AQR International 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: AQIIX 7/30/2004 1.67% 8.20% 31.52% 5.17% 8.03% 5.08% 6.00% Class N Shares: AQINX 9/29/2009 1.63% 8.07% 31.18% 4.94% 7.80% 4.79% 5.70% Investment Process: Class R6 Shares: AQIRX 1/8/2014 1.73% 8.27% 31.76% 5.27% 8.14% N/A 4.39% Investment research process is a MSCI EAFE Net Index USD End of 7/30/2004 5.17% 8.83% 32.35% 8.27% 10.28% 5.89% 6.35% multi-factor approach based on a Day Index 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. Indexes are Three Return Sources: 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 strategies was reorganized into the AQR International Equity Fund on August 28, 2009, the date the Fund commenced operations. This privately industry selection offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other  Top-down country selection restrictions imposed by the Investment Company Act of 1940 and the Internal Revenue Code which, if applicable, might have adversely  Top-down currency selection affected its performance. The performance for periods prior to August 28, 2009 is that of the privately offered fund. The performance for the period from August 28, 2009 to September 29, 2009 is that of the Fund’s Class Y Shares. The performance information prior to September 30, 2009 has been restated to reflect the net expense ratio as of September 30, 2009 for the Class I Shares of the Fund and Class N Shares, as applicable. Potential Advantages: Country Exposures* Currency Exposures (%)* Academic Research Foundation Int'l Equity MSCI Fund - Int'l Equity MSCI Fund - Investment philosophy grounded in Fund EAFE Index Fund EAFE Index academic research dating back to the Australia 1.2% 7.2% -6.0% US Dollar 0.6% 0.0% 0.6% late 1980s. Austria 0.0% 0.2% -0.2% New Zealand Dollar 0.2% 0.2% 0.0% Belgium 1.2% 0.9% 0.3% New Israeli Sheqel 0.6% 0.6% 0.0% Experienced Management Team Denmark 2.5% 2.6% -0.1% Norwegian Krone 0.2% 0.6% -0.4% AQR’s core investment and research Finland 1.4% 1.1% 0.3% Singapore Dollar 1.1% 1.1% 0.0% team has been together since the early France 12.8% 11.5% 1.2% Danish Krone 2.6% 2.6% 0.0% 1990s. Germany 4.4% 9.4% -5.0% Hong Kong Dollar 3.2% 3.3% 0.0% Hong Kong 6.5% 3.3% 3.2% Swedish Krona 10.3% 3.8% 6.6% Trading Infrastructure Ireland 0.0% 0.7% -0.7% Australian Dollar 13.1% 7.2% 5.9% Customized liquidity-providing Israel 0.6% 0.6% 0.0% Swiss Franc 1.5% 9.8% -8.3% algorithms seeking to minimize Italy 5.9% 2.5% 3.5% British Pound 2.5% 14.4% -11.9% transaction costs. Japan 38.4% 23.2% 15.2% Japanese Yen 19.5% 23.2% -3.7% Netherlands 9.3% 4.3% 5.0% Euro 44.6% 33.3% 11.3% Cutting Edge Research New Zealand 0.0% 0.2% -0.2% Total 100.0% 100.0% 0.0% Ongoing commitment to research and Norway 0.0% 0.6% -0.6% development Portugal 0.0% 0.2% -0.2% Portfolio Statistics ** Singapore 1.1% 1.1% 0.0% Int'l Equity MSCI Spain 0.3% 2.5% -2.1% Fund EAFE Sweden 4.4% 3.8% 0.6% # of stocks 249 843 Switzerland 6.7% 9.8% -3.1% Average Market Cap ($MM) 54,678 82,222 United Kingdom 2.2% 14.4% -12.2% Median Market Cap ($MM) 15,193 14,494 Total 98.9% 100.0% -1.1% P/E (trailing 12 months) 14.76 20.75 P/B 1.40 1.91 EPS Growth (5 Year) 8.26 6.53 Total Fund Assets ($MM) 119 N/A Top Ten Holdings* Sector Exposure (%)* % of Net Assets Int'l Equity MSCI Fund - ASML Holding 1.3% Fund EAFE Index ASML Holding 1.3% Communication Services 6.5% 4.9% 1.6% Rio Tinto PLC 0.9% Consumer Discretionary 18.0% 13.0% 5.0% Rio Tinto PLC 0.9% Consumer Staples 5.4% 10.5% -5.1% Roche Hldg 0.8% Energy 1.7% 3.2% -1.5% Roche Hldg 0.8% Financials 13.0% 16.9% -4.0% BHP Grp 0.8% Health Care 7.9% 12.4% -4.5% BHP Grp 0.8% Industrials 15.5% 15.5% -0.1% Nintendo 0.8% Information Technology 11.1% 9.1% 2.0% Nintendo 0.8% Materials 11.9% 7.9% 4.0% Total Fund 9.4% Real Estate 3.7% 3.0% 0.7% *All Fund holdings are subject to change. Utilities 5.2% 3.4% 1.8% **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. Please see definitions on following page. 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 EAFE Index (Europe, Australasia, Far East): A free Clifford S. Asness, Ph.D. float-adjusted market capitalization index that is designed to individual stocks. Managing & Founding Principal, measure the equity market performance of developed AQR  Combine these rankings into a portfolio that takes into markets, excluding the US and Canada. Indexes are Ph.D., M.B.A., University of Chicago account trading costs, liquidity considerations and tracking unmanaged and one cannot invest directly in an index. 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., London School of Economics B.S., University of Rome III

Fund Facts

Gross Investment Expense Net Expense Ticker CUSIP Inception Date Minimum* 12b-1 Fee Ratio Ratio** Ronen Israel Class I Shares AQIIX 00203H867 7/30/04 $5 Million None 0.92% 0.87% Principal, AQR Class N Shares AQINX 00203H404 9/29/09 $1 Million 0.25% 1.15% 1.12% M.A., Columbia University B.S., B.A.S., University of Class R6 Shares AQIRX 00203H388 1/8/14 $50 Million None 0.83% 0.77% 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

PRINCIPAL RISKS: John Liew, Ph.D. Founding Principal, AQR Foreign and Emerging Market investing involves special risks such as currency fluctuations and political uncertainty. Funds that Ph.D., M.B.A., University of Chicago emphasize investments in small and mid-cap companies generally will experience greater price volatility. The Adviser from time to B.A., University of Chicago time employs various hedging techniques, it is not possible to hedge 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. An investor should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. To AQR Capital Management, LLC obtain a prospectus or summary prospectus containing this and other information, please call 1-866-290-2688 or download the file from www.aqrfunds.com. Read the prospectus carefully before you invest. There is no assurance the stated Individual Investor: objectives will be met. p: +1.866.290.2688 © AQR Funds are distributed by ALPS Distributors, Inc. AQR Capital Management, LLC is the Investment Manager of the Funds and e: [email protected] a federally registered investment adviser. ALPS Distributors is not affiliated with AQR Capital Management. [AQR008391] Advisor Support: Not FDIC Insured – No Bank Guarantee – May Lose Value p: +1.203.742.3800 e: [email protected]