THIRD AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT II

THIRD AMENDMENT

TO

INVESTMENT MANAGEMENT AGREEMENT II

This third amendment (the “Amendment”) to the Investment Management Agreement II is made as of the 17^th day of November, 2017 by and between AQR Funds (“Trust”), on behalf of each Fund listed on Exhibit A, and AQR Capital Management, LLC (“AQR”).

WHEREAS, the parties hereto entered into an Investment Management Agreement II dated and effective as of November 13, 2015, as amended (the “Agreement”); and

WHEREAS, the parties hereto wish to amend Exhibit A of the Agreement in order to add the AQR Core Plus Bond Fund and AQR High Yield Bond Fund.

NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, Trust and AQR agree as follows:

1. AMENDMENT OF EXHIBIT A. Exhibit A of the Agreement is hereby amended by deleting it in its entirety and replacing it with the Exhibit A attached hereto.

2. Except as modified hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

AQR FUNDS						AQR CAPITAL MANAGEMENT, LLC
By:		/s/ Xxxxxx XxxXxxx				By:		/s/ Xxxxxxx Xxxx
Name: Xxxxxx XxxXxxx						Name: Xxxxxxx Xxxx
Title: Chief Legal Officer & Vice President						Title: Managing Director & General Counsel

EXHIBIT A

(Amended as of November 17, 2017)

Name of Series		Commencement Date		Advisory Fee Each fee will be based on the average daily net assets of the  Fund managed by the Adviser, and calculated as described in Section 7 of the Agreement.
AQR Style Premia Alternative II Fund		[    ], 2016			1.15	%
AQR Large Cap Relaxed Constraint Equity Fund		December 14, 2016			0.60	%
AQR Small Cap Relaxed Constraint Equity Fund		December 14, 2016			0.80	%
AQR International Relaxed Constraint Equity Fund		December 14, 2016			0.75	%
AQR Emerging Relaxed Constraint Equity Fund		December 14, 2016			0.95	%
AQR Alternative Risk Premia Fund		September 19, 2017			1.20	%
AQR Core Plus Bond Fund		[    ], 2017			0.32	%
AQR High Yield Bond Fund		[    ], 2017			0.55	%