AQR Long- Equity Fund 6/30/2021

Performance as of 6/30/2021 About the Fund Investment Objective: Annualized Total Return Inception Since Seeks capital appreciation. Date QTD YTD 1 Yr 3 Yr 5 Yr Inception Reasons to Invest: Class I Shares: QLEIX 7/16/2013 0.98% 20.23% 22.66% -1.53% 2.06% 6.77% The Fund seeks to provide higher Class N Shares: QLENX 7/16/2013 0.82% 20.00% 22.32% -1.83% 1.78% 6.48% risk-adjusted returns with lower volatility compared to global equity Class R6 Shares: QLERX 9/2/2014 0.98% 20.23% 22.91% -1.44% 2.15% 5.15% markets. Custom Index * 7/16/2013 3.83% 6.39% 18.40% 8.42% 8.10% 6.12% Three Return Sources: MSCI World Index 7/16/2013 7.74% 13.05% 39.04% 14.99% 14.83% 11.22% • Market-neutral, long/short and Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that stock selection portfolio 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. • Passive exposure to global equity *Consists of 50% MSCI World Index + 50% Merrill Lynch 3 Month T-Bill Index. Indexes are unmanaged, and one cannot invest markets directly in an index. • Tactical tilts to the Fund’s equity market exposure

Potential Advantages: Country Exposures† Sector Exposure (%)* Innovative Approach Long Short Futures Long Short Net The Fund’s approach seeks to Australia 7.0% -8.1% 0.8% Communication Services 13.3% -14.9% -1.6% explicitly separate the return of Belgium 1.4% -1.4% 0.0% Consumer Discretionary 46.8% -39.3% 7.6% market exposure (“”) from the Canada 7.8% -8.4% 1.6% Consumer Staples 19.8% -26.9% -7.1% true “” of long and short stock Denmark 3.7% -4.1% 0.0% Energy 4.5% -7.1% -2.6% selection. Finland 1.9% -2.0% 0.0% Financials 34.2% -37.3% -3.1% France 12.1% -12.7% 1.5% Health Care 24.2% -30.0% -5.8% Transparency and Risk Control Germany 8.5% -8.5% 1.0% Industrials 49.5% -49.6% -0.1% Transparent separation of alpha, Hong Kong 3.3% -3.9% 0.4% Information Technology 30.5% -30.2% 0.2% beta, and beta variation enables the Italy 6.5% -7.1% 0.3% Materials 24.1% -18.6% 5.5% Adviser to manage the risk Japan 54.9% -57.1% -0.4% Miscellaneous 5.0% 0.0% 5.0% contribution of each return source to Netherlands 4.3% -3.3% 0.8% Real Estate 8.5% -12.8% -4.3% the overall portfolio. Norway 2.0% -2.2% 0.0% Utilities 9.4% -13.9% -4.5% Singapore 1.1% -0.9% 0.1% Total 269.7% -280.7% -10.9% Spain 3.3% -3.7% 0.4% Portfolio Diversification Sweden 6.0% -5.8% 0.5% Sources of potential excess returns Portfolio Statistics ** Switzerland 6.5% -7.7% 1.3% are well diversified across themes United Kingdom 21.9% -21.1% 1.5% # of long holdings 1078 and geographies, potentially leading United States 117.5% -122.6% 36.7% # of short holdings 1092 to higher risk-adjusted returns. Total 269.7% -280.7% 46.5% Long Exposure (% of NAV) 269.7% †All Fund Statistics are subject to change. Short Exposure (% of NAV) 280.7% Academic Research Foundation Total Fund Assets ($MM) 285 Decades of academic and practitioner research have shown that investing in stocks based on Top Five Long Holdings Top Five Short Holdings value, momentum and quality may % of Net Assets % of Net Assets provide returns in excess of market MSCI International Japan Net Index JPY Ocado Group -1.5% benchmarks. 3.4% Real time L'Oreal -1.4% Walmart 1.3% Kobe Bussan -1.2% Experienced Management Team Ahold Delhaize 1.2% Diageo -1.1% AQR’s core investment and research Atos 1.1% Charter Commns -1.1% team has been working together and Royal Mail 1.1% managing complex fund strategies since the early 1990s.

* Does not include futures exposures.

**All Portfolio Statistics are subject to change. Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Please see following page for portfolio statistic definitions. www.aqrfunds.com

InvestmentApproach FundManagers

• The investment universe for the Fund is comprised of Definitions: individual equities and equity-related instruments of Alpha: The excess return of the fund relative to the return of companies in global developed markets, including the the benchmark index is considered the fund’s alpha. United States. Beta: A measure of how sensitive a fund’s returns are to • Long-term strategic exposure to global equity markets is changes in its benchmark index. For example, if the MSCI obtained using a basket of futures that targets a beta of World Index were to fall 1 percent, a fund with a beta estimate Michele Aghassi, Ph.D., CFA 0.5 to the MSCI World Index. of 0.5 would fall approximately 0.5 percent. • The Adviser uses a variety of indicators to tactically shift Principal, AQR Sharpe Ratio: A measure of a portfolio’s risk-adjusted Ph.D., Massachusetts Institute of the Fund’s beta exposure to global equity markets in a performance. The Sharpe Ratio is calculated using the range of 0.3 to 0.7 around its long-term strategic target Technology historical volatility of the fund and excess return to determine B.S., Brown University of 0.5. reward per unit of risk. The higher the Sharpe Ratio, the better • The Adviser uses value, momentum, quality and other the fund’s risk-adjusted performance. economic indicators to take long and short positions in Volatility: A statistical measure of the variation in returns for industries, sectors and companies that it believes are a given security or index. attractive on either a relative or an absolute basis. Morgan Stanley Capital International World (MSCI) Index: a • The long-short component of the portfolio targets a beta free float-adjusted market capitalization weighted index that to equity markets of zero. is designed to measure the equity market performance of the • The resulting portfolio is the sum of three independent developed markets. Andrea Frazzini, Ph.D. sources of return: equity market exposure (pure beta), the ICE Bank of America Merrill Lynch 3-Month Treasury Bill Principal, AQR return from tactically varying exposure (tactical beta Index: consists of U.S. Treasury Bills maturing in 90 days. Ph.D., Yale University changes), and long-short stock selection (pure alpha). M.S., School of Economics Indexes are unmanaged and one cannot invest directly in an B.S., University of Rome III index.

Fund Facts Gross Net Investment Expense Expense Ticker CUSIP Inception Date Minimum* 12b-1 Fee Ratio Ratio** Class I Shares QLEIX 00203H446 7/16/13 $5 Million None 1.35% 1.34% Ronen Israel Class N Shares QLENX 00203H438 7/16/13 $1 Million 0.25% 1.60% 1.59% Principal, AQR M.A., Columbia University Class R6 Shares QLERX 00191K500 9/2/14 $50 Million None 1.26% 1.24% B.S., B.A.S., University of *Investment minimums are waived or reduced for certain investors. Some financial intermediaries may not offer Class R6 Shares or may impose Pennsylvania 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 April 30, 2022.

Adjusted Expense Ratio*** Class I Shares: 1.33% Class N Shares: 1.58% Class R6 Shares: 1.23%

***Reflects the Net Expense Ratio adjusted for certain investment related expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund, none of which are paid to the Adviser. Lars Nielsen Principal, AQR M.Sc., B.Sc., University of Copenhagen

PRINCIPAL RISKS: Foreign investing involves special risks such as currency fluctuations and political uncertainty. Funds that emphasize investments in mid-cap companies generally will experience greater price volatility. The Adviser from time to 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. 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. There are risks involved with investing including the possible loss of principal. Past performance does not guarantee future results. Diversification does not eliminate the risk of experiencing investment losses. This document is intended exclusively for the use 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 written consent. AQR Capital Management, LLC 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 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 objectives e: [email protected] 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. [AQR008387] p: +1.203.742.3800 e: [email protected]

Not FDIC Insured – No Bank Guarantee – May Lose Value