AQR Large Cap Defensive Style Fund

This fund employs a "defensive" investment approach. Its core objective is to mitigate potential losses during market downturns while still capturing opportunities for capital appreciation. This is achieved through a combination of diligent stock selection, stringent risk management protocols, and strategic portfolio diversification. Typically, the fund commits a minimum of 80% of its total net assets (which includes any borrowed funds used for investment) to equity securities issued by large-capitalization companies, under normal market circumstances. Although its primary emphasis is on these large-cap entities, the fund retains the flexibility to invest in companies across the entire market capitalization spectrum. From time to time, the investment adviser may, at their discretion, allocate capital to small- and mid-cap companies.