AQR FUNDS
Supplement dated July 16, 2025 (“Supplement”)
to the Class I, Class N and Class R6 Statement of Additional Information,
dated May 1, 2025 (the “SAI”), of the
AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV
Fund, AQR Risk-Balanced Commodities Strategy Fund, and AQR Trend Total
Return Fund (the “Funds”)
This Supplement updates certain information contained in the SAI. Please review this important information carefully. You may obtain copies of the Funds’ Summary Prospectuses, Prospectus and SAI free of charge, upon request, by calling (866) 290-2688, or by writing to AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512.
| 1. | Effective August 1, 2025, the “Investment Advisory and Other Services—Portfolio Manager Holdings” section of the SAI, beginning on page 57, is hereby restated in its entirety as follows: |
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 December 31, 2024, unless noted otherwise, is as follows:
| Portfolio Manager | Name of Fund | Dollar Range of Equity Securities Beneficially Owned | ||
| Michele L. Aghassi, Ph.D. |
AQR Equity Market Neutral Fund |
$10,001-$50,000 | ||
| AQR Long-Short Equity Fund |
$10,001-$50,000 | |||
| Clifford S. Asness, Ph.D., M.B.A. |
AQR Equity Market Neutral Fund |
Over $1,000,000 | ||
| AQR Long-Short Equity Fund |
None | |||
| AQR Managed Futures Strategy Fund |
$100,001-$500,000 | |||
| AQR Managed Futures Strategy HV Fund |
$100,001-$500,000 | |||
| AQR Multi-Asset Fund |
$100,001-$500,000 | |||
| AQR Risk-Balanced Commodities Strategy Fund |
None | |||
| AQR Style Premia Alternative Fund |
None | |||
| AQR Trend Total Return Fund* |
Over $1,000,000 | |||
| Jordan Brooks, Ph.D., M.A. |
AQR Alternative Risk Premia Fund |
None | ||
| AQR Diversified Arbitrage Fund |
$50,001-$100,000 | |||
| AQR Diversifying Strategies Fund |
None | |||
| AQR Macro Opportunities Fund |
$50,001-$100,000 | |||
| AQR Managed Futures Strategy Fund |
None | |||
| AQR Managed Futures Strategy HV Fund |
None | |||
| Portfolio Manager | Name of Fund | Dollar Range of Equity Securities Beneficially Owned | ||
| AQR Multi-Asset Fund |
None | |||
| AQR Risk-Balanced Commodities Strategy Fund |
None | |||
| AQR Style Premia Alternative Fund |
None | |||
| AQR Trend Total Return Fund* |
None | |||
| Robert F. Bryant |
AQR Diversified Arbitrage Fund |
$10,001-$50,000 | ||
| Jonathan Fader |
AQR Macro Opportunities Fund |
None | ||
| Andrea Frazzini, Ph.D., M.S. |
AQR Alternative Risk Premia Fund |
None | ||
| AQR Diversifying Strategies Fund |
None | |||
| AQR Equity Market Neutral Fund |
$10,001-$50,000 | |||
| AQR Long-Short Equity Fund |
$10,001-$50,000 | |||
| AQR Multi-Asset Fund |
None | |||
| AQR Style Premia Alternative Fund |
$10,001-$50,000 | |||
| John J. Huss |
AQR Alternative Risk Premia Fund |
None | ||
| AQR Diversifying Strategies Fund |
$10,001-$50,000 | |||
| AQR Equity Market Neutral Fund |
$10,001-$50,000 | |||
| AQR Long-Short Equity Fund |
$50,001-$100,000 | |||
| AQR Macro Opportunities Fund |
None | |||
| AQR Managed Futures Strategy Fund |
None | |||
| AQR Managed Futures Strategy HV Fund |
None | |||
| AQR Multi-Asset Fund |
$10,001-$50,000 | |||
| AQR Risk-Balanced Commodities Strategy Fund |
None | |||
| AQR Style Premia Alternative Fund |
$10,001-$50,000 | |||
| AQR Trend Total Return Fund* |
$10,001-$50,000 | |||
| Bryan Kelly, Ph.D. |
AQR Alternative Risk Premia Fund |
None | ||
| AQR Diversifying Strategies Fund |
None | |||
| AQR Macro Opportunities Fund |
None | |||
| AQR Multi-Asset Fund |
None | |||
| AQR Style Premia Alternative Fund |
None | |||
| John M. Liew, Ph.D., M.B.A. |
AQR Diversifying Strategies Fund |
$100,001-$500,000 | ||
| AQR Macro Opportunities Fund |
None | |||
| AQR Managed Futures Strategy Fund |
$100,001-$500,000 | |||
| AQR Managed Futures Strategy HV Fund |
$100,001-$500,000 | |||
| AQR Multi-Asset Fund |
$100,001-$500,000 | |||
| AQR Risk-Balanced Commodities Strategy Fund |
$100,001-$500,000 | |||
| AQR Trend Total Return Fund* |
Over $1,000,000 | |||
| Portfolio Manager | Name of Fund | Dollar Range of Equity Securities Beneficially Owned | ||
| Fred Liu, M.S. |
AQR Managed Futures Strategy Fund |
None | ||
| AQR Managed Futures Strategy HV Fund |
None | |||
| AQR Risk-Balanced Commodities Strategy Fund |
None | |||
| AQR Trend Total Return Fund* |
None | |||
| James Lofton |
AQR Managed Futures Strategy Fund |
None | ||
| AQR Managed Futures Strategy HV Fund |
None | |||
| AQR Risk-Balanced Commodities Strategy Fund |
None | |||
| AQR Trend Total Return Fund* |
None | |||
| Mark L. Mitchell, Ph.D., M.A. |
AQR Diversified Arbitrage Fund |
Over $1,000,000 | ||
| Tobias Moskowitz, Ph.D., M.S. |
AQR Alternative Risk Premia Fund |
None | ||
| AQR Style Premia Alternative Fund |
None | |||
| Todd C. Pulvino, Ph.D., A.M., M.S. |
AQR Diversified Arbitrage Fund |
$100,001-$500,000 | ||
| Laura Serban, Ph.D. |
AQR Equity Market Neutral Fund |
None | ||
| AQR Long-Short Equity Fund |
$50,001-$100,000 | |||
| Nathan Sosner, Ph.D. |
AQR Alternative Risk Premia Fund |
$10,001-$50,000 | ||
| Erik Stamelos |
AQR Alternative Risk Premia Fund |
None | ||
| AQR Diversifying Strategies Fund |
None | |||
| AQR Macro Opportunities Fund |
None | |||
| AQR Managed Futures Strategy Fund |
None | |||
| AQR Managed Futures Strategy HV Fund |
None | |||
| AQR Risk-Balanced Commodities Strategy Fund |
None | |||
| AQR Trend Total Return Fund* |
None | |||
| * | Formerly known as the AQR Sustainable Long-Short Equity Carbon Aware Fund. |
| 2. | Effective August 1, 2025, the “Investment Advisory and Other Services —Other Accounts Managed” section of the SAI, beginning on page 59, is hereby restated in its entirety as follows: |
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, the Sub-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 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 December 31, 2024:
| NUMBER OF OTHER ACCOUNTS MANAGED AND ASSETS BY ACCOUNT TYPE |
||||||||||||||||||||||||
| PORTFOLIO MANAGER |
REGISTERED INVESTMENT COMPANY |
OTHER POOLED INVESTMENT VEHICLES |
OTHER ACCOUNTS |
|||||||||||||||||||||
| # of Accts. |
Assets Under Management |
# of Accts. |
Assets Under Management |
# of Accts. |
Assets Under Management |
|||||||||||||||||||
| Michele L. Aghassi, Ph.D. |
|
20 |
|
|
$10,999,446,255 |
|
|
11 |
|
|
$5,715,898,409 |
|
|
30 |
|
|
$12,869,404,027 |
| ||||||
| Clifford S. Asness, Ph.D., M.B.A. |
|
27 |
|
|
$16,523,650,062 |
|
|
27 |
|
|
$11,418,078,345 |
|
|
44 |
|
|
$20,639,308,942 |
| ||||||
| Jordan Brooks, Ph.D., M.A. |
|
12 |
|
|
$7,537,713,376 |
|
|
12 |
|
|
$1,457,813,951 |
|
|
11 |
|
|
$7,450,659,928 |
| ||||||
| Robert F. Bryant |
|
1 |
|
|
$2,021,320,953 |
|
|
10 |
|
|
$1,364,667,788 |
|
|
0 |
|
|
- |
| ||||||
| Jonathan Fader |
|
2 |
|
|
$370,874,600 |
|
|
2 |
|
|
$64,342,482 |
|
|
0 |
|
|
- |
| ||||||
| Andrea Frazzini, Ph.D., M.S. |
|
28 |
|
|
$13,736,622,877 |
|
|
19 |
|
|
$7,383,921,630 |
|
|
40 |
|
|
$19,451,233,771 |
| ||||||
| John J. Huss |
|
29 |
|
|
$14,416,386,031 |
|
|
25 |
|
|
$8,369,622,206 |
|
|
38 |
|
|
$18,495,511,555 |
| ||||||
| Bryan Kelly, Ph.D. |
|
5 |
|
|
$2,287,896,680 |
|
|
5 |
|
|
$446,518,442 |
|
|
0 |
|
|
- |
| ||||||
| John M. Liew, Ph.D., M.B.A. |
|
11 |
|
|
$4,271,122,224 |
|
|
19 |
|
|
$8,253,307,117 |
|
|
12 |
|
|
$7,132,397,718 |
| ||||||
| Fred Liu, M.S. |
|
4 |
|
|
$2,673,312,337 |
|
|
3 |
|
|
$611,942,264 |
|
|
0 |
|
|
- |
| ||||||
| James Lofton |
|
4 |
|
|
$2,673,312,337 |
|
|
3 |
|
|
$611,942,264 |
|
|
0 |
|
|
- |
| ||||||
| Mark L. Mitchell, Ph.D., M.A. |
|
1 |
|
|
$2,021,320,953 |
|
|
10 |
|
|
$1,364,667,788 |
|
|
0 |
|
|
- |
| ||||||
| Tobias Moskowitz, Ph.D., M.S. |
|
2 |
|
|
$1,456,642,528 |
|
|
2 |
|
|
$195,116,160 |
|
|
1 |
|
|
$191,010,046 |
| ||||||
| Todd C. Pulvino, Ph.D., A.M., M.S. |
|
1 |
|
|
$2,021,320,953 |
|
|
10 |
|
|
$1,364,667,788 |
|
|
0 |
|
|
- |
| ||||||
| Laura Serban, Ph.D. |
|
14 |
|
|
$9,730,753,278 |
|
|
9 |
|
|
$4,672,766,192 |
|
|
29 |
|
|
$15,398,989,957 |
| ||||||
| Nathan Sosner, Ph.D. |
|
5 |
|
|
$942,903727 |
|
|
0 |
|
|
- |
|
|
2 |
|
|
$253,983,569 |
| ||||||
| Erik Stamelos |
|
7 |
|
|
$3,134,281,017 |
|
|
3 |
|
|
$611,942,264 |
|
|
0 |
|
|
- |
| ||||||
| NUMBER OF OTHER ACCOUNTS AND ASSETS FOR WHICH THE ADVISORY FEE IS BASED ON PERFORMANCE |
||||||||||||||||||||||||
| PORTFOLIO MANAGER |
REGISTERED INVESTMENT COMPANY |
OTHER POOLED INVESTMENT VEHICLES |
OTHER ACCOUNTS |
|||||||||||||||||||||
| # of Accts. |
Assets Under Management |
# of Accts. |
Assets Under Management |
# of Accts. |
Assets Under Management |
|||||||||||||||||||
| Michele L. Aghassi, Ph.D. |
|
1 |
|
|
$141,775,751 |
|
|
8 |
|
|
$4,302,731,762 |
|
|
7 |
|
|
$4,264,621,596 |
| ||||||
| Clifford S. Asness, Ph.D., M.B.A. |
|
0 |
|
|
- |
|
|
20 |
|
|
$8,799,789,055 |
|
|
15 |
|
|
$9,133,287,958 |
| ||||||
| Jordan Brooks, Ph.D., M.A. |
|
0 |
|
|
- |
|
|
7 |
|
|
$1,098,484,680 |
|
|
4 |
|
|
$4,138,027,033 |
| ||||||
| Robert F. Bryant |
|
0 |
|
|
- |
|
|
6 |
|
|
$1,192,378,926 |
|
|
0 |
|
|
- |
| ||||||
| Jonathan Fader |
|
0 |
|
|
- |
|
|
1 |
|
|
$64,296,580 |
|
|
0 |
|
|
- |
| ||||||
| Andrea Frazzini, Ph.D., M.S. |
|
1 |
|
|
$141,775,751 |
|
|
14 |
|
|
$5,457,673,252 |
|
|
11 |
|
|
$8,402,648,629 |
| ||||||
| John J. Huss |
|
1 |
|
|
$141,775,751 |
|
|
21 |
|
|
$7,637,963,358 |
|
|
10 |
|
|
$7,741,414,900 |
| ||||||
| Bryan Kelly, Ph.D. |
|
0 |
|
|
- |
|
|
3 |
|
|
$259,412,740 |
|
|
0 |
|
|
- |
| ||||||
| John M. Liew, Ph.D., M.B.A. |
|
0 |
|
|
- |
|
|
12 |
|
|
$5,867,308,902 |
|
|
7 |
|
|
$5,274,537,871 |
| ||||||
| Fred Liu, M.S. |
|
0 |
|
|
- |
|
|
0 |
|
|
- |
|
|
0 |
|
|
- |
| ||||||
| James Lofton |
|
0 |
|
|
- |
|
|
0 |
|
|
- |
|
|
0 |
|
|
- |
| ||||||
| Mark L. Mitchell, Ph.D., M.A. |
|
0 |
|
|
- |
|
|
6 |
|
|
$1,192,378,926 |
|
|
0 |
|
|
- |
| ||||||
| Tobias Moskowitz, Ph.D., M.S. |
|
0 |
|
|
- |
|
|
0 |
|
|
- |
|
|
0 |
|
|
- |
| ||||||
| Todd C. Pulvino, Ph.D., A.M., M.S. |
|
0 |
|
|
- |
|
|
6 |
|
|
$1,192,378,926 |
|
|
0 |
|
|
- |
| ||||||
| Laura Serban, Ph.D. |
|
1 |
|
|
$141,775,751 |
|
|
7 |
|
|
$4,128,213,046 |
|
|
8 |
|
|
$7,319,941,755 |
| ||||||
| Nathan Sosner, Ph.D. |
|
0 |
|
|
- |
|
|
0 |
|
|
- |
|
|
0 |
|
|
- |
| ||||||
| Erik Stamelos |
|
0 |
|
|
- |
|
|
3 |
|
|
$611,942,264 |
|
|
0 |
|
|
- |
| ||||||
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE