HV Fund | Class N, Class I and Class R6 |

---

------

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Style Premia Alternative Fund | Class N, Class I and Class R6 |
|  AQR Emerging Multi-Style II Fund | Class I, Class N and Class R6 |
|  AQR Equity Market Neutral Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Credit Fund | Class N, Class I and Class R6 |
|  AQR Style Premia Alternative II Fund | Class N, Class I and Class R6 |
|  AQR Alternative Risk Premia Fund | Class I, Class N and Class R6 |
|  AQR Core Plus Bond Fund | Class I, Class N and Class R6 |
|  AQR High Yield Bond Fund | Class I, Class N and Class R6 |
|  AQR Diversifying Strategies Fund | Class I, Class N and Class R6 |

---

## Ex-99.(A)(2)(Iv)

**SCHEDULE A** 

**<u>SERIES AND CLASSES</u>**

**As of August 20, 2021** 

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Diversified Arbitrage Fund | Class I, Class N and Class R6 |
|  AQR Emerging Markets Fund | Class Y, Class I and Class N |
|  AQR Global Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Small Cap Fund | Class Y, Class I and Class N |
|  AQR Equity Plus Fund | Class I and Class N |
|  AQR Small Cap Core Fund | Class I and Class N |
|  AQR Small Cap Growth Fund | Class I and Class N |
|  AQR Large Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR International Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Managed Futures Strategy Fund | Class I, Class N and Class R6 |
|  AQR Multi-Asset Fund | Class I, Class N and Class R6 |
|  AQR Multi-Strategy Alternative Fund | Class I, Class N and Class R6 |
|  AQR Large Cap Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR International Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Emerging Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy LV Fund | Class I and Class N |
|  AQR Risk Parity II MV Fund | Class Y, Class I, Class N and Class R6 |
|  AQR Large Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR International Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Global Macro MV Fund | Class N and Class I |
|  AQR Global Macro Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Equity Fund | Class N, Class I and Class R6 |
|  AQR Managed Futures Strategy HV Fund | Class N, Class I and Class R6 |

---

------

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Style Premia Alternative Fund | Class N, Class I and Class R6 |
|  AQR Emerging Multi-Style II Fund | Class I, Class N and Class R6 |
|  AQR Equity Market Neutral Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Credit Fund | Class N, Class I and Class R6 |
|  AQR Style Premia Alternative II Fund | Class N, Class I and Class R6 |
|  AQR Alternative Risk Premia Fund | Class I, Class N and Class R6 |
|  AQR Core Plus Bond Fund | Class I, Class N and Class R6 |
|  AQR High Yield Bond Fund | Class I, Class N and Class R6 |
|  AQR Diversifying Strategies Fund | Class I, Class N and Class R6 |
|  AQR Sustainable Long-Short Equity Net Zero Carbon Fund | Class I, Class N and Class R6 |

---

## Ex-99.(A)(2)(V)

**SCHEDULE A** 

**<u>SERIES AND CLASSES</u>**

**As of November 22, 2021** 

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Diversified Arbitrage Fund | Class I, Class N and Class R6 |
|  AQR Emerging Markets Fund | Class Y, Class I and Class N |
|  AQR Global Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Equity Fund | Class Y, Class I, Class N and Class R6 |
|  AQR International Small Cap Fund | Class Y, Class I and Class N |
|  AQR Equity Plus Fund | Class I and Class N |
|  AQR Small Cap Core Fund | Class I and Class N |
|  AQR Small Cap Growth Fund | Class I and Class N |
|  AQR Large Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR International Momentum Style Fund | Class I, Class N and Class R6 |
|  AQR Managed Futures Strategy Fund | Class I, Class N and Class R6 |
|  AQR Multi-Asset Fund | Class I, Class N and Class R6 |
|  AQR Multi-Strategy Alternative Fund | Class I, Class N and Class R6 |
|  AQR Large Cap Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR International Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Emerging Defensive Style Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy Fund | Class I, Class N and Class R6 |
|  AQR Risk-Balanced Commodities Strategy LV Fund | Class I and Class N |
|  AQR Large Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Small Cap Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR International Multi-Style Fund | Class I, Class N and Class R6 |
|  AQR Global Macro MV Fund | Class N and Class I |
|  AQR Macro Opportunities Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Equity Fund | Class N, Class I and Class R6 |
|  AQR Managed Futures Strategy HV Fund | Class N, Class I and Class R6 |
|  AQR Style Premia Alternative Fund | Class N, Class I and Class R6 |

---

------

---

| | |
|:---|:---|
| **Series** | **Classes** |
|  AQR Emerging Multi-Style II Fund | Class I, Class N and Class R6 |
|  AQR Equity Market Neutral Fund | Class N, Class I and Class R6 |
|  AQR Long-Short Credit Fund | Class N, Class I and Class R6 |
|  AQR Style Premia Alternative II Fund | Class N, Class I and Class R6 |
|  AQR Alternative Risk Premia Fund | Class I, Class N and Class R6 |
|  AQR Core Plus Bond Fund | Class I, Class N and Class R6 |
|  AQR High Yield Bond Fund | Class I, Class N and Class R6 |
|  AQR Diversifying Strategies Fund | Class I, Class N and Class R6 |
|  AQR Sustainable Long-Short Equity Carbon Aware Fund | Class I, Class N and Class R6 |

---

## Ex-99.(H)(4)(Ii)

**FIRST AMENDMENT** 

**TO** 

**SIXTH AMENDED AND RESTATED** 

**FEE WAIVER AND EXPENSE REIMBURSEMENT AGREEMENT** 

THIS FIRST AMENDMENT TO THE SIXTH AMENDED AND RESTATED AGREEMENT (this "Agreement"), made as of this 29<sup>th</sup> day of January, 2023, between the AQR Funds ("Trust"), on behalf of its series listed on Appendix A hereto (each, a "Fund"), and AQR Capital Management, LLC ("AQR").

WHEREAS, the parties hereto entered into a Fee Waiver and Expense Reimbursement Agreement dated as of December 10, 2008, as amended (the "Original Agreement") in order to reduce the investment advisory fees charged to the Funds described in the Investment Advisory Agreement (as defined below), waive other fees it is entitled to receive from the Funds and/or reimburse certain operating expenses for the Funds to keep net expenses at specified levels as set forth in Appendix A; and

WHEREAS, the parties have entered into a 3<sup>rd</sup> Amended and Restated Investment Management Agreement with respect to certain Funds dated as of January 29, 2017 ("Management Agreement") and an Investment Management Agreement II with respect to certain Funds dated as of November 13, 2015 ("Management Agreement II") (together, the Management Agreement and Management Agreement II shall be referred to herein as, the "Investment Advisory Agreement"); and

WHEREAS, as of May 18, 2011, the parties amended and restated the Original Agreement (the "A&R Agreement") in order to clarify certain exclusions included in Section 1 thereto; and

WHEREAS, as of April 1, 2014, the parties amended and restated the A&R Agreement (the "2<sup>nd</sup> A&R Agreement") in order to clarify certain fee waivers included in Section 1 thereto; and

WHEREAS, as of May 12, 2016, the parties amended and restated the 2<sup>nd</sup> A&R Agreement (the "3<sup>rd</sup> A&R Agreement") in order to reflect the amending and restating of certain agreements as referenced in these recitals; and

WHEREAS, as of November 17, 2017, the parties amended and restated the 3<sup>rd</sup> A&R Agreement (the "4<sup>th</sup> A&R Agreement") in order to clarify certain exclusions included in Section 1 and to reflect the amending and restating of certain agreements as referenced in these recitals; and

WHEREAS, as of January 29, 2019, the parties amended and restated the 4<sup>th</sup> A&R Agreement (the "5<sup>th</sup> A&R Agreement") in order to change the expense limits set by this agreement from a limit on each Fund's total annual operating expenses to a limit on each Fund's other operating expenses; and

WHEREAS, as of August 19, 2022, the parties amended and restated the 5<sup>th</sup> A&R Agreement (the "6<sup>th</sup> A&R Agreement") in order to clarify certain exclusions included in Section 1 thereto; and

WHEREAS, the parties desire to amend Appendix A of the 6<sup>th</sup> A&R Agreement in order to extend the term of the 6<sup>th</sup> A&R Agreement for certain Funds included therein as well as to reflect the liquidation of AQR International Equity Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Trust and AQR agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AMENDMENT TO APPENDIX A. Appendix A of the 6<sup>th</sup> A&R Agreement is hereby amended by deleting it in its entirety and replacing it with the Appendix A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified hereby, the 6<sup>th</sup> A&R Agreement shall remain in full force and effect.

[signature page follows]

------

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first written above.

---

| | | | |
|:---|:---|:---|:---|
| **AQR FUNDS** | **AQR FUNDS** | **AQR CAPITAL MANAGEMENT, LLC** | **AQR CAPITAL MANAGEMENT, LLC** |
| By: | /s/ Nicole DonVito | By: | /s/ Henry Parkin |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Nicole DonVito |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Henry Parkin |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Legal Officer, Secretary and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Director |

---

------

**APPENDIX A** 

**FUNDS AND EXPENSE CAPS** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name of Fund** | **Class** | **Expense**<br> **Cap** | **Date** |
| &nbsp;&nbsp;&nbsp;**Active Funds:** | | | |
| &nbsp;&nbsp;&nbsp;**AQR Global Equity Fund** | **N**<br>| 0.20%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **I**<br>| 0.20%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.10%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Diversified Arbitrage Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2023<br>|
| &nbsp;&nbsp;&nbsp;**AQR Large Cap Momentum Style Fund** | **I**<br>| 0.15% | January 29, 2019 – January 28, 2024 |
|  | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.05%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Small Cap Momentum Style Fund** | **I**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.05%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR International Momentum Style Fund** | **I**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.05%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Managed Futures Strategy Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2024<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2024<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Multi-Asset Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2023<br>|
| &nbsp;&nbsp;&nbsp;**AQR Large Cap Defensive Style Fund** | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **I** | 0.15% | January 29, 2019 – January 28, 2024 |
|  | **R6** | 0.05% | January 29, 2019 – January 28, 2024 |
| &nbsp;&nbsp;&nbsp;**AQR International Defensive Style Fund** | **N** | 0.15% | January 29, 2019 – January 28, 2024 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **I** | 0.15% | January 29, 2019 – January 28, 2024 |
|  | **R6** | 0.05% | January 29, 2019 – January 28, 2024 |
| &nbsp;&nbsp;&nbsp;**AQR Risk-Balanced Commodities Strategy Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2023<br>|
| &nbsp;&nbsp;&nbsp;**AQR Large Cap Multi-Style Fund** | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **I**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.05%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Small Cap Multi-Style Fund** | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **I**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.05%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR International Multi-Style Fund** | **N**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **I**<br>| 0.15%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.05%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Emerging Multi-Style II Fund** | **N**<br>| 0.20%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **I**<br>| 0.20%<br>| January 29, 2019 – January 28, 2024<br>|
|  | **R6**<br>| 0.10%<br>| January 29, 2019 – January 28, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Long-Short Equity Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2023<br>|
| &nbsp;&nbsp;&nbsp;**AQR Managed Futures Strategy HV Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2024<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2024<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Style Premia Alternative Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2024<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2024<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2024<br>|
| &nbsp;&nbsp;&nbsp;**AQR Macro Opportunities Fund** | **N** | 0.20% | May 1, 2019 – April 30, 2023 |
|  | **I** | 0.20% | May 1, 2019 – April 30, 2023 |
|  | **R6** | 0.10% | May 1, 2019 – April 30, 2023 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**AQR Equity Market Neutral Fund** | **N** | 0.20% | May 1, 2019 – April 30, 2023 |
|  | **I** | 0.20% | May 1, 2019 – April 30, 2023 |
|  | **R6** | 0.10% | May 1, 2019 – April 30, 2023 |
| &nbsp;&nbsp;&nbsp;**AQR Alternative Risk Premia Fund** | **N**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| May 1, 2019 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| May 1, 2019 – April 30, 2023<br>|
| &nbsp;&nbsp;&nbsp;**AQR Diversifying Strategies Fund** | **N**<br>| 0.20%<br>| June 8, 2020 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| June 8, 2020 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| June 8, 2020 – April 30, 2023<br>|
| &nbsp;&nbsp;&nbsp;**AQR Sustainable Long-Short Equity Carbon Aware Fund** | **N**<br>| 0.20%<br>| December 14, 2021 – April 30, 2023<br>|
|  | **I**<br>| 0.20%<br>| December 14, 2021 – April 30, 2023<br>|
|  | **R6**<br>| 0.10%<br>| December 14, 2021 – April 30, 2023<br>|

---

## Ex-99.(J)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of AQR Funds of our report dated November 21, 2022, relating to the financial statements and financial highlights, which appears in AQR Large Cap Multi-Style Fund, AQR Small Cap Multi-Style Fund, AQR International Multi-Style Fund, AQR Emerging Multi-Style II Fund, AQR Large Cap Momentum Style Fund, AQR Small Cap Momentum Style Fund, AQR International Momentum Style Fund, AQR Large Cap Defensive Style Fund, AQR International Defensive Style Fund, and AQR Global Equity Fund's Annual Report on Form N-CSR for the year ended September 30, 2022. We also consent to the references to us under the headings "Counsel and Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

---

| |
|:---|
| /s/ PricewaterhouseCoopers LLP |
| New York, New York |
| January 26, 2023 |

---

## Ex-99.(P)(1)

![LOGO](g423791g0119095431456.jpg)

**AQR FUNDS: CODE OF ETHICS** 

**AS AMENDED: DECEMBER 2022** 

**LAST REVIEWED: DECEMBER 2022** 

**I.** **Overview** 

This Code of Ethics (the "**Code**") has been adopted by the Board of Trustees (the "**Board**") of the AQR Funds (the "**Trust**"),<sup>1</sup> including a majority of the Trust's trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended (the "**1940 Act**") (the **"Independent Trustees**"), in accordance with Rule 17j-1 under the 1940 Act.<sup>2</sup>

The Code is designed to ensure that those individuals with access to information regarding the portfolio securities activities of the Trust do not intentionally use that information for their personal benefit and to the detriment of the Trust. It is not the intention of this Code to prohibit personal securities activities by Access Persons<sup>3</sup> provided that such activities comply with the Code prohibitions and restrictions. All Access Persons of the Trust are covered under this Code.

Any Access Person who is subject to a separate code of ethics adopted by the Adviser is not subject to the reporting and pre-approval requirements under this Code, provided that: (1) such Adviser code of ethics complies with the requirements of Rule 17j-1 under the 1940 Act applicable to such Access Person and has been approved by the Trust's Board; and (2) such Adviser has certified to the Board that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics.

A separate Business Conduct Manual and Code of Ethics that complies with both Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended, governs the Trust's investment adviser, AQR Capital Management, LLC, and the investment sub-adviser to certain Funds, AQR Arbitrage, LLC (collectively, the "Adviser"). The Trust's principal underwriter, ALPS Distributor, Inc., maintains a separate code of ethics that is designed to comply with the requirements of Rule 17j-1.

**II.** **General Principles** 

Rule 17j-1(b) makes it unlawful for any affiliated person of or principal underwriter for the Trust, or any affiliated person of an investment adviser or principal underwriter for the Trust (which includes its officers, directors, employees and associated persons), in connection with the purchase

<u> </u>

<sup>1</sup> Each series of the Trust is referred to herein as a "**Fund**" and collectively, the "**Funds**."

<sup>2</sup> The Trust is registered as an open-end, management investment company with the U.S. Securities and Exchange Commission ("**SEC**") under the 1940 Act.

<sup>3</sup> Capitalized terms used in this Code are defined in Section IX, "Definitions."

------

and sale (directly or indirectly) by such person of a Security Held or to be Acquired by the Fund, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact to the Trust or omit to state a material fact necessary in order
to make the statements made to the Trust, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the
Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practice with respect to the Trust.

No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above. The interests of the Trust and its shareholders and investors are paramount and come before the interests of any Access Person. Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the Trust and its shareholders and must comply with the prohibitions and restrictions noted below, unless otherwise excepted under this Code. Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the Trust and its shareholders.

**III.** **Policy to Prevent Insider Trading** 

Federal, state and international securities laws and regulations prohibit securities transactions while in possession of material nonpublic information ("**MNPI**") under certain circumstances, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "misappropriated" information or information improperly obtained by the purchaser or seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information provided by a corporate insider to the purchaser or seller in exchange for a monetary or non-monetary consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual prohibited from trading under the items referenced above "tips" the information to the
purchaser or seller.

Violation of these restrictions is strictly prohibited and could have severe consequences for both the Trust and its Access Persons. Any Access Person engaging in activity in violation of the provisions set forth in this section may be subject to disciplinary action, including termination of employment or referral of the matter to the appropriate regulatory agency for civil or criminal investigation. Any Access Person who learns of any actual or potential violation of the law or provisions of this section must promptly notify the Chief Compliance Officer ("CCO") or any member of the Compliance Department.

------

**IV.** **Reporting Requirements** 

To enable the Trust to determine with reasonable assurance whether the provisions of Rule 17j-1 and this Code are being observed by its Access Persons, it is the general policy of the Trust that Access Persons may trade securities in which they have any direct or indirect Beneficial Ownership only if they comply with the Trust's reporting requirements outlined herein.<sup>4</sup> These requirements apply to all transactions and holdings of an Access Person in Covered Securities, except as noted in subsection (C) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial and Annual Holdings Report** 

No later than 10 days after becoming an Access Person, each Access Person is required to provide an initial report of all Covered Securities in which the Access Person has any direct or indirect Beneficial Ownership (the "**Initial Holdings Report**").<sup>5</sup> At least annually, each Access Person is required to provide a complete listing of all Covered Securities owned by the Access Person (the "**Annual Holdings Report**").<sup>6</sup>

The Initial Holdings Report and Annual Holdings Report are required to contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each Covered Security in which the Access Person had any
direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with whom the Access Person maintains an account in which any
securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Transaction Report** 

No later than 30 days following the end of each calendar quarter, each Access Person is required to provide a report of (i) all transactions that occurred during the quarter in Covered Securities in which the Access Person had any direct or indirect Beneficial Ownership, and (ii) all accounts in which any Covered Securities were held during the quarter for the direct or indirect benefit of the Access Person (the "**Quarterly Transaction Report**").

<u> </u>

<sup>4</sup> Any report required to be submitted pursuant to this Code may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership interest in the securities to which the report relates. Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.

<sup>5</sup> The Initial Holdings Report must be current as of a date not more than 45 days prior to the date of becoming an Access Person.

<sup>6</sup> The Annual Holdings Report must be current as of a date no more than 45 days prior to the date each subsequent annual report is submitted.

------

The Quarterly Transaction Report is required to include the following information for transactions that occurred during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of
shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction *(i.e.,* purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the Access Person.

The Quarterly Transaction Report is required to include the following information for the listing of accounts that held Covered Securities during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions from Reporting Requirements** 

An Independent Trustee who would be required to make a report solely by reason of being a Trustee of the Trust, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Initial Holdings Report or an Annual Holdings Report; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Quarterly Transaction Report, unless the Independent Trustee knew or, in the ordinary course of fulfilling
his or her official duties as a Trustee of the Trust, should have known that, during the 15-day period immediately preceding or after the Independent Trustee's transaction in a Covered Security, a Fund
purchased or sold such Covered Security or a Fund considered purchasing or selling the Covered Security.<sup>7</sup>

<u> </u>

<sup>7</sup> The "should have known" standard implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed in meeting any of a Fund's investment objectives, or that any knowledge is to be imputed because of prior knowledge of the Funds' portfolio holdings, market considerations, or the Funds' investment policies and objectives or investment restrictions.

------

Access Persons are not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any report with respect to Covered Securities held in accounts over which the Access Person had no direct or
indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A quarterly report if the report would duplicate information contained in broker trade confirmations or
account statements received by the Adviser and/or information in the Trust or the Adviser's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reports otherwise required by this Section, if the Access Person is also an Access Person of the Adviser,
provided that either: such person submits to the Adviser reports required by the Adviser's code of ethics containing substantially the same information as called for in the reports required by this section; or the information in such report
would duplicate information required to be recorded under Rule 204-2(a)(13) under the Investment Advisers Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A quarterly report with respect to transactions effected pursuant to an Automatic Investment Plan.

**V.** **Investments in Initial Public Offerings and Limited Offerings** 

Investment Personnel are prohibited from directly or indirectly acquiring Beneficial Ownership in any security in an Initial Public Offering. Investment Personnel must obtain pre-approval before directly or indirectly acquiring Beneficial Ownership in any securities in a Limited Offering.

**VI.** **Report to the Board** 

No less frequently than annually, the Trust and any investment adviser, sub-adviser or affiliated principal underwriter<sup>8</sup> of the Trust must furnish to the Board, and the Board must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the code of ethics since the last report to the Board, including, but not
limited to, information about material violations of the code and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the Trust, investment adviser, sub-adviser or
affiliated principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

**VII.** **Approval Requirements** 

This Code and any material changes must be approved by the Board, including by a majority of the Independent Trustees. Before initially retaining any investment adviser, sub-adviser or

*<u> </u>*

<sup>8</sup> These reporting requirements do not apply to a principal underwriter of a Fund unless: (1) the principal underwriter is an affiliated person of the Fund or an investment adviser (or sub-adviser) of the Fund; or (2) an officer, director/trustee or general partner of the principal underwriter serves as an officer, director/trustee or general partner of the Trust or of a Fund's investment adviser (or sub-adviser). *See* Rule 17j-1(c)(3) under the 1940 Act.

------

principal underwriter for the Trust, the Trust's Board must approve the code of ethics of the relevant entity (unless the entity is not required by Rule 17j-1 to adopt a code of ethics), and must approve any material change to that code of ethics within six months after the adoption of the change, unless excepted under Rule 17j-1. Each such approval must be based on a determination that the relevant code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1(b). Before approving a code of ethics or any amendment thereto, the Board must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent Access Persons from violating the applicable code of ethics.

**VIII.** **Recordkeeping** 

Please refer to the Trust's Recordkeeping Policies and Procedures.

**IX.** **Definitions** 

**Access Person:** (1) any trustees and officers of the Trust; (2) each employee (if any) of the Trust (or of any company in a Control relationship with the Trust) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (3) any natural person in a Control relationship to the Trust who obtains information concerning recommendations made to the Trust with regard to the purchase or sale of Covered Securities by the Trust.

**Automatic Investment Plan:** A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial Ownership:** The right to the economic benefits of a Security, including all Securities in which a person, through any contract, arrangement, understanding, relationship or otherwise, has a direct or indirect economic or pecuniary interest. In addition, a person should consider himself or herself the beneficial owner of Securities held in any account that by reason of any contract, arrangement, or understanding provides a person with a pecuniary interest or with sole or shared voting or investment discretion. Pecuniary interest shall include the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in Securities.

**Control:** Has the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security:** Any security (as defined in Section 2(a)(36) of the 1940 Act), except that it does not include: (i) Direct obligations of the Government of the United States;

(ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt instruments, including repurchase agreements; and (iii) Shares issued by an open-end investment company registered under the Investment Company Act.

**Initial Public Offering:** An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

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**Investment Personnel:** (i) Any employee of the Trust (if any) or investment adviser (or of any company in a control relationship to the Trust or investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Trust; and (ii) Any natural person who controls the Trust or investment adviser and who obtains information concerning recommendations made to the Trust regarding the purchase or sale of securities by the Trust. The Independent Trustees are not Investment Personnel.

**Limited Offering:** An offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) or pursuant to rule 504, or rule 506 under the Securities Act of 1933.

**Security held or to be acquired by a Fund:** (i) Any Covered Security which, within the most recent 15 days: (A) Is or has been held by the Fund; or (B) Is being or has been considered by the Fund or its investment adviser for purchase by the Fund; and (ii) Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in paragraph (a)(10)(i) of this section.

## Ex-99.(P)(2)

![LOGO](g423791g00n13.jpg)

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|:---|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **Table of Contents** | |
| **I.** | **Code of Ethics** | **Code of Ethics** | **2** |
|  | 1.1 | Compliance with Applicable Federal and Other Securities Laws | 2 |
|  | 1.2 | Fiduciary Obligations | 2 |
|  | 1.3 | Protecting Confidential Information | 2 |
|  | 1.4 | Policy to Prevent Insider Trading | 3 |
|  | (a) | Insider Trading | 3 |
|  | (b) | Recognizing MNPI | 4 |
|  | (c) | Reporting Requirements | 5 |
|  | (d) | Restricted List | 5 |
|  | (e) | Expert Networks, Political Intelligence Firms, and Similar Industry Consultants | 6 |
|  | (f) | Alternative Data | 6 |
|  | 1.5 | Personal Trading Policy | 6 |
|  | (a) | General Policy | 6 |
|  | (b) | Personal Accounts | 6 |
|  | (c) | Reporting Requirements | 7 |
|  | (d) | Pre-Clearance Requirements | 8 |
|  | (e) | Seven-Day Blackout Period | 9 |
|  | (f) | Required Holding Period | 9 |
|  | (g) | Prohibited and Limited Transactions | 9 |
|  | (h) | Third-Party Managed Accounts | 10 |
|  | (i) | Trading Activity | 11 |
|  | (j) | Personal Trading Violations | 11 |
|  | (k) | Bitcoin and Other Cryptocurrencies | 11 |
|  | 1.6 | Violations and Sanctions | 11 |
|  | 1.7 | Duty to Report Violations and Cooperate with Firm Investigations | 12 |
|  | 1.8 | Non-Retaliation Statement | 12 |
|  | 1.9 | Legal and Regulatory Inquiries | 12 |
| II.  | **Definitions** | **Definitions** | **13** |

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**I.** **Code of Ethics<sup>1</sup>** 

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**1.1** **Compliance with Applicable Federal and Other Securities Laws** 

Employees are required to comply with all federal and other securities laws, rules and regulations applicable to the business of AQR. Policies concerning these laws are discussed in this Manual and other policies and procedures adopted by the Firm.

**1.2** **Fiduciary Obligations** 

The Firm is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment adviser under the Advisers Act and owes a fiduciary duty to its **Clients**.<sup>2</sup> The SEC's interpretation regarding the standard of conduct for investment advisers under the Advisers Act describes the nature and scope of these obligations. The Firm's fiduciary duty is broad and applies to the entire adviser-Client relationship and obligates the Firm to act in the best interest of Clients at all times, meaning the Firm cannot place its own interests ahead of the interests of its Clients.

Fundamental to the fiduciary standard are the duties of loyalty and care. The duty of loyalty requires the Firm to not put its own interests ahead of its Clients' interests. To meet its duty of loyalty, the Firm must provide full and fair disclosure to its Clients of all material facts relating to the advisory relationship and all conflicts of interest that might incline an investment adviser (consciously or unconsciously) to render advice that is not disinterested.

The duty of care includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to provide investment advice that is in the best interest of the Client (based on a reasonable understanding of
the Client's objectives and the investment mandate and any applicable investment guidelines), which includes a duty to provide advice that is suitable for the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to reasonably ensure that investment advice is based on materially accurate and complete information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to seek best execution of a Clients' transactions where the Firm has the responsibility to select
broker-dealers to execute Client transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty to provide advice and monitoring at a frequency that is in the best interest of the Client, taking into account
the scope of the agreed relationship

All employees involved in the investment process must refrain from engaging in any personal business activity that could conflict with the proper execution and management of any fund, product, or strategy over which the Firm has discretionary investment authority, or that could impair the employee's or the Firm's ability to make impartial decisions with respect to the Firm's investment program.

**1.3** **Protecting Confidential Information** 

Employees should take special caution to safeguard the Firm's **Confidential Information**. Such information includes, but is not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the identity of the Firm's Clients and information related to Client accounts, including but not limited to fees,
securities holdings, and transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee personal information, including performance reviews and compensation information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information related to the Firm's investment process, research, code, signals, operational or organizational
structure, Human Resources Department files, controls, performance, financial assets, net worth, revenues or net income

<sup>1</sup> All employees are subject to the Code of Ethics. The CCO may, at the CCO's sole discretion, subject certain third-party service providers and contractors to this Code of Ethics or a modified version hereof, depending on the facts and circumstances of the engagement.

<sup>2</sup> Capitalized terms used in this Manual are defined in Section II, "Definitions", at the end of this Manual.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information related to the Firm's portfolios, securities recommendations, trading and/or execution strategies,
holdings, executed trades, or pending orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• software, algorithms, models, or programs developed by the Firm

Employees should not circulate or discuss Confidential Information inside or outside of the Firm with unauthorized individuals. Employees also should not access, use, disclose, or divulge any Confidential Information except as may otherwise be required in connection with performance of their duties for the Firm.

Moreover, employees are prohibited from sending any Confidential information to their non-AQR email accounts, such as personal or academic email accounts. If you believe that there is a business need to send Firm work product to your non-AQR email account, you must obtain pre-approval from Compliance (**esurveillance@aqr.com**) before sending.

Employees must promptly report to the Compliance Department if: (1) they become aware that Confidential Information is not secured or may appear to be generally accessible (*e.g.*, on a shared drive); or (2) they have inadvertently received or disclosed Confidential Information.

Other than in the ordinary course of the employee's duties for the Firm, during and subsequent to the employee's employment, the employee shall not copy, take pictures of, remove or forward from the Firm's premises or systems, either directly or indirectly, any drawings or whiteboards, writings, prints, documents, telephone/address directories (whether in hard copy or digital), computer screens or other screen shots, hard drives, thumb or flash drives, cloud systems or anything else containing, embodying, or disclosing any Confidential Information without the prior permission of the CCO or his designee. Upon the termination or resignation of an employee's employment with the Firm for any reason, the employee is expected to immediately return any such items to the Firm. Please contact Compliance at **esurveillance@aqr.com**if you have questions about this policy.

Confidential Information may be made available to certain employees for Compliance surveillance monitoring and other purposes as necessary to perform their duties for the Firm. Confidential Information may also be provided to third-party service providers as necessary to perform their contracted services for the Firm.

In addition, Confidential Information may be disclosed to government, regulatory or self-regulatory organizations to fulfill the Firm's various regulatory obligations, or otherwise when disclosure is required by law, or is necessary for the purpose of, or in connection with, legal proceedings or to defend legal rights.

**1.4** **Policy to Prevent Insider Trading** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Insider Trading** 

It is a criminal violation of law and a violation of Firm policy to engage in insider trading. Insider trading is defined as trading in securities on the basis of material nonpublic information ("**MNPI**") in breach of a duty of trust or confidence. Employees are also prohibited from passing along MNPI or tipping anyone to buy or sell securities while in possession of MNPI relating to those securities. A violation of these restrictions could have severe consequences for both the Firm and its employees. Any employee engaging in activity in violation of the provisions set forth in this section may be subject to disciplinary action, including termination of employment or referral of the matter to the appropriate regulatory agency for civil or criminal investigation. Any employee who learns of any actual or potential violation of the law or provisions of this section must promptly notify the CCO or any member of the Compliance Department.

Federal, state and international securities laws and regulations prohibit securities transactions while in possession of MNPI under certain circumstances, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "misappropriated" information or information improperly obtained by the purchaser or seller

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information provided by a corporate insider to the purchaser or seller in exchange for a monetary or non-monetary consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual prohibited from trading under the items referenced above "tips" the information to the purchaser
or seller

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A violation of insider trading laws could result in civil and/or criminal penalties under both federal and state securities laws, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may be subject to criminal prosecution and, if convicted, significant monetary
fines and imprisonment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm may face SEC action (or other actions pursuant to a non-U.S. law or
regulation) seeking monetary and administrative sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may be subject to lawsuits by private plaintiffs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Firm and/or the offending employee may face suspension, revocation or termination of their registrations or
memberships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Recognizing MNPI** 

Information is considered "**material**" if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision. Generally, this includes any information the disclosure of which is reasonably likely to have a meaningful effect on the price of an outstanding security. Information may be material even if it relates to speculative or contingent events.

The assessment of materiality is highly fact specific. When in doubt, employees should err on the side of caution and bring the information in question to the attention of the CCO or the Compliance Department for further consideration.

Information is considered "**nonpublic**" if such information has not been broadly disseminated to investors in the marketplace, such as an issuer releasing the information over the news wires, disclosing it in public filings made with a regulatory agency (*e.g.,* Forms 10-K or 10-Q) or otherwise disseminating the information in a manner that makes it fully available to investors in the marketplace. The fact that nonpublic information is reflected in rumors in the marketplace does not necessarily mean that the information has been publicly disseminated. Even when some information regarding a matter has been made public, other aspects of the matter may remain nonpublic.

**Examples of where MNPI may arise, depending on the circumstances, include, but are not limited to, the following events:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impending or potential mergers, acquisitions, tender offers, joint ventures or changes in assets, such as large disposal
of the same

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings or revenue information and changes in previously disclosed financial information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity issues or impending bankruptcy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events regarding the issuer's securities (*e.g.*, advance knowledge of a ratings downgrade, defaults on
securities, calls of securities for redemption, public or private sales of additional securities, stock splits or changes in dividends, repurchase plans or changes to the rights of security holders)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new products or discoveries, or developments regarding clients or suppliers (*e.g.,* the acquisition or loss of a
major contract)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major government action involving the issuer (*e.g.,* FDA decision on a new drug)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in control or management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• content of forthcoming brokerage research reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in auditors or auditor notification that the issuer may no longer rely on an auditor's report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or threatened litigation or regulatory actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information relating to the market for an issuer's securities, such as a large order to purchase or sell securities

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepublication of information regarding articles or reports in the financial press

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reporting Requirements** 

Any employee who believes that they may be in possession of MNPI must promptly report the information to the CCO or any member of the Compliance Department.

Unless specifically permitted by the CCO or his designee, such employee must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transact in the securities of the relevant issuer in any account (either personal accounts or accounts managed by the
Firm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss the information with anyone inside or outside of the Firm except for the CCO or any member of the Compliance
Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• facilitate the use or disclosure of MNPI by others—including another AQR employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Restricted List** 

The Firm's **Restricted List**is maintained by the Compliance Department and is a list of issuers whose securities are subject to partial or complete trading prohibitions for personal and Firm trading, except as pre-approved by the CCO or his designee. Issuers are placed on the Restricted List for a variety of business or legal reasons, including to comply with the terms of confidentiality and other agreements, to prevent violations of the securities laws, and to avoid the appearance of misuse of Confidential Information by the Firm.

Employees should not speculate as to why an issuer was placed on the Restricted List. The Restricted List is highly confidential to the Firm and should not be disclosed externally without the Compliance Department's permission.

If a particular issuer is placed on the Restricted List, trading is generally prohibited in all securities related to the issuer, including: equity, options, rights, swaps, debt, warrants, convertible securities, and any other derivative whose market value is determined principally with reference to those securities. In some instances, the Compliance Department may determine that a partial trading prohibition is appropriate. The Restricted List generally does not prohibit trading in exchange traded funds ("**ETFs**"), broad-based indices, diversified baskets, or similar instruments containing the issuer's securities.

Absent prior approval of the CCO or his designee, all employees are prohibited from engaging in any trade that is subject to a Restricted List prohibition, including for any personal account or any account managed by the Firm.

The effectiveness of the Restricted List depends to a large extent on employees' notifying the Compliance Department on a timely basis of events that may require the placement of an issuer on the Restricted List. For that reason, it is critical that an employee notify the Compliance Department immediately if an employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• believes he or she has obtained or may obtain MNPI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receives a request to sign a non-disclosure agreement ("NDA") or
confidentiality agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has been asked to join a formal or informal creditors committee or board of directors

An issuer will ordinarily be removed from the Restricted List when the Compliance Department determines that any MNPI in the Firm's possession has been publicly disclosed or is no longer material and/or the term of the applicable NDA or confidentiality agreement has expired. In some cases, nonpublic information may continue to be material long after the conclusion of the transaction or relationship that led to the receipt of the information.

Any employee may request to add or remove issuers from the Restricted List by contacting the Compliance Department, which has ultimate authority to decide when an issuer should be added to or removed from the Restricted List.

The Compliance Department will maintain a record of all Restricted List entries, including the relevant dates and reasons for placing an issuer on and taking it off the Restricted List and the scope of the trading

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prohibitions. The Compliance Department will also monitor all personal accounts and all accounts managed by the Firm for trading in Restricted List securities.

If an employee is uncertain as to whether an issuer should be placed on or taken off the Restricted List, he or she should consult the Compliance Department, which will also address any questions or requests for exceptions to the prohibition against trading securities of issuers on the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Expert Networks, Political Intelligence Firms, and Similar Industry Consultants** 

Another possible source of MNPI involves the use of expert networks, political intelligence firms, or similar industry consultants to provide information, advice, analysis, market or industry expertise for use in formulating investment views and decisions. Expert network firms provide specialized information about companies and industries to asset managers, mutual funds and other investment firms in exchange for fees. Political and/or economic intelligence firms collect intelligence—*e.g.,* information or analysis about fiscal or monetary policy decisions, legislative developments, political or regulatory actions—from current or former insiders, including members of Congress, their staffers, employees of regulatory agencies, and other Federal employees, and sell the information to asset managers, mutual funds and other investment firms whose businesses are affected by Federal legislations, regulation, policy changes, etc. Such service providers may have confidential information and/or MNPI by having relationships with, among others: (1) current or recent employees of public companies; (2) known significant suppliers or distributors to public companies; (3) attorneys, accountants and consultants engaged by public companies; (4) government officials; or (5) doctors serving on data safety monitoring boards for clinical trials. **The use of expert networks, political intelligence firms, or similar industry consultants must be pre-approved by the Compliance Department.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Alternative Data** 

The Firm uses various types of data for investment research. Data obtained from non-traditional sources (*e.g.,* consumer transactions, social media mentions) is sometimes referred to as "**alternative data**". Such data may contain potential MNPI or personal information depending on the nature and origin of the data.

**The use of alternative data must be pre-approved by the Compliance Department.** 

Any questions concerning whether a particular data set constitutes alternative data and is subject to Compliance pre-approval should be raised with Compliance.

**1.5** **Personal Trading Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **General Policy** 

The Personal Trading Policy governs the personal trading and investments of all AQR employees globally and their **Household Members**. As an employee, you are prohibited from putting your own interests ahead of the interests of Clients and you must avoid transactions, activities, and relationships that might interfere with making decisions in the best interests of Clients. For example, employees may not execute transactions with the same individual employee at a broker-dealer firm with whom AQR conducts business.

All exceptions to this Personal Trading Policy must be approved by the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Personal Accounts** 

Employees must disclose in the **Compliance System**all brokerage or other investment accounts, including trusts or investment clubs, in which the employee has direct or indirect influence or control (such as joint ownership, trading authorization, or the authority to exercise investment discretion) or a direct or indirect **Beneficial Interest**. Employees are presumed to have a Beneficial Interest in any account or securities held by their spouses, domestic partners, dependent children. The Personal Trading Policy applies equally to all accounts for Household Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Exempt Accounts – No Disclosure Required** 

Employees are <u>not</u> required to disclose the following types of accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) and 403(b) retirement plan accounts that only hold U.S. registered open-end mutual funds

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts held directly at U.S. registered mutual fund companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **However, you must disclose any accounts holding** AQR Mutual Funds (unless
held in AQR's 401(k) plan) (see footnote **5**)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 college savings plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Approved Broker Requirements** 

As a general rule, all employees (and their Household Members) are required to conduct their personal trading through a broker listed on the Approved Broker List (an "**Approved Broker**"). Approved Brokers generally provide an electronic feed of transactions and holdings directly to AQR.<sup>3</sup> Any exception to this requirement to maintain accounts at an Approved Broker must be approved by the CCO or his designee. <br>

The list of Firm-approved brokers is subject to change and is maintained by the Compliance Department. The current list of Approved Brokers is available in the Personal Trading Quick Reference Guide, which is available on the Compliance Page (**Go/Compliance**). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Reporting Account Information** 

Employees are required to complete an initial Compliance certification and disclose via the Firm's Compliance System all accounts (other than those noted in Section 1.5(b)(i), above) no later than **ten days** after beginning their employment or being designated as subject to the Code of Ethics (both referred to as their "start date"). All new employees (and their Household Members) must agree to close or move their existing accounts to one of the Approved Brokers within **45 days** of their start date unless an exception or extension has been received from the CCO or his designee. <br>

Employees also must promptly report via the Compliance System any changes in their accounts, including the opening of any new accounts and closing of any existing accounts. It is the employee's responsibility to promptly update the Compliance System with this information.

**Note—When opening a new account (including accounts at an Approved Broker), the employee must report the account in the Compliance System and obtain approval before transacting in the account.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Securities Exempt from the Personal Trading Policy** 

The following is a list of securities that are exempt from the Personal Trading Policy, including all reporting and pre-clearance requirements (the "**Exempt Securities**"): <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the Government of the United States (*i.e.*, treasury bills, treasury bonds and U.S. savings
bonds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit, commercial paper, and **High Quality Short-** **Term Debt Instruments**, including short term municipal bonds and repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by U.S. registered open-end funds (*i.e.,* mutual funds)  ***other than*** AQR Mutual Funds and ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unit investment trusts (other than ETFs) that are invested exclusively in unaffiliated mutual funds

<sup>3</sup> In order to maintain personal securities accounts, employees and their Household Members are required to provide consent for their broker(s) to provide AQR their personal trading activity.

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All other types of securities, which include any common or preferred stock, debt securities, ETFs, AQR Mutual Funds, shares issued by a close-end investment company or non-U.S. registered mutual fund, and **Private Placements**(collectively referred to as "**Reportable Securities**") are subject to the Personal Trading Policy and requirements set forth below.

If you have questions as to whether a type of security is exempt, please contact the Compliance Department at **CoreCompliance@aqr.com**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Holdings Reports** 

As part of the initial Compliance certification, employees are required to disclose via the Firm's Compliance System all holdings in Reportable Securities no later than **ten days** after their start date.<sup>4</sup> At least annually, all employees are required to certify to and update as necessary their holdings in Reportable Securities.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** **Transaction Reports** 

On a quarterly basis, each employee is required to certify that all transactions in Reportable Securities that occurred during the prior quarter have been accurately reported in the Compliance System or provide any necessary updates. All employees are required to complete the quarterly and annual Compliance certifications, even if they do not hold any accounts and did not enter into any transactions in Reportable Securities during the reporting period.

The Compliance Department will review these reports and any issues or potential violations will be escalated to the CCO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Pre-Clearance Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **General** 

Unless explicitly exempted below, employees are required to submit a trade request in the Compliance System and receive an approval before undertaking any personal transactions in Reportable Securities. This includes, among others, all equity and debt securities, all transactions in Private Placements,<sup>6</sup> and any loan on behalf of employees (or their Household Members) with a financial institution that will be collateralized by Reportable Securities.<sup>7</sup>

Employees are responsible for understanding and monitoring any margin activity (*e.g.,* pro-active funding, capital requirements, Portfolio/Regulation T margin calls) in their personal accounts and pre- clear any liquidation sales related to a margin call. Failure to pre-clear any liquidation sales related to a margin call, including those transactions executed by a broker without the employee's knowledge or direction, may result in a violation of the Code of Ethics and the potential imposition of a sanction.

**Note—The Compliance Department reserves the right to deny any pre-clearance request for any reason and the reasons for any such denial may not be shared with the employee.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** **Approval Period** 

If a pre-clearance request is approved, the approval is effective until local market close on the date of approval; provided, however, the CCO or his designee may shorten or rescind any approval if it is deemed appropriate to do so. Transactions also may not exceed the quantity of shares approved in the pre-clearance request. <br>

<sup>4</sup> The initial holdings report must be current as of a date not more than 45 days prior to their start date. This requirement also applies to Private Placements and all Reportable Securities not held at a broker-dealer.

<sup>5</sup> Holdings information must be current as of a date no more than 45 days prior to the date each subsequent annual report is submitted. AQR Mutual Funds holdings in the AQR 401k Plan at Merrill Lynch do not require reporting to the Compliance Department.

<sup>6</sup> Employees are required to pre-clear all transactions (*i.e.*, initial investment, additional funding to an existing investment or redemption/liquidating transactions) in a Private Placement.

<sup>7</sup> For pre-clearance requests involving collateralized loans, employees will be required to provide the name of the financial institution, the Reportable Securities used as collateral and a description of the loan's purpose.

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| | |
|:---|:---|
| ![LOGO](g423791dsp5.jpg)  | **AQR Capital Management, LLC \|** Code of Ethics 9 |

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**Note—Facts and circumstances may occur, post pre-clearance approval, which may result in the Compliance Department requiring a reversal of the trade and disgorgement of any resulting gains.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** **Transactions Exempt from Pre-Clearance** 

Employees are <u>not</u> required to obtain prior approval to transact in the following Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AQR Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-US registered open-end funds
(*e.g.*, Non-U.S. mutual funds, UCITs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities acquired through corporate actions, such as stock splits, reverse stock splits, mergers, consolidations,
spin-offs, and other similar corporate reorganizations generally involving all holders of the same class of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Involuntary sales due to a company exercising a call provision on its outstanding debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions involving the exercise and/or purchase of securities pursuant to an employer stock option plan and any
other similar plans. Any subsequent sale of Reportable Securities received from such plans must be pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities purchased pursuant to an automatic investment plan, including a dividend reinvestment plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities issued by an exercise of rights to the holders of a class of securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in direct obligations of non-U.S. Governments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Seven-Day Blackout Period** 

Employees may not purchase or sell any Reportable Security, subject to certain *de minimis* thresholds, during the seven-calendar day period before or after either a buy or sell order for a Client's account is executed or while a Client order is pending for the same or related security (such as securities convertible into the security). The existence of recent Client trades and pending orders will be checked as part of the pre-clearance process described above, and pre-clearance may be denied if the Compliance Department determines it is inconsistent with the best interests of any Client.

**Note—Employees may not knowingly trade parallel to or against a Client in a Reportable Security at any time or in any amount.** 

This prohibition does not apply to **Third-Party Managed Accounts**(discussed in Section 1.5(h) below) or to securities and transactions that are not subject to the pre-clearance requirements (discussed in Section **1.5(d)(iii)** above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Required Holding Period** 

An employee may not purchase and sell, or sell and purchase, the same security within 30 calendar days. This provision extends across all accounts (*e.g.*, if you purchase a security in one account, you cannot sell that same security in less than 30 calendar days in a different brokerage account).

This prohibition does not apply to Third-Party Managed Accounts (discussed in Section **1.5(h)** below) or to securities and transactions that are not subject to the pre-clearance requirements (discussed in Section **1.5(d)(iii)** above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Prohibited and Limited Transactions** 

The following table lists additional prohibitions and restrictions on transactions and holdings in Reportable Securities. Other than the restrictions on Initial Public Offerings, the below prohibitions do not apply to Third-Party Managed Accounts (discussed in Section **1.5(h)** below).

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|:---|:---|
| ![LOGO](g423791dsp5.jpg)  | **AQR Capital Management, LLC \|** Code of Ethics 10 |

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| | |
|:---|:---|
| **Transaction Types**<br>| **Prohibition or Limitation**<br>|
| **Initial Public Offerings / Initial Token Offerings** | Participation in an Initial Public Offering or any Initial Token Offering (as defined in Section **1.5(k)** below) is prohibited. |
| **Restricted List** | Transactions in securities on the Firm's Restricted List are prohibited. |
| **Affiliated Managers Group, Inc. ("AMG") Securities** | Transactions in securities issued by Affiliated Managers Group, Inc. securities (ticker: AMG) are prohibited.<sup>8</sup> |
| **Short Sales** | Short selling securities is prohibited. Pre-existing short positions must be exited within 30 days of start date (subject to the pre-clearance requirements). |
| **Derivatives** | All derivatives, including options, warrants, swaps, futures and forward contracts are prohibited. Pre-existing positions must be exited within 30 days of start date (subject to the pre-clearance requirements) or held until expiration unless an exception has been approved by the CCO or his designee.<br>|
| **Good until Cancelled / Limit Orders** | "Good until cancelled" orders and limit orders other than a "same-day" limit order generally should be avoided. Such orders are difficult to pre-clear and can cause inadvertent pre-clearance violations.<br>|

---

**The below chart contains additional investment activities that are prohibited.** 

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| | |
|:---|:---|
| **Type of Activity** | **Prohibition** |
| **Front-Running** | Front-Running is taking a position (or selling a position) in a security or interest in a personal account with knowledge that the Firm will soon take a position (or sell a position) in the same security or interest. Front-Running is an illegal activity and prohibited for all trading, whether for personal accounts or trading on behalf of the Firm.<br>|
| **Scalping** | Scalping refers to taking improper advantage of a Client's trading for the benefit of an employee's personal account. Scalping is an illegal activity and prohibited.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Third-Party Managed Accounts** 

Transactions within approved **Third-Party Managed Accounts**are **exempt** from the pre-clearance requirements and trading restrictions set forth in the Personal Trading Policy if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager has exclusive, discretionary investment authority over the account and the employee (and their
Household Members) have no direct or indirect influence or control over the account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager is independent and not affiliated with or related to the employee (or their Household Members)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment manager provides written confirmation that (1) the investment manager has been granted exclusive,
discretionary investment authority, and (2) the account holder does not exercise investment discretion or otherwise have direct or indirect influence or control over the investment decisions<sup>9</sup>

<sup>8</sup> Please note the Firm's portfolio management teams are also prohibited from purchasing or selling AMG securities in Client Accounts.

<sup>9</sup> The written confirmation must be in a form acceptable to the Compliance Department and the manager, investment adviser or trustee may be asked to periodically provide an updated confirmation.

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|:---|:---|
| ![LOGO](g423791dsp5.jpg)  | **AQR Capital Management, LLC \|** Code of Ethics 11 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the account will not purchase any security issued in an initial public offering

**Note—Robo-advised accounts are <u>not</u> considered Third-Party Managed Accounts.<sup>10</sup> As such, the transactions in these accounts must be limited to securities that are <u>exempt</u> from the Firm's pre- clearance requirements, such as ETFs and mutual funds, and adhere to all reporting requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Trading Activity** 

Employees are discouraged from engaging in a pattern of investment transactions that either: (1) is so frequent as to potentially impact their ability to carry out their assigned responsibilities; (2) gives rise to conflicts or perceived conflicts with the best interest of AQR's Clients; or (3) uses company resources or information learned during the course of their association with AQR for personal gain.

**Note—The use of trading algorithms that operate autonomously for personal trading is prohibited. Employees are also strictly prohibited from buying or selling any funds managed by AQR (including AQR Mutual Funds) on the basis of material non-public information learned during the course of their association with AQR.** 

The Compliance Department monitors the frequency of personal trading and reserves the right to subjectively determine what constitutes excessive trading. The Compliance Department may restrict personal trading for a particular employee (and their Household Members) or for all employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **Personal Trading Violations** 

The CCO or his designee reserves the right to prohibit an employee's personal trading at any time and for any reason. If an employee does not comply with the Personal Trading Policy, the Firm may require the employee to trade out of the applicable position and/or disgorge any resulting gains. Each employee agrees to exit or liquidate upon instructions from the CCO or his designee, with the understanding that no explanation is required if such instruction is given, and no liability will accrue to the Firm as a result of any losses arising out of such exit or liquidation.

Personal trading violations may lead to disciplinary or other action, including but not limited to: (1) a requirement that a trade/transaction be reversed (even if a loss is incurred in doing so) in the event that an employee does not receive pre-approval from Compliance prior to transacting; (2) the suspension of personal trading privileges; (3) other employment-related action, including termination of employment; or (4) referral of the matter to the appropriate regulatory or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **Bitcoin and Other Cryptocurrencies** 

The trading of Bitcoin and other cryptocurrencies (collectively, "**Cryptocurrencies**") is permitted, but may be subject to additional review and restrictions by the Compliance Department based on regulatory guidance. As noted above, Employees (and their Household Members) are prohibited from participating in or fundraising for any initial token offerings, including but not limited to an initial coin offering (ICO), security token offering (STO), initial exchange offering (IEO), or initial dex offering (IDO) (collectively, "**Initial Token Offerings**"). As noted above, employees (and their Household Members) are also prohibited from engaging in derivative transactions, which includes futures and options on cryptocurrencies.

**Note—As stated above, the use of trading algorithms that operate autonomously for personal trading, including for trading cryptocurrencies, is prohibited.** 

**1.6** **Violations and Sanctions** 

A failure to comply with the Manual or the Firm's other policies and procedures may not necessarily amount to a violation. The CCO or his designee makes the determination as to what constitutes a violation and, where applicable, will work with the Human Resources Department and/or the employee's supervisor to determine the appropriate disciplinary action, if any. When evaluating the appropriate disciplinary action for a Code of Ethics violation, if any, relevant facts and circumstances are considered, including, but not limited to, the frequency of occurrence and length of time since any previous violation by the employee.

<sup>10</sup> Robo-advisers are digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. A robo-advised account is an account offered by a robo-adviser on its digital platform.

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|:---|:---|
| ![LOGO](g423791dsp5.jpg)  | **AQR Capital Management, LLC \|** Code of Ethics 12 |

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Violations that demonstrate a lack of respect for the Firm's commitment to adhere to high ethical, integrity and business conduct standards may result in disciplinary action, including termination of employment. Additionally, a violation of law may lead to disciplinary action that may include termination of employment and/or referral of the matter to the appropriate regulatory or government agency.

**1.7** **Duty to Report Violations and Cooperate with Firm Investigations** 

Employees are required to report promptly any known or suspected violations of the Manual, any Firm policy or procedure, or any law or regulatory requirement related to our business, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of any applicable securities laws or regulatory requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breach of fiduciary duty arising under any applicable laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations of any similar laws or regulations by the Firm or any of its employees or agents

Reporting can be made to a manager, the CCO, any member of the Compliance Department or anonymously via the AQR Hotline.<sup>11</sup> Managers and members of the Compliance Department have an obligation to escalate any such reports to the CCO or his designee, who will determine how to proceed and whether a matter should be reported to any regulatory authority.

Employees (and former employees as needed) must also cooperate as requested by the Firm with any investigation, inquiry, internal review, examination or litigation related to the Firm's business or potential misconduct.

**Note—Notwithstanding anything herein to the contrary, this Manual will not be interpreted or applied in any manner that would violate an employee's legal rights as an employee under applicable law. For example, nothing in this Manual prohibits or in any way restricts any employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. An employee does not need prior authorization from AQR before taking any such action and an employee is not required to inform AQR if he or she chooses to take such action.** 

**1.8** **Non-Retaliation Statement** 

The Firm strictly prohibits intimidation or retaliation against anyone who (i) makes a good faith report about a known or suspected violation of the Manual or any Firm policy or procedure, or any law or regulation, or (ii) assists with any inquiry or investigation of any such violation.

The Firm will endeavor to maintain the confidentiality of any report of potential wrongdoing to the extent practicable and ensure that no employee will face any unlawful retaliatory action for making such report. Information provided will be handled discreetly and shared only with those individuals that the Firm has a need to inform, such as regulators and those who are involved in investigating, resolving and, if necessary, remediating the issue. Employees who have concerns about or are aware of possible retaliatory action must report it, either to their manager, a Human Resources representative, or the Hotline.

**1.9** **Legal and Regulatory Inquiries** 

The financial markets in which AQR participates are highly regulated and, as a result, the Firm and/or its employees may from time to time be involved in certain legal or regulatory matters. Any employee who receives a legal or regulatory inquiry or request for information (relating to AQR or any other entity or person) from entities including, but not limited to, a regulator, government agency, self-regulatory organization, supervisory authority, legislative body, market exchange or litigant should immediately contact the CCO or his designee.

Employees may not reach out to government agencies, regulators or self-regulatory organizations for routine guidance or questions on business, legal or regulatory matters without pre-approval from the CCO or his designee. Nothing in this section shall interfere with an employee's legal rights as an employee under applicable law, as discussed above.

<sup>11</sup> The telephone numbers for the Hotline are located on the Compliance Page (**Go/Compliance**).

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|:---|:---|
| ![LOGO](g423791dsp5.jpg)  | **AQR Capital Management, LLC \|** Code of Ethics 13 |

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Nothing in this Manual shall prohibit or restrict an employee from participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental agency, legislative body, or any self-regulatory organization, provided that, to the extent permitted by law, upon an employee's receipt of any subpoena, court order or other legal process compelling the disclosure of any such information, documents, or testimony, an employee shall give prompt prior written notice to the CCO or the Compliance Department in order to provide the Firm reasonable opportunity to take appropriate steps to protect its Confidential Information.

**II.** **Definitions** 

------

**1.** **AQR Mutual Funds**: U.S. registered investment companies advised or sub-advised by AQR Capital Management, LLC and AQR Arbitrage, LLC.

**2.** **Beneficial Interest:** Having or sharing a direct or indirect
pecuniary interest in a security through any contract, arrangement, understanding, relationship or otherwise. Pecuniary interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the
security.

**3.** **Client:** A person or entity with an advisory or sub-advisory agreement with the Firm.

**4.** **Compliance System:** The Firm's Compliance Pre-clearance, Reporting and Certification System, which is currently Star Compliance and can be accessed on **AQRLive** under Quick Links or on the Compliance Page (**Go/Compliance**).

**5.** **Confidential Information:** Any non-public information, records, files, documents, correspondence or other material regarding the Firm, employees, Clients, or the business of the Firm.

**6.** **High Quality Short-Term Debt Instruments:** Any instrument having a maturity
at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality.

**7.** **Household Members:** Persons who share a residence and personal assets with an
employee (*e.g.,* spouse, domestic partner, dependent children), or those that directly or indirectly provide to or receive from an employee material support (*i.e.,* more than 25% annual income).

**8.** **Private Placements:** An offering of unregistered securities to a limited pool of
investors (*e.g.,* hedge fund, private equity fund, venture capital fund, real estate fund).

**9.** **Reportable Securities:** Common or preferred stock, debt securities, ETFs, shares
issued by a close-end investment company, AQR Mutual Funds or non-U.S. registered mutual funds, or any other security other than those that are exempt from the reporting
requirements.

**10.** **Restricted List:** The Firm's list of securities for which personal and
Firm trading is either partially or wholly prohibited unless pre-approved by the CCO or his designee.

**11.** **Third-Party Managed** **Account:** An
account that is managed by an independent investment manager who has exclusive discretionary authority over all investment decisions in the account.

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![LOGO](g423791g0119093129594.jpg)

**AQR Capital Management, LLC** \| One Greenwich Plaza \| Greenwich, CT 06830 \| U.S. \| **p:** +1.203.742.3600 \| **f:** +1.203.742.3100 \| **w:** aqr.com

## Ex-99.Poa1

**AQR FUNDS** 

**(a Delaware Statutory Trust)** 

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Bradley D. Asness, Nicole DonVito and H.J. Willcox, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission ("SEC") or any state regulatory agency or authority that are applicable to AQR Funds ("Trust") and capable of being signed by power of attorney under applicable law, rule and regulation, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Trustee or officer of the Trust, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed his name hereto as of the 11th day of February, 2020.

---

| |
|:---|
|  /s/ L. Joe Moravy |
|  Signature |

---

<u> L. Joe Moravy</u> <br> Printed Name

## Ex-99.Poa2

**AQR FUNDS** 

**(a Delaware Statutory Trust)** 

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Bradley D. Asness, Nicole DonVito and H.J. Willcox, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission ("SEC") or any state regulatory agency or authority that are applicable to AQR Funds ("Trust") and capable of being signed by power of attorney under applicable law, rule and regulation, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Trustee or officer of the Trust, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed his name hereto as of the 11th day of February, 2020.

---

| |
|:---|
|  /s/ William L. Atwell |
|  Signature |

---

<u> William L. Atwell</u> <br> Printed Name

## Ex-99.Poa3

**AQR FUNDS** 

**(a Delaware Statutory Trust)** 

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Bradley D. Asness, Nicole DonVito and H.J. Willcox, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission ("SEC") or any state regulatory agency or authority that are applicable to AQR Funds ("Trust") and capable of being signed by power of attorney under applicable law, rule and regulation, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Trustee or officer of the Trust, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed his name hereto as of the 11th day of February, 2020.

---

| |
|:---|
|  /s/ Gregg D. Behrens |
|  Signature |

---

<u> Gregg D. Behrens</u> <br> Printed Name

## Ex-99.Poa4

**AQR FUNDS** 

**(a Delaware Statutory Trust)** 

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Bradley D. Asness, Nicole DonVito and H.J. Willcox, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission ("SEC") or any state regulatory agency or authority that are applicable to AQR Funds ("Trust") and capable of being signed by power of attorney under applicable law, rule and regulation, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Trustee or officer of the Trust, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed his name hereto as of the 11th day of February, 2020.

---

| |
|:---|
|  /s/ Mark A. Zurack |
|  Signature |

---

<u> Mark A. Zurack</u> <br> Printed Name

## Ex-99.Poa5

**AQR FUNDS** 

**(a Delaware Statutory Trust)** 

**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned hereby constitutes and appoints Bradley D. Asness, Nicole DonVito and H.J. Willcox, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all registration statements or other filings made with the Securities and Exchange Commission ("SEC") or any state regulatory agency or authority that are applicable to AQR Funds ("Trust") and capable of being signed by power of attorney under applicable law, rule and regulation, and any amendments or supplements thereto, and withdrawals thereof, and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person in his or her capacity as a Trustee or officer of the Trust, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has signed his name hereto as of the 11th day of February, 2020.

---

| |
|:---|
|  /s/ David Kabiller |
|  Signature |

---

<u> David Kabiller</u> <br> Printed Name