# EDGAR Filing Document

**Accession Number:** 0001444822
**File Stem:** 0001193125-23-017822
**Filing Date:** 2023-1
**Character Count:** 29900
**Document Hash:** 608f51daea2d1afa6a33549b0699be00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-017822.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001193125-23-017822

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-153445
- **FILM NUMBER:** 23564592

**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 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           |

![](g277151aqrfrontcoverlogo.jpg)

**AQR Small Cap Momentum Style Fund**

**Fund Summary — January 29, 2023**

**Ticker: Class N/ASMNX — I/ASMOX — CLASS R6/QSMRX**

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders, and other information about the Fund, including the statement of additional information, online at https://funds.aqr.com/fund-documents. You can also get this information at no cost by calling (866) 290-2688 or by sending an email to info@aqrfunds.com. The Fund's [prospectus](https://www.sec.gov/Archives/edgar/data/1444822/000119312523016172/d423791d485bpos.htm)and [statement of additional information](https://www.sec.gov/Archives/edgar/data/1444822/000119312523016172/d423791d485bpos.htm), each dated January 29, 2023, as amended and supplemented from time to time, and the Fund's most recent [shareholder report](https://www.sec.gov/Archives/edgar/data/1444822/000153152722000016/primary-document.htm), dated September 30, 2022, are all incorporated by reference to this summary prospectus.

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&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

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AQR Funds–Summary Prospectus2

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 | $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 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***

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AQR Funds–Summary Prospectus3

***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 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.

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AQR Funds–Summary Prospectus4

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.

**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–Summary Prospectus5

![](g277151scmom.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Highest Quarterly Return** | **Highest Quarterly Return** | **Lowest Quarterly Return** | **Lowest Quarterly Return** |
| 27.06% | 6/30/20 | -26.82% | 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 *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;&nbsp;&nbsp; AQR Small Cap Momentum Style <br> Fund—Class I <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes  | -19.55% | 5.52% | 9.55% | &nbsp;&nbsp;&nbsp; - | 07/09/2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on <br> Distributions <br>| -19.66% | 2.67% | 7.26% | &nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on <br> Distributions and Sale of Fund <br> Shares <br>| -11.50% | 4.03% | 7.42% | &nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no <br> deductions for fees, expenses or <br> taxes)<br>| -20.44% | 4.13% | 9.01% | &nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AQR Small Cap Momentum Style <br> Fund—Class N <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes  | -19.78% | 5.26% | 9.28% | &nbsp;&nbsp;&nbsp; - | 12/17/2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no <br> deductions for fees, expenses or <br> taxes)<br>| -20.44% | 4.13% | 9.01% | &nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AQR Small Cap Momentum Style <br> Fund—Class R6 <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes  | -19.51% | 5.62% | - | &nbsp;&nbsp; 6.86%\* | 07/10/2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; *Russell 2000*<sup>®</sup> *Index* (reflects no <br> deductions for fees, expenses or <br> taxes)<br>| -20.44% | 4.13% | - | &nbsp;&nbsp; 6.44%\* |  |

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\* 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** 

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| | | |
|:---|:---|:---|
| **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* |

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AQR Funds–Summary Prospectus6

**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 the 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). The 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 | $1,000,000\* | $5,000,000\* | $50000000<sup>\*</sup> <br>|
| Minimum Subsequent Investment |  |  |  |

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

**Tax Information**

The 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 the 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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