Firm Overview We are a discretionary institutional global asset manager registered as an investment adviser with the SEC under the U.S. Investment Advisers Act of 1940, as amended (referred to in this brochure as the Advisers Act). Our principal place of business is located at 200 Clarendon Street, 30th Floor, Boston, Massachusetts. We were founded in 1999. Ownership Structure and Leadership We are organized as a Massachusetts limited partnership whose general partner is Arrowstreet Capital GP LLC (a Delaware limited liability company) and whose sole limited partner is Arrowstreet Capital Holding LLC (a Delaware limited liability company), the ultimate owner of our firm. Arrowstreet Capital Holding LLC is the sole member of, and wholly-owns, Arrowstreet Capital GP LLC. Arrowstreet Capital Holding LLC is wholly-owned and controlled by our senior management team and non-executive directors. No member of Arrowstreet Capital Holding LLC owns more than 25% of its voting membership interests. Our management team consists of Messrs. Anthony W. Ryan, President and Chief Executive Officer, and Peter L. Rathjens, Chief Investment Officer. Our board of directors consists of four executive directors; Anthony W. Ryan, Peter L. Rathjens, John Y. Campbell and Derek A. Vance; and four non-executive directors, Bruce E. Clarke, Helen Crossen, Sarah Fromson and Tuomo O. Vuolteenaho. Description of Advisory Services We offer institutional investors a select range of equity investment strategies managed as follows:
• Long-Only – seek to outperform equity benchmarks with long-only portfolios.
• Alpha Extension – seek to outperform equity benchmarks by relaxing the short-sale constraint to specified limits, which involves economic leverage (certain of the “alpha extension” investment strategies that we offer are characterized in the institutional marketplace as “130/30”, or variations of net and gross exposure).
• Beta Neutral – seek to produce absolute returns and outperform short-term cash benchmarks with the ability to use more leverage and have fewer constraints than alpha extension strategies. Our investment process utilizes quantitative methods that focus on identifying and incorporating investment signals into our proprietary return, risk and transaction cost models. Our investment approach involves creating diversified equity portfolios. We utilize a structured investment process that attempts to add value relative to a client specific benchmark. This involves identifying opportunities across companies, sectors and countries by evaluating a diverse set of fundamental and market-based predictive factors. Portfolios are constructed through the use of a mean variance optimizer utilizing proprietary expected return, risk and transaction cost forecasts. Depending on the particular client portfolio, we transact in a variety of instruments, including global equity securities (including common stock, preferred stock, rights, warrants, exchange traded funds, closed-end funds, depository receipts, real estate investment trusts, collective investment funds and other pooled vehicles and participation notes), spot and forward foreign currency contracts, exchange traded equity index futures contracts and other derivatives. We effect transactions in derivatives pursuant to the terms customarily set forth in established legal frameworks, such as the International Swaps and Derivatives Association form (ISDA Master Agreement) and the International Foreign Exchange Master Agreement form (IFEMA) and, where applicable, negotiated agreements with futures commission merchants or other financial intermediaries. We are a signatory to the Principles for Responsible Investment. We have a Responsible Investing Committee that meets quarterly to discuss our approach to various environmental, social and corporate governance (ESG) related issues, both in our investment process and in our reporting. Our research focuses on identifying, testing, and incorporating investment signals into our quantitative return and risk models. We incorporate what we believe to be the best investment insights into our clients’ portfolios with the objective to deliver sustainable alpha on a risk- controlled basis. Consistent with this objective, all alpha and risk signals, including those associated with ESG information, are evaluated in a systematic and rigorous manner prior to inclusion in our process. We understand that ESG considerations can impact businesses’ profitability and sustainability of earnings, in addition to the risks associated with their securities. Though our research to date has not suggested that stocks with desirable ESG scores will systematically outperform, some of our existing expected return signals are correlated with specific ESG measures. The most conspicuous examples are our quality signals, which tend to be somewhat correlated with the “G” (Governance) component of ESG. We do believe ESG information is informative about forward-looking active risks, and therefore we include signals derived from ESG and carbon information in our risk model. Separate from these considerations related to risk-adjusted returns, when directed to do so by clients, we can also reflect client-specific responsible investment preferences in those clients’ specific portfolios. In particular, we can employ exclusionary screens, group restrictions, continuous penalties, ESG-tilted benchmarks, or a combination of these approaches to reflect client-specific responsible investment considerations. We believe that we have developed effective tools to allow for the inclusion of these additional considerations with relatively low cost to the other investment considerations. We manage a number of portfolios that use these approaches to help satisfy clients’ ESG-related objectives. Our investment process does not take into consideration a particular client’s tax characteristics or attributes, including those that specifically apply to the portfolio of assets we manage. We do not monitor global tax laws, rules or regulations (or filing obligations) on behalf of separately managed portfolios. In addition, we do not manage or otherwise seek to process or collect tax reclaims for separately managed portfolios. Please refer to Item 8 for a discussion of tax-related risks relating to our investment strategies. Please refer to Item 8 for a discussion of our equity investment strategies and certain material risks related to such strategies. Separately Managed Portfolios and Pooled Investment Funds Prospective clients may, depending on their desired investment strategy and funds available for investment, choose to have a separately managed portfolio or invest through a pooled investment fund for which we are the promoter and the investment adviser. We do not invest the assets of separately managed client portfolios in Arrowstreet Sponsored Funds; however, clients can choose to invest directly in an Arrowstreet Sponsored Fund while at the same time maintaining a separately managed portfolio. Please refer to Item 7 for a discussion of the types of institutional clients for which we serve as investment adviser. Separately Managed Portfolios. A separately managed portfolio is a client specific portfolio individually managed according to one of our offered equity investment strategies. Separately managed portfolio clients grant us discretionary authority to manage and invest client assets allocated to the portfolio, subject to the clients’ stated investment objectives and investment guidelines. Each separately managed portfolio is subject to the terms of an investment management agreement or other similar agreement between us and the relevant client. While we generally do not tailor advisory services to the individual needs of our clients, clients may impose restrictions on investing in certain securities (or types of securities) or other limitations. Please refer to Item 16 for more information regarding our investment discretion over client portfolios. Pooled Investment Funds. We are the investment adviser to, and promoter of, a number of pooled investment funds (the Arrowstreet Sponsored Funds). Each Arrowstreet Sponsored Fund is managed according to one of our offered investment strategies and designed to take into consideration the domicile and certain tax and/or regulatory characteristics of the likely potential investors. A brief description of each Arrowstreet Sponsored Fund is as follows: Arrowstreet Collective Investment Trust A group trust under Internal Revenue Service Revenue Ruling 81-100 organized under the laws of the State of Maine and designed to permit U.S.-based defined benefit and defined contribution plans to commingle assets for investment purposes on a tax-exempt basis. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered investment strategies. Arrowstreet U.S. Group Trust A group trust under Internal

Revenue Service Revenue Ruling 81-100 organized under the laws of the State of New York and designed to permit U.S.-based employee benefit plans and certain governmental plans to commingle assets for investment purposes on a tax-exempt basis. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered investment strategies. Arrowstreet Investment Trust A trust organized in series under the laws of the State of New Hampshire and designed to permit select, qualified investors (e.g., endowments and foundations) to commingle assets for investment purposes on a tax-transparent basis. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered investment strategies. Arrowstreet Canadian Pooled Funds A unit trust formed under the laws of Manitoba and designed for Canadian investors such as pensions or charities to commingle assets for investment purposes in a separate pool and also for Canadian investors which are not pensions or charities to commingle assets for investment purposes in a separate pool. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered investment strategies. Arrowstreet Common Contractual Fund A common contractual fund organized under the laws of Ireland and established as a UCITS (an undertaking for collective investment in transferable securities) pursuant to the European Communities (UCITS) Regulations, 2011, designed for non-U.S. institutional investors generally. This fund family has an umbrella structure with multiple investment funds, each utilizing one of our offered investment strategies. Arrowstreet Capital Global Equity Long/Short Fund Limited Arrowstreet Capital Global Equity Long/Short Fund (Feeder) Limited Each is a Cayman Islands exempted company with limited liability. This fund has a master-feeder structure with the feeder fund designed for U.S. and non-U.S. institutional investors generally. The master fund has a global beta neutral equity strategy. Arrowstreet Capital Brattle (US Feeder) II L.P. A Delaware limited partnership that is a feeder fund for Arrowstreet Capital Global Equity Long/Short Fund Limited and which is designed for U.S. institutional investors. Arrowstreet Capital ESG Global Equity Long/Short Fund Limited Arrowstreet Capital Global Equity Long/Short Greenway Fund Limited Each is a Cayman Islands exempted company with limited liability. This fund has a master-feeder structure with the feeder fund designed for U.S. and non-U.S. institutional investors generally. The master fund has a global beta neutral equity strategy. Arrowstreet Capital Global Equity Alpha Extension Fund Limited Arrowstreet Capital Global All Country Alpha Extension Fund (Cayman) Limited Arrowstreet World Small Cap Equity Alpha Extension Fund (Cayman) Limited Arrowstreet ACWI Alpha Extension Fund III (Cayman) Limited Arrowstreet ACWI Alpha Extension Fund V (Cayman) Limited Arrowstreet Capital Copley Fund Limited Each is a Cayman Islands exempted company with limited liability, designed for U.S. institutional investors and non- U.S. institutional investors generally. Each fund has an alpha extension equity strategy which seeks to outperform an equity benchmark more efficiently than a long-only portfolio by relaxing the short-sale constraint to specified limits. Arrowstreet Capital Global Equity Alpha Extension Fund (US Feeder) L.P. A Delaware limited partnership that is a feeder fund for Arrowstreet Capital Global Equity Alpha Extension Fund Limited and which is designed for U.S. and non-U.S. institutional investors generally. Arrowstreet EMK Alpha Extension Fund L.P. A Delaware limited partnership with an equity strategy which seeks to outperform an emerging markets equity benchmark more efficiently than a long-only portfolio by relaxing the short-sale constraint to specified limits. Arrowstreet (Delaware) Alpha Extension Fund L.P. A Delaware limited partnership with a global equity strategy which seeks to outperform a global equity benchmark more efficiently than a long-only portfolio by relaxing the short-sale constraint to specified limits. Arrowstreet International Equity EAFE Alpha Extension Fund L.P. A Delaware limited partnership with a global equity strategy which seeks to outperform a global equity benchmark more efficiently than a long-only portfolio by relaxing the short-sale constraint to specified limits. Please refer to Items 5, 8, 10, 11, 12, 15 and 17 for more information about the Arrowstreet Sponsored Funds. Corporate Affiliates Our firm has an affiliated marketing entity (Arrowstreet Capital Europe Limited (ACEL)) located in the U.K. that focuses on client relationship management and marketing activities. ACEL is a private company limited by shares. ACEL engages in client relationship management and permitted marketing activities throughout Europe. ACEL is authorized and regulated in the U.K. by the Financial Conduct Authority to advise on certain investments, arrange deals in investments and make arrangements with a view to transactions in investments. Its registered office is 11 Bressenden Place, London, United Kingdom SW1E 5BY. Our firm has an affiliated entity (Arrowstreet Capital Canada Corporation) located in Canada that focuses on IT support services to the firm. Our firm has an affiliated management company (Arrowstreet Capital Ireland Limited (ACIL)) located in Ireland. ACIL formerly served as the UCITS management company for the Arrowstreet Common Contractual Fund and is currently in the process of being liquidated. Middle-Office Service Provider We engage a third party service provider to provide middle-office administrative, accounting and record keeping services, including certain reconciliation services, certain corporate action administrative and processing services, trade settlement processing and custodial communications, and portfolio performance computation services with respect to separately managed client portfolios. Periodic reports prepared for separately managed portfolios are generally based on the records of our service provider. Corporate Actions Management In connection with exercising investment discretion in managing voluntary corporate actions relating to securities held in client portfolios, we evaluate the facts and circumstances of each corporate action when choosing whether to elect a particular course of action (or, in some cases, to take no action at all), which may include assessing monetary or non-monetary costs against the expected portfolio benefits. Client custodians are responsible for providing timely notice to us of corporate actions via our middle-office service provider and then complying with our election instructions (if any). Corporate action notices may not always be received by us, or if received, may be received too late for us to take action. Proxy Voting Service Provider We engage a third party service provider to provide proxy-voting services for client portfolios (including Arrowstreet Sponsored Funds), including vote analysis, execution, reporting and certain recordkeeping services. The third party service provider’s standard proxy voting policies (which we subscribe to) take into account certain ESG matters. In addition, upon client request, we can implement enhanced ESG specific voting procedures with respect to the securities held in such client’s portfolio. It is the responsibility of the client custodians or other service providers to timely and effectively communicate all proxy notices to us (or our designee) and, once instructed by us or our designee, to execute such instructions accurately. In certain cases proxies may not be voted. Please refer to Item 17 for additional information regarding proxy voting, including ESG proxy voting. Shareholder Claims Monitoring; Participation in Legal Proceedings With respect to our separately managed portfolios, we do not monitor the occurrence or status of legal proceedings or claims affecting securities held in client portfolios. From time to time we receive notices with respect to securities held or previously held in client portfolios that become subject to legal proceedings, including class action claims or bankruptcies. It is our policy to take no action in respect of these notices, which includes not filing claims or taking any other action with respect to these legal proceedings, including filing proofs of claims and related documents. Clients or their custodians are responsible for arranging the supervision and management of all such shareholder matters. With respect to the Arrowstreet Sponsored Funds, a third party claims processing service or the relevant fund custodian is engaged by the applicable fund to monitor and process claims on behalf of such funds. Assets Under Management As of December 31, 2022, we had approximately U.S. $138 billion in assets under management. All assets were managed on a discretionary basis.