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Seeks to generate positive long-term absolute returns.

We invest in over 100 liquid futures and forwards contracts, both long and short, across global equities, fixed income, currencies and commodities. Trades are executed based on trend-following signals that aim to go long rising markets and short falling markets.

By establishing long positions in assets that we believe will rise in price, and short positions for assets that are expected to decline in price, this Fund seeks to benefit from both up and down price movements.

What distinguishes AQRs approach to managed-futures investing is our emphasis on diversification across several themes:

Signal Typescombines short-term, long-term and overextended signals to follow trends and anticipate reversals

Investments trades over 100 liquid contracts across four major asset classes

Risk position sizes based on risk, allocating more capital to less-risky instruments

AQRs proprietary trading algorithms and direct market access enable us to minimize transaction costs another key differentiator for investors.

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

AQR Funds – AQR Managed Futures Strategy Fund

AQR Funds – AQR Managed Futures Strategy Fund

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

The Net Expense Ratio per the Funds latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.

The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.

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

Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.

All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.

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

Fee-based Accounts Offered By Financial Advisors

Dividends On Short Sales and/or Interest Expense

+ As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.20% for Class I Shares at least through April 30, 2020. All Other Expenses 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 and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

The Net Expense Ratio per the Funds latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.

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

Please contact your ASG representative or emailAdvisoo request a copy of the monthly performance attribution report.

By clicking this box and accessing these materials of a series of the AQR Funds (each, a Fund) you and any legal entity that employs you (collectively,the Recipient) acknowledge and agree:

1) That these materials are being provided to the Recipient for informational and educational purposes only in order to facilitate the Recipients own review of the strategyof the Fund to which these materials relate (the Purpose);

2) These materials will be used by the Recipient and any of Recipients officers, directors, employees or agents (collectively, Representatives) solely in connection with the Purpose andwill not be used for commercial purposes or forany other reason;

3) Under no circumstances will the Recipient or its Representatives use these materials for investment purposes in other accounts, plans, portfolios, investment funds or trusts over which it has responsibility or otherwise utilize these materials for any investment or investment-related purpose whatsoever that does not involve an investment (or potential investment) by Recipient or one of its clients in the applicable Fund; and

4) These materials will not be used by Recipient or any of its Representatives in any manner that could harm the AQR Funds trust, any Fund or any shareholder in a Fund.

By clicking this box you are binding your employer, any employee of your employer and yourself personally and as an employee, to the terms of this agreement.

Seeks to generate positive long-term absolute returns.

We invest in over 100 liquid futures and forwards contracts, both long and short, across global equities, fixed income, currencies and commodities. Trades are executed based on trend-following signals that aim to go long rising markets and short falling markets.

By establishing long positions in assets that we believe will rise in price, and short positions for assets that are expected to decline in price, this Fund seeks to benefit from both up and down price movements.

What distinguishes AQRs approach to managed-futures investing is our emphasis on diversification across several themes:

Signal Typescombines short-term, long-term and overextended signals to follow trends and anticipate reversals

Investments trades over 100 liquid contracts across four major asset classes

Risk position sizes based on risk, allocating more capital to less-risky instruments

AQRs proprietary trading algorithms and direct market access enable us to minimize transaction costs another key differentiator for investors.

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

AQR Funds – AQR Managed Futures Strategy Fund

AQR Funds – AQR Managed Futures Strategy Fund

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

The Net Expense Ratio per the Funds latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.

The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.

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

Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.

All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.

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

Fee-based Accounts Offered By Financial Advisors

Certain other categories of investors may invest in Class N shares at a reduced minimum. See Prospectus for details.

Dividends On Short Sales and/or Interest Expense

+ As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.20% for Class N Shares at least through April 30, 2020. All Other Expenses 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 and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

The Net Expense Ratio per the Funds latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.

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

Please contact your ASG representative or emailAdvisoo request a copy of the monthly performance attribution report.

By clicking this box and accessing these materials of a series of the AQR Funds (each, a Fund) you and any legal entity that employs you (collectively,the Recipient) acknowledge and agree:

1) That these materials are being provided to the Recipient for informational and educational purposes only in order to facilitate the Recipients own review of the strategyof the Fund to which these materials relate (the Purpose);

2) These materials will be used by the Recipient and any of Recipients officers, directors, employees or agents (collectively, Representatives) solely in connection with the Purpose andwill not be used for commercial purposes or forany other reason;

3) Under no circumstances will the Recipient or its Representatives use these materials for investment purposes in other accounts, plans, portfolios, investment funds or trusts over which it has responsibility or otherwise utilize these materials for any investment or investment-related purpose whatsoever that does not involve an investment (or potential investment) by Recipient or one of its clients in the applicable Fund; and

4) These materials will not be used by Recipient or any of its Representatives in any manner that could harm the AQR Funds trust, any Fund or any shareholder in a Fund.

By clicking this box you are binding your employer, any employee of your employer and yourself personally and as an employee, to the terms of this agreement.

Seeks to generate positive long-term absolute returns.

We invest in over 100 liquid futures and forwards contracts, both long and short, across global equities, fixed income, currencies and commodities. Trades are executed based on trend-following signals that aim to go long rising markets and short falling markets.

By establishing long positions in assets that we believe will rise in price, and short positions for assets that are expected to decline in price, this Fund seeks to benefit from both up and down price movements.

What distinguishes AQRs approach to managed-futures investing is our emphasis on diversification across several themes:

Signal Typescombines short-term, long-term and overextended signals to follow trends and anticipate reversals

Investments trades over 100 liquid contracts across four major asset classes

Risk position sizes based on risk, allocating more capital to less-risky instruments

AQRs proprietary trading algorithms and direct market access enable us to minimize transaction costs another key differentiator for investors.

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

AQR Funds – AQR Managed Futures Strategy Fund

AQR Funds – AQR Managed Futures Strategy Fund

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

The Net Expense Ratio per the Funds latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.

The Merrill Lynch 3 Month Treasury Bill Index is designed to measure the performance of high-quality short-term cash-equivalent investments. Indexes are unmanaged and one cannot invest directly in an index.

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

Risk allocation is calculated as the relative weight of the expected volatilities for each asset class or strategy, with a sum equal to 100%. AQR calculates expected volatilities for each strategy using proprietary risk models to predict volatilities and correlations across all assets in the portfolio.

All Fund Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.

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

Fee-based Accounts Offered By Financial Advisors

$50 million or a total of $100 million combined per advisor across all Funds

Some financial intermediaries may impose different or additional eligibility and minimum requirements for Class R6 shares. Please see the Funds Class R6 Prospectus for further details.

Dividends On Short Sales and/or Interest Expense

+ As stated in the prospectus, the Adviser has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit All Other Expenses in the table above at no more than 0.10% for Class R6 Shares at least through April 30, 2020. All Other Expenses 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 and extraordinary expenses. The Expense Limitation Agreement may be terminated with the consent of the Board of Trustees.

Performance data quoted represent past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. All returns shown are total returns that assume reinvestment of dividends and capital gains. Returns for periods under a year are cumulative, all others are average annual returns. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. From time to time the Funds advisor may waive fees or reimbursed expenses, without which performance would have been lower. Please call for most recent month-end performance.

Performance shown prior to a share classs inception date reflects the historical performance of the Funds Class I shares, calculated using the fees and expenses of the Class N or Class R6 shares, respectively.

The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

The Net Expense Ratio per the Funds latest Prospectus. For the Diversified Arbitrage Fund and the Multi-Strategy Alternative Fund, the Net Expense Ratio includes expenses related to short sales and interest on any borrowings.

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

Please contact your ASG representative or emailAdvisoo request a copy of the monthly performance attribution report.

By clicking this box and accessing these materials of a series of the AQR Funds (each, a Fund) you and any legal entity that employs you (collectively,the Recipient) acknowledge and agree:

1) That these materials are being provided to the Recipient for informational and educational purposes only in order to facilitate the Recipients own review of the strategyof the Fund to which these materials relate (the Purpose);

2) These materials will be used by the Recipient and any of Recipients officers, directors, employees or agents (collectively, Representatives) solely in connection with the Purpose andwill not be used for commercial purposes or forany other reason;

3) Under no circumstances will the Recipient or its Representatives use these materials for investment purposes in other accounts, plans, portfolios, investment funds or trusts over which it has responsibility or otherwise utilize these materials for any investment or investment-related purpose whatsoever that does not involve an investment (or potential investment) by Recipient or one of its clients in the applicable Fund; and

4) These materials will not be used by Recipient or any of its Representatives in any manner that could harm the AQR Funds trust, any Fund or any shareholder in a Fund.

By clicking this box you are binding your employer, any employee of your employer and yourself personally and as an employee, to the terms of this agreement.

An investment in any of the AQR Funds involves risk, including loss of principal. The value of the Funds portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the United States or abroad. Please refer to the prospectus for complete information regarding all risks associated with the Funds. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher le