AQR Large Cap Multi-Style Fund

Class I: QCELX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Large Cap Multi-Style Fund for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$22	0.42%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$1,165,553,675
Total Number of Portfolio Holdings207
Portfolio Turnover Rate (excludes certain derivatives, if any)32%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.6
Materials	2.1
Consumer Staples	2.9
Energy	3.9
Investment Companies	4.4
Communication Services	9.0
Industrials	9.8
Consumer Discretionary	9.9
Health Care	10.0
Financials	13.2
Information Technology	33.6

Top 10 Holdings

Table Summary
Security	% of Net Assets
NVIDIA Corp.	7.5
Apple, Inc.	5.0
Limited Purpose Cash Investment Fund	4.4
Microsoft Corp.	4.1
Alphabet, Inc., Class A	2.2
Broadcom, Inc.	2.1
Meta Platforms, Inc., Class A	1.9
Amazon.com, Inc.	1.9
Micron Technology, Inc.	1.7
Booking Holdings, Inc.	1.4

Availability of Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: https://funds.aqr.com/fund-finder#panel-documents

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Large Cap Multi-Style Fund

Class N: QCENX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$34	0.67%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$1,165,553,675
Total Number of Portfolio Holdings207
Portfolio Turnover Rate (excludes certain derivatives, if any)32%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.6
Materials	2.1
Consumer Staples	2.9
Energy	3.9
Investment Companies	4.4
Communication Services	9.0
Industrials	9.8
Consumer Discretionary	9.9
Health Care	10.0
Financials	13.2
Information Technology	33.6

Top 10 Holdings

Table Summary
Security	% of Net Assets
NVIDIA Corp.	7.5
Apple, Inc.	5.0
Limited Purpose Cash Investment Fund	4.4
Microsoft Corp.	4.1
Alphabet, Inc., Class A	2.2
Broadcom, Inc.	2.1
Meta Platforms, Inc., Class A	1.9
Amazon.com, Inc.	1.9
Micron Technology, Inc.	1.7
Booking Holdings, Inc.	1.4

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Large Cap Multi-Style Fund

Class R6: QCERX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$17	0.32%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$1,165,553,675
Total Number of Portfolio Holdings207
Portfolio Turnover Rate (excludes certain derivatives, if any)32%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.6
Materials	2.1
Consumer Staples	2.9
Energy	3.9
Investment Companies	4.4
Communication Services	9.0
Industrials	9.8
Consumer Discretionary	9.9
Health Care	10.0
Financials	13.2
Information Technology	33.6

Top 10 Holdings

Table Summary
Security	% of Net Assets
NVIDIA Corp.	7.5
Apple, Inc.	5.0
Limited Purpose Cash Investment Fund	4.4
Microsoft Corp.	4.1
Alphabet, Inc., Class A	2.2
Broadcom, Inc.	2.1
Meta Platforms, Inc., Class A	1.9
Amazon.com, Inc.	1.9
Micron Technology, Inc.	1.7
Booking Holdings, Inc.	1.4

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Small Cap Multi-Style Fund

Class I: QSMLX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Small Cap Multi-Style Fund for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$34	0.63%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$149,527,816
Total Number of Portfolio Holdings517
Portfolio Turnover Rate (excludes certain derivatives, if any)30%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	1.0
Communication Services	2.4
Consumer Staples	3.7
Materials	4.4
Investment Companies	7.2
Consumer Discretionary	7.4
Energy	7.9
Financials	15.7
Information Technology	15.7
Health Care	16.1
Industrials	17.7

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	7.2
Teekay Tankers Ltd., Class A	1.1
Credo Technology Group Holding Ltd.	0.9
SSR Mining, Inc.	0.9
Bloom Energy Corp., Class A	0.9
Argan, Inc.	0.9
Perdoceo Education Corp.	0.8
Alkermes plc	0.8
Catalyst Pharmaceuticals, Inc.	0.8
Fabrinet	0.7

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Small Cap Multi-Style Fund

Class N: QSMNX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$47	0.88%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$149,527,816
Total Number of Portfolio Holdings517
Portfolio Turnover Rate (excludes certain derivatives, if any)30%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	1.0
Communication Services	2.4
Consumer Staples	3.7
Materials	4.4
Investment Companies	7.2
Consumer Discretionary	7.4
Energy	7.9
Financials	15.7
Information Technology	15.7
Health Care	16.1
Industrials	17.7

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	7.2
Teekay Tankers Ltd., Class A	1.1
Credo Technology Group Holding Ltd.	0.9
SSR Mining, Inc.	0.9
Bloom Energy Corp., Class A	0.9
Argan, Inc.	0.9
Perdoceo Education Corp.	0.8
Alkermes plc	0.8
Catalyst Pharmaceuticals, Inc.	0.8
Fabrinet	0.7

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Small Cap Multi-Style Fund

Class R6: QSERX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$29	0.53%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$149,527,816
Total Number of Portfolio Holdings517
Portfolio Turnover Rate (excludes certain derivatives, if any)30%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	1.0
Communication Services	2.4
Consumer Staples	3.7
Materials	4.4
Investment Companies	7.2
Consumer Discretionary	7.4
Energy	7.9
Financials	15.7
Information Technology	15.7
Health Care	16.1
Industrials	17.7

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	7.2
Teekay Tankers Ltd., Class A	1.1
Credo Technology Group Holding Ltd.	0.9
SSR Mining, Inc.	0.9
Bloom Energy Corp., Class A	0.9
Argan, Inc.	0.9
Perdoceo Education Corp.	0.8
Alkermes plc	0.8
Catalyst Pharmaceuticals, Inc.	0.8
Fabrinet	0.7

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR International Multi-Style Fund

Class I: QICLX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR International Multi-Style Fund for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$30	0.57%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$756,861,242
Total Number of Portfolio Holdings244
Portfolio Turnover Rate (excludes certain derivatives, if any)29%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.2
Consumer Staples	4.8
Communication Services	4.9
Investment Companies	5.1
Energy	5.9
Consumer Discretionary	6.0
Information Technology	7.7
Materials	8.0
Health Care	11.6
Industrials	19.2
Financials	22.8

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	18.8
United States	13.0
Canada	11.5
United Kingdom	10.9
France	8.7
Germany	6.8
Australia	5.2
Netherlands	4.8
Sweden	3.6
Spain	3.4
Others	12.5

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	5.1
Novartis AG (Registered)	2.4
ASML Holding NV	2.3
Roche Holding AG	2.1
BHP Group Ltd.	1.6
ABB Ltd. (Registered)	1.6
Rolls-Royce Holdings plc	1.6
Centrica plc	1.3
Orange SA	1.3
Repsol SA	1.2

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR International Multi-Style Fund

Class N: QICNX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$43	0.82%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$756,861,242
Total Number of Portfolio Holdings244
Portfolio Turnover Rate (excludes certain derivatives, if any)29%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.2
Consumer Staples	4.8
Communication Services	4.9
Investment Companies	5.1
Energy	5.9
Consumer Discretionary	6.0
Information Technology	7.7
Materials	8.0
Health Care	11.6
Industrials	19.2
Financials	22.8

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	18.8
United States	13.0
Canada	11.5
United Kingdom	10.9
France	8.7
Germany	6.8
Australia	5.2
Netherlands	4.8
Sweden	3.6
Spain	3.4
Others	12.5

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	5.1
Novartis AG (Registered)	2.4
ASML Holding NV	2.3
Roche Holding AG	2.1
BHP Group Ltd.	1.6
ABB Ltd. (Registered)	1.6
Rolls-Royce Holdings plc	1.6
Centrica plc	1.3
Orange SA	1.3
Repsol SA	1.2

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR International Multi-Style Fund

Class R6: QICRX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$25	0.47%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$756,861,242
Total Number of Portfolio Holdings244
Portfolio Turnover Rate (excludes certain derivatives, if any)29%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.2
Consumer Staples	4.8
Communication Services	4.9
Investment Companies	5.1
Energy	5.9
Consumer Discretionary	6.0
Information Technology	7.7
Materials	8.0
Health Care	11.6
Industrials	19.2
Financials	22.8

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	18.8
United States	13.0
Canada	11.5
United Kingdom	10.9
France	8.7
Germany	6.8
Australia	5.2
Netherlands	4.8
Sweden	3.6
Spain	3.4
Others	12.5

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	5.1
Novartis AG (Registered)	2.4
ASML Holding NV	2.3
Roche Holding AG	2.1
BHP Group Ltd.	1.6
ABB Ltd. (Registered)	1.6
Rolls-Royce Holdings plc	1.6
Centrica plc	1.3
Orange SA	1.3
Repsol SA	1.2

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Emerging Multi-Style II Fund

Class I: QTELX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Emerging Multi-Style II Fund for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$37	0.69%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$581,106,914
Total Number of Portfolio Holdings224
Portfolio Turnover Rate (excludes certain derivatives, if any)21%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	2.6
Utilities	2.0
Consumer Staples	2.7
Investment Companies	3.8
Consumer Discretionary	4.9
Energy	6.0
Communication Services	6.7
Materials	7.7
Industrials	10.6
Financials	24.5
Information Technology	28.3

Geographic Allocation

Table Summary
Country	% of Net Assets
China	25.4
Taiwan	21.0
South Korea	15.1
India	11.2
Brazil	5.6
United States	3.8
South Africa	2.9
Mexico	2.5
Poland	2.2
Thailand	2.1
Others	8.0

Top 10 Holdings

Table Summary
Security	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	13.8
Samsung Electronics Co. Ltd.	4.5
Limited Purpose Cash Investment Fund	3.8
SK hynix, Inc.	3.5
Tencent Holdings Ltd.	3.3
China Construction Bank Corp., Class H	2.1
Accton Technology Corp.	1.5
Alibaba Group Holding Ltd.	1.4
Sinotruk Hong Kong Ltd.	1.3
Woori Financial Group, Inc.	1.3

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Emerging Multi-Style II Fund

Class N: QTENX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$50	0.95%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$581,106,914
Total Number of Portfolio Holdings224
Portfolio Turnover Rate (excludes certain derivatives, if any)21%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	2.6
Utilities	2.0
Consumer Staples	2.7
Investment Companies	3.8
Consumer Discretionary	4.9
Energy	6.0
Communication Services	6.7
Materials	7.7
Industrials	10.6
Financials	24.5
Information Technology	28.3

Geographic Allocation

Table Summary
Country	% of Net Assets
China	25.4
Taiwan	21.0
South Korea	15.1
India	11.2
Brazil	5.6
United States	3.8
South Africa	2.9
Mexico	2.5
Poland	2.2
Thailand	2.1
Others	8.0

Top 10 Holdings

Table Summary
Security	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	13.8
Samsung Electronics Co. Ltd.	4.5
Limited Purpose Cash Investment Fund	3.8
SK hynix, Inc.	3.5
Tencent Holdings Ltd.	3.3
China Construction Bank Corp., Class H	2.1
Accton Technology Corp.	1.5
Alibaba Group Holding Ltd.	1.4
Sinotruk Hong Kong Ltd.	1.3
Woori Financial Group, Inc.	1.3

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Emerging Multi-Style II Fund

Class R6: QTERX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$32	0.60%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$581,106,914
Total Number of Portfolio Holdings224
Portfolio Turnover Rate (excludes certain derivatives, if any)21%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	2.6
Utilities	2.0
Consumer Staples	2.7
Investment Companies	3.8
Consumer Discretionary	4.9
Energy	6.0
Communication Services	6.7
Materials	7.7
Industrials	10.6
Financials	24.5
Information Technology	28.3

Geographic Allocation

Table Summary
Country	% of Net Assets
China	25.4
Taiwan	21.0
South Korea	15.1
India	11.2
Brazil	5.6
United States	3.8
South Africa	2.9
Mexico	2.5
Poland	2.2
Thailand	2.1
Others	8.0

Top 10 Holdings

Table Summary
Security	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	13.8
Samsung Electronics Co. Ltd.	4.5
Limited Purpose Cash Investment Fund	3.8
SK hynix, Inc.	3.5
Tencent Holdings Ltd.	3.3
China Construction Bank Corp., Class H	2.1
Accton Technology Corp.	1.5
Alibaba Group Holding Ltd.	1.4
Sinotruk Hong Kong Ltd.	1.3
Woori Financial Group, Inc.	1.3

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Large Cap Momentum Style Fund

Class I: AMOMX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Large Cap Momentum Style Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. This report describes changes to the Fund that occurred after the end of the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$21	0.42%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$563,636,549
Total Number of Portfolio Holdings285
Portfolio Turnover Rate (excludes certain derivatives, if any)49%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	2.5
Investment Companies	2.2
Materials	2.4
Energy	2.6
Consumer Staples	4.4
Consumer Discretionary	6.9
Communication Services	10.2
Health Care	10.8
Financials	11.7
Industrials	15.6
Information Technology	31.4

Top 10 Holdings

Table Summary
Security	% of Net Assets
Alphabet, Inc., Class A	7.3
NVIDIA Corp.	7.3
Broadcom, Inc.	3.7
Limited Purpose Cash Investment Fund	2.2
Johnson & Johnson	2.1
JPMorgan Chase & Co.	1.9
Lam Research Corp.	1.5
Microsoft Corp.	1.4
GE Aerospace	1.3
Walmart, Inc.	1.3

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Effective May 4, 2026, the Fund was reorganized into another series of the Trust, the AQR Large Cap Multi-Style Fund, pursuant to an Agreement and Plan of Reorganization approved by the Fund's Board of Trustees (the "Reorganization"). As a result of the Reorganization, the AQR Large Cap Multi-Style Fund is the legal and accounting survivor.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Large Cap Momentum Style Fund

Class N: AMONX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$33	0.67%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$563,636,549
Total Number of Portfolio Holdings285
Portfolio Turnover Rate (excludes certain derivatives, if any)49%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	2.5
Investment Companies	2.2
Materials	2.4
Energy	2.6
Consumer Staples	4.4
Consumer Discretionary	6.9
Communication Services	10.2
Health Care	10.8
Financials	11.7
Industrials	15.6
Information Technology	31.4

Top 10 Holdings

Table Summary
Security	% of Net Assets
Alphabet, Inc., Class A	7.3
NVIDIA Corp.	7.3
Broadcom, Inc.	3.7
Limited Purpose Cash Investment Fund	2.2
Johnson & Johnson	2.1
JPMorgan Chase & Co.	1.9
Lam Research Corp.	1.5
Microsoft Corp.	1.4
GE Aerospace	1.3
Walmart, Inc.	1.3

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Large Cap Momentum Style Fund

Class R6: QMORX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$16	0.32%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$563,636,549
Total Number of Portfolio Holdings285
Portfolio Turnover Rate (excludes certain derivatives, if any)49%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	2.5
Investment Companies	2.2
Materials	2.4
Energy	2.6
Consumer Staples	4.4
Consumer Discretionary	6.9
Communication Services	10.2
Health Care	10.8
Financials	11.7
Industrials	15.6
Information Technology	31.4

Top 10 Holdings

Table Summary
Security	% of Net Assets
Alphabet, Inc., Class A	7.3
NVIDIA Corp.	7.3
Broadcom, Inc.	3.7
Limited Purpose Cash Investment Fund	2.2
Johnson & Johnson	2.1
JPMorgan Chase & Co.	1.9
Lam Research Corp.	1.5
Microsoft Corp.	1.4
GE Aerospace	1.3
Walmart, Inc.	1.3

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Small Cap Momentum Style Fund

Class I: ASMOX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Small Cap Momentum Style Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. This report describes changes to the Fund that occurred after the end of the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$33	0.63%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$166,443,004
Total Number of Portfolio Holdings638
Portfolio Turnover Rate (excludes certain derivatives, if any)25%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.6
Communication Services	2.8
Real Estate	3.2
Investment Companies	4.4
Energy	5.1
Materials	5.7
Consumer Discretionary	7.0
Financials	10.6
Information Technology	16.1
Health Care	19.7
Industrials	21.5

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	4.4
Bloom Energy Corp., Class A	1.8
EchoStar Corp., Class A	1.3
Fabrinet	1.1
Nextpower, Inc., Class A	1.0
Sterling Infrastructure, Inc.	1.0
Credo Technology Group Holding Ltd.	0.9
Hecla Mining Co.	0.8
Kratos Defense & Security Solutions, Inc.	0.8
TTM Technologies, Inc.	0.7

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Effective May 4, 2026, the Fund was reorganized into another series of the Trust, the AQR Small Cap Multi-Style Fund, pursuant to an Agreement and Plan of Reorganization approved by the Fund's Board of Trustees (the "Reorganization"). As a result of the Reorganization, the AQR Small Cap Multi-Style Fund is the legal and accounting survivor.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Small Cap Momentum Style Fund

Class N: ASMNX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$46	0.88%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$166,443,004
Total Number of Portfolio Holdings638
Portfolio Turnover Rate (excludes certain derivatives, if any)25%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.6
Communication Services	2.8
Real Estate	3.2
Investment Companies	4.4
Energy	5.1
Materials	5.7
Consumer Discretionary	7.0
Financials	10.6
Information Technology	16.1
Health Care	19.7
Industrials	21.5

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	4.4
Bloom Energy Corp., Class A	1.8
EchoStar Corp., Class A	1.3
Fabrinet	1.1
Nextpower, Inc., Class A	1.0
Sterling Infrastructure, Inc.	1.0
Credo Technology Group Holding Ltd.	0.9
Hecla Mining Co.	0.8
Kratos Defense & Security Solutions, Inc.	0.8
TTM Technologies, Inc.	0.7

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Small Cap Momentum Style Fund

Class R6: QSMRX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$28	0.53%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$166,443,004
Total Number of Portfolio Holdings638
Portfolio Turnover Rate (excludes certain derivatives, if any)25%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.6
Communication Services	2.8
Real Estate	3.2
Investment Companies	4.4
Energy	5.1
Materials	5.7
Consumer Discretionary	7.0
Financials	10.6
Information Technology	16.1
Health Care	19.7
Industrials	21.5

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	4.4
Bloom Energy Corp., Class A	1.8
EchoStar Corp., Class A	1.3
Fabrinet	1.1
Nextpower, Inc., Class A	1.0
Sterling Infrastructure, Inc.	1.0
Credo Technology Group Holding Ltd.	0.9
Hecla Mining Co.	0.8
Kratos Defense & Security Solutions, Inc.	0.8
TTM Technologies, Inc.	0.7

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR International Momentum Style Fund

Class I: AIMOX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR International Momentum Style Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. This report describes changes to the Fund that occurred after the end of the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$31	0.58%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$207,060,847
Total Number of Portfolio Holdings262
Portfolio Turnover Rate (excludes certain derivatives, if any)36%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	4.2
Consumer Staples	3.0
Consumer Discretionary	3.2
Energy	3.3
Communication Services	4.0
Health Care	4.2
Utilities	6.5
Materials	7.4
Information Technology	9.4
Industrials	22.7
Financials	29.8

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	23.5
Canada	14.3
United Kingdom	11.1
United States	6.6
Germany	6.4
France	5.2
Italy	4.9
Netherlands	4.8
Spain	4.6
Switzerland	2.3
Others	14.0

Top 10 Holdings

Table Summary
Security	% of Net Assets
ASML Holding NV	3.8
Limited Purpose Cash Investment Fund	2.9
HSBC Holdings plc	2.2
Siemens Energy AG	1.7
UniCredit SpA	1.6
Shell plc	1.5
Rolls-Royce Holdings plc	1.4
Intesa Sanpaolo SpA	1.2
Royal Bank of Canada	1.2
AstraZeneca plc	1.2

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Effective May 4, 2026, the Fund was reorganized into another series of the Trust, the AQR International Multi-Style Fund, pursuant to an Agreement and Plan of Reorganization approved by the Fund's Board of Trustees (the "Reorganization"). As a result of the Reorganization, the AQR International Multi-Style Fund is the legal and accounting survivor.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR International Momentum Style Fund

Class N: AIONX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$45	0.84%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$207,060,847
Total Number of Portfolio Holdings262
Portfolio Turnover Rate (excludes certain derivatives, if any)36%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	4.2
Consumer Staples	3.0
Consumer Discretionary	3.2
Energy	3.3
Communication Services	4.0
Health Care	4.2
Utilities	6.5
Materials	7.4
Information Technology	9.4
Industrials	22.7
Financials	29.8

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	23.5
Canada	14.3
United Kingdom	11.1
United States	6.6
Germany	6.4
France	5.2
Italy	4.9
Netherlands	4.8
Spain	4.6
Switzerland	2.3
Others	14.0

Top 10 Holdings

Table Summary
Security	% of Net Assets
ASML Holding NV	3.8
Limited Purpose Cash Investment Fund	2.9
HSBC Holdings plc	2.2
Siemens Energy AG	1.7
UniCredit SpA	1.6
Shell plc	1.5
Rolls-Royce Holdings plc	1.4
Intesa Sanpaolo SpA	1.2
Royal Bank of Canada	1.2
AstraZeneca plc	1.2

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR International Momentum Style Fund

Class R6: QIORX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$26	0.48%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$207,060,847
Total Number of Portfolio Holdings262
Portfolio Turnover Rate (excludes certain derivatives, if any)36%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	4.2
Consumer Staples	3.0
Consumer Discretionary	3.2
Energy	3.3
Communication Services	4.0
Health Care	4.2
Utilities	6.5
Materials	7.4
Information Technology	9.4
Industrials	22.7
Financials	29.8

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	23.5
Canada	14.3
United Kingdom	11.1
United States	6.6
Germany	6.4
France	5.2
Italy	4.9
Netherlands	4.8
Spain	4.6
Switzerland	2.3
Others	14.0

Top 10 Holdings

Table Summary
Security	% of Net Assets
ASML Holding NV	3.8
Limited Purpose Cash Investment Fund	2.9
HSBC Holdings plc	2.2
Siemens Energy AG	1.7
UniCredit SpA	1.6
Shell plc	1.5
Rolls-Royce Holdings plc	1.4
Intesa Sanpaolo SpA	1.2
Royal Bank of Canada	1.2
AstraZeneca plc	1.2

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Large Cap Defensive Style Fund

Class I: AUEIX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Large Cap Defensive Style Fund for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$20	0.38%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$1,347,944,649
Total Number of Portfolio Holdings145
Portfolio Turnover Rate (excludes certain derivatives, if any)14%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.6
Investment Companies	1.8
Utilities	2.2
Energy	6.5
Consumer Discretionary	7.5
Communication Services	10.7
Health Care	12.7
Industrials	13.9
Information Technology	14.2
Financials	14.7
Consumer Staples	15.4

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	1.8
United Therapeutics Corp.	1.8
Exxon Mobil Corp.	1.7
Kroger Co. (The)	1.6
AT&T, Inc.	1.6
Adobe, Inc.	1.6
Microsoft Corp.	1.6
Verizon Communications, Inc.	1.5
Costco Wholesale Corp.	1.5
Johnson & Johnson	1.5

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Large Cap Defensive Style Fund

Class N: AUENX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$34	0.66%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$1,347,944,649
Total Number of Portfolio Holdings145
Portfolio Turnover Rate (excludes certain derivatives, if any)14%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.6
Investment Companies	1.8
Utilities	2.2
Energy	6.5
Consumer Discretionary	7.5
Communication Services	10.7
Health Care	12.7
Industrials	13.9
Information Technology	14.2
Financials	14.7
Consumer Staples	15.4

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	1.8
United Therapeutics Corp.	1.8
Exxon Mobil Corp.	1.7
Kroger Co. (The)	1.6
AT&T, Inc.	1.6
Adobe, Inc.	1.6
Microsoft Corp.	1.6
Verizon Communications, Inc.	1.5
Costco Wholesale Corp.	1.5
Johnson & Johnson	1.5

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Large Cap Defensive Style Fund

Class R6: QUERX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$16	0.31%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$1,347,944,649
Total Number of Portfolio Holdings145
Portfolio Turnover Rate (excludes certain derivatives, if any)14%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.6
Investment Companies	1.8
Utilities	2.2
Energy	6.5
Consumer Discretionary	7.5
Communication Services	10.7
Health Care	12.7
Industrials	13.9
Information Technology	14.2
Financials	14.7
Consumer Staples	15.4

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	1.8
United Therapeutics Corp.	1.8
Exxon Mobil Corp.	1.7
Kroger Co. (The)	1.6
AT&T, Inc.	1.6
Adobe, Inc.	1.6
Microsoft Corp.	1.6
Verizon Communications, Inc.	1.5
Costco Wholesale Corp.	1.5
Johnson & Johnson	1.5

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR International Defensive Style Fund

Class I: ANDIX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR International Defensive Style Fund for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund by contacting us at 1-866-290-2688 or contacting your financial intermediary directly. This report describes changes to the Fund that occurred after the end of the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$36	0.63%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$93,557,836
Total Number of Portfolio Holdings187
Portfolio Turnover Rate (excludes certain derivatives, if any)16%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.5
Investment Companies	3.1
Utilities	4.8
Health Care	7.3
Consumer Discretionary	8.2
Energy	9.0
Industrials	9.2
Information Technology	10.2
Communication Services	12.0
Financials	13.6
Consumer Staples	17.4

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	19.9
Canada	13.4
United Kingdom	9.9
France	7.5
Australia	7.2
United States	6.8
Germany	5.5
Netherlands	4.1
Switzerland	3.9
Hong Kong	3.5
Others	16.6

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	3.1
Dassault Aviation SA	1.4
Hoya Corp.	1.4
Obic Co. Ltd.	1.4
Industria de Diseno Textil SA	1.4
Wesfarmers Ltd.	1.4
United Overseas Bank Ltd.	1.4
Iberdrola SA	1.4
Telstra Group Ltd.	1.4
Koninklijke Ahold Delhaize NV	1.4

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR International Defensive Style Fund

Class N: ANDNX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$48	0.88%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$93,557,836
Total Number of Portfolio Holdings187
Portfolio Turnover Rate (excludes certain derivatives, if any)16%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.5
Investment Companies	3.1
Utilities	4.8
Health Care	7.3
Consumer Discretionary	8.2
Energy	9.0
Industrials	9.2
Information Technology	10.2
Communication Services	12.0
Financials	13.6
Consumer Staples	17.4

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	19.9
Canada	13.4
United Kingdom	9.9
France	7.5
Australia	7.2
United States	6.8
Germany	5.5
Netherlands	4.1
Switzerland	3.9
Hong Kong	3.5
Others	16.6

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	3.1
Dassault Aviation SA	1.4
Hoya Corp.	1.4
Obic Co. Ltd.	1.4
Industria de Diseno Textil SA	1.4
Wesfarmers Ltd.	1.4
United Overseas Bank Ltd.	1.4
Iberdrola SA	1.4
Telstra Group Ltd.	1.4
Koninklijke Ahold Delhaize NV	1.4

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR International Defensive Style Fund

Class R6: ANDRX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$29	0.51%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$93,557,836
Total Number of Portfolio Holdings187
Portfolio Turnover Rate (excludes certain derivatives, if any)16%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	3.5
Investment Companies	3.1
Utilities	4.8
Health Care	7.3
Consumer Discretionary	8.2
Energy	9.0
Industrials	9.2
Information Technology	10.2
Communication Services	12.0
Financials	13.6
Consumer Staples	17.4

Geographic Allocation

Table Summary
Country	% of Net Assets
Japan	19.9
Canada	13.4
United Kingdom	9.9
France	7.5
Australia	7.2
United States	6.8
Germany	5.5
Netherlands	4.1
Switzerland	3.9
Hong Kong	3.5
Others	16.6

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	3.1
Dassault Aviation SA	1.4
Hoya Corp.	1.4
Obic Co. Ltd.	1.4
Industria de Diseno Textil SA	1.4
Wesfarmers Ltd.	1.4
United Overseas Bank Ltd.	1.4
Iberdrola SA	1.4
Telstra Group Ltd.	1.4
Koninklijke Ahold Delhaize NV	1.4

How has the Fund changed?

This is a summary of certain changes to the Fund after March 31, 2026.

Availability of Additional Information

Additional information for the Fund prior to its Reorganization is available at 1-866-290-2688, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

AQR Global Equity Fund

Class I: AQGIX

Semi-Annual Shareholder Report - March 31, 2026

This semi-annual shareholder report contains important information about the AQR Global Equity Fund for the period of October 1, 2025 to March 31, 2026.You can find additional information about the Fund at https://funds.aqr.com/fund-documents. You can also request this information by contacting us at 1-866-290-2688 or contacting your financial intermediary directly.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class I	$40	0.79%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$533,196,607
Total Number of Portfolio Holdings354
Portfolio Turnover Rate (excludes certain derivatives, if any)57%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.9
Materials	2.7
Consumer Staples	4.2
Investment Companies	7.2
Consumer Discretionary	7.2
Communication Services	7.4
Energy	7.5
Health Care	7.8
Industrials	10.2
Financials	18.6
Information Technology	23.4

Geographic Allocation

Table Summary
Country	% of Net Assets
United States	72.7
Japan	5.3
United Kingdom	4.1
France	3.0
Germany	2.7
Canada	2.6
Netherlands	2.1
Spain	1.6
Italy	1.0
Australia	0.9
Others	1.1

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	4.8
NVIDIA Corp.	4.3
Microsoft Corp.	4.0
Apple, Inc.	3.0
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, Institutional Shares	2.4
Amazon.com, Inc.	2.4
Alphabet, Inc., Class A	2.0
Exxon Mobil Corp.	1.9
Broadcom, Inc.	1.7
Alphabet, Inc., Class C	1.7

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Global Equity Fund

Class N: AQGNX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class N	$53	1.04%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$533,196,607
Total Number of Portfolio Holdings354
Portfolio Turnover Rate (excludes certain derivatives, if any)57%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.9
Materials	2.7
Consumer Staples	4.2
Investment Companies	7.2
Consumer Discretionary	7.2
Communication Services	7.4
Energy	7.5
Health Care	7.8
Industrials	10.2
Financials	18.6
Information Technology	23.4

Geographic Allocation

Table Summary
Country	% of Net Assets
United States	72.7
Japan	5.3
United Kingdom	4.1
France	3.0
Germany	2.7
Canada	2.6
Netherlands	2.1
Spain	1.6
Italy	1.0
Australia	0.9
Others	1.1

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	4.8
NVIDIA Corp.	4.3
Microsoft Corp.	4.0
Apple, Inc.	3.0
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, Institutional Shares	2.4
Amazon.com, Inc.	2.4
Alphabet, Inc., Class A	2.0
Exxon Mobil Corp.	1.9
Broadcom, Inc.	1.7
Alphabet, Inc., Class C	1.7

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance

AQR Global Equity Fund

Class R6: AQGRX

Semi-Annual Shareholder Report - March 31, 2026

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
Class R6	$36	0.70%

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Net Assets$533,196,607
Total Number of Portfolio Holdings354
Portfolio Turnover Rate (excludes certain derivatives, if any)57%

Graphical Representation of Holdings

The tables below show the investment makeup of the Fund as of March 31, 2026, excluding derivatives. The Fund's portfolio composition is subject to change.

Sector Allocation

Table Summary
Value	Value
Others	0.9
Materials	2.7
Consumer Staples	4.2
Investment Companies	7.2
Consumer Discretionary	7.2
Communication Services	7.4
Energy	7.5
Health Care	7.8
Industrials	10.2
Financials	18.6
Information Technology	23.4

Geographic Allocation

Table Summary
Country	% of Net Assets
United States	72.7
Japan	5.3
United Kingdom	4.1
France	3.0
Germany	2.7
Canada	2.6
Netherlands	2.1
Spain	1.6
Italy	1.0
Australia	0.9
Others	1.1

Top 10 Holdings

Table Summary
Security	% of Net Assets
Limited Purpose Cash Investment Fund	4.8
NVIDIA Corp.	4.3
Microsoft Corp.	4.0
Apple, Inc.	3.0
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, Institutional Shares	2.4
Amazon.com, Inc.	2.4
Alphabet, Inc., Class A	2.0
Exxon Mobil Corp.	1.9
Broadcom, Inc.	1.7
Alphabet, Inc., Class C	1.7

Availability of Additional Information

Additional information is available at 1-866-290-2688 and https://funds.aqr.com/fund-documents, including the Fund's:

• Prospectus

• Statement of Additional Information

• Portfolio Holdings

AQR Funds are distributed by ALPS Distributors, Inc.

• Financial Statements & Other Information

• Proxy Voting Report

• Updated Fund Performance