AQR Funds

01/14/2026 | Press release | Distributed by Public on 01/14/2026 09:25

Prospectus by Investment Company (Form 497)

AQR FUNDS

Supplement dated January 14, 2026 ("Supplement")

to the Class I, Class N and Class R6 Statement of Additional Information,

dated May 1, 2025 (the "SAI"), of the

AQR Diversifying Strategies Fund, AQR Alternative Risk Premia Fund, AQR Diversified Arbitrage Fund, AQR Equity Market Neutral Fund, AQR Long-Short Equity Fund, AQR Macro Opportunities Fund, AQR Managed Futures Strategy Fund, AQR Managed Futures Strategy HV Fund, AQR Multi-Asset Fund, AQR Risk-Balanced Commodities Strategy Fund, AQR Style Premia Alternative Fund and AQR 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, Prospectuses 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 immediately, 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
 Portfolio Manager Name of Fund Dollar Range
of Equity
Securities
Beneficially
Owned
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
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

 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
 Portfolio Manager Name of Fund Dollar Range
of Equity
Securities
Beneficially
Owned
AQR Risk-Balanced Commodities Strategy Fund $100,001-$500,000
AQR Trend Total Return Fund* Over $1,000,000

 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 Alternative Risk Premia Fund N/A**
AQR Diversifying Strategies Fund N/A**
AQR Equity Market Neutral Fund None
AQR Long-Short Equity Fund $50,001-$100,000
AQR Multi-Asset Fund N/A**
AQR Style Premia Alternative Fund N/A**

 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.

**

Portfolio manager was not a named portfolio manager of the Fund as of December 31, 2024.

2.

Effective immediately, 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 $7,523,650,062 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 -

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 $4,217,122,224 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 -
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

Tobias Moskowitz, Ph.D., M.S.

2 $1,456,642,528 2 $195,116,160 1 $1914,010,046

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 $942,903,727 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 -

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 -
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

Mark L. Mitchell, Ph.D., M.A.

0 - 6 $1,1992,378,926 0 -

Tobias Moskowitz, Ph.D., M.S.

0 - 0 - 0 -

Todd C. Pulvino, Ph.D., A.M., M.S.

0 - 6 $1,1992,378,926 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

AQR Funds published this content on January 14, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on January 14, 2026 at 15:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]