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Arbitrage strategies seek to exploit mispricings in markets. They do this by looking for two related assets that are trading at different prices, then buy the cheaper one and short that is, borrow and sell the more expensive one. The difference between the prices is the expected profit of the trade.AQRs Diversified Arbitrage Fund invests in three primary arbitrage strategies:

consists of buying shares of the target company in a proposed merger, and hedging the exposure to the acquirer by shorting the stock of the acquiring company

Convertible Arbitrage consists of buying convertible securities and attempting to mitigate the risks associated with this investment by shorting the stock of the issuer

Event-Driven Investments involves various corporate actions where very similar assets begin to trade at different prices (e.g., the different share classes of a public companys stock)

Over time, we seek to balance the Funds exposure equally among the three while maintaining the ability to make tactical tilts based on each strategys conditional attractiveness.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

Arbitrage strategies seek to exploit mispricings in markets. They do this by looking for two related assets that are trading at different prices, then buy the cheaper one and short that is, borrow and sell the more expensive one. The difference between the prices is the expected profit of the trade.AQRs Diversified Arbitrage Fund invests in three primary arbitrage strategies:

Merger Arbitrage consists of buying shares of the target company in a proposed merger, and hedging the exposure to the acquirer by shorting the stock of the acquiring company

Convertible Arbitrage consists of buying convertible securities and attempting to mitigate the risks associated with this investment by shorting the stock of the issuer

Event-Driven Investments involves various corporate actions where very similar assets begin to trade at different prices (e.g., the different share classes of a public companys stock)

Over time, we seek to balance the Funds exposure equally among the three while maintaining the ability to make tactical tilts based on each strategys conditional attractiveness.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

Arbitrage strategies seek to exploit mispricings in markets. They do this by looking for two related assets that are trading at different prices, then buy the cheaper one and short that is, borrow and sell the more expensive one. The difference between the prices is the expected profit of the trade.AQRs Diversified Arbitrage Fund invests in three primary arbitrage strategies:

consists of buying shares of the target company in a proposed merger, and hedging the exposure to the acquirer by shorting the stock of the acquiring company

Convertible Arbitrage consists of buying convertible securities and attempting to mitigate the risks associated with this investment by shorting the stock of the issuer

Event-Driven Investments involves various corporate actions where very similar assets begin to trade at different prices (e.g., the different share classes of a public companys stock)

Over time, we seek to balance the Funds exposure equally among the three while maintaining the ability to make tactical tilts based on each strategys conditional attractiveness.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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.

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.

This Fund has the risk that the anticipated arbitrage opportunities do not play out as planned, resulting in potentially reduced returns or losses to the Fund as it unwinds its trades. This fund enters into a short sale by selling a security it has borrowed. If the market price of a security increases after the Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the borrowed security at the higher price. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. The Fund uses derivatives to hedge certain economic exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Funds initial investment as well as increased transaction.

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 level of tax liability to shareholders in the Funds. The Funds may attempt to increase its income or total return through the use of securities lending, and they may be subject to the possibility of additional loss as a result of this investment technique.

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. Pleaseclick here to viewthe most recent Form N-PX for the AQR Funds.

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.

© AQR Funds are distributed by ALPS Distributors, Inc. AQR Capital Management, LLC is the Investment Manager of the Funds and a federally registered investment adviser. ALPS Distributors is not affiliated with AQR Capital Management.

Investors should carefully considerthe investment objectives, risks, charges and expenses of the Funds before investing.To obtain a prospectus containing this and other important information, please call 1- orclick here to view or download a prospectus online. Read the prospectus carefully before you invest.

The information provided herein (including any separate documents that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information about our products and services and to otherwise provide general investment education. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as none of AQR Capital Management, LLC (AQR Capital) nor any of its affiliates is undertaking to provide investment advice, act as an adviser to any plan or entity subject to the Employee Retirement Income Security Act of 1974, as amended, individual retirement account or individual retirement annuity, or give advice in a fiduciary cap