Data as of 6/30/2010

Currency Exposures (%)
  AQR IEF MSCI EAFE Fund-Index
Australian Dollar 8.5% 8.1% 0.4%
Danish Krone 1.0% 1.0% 0.0%
Euro 12.5% 29.7% -17.2%
Hong Kong Dollar 2.6% 2.6% 0.0%
New Israeli Sheqel 0.0% 0.9% -0.9%
New Zealand Dollar 0.0% 0.1% -0.1%
Japanese Yen 20.9% 23.3% -2.4%
Norwegian Krone 13.4% 0.7% 12.6%
British Pound 20.3% 21.0% -0.7%
Singapore Dollar 1.7% 1.7% 0.0%
Swedish Krona 11.0% 2.9% 8.1%
Swiss Franc 8.0% 8.0% 0.0%
US Dollar 0.2% 0.0% 0.2%
Total 100.0% 100.0% 0.0%
Sector Exposures (%)
  AQR IEF MSCI EAFE Fund-Index
Consumer Discretionary 14.1% 10.3% 3.8%
Consumer Staples 9.1% 10.6% -1.4%
Energy 7.7% 7.1% 0.6%
Financials 21.3% 24.4% -3.1%
Health Care 8.6% 9.0% -0.4%
Industrials 15.4% 12.3% 3.2%
Information Technology 4.8% 5.2% -0.3%
Materials 10.1% 10.1% 0.0%
Telecom Services 5.3% 5.6% -0.3%
Utilities 3.3% 5.5% -2.1%
Total Equity Investments 100.0% 100.0% 0.0%

Additional Fund Information
  Class N Shares Class I Shares Class Y Shares
Ticker AQINX AQIIX AQIYX
CUSIP 00203H404 00203H867 00203H503
Minimum Investment $5,000 $1 Million $10 Million
12b-1 Fee 0.25% None None
Gross Expense Ratio* 1.36% 0.97% 0.91%
Net Expense Ratio** 1.25% 0.90% 0.55%
Expense Cap*** 1.25% 0.90% 0.55%
 
Country Exposures (%)
  AQR IEF MSCI EAFE Fund-Index
Australia 0.4% 8.1% -7.7%
Austria 0.0% 0.3% -0.3%
Belgium 0.7% 0.9% -0.3%
Denmark 1.6% 1.0% 0.6%
Finland 1.1% 1.0% 0.1%
France 14.2% 9.8% 4.4%
Germany 10.0% 7.8% 2.2%
Greece 0.0% 0.3% -0.3%
Hong Kong 0.2% 2.6% -2.3%
Ireland 0.0% 0.3% -0.3%
Israel 0.0% 0.9% -0.9%
Italy 6.9% 2.8% 4.1%
Japan 15.3% 23.3% -8.0%
Netherlands 9.1% 2.6% 6.4%
New Zealand 0.0% 0.1% -0.1%
Norway 0.0% 0.7% -0.7%
Portugal 0.0% 0.3% -0.3%
Singapore 1.7% 1.7% 0.0%
Spain 5.7% 3.5% 2.2%
Sweden 0.2% 2.9% -2.7%
Switzerland 4.9% 8.0% -3.2%
United Kingdom 25.8% 21.0% 4.8%
Total 97.7% 100.0% -2.3%
Top Ten Holdings(%)
  % of Net Assets
Nestle SA 2.5%
Novartis AG 2.2%
Banco Santander SA 1.5%
Roche Holdings AG 1.4%
HSBC Holdings PLC 1.4%
Vodaphone Group PLC 1.3%
Total SA 1.3%
ENI SpA 1.2%
BP PLC 1.1%
Siemens AG 1.1%
Top Ten Total (%) 15.0%
Portfolio Statistics
  AQR IEF MSCI EAFE
# of Stocks 451 964
Avg Mkt Cap ($MM) 43,146 44,301
Median Market Cap ($MM) 6,106 5,812
P/E (trailing) 14.0 14.8
P/B 1.4 1.4
Total Net Assets ($mm) 381 N/A


† All Fund Statistics are subject to change.  Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities.

* The Gross Expense Ratio includes all categories of expenses before any expense reductions or fee waivers.

** The Net Expense Ratio per the Fund’s latest Prospectus. The Net Expense Ratio reflects waivers of management fees and/or reimbursement of expenses by the Adviser.

*** The Adviser has contractually agreed until at least December 31, 2010 to waive its management fee and/or reimburse expenses of the Fund to the extent necessary to maintain the total annual fund operating expenses at the stated levels, exclusive of certain expenses such as acquired fund fees and extraordinary expenses. See the Prospectus for additional details.

International Equity Fund. The Fund uses derivatives to manage its country and currency exposures. The use of derivatives exposes the Fund to additional risks including increased volatility, lack of liquidity, and possible losses greater than the Fund's initial investment as well as increased transaction costs. Foreign investing involves special risks such as currency fluctuations and political uncertainty.


All AQR Funds
. An investment in any of the AQR Funds involves risk, including loss of principal. The value of the Funds’ 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. Please refer to the prospectus for complete information regarding all risks associated with the Funds.

An investor considering the Funds should be able to tolerate potentially wide price fluctuations. The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability to shareholders in the Funds. 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.