EX-99.(H)(4)(IV) 2 f4883d2.htm FEE WAIVER AND EXPENSE REIMBURSEMENT AGREEMENT

  

THIRd amendment 

to 

FIFTH AMENDED AND RESTATED 

FEE WAIVER AND EXPENSE REIMBURSEMENT AGREEMENT 

THIS THIRD AMENDMENT TO THE FIFTH AMENDED AND RESTATED AGREEMENT is made as of this 1st day of May, 2020, 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 3rd 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 “2nd 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 2nd A&R Agreement (the “3rd 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 3rd A&R Agreement (the “4th 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 4th A&R Agreement (the “5th 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 5th A&R Agreement in order to extend the term of the 5th A&R Agreement for certain Funds included therein. 

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 5th 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 5th 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. 

AQR FUNDS 

AQR Capital Management, LLC  

  

  

  

  

By: /s/ John Hadermayer 

Name: John Hadermayer 

Title: Secretary 

By: /s/ Nicole DonVito 

Name: Nicole DonVito  

Title: Managing Director, Head of Registered Products 

  

  

  

  

 

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, 2021 

  

I 

0.20%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.10%* 

January 29, 2019 – January 28, 2021 

AQR International Equity Fund 

N 

0.20%* 

January 29, 2019 – January 28, 2021 

  

I 

0.20%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.10%* 

January 29, 2019 – January 28, 2021 

AQR Diversified Arbitrage Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Large Cap Momentum Style Fund 

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Small Cap Momentum Style Fund 

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR International Momentum Style Fund 

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Managed Futures Strategy Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Multi-Asset Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Multi-Strategy Alternative Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR TM Large Cap Momentum Style Fund 

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR TM Small Cap Momentum Style Fund 

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR TM International Momentum Style Fund 

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Large Cap Defensive Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR International Defensive Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Emerging Defensive Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Risk-Balanced Commodities Strategy Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Risk Parity II MV Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Risk Parity II HV Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Large Cap Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Small Cap Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR International Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Emerging Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Long-Short Equity Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Managed Futures Strategy HV Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Style Premia Alternative Fund 

N 

0.15%* 

May 1, 2019 – April 30, 2021 

  

I 

0.15%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.05%* 

May 1, 2019 – April 30, 2021 

AQR Global Macro Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Equity Market Neutral Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Style Premia Alternative LV Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR TM Large Cap Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR TM Small Cap Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR TM International Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR TM Emerging Multi-Style Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR Alternative Risk Premia Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021 

AQR Core Plus Bond Fund 

N 

0.15%* 

January 29, 2019 – January 28, 2021 

  

I 

0.15%* 

January 29, 2019 – January 28, 2021 

  

R6 

0.05%* 

January 29, 2019 – January 28, 2021 

AQR High Yield Bond Fund 

N 

0.15%* 

[    ] – January 28, 2021 

  

I 

0.15%* 

[    ] – January 28, 2021 

  

R6 

0.05%* 

[    ] – January 28, 2021 

AQR Volatility Risk Premium Fund 

N 

0.20%* 

May 1, 2019 – April 30, 2021 

  

I 

0.20%* 

May 1, 2019 – April 30, 2021 

  

R6 

0.10%* 

May 1, 2019 – April 30, 2021