EIGHTH AMENDMENT TO FIFTH AMENDED AND RESTATED FEE WAIVER AND EXPENSE REIMBURSEMENT AGREEMENT

EIGHTH AMENDMENT TO FIFTH AMENDED AND RESTATED FEE WAIVER AND EXPENSE REIMBURSEMENT AGREEMENT

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EIGHTH AMENDMENT

FIFTH AMENDED AND RESTATED

FEE WAIVER AND EXPENSE REIMBURSEMENT AGREEMENT

THIS EIGHTH AMENDMENT TO THE FIFTH AMENDED AND RESTATED AGREEMENT is made as of this 12^th day of November, 2021, between the AQR Funds (“Trust”), on behalf of its series listed on Appendix A hereto (each, a “Fund”), and AQR Capital Management, LLC (“AQR”).

WHEREAS, the parties hereto entered into a Fee Waiver and Expense Reimbursement Agreement dated as of December 10, 2008, as amended (the “Original Agreement”) in order to reduce the investment advisory fees charged to the Funds described in the Investment Advisory Agreement (as defined below), waive other fees it is entitled to receive from the Funds and/or reimburse certain operating expenses for the Funds to keep net expenses at specified levels as set forth in Appendix A; and

WHEREAS, the parties have entered into a 3^rd Amended and Restated Investment Management Agreement with respect to certain Funds dated as of January 29, 2017 (“Management Agreement”) and an Investment Management Agreement II with respect to certain Funds dated as of November 13, 2015 (“Management Agreement II”) (together, the Management Agreement and Management Agreement II shall be referred to herein as, the “Investment Advisory Agreement”); and

WHEREAS, as of May 18, 2011, the parties amended and restated the Original Agreement (the “A&R Agreement”) in order to clarify certain exclusions included in Section 1 thereto; and

WHEREAS, as of April 1, 2014, the parties amended and restated the A&R Agreement (the “2^nd A&R Agreement”) in order to clarify certain fee waivers included in Section 1 thereto; and

WHEREAS, as of May 12, 2016, the parties amended and restated the 2^nd A&R Agreement (the “3^rd A&R Agreement”) in order to reflect the amending and restating of certain agreements as referenced in these recitals; and

WHEREAS, as of November 17, 2017, the parties amended and restated the 3^rd A&R Agreement (the “4^th A&R Agreement”) in order to clarify certain exclusions included in Section 1 and to reflect the amending and restating of certain agreements as referenced in these recitals; and

WHEREAS, as of January 29, 2019, the parties amended and restated the 4^th A&R Agreement (the “5^th A&R Agreement”) in order to change the expense limits set by this agreement from a limit on each Fund’s total annual operating expenses to a limit on each Fund’s other operating expenses; and

WHEREAS, the parties desire to amend Appendix A of the 5^th A&R Agreement in order to extend the term of the 5^th A&R Agreement for certain Funds included therein as well as to reflect the addition of a new Fund.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, Trust and AQR agree as follows:

1. AMENDMENT TO APPENDIX A. Appendix A of the 5^th A&R Agreement is hereby amended by deleting it in its entirety and replacing it with the Appendix A attached hereto.

2. Except as modified hereby, the 5^th A&R Agreement shall remain in full force and effect.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first written above.

APPENDIX A

FUNDS AND EXPENSE CAPS


Name of Fund	Class	Expense Cap	Date
Active Funds:

AQR Global Equity Fund	N	0.20%*	January 29, 2019 – January 28, 2023
	I	0.20%*	January 29, 2019 – January 28, 2023
	R6	0.10%*	January 29, 2019 – January 28, 2023

AQR International Equity Fund	N	0.20%*	January 29, 2019 – January 28, 2023
	I	0.20%*	January 29, 2019 – January 28, 2023
	R6	0.10%*	January 29, 2019 – January 28, 2023

AQR Diversified Arbitrage Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Large Cap Momentum Style Fund	I	0.15%*	January 29, 2019 – January 28, 2023
	N	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR Small Cap Momentum Style Fund	I	0.15%*	January 29, 2019 – January 28, 2023
	N	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR International Momentum Style Fund	I	0.15%*	January 29, 2019 – January 28, 2023
	N	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR Managed Futures Strategy Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Multi-Asset Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

*	Limit is on Class’ other operating expenses, as defined in Section 1 of this Agreement.


AQR Large Cap Defensive Style Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR International Defensive Style Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR Risk-Balanced Commodities Strategy Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Large Cap Multi-Style Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR Small Cap Multi-Style Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR International Multi-Style Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR Emerging Multi-Style II Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR Long-Short Equity Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Managed Futures Strategy HV Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Style Premia Alternative Fund	N	0.15%*	May 1, 2019 – April 30, 2022
	I	0.15%*	May 1, 2019 – April 30, 2022
	R6	0.05%*	May 1, 2019 – April 30, 2022

AQR Macro Opportunities Fund	N	0.20%*	May 1, 2019 – April 30, 2023
	I	0.20%*	May 1, 2019 – April 30, 2023
	R6	0.10%*	May 1, 2019 – April 30, 2023

*	Limit is on Class’ other operating expenses, as defined in Section 1 of this Agreement.


AQR Equity Market Neutral Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Alternative Risk Premia Fund	N	0.20%*	May 1, 2019 – April 30, 2022
	I	0.20%*	May 1, 2019 – April 30, 2022
	R6	0.10%*	May 1, 2019 – April 30, 2022

AQR Core Plus Bond Fund	N	0.15%*	January 29, 2019 – January 28, 2023
	I	0.15%*	January 29, 2019 – January 28, 2023
	R6	0.05%*	January 29, 2019 – January 28, 2023

AQR High Yield Bond Fund	N	0.15%*	[ ] – January 28, 2023
	I	0.15%*	[ ] – January 28, 2023
	R6	0.05%*	[ ] – January 28, 2023

AQR Diversifying Strategies Fund	N	0.20%*	June 8, 2020 – April 30, 2022
	I	0.20%*	June 8, 2020 – April 30, 2022
	R6	0.10%*	June 8, 2020 – April 30, 2022

AQR Sustainable Long-Short Equity Carbon Aware Fund	N	0.20%*	[ ] – April 30, 2023
	I	0.20%*	[ ] – April 30, 2023
	R6	0.10%*	[ ] – April 30, 2023

*	Limit is on Class’ other operating expenses, as defined in Section 1 of this Agreement.

AQR FUNDS

AQR CAPITAL MANAGEMENT, LLC

/s/ Xxxx Xxxxxxxxxx

/s/ Xxxxxx XxxXxxx

Name: Xxxx Xxxxxxxxxx

Name: Xxxxxx XxxXxxx

Title: Secretary

Title: Managing Director, Head of Registered Products