AQR Global Equity Fund 6/30/2021

Performance as of 6/30/2021 About the Fund

Annualized Total Return Investment Objective: Since Long-term capital appreciation. Inception Date QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception Class I Shares: AQGIX 6/30/2006 4.39% 12.29% 34.54% 9.32% 11.75% 9.34% 6.78% Class N Shares: AQGNX 12/31/2009 4.34% 12.21% 34.25% 9.03% 11.47% 9.04% 9.64% Investment Process: Class R6 Shares: AQGRX 1/8/2014 4.36% 12.32% 34.66% 9.41% 11.88% N/A 8.64% Investment research process is a MSCI World Index 6/30/2006 7.74% 13.05% 39.04% 14.99% 14.83% 10.65% 7.78% multi-factor approach based on a combination of value and momentum. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Call 1-866-290-2688 or visit www.aqrfunds.com for current month end performance. Three Return Sources: Indexes are unmanaged and one cannot invest directly in an index.  Bottom-up stock and A privately offered fund managed by the Adviser with the same investment objective and substantially similar investment industry selection strategies was reorganized into the AQR Global Equity Fund on December 31, 2009, the date the Fund commenced operations.  Top-down country selection This privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code which, if applicable, might  Top-down currency selection have adversely affected its performance. The Fund’s performance for periods prior to December 31, 2009 is that of the privately offered fund and has been restated to reflect the net expense ratio as of December 31, 2009 for the Class I Shares of the Fund and Class N Shares, as applicable. Potential Advantages: Academic Research Foundation Country Exposures* Currency Exposures (%)* Investment philosophy grounded in Global Equity MSCI Fund - Global Equity MSCI Fund - academic research dating back to the Fund World Index Fund World Index late 1980s.

Australia -2.8% 2.1% -4.9% New Zealand Dollar -10.7% 0.1% -10.7% Experienced Management Team Austria 0.0% 0.1% -0.1% New Israeli Sheqel 0.2% 0.2% 0.0% AQR’s core investment and research Belgium 0.1% 0.3% -0.1% Norwegian Krone -12.3% 0.2% -12.5% team has been together since the early Canada 2.3% 3.3% -1.0% Singapore Dollar 0.3% 0.3% 0.0% 1990s. Denmark 0.7% 0.8% 0.0% Danish Krone 0.7% 0.8% 0.0% Trading Infrastructure Finland 0.4% 0.3% 0.0% Hong Kong Dollar 0.9% 1.0% 0.0% Customized liquidity-providing France 7.9% 3.4% 4.6% Swedish Krona 10.5% 1.1% 9.4% algorithms seeking to minimize Germany 2.6% 2.8% -0.1% Australian Dollar 10.0% 2.1% 7.9% transaction costs. Hong Kong 3.5% 1.0% 2.6% Swiss Franc -2.6% 2.9% -5.5% Ireland 0.0% 0.2% -0.2% Canadian Dollar 12.9% 3.3% 9.6% Cutting Edge Research Israel 0.2% 0.2% 0.0% British Pound 1.1% 4.2% -3.1% Ongoing commitment to research and Italy 4.1% 0.7% 3.4% Japanese Yen 6.7% 6.8% -0.1% development Japan 17.0% 6.8% 10.2% Euro 22.5% 9.7% 12.8% Netherlands 5.7% 1.3% 4.4% US Dollar 59.6% 67.4% -7.8% New Zealand 0.0% 0.1% -0.1% Total 100.0% 100.0% 0.0% Norway 0.0% 0.2% -0.2% Portugal 0.0% 0.1% -0.1% Portfolio Statistics ** Singapore 0.3% 0.3% 0.0% # of stocks 316 Spain -7.9% 0.7% -8.6% Average Market Cap ($MM) 339,739 Sweden 2.2% 1.1% 1.1% Median Market Cap ($MM) 22,713 Switzerland 1.6% 2.9% -1.3% P/E (trailing 12 months) 16 United Kingdom -7.1% 4.2% -11.3% P/B 2 United States 67.1% 67.4% -0.3% EPS Growth (5 Year) 17 Total 98.0% 100.0% -2.0% Total Fund Assets ($MM) 336

Top Ten Holdings* Sector Exposure (%)* % of Net Assets Global Equity MSCI Fund - Fund World Index Apple 5.2% Microsoft 3.7% Communication Services 6.0% 9.1% -3.1% Facebook 2.1% Consumer Discretionary 18.0% 12.0% 6.0% Walmart 1.7% Consumer Staples 7.0% 7.0% 0.0% Intel 1.7% Energy 0.8% 3.2% -2.4% Cisco Systems 1.5% Financials 13.8% 13.5% 0.3% Amazon.com 1.4% Health Care 7.7% 12.5% -4.9% Target 1.4% Industrials 10.4% 10.6% -0.1% Lockheed 1.4% Information Technology 24.7% 22.1% 2.6% Ahold Delhaize 1.3% Materials 6.9% 4.4% 2.5% Real Estate 2.4% 2.7% -0.3% Total Fund 21.4% Utilities 2.3% 2.7% -0.5% *All Fund holdings are subject to change. **Portfolio statistics are subject to change and should not be Total 100.0% 100.0% 0.0% considered a recommendation to buy or sell securities. See following page for definitions. www.aqrfunds.com

InvestmentApproach FundManagers

 Develop a ranking for each stock in the investable universe Definitions: using a disciplined, systematic approach to analyze a wide P/B (Price to Book Ratio): A valuation ratio of a company’s variety of factors based on the underlying philosophy of current share price compared to its book value. value and momentum. P/E (Price to Earnings Ratio): A valuation ratio of a company’s  Develop an independent view of the attractiveness of current share price compared to its per-share earnings. countries and currencies as an overlay to the selection of MSCI World Index: A free float-adjusted market capitalization Clifford S. Asness, Ph.D. individual stocks. weighted index that is designed to measure the equity market Managing & Founding Principal, performance of developed markets. Indexes are unmanaged AQR Combine these rankings into a portfolio that takes into  and one cannot invest directly in an index. Ph.D., M.B.A., University of account trading costs, liquidity considerations and tracking B.S., B.S., University of Pennsylvania error targets.  Rebalance the portfolio in a manner that seeks to create a balance between keeping the portfolio in line with the ideal desired portfolio and the need to minimize trading costs.  Execute trades primarily in a highly automated and liquidity- providing manner that seeks to reduce the total cost of trading. Andrea Frazzini, Ph.D. Principal, AQR Ph.D., Yale University M.S., School of Economics B.S., University of Rome III

Fund Facts Investment Gross Expense Net Expense Ticker CUSIP Inception Date Minimum* 12b-1 Fee Ratio Ratio** Ronen Israel Class I Shares AQGIX 00203H875 6/30/06 $5 Million None 0.83% 0.81% Principal, AQR Class N Shares AQGNX 00203H206 12/31/09 $1 Million 0.25% 1.08% 1.06% M.A., Columbia University Class R6 Shares AQGRX 00203H396 1/8/14 $50 Million None 0.73% 0.71% B.S., B.A.S., University of Pennsylvania *Investment minimums are waived or reduced for certain investors. Some financial intermediaries may not offer Class R6 Shares or may impose different or additional eligibility and minimum investment requirements. See the Prospectus for additional details. **The Adviser has contractually agreed to reimburse operating expenses of the Fund at least through January 28, 2022.

Michael Katz, Ph.D. Principal, AQR Ph.D., A.M., Harvard University B.A., Tel Aviv University

John Liew, Ph.D. PRINCIPAL RISKS: Founding Principal, AQR Foreign investing involves special risks such as currency fluctuations and political uncertainty. Funds that emphasize investments in Ph.D., M.B.A., mid-cap companies generally will experience greater price volatility. The Adviser from time to time employs various hedging B.A., University of Chicago techniques. It is not possible to fully or perfectly against any risk, and hedging entails its own costs. This Fund is not suitable for all investors. An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds may attempt to increase its income or total return through the use of securities lending, and they may be subject to the possibility of additional loss as a result of this investment technique. An investment in the Fund is subject to risks, including the possibility that the value of the Fund’s portfolio holdings may fluctuate in response to events specific to the companies in which the Fund invests, as well as economic, political or social events in the United States or abroad. Lars Nielsen There are risks involved with investing including the possible loss of principal. Past performance does not guarantee future results. Principal, AQR Diversification does not eliminate the risk of experiencing investment losses. This document is intended exclusively for the use of M.Sc., B.Sc., University of the person to whom it has been delivered by AQR and it is not to be reproduced or redistributed to any other person without AQR’s Copenhagen written consent. Please refer to the prospectus or summary prospectus for complete information regarding all risks associated with the fund. AQR Capital Management, LLC An investor should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. To Individual Investor: obtain a prospectus or summary prospectus containing this and other information, please call 1-866-290-2688 or download p: +1.866.290.2688 the file from www.aqrfunds.com. Read the prospectus carefully before you invest. There is no assurance the stated e: [email protected] objectives will be met. © AQR Funds are distributed by ALPS Distributors, Inc. AQR Capital Management, LLC is the Investment Manager of the Funds and Advisor Support: a federally registered investment adviser. ALPS Distributors is not affiliated with AQR Capital Management. [AQR008389] p: +1.203.742.3800 Not FDIC Insured – No Bank Guarantee – May Lose Value e: [email protected]