UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

        Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22235

                              AQR Funds

(Exact name of registrant as specified in charter)

One Greenwich Plaza

                            Greenwich, CT 06830

                        

(Address of principal executive offices) (Zip code)

H.J. Willcox, Esq.

Principal and Chief Legal Officer

AQR Capital Management, LLC

          One Greenwich Plaza

                        Greenwich, CT 06830                            

        (Name and Address of Agent for Service)

Registrant’s telephone number, including area code: 203-742-3600

Date of fiscal year end:  September 30

Date of reporting period:  October 1, 2021 to September 30, 2022

Item 1. Reports to Shareholders.

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not applicable.

Annual

Report

September

30,

2022

AQR

Large

Cap

Multi-Style

Fund

AQR

Small

Cap

Multi-Style

Fund

AQR

International

Multi-Style

Fund

AQR

Emerging

Multi-Style

II

Fund

AQR

Large

Cap

Momentum

Style

Fund

AQR

Small

Cap

Momentum

Style

Fund

AQR

International

Momentum

Style

Fund

AQR

Large

Cap

Defensive

Style

Fund

AQR

International

Defensive

Style

Fund

AQR

Global

Equity

Fund

AQR

International

Equity

Fund

Table

of

Contents

Shareholder

Letters

(Unaudited)

AQR

Large

Cap

Multi-Style

Fund

....................................................................

2

AQR

Small

Cap

Multi-Style

Fund

....................................................................

4

AQR

International

Multi-Style

Fund

..................................................................

6

AQR

Emerging

Multi-Style

II

Fund

...................................................................

8

AQR

Large

Cap

Momentum

Style

Fund

...............................................................

10

AQR

Small

Cap

Momentum

Style

Fund

...............................................................

12

AQR

International

Momentum

Style

Fund

..............................................................

14

AQR

Large

Cap

Defensive

Style

Fund

................................................................

16

AQR

International

Defensive

Style

Fund

...............................................................

18

AQR

Global

Equity

Fund

..........................................................................

20

AQR

International

Equity

Fund

......................................................................

23

Schedule

of

Investments

AQR

Large

Cap

Multi-Style

Fund

....................................................................

27

AQR

Small

Cap

Multi-Style

Fund

....................................................................

31

AQR

International

Multi-Style

Fund

..................................................................

40

AQR

Emerging

Multi-Style

II

Fund

...................................................................

44

AQR

Large

Cap

Momentum

Style

Fund

...............................................................

49

AQR

Small

Cap

Momentum

Style

Fund

...............................................................

54

AQR

International

Momentum

Style

Fund

..............................................................

64

AQR

Large

Cap

Defensive

Style

Fund

................................................................

68

AQR

International

Defensive

Style

Fund

...............................................................

73

AQR

Global

Equity

Fund

..........................................................................

78

AQR

International

Equity

Fund

......................................................................

86

Financial

Statements

and

Notes

........................................................................

93

Report

of

Independent

Registered

Public

Accounting

Firm

.....................................................

152

Other

Federal

Tax

Information

(Unaudited)

................................................................

153

Fund

Expense

Examples

(Unaudited)

....................................................................

154

Trustees

and

Officers

(Unaudited)

.......................................................................

157

Board

Approval

of

Investment

Advisory

Agreements

(Unaudited)

................................................

159

Liquidity

Risk

Management

Program

(Unaudited)

...........................................................

162

Shareholder

Letter

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

2

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Large

Cap

Multi-Style

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

attractively

valued

U.S.

large

and

mid-cap

companies

that

have

positive

momentum

and

strong

quality.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

rank

high

on

a

combined

score

of

Value,

Momentum

and

Quality

styles.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-13.59%

while

the

Russell

1000®

Total

Return

Index

(the

“Benchmark”)

returned

-17.22%.

The

Fund’s

outperformance

was

driven

primarily

by

stock

selection

within

sector

(2.6%),

while

sector

selection

(1.4%)

added

to

gains.

In

sector

selection,

an

overweight

to

Energy

(1.8%)

and

an

underweight

to

Consumer

Discretionary

(0.3%)

drove

gains,

while

an

underweight

to

Utilities

(-0.4%)

partially

offset.

Within

sector

stock

selection,

gains

came

from

Information

Technology

(1.5%),

Financials

(0.8%),

and

Communication

Services

(0.6%),

partially

offset

by

losses

in

Consumer

Staples

(-0.6%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Energy

(3.2%)

and

Industrials

(3.1%),

and

underweights

to

Real

Estate

(-2.7%)

and

Utilities

(-1.4%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

3

Shareholder

Letter

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.41%,

0.66%

and

0.31%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

LARGE

CAP

MULTI-STYLE

FUND

VS.

RUSSELL

1000®

TOTAL

RETURN

INDEX

VALUE

OF

$10,000

INVESTED

ON

3/26/2013

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

LARGE

CAP

MULTI-STYLE

FUND

1

Year

3

Year

5

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

QCELX

-13.59%

7.44%

6.42%

9.59%

3/26/2013

Fund

-

Class

N:

QCENX

-13.82%

7.17%

6.14%

9.33%

3/26/2013

Fund

-

Class

R6:

QCERX

-13.51%

7.55%

6.52%

7.37%

7/10/2014

Russell

1000®

Total

Return

Index

-17.22%

7.95%

9.00%

11.04%

3/26/2013

Shareholder

Letter

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

4

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Small

Cap

Multi-Style

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

attractively

valued

U.S.

small-cap

companies

that

have

positive

momentum

and

strong

quality.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

rank

high

on

a

combined

score

of

Value,

Momentum

and

Quality

styles.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-20.56%

while

the

Russell

2000®

Total

Return

Index

(the

“Benchmark”)

returned

-23.50%.

The

Fund’s

outperformance

was

driven

by

stock

selection

within

sector,

while

sector

selection

also

provided

gains.

Within

sector

stock

selection,

Industrials

(1.6%),

Information

Technology

(0.9%),

and

Financials

(0.5%)

drove

gains,

but

were

partially

offset

by

losses

in

Energy

(-0.5%).

In

sector

selection,

an

overweight

to

Energy

(0.6%)

and

an

underweight

to

Health

Care

(0.5%)

contributed

positively,

but

were

partially

offset

by

an

underweight

to

Utilities

(-0.4%).

Over

the

course

of

the

period,

the

Fund’s

largest

active

positions

included

sector

overweights

to

Industrials

(4.0%)

and

Energy

(1.8%),

and

underweights

to

Health

Care

(-2.8%)

and

Real

Estate

(-2.2%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

5

Shareholder

Letter

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.72%,

0.97%

and

0.62%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance

AQR

SMALL

CAP

MULTI-STYLE

FUND

VS.

RUSSELL

2000®

TOTAL

RETURN

INDEX

VALUE

OF

$10,000

INVESTED

ON

3/26/2013

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

SMALL

CAP

MULTI-STYLE

FUND

1

Year

3

Year

5

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

QSMLX

-20.56%

6.76%

3.23%

7.49%

3/26/2013

Fund

-

Class

N:

QSMNX

-20.75%

6.49%

2.98%

7.21%

3/26/2013

Fund

-

Class

R6:

QSERX

-20.51%

6.85%

3.33%

5.29%

7/10/2014

Russell

2000®

Total

Return

Index

-23.50%

4.29%

3.55%

7.49%

3/26/2013

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

6

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

International

Multi-Style

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

attractively

valued

large

and

mid-cap

non-U.S.

companies

that

have

positive

momentum

and

strong

quality.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

rank

high

on

a

combined

score

of

Value,

Momentum

and

Quality

styles.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-23.62%

while

the

MSCI

Daily

TR

Net

World

Ex

USA

Index*

(the

“Benchmark”)

returned

-23.91%.

The

Fund’s

outperformance

was

driven

by

stock

selection

within

sector,

while

sector

selection

partially

offset

those

gains.

In

sector

selection,

losses

were

driven

by

an

underweight

to

Consumer

Staples

(-0.1%),

partially

offset

by

an

overweight

to

Financials

(0.1%).

Within

sector

stock

selection,

gains

came

from

Information

Technology

(1.4%)

and

Financials

(0.4%),

partially

offset

by

losses

in

Consumer

Discretionary

(-1.1%).

Over

the

course

of

the

period,

the

Fund

's

largest

active

positions

included

sector

overweights

to

Materials

(2.9%)

and

Financials

(1.2%),

and

underweights

to

Health

Care

(-1.9%)

and

Consumer

Staples

(-1.6%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

7

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.61%,

0.86%

and

0.51%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

INTERNATIONAL

MULTI-STYLE

FUNDVS.

MSCI

DAILY

TR

NET

WORLD

EX

USA

INDEX*

VALUE

OF

$10,000

INVESTED

ON

3/26/2013

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

*

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

INTERNATIONAL

MULTI-STYLE

FUND

1

Year

3

Year

5

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

QICLX

-23.62%

-1.71%

-1.34%

1.95%

3/26/2013

Fund

-

Class

N:

QICNX

-23.79%

-1.94%

-1.59%

1.70%

3/26/2013

Fund

-

Class

R6:

QICRX

-23.50%

-1.60%

-1.24%

0.08%

7/10/2014

MSCI

Daily

TR

Net

World

Ex

USA

Index*

-23.91%

-1.21%

-0.39%

2.69%

3/26/2013

Shareholder

Letter

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

8

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Emerging

Multi-Style

II

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

attractively

valued

large

and

mid-cap

emerging

countries’

companies

that

have

positive

momentum

and

strong

quality.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

rank

high

on

a

combined

score

of

Value,

Momentum

and

Quality

styles.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-28.72%

while

the

MSCI

Daily

TR

Net

Emerging

Markets

Index*

(the

“Benchmark”)

returned

-28.11%.

The

Fund’s

underperformance

was

driven

by

stock

selection

within

sector,

due

to

losses

in

Real

Estate

(-0.7%)

and

Consumer

Discretionary

(-0.6%),

partially

offset

by

gains

in

Communication

Services

(0.6%).

Sector

selection

contributed

positively

and

partially

offset

those

losses,

due

to

an

underweight

in

Communication

Services

(0.4%)

and

an

overweight

in

Utilities

(0.4%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Materials

(4.7%)

and

Industrials

(1.5%),

and

underweights

to

Communication

Services

(-2.8%)

and

Consumer

Discretionary

(-2.7%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

9

Shareholder

Letter

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.74%,

0.99%

and

0.65%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

EMERGING

MULTI-STYLE

II

FUND

VS.MSCI

DAILY

TR

NET

EMERGING

MARKETS

INDEX*

VALUE

OF

$10,000

INVESTED

ON

2/11/2015

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

*

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

EMERGING

MULTI-STYLE

II

FUND

1

Year

3

Year

5

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

QTELX

-28.72%

-2.49%

-3.31%

-0.43%

2/11/2015

Fund

-

Class

N:

QTENX

-28.85%

-2.71%

-3.56%

-0.68%

2/11/2015

Fund

-

Class

R6:

QTERX

-28.65%

-2.41%

-3.23%

-0.35%

2/11/2015

MSCI

Daily

TR

Net

Emerging

Market

Index*

-28.11%

-2.07%

-1.81%

1.21%

2/11/2015

Shareholder

Letter

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

10

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Large

Cap

Momentum

Style

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

large

and

mid-cap

U.S.

companies

with

positive

momentum.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

share

the

common

characteristic

of

positive

momentum.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-16.71%

while

the

Russell

1000®

Total

Return

Index

(the

“Benchmark”)

returned

-17.22%.

The

Fund’s

outperformance

was

driven

primarily

by

sector

selection,

while

stock

selection

within

sector

partially

offset

those

gains.

Within

sector

stock

selection,

losses

in

Health

Care

(-1.7%)

and

Information

Technology

(-1.6%)

were

partially

offset

by

gains

in

Communication

Services

(0.8%)

and

Consumer

Discretionary

(0.8%).

In

sector

selection,

gains

were

driven

by

an

overweight

to

Energy

(2.1%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Energy

(4.3%)

and

Materials

(1.6%),

and

underweights

to

Information

Technology

(-2.7%)

and

Communication

Services

(-1.3%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

11

Shareholder

Letter

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.42%,

0.67%

and

0.31%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

VS.

RUSSELL

1000®

TOTAL

RETURN

INDEX

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

AMOMX

-16.71%

8.57%

9.97%

11.49%

13.06%

7/9/2009

Fund

-

Class

N:

AMONX

-16.97%

8.28%

9.68%

N/A

11.54%

12/17/2012

Fund

-

Class

R6:

QMORX

-16.64%

8.68%

10.08%

N/A

9.43%

7/10/2014

Russell

1000®

Total

Return

Index

-17.22%

7.95%

9.00%

11.60%

13.38%

7/9/2009

Shareholder

Letter

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

12

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Small

Cap

Momentum

Style

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

small-cap

U.S.

companies

with

positive

momentum.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

share

the

common

characteristic

of

positive

momentum.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-23.61%

while

the

Russell

2000®

Total

Return

Index

(the

“Benchmark”)

returned

-23.50%.

The

Fund’s

underperformance

was

driven

by

stock

selection

within

sector,

with

losses

in

Real

Estate

(-0.5%)

and

Financials

(-0.4%).

Sector

selection

provided

partially

offsetting

gains,

driven

by

an

overweight

to

Energy

(2.3%),

partially

offset

by

an

underweight

to

Utilities

(-0.5%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Energy

(5.7%)

and

Consumer

Discretionary

(1.9%)

sectors,

and

underweights

to

Financials

(-3.3%)

and

Health

Care

(-2.8%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

13

Shareholder

Letter

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.67%,

0.92%

and

0.57%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

VS.

RUSSELL

2000®

TOTAL

RETURN

INDEX

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

ASMOX

-23.61%

5.52%

4.69%

8.91%

11.37%

7/9/2009

Fund

-

Class

N:

ASMNX

-23.83%

5.25%

4.44%

N/A

8.87%

12/17/2012

Fund

-

Class

R6:

QSMRX

-23.56%

5.61%

4.79%

N/A

6.07%

7/10/2014

Russell

2000®

Total

Return

Index

-23.50%

4.29%

3.55%

8.55%

11.34%

7/9/2009

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

14

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

International

Momentum

Style

Fund

(the

“Fund”)

seeks

to

invest

in

stocks

of

non-U.S.

companies

with

positive

momentum.

The

Fund

is

not

actively

managed

to

outperform

a

growth,

value

or

core

benchmark.

Rather,

it

seeks

to

provide

systematic

exposure

to

stocks

that

share

the

common

characteristic

of

positive

momentum.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-27.03%

while

the

MSCI

Daily

TR

Net

World

Ex

USA

Index*

(the

“Benchmark”)

returned

-23.91%.

The

Fund’s

underperformance

was

driven

by

stock

selection

within

sector,

while

sector

selection

provided

additional

losses.

Within

sector

stock

selection,

losses

in

Health

Care

(-0.8%)

and

Information

Technology

(-0.7%)

were

partially

offset

by

gains

in

Energy

(0.5%).

In

sector

selection,

losses

due

to

an

overweight

in

Information

Technology

(-0.7%)

and

an

underweight

to

Consumer

Staples

(-0.2%)

were

partially

offset

by

an

overweight

in

Energy

(0.9%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Energy

(3.5%)

and

Information

Technology

(2.2%),

and

underweights

to

Consumer

Staples

(-3.4%)

and

Health

Care

(-3.3%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment. 

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

15

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.60%,

0.85%

and

0.50%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

VS.

MSCI

DAILY

TR

NET

WORLD

EX

USA

INDEX*

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

*

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

AIMOX

-27.03%

-1.22%

-0.56%

2.90%

4.50%

7/9/2009

Fund

-

Class

N:

AIONX

-27.23%

-1.46%

-0.80%

N/A

2.25%

12/17/2012

Fund

-

Class

R6:

QIORX

-26.95%

-1.12%

-0.47%

N/A

0.64%

7/10/2014

MSCI

Daily

TR

Net

World

Ex

USA

Index*

-23.91%

-1.21%

-0.39%

3.62%

4.99%

7/9/2009

Shareholder

Letter

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

16

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Large

Cap

Defensive

Style

Fund

(the

“Fund”)

pursues

a

defensive

strategy

in

the

U.S.

market,

meaning

it

seeks

to

participate

in

rising

equity

markets

while

mitigating

downside

risk

in

declining

markets.

In

seeking

this

objective,

the

Fund

invests

in

a

broadly

diversified

set

of

large

and

mid-cap

companies

that

we

believe

to

be

profitable,

stable,

low-risk

businesses.

The

Fund

also

favors

lower

beta

stocks,

which

tend

to

be

less

sensitive

to

fluctuations

in

the

overall

economy

and

the

stock

market.

We

expect

lower

beta

stocks

to

produce

higher

risk-adjusted

returns

than

higher

beta

stocks

over

the

long

term.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-13.40%

while

the

Russell

1000®

Total

Return

Index

(the

“Benchmark”)

returned

-17.22%.

The

Fund’s

outperformance

was

driven

primarily

by

sector

selection,

while

stock

selection

within

sector

detracted.

In

sector

selection,

gains

were

driven

by

an

overweight

to

Consumer

Staples

(2.0%)

and

an

underweight

to

Communication

Services

(1.4%),

partially

offset

by

a

slight

underweight

to

Energy

(-0.3%).

Within

sector

stock

selection,

losses

came

from

Health

Care

(-0.7%)

and

Consumer

Discretionary

(-0.6%),

partially

offset

by

positive

performance

in

Industrials

(0.3%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Consumer

Staples

(12.4%)

and

Health

Care

(4.9%),

and

underweights

to

Information

Technology

(-12.8%)

and

Consumer

Discretionary

(-4.9%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment. 

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

17

Shareholder

Letter

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.37%,

0.66%

and

0.31%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

VS.

RUSSELL

1000®

TOTAL

RETURN

INDEX

VALUE

OF

$10,000

INVESTED

ON

7/9/2012

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

AUEIX

-13.40%

4.78%

8.43%

11.83%

11.90%

7/9/2012

Fund

-

Class

N:

AUENX

-13.66%

4.49%

8.14%

11.55%

11.61%

7/9/2012

Fund

-

Class

R6:

QUERX

-13.31%

4.86%

8.52%

N/A

10.33%

9/2/2014

Russell

1000®

Total

Return

Index

-17.22%

7.95%

9.00%

11.60%

12.05%

7/9/2012

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

18

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

International

Defensive

Style

Fund

(the

“Fund”)

pursues

a

defensive

strategy

in

developed

markets

outside

of

the

U.S.,

meaning

it

seeks

to

participate

in

rising

equity

markets

while

mitigating

downside

risk

in

declining

markets.

To

achieve

this

objective,

the

Fund

invests

in

a

broadly

diversified

set

of

large

and

mid-cap

companies

that

we

believe

to

be

profitable,

stable,

low-risk

businesses.

The

Fund

also

favors

lower

beta

stocks,

which

tend

to

be

less

sensitive

to

fluctuations

in

the

overall

economy

and

the

stock

market.

We

expect

lower

beta

stocks

to

produce

higher

risk-adjusted

returns

than

higher

beta

stocks

over

the

long

term.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-22.21%

while

the

MSCI

Daily

TR

Net

World

Ex

USA

Index*

(the

“Benchmark”)

returned

-23.91%.

The

Fund’s

outperformance

was

driven

primarily

by

stock

selection

within

sector

(1.7%),

with

gains

coming

in

Information

Technology

(1.7%)

and

Communication

Services

(1.4%),

partially

offset

by

losses

in

Health

Care

(-1.1%).

Sector

selection

also

added

to

performance

(0.5%),

driven

by

an

overweight

to

Consumer

Staples

(1.2%)

and

an

underweight

to

Industrials

(0.7%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sectors

overweights

to

Consumer

Staples

(12.4%)

and

Communication

Services

(7.8%),

and

underweights

to

Industrials

(-9.8%)

and

Financials

(-6.5%).

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment.

Cliff

Asness

Managing

&

Founding

Principal

Michele

Aghassi

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

19

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.63%,

0.88%

and

0.54%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

VS.MSCI

DAILY

TR

NET

WORLD

EX

USA

INDEX*

VALUE

OF

$10,000

INVESTED

ON

7/9/2012

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

*

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

ANDIX

-22.21%

-2.22%

-0.69%

3.10%

3.66%

7/9/2012

Fund

-

Class

N:

ANDNX

-22.47%

-2.47%

-0.95%

2.82%

3.40%

7/9/2012

Fund

-

Class

R6:

ANDRX

-22.19%

-2.15%

-0.60%

N/A

0.97%

9/2/2014

MSCI

Daily

TR

Net

World

Ex

USA

Index*

-23.91%

-1.21%

-0.39%

3.62%

4.38%

7/9/2012

Shareholder

Letter

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

20

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

Global

Equity

Fund

(the

“Fund”)

is

actively

managed,

and

it

seeks

to

outperform

its

benchmark

in

three

ways:

by

selecting

stocks

within

each

country

and

by

using

futures

and

forwards

contracts

to

over-

and

under-weight

countries

and

currencies

relative

to

the

benchmark.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-16.48%

while

the

MSCI

Daily

TR

Net

World

Index*

(the

“Benchmark”)

returned

-19.63%.

The

Fund's

outperformance

was

driven

by

stock

selection

(4.92%)

and

country

selection

(1.67%),

while

currency

selection

(-2.81%)

detracted.

Specifically,

within

the

stock

selection

strategy,

stock

selection

within

sector

(3.7%)

contributed

positively,

driven

by

gains

in

Health

Care

(1.7%)

and

Consumer

Discretionary

(1.1%),

partially

offset

by

losses

in

Consumer

Staples

(-0.6%).

Sector

selection

(1.2%)

added

to

gains,

driven

by

an

overweight

to

Energy

(0.9%)

and

an

underweight

to

Communication

Services

(0.6%),

partially

offset

by

an

underweight

to

Health

Care

(-0.2%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

within

the

stock

selection

strategy

included

overweights

to

Financials

(4.2%)

and

Energy

(3.0%),

and

underweights

to

Information

Technology

(-2.9%)

and

Communication

Services

(-2.7%).

Utilization

of

derivative

instruments

is

inherent

to

the

Fund’s

principal

investment

strategies.

During

the

fiscal

year

ended

September

30,

2022,

the

Fund’s

use

of

derivative

instruments

in

accordance

with

its

principal

investment

strategies

did

not

cause

the

Fund’s

performance

to

materially

deviate

from

AQR’s

performance

expectations

for

the

Fund

under

the

market

conditions

experienced

over

this

period.

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment. 

Cliff

Asness

Managing

&

Founding

Principal

John

Liew

Founding

Principal

Jordan

Brooks

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

21

Shareholder

Letter

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.83%,

1.08%

and

0.73%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

GLOBAL

EQUITY

FUND

VS.

MSCI

DAILY

TR

NET

WORLD

INDEX*

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

GLOBAL

EQUITY

FUND

PERFORMANCE

SINCE

COMMENCEMENT

OF

OPERATIONS

AS

A

MUTUAL

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

AQGIX

-16.48%

2.98%

2.07%

7.33%

7.21%

12/31/2009

Fund

-

Class

N:

AQGNX

-16.70%

2.72%

1.77%

7.04%

6.92%

12/31/2009

Fund

-

Class

R6:

AQGRX

-16.38%

3.05%

2.15%

N/A

4.92%

1/8/2014

MSCI

Daily

TR

Net

World

Index*

-19.63%

4.56%

5.30%

8.11%

7.78%

12/31/2009

22

Shareholder

Letter

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

0.83%,

1.08%

and

0.73%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

GLOBAL

EQUITY

FUND

VS.

MSCI

DAILY

TR

NET

WORLD

INDEX*

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

*

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

GLOBAL

EQUITY

FUND

PERFORMANCE

SINCE

INCEPTION

OF

PREDECESSOR

LIMITED

PARTNERSHIP

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:AQGIX

-16.48%

2.98%

2.07%

7.33%

4.93%

6/30/2006

Fund

-

Class

N:AQGNX

-16.70%

2.72%

1.77%

7.04%

4.62%

6/30/2006

Fund

-

Class

R6:AQGRX

-16.38%

3.05%

2.15%

N/A

4.92%

1/8/2014

MSCI

Daily

TR

Net

World

Index*

-19.63

%

4.56%

5.30%

8.11%

5.73%

6/30/2006

23

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

EQUITY

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Dear

Shareholder:

The

AQR

International

Equity

Fund

(the

“Fund”)

is

actively

managed,

and

it

seeks

to

outperform

its

Benchmark

in

three

ways:

by

selecting

stocks

within

each

country

and

by

using

futures

and

forwards

contracts

to

over-

and

under-weight

countries

and

currencies

relative

to

the

Benchmark.

For

the

one-year

period

ended

September

30,

2022,

the

Fund

returned

-25.16%

while

the

MSCI

Daily

TR

Net

EAFE

Index**

(the

“Benchmark”)

returned

-25.13%.

The

Fund's

relative

performance

was

driven

by

stock

selection

(1.61%)

and

country

selection

(1.66%),

while

currency

selection

(-2.68%)

detracted.

Specifically,

within

the

stock

selection

strategy,

stock

selection

within

sector

(1.5%)

contributed

positively,

driven

by

gains

in

Financials

(0.8%)

and

Industrials

(0.6%),

partially

offset

by

losses

in

Consumer

Staples

(-0.6%).

Sector

selection

(0.1%)

added

to

gains,

driven

by

an

overweight

to

Energy

(0.8%),

partially

offset

by

an

overweight

to

Industrials

(-0.2%).

Over

the

course

of

the

period,

the

Fund's

largest

active

positions

included

sector

overweights

to

Materials

(2.8%)

and

Energy

(2.6%),

and

underweights

to

Health

Care

(-4.0%)

and

Consumer

Staples

(-3.6%).

Utilization

of

derivative

instruments

is

inherent

to

the

Fund’s

principal

investment

strategies.

During

the

fiscal

year

ended

September

30,

2022,

the

Fund’s

use

of

derivative

instruments

in

accordance

with

its

principal

investment

strategies

did

not

cause

the

Fund’s

performance

to

materially

deviate

from

AQR’s

performance

expectations

for

the

Fund

under

the

market

conditions

experienced

over

this

period.

Global

equity

markets

were

down

for

the

one-year

period

ended

September

30,

2022,

with

the

MSCI

World

Index

returning

-19.63%.

The

one-year

period

has

been

difficult

for

global

equity

markets,

as

a

multi-decade

high

in

inflation

across

major

economies

has

resulted

in

hawkish

central

bank

behavior

globally.

This

stands

in

contrast

to

last

year’s

positive

market

sentiment

as

the

global

economy

recovered

following

the

COVID-19

pandemic.

Global

financial

conditions

have

tightened

in

response

to

recent

rate

increases,

as

investors

face

ongoing

uncertainty

around

the

outlook

for

inflation,

monetary

policy,

and

growth.

A

slowdown

in

Chinese

growth

over

the

period,

in

part

due

to

a

series

of

COVID-19-related

lockdowns

and

a

crisis

in

the

country’s

real

estate

sector,

also

weighed

on

market

performance.

Lastly,

Russia’s

invasion

of

Ukraine

and

its

effect

on

the

global

energy

market,

has

clouded

the

economic

outlook

in

Europe,

with

several

countries

experiencing

upward

pressure

on

regional

inflation

rates

and

elevated

recession

fears

as

the

winter

heating

season

approaches.

At

AQR,

we

employ

a

variety

of

means

to

monitor

markets

and

assess

portfolio

risk

on

a

continual

basis.

The

equity

portfolios

that

form

our

investment

strategies

seek

to

maintain

extensive

levels

of

diversification

(at

the

security,

industry,

and,

where

applicable,

country

level),

strict

risk

controls,

and

independent

risk

monitoring.

We

maintain

a

systematic

equity

portfolio

management

process

that

considers

moderate

position-level

exposures,

and

portfolio

liquidity.

Our

portfolio

management

and

research

teams,

in

coordination

with

our

implementation

team

and

independent

risk

team,

have

long

employed

measures

to

assess

portfolio

performance

during

uncertain

and

volatile

periods,

and

to

monitor

the

higher

levels

of

market

and

active

portfolio

volatility

to

determine

if

intervention

is

necessary.

Our

experience

over

the

last

year,

as

with

other

past

volatile

and

uncertain

periods,

is

that

we

have

been

able

to

successfully

maintain

portfolio

liquidity,

and

to

execute

our

strategies

effectively,

while

adjusting

where

necessary

to

limit

active

portfolio

risk.

We

will

continue

to

remain

vigilant

as

new

variants

of

the

COVID-19

virus

and

the

ongoing

conflict

in

Ukraine

remain

potential

risk

factors

across

the

broader

market

environment. 

Cliff

Asness

Managing

&

Founding

Principal

John

Liew

Founding

Principal

Jordan

Brooks

Principal

Andrea

Frazzini

Principal

John

Huss

Principal

Lars

Nielsen

Principal

24

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

EQUITY

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

1.01%,

1.19%

and

0.93%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

INTERNATIONAL

EQUITY

FUND

VS.

MSCI

DAILY

TR

NET

EAFE

INDEX**

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

test

test

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

INTERNATIONAL

EQUITY

FUND

PERFORMANCE

SINCE

COMMENCEMENT

OF

OPERATIONS

AS

A

MUTUAL

FUND

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:

AQIIX

-25.16%*

-3.56%

-3.78%

2.94%

2.77%

9/29/2009

Fund

-

Class

N:

AQINX

-25.38%*

-3.84%

-4.01%

2.66%

2.50%

9/29/2009

Fund

-

Class

R6:

AQIRX

-25.03%*

-3.45%

-3.70%

N/A

-0.06%

1/8/2014

MSCI

Daily

TR

Net

EAFE

Index**

-25.13%

-1.83%

-0.84%

3.67%

3.31%

9/29/2009

25

Shareholder

Letter

(Unaudited)

AQR

INTERNATIONAL

EQUITY

FUND

AQR

Funds

|

Annual

Report

|

September

2022

Past

performance

does

not

guarantee

future

results.

Investment

results

and

principal

value

of

an

investment

will

fluctuate

so

that

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.

As

of

the

latest

prospectus,

the

gross

expense

ratio

for

the

Fund’s

Class

I/N/R6

shares

are

1.01%,

1.19%

and

0.93%,

respectively.

Call

1-866-290-2688

or

visit

www.aqrfunds.com

for

current

month-end

performance.

AQR

INTERNATIONAL

EQUITY

FUND

VS.

MSCI

DAILY

TR

NET

EAFE

INDEX**

VALUE

OF

$10,000

INVESTED

ON

12/31/2011

The

chart

above

represents

historical

performance

of

a

hypothetical

investment

of

$10,000

in

the

Fund

over

the

past

ten

years

(or

since

inception

if

shorter).

Performance

data

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Returns

shown

are

total

returns,

which

assume

the

reinvestment

of

dividends

and

capital

gains.

The

table

and

graph

presented

above

do

not

reflect

the

deduction

of

taxes

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

*

Total

return

information

is

based

on

net

asset

values

calculated

for

shareholder

transactions.

Certain

adjustments

were

made

to

the

net

assets

of

the

Fund

at

09/30/2022

for

financial

reporting

purposes,

and

as

a

result,

the

net

asset

values

for

shareholder

transactions

and

the

total

returns

based

on

those

net

asset

values

differ

from

the

adjusted

net

asset

values

and

total

returns

for

financial

reporting.

**

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

AVERAGE

ANNUAL

TOTAL

RETURNS

AS

OF

09/30/2022

AQR

INTERNATIONAL

EQUITY

FUND

PERFORMANCE

SINCE

INCEPTION

OF

PREDECESSOR

LIMITED

PARTNERSHIP

1

Year

3

Year

5

Year

10

Year

Since

Inception

Date

of

Inception

Fund

-

Class

I:AQIIX

-25.16%*

-3.56%

-3.78%

2.94%

3.70%

7/31/2004

Fund

-

Class

N:AQINX

-25.38%*

-3.84%

-4.01%

2.66%

3.39%

7/31/2004

Fund

-

Class

R6:AQIRX

-25.03%*

-3.45%

-3.70%

N/A

-0.06%

1/8/2014

MSCI

Daily

TR

Net

EAFE

Index**

-25.13

%

-1.83%

-0.84%

3.67%

4.20%

7/31/2004

26

Shareholder

Letter

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

DEFINITIONS:

The

MSCI

Daily

TR

Ne

t

EAFE

Index

:

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

the

performance

of

equities

in

developed

markets,

excluding

the

United

States

and

Canada.

Indexes

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

The

MSCI

Daily

TR

Net

Emerging

Markets

Index

:

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

the

performance

of

equities

in

23

global

emerging

markets.

Indexes

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

The

MSCI

D

aily

TR

Net

World

Ex

USA

Index

:

captures

large

and

mid-cap

securities

exhibiting

overall

growth

style

characteristics

across

22

developed

markets

countries

and

23

emerging

markets

countries.

The

growth

investment

style

characteristics

for

index

construction

are

defined

using

five

variables:

long-term

forward

EPS

growth

rate,

short-term

forward

EPS

growth

rate,

current

internal

growth

rate

and

long-term

historical

EPS

growth

trend

and

long-

term

historical

sales

per

share

growth

trend.

Indexes

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

The

MSCI

Daily

TR

Net

World

Index

:

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

the

performance

of

equities

in

developed

markets,

including

the

United

States

and

Canada.

Indexes

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

The

Russell

1000®

Total

Return

Index

:

measures

the

performance

of

the

large

and

mid-cap

segment

of

the

U.S.

equity

universe.

It

is

a

subset

of

the

Russell

3000

®

Index

and

includes

approximately

1,000

of

the

largest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

The

Russell

1000

®

Index

Total

Return

represents

approximately

90%

of

the

U.S.

market.

Indexes

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

The

Russell

2000®

Total

Return

Index

:

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

The

Russell

2000

®

Total

Return

Index

is

a

subset

of

the

Russell

3000

®

Index

representing

approximately

8%

of

the

total

market

capitalization

of

that

index.

It

includes

approximately

2,000

of

the

smallest

securities

based

on

a

combination

of

their

market

cap

and

current

index

membership.

Indexes

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

27

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.5%

Aerospace

&

Defense

-

1.0%

Curtiss-Wright

Corp.

7,365

1,024,913

Howmet

Aerospace,

Inc.

40,076

1,239,551

Huntington

Ingalls

Industries,

Inc.

18,649

4,130,754

Textron,

Inc.

54,692

3,186,356

9,581,574

Air

Freight

&

Logistics

-

0.1%

FedEx

Corp.

3,535

524,841

United

Parcel

Service,

Inc.,

Class

B

4,414

713,038

1,237,879

Automobiles

-

2.1%

Ford

Motor

Co.

115,654

1,295,325

General

Motors

Co.

37,048

1,188,870

Tesla,

Inc.

*

63,579

16,864,330

19,348,525

Banks

-

3.0%

Bank

OZK

44,613

1,764,890

Citigroup,

Inc.

112,270

4,678,291

First

Citizens

BancShares,

Inc.,

Class

A

341

271,924

FNB

Corp.

30,369

352,280

JPMorgan

Chase

&

Co.

39,446

4,122,107

M&T

Bank

Corp.

6,620

1,167,238

Popular,

Inc.

107,169

7,722,598

Synovus

Financial

Corp.

26,305

986,701

Wells

Fargo

&

Co.

165,241

6,645,993

Wintrust

Financial

Corp.

5,321

433,928

28,145,950

Biotechnology

-

2.7%

AbbVie,

Inc.

3,580

480,472

Amgen,

Inc.

10,707

2,413,358

Horizon

Therapeutics

plc

*

26,140

1,617,805

Moderna,

Inc.

*

57,208

6,764,846

Regeneron

Pharmaceuticals,

Inc.

*

8,428

5,805,796

United

Therapeutics

Corp.

*

38,853

8,135,041

25,217,318

Building

Products

-

1.2%

Builders

FirstSource,

Inc.

*

159,055

9,371,521

Owens

Corning

19,637

1,543,664

Trane

Technologies

plc

1,823

263,989

11,179,174

Capital

Markets

-

0.7%

Ameriprise

Financial,

Inc.

22,509

5,671,142

Morgan

Stanley

5,289

417,884

6,089,026

INVESTMENTS

SHARES

VALUE

($)

Chemicals

-

4.5%

CF

Industries

Holdings,

Inc.

112,015

10,781,444

Chemours

Co.

(The)

130,703

3,221,829

Eastman

Chemical

Co.

19,125

1,358,831

Ginkgo

Bioworks

Holdings,

Inc.

*

551,404

1,720,380

Huntsman

Corp.

319,537

7,841,438

LyondellBasell

Industries

NV,

Class

A

159,818

12,031,099

Olin

Corp.

109,984

4,716,114

41,671,135

Commercial

Services

&

Supplies

-

0.9%

Cintas

Corp.

1,315

510,470

Copart,

Inc.

*

5,071

539,554

Waste

Management,

Inc.

43,926

7,037,385

8,087,409

Communications

Equipment

-

0.7%

Cisco

Systems,

Inc.

158,269

6,330,760

Construction

&

Engineering

-

0.1%

Quanta

Services,

Inc.

4,911

625,612

Valmont

Industries,

Inc.

1,133

304,347

929,959

Consumer

Finance

-

0.4%

SLM

Corp.

80,562

1,127,062

Synchrony

Financial

93,988

2,649,522

3,776,584

Containers

&

Packaging

-

0.6%

Berry

Global

Group,

Inc.

*

11,035

513,459

International

Paper

Co.

77,945

2,470,856

Westrock

Co.

82,972

2,563,005

5,547,320

Distributors

-

0.0%

(a)

LKQ

Corp.

8,234

388,233

Diversified

Consumer

Services

-

0.7%

H&R

Block,

Inc.

144,726

6,156,644

Diversified

Financial

Services

-

1.4%

Berkshire

Hathaway,

Inc.,

Class

B

*

50,319

13,436,179

Diversified

Telecommunication

Services

-

1.2%

AT&T,

Inc.

701,522

10,761,347

Electric

Utilities

-

1.3%

Exelon

Corp.

37,265

1,395,947

NRG

Energy,

Inc.

282,357

10,805,802

12,201,749

Electrical

Equipment

-

0.7%

Acuity

Brands,

Inc.

41,644

6,557,681

Electronic

Equipment,

Instruments

&

Components

-

1.7%

Arrow

Electronics,

Inc.

*

108,799

10,030,180

CDW

Corp.

1,804

281,568

28

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

1.7%

(continued)

Jabil,

Inc.

98,238

5,669,315

15,981,063

Entertainment

-

0.5%

Activision

Blizzard,

Inc.

21,255

1,580,097

Playtika

Holding

Corp.

*

282,398

2,651,717

4,231,814

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.9%

Public

Storage

4,562

1,335,799

Simon

Property

Group,

Inc.

76,329

6,850,528

8,186,327

Food

&

Staples

Retailing

-

3.5%

Albertsons

Cos.,

Inc.,

Class

A

197,086

4,899,558

Costco

Wholesale

Corp.

5,737

2,709,413

Kroger

Co.

(The)

147,970

6,473,687

US

Foods

Holding

Corp.

*

9,727

257,182

Walgreens

Boots

Alliance,

Inc.

350,213

10,996,688

Walmart,

Inc.

56,207

7,290,048

32,626,576

Food

Products

-

1.6%

Archer-Daniels-Midland

Co.

35,067

2,821,140

Flowers

Foods,

Inc.

17,814

439,828

Pilgrim's

Pride

Corp.

*

22,078

508,235

Tyson

Foods,

Inc.,

Class

A

174,660

11,515,334

15,284,537

Health

Care

Equipment

&

Supplies

-

0.1%

Abbott

Laboratories

6,000

580,560

Health

Care

Providers

&

Services

-

5.6%

CVS

Health

Corp.

92,475

8,819,341

Elevance

Health,

Inc.

30,301

13,763,926

McKesson

Corp.

9,346

3,176,425

Molina

Healthcare,

Inc.

*

30,437

10,039,340

UnitedHealth

Group,

Inc.

19,334

9,764,443

Universal

Health

Services,

Inc.,

Class

B

75,298

6,639,778

52,203,253

Household

Durables

-

0.8%

Lennar

Corp.,

Class

A

27,071

2,018,143

Mohawk

Industries,

Inc.

*

10,888

992,877

PulteGroup,

Inc.

77,305

2,898,937

Toll

Brothers,

Inc.

46,358

1,947,036

7,856,993

Household

Products

-

1.1%

Procter

&

Gamble

Co.

(The)

81,758

10,321,948

Industrial

Conglomerates

-

0.8%

3M

Co.

70,846

7,828,483

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

4.0%

Allstate

Corp.

(The)

101,994

12,701,313

American

International

Group,

Inc.

101,063

4,798,471

Assurant,

Inc.

2,636

382,932

Assured

Guaranty

Ltd.

8,238

399,131

Everest

Re

Group

Ltd.

37,260

9,778,514

First

American

Financial

Corp.

98,744

4,552,098

Lincoln

National

Corp.

15,638

686,665

MetLife,

Inc.

10,090

613,270

Old

Republic

International

Corp.

40,505

847,770

Travelers

Cos.,

Inc.

(The)

1,930

295,676

Unum

Group

50,276

1,950,709

37,006,549

Interactive

Media

&

Services

-

5.4%

Alphabet,

Inc.,

Class

A

*

267,900

25,624,635

Alphabet,

Inc.,

Class

C

*

153,520

14,760,948

Meta

Platforms,

Inc.,

Class

A

*

76,762

10,415,068

50,800,651

Internet

&

Direct

Marketing

Retail

-

1.7%

Amazon.com,

Inc.

*

137,240

15,508,120

IT

Services

-

1.8%

Accenture

plc,

Class

A

14,799

3,807,783

Affirm

Holdings,

Inc.

*

53,886

1,010,901

Akamai

Technologies,

Inc.

*

5,431

436,218

Cognizant

Technology

Solutions

Corp.,

Class

A

13,862

796,233

Concentrix

Corp.

25,395

2,834,844

DXC

Technology

Co.

*

113,984

2,790,328

EPAM

Systems,

Inc.

*

5,545

2,008,344

VeriSign,

Inc.

*

9,225

1,602,383

Visa,

Inc.,

Class

A

8,619

1,531,165

16,818,199

Life

Sciences

Tools

&

Services

-

1.1%

Charles

River

Laboratories

International,

Inc.

*

1,428

281,030

Danaher

Corp.

30,060

7,764,198

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

*

79,307

2,024,708

Thermo

Fisher

Scientific,

Inc.

959

486,395

10,556,331

Machinery

-

1.5%

AGCO

Corp.

27,842

2,677,565

Allison

Transmission

Holdings,

Inc.

87,725

2,961,596

Crane

Holdings

Co.

3,299

288,795

Cummins,

Inc.

5,311

1,080,842

Oshkosh

Corp.

28,905

2,031,732

Snap-on,

Inc.

16,004

3,222,405

Timken

Co.

(The)

23,364

1,379,411

13,642,346

29

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

0.6%

Reliance

Steel

&

Aluminum

Co.

17,715

3,089,673

United

States

Steel

Corp.

154,977

2,808,183

5,897,856

Multiline

Retail

-

0.7%

Macy's,

Inc.

171,660

2,689,912

Target

Corp.

24,912

3,696,692

6,386,604

Multi-Utilities

-

0.1%

Ameren

Corp.

8,706

701,268

Oil,

Gas

&

Consumable

Fuels

-

8.7%

Chevron

Corp.

85,973

12,351,741

ConocoPhillips

109,639

11,220,455

Coterra

Energy,

Inc.

220,101

5,749,038

Devon

Energy

Corp.

83,704

5,033,122

EOG

Resources,

Inc.

81,703

9,128,676

Exxon

Mobil

Corp.

193,752

16,916,487

HF

Sinclair

Corp.

90,209

4,856,853

Occidental

Petroleum

Corp.

121,120

7,442,824

PDC

Energy,

Inc.

25,808

1,491,444

Pioneer

Natural

Resources

Co.

5,852

1,267,134

Valero

Energy

Corp.

52,747

5,636,017

81,093,791

Paper

&

Forest

Products

-

0.2%

Louisiana-Pacific

Corp.

31,514

1,613,202

Personal

Products

-

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,313

1,578,877

Pharmaceuticals

-

3.4%

Eli

Lilly

&

Co.

5,145

1,663,636

Johnson

&

Johnson

72,141

11,784,954

Pfizer,

Inc.

412,071

18,032,227

Viatris,

Inc.

75,836

646,122

32,126,939

Professional

Services

-

1.2%

Booz

Allen

Hamilton

Holding

Corp.

39,385

3,637,205

ManpowerGroup,

Inc.

54,035

3,495,524

Robert

Half

International,

Inc.

53,496

4,092,444

11,225,173

Road

&

Rail

-

1.3%

AMERCO

1,585

807,114

Avis

Budget

Group,

Inc.

*

32,442

4,816,339

Knight-Swift

Transportation

Holdings,

Inc.

12,742

623,466

Landstar

System,

Inc.

2,004

289,318

Ryder

System,

Inc.

5,249

396,247

Schneider

National,

Inc.,

Class

B

94,914

1,926,754

XPO

Logistics,

Inc.

*

70,517

3,139,417

11,998,655

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

3.8%

Applied

Materials,

Inc.

79,128

6,482,957

Intel

Corp.

255,935

6,595,445

Lam

Research

Corp.

14,577

5,335,182

Micron

Technology,

Inc.

186,888

9,363,089

ON

Semiconductor

Corp.

*

13,597

847,501

QUALCOMM,

Inc.

19,055

2,152,834

Skyworks

Solutions,

Inc.

4,916

419,187

Teradyne,

Inc.

12,312

925,247

Texas

Instruments,

Inc.

20,600

3,188,468

Universal

Display

Corp.

5,242

494,583

35,804,493

Software

-

7.7%

Adobe,

Inc.

*

15,313

4,214,138

Cadence

Design

Systems,

Inc.

*

32,463

5,305,428

DocuSign,

Inc.

*

10,743

574,428

Fortinet,

Inc.

*

7,915

388,864

Intuit,

Inc.

672

260,279

Manhattan

Associates,

Inc.

*

4,944

657,700

Microsoft

Corp.

243,767

56,773,334

Teradata

Corp.

*

92,277

2,866,124

VMware,

Inc.,

Class

A

6,693

712,537

71,752,832

Specialty

Retail

-

3.6%

AutoNation,

Inc.

*

96,077

9,787,364

Bath

&

Body

Works,

Inc.

194,289

6,333,821

Best

Buy

Co.,

Inc.

47,644

3,017,771

Dick's

Sporting

Goods,

Inc.

5,679

594,250

Home

Depot,

Inc.

(The)

1,055

291,117

Penske

Automotive

Group,

Inc.

51,358

5,055,168

Williams-Sonoma,

Inc.

73,362

8,645,712

33,725,203

Technology

Hardware,

Storage

&

Peripherals

-

7.9%

Apple,

Inc.

479,491

66,265,656

HP,

Inc.

297,472

7,413,002

73,678,658

Tobacco

-

0.0%

(a)

Philip

Morris

International,

Inc.

3,642

302,322

Trading

Companies

&

Distributors

-

0.5%

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

7,290

530,785

United

Rentals,

Inc.

*

14,863

4,014,793

4,545,578

Wireless

Telecommunication

Services

-

0.2%

T-Mobile

US,

Inc.

*

16,099

2,160,003

TOTAL

COMMON

STOCKS

(Cost

$585,558,033)

890,669,650

30

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.3%

INVESTMENT

COMPANIES

-

4.3%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(b)

(Cost

$39,835,374)

39,868,011

39,848,077

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$625,393,407)

930,517,727

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

(c)

1,766,378

NET

ASSETS

-

100.0%

932,284,105

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

67,953,815

7.3

%

Consumer

Discretionary

89,370,322

9.6

Consumer

Staples

60,114,260

6.4

Energy

81,093,790

8.7

Financials

88,454,289

9.5

Health

Care

120,684,401

12.9

Industrials

86,813,909

9.3

Information

Technology

220,366,005

23.6

Materials

54,729,514

5.9

Real

Estate

8,186,327

0.9

Utilities

12,903,018

1.4

Investment

Companies

39,848,077

4.3

Total

Investments

In

Securities

At

Value

930,517,727

99.8

Other

Assets

in

Excess

of

Liabilities

(c

)

1,766,378

0.2

Net

Assets

$

932,284,105

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

186

12/2022

USD

$

33,493,950

$

(3,804,561)

$

(3,804,561)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

GSCO

Cash

$

–

$

5,359,228

$

5,359,228

31

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.9%

Aerospace

&

Defense

-

0.6%

AAR

Corp.

*

1,965

70,386

AerSale

Corp.

*

14,151

262,360

Astra

Space,

Inc.

*

51,505

31,470

Ducommun,

Inc.

*

1,921

76,187

Maxar

Technologies,

Inc.

2,692

50,394

Moog,

Inc.,

Class

A

858

60,360

National

Presto

Industries,

Inc.

490

31,875

V2X,

Inc.

*

511

18,089

601,121

Air

Freight

&

Logistics

-

1.1%

Atlas

Air

Worldwide

Holdings,

Inc.

*

6,826

652,361

Hub

Group,

Inc.,

Class

A

*

6,511

449,129

1,101,490

Airlines

-

0.3%

Allegiant

Travel

Co.

*

806

58,822

SkyWest,

Inc.

*

9,226

150,015

Spirit

Airlines,

Inc.

4,469

84,106

292,943

Auto

Components

-

1.2%

Adient

plc

*

4,250

117,937

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,946

33,781

Dana,

Inc.

19,178

219,205

Goodyear

Tire

&

Rubber

Co.

(The)

*

34,839

351,526

LCI

Industries

1,972

200,079

Modine

Manufacturing

Co.

*

2,667

34,511

Patrick

Industries,

Inc.

5,106

223,847

XPEL,

Inc.

*(a)

738

47,557

1,228,443

Automobiles

-

0.1%

Winnebago

Industries,

Inc.

1,911

101,684

Banks

-

9.0%

1st

Source

Corp.

4,426

204,924

Associated

Banc-Corp.

10,990

220,679

BancFirst

Corp.

1,011

90,454

Bancorp,

Inc.

(The)

*

12,926

284,114

Bank

of

Marin

Bancorp

1,533

45,913

Bankwell

Financial

Group,

Inc.

1,111

32,341

BayCom

Corp.

6,231

109,541

BCB

Bancorp,

Inc.

2,996

50,423

Brookline

Bancorp,

Inc.

6,701

78,067

Cathay

General

Bancorp

9,546

367,139

Central

Pacific

Financial

Corp.

4,962

102,664

Columbia

Banking

System,

Inc.

4,804

138,788

Community

Trust

Bancorp,

Inc.

755

30,615

Customers

Bancorp,

Inc.

*

19,317

569,465

Dime

Community

Bancshares,

Inc.

3,240

94,867

Farmers

National

Banc

Corp.

2,267

29,675

INVESTMENTS

SHARES

VALUE

($)

Banks

-

9.0%

(continued)

Financial

Institutions,

Inc.

4,637

111,613

First

BanCorp

23,233

317,827

First

Business

Financial

Services,

Inc.

2,012

65,008

First

Commonwealth

Financial

Corp.

3,208

41,191

First

Financial

Corp.

2,229

100,729

First

Internet

Bancorp

1,999

67,686

First

Interstate

BancSystem,

Inc.,

Class

A

4,570

184,400

First

Merchants

Corp.

4,786

185,123

First

of

Long

Island

Corp.

(The)

7,327

126,317

Flushing

Financial

Corp.

5,119

99,155

Fulton

Financial

Corp.

10,873

171,793

Glacier

Bancorp,

Inc.

3,253

159,820

Great

Southern

Bancorp,

Inc.

7,773

443,605

Hancock

Whitney

Corp.

4,008

183,607

Hanmi

Financial

Corp.

10,564

250,156

Heartland

Financial

USA,

Inc.

10,270

445,307

Hilltop

Holdings,

Inc.

14,922

370,812

Home

BancShares,

Inc.

16,091

362,208

HomeStreet,

Inc.

5,139

148,055

Hope

Bancorp,

Inc.

12,460

157,494

Independent

Bank

Corp.

6,074

116,013

International

Bancshares

Corp.

10,482

445,485

Lakeland

Bancorp,

Inc.

1,943

31,107

Mercantile

Bank

Corp.

3,255

96,706

Midland

States

Bancorp,

Inc.

11,135

262,452

NBT

Bancorp,

Inc.

4,174

158,403

Northeast

Bank

3,651

133,882

OceanFirst

Financial

Corp.

7,509

139,968

OFG

Bancorp

3,697

92,906

Old

National

Bancorp

12,058

198,595

PCB

Bancorp

6,900

124,683

Peapack-Gladstone

Financial

Corp.

1,193

40,144

Peoples

Bancorp,

Inc.

1,097

31,736

QCR

Holdings,

Inc.

964

49,106

Renasant

Corp.

1,720

53,802

Republic

Bancorp,

Inc.,

Class

A

857

32,823

S&T

Bancorp,

Inc.

3,835

112,404

ServisFirst

Bancshares,

Inc.

4,239

339,120

SouthState

Corp.

1,300

102,856

Texas

Capital

Bancshares,

Inc.

*

2,139

126,265

Trustmark

Corp.

1,383

42,361

Washington

Federal,

Inc.

1,438

43,111

9,215,503

Beverages

-

1.0%

Celsius

Holdings,

Inc.

*

3,420

310,125

Coca-Cola

Consolidated,

Inc.

971

399,790

MGP

Ingredients,

Inc.

2,225

236,206

National

Beverage

Corp.

2,318

89,336

1,035,457

32

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

6.6%

ACADIA

Pharmaceuticals,

Inc.

*

4,832

79,051

Adicet

Bio,

Inc.

*

2,957

42,048

Agenus,

Inc.

*

16,242

33,296

Alector,

Inc.

*

36,485

345,148

Alkermes

plc

*

5,508

122,994

Amicus

Therapeutics,

Inc.

*

15,837

165,338

Anika

Therapeutics,

Inc.

*

3,350

79,730

Arcus

Biosciences,

Inc.

*

8,479

221,811

Arrowhead

Pharmaceuticals,

Inc.

*

5,157

170,439

Atara

Biotherapeutics,

Inc.

*

24,018

90,788

Beam

Therapeutics,

Inc.

*

4,253

202,613

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

2,433

367,797

C4

Therapeutics,

Inc.

*

8,706

76,352

Caribou

Biosciences,

Inc.

*

3,200

33,760

Catalyst

Pharmaceuticals,

Inc.

*

57,384

736,237

ChemoCentryx,

Inc.

*

2,657

137,261

Cullinan

Oncology,

Inc.

*

9,949

127,546

Cytokinetics,

Inc.

*

3,638

176,261

Emergent

BioSolutions,

Inc.

*

12,695

266,468

Foghorn

Therapeutics,

Inc.

*

26,273

225,422

Global

Blood

Therapeutics,

Inc.

*

2,632

179,239

Halozyme

Therapeutics,

Inc.

*

6,000

237,240

Heron

Therapeutics,

Inc.

*

18,386

77,589

IGM

Biosciences,

Inc.

*

1,764

40,113

Insmed,

Inc.

*

6,637

142,961

Ironwood

Pharmaceuticals,

Inc.

*

28,868

299,072

iTeos

Therapeutics,

Inc.

*

23,491

447,503

Karuna

Therapeutics,

Inc.

*

500

112,465

Keros

Therapeutics,

Inc.

*

807

30,359

Ligand

Pharmaceuticals,

Inc.

*

1,422

122,448

Organogenesis

Holdings,

Inc.

*

72,132

233,708

PDL

BioPharma,

Inc.

(3)*(b)

32,677

38,012

Praxis

Precision

Medicines,

Inc.

*

11,291

25,631

Precigen,

Inc.

*

31,588

66,967

Protagonist

Therapeutics,

Inc.

*

3,692

31,124

Recursion

Pharmaceuticals,

Inc.,

Class

A

*

4,751

50,551

REGENXBIO,

Inc.

*

7,899

208,771

Seres

Therapeutics,

Inc.

*

10,430

66,961

Stoke

Therapeutics,

Inc.

*

1,955

25,102

Syndax

Pharmaceuticals,

Inc.

*

2,080

49,982

Tango

Therapeutics,

Inc.

*

22,021

79,716

Twist

Bioscience

Corp.

*

781

27,522

VBI

Vaccines,

Inc.

*

85,467

60,323

Vericel

Corp.

*

7,091

164,511

Vir

Biotechnology,

Inc.

*

13,149

253,513

6,771,743

Building

Products

-

2.2%

Apogee

Enterprises,

Inc.

14,282

545,858

Griffon

Corp.

1,800

53,136

Insteel

Industries,

Inc.

12,621

334,835

JELD-WEN

Holding,

Inc.

*

10,052

87,955

INVESTMENTS

SHARES

VALUE

($)

Building

Products

-

2.2%

(continued)

Quanex

Building

Products

Corp.

1,556

28,257

UFP

Industries,

Inc.

14,495

1,045,959

Zurn

Elkay

Water

Solutions

Corp.

5,807

142,272

2,238,272

Capital

Markets

-

1.4%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

3,933

105,916

Brightsphere

Investment

Group,

Inc.

4,835

72,090

Cohen

&

Steers,

Inc.

1,237

77,473

Cowen,

Inc.,

Class

A

1,085

41,924

Diamond

Hill

Investment

Group,

Inc.

512

84,480

Donnelley

Financial

Solutions,

Inc.

*

9,790

361,936

Federated

Hermes,

Inc.,

Class

B

7,470

247,406

Houlihan

Lokey,

Inc.

416

31,358

Oppenheimer

Holdings,

Inc.,

Class

A

7,017

217,387

StoneX

Group,

Inc.

*

1,990

165,051

Virtus

Investment

Partners,

Inc.

373

59,501

1,464,522

Chemicals

-

1.6%

AdvanSix,

Inc.

9,065

290,987

American

Vanguard

Corp.

7,877

147,300

FutureFuel

Corp.

27,808

167,960

Intrepid

Potash,

Inc.

*

5,588

221,117

Koppers

Holdings,

Inc.

2,557

53,134

Livent

Corp.

*

4,502

137,986

LSB

Industries,

Inc.

*

2,858

40,727

Rayonier

Advanced

Materials,

Inc.

*

11,253

35,447

Stepan

Co.

2,573

241,013

Tronox

Holdings

plc

9,735

119,254

Valhi,

Inc.

8,920

224,427

1,679,352

Commercial

Services

&

Supplies

-

0.6%

ACCO

Brands

Corp.

24,054

117,864

Cimpress

plc

(Ireland)

*

2,360

57,773

Ennis,

Inc.

5,114

102,945

Heritage-Crystal

Clean,

Inc.

*

1,012

29,925

HNI

Corp.

3,873

102,673

Interface,

Inc.

16,972

152,578

Quad/Graphics,

Inc.

*

30,535

78,170

641,928

Communications

Equipment

-

1.0%

Calix,

Inc.

*

6,386

390,440

Casa

Systems,

Inc.

*

27,149

84,976

CommScope

Holding

Co.,

Inc.

*

8,240

75,890

Digi

International,

Inc.

*

3,152

108,965

Extreme

Networks,

Inc.

*

18,579

242,828

33

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

1.0%

(continued)

NetScout

Systems,

Inc.

*

2,918

91,392

994,491

Construction

&

Engineering

-

2.6%

API

Group

Corp.

*

9,020

119,695

Arcosa,

Inc.

3,429

196,070

Comfort

Systems

USA,

Inc.

2,375

231,159

Dycom

Industries,

Inc.

*

686

65,534

EMCOR

Group,

Inc.

5,140

593,567

Fluor

Corp.

*

1,825

45,424

IES

Holdings,

Inc.

*

1,855

51,235

Infrastructure

and

Energy

Alternatives,

Inc.

*

1,261

17,074

MYR

Group,

Inc.

*

12,737

1,079,206

Primoris

Services

Corp.

5,206

84,598

Sterling

Infrastructure,

Inc.

*

7,551

162,120

2,645,682

Consumer

Finance

-

0.5%

Bread

Financial

Holdings,

Inc.

8,619

271,068

Encore

Capital

Group,

Inc.

*

2,780

126,434

Enova

International,

Inc.

*

2,470

72,297

Navient

Corp.

2,646

38,870

508,669

Containers

&

Packaging

-

0.1%

O-I

Glass,

Inc.

*

6,568

85,056

Diversified

Consumer

Services

-

0.5%

2U,

Inc.

*

4,134

25,837

Laureate

Education,

Inc.,

Class

A

2,783

29,361

Perdoceo

Education

Corp.

*

26,041

268,222

Stride,

Inc.

*

2,450

102,974

WW

International,

Inc.

*

13,650

53,644

480,038

Diversified

Financial

Services

-

0.3%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

4,721

61,656

Jackson

Financial,

Inc.,

Class

A

8,104

224,886

286,542

Diversified

Telecommunication

Services

-

0.1%

EchoStar

Corp.,

Class

A

*

2,526

41,603

Globalstar,

Inc.

*

17,626

28,026

69,629

Electric

Utilities

-

0.3%

Otter

Tail

Corp.

1,794

110,367

PNM

Resources,

Inc.

4,384

200,480

310,847

Electrical

Equipment

-

1.6%

Array

Technologies,

Inc.

*

6,503

107,820

Atkore,

Inc.

*

9,003

700,523

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

1.6%

(continued)

Encore

Wire

Corp.

5,463

631,195

ESS

Tech,

Inc.

*

7,978

32,630

FuelCell

Energy,

Inc.

*

15,686

53,489

GrafTech

International

Ltd.

11,515

49,630

Stem,

Inc.

*

4,088

54,534

1,629,821

Electronic

Equipment,

Instruments

&

Components

-

2.9%

ePlus,

Inc.

*

6,413

266,396

Fabrinet

(Thailand)

*

5,468

521,921

Insight

Enterprises,

Inc.

*

8,746

720,758

Methode

Electronics,

Inc.

8,648

321,273

PC

Connection,

Inc.

5,566

250,971

Rogers

Corp.

*

810

195,923

Sanmina

Corp.

*

10,765

496,051

Velodyne

Lidar,

Inc.

*

111,952

106,030

Vishay

Intertechnology,

Inc.

2,321

41,290

2,920,613

Energy

Equipment

&

Services

-

2.2%

Archrock,

Inc.

7,704

49,460

Bristow

Group,

Inc.

*

3,395

79,748

Cactus,

Inc.,

Class

A

3,213

123,476

ChampionX

Corp.

8,810

172,412

Dril-Quip,

Inc.

*

2,844

55,515

Liberty

Energy,

Inc.,

Class

A

*

19,217

243,672

Nabors

Industries

Ltd.

*

998

101,247

National

Energy

Services

Reunited

Corp.

*

22,178

131,737

Newpark

Resources,

Inc.

*

28,937

72,921

NexTier

Oilfield

Solutions,

Inc.

*

22,308

165,079

Noble

Corp.

plc

*

1,765

52,209

ProPetro

Holding

Corp.

*

61,345

493,827

RPC,

Inc.

20,843

144,442

Select

Energy

Services,

Inc.,

Class

A

*

15,976

111,353

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

11,706

109,568

TETRA

Technologies,

Inc.

*

20,864

74,902

US

Silica

Holdings,

Inc.

*

4,252

46,559

Weatherford

International

plc

*

1,128

36,423

2,264,550

Entertainment

-

0.1%

Playstudios,

Inc.

*

30,524

106,529

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.2%

American

Assets

Trust,

Inc.

3,781

97,247

Apple

Hospitality

REIT,

Inc.

14,507

203,968

Braemar

Hotels

&

Resorts,

Inc.

20,405

87,741

Brandywine

Realty

Trust

3,828

25,839

BRT

Apartments

Corp.

2,120

43,057

Empire

State

Realty

Trust,

Inc.,

Class

A

8,995

59,007

Global

Net

Lease,

Inc.

6,312

67,223

Hersha

Hospitality

Trust,

Class

A

8,259

65,907

34

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.2%

(continued)

Independence

Realty

Trust,

Inc.

6,241

104,412

Kite

Realty

Group

Trust

3,416

58,824

LXP

Industrial

Trust

11,810

108,180

Macerich

Co.

(The)

3,344

26,551

National

Health

Investors,

Inc.

1,294

73,150

Necessity

Retail

REIT,

Inc.

(The)

37,842

222,511

NexPoint

Residential

Trust,

Inc.

3,261

150,691

Office

Properties

Income

Trust

21,846

306,936

One

Liberty

Properties,

Inc.

1,959

41,178

Phillips

Edison

&

Co.,

Inc.

2,731

76,605

Physicians

Realty

Trust

8,095

121,749

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

19,525

206,184

PotlatchDeltic

Corp.

3,124

128,209

RLJ

Lodging

Trust

4,521

45,753

Sabra

Health

Care

REIT,

Inc.

12,156

159,487

Saul

Centers,

Inc.

753

28,237

Service

Properties

Trust

13,360

69,338

Uniti

Group,

Inc.

12,744

88,571

Urban

Edge

Properties

12,023

160,387

Urstadt

Biddle

Properties,

Inc.,

Class

A

13,707

212,596

Washington

REIT

1,775

31,169

Whitestone

REIT

23,431

198,226

3,268,933

Food

&

Staples

Retailing

-

1.1%

Fresh

Market,

Inc.

(The)

Escrow

(3)*(b)

20

–

Ingles

Markets,

Inc.,

Class

A

7,717

611,264

Rite

Aid

Corp.

*

4,949

24,497

SpartanNash

Co.

1,939

56,270

Sprouts

Farmers

Market,

Inc.

*

1,829

50,755

United

Natural

Foods,

Inc.

*

7,626

262,106

Weis

Markets,

Inc.

2,014

143,477

1,148,369

Food

Products

-

1.4%

Calavo

Growers,

Inc.

877

27,845

Cal-Maine

Foods,

Inc.

829

46,084

Fresh

Del

Monte

Produce,

Inc.

4,646

107,973

John

B

Sanfilippo

&

Son,

Inc.

6,589

498,985

Seneca

Foods

Corp.,

Class

A

*

6,043

304,809

SunOpta,

Inc.

(Canada)

*

16,356

148,839

Tattooed

Chef,

Inc.

*

6,567

32,704

Vital

Farms,

Inc.

*

9,940

118,982

Whole

Earth

Brands,

Inc.

*

47,886

183,882

1,470,103

Gas

Utilities

-

0.5%

New

Jersey

Resources

Corp.

3,253

125,891

Northwest

Natural

Holding

Co.

3,205

139,033

South

Jersey

Industries,

Inc.

4,495

150,223

INVESTMENTS

SHARES

VALUE

($)

Gas

Utilities

-

0.5%

(continued)

Southwest

Gas

Holdings,

Inc.

816

56,916

472,063

Health

Care

Equipment

&

Supplies

-

2.5%

Atrion

Corp.

53

29,945

Avanos

Medical,

Inc.

*

2,329

50,725

Bioventus,

Inc.,

Class

A

*

3,884

27,188

CONMED

Corp.

1,495

119,854

Figs,

Inc.,

Class

A

*

17,512

144,474

Haemonetics

Corp.

*

405

29,982

Integer

Holdings

Corp.

*

3,561

221,601

Invacare

Corp.

*

19,810

15,458

iRadimed

Corp.

1,495

44,940

iRhythm

Technologies,

Inc.

*

1,083

135,678

Lantheus

Holdings,

Inc.

*

1,605

112,880

LeMaitre

Vascular,

Inc.

1,350

68,418

Meridian

Bioscience,

Inc.

*

1,809

57,038

Merit

Medical

Systems,

Inc.

*

5,491

310,296

Omnicell,

Inc.

*

3,622

315,223

Senseonics

Holdings,

Inc.

*

28,784

37,995

Shockwave

Medical,

Inc.

*

1,548

430,452

STAAR

Surgical

Co.

*

1,745

123,110

Tactile

Systems

Technology,

Inc.

*

16,343

127,312

TransMedics

Group,

Inc.

*

590

24,626

Zynex,

Inc.

12,310

111,652

2,538,847

Health

Care

Providers

&

Services

-

3.1%

1Life

Healthcare,

Inc.

*

7,533

129,191

Accolade,

Inc.

*

2,756

31,474

AdaptHealth

Corp.

*

9,229

173,321

Addus

HomeCare

Corp.

*

347

33,048

AMN

Healthcare

Services,

Inc.

*

3,616

383,151

Community

Health

Systems,

Inc.

*

47,017

101,087

CorVel

Corp.

*

2,593

358,949

Cross

Country

Healthcare,

Inc.

*

9,439

267,784

Ensign

Group,

Inc.

(The)

4,930

391,935

Fulgent

Genetics,

Inc.

*

2,934

111,844

Joint

Corp.

(The)

*

4,051

63,641

LHC

Group,

Inc.

*

1,331

217,832

National

Research

Corp.

1,829

72,794

OPKO

Health,

Inc.

*

27,552

52,073

Owens

&

Minor,

Inc.

10,112

243,699

Patterson

Cos.,

Inc.

10,730

257,735

PetIQ,

Inc.

*

3,075

21,218

Select

Medical

Holdings

Corp.

10,100

223,210

Sema4

Holdings

Corp.

*

32,144

28,206

3,162,192

Health

Care

Technology

-

0.7%

Allscripts

Healthcare

Solutions,

Inc.

*

4,671

71,139

Computer

Programs

and

Systems,

Inc.

*

2,776

77,395

Evolent

Health,

Inc.,

Class

A

*

8,955

321,753

35

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Technology

-

0.7%

(continued)

Health

Catalyst,

Inc.

*

4,643

45,037

NextGen

Healthcare,

Inc.

*

3,083

54,569

OptimizeRx

Corp.

*

3,626

53,737

Simulations

Plus,

Inc.

1,686

81,839

705,469

Hotels,

Restaurants

&

Leisure

-

1.3%

Bloomin'

Brands,

Inc.

4,113

75,391

Bluegreen

Vacations

Holding

Corp.

1,622

26,796

Brinker

International,

Inc.

*

2,169

54,182

Cheesecake

Factory,

Inc.

(The)

1,237

36,219

Golden

Entertainment,

Inc.

*

1,027

35,832

Hilton

Grand

Vacations,

Inc.

*

779

25,621

Inspired

Entertainment,

Inc.

*

3,045

26,887

International

Game

Technology

plc

1,723

27,223

Light

&

Wonder,

Inc.

*

6,597

282,879

Monarch

Casino

&

Resort,

Inc.

*

520

29,193

RCI

Hospitality

Holdings,

Inc.

2,387

155,967

Red

Rock

Resorts,

Inc.,

Class

A

2,270

77,770

Ruth's

Hospitality

Group,

Inc.

1,882

31,731

Texas

Roadhouse,

Inc.

4,893

426,963

Vacasa,

Inc.,

Class

A

*

8,610

26,433

1,339,087

Household

Durables

-

1.3%

Aterian,

Inc.

*

13,030

16,157

Beazer

Homes

USA,

Inc.

*

2,526

24,427

Century

Communities,

Inc.

4,321

184,852

GoPro,

Inc.,

Class

A

*

10,303

50,794

Green

Brick

Partners,

Inc.

*

1,370

29,291

KB

Home

1,597

41,394

M/I

Homes,

Inc.

*

3,748

135,790

Meritage

Homes

Corp.

*

4,023

282,696

Taylor

Morrison

Home

Corp.,

Class

A

*

13,373

311,858

Tri

Pointe

Homes,

Inc.

*

10,549

159,395

Tupperware

Brands

Corp.

*

19,852

130,031

1,366,685

Household

Products

-

0.1%

WD-40

Co.

375

65,902

Independent

Power

and

Renewable

Electricity

Producers

-

0.7%

Clearway

Energy,

Inc.,

Class

C

5,241

166,926

Montauk

Renewables,

Inc.

*

9,993

174,278

Ormat

Technologies,

Inc.

2,731

235,412

Sunnova

Energy

International,

Inc.

*

4,250

93,840

670,456

Insurance

-

2.3%

Argo

Group

International

Holdings

Ltd.

2,147

41,351

CNO

Financial

Group,

Inc.

5,575

100,183

Employers

Holdings,

Inc.

13,872

478,445

Genworth

Financial,

Inc.,

Class

A

*

71,726

251,041

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

2.3%

(continued)

Horace

Mann

Educators

Corp.

10,374

366,098

Kinsale

Capital

Group,

Inc.

393

100,380

ProAssurance

Corp.

3,541

69,085

Root,

Inc.,

Class

A

*

4,504

35,492

Selective

Insurance

Group,

Inc.

4,313

351,078

Stewart

Information

Services

Corp.

7,433

324,376

Tiptree,

Inc.

4,976

53,542

United

Fire

Group,

Inc.

3,950

113,484

Universal

Insurance

Holdings,

Inc.

6,540

64,419

2,348,974

Interactive

Media

&

Services

-

0.4%

EverQuote,

Inc.,

Class

A

*

6,165

42,045

Outbrain,

Inc.

*

32,619

119,060

Yelp,

Inc.

*

1,354

45,914

Ziff

Davis,

Inc.

*

2,685

183,869

390,888

Internet

&

Direct

Marketing

Retail

-

0.2%

Lands'

End,

Inc.

*

8,952

69,109

Qurate

Retail,

Inc.,

Series

A

25,351

50,956

Stitch

Fix,

Inc.,

Class

A

*

31,978

126,313

246,378

IT

Services

-

1.3%

CSG

Systems

International,

Inc.

2,538

134,209

EVERTEC,

Inc.

6,528

204,653

Flywire

Corp.

*

1,278

29,343

Grid

Dynamics

Holdings,

Inc.

*

1,641

30,736

Hackett

Group,

Inc.

(The)

9,556

169,332

Information

Services

Group,

Inc.

8,121

38,656

Paysafe

Ltd.

*

18,234

25,163

Perficient,

Inc.

*

3,774

245,385

Squarespace,

Inc.,

Class

A

*

2,916

62,286

StoneCo

Ltd.,

Class

A

(Brazil)

*

26,493

252,478

TTEC

Holdings,

Inc.

3,044

134,880

1,327,121

Leisure

Products

-

0.9%

Acushnet

Holdings

Corp.

3,239

140,864

Johnson

Outdoors,

Inc.,

Class

A

1,307

67,062

Malibu

Boats,

Inc.,

Class

A

*

4,386

210,484

MasterCraft

Boat

Holdings,

Inc.

*

3,675

69,274

Topgolf

Callaway

Brands

Corp.

*

1,545

29,757

Vista

Outdoor,

Inc.

*

15,224

370,248

887,689

Life

Sciences

Tools

&

Services

-

0.7%

AbCellera

Biologics,

Inc.

(Canada)

*

7,413

73,315

Berkeley

Lights,

Inc.

*

26,493

75,770

Medpace

Holdings,

Inc.

*

2,607

409,742

Quanterix

Corp.

*

8,006

88,226

Science

37

Holdings,

Inc.

*

17,150

27,611

Seer,

Inc.

*

3,305

25,581

36

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

0.7%

(continued)

Singular

Genomics

Systems,

Inc.

*

7,564

18,910

719,155

Machinery

-

2.4%

CIRCOR

International,

Inc.

*

4,458

73,512

Columbus

McKinnon

Corp.

2,566

67,127

Desktop

Metal,

Inc.,

Class

A

*

19,764

51,189

Federal

Signal

Corp.

2,937

109,609

Hyzon

Motors,

Inc.

*

15,830

26,911

Kennametal,

Inc.

2,938

60,464

Markforged

Holding

Corp.

*

17,981

35,602

Mueller

Industries,

Inc.

18,631

1,107,427

Proto

Labs,

Inc.

*

5,723

208,489

REV

Group,

Inc.

10,741

118,473

Shyft

Group,

Inc.

(The)

3,359

68,624

Terex

Corp.

2,411

71,703

Titan

International,

Inc.

*

16,664

202,301

Wabash

National

Corp.

15,144

235,641

2,437,072

Marine

-

0.7%

Eagle

Bulk

Shipping,

Inc.

1,918

82,819

Genco

Shipping

&

Trading

Ltd.

15,671

196,358

Golden

Ocean

Group

Ltd.

(Norway)

8,548

63,853

Matson,

Inc.

4,381

269,519

Safe

Bulkers,

Inc.

(Greece)

52,017

128,482

741,031

Media

-

0.6%

AMC

Networks,

Inc.,

Class

A

*

5,756

116,847

Cumulus

Media,

Inc.,

Class

A

*

11,938

83,924

PubMatic,

Inc.,

Class

A

*

4,508

74,968

Scholastic

Corp.

838

25,777

Sinclair

Broadcast

Group,

Inc.,

Class

A

3,276

59,263

TEGNA,

Inc.

10,636

219,952

580,731

Metals

&

Mining

-

2.3%

Alpha

Metallurgical

Resources,

Inc.

1,777

243,165

Arconic

Corp.

*

10,314

175,750

Century

Aluminum

Co.

*

3,795

20,038

Commercial

Metals

Co.

20,413

724,253

Olympic

Steel,

Inc.

6,405

146,098

Ryerson

Holding

Corp.

10,496

270,167

Schnitzer

Steel

Industries,

Inc.,

Class

A

5,370

152,830

SunCoke

Energy,

Inc.

15,698

91,205

TimkenSteel

Corp.

*

20,203

302,843

Warrior

Met

Coal,

Inc.

5,811

165,265

Worthington

Industries,

Inc.

778

29,673

2,321,287

INVESTMENTS

SHARES

VALUE

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,665

88,520

Arbor

Realty

Trust,

Inc.

6,322

72,703

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

213,864

Chimera

Investment

Corp.

12,242

63,903

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,604

137,798

PennyMac

Mortgage

Investment

Trust

6,655

78,396

655,184

Multiline

Retail

-

0.0%

(c)

Dillard's,

Inc.,

Class

A

119

32,458

Multi-Utilities

-

0.5%

Avista

Corp.

3,168

117,374

Black

Hills

Corp.

3,256

220,529

NorthWestern

Corp.

2,627

129,459

467,362

Oil,

Gas

&

Consumable

Fuels

-

7.1%

Alto

Ingredients,

Inc.

*

62,376

227,049

Arch

Resources,

Inc.

2,825

335,045

Ardmore

Shipping

Corp.

(Ireland)

*

5,150

47,019

Berry

Corp.

21,478

161,085

California

Resources

Corp.

3,139

120,632

Callon

Petroleum

Co.

*

3,272

114,553

Centrus

Energy

Corp.,

Class

A

*

4,470

183,181

Chord

Energy

Corp.

3,472

474,865

Civitas

Resources,

Inc.

8,283

475,361

Comstock

Resources,

Inc.

*

3,914

67,673

CONSOL

Energy,

Inc.

5,557

357,426

CVR

Energy,

Inc.

4,459

129,222

Delek

US

Holdings,

Inc.

5,006

135,863

Dorian

LPG

Ltd.

10,235

138,889

Earthstone

Energy,

Inc.,

Class

A

*

4,713

58,064

Energy

Fuels,

Inc.

*

4,358

26,671

Kosmos

Energy

Ltd.

(Ghana)

*

8,495

43,919

Laredo

Petroleum,

Inc.

*

1,129

70,958

Magnolia

Oil

&

Gas

Corp.,

Class

A

14,434

285,938

Matador

Resources

Co.

7,867

384,854

Murphy

Oil

Corp.

8,108

285,158

NACCO

Industries,

Inc.,

Class

A

4,182

196,679

NextDecade

Corp.

*

7,545

45,421

Northern

Oil

and

Gas,

Inc.

1,013

27,766

PBF

Energy,

Inc.,

Class

A

*

18,219

640,580

Peabody

Energy

Corp.

*

4,253

105,559

Permian

Resources

Corp.

*

29,767

202,416

Ranger

Oil

Corp.

1,736

54,597

REX

American

Resources

Corp.

*

13,530

377,758

Riley

Exploration

Permian,

Inc.

3,118

59,180

SandRidge

Energy,

Inc.

*

5,449

88,873

Scorpio

Tankers,

Inc.

(Monaco)

2,747

115,484

SFL

Corp.

Ltd.

(Norway)

6,604

60,162

Sitio

Royalties

Corp.

3,114

68,851

37

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

7.1%

(continued)

SM

Energy

Co.

11,378

427,927

Talos

Energy,

Inc.

*

10,913

181,701

Teekay

Corp.

*

17,149

61,565

VAALCO

Energy,

Inc.

50,811

221,536

W&T

Offshore,

Inc.

*

19,829

116,198

World

Fuel

Services

Corp.

2,842

66,616

7,242,294

Paper

&

Forest

Products

-

0.0%

(c)

Resolute

Forest

Products,

Inc.

*

1,920

38,400

Personal

Products

-

0.5%

Edgewell

Personal

Care

Co.

4,873

182,250

Herbalife

Nutrition

Ltd.

*

4,065

80,853

Honest

Co.,

Inc.

(The)

*

18,006

63,021

Nu

Skin

Enterprises,

Inc.,

Class

A

5,586

186,405

USANA

Health

Sciences,

Inc.

*

515

28,866

541,395

Pharmaceuticals

-

1.3%

Aerie

Pharmaceuticals,

Inc.

*

2,400

36,312

Amphastar

Pharmaceuticals,

Inc.

*

2,287

64,265

Arvinas,

Inc.

*

4,334

192,820

Atea

Pharmaceuticals,

Inc.

*

18,493

105,225

Athira

Pharma,

Inc.

*

16,654

49,462

Corcept

Therapeutics,

Inc.

*

15,134

388,036

Evolus,

Inc.

*

4,584

36,901

Harmony

Biosciences

Holdings,

Inc.

*

1,743

77,197

Innoviva,

Inc.

*

3,683

42,760

Phibro

Animal

Health

Corp.,

Class

A

2,171

28,853

Prestige

Consumer

Healthcare,

Inc.

*

2,551

127,116

Supernus

Pharmaceuticals,

Inc.

*

5,371

181,808

Xeris

Biopharma

Holdings,

Inc.

*

20,487

31,960

1,362,715

Professional

Services

-

1.6%

Barrett

Business

Services,

Inc.

1,855

144,690

Franklin

Covey

Co.

*

684

31,047

Heidrick

&

Struggles

International,

Inc.

4,821

125,298

Insperity,

Inc.

1,137

116,076

Kforce,

Inc.

17,755

1,041,331

Resources

Connection,

Inc.

4,561

82,417

TrueBlue,

Inc.

*

5,931

113,163

1,654,022

Real

Estate

Management

&

Development

-

0.5%

Anywhere

Real

Estate,

Inc.

*

14,031

113,791

Cushman

&

Wakefield

plc

*

9,713

111,214

eXp

World

Holdings,

Inc.

6,581

73,773

Forestar

Group,

Inc.

*

15,866

177,541

476,319

INVESTMENTS

SHARES

VALUE

($)

Road

&

Rail

-

1.1%

ArcBest

Corp.

9,789

711,954

Covenant

Logistics

Group,

Inc.

8,508

244,180

Daseke,

Inc.

*

5,159

27,910

PAM

Transportation

Services,

Inc.

*

3,172

98,205

1,082,249

Semiconductors

&

Semiconductor

Equipment

-

3.7%

Alpha

&

Omega

Semiconductor

Ltd.

*

7,052

216,920

Amkor

Technology,

Inc.

36,628

624,507

Axcelis

Technologies,

Inc.

*

2,277

137,895

Diodes,

Inc.

*

6,970

452,423

FormFactor,

Inc.

*

15,138

379,207

Ichor

Holdings

Ltd.

*

5,131

124,221

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

2,003

77,176

MaxLinear,

Inc.

*

2,875

93,782

Onto

Innovation,

Inc.

*

1,983

127,011

Photronics,

Inc.

*

24,229

354,228

Power

Integrations,

Inc.

7,077

455,193

SMART

Global

Holdings,

Inc.

*

7,802

123,818

Synaptics,

Inc.

*

4,121

408,020

Ultra

Clean

Holdings,

Inc.

*

8,648

222,686

3,797,087

Software

-

1.9%

8x8,

Inc.

*

8,905

30,722

ACI

Worldwide,

Inc.

*

1,392

29,093

American

Software,

Inc.,

Class

A

5,403

82,774

Avaya

Holdings

Corp.

*

25,610

40,720

ChannelAdvisor

Corp.

*

1,265

28,665

Cleanspark,

Inc.

*

57,943

184,259

Clear

Secure,

Inc.,

Class

A

*

1,450

33,147

Consensus

Cloud

Solutions,

Inc.

*

1,070

50,611

CS

Disco,

Inc.

*

2,677

26,770

Digital

Turbine,

Inc.

*

5,789

83,420

Greenidge

Generation

Holdings,

Inc.

*

28,600

57,200

LiveRamp

Holdings,

Inc.

*

4,121

74,837

Mitek

Systems,

Inc.

*

6,033

55,262

Progress

Software

Corp.

5,680

241,684

Qualys,

Inc.

*

1,115

155,420

Rimini

Street,

Inc.

*

9,818

45,752

Sprout

Social,

Inc.,

Class

A

*

1,717

104,188

SPS

Commerce,

Inc.

*

3,897

484,124

Zeta

Global

Holdings

Corp.,

Class

A

*

18,286

120,870

1,929,518

Specialty

Retail

-

3.2%

Academy

Sports

&

Outdoors,

Inc.

2,896

122,153

Asbury

Automotive

Group,

Inc.

*

2,406

363,547

Caleres,

Inc.

3,257

78,884

Citi

Trends,

Inc.

*

5,015

77,783

Conn's,

Inc.

*

8,503

60,201

38

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

3.2%

(continued)

Destination

XL

Group,

Inc.

*

5,168

28,011

Express,

Inc.

*

51,031

55,624

Genesco,

Inc.

*

3,420

134,474

Group

1

Automotive,

Inc.

2,771

395,893

Hibbett,

Inc.

5,160

257,020

MarineMax,

Inc.

*

5,532

164,798

Murphy

USA,

Inc.

1,573

432,433

ODP

Corp.

(The)

*

9,864

346,720

Party

City

Holdco,

Inc.

*

35,844

56,633

Rent-A-Center,

Inc.

1,234

21,607

Sally

Beauty

Holdings,

Inc.

*

9,403

118,478

Signet

Jewelers

Ltd.

5,769

329,929

Sleep

Number

Corp.

*

1,700

57,477

Sonic

Automotive,

Inc.,

Class

A

4,258

184,371

Zumiez,

Inc.

*

1,335

28,743

3,314,779

Technology

Hardware,

Storage

&

Peripherals

-

0.7%

Avid

Technology,

Inc.

*

6,235

145,026

Diebold

Nixdorf,

Inc.

*

67,969

165,845

Super

Micro

Computer,

Inc.

*

6,618

364,453

675,324

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

Crocs,

Inc.

*

602

41,333

G-III

Apparel

Group

Ltd.

*

16,713

249,859

Movado

Group,

Inc.

2,194

61,827

Oxford

Industries,

Inc.

362

32,501

385,520

Thrifts

&

Mortgage

Finance

-

2.3%

Flagstar

Bancorp,

Inc.

2,261

75,517

Mr

Cooper

Group,

Inc.

*

20,486

829,683

PennyMac

Financial

Services,

Inc.

8,653

371,214

Provident

Financial

Services,

Inc.

1,379

26,890

Radian

Group,

Inc.

17,777

342,918

TrustCo

Bank

Corp.

2,129

66,893

Walker

&

Dunlop,

Inc.

6,798

569,197

Waterstone

Financial,

Inc.

1,886

30,478

2,312,790

Tobacco

-

0.1%

Vector

Group

Ltd.

6,859

60,428

Trading

Companies

&

Distributors

-

2.7%

BlueLinx

Holdings,

Inc.

*

3,224

200,210

Boise

Cascade

Co.

13,096

778,688

GMS,

Inc.

*

7,975

319,080

Rush

Enterprises,

Inc.,

Class

A

13,668

599,479

Textainer

Group

Holdings

Ltd.

(China)

7,363

197,770

Titan

Machinery,

Inc.

*

3,784

106,936

Triton

International

Ltd.

3,107

170,046

Veritiv

Corp.

*

4,357

425,984

2,798,193

INVESTMENTS

SHARES

VALUE

($)

Water

Utilities

-

0.0%

(c)

Artesian

Resources

Corp.,

Class

A

577

27,765

Wireless

Telecommunication

Services

-

0.1%

Gogo,

Inc.

*

2,409

29,197

Telephone

and

Data

Systems,

Inc.

6,587

91,559

120,756

TOTAL

COMMON

STOCKS

(Cost

$73,505,788)

95,857,915

PREFERRED

STOCKS

-

0.0%

(c)

Media

-

0.0%

(c)

Liberty

Broadband

Corp.,

Series

A,

7.00%,

3/10/2039

(d)

(Cost

$11,662)

1,368

34,091

SHORT-TERM

INVESTMENTS

-

5.7%

INVESTMENT

COMPANIES

-

5.7%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(e)

(Cost

$5,854,125)

5,858,429

5,855,500

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$79,371,575)

101,747,506

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

(f)

359,323

NET

ASSETS

-

100.0%

102,106,829

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,302,623

1.3

%

Consumer

Discretionary

9,382,762

9.2

Consumer

Staples

4,321,654

4.2

Energy

9,506,844

9.3

Financials

16,792,184

16.5

Health

Care

15,260,121

14.9

Industrials

17,863,824

17.5

Information

Technology

11,644,154

11.4

Materials

4,124,095

4.0

Real

Estate

3,745,252

3.7

Utilities

1,948,493

1.9

Investment

Companies

5,855,500

5.7

Total

Investments

In

Securities

At

Value

101,747,506

99.6

Other

Assets

in

Excess

of

Liabilities

(f

)

359,323

0.4

Net

Assets

$

102,106,829

100.0%

39

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

At

September

30,

2022,

the

value

of

these

securities

amounted

to

$47,557

or

0.05%

of

net

assets.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

September

30,

2022

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$38,012,

which

represents

0.04%

of

net

assets

of

the

fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Perpetual

security.

The

rate

reflected

was

the

rate

in

effect

on

September

30,

2022.

The

maturity

date

reflects

the

next

call

date.

(e)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(f)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Level

3

security

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

57

12/2022

USD

$

4,758,930

$

(447,802)

$

(447,802)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

725,612

$

725,612

40

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.7%

Australia

-

8.6%

APA

Group

124,537

766,269

Aristocrat

Leisure

Ltd.

29,903

630,552

Aurizon

Holdings

Ltd.

1,153,392

2,550,901

BHP

Group

Ltd.

75,493

1,876,615

BlueScope

Steel

Ltd.

231,253

2,245,847

CSL

Ltd.

30,201

5,492,570

Dexus,

REIT

80,141

398,666

Fortescue

Metals

Group

Ltd.

221,376

2,376,550

Goodman

Group,

REIT

44,644

451,209

Lottery

Corp.

Ltd.

(The)

*

57,040

152,864

Origin

Energy

Ltd.

235,247

780,542

Rio

Tinto

Ltd.

8,995

544,129

Rio

Tinto

plc

104,331

5,644,921

South32

Ltd.

839,139

1,992,041

Tabcorp

Holdings

Ltd.

57,040

34,206

Transurban

Group

37,480

295,995

WiseTech

Global

Ltd.

82,047

2,680,684

Woodside

Energy

Group

Ltd.

163,780

3,346,274

32,260,835

—

Austria

-

0.1%

Mondi

plc

25,754

395,644

Belgium

-

0.4%

Ageas

SA/NV

20,631

752,448

Groupe

Bruxelles

Lambert

NV

1,467

102,595

Proximus

SADP

72,073

747,258

1,602,301

—

Canada

-

10.6%

Alimentation

Couche-Tard,

Inc.

(1)

21,067

848,109

ARC

Resources

Ltd.

(1)

8,426

101,196

Bank

of

Montreal

(1)

20,678

1,812,347

Bank

of

Nova

Scotia

(The)

(1)

5,464

259,880

Canadian

Apartment

Properties,

REIT

(1)

3,482

106,122

Canadian

Imperial

Bank

of

Commerce

(1)

35,576

1,557,118

Canadian

Natural

Resources

Ltd.

(1)

118,623

5,521,742

Canadian

Pacific

Railway

Ltd.

(1)

13,230

883,149

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

24,826

2,642,823

CCL

Industries,

Inc.,

Class

B

(1)

4,615

223,709

CGI,

Inc.

(1)*

27,366

2,060,152

Empire

Co.

Ltd.,

Class

A

(1)

4,112

102,283

Fairfax

Financial

Holdings

Ltd.

(1)

6,663

3,043,125

Gildan

Activewear,

Inc.

(1)

5,898

166,733

Great-West

Lifeco,

Inc.

(1)

6,006

129,655

iA

Financial

Corp.,

Inc.

(1)

12,987

659,903

IGM

Financial,

Inc.

(1)

12,804

319,046

Imperial

Oil

Ltd.

(1)

87,452

3,786,516

Loblaw

Cos.

Ltd.

(1)

17,738

1,404,555

Manulife

Financial

Corp.

(1)

28,526

447,710

National

Bank

of

Canada

(1)

18,499

1,159,477

Nutrien

Ltd.

(1)

14,110

1,176,727

Nuvei

Corp.

(1)*(a)

10,829

292,646

Onex

Corp.

(1)

9,686

444,279

Open

Text

Corp.

(1)

13,308

351,739

INVESTMENTS

SHARES

VALUE

($)

Canada

-

10.6%

(continued)

Power

Corp.

of

Canada

(1)

5,259

118,516

Royal

Bank

of

Canada

(1)

23,203

2,089,085

Suncor

Energy,

Inc.

(1)

79,332

2,234,057

Teck

Resources

Ltd.,

Class

B

(1)

4,499

136,825

Toronto-Dominion

Bank

(The)

(1)

9,710

595,527

Tourmaline

Oil

Corp.

(1)

23,777

1,235,712

West

Fraser

Timber

Co.

Ltd.

(1)

51,522

3,727,219

39,637,682

—

China

-

0.9%

BOC

Hong

Kong

Holdings

Ltd.

499,000

1,659,534

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

559,700

1,457,491

SITC

International

Holdings

Co.

Ltd.

120,000

220,072

3,337,097

—

Denmark

-

2.5%

AP

Moller

-

Maersk

A/S,

Class

B

1,703

3,094,740

Novo

Nordisk

A/S,

Class

B

52,379

5,217,881

Pandora

A/S

22,603

1,057,058

9,369,679

—

Finland

-

0.4%

Kesko

OYJ,

Class

B

26,047

485,958

Neste

OYJ

13,398

584,012

Nokia

OYJ

124,892

536,169

1,606,139

—

France

-

7.6%

Arkema

SA

1,472

107,278

AXA

SA

118,661

2,590,716

BNP

Paribas

SA

65,235

2,755,478

Carrefour

SA

247,206

3,428,523

Cie

de

Saint-Gobain

73,096

2,613,593

Dassault

Aviation

SA

11,783

1,340,562

Electricite

de

France

SA

14,534

168,557

Ipsen

SA

19,737

1,826,662

L'Oreal

SA

2,880

920,857

LVMH

Moet

Hennessy

Louis

Vuitton

SE

440

259,413

Orange

SA

84,272

762,201

Publicis

Groupe

SA

45,751

2,167,806

Societe

Generale

SA

49,133

971,659

Sodexo

SA

11,463

860,876

TotalEnergies

SE

158,916

7,455,477

Unibail-Rodamco-Westfield,

REIT

*

4,856

200,941

28,430,599

—

Germany

-

6.0%

Allianz

SE

(Registered)

3,857

607,610

BASF

SE

54,704

2,099,452

Bayerische

Motoren

Werke

AG

32,781

2,221,816

Brenntag

SE

34,262

2,071,206

Deutsche

Bank

AG

(Registered)

178,930

1,324,795

Deutsche

Boerse

AG

5,597

917,498

Deutsche

Lufthansa

AG

(Registered)

*

23,147

133,053

Deutsche

Post

AG

(Registered)

154,364

4,652,477

Fresenius

SE

&

Co.

KGaA

12,270

261,538

41

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Germany

-

6.0%

(continued)

GEA

Group

AG

12,087

391,171

HelloFresh

SE

*

51,900

1,086,367

Henkel

AG

&

Co.

KGaA

(Preference)

8,401

498,910

Infineon

Technologies

AG

99,417

2,175,645

Mercedes-Benz

Group

AG

32,697

1,653,390

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

2,640

635,503

Rheinmetall

AG

10,056

1,548,297

Siemens

Energy

AG

3,772

41,533

Uniper

SE

22,662

85,531

Volkswagen

AG

(Preference)

1,756

214,569

22,620,361

—

Hong

Kong

-

2.5%

CK

Asset

Holdings

Ltd.

356,439

2,139,842

CLP

Holdings

Ltd.

66,500

502,590

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,104,092

Link,

REIT

39,000

272,240

Sino

Land

Co.

Ltd.

318,000

418,274

Sun

Hung

Kai

Properties

Ltd.

24,500

270,389

Swire

Pacific

Ltd.,

Class

A

96,000

717,556

WH

Group

Ltd.

(a)

6,106,500

3,840,615

9,265,598

—

Italy

-

1.2%

Assicurazioni

Generali

SpA

114,804

1,567,572

Coca-Cola

HBC

AG

45,952

960,161

Eni

SpA

66,286

704,534

Prysmian

SpA

47,973

1,374,133

4,606,400

—

Japan

-

20.1%

Bandai

Namco

Holdings,

Inc.

5,500

358,426

CyberAgent,

Inc.

65,000

547,307

Dai-ichi

Life

Holdings,

Inc.

109,000

1,733,135

Daito

Trust

Construction

Co.

Ltd.

9,500

888,652

ENEOS

Holdings,

Inc.

760,100

2,451,439

Fuji

Electric

Co.

Ltd.

10,800

395,830

Fujitsu

Ltd.

12,400

1,359,685

Hakuhodo

DY

Holdings,

Inc.

16,200

114,059

Hitachi

Ltd.

2,500

106,390

Ibiden

Co.

Ltd.

63,000

1,722,342

Idemitsu

Kosan

Co.

Ltd.

39,200

851,944

Iida

Group

Holdings

Co.

Ltd.

40,400

546,869

Inpex

Corp.

336,600

3,139,497

ITOCHU

Corp.

105,100

2,536,896

Japan

Post

Holdings

Co.

Ltd.

499,900

3,311,944

Japan

Post

Insurance

Co.

Ltd.

272,600

3,818,059

Japan

Tobacco,

Inc.

35,000

575,147

JFE

Holdings,

Inc.

11,200

103,997

KDDI

Corp.

11,100

324,523

M3,

Inc.

12,400

346,230

Marubeni

Corp.

171,700

1,498,167

Mazda

Motor

Corp.

105,100

697,880

MISUMI

Group,

Inc.

16,200

348,825

Mitsubishi

UFJ

Financial

Group,

Inc.

591,300

2,678,664

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.1%

(continued)

Mitsui

&

Co.

Ltd.

70,800

1,506,608

Mizuho

Financial

Group,

Inc.

174,520

1,889,115

MS&AD

Insurance

Group

Holdings,

Inc.

146,200

3,871,774

NGK

Insulators

Ltd.

87,900

1,094,069

NIPPON

EXPRESS

HOLDINGS,

Inc.

9,100

462,544

Nippon

Steel

Corp.

34,200

474,637

Nippon

Telegraph

&

Telephone

Corp.

155,600

4,196,892

Nippon

Yusen

KK

30,300

514,308

Nitto

Denko

Corp.

30,700

1,662,275

Nomura

Real

Estate

Holdings,

Inc.

10,700

241,651

ORIX

Corp.

15,900

222,744

Osaka

Gas

Co.

Ltd.

119,600

1,803,088

Otsuka

Corp.

13,400

417,911

Otsuka

Holdings

Co.

Ltd.

15,500

490,806

Resona

Holdings,

Inc.

1,221,600

4,470,396

Rohm

Co.

Ltd.

2,300

150,733

Shimano,

Inc.

2,000

312,930

Shin-Etsu

Chemical

Co.

Ltd.

5,800

573,950

SoftBank

Group

Corp.

10,400

352,468

Sompo

Holdings,

Inc.

107,900

4,317,223

Square

Enix

Holdings

Co.

Ltd.

4,900

211,196

Sumitomo

Corp.

52,500

648,605

Sumitomo

Mitsui

Financial

Group,

Inc.

58,100

1,610,618

Sumitomo

Mitsui

Trust

Holdings,

Inc.

52,900

1,504,460

T&D

Holdings,

Inc.

105,900

1,006,583

Taisei

Corp.

22,500

624,006

TDK

Corp.

8,400

259,311

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

867,900

2,774,356

Tokyo

Gas

Co.

Ltd.

98,800

1,667,850

Tosoh

Corp.

248,800

2,772,967

Toyota

Tsusho

Corp.

86,400

2,676,222

75,238,203

—

Netherlands

-

5.6%

Adyen

NV

*(a)

811

1,011,448

Aegon

NV

83,510

331,952

ASM

International

NV

779

174,424

ASML

Holding

NV

12,123

5,022,306

ING

Groep

NV

109,319

936,692

Koninklijke

Ahold

Delhaize

NV

153,526

3,910,529

NN

Group

NV

17,591

684,183

Randstad

NV

11,367

490,609

Shell

plc

191,540

4,751,711

Universal

Music

Group

NV

12,414

232,515

Wolters

Kluwer

NV

35,973

3,502,821

21,049,190

—

Singapore

-

1.8%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

207,636

STMicroelectronics

NV

147,251

4,576,160

Venture

Corp.

Ltd.

167,100

1,898,748

6,682,544

—

42

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

South

Africa

-

0.6%

Anglo

American

plc

80,384

2,413,596

Spain

-

2.9%

Banco

Bilbao

Vizcaya

Argentaria

SA

500,247

2,244,032

Banco

Santander

SA

175,525

408,429

Enagas

SA

55,386

857,317

Grifols

SA

*

11,611

100,311

Red

Electrica

Corp.

SA

14,437

221,544

Repsol

SA

418,737

4,811,394

Telefonica

SA

624,227

2,063,643

10,706,670

—

Sweden

-

2.6%

Alfa

Laval

AB

5,091

126,242

Atlas

Copco

AB,

Class

B

42,828

355,002

Boliden

AB

7,128

220,226

Evolution

AB

(a)

62,729

4,958,574

Fastighets

AB

Balder,

Class

B

*

169,358

676,023

H

&

M

Hennes

&

Mauritz

AB,

Class

B

76,325

705,632

Hexagon

AB,

Class

B

13,741

128,329

Investor

AB,

Class

B

44,280

646,099

Securitas

AB,

Class

B

64,772

449,650

Skandinaviska

Enskilda

Banken

AB,

Class

A

17,456

166,369

Skanska

AB,

Class

B

10,952

136,306

SKF

AB,

Class

B

7,868

105,405

Swedbank

AB,

Class

A

16,295

213,884

Swedish

Match

AB

12,100

119,690

Swedish

Orphan

Biovitrum

AB

*

17,555

339,284

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

397,421

Volvo

AB,

Class

B

7,578

107,236

9,851,372

—

Switzerland

-

6.7%

Cie

Financiere

Richemont

SA

(Registered)

12,130

1,145,017

Geberit

AG

(Registered)

1,427

611,881

Holcim

AG

*

14,221

582,784

Kuehne

+

Nagel

International

AG

(Registered)

7,933

1,615,412

Lonza

Group

AG

(Registered)

2,133

1,038,539

Novartis

AG

(Registered)

117,000

8,919,728

SGS

SA

(Registered)

235

502,840

Sonova

Holding

AG

(Registered)

15,871

3,492,588

Swatch

Group

AG

(The)

15,925

3,576,731

Temenos

AG

(Registered)

17,248

1,162,807

UBS

Group

AG

(Registered)

158,262

2,296,060

24,944,387

—

United

Kingdom

-

8.8%

3i

Group

plc

30,804

369,877

Admiral

Group

plc

5,829

123,829

Associated

British

Foods

plc

110,389

1,542,423

AstraZeneca

plc

2,882

316,817

Auto

Trader

Group

plc

(a)

114,779

650,920

Aviva

plc

828,441

3,553,053

BAE

Systems

plc

107,506

944,593

Barclays

plc

2,825,889

4,496,373

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

8.8%

(continued)

Barratt

Developments

plc

66,145

249,990

BP

plc

604,648

2,889,245

British

American

Tobacco

plc

64,615

2,316,935

BT

Group

plc

1,556,210

2,092,016

Bunzl

plc

34,710

1,060,494

Burberry

Group

plc

34,540

689,954

CK

Hutchison

Holdings

Ltd.

147,000

809,419

Entain

plc

65,670

785,181

Haleon

plc

(1)*

40,915

127,572

Imperial

Brands

plc

24,800

509,959

Kingfisher

plc

504,022

1,226,899

Legal

&

General

Group

plc

625,129

1,492,171

Lloyds

Banking

Group

plc

1,237,857

559,496

London

Stock

Exchange

Group

plc

9,002

760,209

M&G

plc

69,160

127,401

Next

plc

4,263

226,262

Persimmon

plc

30,906

422,679

Rolls-Royce

Holdings

plc

*

739,024

565,983

Tesco

plc

1,818,921

4,174,555

33,084,305

—

United

States

-

4.8%

Bausch

Health

Cos.,

Inc.

(1)*

82,399

569,071

GSK

plc

105,817

1,528,284

Nestle

SA

(Registered)

31,103

3,364,017

Roche

Holding

AG

27,669

9,007,167

Sinch

AB

*(a)

979,164

1,298,078

Stellantis

NV

184,607

2,180,661

17,947,278

—

TOTAL

COMMON

STOCKS

(Cost

$360,786,978)

355,049,880

SHORT-TERM

INVESTMENTS

-

4.0%

INVESTMENT

COMPANIES

-

4.0%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(1)(b)

(Cost

$14,934,753)

14,948,055

14,940,581

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.7%

(Cost

$375,721,731)

369,990,461

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.3%

(c)

4,699,469

NET

ASSETS

-

100.0%

374,689,930

43

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

September

30,

2022

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

14,462,803

3.8

%

Consumer

Discretionary

27,977,985

7.5

Consumer

Staples

31,674,659

8.4

Energy

43,864,751

11.7

Financials

77,469,992

20.7

Health

Care

38,947,475

10.4

Industrials

45,007,246

12.0

Information

Technology

27,676,737

7.4

Materials

31,351,387

8.4

Real

Estate

6,989,201

1.8

Utilities

9,627,644

2.6

Investment

Companies

14,940,581

4.0

Total

Investments

In

Securities

At

Value

369,990,461

98.7

Other

Assets

in

Excess

of

Liabilities

(c

)

4,699,469

1.3

Net

Assets

$

374,689,930

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$13,509,772,

which

represents

3.61%

of

net

assets

of

the

fund.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

195

12/2022

USD

$

16,190,850

$

(1,693,100)

$

(1,693,100)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

2,440,572

$

2,440,572

44

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.4%

Brazil

-

4.9%

Americanas

SA

(1)*

224,000

705,093

Banco

do

Brasil

SA

(1)

591,200

4,221,644

Braskem

SA

(Preference),

Class

A

(1)

75,400

366,772

BRF

SA

(1)*

443,500

1,058,938

Cia

Energetica

de

Minas

Gerais

(Preference)

(1)

296,846

592,113

Gerdau

SA,

ADR

(1)

421,442

1,904,918

Natura

&

Co.

Holding

SA

(1)

353,100

964,187

Petroleo

Brasileiro

SA

(Preference)

(1)

1,552,100

8,574,263

TIM

SA,

ADR

(1)*

125,144

1,399,110

Vale

SA,

ADR

(1)

93,322

1,243,049

Vibra

Energia

SA

(1)

229,500

733,893

21,763,980

—

Chile

-

1.0%

Cencosud

SA

(1)

1,258,869

1,593,077

Enel

Chile

SA,

ADR

(1)

122,704

169,332

Falabella

SA

71,423

142,437

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(1)

27,257

2,473,573

4,378,419

—

China

-

30.2%

3SBio,

Inc.

(a)

720,500

510,450

Agricultural

Bank

of

China

Ltd.,

Class

A

614,500

245,913

Agricultural

Bank

of

China

Ltd.,

Class

H

6,775,000

2,027,726

Alibaba

Group

Holding

Ltd.

*

1,318,404

13,156,801

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

22,200

89,249

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

48,323

194,245

Baidu,

Inc.,

Class

A

*

158,400

2,331,838

Bank

of

Beijing

Co.

Ltd.,

Class

A

371,578

213,628

Bank

of

China

Ltd.,

Class

A

609,800

263,665

Bank

of

China

Ltd.,

Class

H

3,904,000

1,275,028

Bank

of

Communications

Co.

Ltd.,

Class

A

389,700

251,880

Bank

of

Communications

Co.

Ltd.,

Class

H

2,254,000

1,188,256

Bank

of

Ningbo

Co.

Ltd.,

Class

A

59,400

261,719

Bank

of

Shanghai

Co.

Ltd.,

Class

A

227,711

186,355

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

556,422

408,769

BeiGene

Ltd.,

ADR

(1)*

3,623

488,453

Beijing

Enterprises

Holdings

Ltd.

132,500

371,340

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,508,900

689,356

BYD

Co.

Ltd.,

Class

A

40,800

1,437,367

CanSino

Biologics,

Inc.,

Class

H

(a)

42,800

240,853

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

4,286,000

473,210

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,394,000

1,743,737

China

Coal

Energy

Co.

Ltd.,

Class

H

1,066,000

960,348

INVESTMENTS

SHARES

VALUE

($)

China

-

30.2%

(continued)

China

Communications

Services

Corp.

Ltd.,

Class

H

996,000

334,852

China

Construction

Bank

Corp.,

Class

H

16,912,000

9,761,639

China

Everbright

Bank

Co.

Ltd.,

Class

A

538,100

212,127

China

Everbright

Bank

Co.

Ltd.,

Class

H

519,000

142,502

China

Everbright

Environment

Group

Ltd.

871,000

360,575

China

Feihe

Ltd.

*(a)

1,148,000

801,554

China

Hongqiao

Group

Ltd.

4,260,500

3,487,702

China

Lesso

Group

Holdings

Ltd.

191,000

176,791

China

Medical

System

Holdings

Ltd.

972,000

1,157,876

China

Merchants

Bank

Co.

Ltd.,

Class

A

109,658

514,973

China

Merchants

Securities

Co.

Ltd.,

Class

A

240,200

413,640

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

354,355

168,017

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

2,254,000

644,529

China

National

Building

Material

Co.

Ltd.,

Class

H

5,502,000

4,189,359

China

Oilfield

Services

Ltd.,

Class

H

392,000

388,209

China

Overseas

Land

&

Investment

Ltd.

305,500

794,766

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

63,000

178,725

China

Petroleum

&

Chemical

Corp.,

Class

A

401,800

241,448

China

Petroleum

&

Chemical

Corp.,

Class

H

1,110,000

474,000

China

Power

International

Development

Ltd.

416,000

164,684

China

Resources

Land

Ltd.

592,000

2,318,797

China

Resources

Power

Holdings

Co.

Ltd.

1,264,000

1,951,858

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,145,200

823,092

China

Taiping

Insurance

Holdings

Co.

Ltd.

853,200

715,165

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

35,392

971,269

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

1,942,000

675,611

China

Vanke

Co.

Ltd.,

Class

A

62,200

155,177

China

Yangtze

Power

Co.

Ltd.,

Class

A

96,100

305,525

Chinasoft

International

Ltd.

*

2,472,000

1,509,994

CITIC

Ltd.

3,627,000

3,417,217

CITIC

Securities

Co.

Ltd.,

Class

A

153,065

372,151

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

1,893,400

2,202,341

Country

Garden

Services

Holdings

Co.

Ltd.

511,000

746,072

CSPC

Pharmaceutical

Group

Ltd.

320,000

317,176

45

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

China

-

30.2%

(continued)

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

1,278,000

683,168

Dongyue

Group

Ltd.

3,251,000

3,221,576

Far

East

Horizon

Ltd.

546,000

368,093

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

47,473

549,217

Geely

Automobile

Holdings

Ltd.

795,000

1,087,950

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

94,200

179,653

H

World

Group

Ltd.,

ADR

(1)

15,565

522,050

Haier

Smart

Home

Co.

Ltd.,

Class

A

225,900

779,465

Haitong

Securities

Co.

Ltd.,

Class

A

186,300

225,152

Hua

Hong

Semiconductor

Ltd.

*(a)

826,000

1,870,908

Huatai

Securities

Co.

Ltd.,

Class

A

136,300

230,291

Huaxia

Bank

Co.

Ltd.,

Class

A

291,300

204,897

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

350,800

213,518

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

287,000

134,633

Industrial

Bank

Co.

Ltd.,

Class

A

122,390

284,247

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

158,400

729,984

JD.com,

Inc.,

Class

A

168,388

4,248,124

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

256,838

1,257,319

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

28,800

637,113

KE

Holdings,

Inc.,

ADR

(1)*

50,987

893,292

Kingboard

Holdings

Ltd.

253,000

712,220

Kingsoft

Corp.

Ltd.

294,200

778,435

Kuaishou

Technology

*(a)

26,100

167,409

Kunlun

Energy

Co.

Ltd.

2,826,000

2,033,944

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,100

287,541

Kweichow

Moutai

Co.

Ltd.,

Class

A

6,700

1,751,385

Li

Auto,

Inc.,

ADR

(1)*

34,548

794,949

Longfor

Group

Holdings

Ltd.

(a)

150,000

429,983

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

276,407

1,132,415

Luzhou

Laojiao

Co.

Ltd.,

Class

A

38,100

1,229,515

Meituan,

Class

B

*(a)

135,200

2,841,425

NARI

Technology

Co.

Ltd.,

Class

A

344,808

1,194,338

NetEase,

Inc.

147,650

2,227,955

New

China

Life

Insurance

Co.

Ltd.,

Class

A

38,600

145,145

New

China

Life

Insurance

Co.

Ltd.,

Class

H

113,100

215,395

NIO,

Inc.,

ADR

(1)*

94,422

1,489,035

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

1,414,000

409,664

PetroChina

Co.

Ltd.,

Class

A

448,500

322,983

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

656,000

678,359

Pinduoduo,

Inc.,

ADR

(1)*

39,378

2,464,275

Ping

An

Bank

Co.

Ltd.,

Class

A

160,985

266,421

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

51,900

300,972

Pop

Mart

International

Group

Ltd.

(a)

361,800

661,599

SAIC

Motor

Corp.

Ltd.,

Class

A

167,800

334,471

INVESTMENTS

SHARES

VALUE

($)

China

-

30.2%

(continued)

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

238,100

460,586

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

76,600

148,177

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

152,400

204,164

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

140,963

138,787

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

376,800

203,171

Sinopharm

Group

Co.

Ltd.,

Class

H

540,000

1,077,724

Sinotruk

Hong

Kong

Ltd.

1,048,500

871,229

Sunac

China

Holdings

Ltd.

(3)*(b)

212,000

82,733

Tencent

Holdings

Ltd.

361,900

12,223,651

Topsports

International

Holdings

Ltd.

(a)

511,000

357,207

Trip.com

Group

Ltd.,

ADR

(1)*

43,393

1,185,063

Wuliangye

Yibin

Co.

Ltd.,

Class

A

41,682

984,815

Wuxi

Biologics

Cayman,

Inc.

*(a)

55,500

330,383

XPeng,

Inc.,

ADR

(1)*

30,187

360,735

Yum

China

Holdings,

Inc.

(1)

33,622

1,591,329

Zhongsheng

Group

Holdings

Ltd.

431,500

1,711,042

ZTO

Express

Cayman,

Inc.,

ADR

(1)

34,228

822,499

134,043,377

—

Hong

Kong

-

0.9%

Huabao

International

Holdings

Ltd.

621,000

286,215

Orient

Overseas

International

Ltd.

207,500

3,611,137

3,897,352

—

Hungary

-

0.0%

(c)

OTP

Bank

Nyrt.

7,944

144,923

India

-

13.4%

Adani

Enterprises

Ltd.

3,181

134,253

Adani

Power

Ltd.

*

823,872

3,745,290

Adani

Total

Gas

Ltd.

29,253

1,192,873

Adani

Transmission

Ltd.

*

40,102

1,607,028

Ambuja

Cements

Ltd.

66,664

420,403

Aurobindo

Pharma

Ltd.

178,535

1,114,502

Axis

Bank

Ltd.,

GDR

(d)

14,131

630,403

Bharat

Electronics

Ltd.

1,281,087

1,579,787

Cipla

Ltd.

138,606

1,889,692

Coal

India

Ltd.

2,001,799

5,187,479

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

18,020

943,167

GAIL

India

Ltd.

2,002,371

2,128,064

HCL

Technologies

Ltd.

11,839

134,456

Hindalco

Industries

Ltd.

195,901

928,603

Hindustan

Petroleum

Corp.

Ltd.

88,553

233,950

Housing

Development

Finance

Corp.

Ltd.

132,676

3,701,598

Indian

Oil

Corp.

Ltd.

156,550

128,042

Infosys

Ltd.,

ADR

(1)

205,517

3,487,623

ITC

Ltd.

646,550

2,627,731

Jindal

Steel

&

Power

Ltd.

48,703

253,834

Larsen

&

Toubro

Ltd.,

GDR

(d)

14,876

336,124

NTPC

Ltd.

2,698,893

5,271,108

Oil

&

Natural

Gas

Corp.

Ltd.

3,705,902

5,740,652

Page

Industries

Ltd.

459

284,546

46

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

India

-

13.4%

(continued)

Power

Grid

Corp.

of

India

Ltd.

158,234

410,856

Reliance

Industries

Ltd.,

GDR

(a)

32,737

1,899,471

Samvardhana

Motherson

International

Ltd.

189,179

251,713

State

Bank

of

India,

GDR

(d)

4,662

300,112

Sun

Pharmaceutical

Industries

Ltd.

101,989

1,184,484

Tata

Consultancy

Services

Ltd.

70,896

2,598,260

Tata

Steel

Ltd.

2,602,467

3,141,900

Tech

Mahindra

Ltd.

64,619

793,171

Vedanta

Ltd.

1,442,128

4,732,502

Wipro

Ltd.,

ADR

(1)

133,755

629,986

59,643,663

—

Indonesia

-

3.1%

Adaro

Energy

Indonesia

Tbk.

PT

18,648,900

4,809,213

Astra

International

Tbk.

PT

4,338,200

1,877,353

Bank

Negara

Indonesia

Persero

Tbk.

PT

1,847,100

1,080,365

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

220,400

130,217

Indofood

Sukses

Makmur

Tbk.

PT

1,836,300

725,561

Kalbe

Farma

Tbk.

PT

3,740,300

448,625

Sumber

Alfaria

Trijaya

Tbk.

PT

2,446,800

383,986

Unilever

Indonesia

Tbk.

PT

2,320,000

733,842

United

Tractors

Tbk.

PT

1,616,000

3,469,787

13,658,949

—

Malaysia

-

0.5%

Hartalega

Holdings

Bhd.

702,900

250,655

Inari

Amertron

Bhd.

228,500

122,546

Petronas

Chemicals

Group

Bhd.

176,500

317,414

RHB

Bank

Bhd.

117,100

139,913

Sime

Darby

Bhd.

1,043,700

479,992

Sime

Darby

Plantation

Bhd.

867,800

763,044

Telekom

Malaysia

Bhd.

129,600

152,458

2,226,022

—

Mexico

-

1.2%

Alfa

SAB

de

CV,

Class

A

(1)

1,837,300

1,169,552

Arca

Continental

SAB

de

CV

(1)

114,700

825,929

Coca-Cola

Femsa

SAB

de

CV,

ADR

(1)

3,308

193,154

Fibra

Uno

Administracion

SA

de

CV,

REIT

(1)

19,800

20,381

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

(1)

9,828

616,707

Grupo

Bimbo

SAB

de

CV,

Series

A

(1)

344,200

1,212,932

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

175,600

593,951

Industrias

Penoles

SAB

de

CV

(1)

16,600

161,372

Orbia

Advance

Corp.

SAB

de

CV

(1)

137,600

230,797

Wal-Mart

de

Mexico

SAB

de

CV

(1)

66,900

235,285

5,260,060

—

Philippines

-

0.3%

Ayala

Land,

Inc.

592,100

229,878

International

Container

Terminal

Services,

Inc.

168,160

448,462

PLDT,

Inc.

9,420

241,959

INVESTMENTS

SHARES

VALUE

($)

Philippines

-

0.3%

(continued)

SM

Prime

Holdings,

Inc.

540,500

276,981

1,197,280

—

Poland

-

1.3%

Bank

Polska

Kasa

Opieki

SA

50,982

619,169

Cyfrowy

Polsat

SA

35,973

115,684

LPP

SA

270

421,196

PGE

Polska

Grupa

Energetyczna

SA

*

897,474

1,129,025

Polski

Koncern

Naftowy

ORLEN

SA

309,711

3,324,717

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

*

226,194

221,602

5,831,393

—

Qatar

-

0.7%

Industries

Qatar

QSC

29,520

136,273

Masraf

Al

Rayan

QSC

395,209

444,453

Qatar

Islamic

Bank

SAQ

115,043

776,530

Qatar

National

Bank

QPSC

351,624

1,913,763

3,271,019

—

Russia

-

0.0%

(c)

Gazprom

PJSC,

ADR

(3)*(b)

431,776

4

LUKOIL

PJSC

(3)(b)

29,987

—

Magnit

PJSC

(3)(b)

6,681

—

Magnit

PJSC,

GDR

(3)(b)(d)

1

—

MMC

Norilsk

Nickel

PJSC

(3)(b)

6,790

—

MMC

Norilsk

Nickel

PJSC,

ADR

(3)(b)

2

—

Mobile

TeleSystems

PJSC

(3)(b)

306,032

3

Novatek

PJSC

(3)(b)

71,760

—

Novolipetsk

Steel

PJSC

(3)(b)

326,680

—

PhosAgro

PJSC

(3)(b)

3,717

—

PhosAgro

PJSC,

GDR

(3)*(b)(d)

72

—

Polyus

PJSC

(3)(b)

1,291

—

Rosneft

Oil

Co.

PJSC

(3)(b)

106,000

—

Severstal

PAO,

GDR

(3)(b)(d)

54,062

1

Surgutneftegas

PJSC

(3)(b)

1,249,260

—

Tatneft

PJSC

(3)(b)

134,766

—

8

—

Saudi

Arabia

-

5.3%

Al

Rajhi

Bank

*

189,000

4,046,151

Alinma

Bank

84,087

804,348

Arab

National

Bank

61,390

499,372

Bank

AlBilad

*

24,744

310,241

Bank

Al-Jazira

181,193

1,077,909

Banque

Saudi

Fransi

38,073

420,592

Etihad

Etisalat

Co.

250,744

2,363,027

Jarir

Marketing

Co.

6,050

267,323

Riyad

Bank

118,197

992,220

SABIC

Agri-Nutrients

Co.

99,838

4,147,230

Sahara

International

Petrochemical

Co.

38,044

415,999

Saudi

Basic

Industries

Corp.

133,784

3,130,795

Saudi

British

Bank

(The)

35,455

366,619

Saudi

Electricity

Co.

361,025

2,337,222

Saudi

Industrial

Investment

Group

29,345

176,466

Saudi

National

Bank

(The)

106,725

1,780,758

47

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

September

30,

2022

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Saudi

Arabia

-

5.3%

(continued)

Saudi

Research

&

Media

Group

*

11,439

574,642

23,710,914

—

South

Africa

-

3.2%

Absa

Group

Ltd.

51,820

503,379

African

Rainbow

Minerals

Ltd.

85,489

1,154,904

Anglo

American

Platinum

Ltd.

3,517

249,441

Aspen

Pharmacare

Holdings

Ltd.

59,251

437,904

Exxaro

Resources

Ltd.

222,501

2,471,103

Foschini

Group

Ltd.

(The)

131,251

853,059

Kumba

Iron

Ore

Ltd.

54,178

1,149,283

Mr

Price

Group

Ltd.

16,950

161,484

MultiChoice

Group

65,833

420,604

Old

Mutual

Ltd.

256,665

137,927

Sanlam

Ltd.

149,472

422,788

Sasol

Ltd.

25,312

395,923

Shoprite

Holdings

Ltd.

199,862

2,386,098

Sibanye

Stillwater

Ltd.

1,444,447

3,315,762

SPAR

Group

Ltd.

(The)

38,808

307,377

14,367,036

—

South

Korea

-

10.6%

CJ

Corp.

2,570

123,915

DB

Insurance

Co.

Ltd.

33,466

1,282,117

Doosan

Bobcat,

Inc.

10,693

210,420

E-MART,

Inc.

4,753

276,301

GS

Holdings

Corp.

8,394

243,009

Hana

Financial

Group,

Inc.

180,791

4,439,321

HMM

Co.

Ltd.

330,741

4,222,933

Hyundai

Glovis

Co.

Ltd.

4,624

520,423

Industrial

Bank

of

Korea

283,890

1,877,385

KB

Financial

Group,

Inc.

18,806

567,914

Kia

Corp.

99,898

4,972,124

Korea

Investment

Holdings

Co.

Ltd.

9,250

303,937

Kumho

Petrochemical

Co.

Ltd.

22,596

1,809,098

LG

Electronics,

Inc.

37,119

2,014,279

LG

Energy

Solution

Ltd.

*

1,664

490,644

LG

Innotek

Co.

Ltd.

1,216

229,198

LG

Uplus

Corp.

12,221

91,386

Meritz

Financial

Group,

Inc.

9,196

132,660

Meritz

Securities

Co.

Ltd.

41,583

105,791

POSCO

Holdings,

Inc.

29,461

4,297,409

S-1

Corp.

3,398

136,868

Samsung

Electronics

Co.

Ltd.

258,831

9,504,082

SD

Biosensor,

Inc.

39,034

719,578

Seegene,

Inc.

95,853

1,777,841

Shinhan

Financial

Group

Co.

Ltd.

70,658

1,641,325

SK

Bioscience

Co.

Ltd.

*

7,420

410,734

SK

Chemicals

Co.

Ltd.

2,190

137,836

SK

Hynix,

Inc.

8,340

477,050

Woori

Financial

Group,

Inc.

573,674

4,257,342

47,272,920

—

Taiwan

-

12.6%

ASE

Technology

Holding

Co.

Ltd.

62,000

154,138

Asustek

Computer,

Inc.

39,000

285,983

AUO

Corp.

6,318,000

2,891,376

Catcher

Technology

Co.

Ltd.

351,000

1,900,707

Cathay

Financial

Holding

Co.

Ltd.

797,000

998,907

CTBC

Financial

Holding

Co.

Ltd.

938,480

583,831

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

12.6%

(continued)

E.Sun

Financial

Holding

Co.

Ltd.

778,080

629,570

Evergreen

Marine

Corp.

Taiwan

Ltd.

598,000

2,726,537

First

Financial

Holding

Co.

Ltd.

1,297,830

1,059,483

Fubon

Financial

Holding

Co.

Ltd.

287,473

449,555

Hon

Hai

Precision

Industry

Co.

Ltd.

150,000

480,318

Innolux

Corp.

5,527,000

1,800,362

Nanya

Technology

Corp.

1,056,000

1,618,283

Novatek

Microelectronics

Corp.

430,000

2,942,973

Pou

Chen

Corp.

856,000

765,155

Realtek

Semiconductor

Corp.

63,000

531,852

Taishin

Financial

Holding

Co.

Ltd.

292,168

125,603

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

362,586

24,858,895

Unimicron

Technology

Corp.

485,000

1,775,443

Uni-President

Enterprises

Corp.

542,000

1,146,218

United

Microelectronics

Corp.

*

2,998,000

3,355,055

Winbond

Electronics

Corp.

214,000

132,141

Yang

Ming

Marine

Transport

Corp.

1,989,000

3,821,289

Zhen

Ding

Technology

Holding

Ltd.

320,000

1,061,048

56,094,722

—

Thailand

-

2.9%

Advanced

Info

Service

PCL,

NVDR

37,300

192,381

Bangkok

Dusit

Medical

Services

PCL,

NVDR

691,500

539,074

Bumrungrad

Hospital

PCL,

NVDR

60,200

360,952

Delta

Electronics

Thailand

PCL,

NVDR

43,900

756,477

Electricity

Generating

PCL,

NVDR

125,700

548,630

Indorama

Ventures

PCL,

NVDR

1,292,700

1,326,384

Krung

Thai

Bank

PCL,

NVDR

1,332,700

588,007

PTT

Exploration

&

Production

PCL,

NVDR

566,100

2,413,973

PTT

Global

Chemical

PCL,

NVDR

1,297,000

1,419,346

Ratch

Group

PCL,

NVDR

508,300

551,119

SCB

X

PCL,

NVDR

1,061,000

2,907,291

Sri

Trang

Gloves

Thailand

PCL,

NVDR

136,600

41,142

Thai

Union

Group

PCL,

NVDR

2,513,096

1,242,962

12,887,738

—

Turkey

-

0.3%

Akbank

TAS

983,599

600,570

Turkiye

Is

Bankasi

A/S,

Class

C

1,303,132

524,794

1,125,364

—

United

Arab

Emirates

-

1.1%

Abu

Dhabi

Commercial

Bank

PJSC

96,468

236,621

Aldar

Properties

PJSC

151,680

173,152

Emaar

Properties

PJSC

264,055

414,336

Emirates

NBD

Bank

PJSC

198,616

694,500

Emirates

Telecommunications

Group

Co.

PJSC

285,825

1,816,708

First

Abu

Dhabi

Bank

PJSC

328,386

1,592,825

4,928,142

—

48

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

United

States

-

0.9%

JBS

SA

(1)

878,500

4,090,932

TOTAL

COMMON

STOCKS

(Cost

$426,946,123)

419,794,213

SHORT-TERM

INVESTMENTS

-

4.3%

INVESTMENT

COMPANIES

-

4.3%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(1)(e)

(Cost

$19,081,459)

19,094,064

19,084,517

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.7%

(Cost

$446,027,582)

438,878,730

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.3%

(f)

5,769,401

NET

ASSETS

-

100.0%

444,648,131

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

25,097,248

5.6

%

Consumer

Discretionary

50,126,979

11.3

Consumer

Staples

28,355,388

6.4

Energy

40,861,243

9.2

Financials

76,387,509

17.2

Health

Care

16,378,359

3.7

Industrials

31,203,315

7.0

Information

Technology

68,436,317

15.4

Materials

51,902,295

11.7

Real

Estate

6,535,548

1.4

Utilities

24,510,012

5.5

Investment

Companies

19,084,517

4.3

Total

Investments

In

Securities

At

Value

438,878,730

98.7

Other

Assets

in

Excess

of

Liabilities

(f

)

5,769,401

1.3

Net

Assets

$

444,648,131

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$10,111,242,

which

represents

2.27%

of

net

assets

of

the

fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

September

30,

2022

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$82,741,

which

represents

0.02%

of

net

assets

of

the

fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

At

September

30,

2022,

the

value

of

these

securities

amounted

to

$1,266,640

or

0.28%

of

net

assets.

(e)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(f)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

(3)

Level

3

security

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

460

12/2022

USD

$

20,044,500

$

(2,244,951)

$

(2,244,951)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

3,067,103

$

3,067,103

49

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.7%

Aerospace

&

Defense

-

1.7%

Howmet

Aerospace,

Inc.

15,217

470,662

Huntington

Ingalls

Industries,

Inc.

3,643

806,925

Lockheed

Martin

Corp.

11,382

4,396,753

Northrop

Grumman

Corp.

13,114

6,167,776

11,842,116

Automobiles

-

3.2%

Tesla,

Inc.

*

82,662

21,926,096

Banks

-

0.4%

Commerce

Bancshares,

Inc.

6,503

430,238

First

Republic

Bank

8,912

1,163,462

SVB

Financial

Group

*

1,396

468,749

Wintrust

Financial

Corp.

7,954

648,649

2,711,098

Beverages

-

2.7%

Coca-Cola

Co.

(The)

126,075

7,062,721

Constellation

Brands,

Inc.,

Class

A

6,078

1,395,995

Keurig

Dr

Pepper,

Inc.

45,082

1,614,837

Molson

Coors

Beverage

Co.,

Class

B

6,158

295,522

Monster

Beverage

Corp.

*

11,632

1,011,519

PepsiCo,

Inc.

43,656

7,127,279

18,507,873

Biotechnology

-

2.4%

AbbVie,

Inc.

63,585

8,533,743

Amgen,

Inc.

17,647

3,977,634

Horizon

Therapeutics

plc

*

30,920

1,913,639

Seagen,

Inc.

*

7,385

1,010,489

United

Therapeutics

Corp.

*

4,772

999,161

16,434,666

Building

Products

-

0.6%

A

O

Smith

Corp.

4,045

196,506

Builders

FirstSource,

Inc.

*

16,180

953,325

Fortune

Brands

Home

&

Security,

Inc.

5,414

290,678

Trane

Technologies

plc

16,727

2,422,237

3,862,746

Capital

Markets

-

2.8%

Ameriprise

Financial,

Inc.

7,144

1,799,931

BlackRock,

Inc.

365

200,852

CME

Group,

Inc.

4,233

749,791

FactSet

Research

Systems,

Inc.

1,562

624,972

Goldman

Sachs

Group,

Inc.

(The)

1,046

306,530

Intercontinental

Exchange,

Inc.

4,335

391,667

Jefferies

Financial

Group,

Inc.

24,961

736,350

LPL

Financial

Holdings,

Inc.

13,803

3,015,679

MarketAxess

Holdings,

Inc.

2,251

500,825

Moody's

Corp.

2,295

557,938

Morgan

Stanley

84,600

6,684,246

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

2.8%

(continued)

MSCI,

Inc.

5,391

2,273,870

Nasdaq,

Inc.

11,442

648,533

S&P

Global,

Inc.

3,044

929,485

19,420,669

Chemicals

-

2.2%

Air

Products

and

Chemicals,

Inc.

1,700

395,641

Albemarle

Corp.

13,119

3,469,188

CF

Industries

Holdings,

Inc.

23,482

2,260,143

Chemours

Co.

(The)

27,382

674,966

Corteva,

Inc.

27,921

1,595,685

Ecolab,

Inc.

1,821

262,989

Element

Solutions,

Inc.

38,953

633,765

FMC

Corp.

6,321

668,130

Mosaic

Co.

(The)

37,682

1,821,171

Olin

Corp.

28,898

1,239,146

Sherwin-Williams

Co.

(The)

7,860

1,609,335

Westlake

Corp.

4,800

417,024

15,047,183

Commercial

Services

&

Supplies

-

0.5%

Cintas

Corp.

5,774

2,241,409

Copart,

Inc.

*

8,680

923,552

Rollins,

Inc.

14,763

511,981

3,676,942

Communications

Equipment

-

0.4%

Arista

Networks,

Inc.

*

4,824

544,581

Cisco

Systems,

Inc.

18,696

747,840

Ubiquiti,

Inc.

5,924

1,739,050

3,031,471

Construction

&

Engineering

-

0.5%

AECOM

8,308

568,018

Quanta

Services,

Inc.

22,005

2,803,217

3,371,235

Consumer

Finance

-

0.1%

Capital

One

Financial

Corp.

3,365

310,152

OneMain

Holdings,

Inc.

11,245

331,952

642,104

Containers

&

Packaging

-

0.3%

Avery

Dennison

Corp.

4,365

710,186

Crown

Holdings,

Inc.

4,346

352,156

Packaging

Corp.

of

America

5,028

564,594

Sealed

Air

Corp.

5,386

239,731

1,866,667

Distributors

-

0.1%

LKQ

Corp.

10,484

494,321

Pool

Corp.

759

241,521

735,842

50

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Diversified

Financial

Services

-

1.1%

Berkshire

Hathaway,

Inc.,

Class

B

*

28,444

7,595,117

Electric

Utilities

-

3.3%

Alliant

Energy

Corp.

59,331

3,143,950

Duke

Energy

Corp.

20,897

1,943,839

Edison

International

11,636

658,365

Entergy

Corp.

18,298

1,841,328

Eversource

Energy

21,321

1,662,185

Exelon

Corp.

7,260

271,960

FirstEnergy

Corp.

5,217

193,029

IDACORP,

Inc.

9,369

927,625

NextEra

Energy,

Inc.

57,089

4,476,348

NRG

Energy,

Inc.

5,815

222,540

OGE

Energy

Corp.

38,231

1,393,902

Southern

Co.

(The)

75,128

5,108,704

Xcel

Energy,

Inc.

19,472

1,246,208

23,089,983

Electrical

Equipment

-

0.5%

AMETEK,

Inc.

5,400

612,414

Eaton

Corp.

plc

20,081

2,678,002

Emerson

Electric

Co.

6,730

492,771

3,783,187

Electronic

Equipment,

Instruments

&

Components

-

0.5%

Amphenol

Corp.,

Class

A

13,224

885,479

Corning,

Inc.

11,812

342,784

Jabil,

Inc.

8,553

493,594

Keysight

Technologies,

Inc.

*

1,638

257,756

TD

SYNNEX

Corp.

9,191

746,217

Zebra

Technologies

Corp.,

Class

A

*

3,861

1,011,620

3,737,450

Entertainment

-

0.2%

Electronic

Arts,

Inc.

6,096

705,368

Netflix,

Inc.

*

1,751

412,256

Take-Two

Interactive

Software,

Inc.

*

3,446

375,614

1,493,238

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.5%

American

Tower

Corp.

4,094

878,982

Digital

Realty

Trust,

Inc.

3,200

317,376

Extra

Space

Storage,

Inc.

17,803

3,074,756

Life

Storage,

Inc.

12,239

1,355,592

Public

Storage

9,180

2,687,996

WP

Carey,

Inc.

31,553

2,202,399

10,517,101

Food

&

Staples

Retailing

-

0.8%

BJ's

Wholesale

Club

Holdings,

Inc.

*

3,021

219,959

Casey's

General

Stores,

Inc.

2,884

584,067

Costco

Wholesale

Corp.

6,245

2,949,326

INVESTMENTS

SHARES

VALUE

($)

Food

&

Staples

Retailing

-

0.8%

(continued)

Grocery

Outlet

Holding

Corp.

*

19,837

660,374

Kroger

Co.

(The)

12,721

556,544

Walmart,

Inc.

3,001

389,230

5,359,500

Food

Products

-

3.9%

Archer-Daniels-Midland

Co.

19,439

1,563,868

Bunge

Ltd.

12,819

1,058,465

Campbell

Soup

Co.

89,523

4,218,324

Flowers

Foods,

Inc.

83,726

2,067,195

General

Mills,

Inc.

109,580

8,394,924

Hershey

Co.

(The)

19,481

4,294,976

J

M

Smucker

Co.

(The)

16,451

2,260,532

Kellogg

Co.

17,726

1,234,793

Kraft

Heinz

Co.

(The)

29,124

971,285

Post

Holdings,

Inc.

*

7,141

584,919

Tyson

Foods,

Inc.,

Class

A

5,543

365,450

27,014,731

Gas

Utilities

-

0.3%

National

Fuel

Gas

Co.

34,710

2,136,401

Health

Care

Equipment

&

Supplies

-

1.5%

Abbott

Laboratories

15,884

1,536,936

Align

Technology,

Inc.

*

1,400

289,954

Boston

Scientific

Corp.

*

17,375

672,934

Dexcom,

Inc.

*

27,280

2,197,131

Edwards

Lifesciences

Corp.

*

9,810

810,600

Hologic,

Inc.

*

8,007

516,612

IDEXX

Laboratories,

Inc.

*

5,901

1,922,546

Insulet

Corp.

*

4,343

996,284

Intuitive

Surgical,

Inc.

*

4,311

808,054

STERIS

plc

1,046

173,929

Stryker

Corp.

2,501

506,552

10,431,532

Health

Care

Providers

&

Services

-

5.8%

AmerisourceBergen

Corp.

14,181

1,919,115

Cigna

Corp.

10,376

2,879,029

CVS

Health

Corp.

22,698

2,164,708

Elevance

Health,

Inc.

4,484

2,036,812

HCA

Healthcare,

Inc.

6,500

1,194,635

Humana,

Inc.

900

436,671

McKesson

Corp.

22,566

7,669,506

Molina

Healthcare,

Inc.

*

4,912

1,620,174

UnitedHealth

Group,

Inc.

40,321

20,363,718

40,284,368

Health

Care

Technology

-

0.3%

Veeva

Systems,

Inc.,

Class

A

*

10,531

1,736,351

Hotels,

Restaurants

&

Leisure

-

1.3%

Chipotle

Mexican

Grill,

Inc.

*

2,068

3,107,708

Domino's

Pizza,

Inc.

1,642

509,348

McDonald's

Corp.

19,083

4,403,212

51

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

1.3%

(continued)

Starbucks

Corp.

9,912

835,185

8,855,453

Household

Durables

-

0.2%

Garmin

Ltd.

12,279

986,127

Tempur

Sealy

International,

Inc.

14,032

338,732

1,324,859

Household

Products

-

1.2%

Church

&

Dwight

Co.,

Inc.

18,571

1,326,712

Kimberly-Clark

Corp.

44,419

4,998,915

Procter

&

Gamble

Co.

(The)

9,517

1,201,521

Reynolds

Consumer

Products,

Inc.

24,325

632,693

8,159,841

Industrial

Conglomerates

-

0.1%

Honeywell

International,

Inc.

5,345

892,455

Insurance

-

2.4%

American

Financial

Group,

Inc.

24,987

3,071,652

Arthur

J

Gallagher

&

Co.

7,060

1,208,813

Assured

Guaranty

Ltd.

38,258

1,853,600

Axis

Capital

Holdings

Ltd.

9,676

475,575

Chubb

Ltd.

15,286

2,780,218

Erie

Indemnity

Co.,

Class

A

1,020

226,756

Everest

Re

Group

Ltd.

5,939

1,558,631

Hanover

Insurance

Group,

Inc.

(The)

7,396

947,724

Progressive

Corp.

(The)

18,430

2,141,750

Travelers

Cos.,

Inc.

(The)

6,028

923,490

W

R

Berkley

Corp.

25,782

1,665,002

16,853,211

Interactive

Media

&

Services

-

0.8%

Alphabet,

Inc.,

Class

A

*

41,380

3,957,997

Match

Group,

Inc.

*

3,591

171,470

Meta

Platforms,

Inc.,

Class

A

*

8,265

1,121,395

5,250,862

Internet

&

Direct

Marketing

Retail

-

0.3%

Amazon.com,

Inc.

*

20,560

2,323,280

IT

Services

-

2.2%

Accenture

plc,

Class

A

16,959

4,363,551

Automatic

Data

Processing,

Inc.

3,597

813,605

Cognizant

Technology

Solutions

Corp.,

Class

A

4,878

280,192

EPAM

Systems,

Inc.

*

2,903

1,051,438

Fiserv,

Inc.

*

6,637

621,024

International

Business

Machines

Corp.

5,018

596,189

Mastercard,

Inc.,

Class

A

11,061

3,145,085

MongoDB,

Inc.

*

852

169,173

Switch,

Inc.,

Class

A

28,820

970,946

Visa,

Inc.,

Class

A

19,736

3,506,100

15,517,303

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

3.3%

Agilent

Technologies,

Inc.

4,263

518,168

Bio-Rad

Laboratories,

Inc.,

Class

A

*

2,173

906,445

Bio-Techne

Corp.

2,153

611,452

Charles

River

Laboratories

International,

Inc.

*

4,581

901,541

Danaher

Corp.

30,504

7,878,878

IQVIA

Holdings,

Inc.

*

3,785

685,615

PerkinElmer,

Inc.

6,856

824,983

Thermo

Fisher

Scientific,

Inc.

19,433

9,856,223

West

Pharmaceutical

Services,

Inc.

2,241

551,465

22,734,770

Machinery

-

1.1%

Caterpillar,

Inc.

4,750

779,380

Cummins,

Inc.

1,241

252,556

Deere

&

Co.

9,793

3,269,785

Illinois

Tool

Works,

Inc.

7,323

1,322,900

PACCAR,

Inc.

4,266

357,022

Parker-Hannifin

Corp.

4,198

1,017,217

Xylem,

Inc.

6,645

580,507

7,579,367

Media

-

0.0%

(a)

Comcast

Corp.,

Class

A

7,702

225,900

Metals

&

Mining

-

0.7%

Freeport-McMoRan,

Inc.

55,186

1,508,233

Nucor

Corp.

15,627

1,671,933

Reliance

Steel

&

Aluminum

Co.

3,454

602,412

Steel

Dynamics,

Inc.

12,307

873,182

4,655,760

Multiline

Retail

-

0.8%

Dollar

General

Corp.

13,481

3,233,552

Target

Corp.

14,466

2,146,610

5,380,162

Multi-Utilities

-

3.1%

Ameren

Corp.

2,471

199,039

Consolidated

Edison,

Inc.

136,720

11,725,107

Dominion

Energy,

Inc.

15,668

1,082,816

DTE

Energy

Co.

31,269

3,597,498

Sempra

Energy

27,140

4,069,372

WEC

Energy

Group,

Inc.

9,460

846,008

21,519,840

Oil,

Gas

&

Consumable

Fuels

-

10.7%

Cheniere

Energy,

Inc.

17,065

2,831,254

Chesapeake

Energy

Corp.

15,689

1,478,061

Chevron

Corp.

58,444

8,396,649

Continental

Resources,

Inc.

62,539

4,178,230

Devon

Energy

Corp.

248,204

14,924,506

Diamondback

Energy,

Inc.

26,384

3,178,217

EOG

Resources,

Inc.

14,719

1,644,554

52

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

10.7%

(continued)

Exxon

Mobil

Corp.

238,302

20,806,148

Marathon

Oil

Corp.

329,886

7,448,826

Marathon

Petroleum

Corp.

10,789

1,071,671

Occidental

Petroleum

Corp.

63,784

3,919,527

Targa

Resources

Corp.

74,220

4,478,435

74,356,078

Personal

Products

-

0.5%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

14,828

3,201,365

Pharmaceuticals

-

5.1%

Bristol-Myers

Squibb

Co.

3,022

214,834

Catalent,

Inc.

*

10,812

782,356

Eli

Lilly

&

Co.

28,875

9,336,731

Johnson

&

Johnson

60,672

9,911,378

Merck

&

Co.,

Inc.

92,899

8,000,462

Pfizer,

Inc.

129,677

5,674,666

Zoetis,

Inc.

7,738

1,147,468

35,067,895

Professional

Services

-

0.7%

Booz

Allen

Hamilton

Holding

Corp.

8,867

818,867

CoStar

Group,

Inc.

*

29,300

2,040,745

FTI

Consulting,

Inc.

*

8,376

1,387,987

Verisk

Analytics,

Inc.

4,134

704,971

4,952,570

Road

&

Rail

-

0.9%

Avis

Budget

Group,

Inc.

*

1,300

192,998

CSX

Corp.

31,383

836,043

JB

Hunt

Transport

Services,

Inc.

4,187

654,931

Norfolk

Southern

Corp.

2,500

524,125

Old

Dominion

Freight

Line,

Inc.

11,852

2,948,422

Union

Pacific

Corp.

5,640

1,098,785

6,255,304

Semiconductors

&

Semiconductor

Equipment

-

3.5%

Advanced

Micro

Devices,

Inc.

*

32,638

2,067,944

Analog

Devices,

Inc.

3,373

469,994

Applied

Materials,

Inc.

15,562

1,274,995

Broadcom,

Inc.

3,826

1,698,782

Enphase

Energy,

Inc.

*

2,626

728,636

Entegris,

Inc.

19,179

1,592,240

KLA

Corp.

9,827

2,973,945

Lam

Research

Corp.

7,181

2,628,246

Marvell

Technology,

Inc.

17,930

769,376

Monolithic

Power

Systems,

Inc.

4,240

1,540,816

NVIDIA

Corp.

19,220

2,333,116

QUALCOMM,

Inc.

28,277

3,194,735

Skyworks

Solutions,

Inc.

3,632

309,701

Teradyne,

Inc.

9,768

734,065

Texas

Instruments,

Inc.

12,751

1,973,600

24,290,191

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.6%

Adobe,

Inc.

*

10,044

2,764,109

ANSYS,

Inc.

*

2,671

592,161

Autodesk,

Inc.

*

5,260

982,568

Cadence

Design

Systems,

Inc.

*

15,781

2,579,089

Fortinet,

Inc.

*

14,380

706,489

Intuit,

Inc.

3,380

1,309,142

Microsoft

Corp.

102,117

23,783,049

NortonLifeLock,

Inc.

25,570

514,980

Oracle

Corp.

6,975

425,963

Palo

Alto

Networks,

Inc.

*

3,219

527,240

Paycom

Software,

Inc.

*

5,862

1,934,401

Paylocity

Holding

Corp.

*

4,231

1,022,125

Salesforce,

Inc.

*

3,329

478,843

ServiceNow,

Inc.

*

11,738

4,432,386

Synopsys,

Inc.

*

9,326

2,849,186

Zscaler,

Inc.

*

2,599

427,198

45,328,929

Specialty

Retail

-

2.2%

AutoNation,

Inc.

*

16,751

1,706,424

AutoZone,

Inc.

*

556

1,190,913

Best

Buy

Co.,

Inc.

7,325

463,966

Burlington

Stores,

Inc.

*

1,520

170,073

Dick's

Sporting

Goods,

Inc.

13,709

1,434,510

Home

Depot,

Inc.

(The)

6,141

1,694,548

Lowe's

Cos.,

Inc.

18,011

3,382,646

O'Reilly

Automotive,

Inc.

*

1,264

889,034

Penske

Automotive

Group,

Inc.

5,891

579,851

Ross

Stores,

Inc.

2,920

246,068

TJX

Cos.,

Inc.

(The)

5,956

369,987

Tractor

Supply

Co.

7,711

1,433,321

Ulta

Beauty,

Inc.

*

1,053

422,453

Williams-Sonoma,

Inc.

8,598

1,013,274

14,997,068

Technology

Hardware,

Storage

&

Peripherals

-

7.1%

Apple,

Inc.

349,328

48,277,129

Dell

Technologies,

Inc.,

Class

C

14,018

478,995

HP,

Inc.

17,380

433,110

49,189,234

Textiles,

Apparel

&

Luxury

Goods

-

0.2%

Lululemon

Athletica,

Inc.

*

4,803

1,342,726

NIKE,

Inc.,

Class

B

4,315

358,663

1,701,389

Tobacco

-

0.9%

Altria

Group,

Inc.

51,320

2,072,301

Philip

Morris

International,

Inc.

52,485

4,356,780

6,429,081

Trading

Companies

&

Distributors

-

0.7%

Fastenal

Co.

31,130

1,433,225

United

Rentals,

Inc.

*

6,146

1,660,158

53

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

0.7%

(continued)

Watsco,

Inc.

3,619

931,748

WW

Grainger,

Inc.

1,471

719,598

4,744,729

Wireless

Telecommunication

Services

-

0.5%

T-Mobile

US,

Inc.

*

26,655

3,576,301

TOTAL

COMMON

STOCKS

(Cost

$442,655,606)

655,618,864

SHORT-TERM

INVESTMENTS

-

5.1%

INVESTMENT

COMPANIES

-

5.1%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(b)

(Cost

$35,193,666)

35,219,246

35,201,636

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$477,849,272)

690,820,500

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

(c)

1,468,006

NET

ASSETS

-

100.0%

692,288,506

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

10,546,301

1.5

%

Consumer

Discretionary

57,244,149

8.3

Consumer

Staples

68,672,392

9.9

Energy

74,356,078

10.7

Financials

47,222,198

6.8

Health

Care

126,689,583

18.3

Industrials

50,960,650

7.4

Information

Technology

141,094,579

20.4

Materials

21,569,610

3.1

Real

Estate

10,517,101

1.5

Utilities

46,746,223

6.8

Investment

Companies

35,201,636

5.1

Total

Investments

In

Securities

At

Value

690,820,500

99.8

Other

Assets

in

Excess

of

Liabilities

(c

)

1,468,006

0.2

Net

Assets

$

692,288,506

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

162

12/2022

USD

$

29,172,150

$

(3,416,334)

$

(3,416,334)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

4,772,062

$

4,772,062

54

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.1%

Aerospace

&

Defense

-

0.1%

AerSale

Corp.

*

7,013

130,021

Maxar

Technologies,

Inc.

4,188

78,400

Parsons

Corp.

*

1,896

74,323

282,744

Air

Freight

&

Logistics

-

0.6%

Air

Transport

Services

Group,

Inc.

*

10,981

264,532

Atlas

Air

Worldwide

Holdings,

Inc.

*

3,759

359,248

Forward

Air

Corp.

2,049

184,943

Hub

Group,

Inc.,

Class

A

*

6,051

417,398

1,226,121

Auto

Components

-

0.5%

Dorman

Products,

Inc.

*

725

59,537

Fox

Factory

Holding

Corp.

*

1,231

97,348

Gentherm,

Inc.

*

6,580

327,223

LCI

Industries

790

80,153

Patrick

Industries,

Inc.

1,508

66,111

Visteon

Corp.

*

1,587

168,317

XPEL,

Inc.

*(a)

2,505

161,422

960,111

Automobiles

-

0.0%

(b)

Winnebago

Industries,

Inc.

1,311

69,758

Banks

-

8.5%

ACNB

Corp.

2,694

80,928

Amalgamated

Financial

Corp.

4,682

105,579

Amerant

Bancorp,

Inc.

8,045

199,838

BancFirst

Corp.

11,477

1,026,847

Bancorp,

Inc.

(The)

*

9,159

201,315

Bankwell

Financial

Group,

Inc.

4,137

120,428

BayCom

Corp.

5,569

97,903

BCB

Bancorp,

Inc.

10,584

178,129

Berkshire

Hills

Bancorp,

Inc.

21,096

575,921

Byline

Bancorp,

Inc.

11,015

223,054

City

Holding

Co.

3,288

291,613

Coastal

Financial

Corp.

*

5,699

226,478

Community

Trust

Bancorp,

Inc.

1,933

78,383

ConnectOne

Bancorp,

Inc.

2,742

63,230

CrossFirst

Bankshares,

Inc.

*

4,843

63,201

Customers

Bancorp,

Inc.

*

7,134

210,310

CVB

Financial

Corp.

38,807

982,593

Dime

Community

Bancshares,

Inc.

2,260

66,173

Eastern

Bankshares,

Inc.

11,674

229,277

Equity

Bancshares,

Inc.,

Class

A

7,849

232,566

Esquire

Financial

Holdings,

Inc.

5,328

200,066

Farmers

&

Merchants

Bancorp,

Inc.

8,426

226,407

First

BanCorp

33,901

463,766

First

Bank

279

3,814

First

Business

Financial

Services,

Inc.

5,387

174,054

First

Commonwealth

Financial

Corp.

4,730

60,733

INVESTMENTS

SHARES

VALUE

($)

Banks

-

8.5%

(continued)

First

Financial

Bankshares,

Inc.

4,501

188,277

First

Financial

Corp.

2,641

119,347

First

Foundation,

Inc.

10,500

190,470

First

Guaranty

Bancshares,

Inc.

4,554

99,641

First

Internet

Bancorp

8,096

274,130

First

Western

Financial,

Inc.

*

2,398

59,111

Flushing

Financial

Corp.

17,949

347,672

FVCBankcorp,

Inc.

*

5,251

100,662

Great

Southern

Bancorp,

Inc.

1,915

109,289

Hancock

Whitney

Corp.

23,139

1,059,998

Hanmi

Financial

Corp.

33,930

803,462

Home

BancShares,

Inc.

2,670

60,102

HomeStreet,

Inc.

5,133

147,882

HomeTrust

Bancshares,

Inc.

7,178

158,634

Hope

Bancorp,

Inc.

10,298

130,167

Independent

Bank

Corp.

7,139

532,070

International

Bancshares

Corp.

1,507

64,047

Lakeland

Bancorp,

Inc.

4,096

65,577

Lakeland

Financial

Corp.

6,048

440,355

Metropolitan

Bank

Holding

Corp.

*

1,761

113,338

MVB

Financial

Corp.

4,477

124,595

NBT

Bancorp,

Inc.

4,941

187,511

Nicolet

Bankshares,

Inc.

*

848

59,733

Northeast

Bank

3,997

146,570

Northwest

Bancshares,

Inc.

4,556

61,551

OFG

Bancorp

2,515

63,202

Old

National

Bancorp

3,739

61,581

Origin

Bancorp,

Inc.

6,536

251,440

Park

National

Corp.

1,645

204,770

Parke

Bancorp,

Inc.

3,301

69,189

PCB

Bancorp

5,598

101,156

Peapack-Gladstone

Financial

Corp.

5,441

183,090

Preferred

Bank

2,339

152,573

QCR

Holdings,

Inc.

3,746

190,821

ServisFirst

Bancshares,

Inc.

15,586

1,246,880

Shore

Bancshares,

Inc.

6,752

116,945

Southside

Bancshares,

Inc.

2,243

79,312

SouthState

Corp.

3,163

250,257

Stock

Yards

Bancorp,

Inc.

6,791

461,856

TriCo

Bancshares

5,008

223,607

Triumph

Bancorp,

Inc.

*

4,985

270,935

UMB

Financial

Corp.

4,332

365,144

United

Bankshares,

Inc.

3,716

132,847

Unity

Bancorp,

Inc.

6,244

156,787

Washington

Federal,

Inc.

7,634

228,867

Westamerica

Bancorp

5,364

280,483

17,118,539

Beverages

-

1.1%

Celsius

Holdings,

Inc.

*

5,721

518,780

Coca-Cola

Consolidated,

Inc.

1,507

620,477

MGP

Ingredients,

Inc.

4,713

500,332

55

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Beverages

-

1.1%

(continued)

National

Beverage

Corp.

12,598

485,527

2,125,116

Biotechnology

-

5.6%

ACADIA

Pharmaceuticals,

Inc.

*

5,473

89,538

Adicet

Bio,

Inc.

*

8,491

120,742

ADMA

Biologics,

Inc.

*

66,123

160,679

Alkermes

plc

*

25,664

573,077

Amicus

Therapeutics,

Inc.

*

15,931

166,320

AnaptysBio,

Inc.

*

5,720

145,917

Anavex

Life

Sciences

Corp.

*

24,124

248,960

Apellis

Pharmaceuticals,

Inc.

*

8,307

567,368

Arcus

Biosciences,

Inc.

*

5,473

143,174

Arcutis

Biotherapeutics,

Inc.

*

3,027

57,846

Arrowhead

Pharmaceuticals,

Inc.

*

3,075

101,629

Avid

Bioservices,

Inc.

*

19,929

381,043

BioCryst

Pharmaceuticals,

Inc.

*

22,558

284,231

Catalyst

Pharmaceuticals,

Inc.

*

20,040

257,113

Celldex

Therapeutics,

Inc.

*

7,420

208,576

Cerevel

Therapeutics

Holdings,

Inc.

*

23,890

675,131

Chinook

Therapeutics,

Inc.

*

12,853

252,690

Cogent

Biosciences,

Inc.

*

7,515

112,124

Crinetics

Pharmaceuticals,

Inc.

*

5,331

104,701

CTI

BioPharma

Corp.

*

22,986

133,779

Cytokinetics,

Inc.

*

17,323

839,299

Day

One

Biopharmaceuticals,

Inc.

*

2,574

51,557

Dynavax

Technologies

Corp.

*

11,043

115,289

Eagle

Pharmaceuticals,

Inc.

*

2,054

54,267

Enanta

Pharmaceuticals,

Inc.

*

3,121

161,886

Enochian

Biosciences,

Inc.

*

25,787

46,674

Fate

Therapeutics,

Inc.

*

3,831

85,853

Foghorn

Therapeutics,

Inc.

*

9,712

83,329

Geron

Corp.

*

58,591

137,103

Gossamer

Bio,

Inc.

*

8,530

102,189

Halozyme

Therapeutics,

Inc.

*

18,312

724,057

ImmunoGen,

Inc.

*

26,176

125,121

Intellia

Therapeutics,

Inc.

*

5,047

282,430

Ironwood

Pharmaceuticals,

Inc.

*

16,300

168,868

IVERIC

bio,

Inc.

*

17,970

322,382

Karuna

Therapeutics,

Inc.

*

3,478

782,307

Kezar

Life

Sciences,

Inc.

*

14,612

125,809

Krystal

Biotech,

Inc.

*

1,713

119,396

MannKind

Corp.

*

39,517

122,108

Mirum

Pharmaceuticals,

Inc.

*

10,720

225,227

PDL

BioPharma,

Inc.

(3)*(c)

34,242

39,833

Prometheus

Biosciences,

Inc.

*

8,348

492,615

Prothena

Corp.

plc

(Ireland)

*

2,930

177,646

PTC

Therapeutics,

Inc.

*

4,269

214,304

Syndax

Pharmaceuticals,

Inc.

*

7,249

174,193

Travere

Therapeutics,

Inc.

*

13,510

332,886

Vaxcyte,

Inc.

*

9,319

223,656

Vera

Therapeutics,

Inc.

*

6,009

128,052

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

5.6%

(continued)

Viridian

Therapeutics,

Inc.

*

2,836

58,166

11,301,140

Building

Products

-

1.1%

AAON,

Inc.

6,349

342,084

CSW

Industrials,

Inc.

2,595

310,881

Gibraltar

Industries,

Inc.

*

4,161

170,310

Griffon

Corp.

2,269

66,981

Simpson

Manufacturing

Co.,

Inc.

5,623

440,843

UFP

Industries,

Inc.

7,524

542,932

Zurn

Elkay

Water

Solutions

Corp.

14,795

362,477

2,236,508

Capital

Markets

-

1.7%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

5,789

155,898

B

Riley

Financial,

Inc.

8,418

374,769

Brightsphere

Investment

Group,

Inc.

9,358

139,528

Diamond

Hill

Investment

Group,

Inc.

689

113,685

Donnelley

Financial

Solutions,

Inc.

*

14,137

522,645

Focus

Financial

Partners,

Inc.,

Class

A

*

8,150

256,806

Hamilton

Lane,

Inc.,

Class

A

2,303

137,282

Houlihan

Lokey,

Inc.

4,583

345,467

Moelis

&

Co.,

Class

A

7,310

247,151

PJT

Partners,

Inc.,

Class

A

8,644

577,592

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

6,837

111,785

StoneX

Group,

Inc.

*

3,113

258,192

Virtus

Investment

Partners,

Inc.

1,559

248,692

3,489,492

Chemicals

-

2.0%

AdvanSix,

Inc.

10,399

333,808

American

Vanguard

Corp.

12,042

225,186

Avient

Corp.

6,688

202,646

Balchem

Corp.

923

112,218

Cabot

Corp.

4,643

296,641

Hawkins,

Inc.

8,503

331,532

HB

Fuller

Co.

4,454

267,686

Innospec,

Inc.

3,148

269,689

Intrepid

Potash,

Inc.

*

6,077

240,467

Kronos

Worldwide,

Inc.

15,165

141,641

Livent

Corp.

*

23,831

730,420

LSB

Industries,

Inc.

*

20,813

296,585

Sensient

Technologies

Corp.

3,485

241,650

Stepan

Co.

1,189

111,374

Valhi,

Inc.

7,611

191,493

3,993,036

56

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Commercial

Services

&

Supplies

-

0.6%

Casella

Waste

Systems,

Inc.,

Class

A

*

8,497

649,086

CoreCivic,

Inc.,

REIT

*

13,733

121,400

Ennis,

Inc.

3,686

74,199

GEO

Group,

Inc.

(The)

*

13,694

105,444

Heritage-Crystal

Clean,

Inc.

*

3,322

98,231

Quad/Graphics,

Inc.

*

20,266

51,881

1,100,241

Communications

Equipment

-

1.4%

ADTRAN

Holdings,

Inc.

10,230

200,303

Aviat

Networks,

Inc.

*

3,954

108,261

Calix,

Inc.

*

14,194

867,821

Clearfield,

Inc.

*

3,744

391,772

Digi

International,

Inc.

*

7,468

258,169

Extreme

Networks,

Inc.

*

39,556

516,997

Harmonic,

Inc.

*

13,508

176,550

NetScout

Systems,

Inc.

*

7,307

228,855

2,748,728

Construction

&

Engineering

-

2.1%

Ameresco,

Inc.,

Class

A

*

12,837

853,404

Arcosa,

Inc.

1,084

61,983

Comfort

Systems

USA,

Inc.

5,559

541,058

Concrete

Pumping

Holdings,

Inc.

*

19,823

127,858

Construction

Partners,

Inc.,

Class

A

*

7,283

191,033

Dycom

Industries,

Inc.

*

4,271

408,009

EMCOR

Group,

Inc.

4,406

508,805

Fluor

Corp.

*

23,906

595,020

IES

Holdings,

Inc.

*

403

11,131

MYR

Group,

Inc.

*

4,059

343,919

NV5

Global,

Inc.

*

3,265

404,272

Sterling

Infrastructure,

Inc.

*

5,513

118,364

4,164,856

Construction

Materials

-

0.0%

(b)

Summit

Materials,

Inc.,

Class

A

*

2,213

53,023

Consumer

Finance

-

0.5%

Atlanticus

Holdings

Corp.

*

2,173

56,998

Consumer

Portfolio

Services,

Inc.

*

13,337

96,960

Encore

Capital

Group,

Inc.

*

4,972

226,126

EZCORP,

Inc.,

Class

A

*

15,046

116,005

Nelnet,

Inc.,

Class

A

4,627

366,412

Regional

Management

Corp.

2,104

58,996

921,497

Containers

&

Packaging

-

0.2%

Greif,

Inc.,

Class

A

6,359

378,806

O-I

Glass,

Inc.

*

6,220

80,549

459,355

INVESTMENTS

SHARES

VALUE

($)

Distributors

-

0.1%

Funko,

Inc.,

Class

A

*

5,205

105,245

Weyco

Group,

Inc.

3,302

67,163

172,408

Diversified

Consumer

Services

-

0.5%

Carriage

Services,

Inc.

4,926

158,420

Laureate

Education,

Inc.,

Class

A

38,782

409,150

Stride,

Inc.

*

8,722

366,586

Universal

Technical

Institute,

Inc.

*

20,707

112,646

1,046,802

Diversified

Financial

Services

-

0.1%

A-Mark

Precious

Metals,

Inc.

7,416

210,540

Diversified

Telecommunication

Services

-

0.7%

Consolidated

Communications

Holdings,

Inc.

*

11,242

46,767

Globalstar,

Inc.

*

212,005

337,088

IDT

Corp.,

Class

B

*

5,854

145,355

Iridium

Communications,

Inc.

*

18,440

818,183

Ooma,

Inc.

*

5,065

62,299

Radius

Global

Infrastructure,

Inc.

*

5,289

49,822

1,459,514

Electric

Utilities

-

1.2%

MGE

Energy,

Inc.

8,765

575,247

Otter

Tail

Corp.

15,261

938,857

Portland

General

Electric

Co.

22,112

960,987

2,475,091

Electrical

Equipment

-

0.9%

Array

Technologies,

Inc.

*

9,621

159,516

Atkore,

Inc.

*

6,932

539,379

Babcock

&

Wilcox

Enterprises,

Inc.

*

32,666

208,409

Bloom

Energy

Corp.,

Class

A

*

3,706

74,083

Encore

Wire

Corp.

1,892

218,602

Enovix

Corp.

*

4,728

86,688

NuScale

Power

Corp.

*

28,319

330,766

SunPower

Corp.

*

2,318

53,407

Vicor

Corp.

*

2,218

131,172

1,802,022

Electronic

Equipment,

Instruments

&

Components

-

1.1%

Advanced

Energy

Industries,

Inc.

2,167

167,747

Arlo

Technologies,

Inc.

*

14,829

68,807

Badger

Meter,

Inc.

3,605

333,066

Belden,

Inc.

7,135

428,243

ePlus,

Inc.

*

2,947

122,418

Fabrinet

(Thailand)

*

1,159

110,627

Insight

Enterprises,

Inc.

*

2,223

183,197

Methode

Electronics,

Inc.

3,694

137,232

Napco

Security

Technologies,

Inc.

*

3,371

98,029

Novanta,

Inc.

*

1,543

178,448

PC

Connection,

Inc.

3,049

137,479

57

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

1.1%

(continued)

Sanmina

Corp.

*

2,386

109,947

ScanSource,

Inc.

*

2,805

74,080

2,149,320

Energy

Equipment

&

Services

-

3.0%

Archrock,

Inc.

19,793

127,071

Borr

Drilling

Ltd.

(United

Arab

Emirates)

*

71,787

238,333

Cactus,

Inc.,

Class

A

7,051

270,970

ChampionX

Corp.

23,036

450,815

Diamond

Offshore

Drilling,

Inc.

*

24,642

163,377

Helmerich

&

Payne,

Inc.

17,101

632,224

Liberty

Energy,

Inc.,

Class

A

*

18,190

230,649

Nabors

Industries

Ltd.

*

1,918

194,581

NexTier

Oilfield

Solutions,

Inc.

*

52,935

391,719

Oceaneering

International,

Inc.

*

7,224

57,503

Patterson-UTI

Energy,

Inc.

42,183

492,697

RPC,

Inc.

47,180

326,957

Select

Energy

Services,

Inc.,

Class

A

*

19,107

133,176

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

8,023

75,095

TETRA

Technologies,

Inc.

*

41,015

147,244

Tidewater,

Inc.

*

18,590

403,403

US

Silica

Holdings,

Inc.

*

15,675

171,641

Valaris

Ltd.

*

17,247

844,068

Weatherford

International

plc

*

18,882

609,700

5,961,223

Equity

Real

Estate

Investment

Trusts

(REITs)

-

4.0%

Agree

Realty

Corp.

10,516

710,671

Alexander

&

Baldwin,

Inc.

5,146

85,321

Apartment

Investment

and

Management

Co.,

Class

A

14,888

108,682

Apple

Hospitality

REIT,

Inc.

12,682

178,309

Armada

Hoffler

Properties,

Inc.

11,677

121,207

Braemar

Hotels

&

Resorts,

Inc.

14,820

63,726

Broadstone

Net

Lease,

Inc.

13,602

211,239

BRT

Apartments

Corp.

9,004

182,871

Centerspace

1,977

133,092

Chatham

Lodging

Trust

*

13,588

134,114

CTO

Realty

Growth,

Inc.

12,921

242,140

Equity

Commonwealth

24,829

604,834

Farmland

Partners,

Inc.

15,156

192,027

Four

Corners

Property

Trust,

Inc.

5,926

143,350

Gladstone

Commercial

Corp.

3,548

54,994

Gladstone

Land

Corp.

3,301

59,748

Independence

Realty

Trust,

Inc.

32,973

551,638

Indus

Realty

Trust,

Inc.

1,529

80,074

Kite

Realty

Group

Trust

10,111

174,111

LTC

Properties,

Inc.

6,412

240,129

National

Health

Investors,

Inc.

1,430

80,838

NexPoint

Residential

Trust,

Inc.

5,572

257,482

One

Liberty

Properties,

Inc.

2,559

53,790

Phillips

Edison

&

Co.,

Inc.

5,964

167,290

INVESTMENTS

SHARES

VALUE

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

-

4.0%

(continued)

Physicians

Realty

Trust

27,829

418,548

PotlatchDeltic

Corp.

3,639

149,345

Retail

Opportunity

Investments

Corp.

10,587

145,677

RPT

Realty

8,495

64,222

Ryman

Hospitality

Properties,

Inc.

5,030

370,158

Safehold,

Inc.

7,474

197,762

Saul

Centers,

Inc.

3,971

148,913

SITE

Centers

Corp.

28,628

306,606

Tanger

Factory

Outlet

Centers,

Inc.

19,832

271,302

Terreno

Realty

Corp.

8,588

455,078

Uniti

Group,

Inc.

9,951

69,159

Urstadt

Biddle

Properties,

Inc.,

Class

A

14,371

222,894

Washington

REIT

3,710

65,148

Whitestone

REIT

32,204

272,446

7,988,935

Food

&

Staples

Retailing

-

1.2%

Andersons,

Inc.

(The)

4,427

137,370

Chefs'

Warehouse,

Inc.

(The)

*

3,281

95,050

Ingles

Markets,

Inc.,

Class

A

5,760

456,250

Natural

Grocers

by

Vitamin

Cottage,

Inc.

7,052

76,091

SpartanNash

Co.

10,252

297,513

Sprouts

Farmers

Market,

Inc.

*

14,131

392,135

United

Natural

Foods,

Inc.

*

11,720

402,816

Weis

Markets,

Inc.

7,290

519,340

2,376,565

Food

Products

-

1.2%

Alico,

Inc.

6,296

177,799

BRC,

Inc.,

Class

A

*

19,362

149,668

Cal-Maine

Foods,

Inc.

12,149

675,363

Hostess

Brands,

Inc.

*

34,262

796,249

Seneca

Foods

Corp.,

Class

A

*

1,251

63,101

Simply

Good

Foods

Co.

(The)

*

7,172

229,432

Tootsie

Roll

Industries,

Inc.

6,226

207,201

TreeHouse

Foods,

Inc.

*

3,313

140,538

2,439,351

Gas

Utilities

-

2.3%

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

8,392

341,554

Chesapeake

Utilities

Corp.

5,465

630,606

New

Jersey

Resources

Corp.

17,007

658,171

Northwest

Natural

Holding

Co.

6,054

262,623

ONE

Gas,

Inc.

13,440

946,042

Southwest

Gas

Holdings,

Inc.

16,255

1,133,786

Spire,

Inc.

8,893

554,301

4,527,083

Health

Care

Equipment

&

Supplies

-

3.0%

Alphatec

Holdings,

Inc.

*

20,250

176,985

AngioDynamics,

Inc.

*

8,879

181,664

58

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

3.0%

(continued)

AtriCure,

Inc.

*

6,428

251,335

Atrion

Corp.

257

145,205

Axonics,

Inc.

*

1,704

120,030

CryoPort,

Inc.

*

5,945

144,820

Cutera,

Inc.

*

1,599

72,914

Haemonetics

Corp.

*

5,512

408,053

Heska

Corp.

*

1,364

99,463

Inari

Medical,

Inc.

*

1,170

84,989

Inspire

Medical

Systems,

Inc.

*

3,870

686,422

iRadimed

Corp.

2,153

64,719

iRhythm

Technologies,

Inc.

*

5,177

648,575

Lantheus

Holdings,

Inc.

*

11,968

841,709

LeMaitre

Vascular,

Inc.

1,466

74,297

Merit

Medical

Systems,

Inc.

*

2,719

153,651

Omnicell,

Inc.

*

1,756

152,825

Shockwave

Medical,

Inc.

*

4,566

1,269,668

STAAR

Surgical

Co.

*

1,763

124,380

TransMedics

Group,

Inc.

*

3,984

166,292

UFP

Technologies,

Inc.

*

1,867

160,263

6,028,259

Health

Care

Providers

&

Services

-

2.8%

Addus

HomeCare

Corp.

*

4,847

461,628

Agiliti,

Inc.

*

6,625

94,804

AMN

Healthcare

Services,

Inc.

*

6,802

720,740

Apollo

Medical

Holdings,

Inc.

*

3,323

129,597

CorVel

Corp.

*

1,696

234,777

Covetrus,

Inc.

*

3,013

62,911

Cross

Country

Healthcare,

Inc.

*

15,776

447,565

Ensign

Group,

Inc.

(The)

5,797

460,862

Fulgent

Genetics,

Inc.

*

2,497

95,186

ModivCare,

Inc.

*

2,221

221,389

National

HealthCare

Corp.

1,770

112,112

Option

Care

Health,

Inc.

*

26,717

840,784

Owens

&

Minor,

Inc.

17,848

430,137

Patterson

Cos.,

Inc.

2,954

70,955

Privia

Health

Group,

Inc.

*

6,768

230,518

R1

RCM,

Inc.

*

47,855

886,753

Select

Medical

Holdings

Corp.

5,752

127,119

5,627,837

Health

Care

Technology

-

0.8%

Allscripts

Healthcare

Solutions,

Inc.

*

16,019

243,969

Computer

Programs

and

Systems,

Inc.

*

2,556

71,261

Convey

Health

Solutions

Holdings,

Inc.

*

5,968

62,724

Evolent

Health,

Inc.,

Class

A

*

26,133

938,959

NextGen

Healthcare,

Inc.

*

6,253

110,678

Nutex

Health,

Inc.

*

109,163

163,745

1,591,336

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

2.1%

Bluegreen

Vacations

Holding

Corp.

8,134

134,374

Bowlero

Corp.

*

23,786

292,806

Century

Casinos,

Inc.

*

4,014

26,332

Everi

Holdings,

Inc.

*

13,242

214,785

Golden

Entertainment,

Inc.

*

7,775

271,270

Hilton

Grand

Vacations,

Inc.

*

9,207

302,818

Inspired

Entertainment,

Inc.

*

8,778

77,510

International

Game

Technology

plc

13,241

209,208

Kura

Sushi

USA,

Inc.,

Class

A

*

4,410

324,488

Light

&

Wonder,

Inc.

*

5,978

256,336

Monarch

Casino

&

Resort,

Inc.

*

1,222

68,603

ONE

Group

Hospitality,

Inc.

(The)

*

6,107

40,550

Papa

John's

International,

Inc.

2,630

184,126

Red

Rock

Resorts,

Inc.,

Class

A

12,734

436,267

SeaWorld

Entertainment,

Inc.

*

9,350

425,518

Target

Hospitality

Corp.

*

30,792

388,595

Texas

Roadhouse,

Inc.

3,834

334,555

Wingstop,

Inc.

2,347

294,361

4,282,502

Household

Durables

-

0.6%

Cavco

Industries,

Inc.

*

835

171,810

Century

Communities,

Inc.

1,783

76,277

Ethan

Allen

Interiors,

Inc.

5,421

114,600

Green

Brick

Partners,

Inc.

*

9,912

211,918

Helen

of

Troy

Ltd.

*

1,057

101,937

Installed

Building

Products,

Inc.

1,360

110,146

Meritage

Homes

Corp.

*

2,591

182,070

Skyline

Champion

Corp.

*

4,011

212,062

Tri

Pointe

Homes,

Inc.

*

3,849

58,158

1,238,978

Household

Products

-

0.1%

Central

Garden

&

Pet

Co.,

Class

A

*

3,326

113,616

Independent

Power

and

Renewable

Electricity

Producers

-

1.0%

Clearway

Energy,

Inc.,

Class

C

29,443

937,760

Montauk

Renewables,

Inc.

*

24,681

430,437

Ormat

Technologies,

Inc.

7,977

687,617

2,055,814

Insurance

-

2.5%

American

Equity

Investment

Life

Holding

Co.

8,339

310,961

CNO

Financial

Group,

Inc.

19,847

356,651

Donegal

Group,

Inc.,

Class

A

12,407

167,370

Genworth

Financial,

Inc.,

Class

A

*

44,508

155,778

HCI

Group,

Inc.

1,879

73,657

Horace

Mann

Educators

Corp.

2,139

75,485

Kinsale

Capital

Group,

Inc.

4,329

1,105,713

MBIA,

Inc.

*

10,912

100,390

ProAssurance

Corp.

4,101

80,011

RLI

Corp.

10,607

1,085,945

Safety

Insurance

Group,

Inc.

7,206

587,721

59

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

2.5%

(continued)

Selective

Insurance

Group,

Inc.

5,119

416,687

Stewart

Information

Services

Corp.

3,030

132,229

Tiptree,

Inc.

3,343

35,971

Trupanion,

Inc.

*

1,153

68,523

United

Fire

Group,

Inc.

7,618

218,865

4,971,957

Interactive

Media

&

Services

-

0.2%

DHI

Group,

Inc.

*

37,963

204,241

Shutterstock,

Inc.

1,943

97,480

301,721

IT

Services

-

1.4%

CSG

Systems

International,

Inc.

4,867

257,367

DigitalOcean

Holdings,

Inc.

*

4,843

175,171

Edgio,

Inc.

*

25,058

69,661

EVERTEC,

Inc.

3,230

101,261

ExlService

Holdings,

Inc.

*

5,263

775,556

Grid

Dynamics

Holdings,

Inc.

*

4,288

80,314

Hackett

Group,

Inc.

(The)

8,568

151,825

Information

Services

Group,

Inc.

15,155

72,138

International

Money

Express,

Inc.

*

9,797

223,274

Perficient,

Inc.

*

2,002

130,170

PFSweb,

Inc.

*

14,570

135,792

TTEC

Holdings,

Inc.

7,694

340,921

Unisys

Corp.

*

17,290

130,540

Verra

Mobility

Corp.,

Class

A

*

7,347

112,923

2,756,913

Leisure

Products

-

0.5%

Acushnet

Holdings

Corp.

11,396

495,612

Malibu

Boats,

Inc.,

Class

A

*

1,861

89,310

MasterCraft

Boat

Holdings,

Inc.

*

4,021

75,796

Vista

Outdoor,

Inc.

*

16,876

410,424

1,071,142

Life

Sciences

Tools

&

Services

-

0.1%

Medpace

Holdings,

Inc.

*

1,799

282,749

Machinery

-

2.4%

Alamo

Group,

Inc.

1,547

189,152

Chart

Industries,

Inc.

*

5,062

933,180

Columbus

McKinnon

Corp.

2,492

65,191

Energy

Recovery,

Inc.

*

15,172

329,839

EnPro

Industries,

Inc.

731

62,120

Evoqua

Water

Technologies

Corp.

*

15,658

517,810

Franklin

Electric

Co.,

Inc.

2,799

228,706

Greenbrier

Cos.,

Inc.

(The)

3,586

87,032

Kadant,

Inc.

1,810

301,926

Lindsay

Corp.

1,848

264,781

Mueller

Industries,

Inc.

10,642

632,560

Omega

Flex,

Inc.

868

80,394

RBC

Bearings,

Inc.

*

876

182,042

Shyft

Group,

Inc.

(The)

14,064

287,328

SPX

Technologies,

Inc.

*

2,755

152,131

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

2.4%

(continued)

Standex

International

Corp.

731

59,686

Titan

International,

Inc.

*

24,655

299,312

Watts

Water

Technologies,

Inc.,

Class

A

1,376

173,005

4,846,195

Marine

-

0.6%

Costamare,

Inc.

(Monaco)

11,006

98,504

Eagle

Bulk

Shipping,

Inc.

6,263

270,436

Genco

Shipping

&

Trading

Ltd.

7,282

91,244

Golden

Ocean

Group

Ltd.

(Norway)

26,952

201,331

Matson,

Inc.

7,130

438,638

Safe

Bulkers,

Inc.

(Greece)

39,947

98,669

1,198,822

Media

-

0.6%

Cumulus

Media,

Inc.,

Class

A

*

7,795

54,799

Entravision

Communications

Corp.,

Class

A

20,293

80,563

John

Wiley

&

Sons,

Inc.,

Class

A

4,956

186,147

Scholastic

Corp.

4,251

130,761

TechTarget,

Inc.

*

9,750

577,200

WideOpenWest,

Inc.

*

10,698

131,265

1,160,735

Metals

&

Mining

-

1.8%

Alpha

Metallurgical

Resources,

Inc.

3,934

538,329

ATI,

Inc.

*

16,009

426,000

Commercial

Metals

Co.

15,907

564,380

Haynes

International,

Inc.

6,297

221,151

Hecla

Mining

Co.

30,976

122,045

Materion

Corp.

1,995

159,600

Ramaco

Resources,

Inc.

13,102

120,538

Ryerson

Holding

Corp.

24,215

623,294

SunCoke

Energy,

Inc.

12,892

74,903

TimkenSteel

Corp.

*

15,007

224,955

Warrior

Met

Coal,

Inc.

14,539

413,489

Worthington

Industries,

Inc.

5,286

201,608

3,690,292

Multiline

Retail

-

0.6%

Dillard's,

Inc.,

Class

A

3,500

954,660

Franchise

Group,

Inc.

8,430

204,849

1,159,509

Multi-Utilities

-

0.4%

Avista

Corp.

1,528

56,612

Black

Hills

Corp.

8,859

600,020

Unitil

Corp.

2,570

119,377

776,009

Oil,

Gas

&

Consumable

Fuels

-

11.3%

Amplify

Energy

Corp.

*

28,146

184,919

Arch

Resources,

Inc.

4,121

488,751

Archaea

Energy,

Inc.

*

13,192

237,588

60

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

11.3%

(continued)

Ardmore

Shipping

Corp.

(Ireland)

*

32,139

293,429

Berry

Corp.

11,302

84,765

California

Resources

Corp.

16,693

641,512

Callon

Petroleum

Co.

*

5,927

207,504

Centrus

Energy

Corp.,

Class

A

*

3,117

127,735

Chord

Energy

Corp.

5,992

819,526

Civitas

Resources,

Inc.

13,059

749,456

CNX

Resources

Corp.

*

32,181

499,771

Comstock

Resources,

Inc.

*

42,407

733,217

CONSOL

Energy,

Inc.

14,055

904,018

CVR

Energy,

Inc.

20,764

601,741

Delek

US

Holdings,

Inc.

11,549

313,440

Denbury,

Inc.

*

7,822

674,726

DHT

Holdings,

Inc.

17,668

133,570

Dorian

LPG

Ltd.

20,755

281,645

Earthstone

Energy,

Inc.,

Class

A

*

21,229

261,541

Energy

Fuels,

Inc.

*

35,725

218,637

Equitrans

Midstream

Corp.

7,199

53,849

FLEX

LNG

Ltd.

(Norway)

9,324

295,291

Frontline

Ltd.

(Norway)

27,482

300,378

Golar

LNG

Ltd.

(Cameroon)

*

26,227

653,577

Green

Plains,

Inc.

*

12,102

351,805

Gulfport

Energy

Corp.

*

7,233

638,602

HighPeak

Energy,

Inc.

18,384

398,197

International

Seaways,

Inc.

12,122

425,846

Kinetik

Holdings,

Inc.

18,228

593,868

Kosmos

Energy

Ltd.

(Ghana)

*

88,736

458,765

Laredo

Petroleum,

Inc.

*

2,550

160,268

Magnolia

Oil

&

Gas

Corp.,

Class

A

44,819

887,864

Matador

Resources

Co.

27,597

1,350,045

Murphy

Oil

Corp.

24,385

857,620

NACCO

Industries,

Inc.,

Class

A

5,612

263,932

NextDecade

Corp.

*

46,244

278,389

Northern

Oil

and

Gas,

Inc.

12,834

351,780

PBF

Energy,

Inc.,

Class

A

*

21,827

767,437

Peabody

Energy

Corp.

*

28,323

702,977

Permian

Resources

Corp.

*

65,052

442,354

Ranger

Oil

Corp.

12,311

387,181

Ring

Energy,

Inc.

*

30,265

70,215

SandRidge

Energy,

Inc.

*

12,279

200,270

Scorpio

Tankers,

Inc.

(Monaco)

13,505

567,750

SFL

Corp.

Ltd.

(Norway)

40,855

372,189

SilverBow

Resources,

Inc.

*

5,929

159,372

SM

Energy

Co.

26,299

989,105

Talos

Energy,

Inc.

*

9,309

154,995

Teekay

Tankers

Ltd.,

Class

A

*

12,230

336,814

Tellurian,

Inc.

*

84,164

201,152

Uranium

Energy

Corp.

*

60,116

210,406

VAALCO

Energy,

Inc.

39,781

173,445

Vertex

Energy,

Inc.

*

12,766

79,532

W&T

Offshore,

Inc.

*

12,986

76,098

22,668,859

Paper

&

Forest

Products

-

0.1%

Clearwater

Paper

Corp.

*

4,845

182,172

INVESTMENTS

SHARES

VALUE

($)

Personal

Products

-

0.6%

Edgewell

Personal

Care

Co.

6,548

244,895

elf

Beauty,

Inc.

*

13,598

511,557

Inter

Parfums,

Inc.

3,336

251,734

Veru,

Inc.

*

14,667

168,964

1,177,150

Pharmaceuticals

-

2.2%

Aclaris

Therapeutics,

Inc.

*

8,243

129,745

Amphastar

Pharmaceuticals,

Inc.

*

17,113

480,875

Axsome

Therapeutics,

Inc.

*

4,163

185,753

Cassava

Sciences,

Inc.

*

5,131

214,579

Corcept

Therapeutics,

Inc.

*

14,672

376,190

Evolus,

Inc.

*

7,040

56,672

Harmony

Biosciences

Holdings,

Inc.

*

11,929

528,336

Innoviva,

Inc.

*

8,551

99,277

Intra-Cellular

Therapies,

Inc.

*

15,781

734,290

Liquidia

Corp.

*

36,890

200,682

Pacira

BioSciences,

Inc.

*

3,160

168,080

Prestige

Consumer

Healthcare,

Inc.

*

15,053

750,091

SIGA

Technologies,

Inc.

16,643

171,423

Supernus

Pharmaceuticals,

Inc.

*

2,811

95,152

Tricida,

Inc.

*

20,090

210,543

4,401,688

Professional

Services

-

2.2%

ASGN,

Inc.

*

9,197

831,133

Barrett

Business

Services,

Inc.

1,084

84,552

CBIZ,

Inc.

*

10,987

470,024

CRA

International,

Inc.

2,633

233,652

Exponent,

Inc.

2,549

223,471

Forrester

Research,

Inc.

*

1,606

57,832

Franklin

Covey

Co.

*

6,416

291,222

Huron

Consulting

Group,

Inc.

*

5,700

377,625

ICF

International,

Inc.

3,355

365,762

Insperity,

Inc.

4,904

500,649

Kforce,

Inc.

1,699

99,646

Korn

Ferry

4,211

197,707

Red

Violet,

Inc.

*

3,564

61,729

Resources

Connection,

Inc.

10,942

197,722

TriNet

Group,

Inc.

*

5,863

417,563

4,410,289

Real

Estate

Management

&

Development

-

0.3%

Kennedy-Wilson

Holdings,

Inc.

3,452

53,368

Newmark

Group,

Inc.,

Class

A

7,580

61,095

St

Joe

Co.

(The)

14,470

463,474

Stratus

Properties,

Inc.

2,585

60,230

Tejon

Ranch

Co.

*

2,109

30,370

668,537

Road

&

Rail

-

0.8%

ArcBest

Corp.

2,349

170,843

Covenant

Logistics

Group,

Inc.

5,720

164,164

61

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Road

&

Rail

-

0.8%

(continued)

Daseke,

Inc.

*

17,059

92,289

Marten

Transport

Ltd.

12,168

233,139

PAM

Transportation

Services,

Inc.

*

5,604

173,500

Saia,

Inc.

*

3,902

741,380

Universal

Logistics

Holdings,

Inc.

2,734

86,722

1,662,037

Semiconductors

&

Semiconductor

Equipment

-

3.1%

Alpha

&

Omega

Semiconductor

Ltd.

*

11,060

340,206

Amkor

Technology,

Inc.

31,297

533,614

Atomera,

Inc.

*

6,326

64,082

Axcelis

Technologies,

Inc.

*

5,666

343,133

Cohu,

Inc.

*

3,569

92,009

Diodes,

Inc.

*

4,387

284,760

FormFactor,

Inc.

*

17,956

449,798

Impinj,

Inc.

*

2,018

161,501

MACOM

Technology

Solutions

Holdings,

Inc.

*

18,089

936,829

MaxLinear,

Inc.

*

3,136

102,296

Onto

Innovation,

Inc.

*

2,343

150,069

PDF

Solutions,

Inc.

*

10,541

258,571

Photronics,

Inc.

*

10,387

151,858

Power

Integrations,

Inc.

3,101

199,456

Rambus,

Inc.

*

20,045

509,544

Silicon

Laboratories,

Inc.

*

2,046

252,558

SiTime

Corp.

*

999

78,651

SMART

Global

Holdings,

Inc.

*

4,889

77,589

Synaptics,

Inc.

*

6,411

634,753

Transphorm,

Inc.

*

18,361

92,356

Ultra

Clean

Holdings,

Inc.

*

7,007

180,430

Veeco

Instruments,

Inc.

*

12,035

220,481

6,114,544

Software

-

2.2%

A10

Networks,

Inc.

25,073

332,719

Alarm.com

Holdings,

Inc.

*

3,464

224,675

Altair

Engineering,

Inc.,

Class

A

*

4,145

183,292

Appfolio,

Inc.,

Class

A

*

6,272

656,804

Blackline,

Inc.

*

5,925

354,907

Box,

Inc.,

Class

A

*

19,251

469,532

CommVault

Systems,

Inc.

*

1,208

64,072

eGain

Corp.

*

139

1,022

Q2

Holdings,

Inc.

*

5,560

179,032

Qualys,

Inc.

*

5,110

712,283

Rapid7,

Inc.

*

1,134

48,649

SPS

Commerce,

Inc.

*

3,626

450,458

Tenable

Holdings,

Inc.

*

10,868

378,206

Varonis

Systems,

Inc.

*

4,968

131,751

Verint

Systems,

Inc.

*

5,808

195,033

Zeta

Global

Holdings

Corp.,

Class

A

*

8,155

53,904

4,436,339

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.1%

Academy

Sports

&

Outdoors,

Inc.

4,263

179,813

America's

Car-Mart,

Inc.

*

861

52,538

Asbury

Automotive

Group,

Inc.

*

1,553

234,658

Boot

Barn

Holdings,

Inc.

*

939

54,894

Buckle,

Inc.

(The)

5,074

160,643

Build-A-Bear

Workshop,

Inc.

6,486

86,458

Caleres,

Inc.

7,502

181,698

Destination

XL

Group,

Inc.

*

26,699

144,709

Genesco,

Inc.

*

6,208

244,099

Group

1

Automotive,

Inc.

1,745

249,308

MarineMax,

Inc.

*

4,481

133,489

Murphy

USA,

Inc.

4,803

1,320,393

National

Vision

Holdings,

Inc.

*

2,367

77,283

ODP

Corp.

(The)

*

8,747

307,457

Shoe

Carnival,

Inc.

8,014

171,820

Signet

Jewelers

Ltd.

6,108

349,317

Sonic

Automotive,

Inc.,

Class

A

5,596

242,307

4,190,884

Technology

Hardware,

Storage

&

Peripherals

-

0.4%

Avid

Technology,

Inc.

*

13,263

308,497

Super

Micro

Computer,

Inc.

*

7,572

416,990

725,487

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Movado

Group,

Inc.

10,185

287,013

Oxford

Industries,

Inc.

3,027

271,764

558,777

Thrifts

&

Mortgage

Finance

-

1.7%

Axos

Financial,

Inc.

*

1,648

56,411

Columbia

Financial,

Inc.

*

16,190

342,095

Greene

County

Bancorp,

Inc.

3,598

206,057

Hingham

Institution

For

Savings

The

328

82,364

Kearny

Financial

Corp.

10,574

112,296

Merchants

Bancorp

7,818

180,361

Mr

Cooper

Group,

Inc.

*

25,396

1,028,538

Northfield

Bancorp,

Inc.

5,976

85,517

PennyMac

Financial

Services,

Inc.

12,085

518,446

Provident

Financial

Services,

Inc.

7,534

146,913

Southern

Missouri

Bancorp,

Inc.

2,843

145,078

Walker

&

Dunlop,

Inc.

5,226

437,573

Waterstone

Financial,

Inc.

7,804

126,113

3,467,762

Tobacco

-

0.4%

Universal

Corp.

9,669

445,161

Vector

Group

Ltd.

31,228

275,118

720,279

62

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

2.8%

Applied

Industrial

Technologies,

Inc.

4,577

470,424

Beacon

Roofing

Supply,

Inc.

*

3,846

210,453

BlueLinx

Holdings,

Inc.

*

3,628

225,299

Boise

Cascade

Co.

10,260

610,060

Custom

Truck

One

Source,

Inc.

*

11,469

66,864

GATX

Corp.

5,629

479,309

Global

Industrial

Co.

8,468

227,196

GMS,

Inc.

*

2,008

80,340

Herc

Holdings,

Inc.

4,702

488,444

Hudson

Technologies,

Inc.

*

25,425

186,874

McGrath

RentCorp

2,377

199,335

MRC

Global,

Inc.

*

9,353

67,248

NOW,

Inc.

*

12,064

121,243

Rush

Enterprises,

Inc.,

Class

A

10,302

451,846

Textainer

Group

Holdings

Ltd.

(China)

13,776

370,023

Titan

Machinery,

Inc.

*

3,211

90,743

Transcat,

Inc.

*

1,498

113,384

Triton

International

Ltd.

10,499

574,610

Veritiv

Corp.

*

6,061

592,584

5,626,279

Water

Utilities

-

0.7%

American

States

Water

Co.

9,389

731,872

Artesian

Resources

Corp.,

Class

A

2,932

141,088

Cadiz,

Inc.

*

10,859

20,632

California

Water

Service

Group

7,898

416,146

Middlesex

Water

Co.

2,194

169,377

1,479,115

Wireless

Telecommunication

Services

-

0.1%

Gogo,

Inc.

*

22,812

276,481

TOTAL

COMMON

STOCKS

(Cost

$165,875,099)

190,780,184

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4.6%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(d)

(Cost

$9,311,829)

9,318,968

9,314,308

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$175,186,928)

200,094,492

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

(e)

511,284

NET

ASSETS

-

100.0%

200,605,776

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

3,198,451

1.6

%

Consumer

Discretionary

14,750,871

7.4

Consumer

Staples

8,952,078

4.5

Energy

28,630,083

14.3

Financials

30,179,788

15.0

Health

Care

29,233,008

14.6

Industrials

28,556,114

14.2

Information

Technology

18,931,331

9.4

Materials

8,377,877

4.2

Real

Estate

8,657,472

4.3

Utilities

11,313,111

5.6

Investment

Companies

9,314,308

4.6

Total

Investments

In

Securities

At

Value

200,094,492

99.7

Other

Assets

in

Excess

of

Liabilities

(e

)

511,284

0.3

Net

Assets

$

200,605,776

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

At

September

30,

2022,

the

value

of

these

securities

amounted

to

$161,422

or

0.08%

of

net

assets.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

September

30,

2022

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$39,833,

which

represents

0.02%

of

net

assets

of

the

fund.

(d)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Level

3

security

(See

Note

5).

63

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

98

12/2022

USD

$

8,182,020

$

(893,772)

$

(893,772)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

1,427,748

$

1,427,748

64

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Australia

-

7.9%

Ampol

Ltd.

28,995

536,316

Aurizon

Holdings

Ltd.

211,859

468,558

Coles

Group

Ltd.

253,659

2,674,167

Commonwealth

Bank

of

Australia

7,629

443,817

Computershare

Ltd.

57,501

917,145

CSL

Ltd.

9,497

1,727,192

Endeavour

Group

Ltd.

171,040

768,678

Fortescue

Metals

Group

Ltd.

202,577

2,174,736

Glencore

plc

503,427

2,645,518

Goodman

Group,

REIT

106,176

1,073,101

Macquarie

Group

Ltd.

14,096

1,375,209

National

Australia

Bank

Ltd.

150,335

2,783,556

Ramsay

Health

Care

Ltd.

11,211

411,528

REA

Group

Ltd.

8,056

586,367

Rio

Tinto

plc

2,167

117,247

Scentre

Group,

REIT

146,505

239,372

South32

Ltd.

43,566

103,422

Suncorp

Group

Ltd.

65,290

421,313

Treasury

Wine

Estates

Ltd.

21,834

175,684

Wesfarmers

Ltd.

53,450

1,461,244

WiseTech

Global

Ltd.

7,466

243,933

Woodside

Energy

Group

Ltd.

105,842

2,162,513

Woolworths

Group

Ltd.

75,039

1,630,646

25,141,262

—

Belgium

-

0.0%

(a)

Elia

Group

SA/NV

1,105

130,027

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

(1)

9,333

302,215

Canada

-

17.2%

AltaGas

Ltd.

(1)

14,355

274,869

Bank

of

Montreal

(1)

31,713

2,779,522

Bank

of

Nova

Scotia

(The)

(1)

3,896

185,302

Cameco

Corp.

(1)

39,997

1,061,491

Canadian

Imperial

Bank

of

Commerce

(1)

28,069

1,228,546

Canadian

National

Railway

Co.

(1)

3,249

350,878

Canadian

Natural

Resources

Ltd.

(1)

150,304

6,996,451

Canadian

Pacific

Railway

Ltd.

(1)

41,860

2,794,303

Canadian

Utilities

Ltd.,

Class

A

(1)

59,628

1,550,971

Cenovus

Energy,

Inc.

(1)

268,556

4,125,499

Constellation

Software,

Inc.

(1)

1,171

1,629,397

Dollarama,

Inc.

(1)

9,861

566,096

Empire

Co.

Ltd.,

Class

A

(1)

8,679

215,883

Enbridge,

Inc.

(1)

17,503

649,005

Fortis,

Inc.

(1)

115,927

4,404,278

Franco-Nevada

Corp.

(1)

3,781

451,634

George

Weston

Ltd.

(1)

9,963

1,043,145

Hydro

One

Ltd.

(1)(b)

32,356

791,245

Imperial

Oil

Ltd.

(1)

46,898

2,030,600

Intact

Financial

Corp.

(1)

13,298

1,881,946

Keyera

Corp.

(1)

6,578

135,432

Loblaw

Cos.

Ltd.

(1)

14,220

1,125,988

Manulife

Financial

Corp.

(1)

13,396

210,247

National

Bank

of

Canada

(1)

36,765

2,304,350

Nutrien

Ltd.

(1)

25,261

2,106,683

INVESTMENTS

SHARES

VALUE

($)

Canada

-

17.2%

(continued)

Royal

Bank

of

Canada

(1)

49,980

4,499,955

Shopify,

Inc.,

Class

A

(1)*

9,632

259,322

Sun

Life

Financial,

Inc.

(1)

3,343

132,936

Suncor

Energy,

Inc.

(1)

6,598

185,805

TC

Energy

Corp.

(1)

12,317

496,122

Teck

Resources

Ltd.,

Class

B

(1)

21,348

649,241

Thomson

Reuters

Corp.

(1)

22,826

2,343,162

Toronto-Dominion

Bank

(The)

(1)

48,287

2,961,505

Tourmaline

Oil

Corp.

(1)

15,478

804,406

West

Fraser

Timber

Co.

Ltd.

(1)

2,600

188,090

WSP

Global,

Inc.

(1)

13,348

1,469,937

54,884,242

—

China

-

0.3%

BOC

Hong

Kong

Holdings

Ltd.

206,500

686,761

Budweiser

Brewing

Co.

APAC

Ltd.

(b)

92,500

240,875

Wilmar

International

Ltd.

42,000

111,736

1,039,372

—

Denmark

-

3.3%

AP

Moller

-

Maersk

A/S,

Class

B

741

1,346,566

DSV

A/S

15,114

1,770,568

Genmab

A/S

*

3,841

1,235,664

Novo

Nordisk

A/S,

Class

B

41,822

4,166,216

Orsted

A/S

(b)

20,453

1,630,120

Tryg

A/S

9,825

202,826

Vestas

Wind

Systems

A/S

15,041

276,948

10,628,908

—

Finland

-

1.8%

Elisa

OYJ

37,122

1,681,963

Neste

OYJ

27,043

1,178,791

Nordea

Bank

Abp

32,721

280,034

Orion

OYJ,

Class

B

10,729

451,771

Sampo

OYJ,

Class

A

32,460

1,385,770

UPM-Kymmene

OYJ

20,621

654,396

5,632,725

—

France

-

7.7%

Air

Liquide

SA

6,233

712,426

Capgemini

SE

1,863

298,267

Carrefour

SA

17,185

238,340

Dassault

Systemes

SE

10,725

370,281

Hermes

International

3,055

3,593,049

Legrand

SA

2,988

193,201

L'Oreal

SA

6,501

2,078,643

LVMH

Moet

Hennessy

Louis

Vuitton

SE

10,438

6,153,983

Orange

SA

568,833

5,144,833

Safran

SA

1,824

165,965

Sanofi

14,049

1,069,782

Sartorius

Stedim

Biotech

3,716

1,139,834

Teleperformance

1,125

285,394

Thales

SA

1,335

147,109

TotalEnergies

SE

58,805

2,758,812

Vivendi

SE

46,477

360,502

24,710,421

—

65

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Germany

-

2.8%

Bayer

AG

(Registered)

31,928

1,471,067

Brenntag

SE

1,499

90,618

Commerzbank

AG

*

27,787

197,816

Deutsche

Telekom

AG

(Registered)

78,810

1,341,478

Hannover

Rueck

SE

3,192

478,498

Merck

KGaA

12,662

2,049,733

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

4,096

985,992

Rheinmetall

AG

1,729

266,210

RWE

AG

38,843

1,427,714

Siemens

Energy

AG

23,876

262,893

Symrise

AG

4,418

430,810

Telefonica

Deutschland

Holding

AG

42,833

86,601

9,089,430

—

Hong

Kong

-

0.8%

AIA

Group

Ltd.

104,400

869,225

Hong

Kong

Exchanges

&

Clearing

Ltd.

15,700

536,664

Techtronic

Industries

Co.

Ltd.

121,000

1,154,597

2,560,486

—

Italy

-

0.7%

Ferrari

NV

10,210

1,890,748

Prysmian

SpA

9,142

261,862

2,152,610

—

Japan

-

20.4%

Bandai

Namco

Holdings,

Inc.

10,400

677,750

Canon,

Inc.

12,300

268,663

Chiba

Bank

Ltd.

(The)

65,900

356,871

Chugai

Pharmaceutical

Co.

Ltd.

62,500

1,561,443

Daiichi

Sankyo

Co.

Ltd.

103,100

2,881,734

Daikin

Industries

Ltd.

6,000

923,214

Denso

Corp.

2,600

118,880

ENEOS

Holdings,

Inc.

522,600

1,685,465

Fujitsu

Ltd.

6,700

734,669

Hamamatsu

Photonics

KK

2,500

107,156

Hankyu

Hanshin

Holdings,

Inc.

26,200

788,521

Hitachi

Ltd.

2,400

102,135

Hoya

Corp.

24,300

2,341,514

Idemitsu

Kosan

Co.

Ltd.

18,500

402,065

Inpex

Corp.

114,100

1,064,221

ITOCHU

Corp.

90,300

2,179,655

Japan

Post

Bank

Co.

Ltd.

191,800

1,340,720

Japan

Post

Holdings

Co.

Ltd.

294,800

1,953,113

Japan

Post

Insurance

Co.

Ltd.

115,000

1,610,700

Japan

Tobacco,

Inc.

178,000

2,925,031

JSR

Corp.

4,800

91,021

Kansai

Electric

Power

Co.,

Inc.

(The)

128,900

1,078,423

Keyence

Corp.

2,060

680,955

Kikkoman

Corp.

7,600

430,852

Kintetsu

Group

Holdings

Co.

Ltd.

23,900

795,721

Kirin

Holdings

Co.

Ltd.

19,000

292,709

Konami

Group

Corp.

2,600

120,385

Kyowa

Kirin

Co.

Ltd.

5,800

133,355

Marubeni

Corp.

95,500

833,285

Mazda

Motor

Corp.

91,000

604,254

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.4%

(continued)

Mitsubishi

Corp.

47,900

1,310,076

Mitsubishi

Estate

Co.

Ltd.

62,600

824,829

Mitsubishi

HC

Capital,

Inc.

213,900

919,390

Mitsubishi

UFJ

Financial

Group,

Inc.

54,100

245,080

Mitsui

&

Co.

Ltd.

33,100

704,361

Mitsui

Fudosan

Co.

Ltd.

52,900

1,007,744

MonotaRO

Co.

Ltd.

15,800

242,449

Murata

Manufacturing

Co.

Ltd.

5,700

262,355

Nintendo

Co.

Ltd.

15,000

605,015

Nippon

Prologis

REIT,

Inc.,

REIT

85

186,355

Nippon

Telegraph

&

Telephone

Corp.

63,200

1,704,650

Nippon

Yusen

KK

190,500

3,233,521

Nissan

Chemical

Corp.

6,200

276,977

Nissin

Foods

Holdings

Co.

Ltd.

19,500

1,355,443

Nitori

Holdings

Co.

Ltd.

2,600

218,192

Nitto

Denko

Corp.

3,500

189,510

Nomura

Holdings,

Inc.

28,200

93,423

Nomura

Real

Estate

Holdings,

Inc.

36,600

826,583

Nomura

Research

Institute

Ltd.

43,250

1,056,305

NTT

Data

Corp.

12,500

161,464

Obic

Co.

Ltd.

9,100

1,220,252

Olympus

Corp.

67,800

1,304,318

Oriental

Land

Co.

Ltd.

2,800

379,761

Osaka

Gas

Co.

Ltd.

23,800

358,808

Panasonic

Holdings

Corp.

23,000

161,507

Recruit

Holdings

Co.

Ltd.

18,900

544,427

Renesas

Electronics

Corp.

*

64,500

540,719

Resona

Holdings,

Inc.

114,600

419,374

Shimadzu

Corp.

12,500

327,953

Shimano,

Inc.

1,100

172,112

Shin-Etsu

Chemical

Co.

Ltd.

2,300

227,601

Shionogi

&

Co.

Ltd.

3,900

188,347

Shiseido

Co.

Ltd.

3,600

126,170

SMC

Corp.

500

203,485

Sony

Group

Corp.

27,100

1,745,632

Subaru

Corp.

48,700

735,971

Sumitomo

Mitsui

Financial

Group,

Inc.

134,100

3,717,450

Suntory

Beverage

&

Food

Ltd.

27,900

992,938

Taisei

Corp.

30,900

856,969

Terumo

Corp.

10,200

286,724

Tobu

Railway

Co.

Ltd.

14,800

348,870

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

30,200

96,538

Tokyo

Electron

Ltd.

7,800

1,921,880

Tokyo

Gas

Co.

Ltd.

45,400

766,401

Toyota

Motor

Corp.

194,100

2,536,975

Unicharm

Corp.

4,000

131,220

USS

Co.

Ltd.

16,200

250,195

Yakult

Honsha

Co.

Ltd.

4,800

278,711

Yamaha

Corp.

5,000

177,672

65,527,182

—

Luxembourg

-

0.1%

Eurofins

Scientific

SE

7,450

442,264

66

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

6.1%

Adyen

NV

*(b)

373

465,191

Aegon

NV

107,765

428,366

Argenx

SE

*

2,008

714,600

ASML

Holding

NV

9,050

3,749,226

Koninklijke

DSM

NV

9,548

1,086,472

Koninklijke

KPN

NV

684,746

1,853,173

NN

Group

NV

22,469

873,908

OCI

NV

3,947

144,506

Shell

plc

302,478

7,503,854

Wolters

Kluwer

NV

26,369

2,567,645

19,386,941

—

Norway

-

1.9%

Aker

BP

ASA

6,493

186,379

DNB

Bank

ASA

66,648

1,057,575

Equinor

ASA

94,562

3,118,535

Norsk

Hydro

ASA

122,769

658,769

Orkla

ASA

129,966

944,763

Salmar

ASA

1,702

57,368

6,023,389

—

Portugal

-

0.1%

EDP

-

Energias

de

Portugal

SA

63,197

274,276

Singapore

-

1.2%

DBS

Group

Holdings

Ltd.

38,900

899,888

Oversea-Chinese

Banking

Corp.

Ltd.

24,100

197,473

Singapore

Exchange

Ltd.

115,200

755,756

Singapore

Telecommunications

Ltd.

636,700

1,174,863

STMicroelectronics

NV

10,182

316,429

United

Overseas

Bank

Ltd.

23,200

420,212

UOL

Group

Ltd.

19,900

91,554

3,856,175

—

South

Africa

-

0.5%

Anglo

American

plc

49,941

1,499,520

Spain

-

2.4%

Acciona

SA

3,211

564,353

Enagas

SA

123,692

1,914,622

Ferrovial

SA

6,756

153,352

Iberdrola

SA

157,714

1,470,554

Naturgy

Energy

Group

SA

43,485

1,005,964

Red

Electrica

Corp.

SA

58,516

897,963

Repsol

SA

126,503

1,453,551

Telefonica

SA

26,653

88,113

7,548,472

—

Sweden

-

1.9%

Atlas

Copco

AB,

Class

A

11,660

108,372

Epiroc

AB,

Class

A

6,823

97,606

Hexagon

AB,

Class

B

113,687

1,061,738

Investor

AB,

Class

B

75,358

1,099,566

Nibe

Industrier

AB,

Class

B

126,244

1,126,125

Sandvik

AB

11,786

160,662

Skandinaviska

Enskilda

Banken

AB,

Class

A

64,383

613,619

Svenska

Cellulosa

AB

SCA,

Class

B

45,288

574,636

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

1.9%

(continued)

Telia

Co.

AB

384,596

1,107,668

5,949,992

—

Switzerland

-

3.6%

ABB

Ltd.

(Registered)

15,847

409,160

Baloise

Holding

AG

(Registered)

694

88,676

Barry

Callebaut

AG

(Registered)

96

180,961

Chocoladefabriken

Lindt

&

Spruengli

AG

18

173,958

EMS-Chemie

Holding

AG

(Registered)

844

532,779

Geberit

AG

(Registered)

408

174,946

Givaudan

SA

(Registered)

461

1,392,683

Kuehne

+

Nagel

International

AG

(Registered)

3,552

723,301

Lonza

Group

AG

(Registered)

4,266

2,077,077

Novartis

AG

(Registered)

10,786

822,292

Partners

Group

Holding

AG

2,044

1,644,980

Sika

AG

(Registered)

8,119

1,631,852

Sonova

Holding

AG

(Registered)

903

198,715

Straumann

Holding

AG

(Registered)

6,465

591,290

UBS

Group

AG

(Registered)

59,332

860,787

11,503,457

—

United

Kingdom

-

10.8%

Ashtead

Group

plc

34,318

1,541,215

AstraZeneca

plc

50,332

5,532,971

Auto

Trader

Group

plc

(b)

29,518

167,399

Aviva

plc

129,147

553,891

BAE

Systems

plc

52,937

465,127

BP

plc

843,622

4,031,156

British

American

Tobacco

plc

201,323

7,218,946

Bunzl

plc

17,175

524,748

Compass

Group

plc

19,750

393,270

Croda

International

plc

4,518

322,694

Experian

plc

5,258

153,915

HSBC

Holdings

plc

902,941

4,675,303

Imperial

Brands

plc

170,644

3,508,931

JD

Sports

Fashion

plc

202,530

223,123

London

Stock

Exchange

Group

plc

7,107

600,178

National

Grid

plc

95,865

986,845

NatWest

Group

plc

446,141

1,111,213

Phoenix

Group

Holdings

plc

33,620

195,798

Reckitt

Benckiser

Group

plc

7,207

477,691

SSE

plc

23,902

403,609

Standard

Chartered

plc

123,882

774,827

Vodafone

Group

plc

529,437

592,546

34,455,396

—

United

States

-

3.2%

Ferguson

plc

7,344

761,787

Jackson

Financial,

Inc.,

Class

A

(1)

223

6,188

Nestle

SA

(Registered)

59,809

6,468,782

Schneider

Electric

SE

10,401

1,174,801

Tenaris

SA

137,343

1,777,092

10,188,650

—

67

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Zambia

-

0.2%

First

Quantum

Minerals

Ltd.

(1)

38,491

653,429

TOTAL

COMMON

STOCKS

(Cost

$263,485,359)

303,580,841

SHORT-TERM

INVESTMENTS

-

3.7%

INVESTMENT

COMPANIES

-

3.7%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(1)(c)

(Cost

$11,964,702)

11,974,696

11,968,708

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.7%

(Cost

$275,450,061)

315,549,549

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.3%

(d)

4,075,915

NET

ASSETS

-

100.0%

319,625,464

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

16,615,557

5.2

%

Consumer

Discretionary

22,060,412

6.9

Consumer

Staples

35,868,261

11.2

Energy

44,343,558

13.9

Financials

54,346,112

17.0

Health

Care

32,799,436

10.3

Industrials

36,858,220

11.5

Information

Technology

16,593,301

5.2

Materials

19,818,867

6.2

Real

Estate

4,249,538

1.3

Utilities

20,027,579

6.3

Investment

Companies

11,968,708

3.7

Total

Investments

In

Securities

At

Value

315,549,549

98.7

Other

Assets

in

Excess

of

Liabilities

(d

)

4,075,915

1.3

Net

Assets

$

319,625,464

100.0%

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$3,294,830,

which

represents

1.03%

of

net

assets

of

the

fund.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(d)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

158

12/2022

USD

$

13,118,740

$

(1,434,759)

$

(1,434,759)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

2,105,951

$

2,105,951

68

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.1%

Air

Freight

&

Logistics

-

1.7%

CH

Robinson

Worldwide,

Inc.

328,540

31,641,687

Expeditors

International

of

Washington,

Inc.

407,544

35,990,211

67,631,898

Banks

-

1.6%

Bank

of

Hawaii

Corp.

24,291

1,849,031

Citigroup,

Inc.

242,864

10,120,143

Commerce

Bancshares,

Inc.

38,774

2,565,288

Cullen/Frost

Bankers,

Inc.

14,776

1,953,683

East

West

Bancorp,

Inc.

299,034

20,077,143

First

Citizens

BancShares,

Inc.,

Class

A

3,251

2,592,445

First

Hawaiian,

Inc.

57,549

1,417,432

JPMorgan

Chase

&

Co.

22,144

2,314,048

Popular,

Inc.

23,392

1,685,627

Prosperity

Bancshares,

Inc.

22,972

1,531,773

SVB

Financial

Group

*

36,081

12,115,278

Western

Alliance

Bancorp

58,080

3,818,179

62,040,070

Beverages

-

4.2%

Brown-Forman

Corp.,

Class

B

28,757

1,914,353

Coca-Cola

Co.

(The)

1,007,728

56,452,923

Molson

Coors

Beverage

Co.,

Class

B

131,975

6,333,480

Monster

Beverage

Corp.

*

475,471

41,346,958

PepsiCo,

Inc.

367,110

59,934,379

165,982,093

Biotechnology

-

5.4%

AbbVie,

Inc.

78,022

10,471,333

Amgen,

Inc.

41,330

9,315,782

Gilead

Sciences,

Inc.

1,028,964

63,476,789

Incyte

Corp.

*

103,324

6,885,512

Regeneron

Pharmaceuticals,

Inc.

*

102,890

70,877,834

United

Therapeutics

Corp.

*

24,756

5,183,411

Vertex

Pharmaceuticals,

Inc.

*

161,826

46,855,100

213,065,761

Capital

Markets

-

3.0%

BlackRock,

Inc.

88,208

48,539,098

CME

Group,

Inc.

143,628

25,440,827

Intercontinental

Exchange,

Inc.

287,999

26,020,710

Northern

Trust

Corp.

19,462

1,665,169

S&P

Global,

Inc.

5,457

1,666,295

SEI

Investments

Co.

28,634

1,404,498

T.

Rowe

Price

Group,

Inc.

120,637

12,668,091

117,404,688

Chemicals

-

2.7%

Air

Products

and

Chemicals,

Inc.

114,815

26,720,895

CF

Industries

Holdings,

Inc.

103,764

9,987,285

Corteva,

Inc.

233,910

13,367,956

INVESTMENTS

SHARES

VALUE

($)

Chemicals

-

2.7%

(continued)

Ecolab,

Inc.

50,350

7,271,547

LyondellBasell

Industries

NV,

Class

A

97,163

7,314,431

Mosaic

Co.

(The)

56,487

2,730,017

NewMarket

Corp.

4,220

1,269,503

Olin

Corp.

102,714

4,404,376

PPG

Industries,

Inc.

81,382

9,008,173

Sherwin-Williams

Co.

(The)

116,544

23,862,384

105,936,567

Commercial

Services

&

Supplies

-

1.8%

Cintas

Corp.

43,038

16,706,921

Copart,

Inc.

*

38,099

4,053,734

Republic

Services,

Inc.

142,026

19,321,217

Rollins,

Inc.

100,865

3,497,998

Waste

Management,

Inc.

169,149

27,099,361

70,679,231

Communications

Equipment

-

0.6%

Cisco

Systems,

Inc.

564,166

22,566,640

Ubiquiti,

Inc.

10,244

3,007,229

25,573,869

Construction

&

Engineering

-

0.0%

(a)

MDU

Resources

Group,

Inc.

74,560

2,039,216

Consumer

Finance

-

0.0%

(a)

Credit

Acceptance

Corp.

*

2,687

1,176,906

Containers

&

Packaging

-

0.4%

AptarGroup,

Inc.

11,671

1,109,095

International

Paper

Co.

272,311

8,632,259

Packaging

Corp.

of

America

19,973

2,242,768

Westrock

Co.

91,697

2,832,520

14,816,642

Distributors

-

0.1%

Pool

Corp.

7,011

2,230,970

Electric

Utilities

-

4.3%

Alliant

Energy

Corp.

64,297

3,407,098

American

Electric

Power

Co.,

Inc.

58,682

5,073,059

Avangrid,

Inc.

188,731

7,870,083

Duke

Energy

Corp.

353,786

32,909,174

Evergy,

Inc.

75,756

4,499,906

Eversource

Energy

20,643

1,609,328

Exelon

Corp.

40,444

1,515,032

IDACORP,

Inc.

58,912

5,832,877

NextEra

Energy,

Inc.

718,075

56,304,261

Pinnacle

West

Capital

Corp.

136,846

8,827,936

PPL

Corp.

789,960

20,025,486

Xcel

Energy,

Inc.

318,018

20,353,152

168,227,392

Electrical

Equipment

-

0.3%

Eaton

Corp.

plc

30,731

4,098,286

Emerson

Electric

Co.

18,193

1,332,091

69

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

0.3%

(continued)

Hubbell,

Inc.

10,449

2,330,127

Rockwell

Automation,

Inc.

10,199

2,193,907

9,954,411

Electronic

Equipment,

Instruments

&

Components

-

0.3%

Amphenol

Corp.,

Class

A

145,780

9,761,429

Littelfuse,

Inc.

9,392

1,866,096

National

Instruments

Corp.

34,094

1,286,708

12,914,233

Energy

Equipment

&

Services

-

0.0%

(a)

Halliburton

Co.

43,487

1,070,650

Entertainment

-

0.1%

Electronic

Arts,

Inc.

49,225

5,695,825

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Public

Storage

78,926

23,110,322

Food

&

Staples

Retailing

-

4.0%

Casey's

General

Stores,

Inc.

55,660

11,272,263

Costco

Wholesale

Corp.

120,576

56,944,428

Kroger

Co.

(The)

660,102

28,879,463

Walmart,

Inc.

470,932

61,079,880

158,176,034

Food

Products

-

5.8%

Archer-Daniels-Midland

Co.

49,290

3,965,381

Flowers

Foods,

Inc.

450,270

11,117,166

General

Mills,

Inc.

256,146

19,623,345

Hershey

Co.

(The)

285,393

62,920,595

Hormel

Foods

Corp.

638,062

28,993,537

Ingredion,

Inc.

31,009

2,496,845

J

M

Smucker

Co.

(The)

88,740

12,193,763

Kellogg

Co.

81,446

5,673,528

Kraft

Heinz

Co.

(The)

377,818

12,600,230

McCormick

&

Co.,

Inc.

(Non-Voting)

170,469

12,149,326

Mondelez

International,

Inc.,

Class

A

432,067

23,690,234

Tyson

Foods,

Inc.,

Class

A

493,727

32,551,421

227,975,371

Gas

Utilities

-

0.1%

Atmos

Energy

Corp.

38,449

3,916,031

Health

Care

Equipment

&

Supplies

-

2.8%

Abbott

Laboratories

248,253

24,020,960

ABIOMED,

Inc.

*

9,267

2,276,531

Align

Technology,

Inc.

*

22,381

4,635,329

Becton

Dickinson

and

Co.

56,065

12,492,964

Cooper

Cos.,

Inc.

(The)

3,898

1,028,682

Edwards

Lifesciences

Corp.

*

322,016

26,608,182

Hologic,

Inc.

*

77,751

5,016,495

Intuitive

Surgical,

Inc.

*

49,329

9,246,228

Medtronic

plc

41,844

3,378,903

ResMed,

Inc.

60,036

13,105,859

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.8%

(continued)

Stryker

Corp.

46,469

9,411,831

111,221,964

Health

Care

Providers

&

Services

-

3.2%

Chemed

Corp.

13,128

5,731,160

CVS

Health

Corp.

502,206

47,895,386

Elevance

Health,

Inc.

10,042

4,561,478

Henry

Schein,

Inc.

*

51,126

3,362,557

Molina

Healthcare,

Inc.

*

4,155

1,370,485

Premier,

Inc.,

Class

A

49,815

1,690,721

Quest

Diagnostics,

Inc.

11,882

1,457,803

UnitedHealth

Group,

Inc.

121,542

61,383,572

127,453,162

Hotels,

Restaurants

&

Leisure

-

0.0%

(a)

Booking

Holdings,

Inc.

*

781

1,283,347

Household

Durables

-

0.2%

Garmin

Ltd.

75,680

6,077,861

Household

Products

-

3.2%

Church

&

Dwight

Co.,

Inc.

248,880

17,779,987

Clorox

Co.

(The)

60,637

7,785,185

Colgate-Palmolive

Co.

622,361

43,720,860

Kimberly-Clark

Corp.

18,581

2,091,106

Procter

&

Gamble

Co.

(The)

428,669

54,119,461

125,496,599

Industrial

Conglomerates

-

1.0%

3M

Co.

168,218

18,588,089

Honeywell

International,

Inc.

127,725

21,326,243

39,914,332

Insurance

-

7.8%

Aflac,

Inc.

111,529

6,267,930

Allstate

Corp.

(The)

278,628

34,697,545

American

International

Group,

Inc.

441,674

20,970,681

Aon

plc,

Class

A

118,512

31,745,809

Arch

Capital

Group

Ltd.

*

72,482

3,300,830

Arthur

J

Gallagher

&

Co.

96,160

16,464,515

Assurant,

Inc.

74,467

10,817,821

Brighthouse

Financial,

Inc.

*

26,036

1,130,483

Brown

&

Brown,

Inc.

75,396

4,559,950

Chubb

Ltd.

69,000

12,549,720

CNA

Financial

Corp.

46,273

1,707,474

Erie

Indemnity

Co.,

Class

A

20,859

4,637,164

Everest

Re

Group

Ltd.

55,003

14,434,987

Hanover

Insurance

Group,

Inc.

(The)

13,755

1,762,566

Hartford

Financial

Services

Group,

Inc.

(The)

18,996

1,176,612

Loews

Corp.

41,108

2,048,823

Markel

Corp.

*

2,100

2,276,862

Marsh

&

McLennan

Cos.,

Inc.

189,064

28,225,365

Mercury

General

Corp.

1,448

41,152

MetLife,

Inc.

96,710

5,878,034

70

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

7.8%

(continued)

Progressive

Corp.

(The)

403,005

46,833,211

Prudential

Financial,

Inc.

89,946

7,715,568

Reinsurance

Group

of

America,

Inc.

87,037

10,950,125

RenaissanceRe

Holdings

Ltd.

33,302

4,675,268

Travelers

Cos.,

Inc.

(The)

165,355

25,332,386

Unum

Group

77,936

3,023,917

W

R

Berkley

Corp.

59,131

3,818,680

307,043,478

Interactive

Media

&

Services

-

1.5%

Alphabet,

Inc.,

Class

A

*

531,380

50,826,497

Meta

Platforms,

Inc.,

Class

A

*

66,301

8,995,720

59,822,217

Internet

&

Direct

Marketing

Retail

-

0.4%

Amazon.com,

Inc.

*

146,340

16,536,420

IT

Services

-

4.3%

Accenture

plc,

Class

A

87,310

22,464,863

Akamai

Technologies,

Inc.

*

60,052

4,823,377

Amdocs

Ltd.

50,280

3,994,746

Automatic

Data

Processing,

Inc.

99,408

22,485,095

EPAM

Systems,

Inc.

*

31,704

11,482,872

Euronet

Worldwide,

Inc.

*

20,692

1,567,626

Jack

Henry

&

Associates,

Inc.

28,136

5,128,349

Mastercard,

Inc.,

Class

A

125,596

35,711,967

Paychex,

Inc.

143,944

16,151,956

VeriSign,

Inc.

*

16,204

2,814,635

Visa,

Inc.,

Class

A

233,470

41,475,945

168,101,431

Life

Sciences

Tools

&

Services

-

4.2%

Agilent

Technologies,

Inc.

138,944

16,888,643

Bio-Techne

Corp.

24,584

6,981,856

Charles

River

Laboratories

International,

Inc.

*

15,818

3,112,982

Danaher

Corp.

181,447

46,865,946

Mettler-Toledo

International,

Inc.

*

25,766

27,933,436

PerkinElmer,

Inc.

7,946

956,142

Thermo

Fisher

Scientific,

Inc.

97,578

49,490,586

Waters

Corp.

*

18,651

5,027,004

West

Pharmaceutical

Services,

Inc.

40,400

9,941,632

167,198,227

Machinery

-

2.4%

Caterpillar,

Inc.

92,711

15,212,021

Cummins,

Inc.

80,173

16,316,007

Donaldson

Co.,

Inc.

22,992

1,126,838

Dover

Corp.

16,880

1,967,870

Fortive

Corp.

24,093

1,404,622

IDEX

Corp.

29,273

5,850,209

Illinois

Tool

Works,

Inc.

267,122

48,255,589

Lincoln

Electric

Holdings,

Inc.

19,883

2,499,691

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

2.4%

(continued)

Toro

Co.

(The)

19,944

1,724,757

94,357,604

Media

-

0.0%

(a)

Cable

One,

Inc.

963

821,487

Metals

&

Mining

-

0.8%

Cleveland-Cliffs,

Inc.

*

65,623

883,942

Newmont

Corp.

570,909

23,995,305

Royal

Gold,

Inc.

65,030

6,101,115

30,980,362

Multiline

Retail

-

1.4%

Dollar

General

Corp.

36,221

8,687,969

Target

Corp.

307,940

45,695,217

54,383,186

Multi-Utilities

-

2.0%

Ameren

Corp.

191,005

15,385,453

CMS

Energy

Corp.

44,983

2,619,810

Consolidated

Edison,

Inc.

244,269

20,948,509

DTE

Energy

Co.

85,702

9,860,015

Public

Service

Enterprise

Group,

Inc.

178,302

10,025,922

WEC

Energy

Group,

Inc.

218,954

19,581,056

78,420,765

Oil,

Gas

&

Consumable

Fuels

-

4.5%

Chevron

Corp.

122,282

17,568,255

ConocoPhillips

417,921

42,770,035

Devon

Energy

Corp.

241,164

14,501,191

EOG

Resources,

Inc.

325,738

36,394,707

Exxon

Mobil

Corp.

359,559

31,393,096

Hess

Corp.

34,958

3,810,072

HF

Sinclair

Corp.

47,572

2,561,277

Marathon

Oil

Corp.

586,480

13,242,718

Marathon

Petroleum

Corp.

141,871

14,092,047

Valero

Energy

Corp.

11,247

1,201,742

177,535,140

Personal

Products

-

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

68,244

14,733,880

Pharmaceuticals

-

5.0%

Bristol-Myers

Squibb

Co.

117,565

8,357,696

Eli

Lilly

&

Co.

214,796

69,454,287

Johnson

&

Johnson

371,268

60,650,340

Merck

&

Co.,

Inc.

159,893

13,769,985

Pfizer,

Inc.

312,131

13,658,852

Zoetis,

Inc.

208,410

30,905,119

196,796,279

Professional

Services

-

0.6%

CoStar

Group,

Inc.

*

132,914

9,257,460

FTI

Consulting,

Inc.

*

46,311

7,674,196

71

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

0.6%

(continued)

Robert

Half

International,

Inc.

40,535

3,100,927

Verisk

Analytics,

Inc.

32,852

5,602,252

25,634,835

Road

&

Rail

-

1.9%

AMERCO

2,268

1,154,911

JB

Hunt

Transport

Services,

Inc.

91,560

14,321,815

Landstar

System,

Inc.

113,538

16,391,481

Old

Dominion

Freight

Line,

Inc.

146,142

36,355,745

Union

Pacific

Corp.

36,731

7,155,934

75,379,886

Semiconductors

&

Semiconductor

Equipment

-

2.3%

Analog

Devices,

Inc.

25,044

3,489,631

Broadcom,

Inc.

32,808

14,567,080

Intel

Corp.

408,659

10,531,142

Lam

Research

Corp.

17,956

6,571,896

Monolithic

Power

Systems,

Inc.

8,237

2,993,326

Texas

Instruments,

Inc.

328,537

50,850,957

89,004,032

Software

-

3.1%

Adobe,

Inc.

*

88,961

24,482,067

ANSYS,

Inc.

*

11,289

2,502,771

Cadence

Design

Systems,

Inc.

*

142,727

23,325,874

Dolby

Laboratories,

Inc.,

Class

A

67,089

4,370,848

Intuit,

Inc.

57,480

22,263,154

Manhattan

Associates,

Inc.

*

33,515

4,458,501

Microsoft

Corp.

124,646

29,030,053

Oracle

Corp.

61,492

3,755,316

Roper

Technologies,

Inc.

4,828

1,736,342

Synopsys,

Inc.

*

16,359

4,997,838

120,922,764

Specialty

Retail

-

2.0%

AutoZone,

Inc.

*

3,226

6,909,866

Home

Depot,

Inc.

(The)

101,613

28,039,091

Lowe's

Cos.,

Inc.

187,349

35,186,016

Williams-Sonoma,

Inc.

69,146

8,148,856

78,283,829

Technology

Hardware,

Storage

&

Peripherals

-

1.4%

Apple,

Inc.

357,680

49,431,376

Hewlett

Packard

Enterprise

Co.

467,656

5,602,519

55,033,895

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Lululemon

Athletica,

Inc.

*

27,866

7,790,219

NIKE,

Inc.,

Class

B

66,986

5,567,876

13,358,095

INVESTMENTS

SHARES

VALUE

($)

Tobacco

-

0.8%

Altria

Group,

Inc.

253,168

10,222,924

Philip

Morris

International,

Inc.

274,627

22,796,787

33,019,711

Trading

Companies

&

Distributors

-

0.3%

Fastenal

Co.

80,827

3,721,275

WW

Grainger,

Inc.

17,520

8,570,609

12,291,884

Water

Utilities

-

0.3%

American

Water

Works

Co.,

Inc.

58,709

7,641,564

Essential

Utilities,

Inc.

59,677

2,469,434

10,110,998

Wireless

Telecommunication

Services

-

1.0%

T-Mobile

US,

Inc.

*

287,252

38,540,601

TOTAL

COMMON

STOCKS

(Cost

$2,636,923,742)

3,789,376,451

SHORT-TERM

INVESTMENTS

-

3.8%

INVESTMENT

COMPANIES

-

3.8%

Limited

Purpose

Cash

Investment

Fund,

2.57%

(b)

(Cost

$148,868,927)

148,977,328

148,902,839

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.9%

(Cost

$2,785,792,669)

3,938,279,290

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.1%

(c)

5,726,445

NET

ASSETS

-

100.0%

3,944,005,735

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

104,880,130

2.7

%

Consumer

Discretionary

172,153,708

4.4

Consumer

Staples

725,383,687

18.4

Energy

178,605,790

4.5

Financials

487,665,142

12.4

Health

Care

815,735,393

20.7

Industrials

397,883,299

10.1

Information

Technology

471,550,224

11.9

Materials

151,733,571

3.8

Real

Estate

23,110,322

0.6

Utilities

260,675,185

6.6

Investment

Companies

148,902,839

3.8

Total

Investments

In

Securities

At

Value

3,938,279,290

99.9

Other

Assets

in

Excess

of

Liabilities

(c

)

5,726,445

0.1

Net

Assets

$

3,944,005,735

100.0%

72

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

651

12/2022

USD

$

117,228,825

$

(13,728,699)

$

(13,728,699)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

GSCO

Cash

$

–

$

19,172,398

$

19,172,398

73

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.3%

Australia

-

9.6%

Aristocrat

Leisure

Ltd.

3,519

74,204

Aurizon

Holdings

Ltd.

73,024

161,504

BHP

Group

Ltd.

81,929

2,036,602

Cochlear

Ltd.

6,115

759,591

Coles

Group

Ltd.

64,049

675,228

Computershare

Ltd.

44,637

711,964

CSL

Ltd.

11,635

2,116,024

Fortescue

Metals

Group

Ltd.

54,510

585,184

Glencore

plc

335,518

1,763,153

Medibank

Pvt

Ltd.

49,499

110,638

Newcrest

Mining

Ltd.

103,998

1,141,814

Northern

Star

Resources

Ltd.

13,959

69,897

QBE

Insurance

Group

Ltd.

31,119

230,892

REA

Group

Ltd.

11,792

858,297

Rio

Tinto

plc

7,399

400,329

Sonic

Healthcare

Ltd.

62,675

1,222,489

South32

Ltd.

186,621

443,021

Telstra

Corp.

Ltd.

1,332,992

3,291,464

Treasury

Wine

Estates

Ltd.

180,326

1,450,967

Vicinity

Centres,

REIT

59,629

66,485

Washington

H

Soul

Pattinson

&

Co.

Ltd.

26,419

454,192

Wesfarmers

Ltd.

50,018

1,367,418

WiseTech

Global

Ltd.

17,122

559,419

Woolworths

Group

Ltd.

95,521

2,075,733

22,626,509

—

Austria

-

0.2%

Mondi

plc

24,674

379,053

Belgium

-

0.9%

Ageas

SA/NV

4,538

165,509

Elia

Group

SA/NV

3,102

365,016

Etablissements

Franz

Colruyt

NV

10,928

240,213

Groupe

Bruxelles

Lambert

NV

6,816

476,678

KBC

Group

NV

12,221

579,935

Proximus

SADP

15,972

165,599

UCB

SA

1,727

119,850

2,112,800

—

Brazil

-

0.7%

Wheaton

Precious

Metals

Corp.

(1)

33,940

1,099,023

Yara

International

ASA

15,382

539,834

1,638,857

—

Canada

-

12.7%

Agnico

Eagle

Mines

Ltd.

(1)

24,222

1,023,344

Algonquin

Power

&

Utilities

Corp.

(1)

27,779

303,460

Alimentation

Couche-Tard,

Inc.

(1)

6,061

244,002

Bank

of

Montreal

(1)

1,972

172,838

Bank

of

Nova

Scotia

(The)

(1)

13,052

620,781

BCE,

Inc.

(1)

42,753

1,792,633

Canadian

Imperial

Bank

of

Commerce

(1)

38,230

1,673,280

Canadian

National

Railway

Co.

(1)

8,138

878,870

Canadian

Pacific

Railway

Ltd.

(1)

12,615

842,096

Canadian

Utilities

Ltd.,

Class

A

(1)

38,965

1,013,510

CGI,

Inc.

(1)*

10,409

783,604

INVESTMENTS

SHARES

VALUE

($)

Canada

-

12.7%

(continued)

Constellation

Software,

Inc.

(1)

965

1,342,757

Emera,

Inc.

(1)

14,915

603,467

Fortis,

Inc.

(1)

43,359

1,647,287

Franco-Nevada

Corp.

(1)

17,642

2,107,308

George

Weston

Ltd.

(1)

1,315

137,683

Hydro

One

Ltd.

(1)(a)

107,653

2,632,583

Imperial

Oil

Ltd.

(1)

18,089

783,222

Intact

Financial

Corp.

(1)

11,764

1,664,853

Kinross

Gold

Corp.

(1)

62,270

234,411

Loblaw

Cos.

Ltd.

(1)

37,753

2,989,412

Manulife

Financial

Corp.

(1)

6,431

100,933

Metro,

Inc.

(1)

43,531

2,179,780

Pan

American

Silver

Corp.

(1)

9,337

148,435

Rogers

Communications,

Inc.,

Class

B

(1)

9,625

370,758

Royal

Bank

of

Canada

(1)

12,411

1,117,426

Sun

Life

Financial,

Inc.

(1)

4,802

190,954

Teck

Resources

Ltd.,

Class

B

(1)

10,519

319,907

Thomson

Reuters

Corp.

(1)

1,104

113,329

Toromont

Industries

Ltd.

(1)

3,550

247,126

Toronto-Dominion

Bank

(The)

(1)

14,183

869,862

West

Fraser

Timber

Co.

Ltd.

(1)

9,436

682,622

29,832,533

—

Chile

-

0.1%

Antofagasta

plc

11,963

146,592

China

-

1.1%

BOC

Hong

Kong

Holdings

Ltd.

345,500

1,149,036

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

312,200

812,987

Chow

Tai

Fook

Jewellery

Group

Ltd.

127,200

239,057

Wilmar

International

Ltd.

155,300

413,158

2,614,238

—

Denmark

-

2.8%

AP

Moller

-

Maersk

A/S,

Class

B

113

205,347

Carlsberg

A/S,

Class

B

5,113

597,896

Coloplast

A/S,

Class

B

16,045

1,630,563

DSV

A/S

1,792

209,928

Genmab

A/S

*

2,024

651,128

Novo

Nordisk

A/S,

Class

B

30,756

3,063,846

ROCKWOOL

A/S,

Class

B

758

119,565

6,478,273

—

Finland

-

1.2%

Elisa

OYJ

11,296

511,810

Kone

OYJ,

Class

B

4,637

178,657

Neste

OYJ

6,766

294,927

Nokia

OYJ

79,412

340,921

Orion

OYJ,

Class

B

27,876

1,173,787

UPM-Kymmene

OYJ

10,003

317,440

2,817,542

—

France

-

7.6%

Air

Liquide

SA

8,312

950,054

AXA

SA

8,126

177,414

BioMerieux

2,933

232,000

Bouygues

SA

25,369

663,615

Capgemini

SE

2,765

442,678

74

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

France

-

7.6%

(continued)

Carrefour

SA

37,290

517,178

Cie

Generale

des

Etablissements

Michelin

SCA

3,027

67,822

Danone

SA

16,364

773,777

Dassault

Aviation

SA

5,213

593,088

Dassault

Systemes

SE

20,125

694,817

Engie

SA

76,996

886,215

Hermes

International

1,473

1,732,425

Ipsen

SA

8,896

823,326

La

Francaise

des

Jeux

SAEM

(a)

2,348

69,651

L'Oreal

SA

9,056

2,895,584

Orange

SA

84,827

767,221

Pernod

Ricard

SA

3,684

675,845

Remy

Cointreau

SA

3,386

561,902

Sanofi

9,982

760,095

Societe

Generale

SA

28,921

571,945

Thales

SA

2,441

268,984

TotalEnergies

SE

42,453

1,991,665

Ubisoft

Entertainment

SA

*

7,786

213,979

Vivendi

SE

38,148

295,898

Worldline

SA

*(a)

7,255

286,759

17,913,937

—

Germany

-

4.3%

Allianz

SE

(Registered)

1,648

259,617

Bechtle

AG

2,099

75,457

Beiersdorf

AG

27,467

2,698,974

Deutsche

Bank

AG

(Registered)

42,146

312,048

Deutsche

Boerse

AG

1,414

231,792

Evonik

Industries

AG

12,632

211,556

Fresenius

Medical

Care

AG

&

Co.

KGaA

12,412

349,684

FUCHS

PETROLUB

SE

(Preference)

3,298

83,514

Hannover

Rueck

SE

1,051

157,550

Henkel

AG

&

Co.

KGaA

(Preference)

34,445

2,045,587

Infineon

Technologies

AG

2,993

65,499

MTU

Aero

Engines

AG

454

67,852

Rational

AG

245

118,659

RWE

AG

22,192

815,689

SAP

SE

13,317

1,085,271

Scout24

SE

(a)

1,606

80,477

Siemens

Healthineers

AG

(a)

18,124

777,438

Telefonica

Deutschland

Holding

AG

390,020

788,550

10,225,214

—

Hong

Kong

-

3.4%

AIA

Group

Ltd.

52,000

432,947

CK

Asset

Holdings

Ltd.

47,500

285,161

CLP

Holdings

Ltd.

318,500

2,407,139

Hang

Seng

Bank

Ltd.

15,900

241,561

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(b)

347,500

243,482

HKT

Trust

&

HKT

Ltd.

74,000

86,670

Hong

Kong

&

China

Gas

Co.

Ltd.

681,487

600,288

MTR

Corp.

Ltd.

190,500

873,795

Power

Assets

Holdings

Ltd.

504,500

2,528,945

Sino

Land

Co.

Ltd.

124,000

163,101

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

3.4%

(continued)

Sun

Hung

Kai

Properties

Ltd.

13,500

148,990

8,012,079

—

Italy

-

0.5%

Assicurazioni

Generali

SpA

13,836

188,921

Coca-Cola

HBC

AG

28,120

587,565

Enel

SpA

84,666

347,234

1,123,720

—

Japan

-

21.6%

Astellas

Pharma,

Inc.

99,600

1,319,431

Bandai

Namco

Holdings,

Inc.

5,800

377,976

Brother

Industries

Ltd.

22,800

393,906

Canon,

Inc.

59,500

1,299,631

Capcom

Co.

Ltd.

53,100

1,336,922

Chugai

Pharmaceutical

Co.

Ltd.

23,400

584,604

Concordia

Financial

Group

Ltd.

31,400

97,447

CyberAgent,

Inc.

44,500

374,695

Daito

Trust

Construction

Co.

Ltd.

2,900

271,273

Dentsu

Group,

Inc.

24,700

702,160

Disco

Corp.

3,300

727,491

FUJIFILM

Holdings

Corp.

20,000

913,497

Fujitsu

Ltd.

9,200

1,008,799

Hakuhodo

DY

Holdings,

Inc.

16,400

115,467

Hamamatsu

Photonics

KK

10,300

441,481

Hoshizaki

Corp.

2,800

78,093

Hoya

Corp.

26,200

2,524,595

Iida

Group

Holdings

Co.

Ltd.

4,900

66,328

Ito

En

Ltd.

2,300

93,035

Japan

Post

Bank

Co.

Ltd.

120,000

838,824

Japan

Post

Holdings

Co.

Ltd.

68,600

454,490

Japan

Tobacco,

Inc.

109,500

1,799,387

Kajima

Corp.

20,800

197,153

Kakaku.com,

Inc.

7,400

125,402

Kao

Corp.

4,100

166,830

KDDI

Corp.

118,700

3,470,345

Keyence

Corp.

2,200

727,233

Kikkoman

Corp.

12,500

708,638

Kirin

Holdings

Co.

Ltd.

28,200

434,442

Kobayashi

Pharmaceutical

Co.

Ltd.

23,700

1,388,882

Koei

Tecmo

Holdings

Co.

Ltd.

31,400

516,870

Koito

Manufacturing

Co.

Ltd.

57,600

787,511

Komatsu

Ltd.

14,300

260,379

Konami

Group

Corp.

1,700

78,714

Kyocera

Corp.

11,800

594,469

Kyowa

Kirin

Co.

Ltd.

17,700

406,962

Lion

Corp.

38,200

431,676

McDonald's

Holdings

Co.

Japan

Ltd.

2,300

80,139

Medipal

Holdings

Corp.

66,500

845,703

MEIJI

Holdings

Co.

Ltd.

12,200

541,563

Mitsubishi

Electric

Corp.

10,200

92,290

Mitsui

&

Co.

Ltd.

7,900

168,110

Murata

Manufacturing

Co.

Ltd.

1,500

69,041

Nexon

Co.

Ltd.

57,100

1,008,828

Nintendo

Co.

Ltd.

23,000

927,689

Nippon

Telegraph

&

Telephone

Corp.

71,400

1,925,823

Nissan

Chemical

Corp.

2,400

107,217

Nisshin

Seifun

Group,

Inc.

41,800

422,197

75

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.6%

(continued)

Nissin

Foods

Holdings

Co.

Ltd.

9,900

688,148

Nitto

Denko

Corp.

7,000

379,020

Nomura

Research

Institute

Ltd.

7,461

182,222

Obic

Co.

Ltd.

1,400

187,731

Oji

Holdings

Corp.

125,500

465,686

Omron

Corp.

1,500

68,726

Ono

Pharmaceutical

Co.

Ltd.

5,900

137,817

Oracle

Corp.

Japan

8,300

439,942

Osaka

Gas

Co.

Ltd.

78,500

1,183,465

Otsuka

Corp.

24,700

770,329

Otsuka

Holdings

Co.

Ltd.

19,600

620,632

Pola

Orbis

Holdings,

Inc.

300

3,388

Recruit

Holdings

Co.

Ltd.

2,500

72,014

Renesas

Electronics

Corp.

*

57,300

480,360

Rohm

Co.

Ltd.

1,200

78,643

SCSK

Corp.

29,300

443,582

Secom

Co.

Ltd.

7,800

444,749

Seiko

Epson

Corp.

17,900

244,415

Seven

&

i

Holdings

Co.

Ltd.

17,300

694,942

Shin-Etsu

Chemical

Co.

Ltd.

700

69,270

Shizuoka

Bank

Ltd.

(The)

98,100

602,376

SMC

Corp.

500

203,485

SoftBank

Corp.

55,700

556,216

Square

Enix

Holdings

Co.

Ltd.

5,000

215,506

Suntory

Beverage

&

Food

Ltd.

49,600

1,765,224

Sysmex

Corp.

10,700

571,768

T&D

Holdings,

Inc.

112,200

1,066,465

TIS,

Inc.

28,600

759,321

Tokyo

Electron

Ltd.

500

123,197

Tokyo

Gas

Co.

Ltd.

52,800

891,320

Tosoh

Corp.

36,800

410,149

Toyo

Suisan

Kaisha

Ltd.

6,000

247,429

Trend

Micro,

Inc.

14,900

802,555

Unicharm

Corp.

14,500

475,671

USS

Co.

Ltd.

24,000

370,659

Yakult

Honsha

Co.

Ltd.

34,900

2,026,462

51,046,522

—

Luxembourg

-

0.1%

ArcelorMittal

SA

3,269

65,048

Eurofins

Scientific

SE

3,566

211,693

276,741

—

Netherlands

-

3.0%

Adyen

NV

*(a)

312

389,115

Akzo

Nobel

NV

2,814

159,469

Argenx

SE

*

2,612

929,549

ASML

Holding

NV

1,870

774,702

JDE

Peet's

NV

10,614

310,333

Koninklijke

Ahold

Delhaize

NV

65,805

1,676,149

Koninklijke

KPN

NV

77,116

208,704

NN

Group

NV

5,295

205,943

OCI

NV

4,124

150,986

Randstad

NV

9,566

412,877

Shell

plc

64,890

1,609,787

Wolters

Kluwer

NV

1,717

167,190

6,994,804

—

INVESTMENTS

SHARES

VALUE

($)

Norway

-

2.2%

Equinor

ASA

26,819

884,457

Gjensidige

Forsikring

ASA

57,466

986,075

Mowi

ASA

55,387

704,497

Norsk

Hydro

ASA

105,317

565,123

Orkla

ASA

198,763

1,444,869

Salmar

ASA

1,219

41,088

Telenor

ASA

52,265

478,336

5,104,445

—

Portugal

-

0.3%

Jeronimo

Martins

SGPS

SA

31,651

589,450

Singapore

-

3.1%

DBS

Group

Holdings

Ltd.

56,200

1,300,095

Oversea-Chinese

Banking

Corp.

Ltd.

313,200

2,566,326

Singapore

Telecommunications

Ltd.

812,600

1,499,442

STMicroelectronics

NV

2,442

75,891

United

Overseas

Bank

Ltd.

70,900

1,284,182

Venture

Corp.

Ltd.

47,200

536,331

7,262,267

—

South

Africa

-

0.4%

Anglo

American

plc

30,199

906,750

Spain

-

0.9%

Banco

Bilbao

Vizcaya

Argentaria

SA

166,504

746,912

CaixaBank

SA

31,123

100,243

Endesa

SA

8,628

129,589

Iberdrola

SA

72,838

679,155

Red

Electrica

Corp.

SA

36,434

559,101

2,215,000

—

Sweden

-

2.3%

Atlas

Copco

AB,

Class

A

10,875

101,076

Boliden

AB

13,553

418,732

Essity

AB,

Class

B

24,951

492,952

Evolution

AB

(a)

3,148

248,842

Industrivarden

AB,

Class

A

19,314

389,034

Investor

AB,

Class

B

57,195

834,545

L

E

Lundbergforetagen

AB,

Class

B

10,068

363,460

Sandvik

AB

5,184

70,666

Securitas

AB,

Class

B

28,881

200,493

SKF

AB,

Class

B

14,446

193,527

Svenska

Cellulosa

AB

SCA,

Class

B

9,174

116,404

Swedish

Orphan

Biovitrum

AB

*

28,328

547,493

Tele2

AB,

Class

B

139,048

1,199,926

Volvo

AB,

Class

B

23,056

326,265

5,503,415

—

Switzerland

-

4.8%

Alcon,

Inc.

4,045

234,956

Baloise

Holding

AG

(Registered)

7,048

900,557

Barry

Callebaut

AG

(Registered)

263

495,759

Chocoladefabriken

Lindt

&

Spruengli

AG

93

898,781

EMS-Chemie

Holding

AG

(Registered)

677

427,359

Geberit

AG

(Registered)

569

243,980

76

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

4.8%

(continued)

Holcim

AG

*

1,600

65,569

Kuehne

+

Nagel

International

AG

(Registered)

4,123

839,575

Lonza

Group

AG

(Registered)

644

313,558

Novartis

AG

(Registered)

26,676

2,033,698

Schindler

Holding

AG

2,206

342,370

SGS

SA

(Registered)

50

106,987

Sonova

Holding

AG

(Registered)

3,148

692,752

Straumann

Holding

AG

(Registered)

2,510

229,565

Swisscom

AG

(Registered)

4,769

2,233,043

Temenos

AG

(Registered)

1,080

72,810

Zurich

Insurance

Group

AG

2,611

1,040,877

11,172,196

—

United

Kingdom

-

8.6%

Admiral

Group

plc

43,723

928,835

Associated

British

Foods

plc

22,910

320,113

AstraZeneca

plc

12,857

1,413,363

Auto

Trader

Group

plc

(a)

254,637

1,444,064

Aviva

plc

79,813

342,305

BAE

Systems

plc

8,069

70,898

BP

plc

488,010

2,331,903

British

American

Tobacco

plc

61,391

2,201,330

CK

Hutchison

Holdings

Ltd.

47,000

258,794

Diageo

plc

61,975

2,608,745

Imperial

Brands

plc

56,247

1,156,600

Intertek

Group

plc

1,716

70,406

J

Sainsbury

plc

214,882

416,137

Johnson

Matthey

plc

5,364

108,295

Kingfisher

plc

52,924

128,829

National

Grid

plc

71,175

732,683

Next

plc

5,272

279,816

Persimmon

plc

19,831

271,214

Reckitt

Benckiser

Group

plc

15,797

1,047,049

Sage

Group

plc

(The)

125,322

965,805

Schroders

plc

20,076

86,293

Smith

&

Nephew

plc

27,031

312,013

Tesco

plc

356,617

818,462

Unilever

plc

16,294

715,956

Vodafone

Group

plc

980,970

1,097,902

20,127,810

—

United

States

-

2.9%

Ferguson

plc

3,146

326,332

GSK

plc

14,212

205,260

Nestle

SA

(Registered)

29,022

3,138,942

INVESTMENTS

SHARES

VALUE

($)

United

States

-

2.9%

(continued)

QIAGEN

NV

*

18,909

787,456

Roche

Holding

AG

6,493

2,113,684

Swiss

Re

AG

4,603

339,490

6,911,164

—

TOTAL

COMMON

STOCKS

(Cost

$234,911,837)

224,031,911

SHORT-TERM

INVESTMENTS

-

4.0%

INVESTMENT

COMPANIES

-

4.0%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

2.49%

(1)(c)

80,224

80,224

Limited

Purpose

Cash

Investment

Fund,

2.57%

(1)(c)

9,396,247

9,391,549

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,467,847)

9,471,773

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.3%

(Cost

$244,379,684)

233,503,684

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.7%

(d)

1,578,938

NET

ASSETS

-

100.0%

235,082,622

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

28,739,408

12.2

%

Consumer

Discretionary

6,161,891

2.6

Consumer

Staples

53,538,597

22.8

Energy

8,350,151

3.5

Financials

27,172,184

11.6

Health

Care

30,716,373

13.1

Industrials

10,790,126

4.6

Information

Technology

19,960,369

8.5

Materials

19,098,172

8.1

Real

Estate

935,009

0.4

Utilities

18,569,631

7.9

Investment

Companies

9,471,773

4.0

Total

Investments

In

Securities

At

Value

233,503,684

99.3

Other

Assets

in

Excess

of

Liabilities

(d

)

1,578,938

0.7

Net

Assets

$

235,082,622

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$6,741,916,

which

represents

2.87%

of

net

assets

of

the

fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

At

September

30,

2022,

the

value

of

these

securities

amounted

to

$243,482

or

0.10%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(d)

Includes

appreciation/(depreciation)

on

futures

contracts.

77

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

September

30,

2022

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

114

12/2022

USD

$

9,465,420

$

(960,364)

$

(960,364)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

JPMS

Cash

$

–

$

1,397,480

$

1,397,480

78

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

89.1%

Australia

-

3.0%

Aristocrat

Leisure

Ltd.

(2)

51,268

1,081,068

ASX

Ltd.

(2)

891

41,007

Aurizon

Holdings

Ltd.

(2)

316,561

700,123

BHP

Group

Ltd.

(2)

36,664

911,399

BlueScope

Steel

Ltd.

(2)

161,243

1,565,935

Dexus,

REIT

(2)

14,075

70,017

Glencore

plc

(2)

19,842

104,270

Goodman

Group,

REIT

(2)

25,367

256,380

GPT

Group

(The),

REIT

(2)

42,925

105,646

Lendlease

Corp.

Ltd.

(2)

2,927

16,734

Mirvac

Group,

REIT

(2)

95,677

119,185

Rio

Tinto

plc

(2)

31,723

1,716,400

Santos

Ltd.

(2)

21,664

100,078

Scentre

Group,

REIT

(2)

90,560

147,964

Sonic

Healthcare

Ltd.

(2)

4,943

96,414

South32

Ltd.

(2)

373,868

887,529

Stockland,

REIT

(2)

49,658

103,925

Suncorp

Group

Ltd.

(2)

22,330

144,094

Vicinity

Centres,

REIT

(2)

97,628

108,853

8,277,021

—

Belgium

-

0.2%

Ageas

SA/NV

(2)

8,340

304,174

Proximus

SADP

(2)

22,919

237,626

541,800

—

Canada

-

3.9%

ARC

Resources

Ltd.

9,172

110,156

Bank

of

Montreal

2,870

251,544

Canadian

Natural

Resources

Ltd.

11,602

540,058

Fairfax

Financial

Holdings

Ltd.

2,918

1,332,709

Great-West

Lifeco,

Inc.

1,345

29,035

iA

Financial

Corp.,

Inc.

2,450

124,491

Imperial

Oil

Ltd.

32,735

1,417,367

Manulife

Financial

Corp.

96,512

1,514,736

Onex

Corp.

18,206

835,076

Power

Corp.

of

Canada

7,139

160,884

RioCan,

REIT

11,451

154,355

Ritchie

Bros

Auctioneers,

Inc.

3,951

246,868

Suncor

Energy,

Inc.

98,671

2,778,659

West

Fraser

Timber

Co.

Ltd.

14,751

1,067,121

10,563,059

—

China

-

0.4%

NXP

Semiconductors

NV

4,535

668,958

SITC

International

Holdings

Co.

Ltd.

(2)

214,000

392,462

1,061,420

—

Denmark

-

0.8%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

1,136

2,064,372

Danske

Bank

A/S

(2)

5,712

71,095

2,135,467

—

Finland

-

0.2%

Nokia

OYJ

(2)

75,503

324,139

Nordea

Bank

Abp

(2)

13,785

117,975

442,114

—

INVESTMENTS

SHARES

VALUE

($)

France

-

2.2%

BNP

Paribas

SA

(2)

9,012

380,660

Carrefour

SA

(2)

86,087

1,193,948

Cie

de

Saint-Gobain

(2)

41,723

1,491,832

Dassault

Aviation

SA

(2)

852

96,933

Electricite

de

France

SA

(2)

2,910

33,749

Ipsen

SA

(2)

2,786

257,845

Orange

SA

(2)

41,705

377,202

Societe

Generale

SA

(2)

5,908

116,837

TotalEnergies

SE

(2)

39,641

1,859,741

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

143,712

5,952,459

—

Germany

-

2.1%

BASF

SE

(2)

11,838

454,324

Bayer

AG

(Registered)

(2)

2,954

136,104

Bayerische

Motoren

Werke

AG

(2)

32,351

2,192,672

Commerzbank

AG

(2)*

19,998

142,366

Covestro

AG

(2)(a)

7,792

222,786

Deutsche

Bank

AG

(Registered)

(2)

140,201

1,038,046

Deutsche

Post

AG

(Registered)

(2)

31,376

945,662

Fresenius

SE

&

Co.

KGaA

(2)

1,365

29,095

HelloFresh

SE

(2)*

14,245

298,175

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)

475

114,342

Porsche

Automobil

Holding

SE

(Preference)

(2)

865

48,737

Volkswagen

AG

(Preference)

(2)

597

72,949

5,695,258

—

Hong

Kong

-

0.2%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

14,021

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

180,107

Link,

REIT

(2)

18,329

127,946

WH

Group

Ltd.

(2)(a)

371,000

233,336

555,410

—

Italy

-

0.2%

Eni

SpA

(2)

31,270

332,359

UniCredit

SpA

(2)

27,215

275,527

607,886

—

Japan

-

5.9%

AGC,

Inc.

(2)

5,200

161,886

Aisin

Corp.

(2)

4,800

123,551

Dai-ichi

Life

Holdings,

Inc.

(2)

81,500

1,295,876

Daito

Trust

Construction

Co.

Ltd.

(2)

486

45,462

Daiwa

House

Industry

Co.

Ltd.

(2)

2,451

49,835

ENEOS

Holdings,

Inc.

(2)

72,400

233,501

Hulic

Co.

Ltd.

(2)

1,500

11,052

Idemitsu

Kosan

Co.

Ltd.

(2)

16,200

352,079

Iida

Group

Holdings

Co.

Ltd.

(2)

16,600

224,704

Inpex

Corp.

(2)

33,500

312,457

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

214

160,674

Japan

Post

Holdings

Co.

Ltd.

(2)

189,300

1,254,153

Japan

Post

Insurance

Co.

Ltd.

(2)

72,800

1,019,643

79

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Japan

-

5.9%

(continued)

Japan

Real

Estate

Investment

Corp.,

REIT

(2)

30

123,762

JFE

Holdings,

Inc.

(2)

54,700

507,912

Kajima

Corp.

(2)

34,800

329,852

Koito

Manufacturing

Co.

Ltd.

(2)

7,200

98,439

Mazda

Motor

Corp.

(2)

145,400

965,478

Mitsubishi

Estate

Co.

Ltd.

(2)

5,764

75,947

Mitsui

Chemicals,

Inc.

(2)

4,900

95,510

Mitsui

Fudosan

Co.

Ltd.

(2)

4,598

87,592

Mitsui

OSK

Lines

Ltd.

(2)

9,900

177,137

Mizuho

Financial

Group,

Inc.

(2)

184,900

2,001,473

Nippon

Building

Fund,

Inc.,

REIT

(2)

21

92,410

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)

4,300

218,565

Nippon

Steel

Corp.

(2)

76,600

1,063,075

Nippon

Yusen

KK

(2)

37,200

631,428

Nissan

Motor

Co.

Ltd.

(2)

155,500

501,119

Nitto

Denko

Corp.

(2)

3,700

200,339

Nomura

Real

Estate

Holdings,

Inc.

(2)

1,000

22,584

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)

117

129,314

Obayashi

Corp.

(2)

75,900

487,124

Osaka

Gas

Co.

Ltd.

(2)

39,200

590,979

SUMCO

Corp.

(2)

11,000

128,162

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

10,000

286,565

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

4,500

124,747

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

2,624

59,675

Taisei

Corp.

(2)

19,100

529,712

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*

118,900

380,079

Tokyo

Gas

Co.

Ltd.

(2)

15,900

268,409

Tosoh

Corp.

(2)

48,600

541,665

Yamaha

Motor

Co.

Ltd.

(2)

10,800

202,348

16,166,274

—

Luxembourg

-

0.5%

ArcelorMittal

SA

(2)

74,067

1,473,808

Netherlands

-

1.4%

Aegon

NV

(2)

186,449

741,135

ING

Groep

NV

(2)

19,668

168,524

Koninklijke

Ahold

Delhaize

NV

(2)

26,134

665,671

NN

Group

NV

(2)

14,303

556,300

OCI

NV

(2)

18,354

671,969

Shell

plc

(2)

38,971

966,789

3,770,388

—

Russia

-

0.0%

Evraz

plc

(3)(b)

77,212

–

Singapore

-

0.0%

(c)

Singapore

Exchange

Ltd.

(2)

4,067

26,681

South

Africa

-

0.0%

(c)

Anglo

American

plc

(2)

3,143

94,371

INVESTMENTS

SHARES

VALUE

($)

Spain

-

1.1%

Banco

Santander

SA

(2)

97,211

226,200

Enagas

SA

(2)

5,064

78,385

Repsol

SA

(2)

240,027

2,757,971

3,062,556

—

Sweden

-

0.9%

Boliden

AB

(2)

12,656

391,019

Evolution

AB

(2)(a)

1,507

119,125

Investor

AB,

Class

B

(2)

8,816

128,636

Securitas

AB,

Class

B

(2)

11,325

78,619

Skanska

AB,

Class

B

(2)

7,341

91,364

Svenska

Handelsbanken

AB,

Class

A

(2)

74,814

614,148

Swedbank

AB,

Class

A

(2)

61,599

808,533

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)

37,756

220,701

2,452,145

—

Switzerland

-

1.4%

Holcim

AG

(2)*

5,546

227,278

Novartis

AG

(Registered)

(2)

34,741

2,648,550

Swiss

Life

Holding

AG

(Registered)

(2)

461

203,675

Temenos

AG

(Registered)

(2)

9,537

642,955

UBS

Group

AG

(Registered)

(2)

6,850

99,380

3,821,838

—

United

Kingdom

-

2.8%

3i

Group

plc

(2)

9,545

114,611

Aviva

plc

(2)

168,924

724,488

Barclays

plc

(2)

683,887

1,088,157

BP

plc

(2)

585,946

2,799,878

British

American

Tobacco

plc

(2)

9,359

335,591

CK

Hutchison

Holdings

Ltd.

(2)

248,500

1,368,303

HSBC

Holdings

plc

(2)

72,742

376,648

Imperial

Brands

plc

(2)

23,527

483,783

Tesco

plc

(2)

31,018

71,189

Vodafone

Group

plc

(2)

146,896

164,406

7,527,054

—

United

States

-

61.9%

Abbott

Laboratories

1,945

188,198

Accenture

plc,

Class

A

1,210

311,333

Activision

Blizzard,

Inc.

3,912

290,818

Adobe,

Inc.

*

3,183

875,962

Advanced

Micro

Devices,

Inc.

*

9,137

578,920

Alleghany

Corp.

*

70

58,756

Ally

Financial,

Inc.

19,169

533,473

Alphabet,

Inc.,

Class

A

*

37,200

3,558,180

Alphabet,

Inc.,

Class

C

*

29,320

2,819,118

Altria

Group,

Inc.

25,238

1,019,110

Amazon.com,

Inc.

*

42,612

4,815,156

American

Express

Co.

4,265

575,391

American

International

Group,

Inc.

38,281

1,817,582

American

Tower

Corp.,

REIT

4,396

943,821

APA

Corp.

28,533

975,543

Apple,

Inc.

79,980

11,053,237

Applied

Materials,

Inc.

5,235

428,904

Arch

Capital

Group

Ltd.

*

11,908

542,290

Arrow

Electronics,

Inc.

*

17,401

1,604,198

80

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.9%

(continued)

AT&T,

Inc.

60,934

934,728

AutoZone,

Inc.

*

499

1,068,823

AvalonBay

Communities,

Inc.,

REIT

811

149,378

Bank

of

America

Corp.

34,569

1,043,984

Bath

&

Body

Works,

Inc.

5,144

167,694

Berkshire

Hathaway,

Inc.,

Class

B

*

6,896

1,841,370

Booking

Holdings,

Inc.

*

1,170

1,922,556

Bristol-Myers

Squibb

Co.

13,986

994,265

Broadcom,

Inc.

1,015

450,670

Capital

One

Financial

Corp.

10,121

932,853

CF

Industries

Holdings,

Inc.

11,285

1,086,181

Chevron

Corp.

9,019

1,295,760

Chubb

Ltd.

6,716

1,221,506

Cigna

Corp.

5,111

1,418,149

Cisco

Systems,

Inc.

41,796

1,671,840

Citigroup,

Inc.

59,601

2,483,574

Citizens

Financial

Group,

Inc.

6,800

233,648

Coca-Cola

Co.

(The)

21,962

1,230,311

Cognizant

Technology

Solutions

Corp.,

Class

A

13,005

747,007

Comcast

Corp.,

Class

A

30,165

884,739

ConocoPhillips

8,865

907,244

Crown

Castle,

Inc.,

REIT

1,970

284,764

CVS

Health

Corp.

33,822

3,225,604

Datadog,

Inc.,

Class

A

*

3,574

317,300

Dell

Technologies,

Inc.,

Class

C

31,915

1,090,536

Delta

Air

Lines,

Inc.

*

31,919

895,647

Digital

Realty

Trust,

Inc.,

REIT

849

84,204

Discover

Financial

Services

9,832

893,925

Dow,

Inc.

5,564

244,427

Elevance

Health,

Inc.

332

150,808

Entergy

Corp.

1,300

130,819

EOG

Resources,

Inc.

10,387

1,160,540

EQT

Corp.

9,852

401,469

Equinix,

Inc.,

REIT

222

126,282

Equitable

Holdings,

Inc.

5,360

141,236

Equity

Residential,

REIT

2,048

137,667

Everest

Re

Group

Ltd.

4,366

1,145,813

Expedia

Group,

Inc.

*

21,781

2,040,662

Exxon

Mobil

Corp.

42,232

3,687,276

FedEx

Corp.

7,150

1,061,561

Fidelity

National

Financial,

Inc.

10,365

375,213

Fidelity

National

Information

Services,

Inc.

1,076

81,313

FirstEnergy

Corp.

49,697

1,838,789

FleetCor

Technologies,

Inc.

*

536

94,427

Ford

Motor

Co.

89,808

1,005,850

Fortinet,

Inc.

*

3,179

156,184

Fortune

Brands

Home

&

Security,

Inc.

8,355

448,580

Gartner,

Inc.

*

4,907

1,357,718

General

Dynamics

Corp.

3,608

765,509

General

Electric

Co.

12,041

745,458

General

Motors

Co.

66,855

2,145,377

Gilead

Sciences,

Inc.

38,573

2,379,568

Global

Payments,

Inc.

4,469

482,875

GoDaddy,

Inc.,

Class

A

*

6,336

449,096

Goldman

Sachs

Group,

Inc.

(The)

1,385

405,874

Halliburton

Co.

9,437

232,339

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.9%

(continued)

Hartford

Financial

Services

Group,

Inc.

(The)

12,065

747,306

Hasbro,

Inc.

2,988

201,451

HCA

Healthcare,

Inc.

2,704

496,968

Hewlett

Packard

Enterprise

Co.

29,351

351,625

Home

Depot,

Inc.

(The)

5,366

1,480,694

HubSpot,

Inc.

*

273

73,743

Humana,

Inc.

803

389,608

Huntington

Ingalls

Industries,

Inc.

3,518

779,237

Intel

Corp.

38,511

992,428

Invesco

Ltd.

34,105

467,239

Johnson

Controls

International

plc

3,268

160,851

JPMorgan

Chase

&

Co.

19,654

2,053,843

Keurig

Dr

Pepper,

Inc.

9,891

354,296

Kraft

Heinz

Co.

(The)

54,672

1,823,311

Laboratory

Corp.

of

America

Holdings

1,506

308,444

Leidos

Holdings,

Inc.

2,169

189,722

Lennar

Corp.,

Class

A

7,304

544,513

Lennox

International,

Inc.

4,123

918,068

Lincoln

National

Corp.

19,802

869,506

Lockheed

Martin

Corp.

4,421

1,707,788

Lowe's

Cos.,

Inc.

519

97,473

LyondellBasell

Industries

NV,

Class

A

36,619

2,756,678

Marathon

Oil

Corp.

36,685

828,347

Marathon

Petroleum

Corp.

9,012

895,162

Markel

Corp.

*

235

254,792

Mastercard,

Inc.,

Class

A

3,680

1,046,371

Medtronic

plc

9,094

734,341

Merck

&

Co.,

Inc.

21,532

1,854,336

Meta

Platforms,

Inc.,

Class

A

*

26,669

3,618,450

MetLife,

Inc.

5,363

325,963

Microchip

Technology,

Inc.

7,312

446,251

Micron

Technology,

Inc.

3,307

165,681

Microsoft

Corp.

34,525

8,040,874

Mohawk

Industries,

Inc.

*

3,131

285,516

Molina

Healthcare,

Inc.

*

1,010

333,138

Mosaic

Co.

(The)

25,777

1,245,802

Netflix,

Inc.

*

327

76,989

Nordson

Corp.

931

197,623

NortonLifeLock,

Inc.

3,697

74,458

NRG

Energy,

Inc.

31,558

1,207,725

NVR,

Inc.

*

115

458,514

O'Reilly

Automotive,

Inc.

*

2,455

1,726,724

Owens

Corning

27,196

2,137,878

PACCAR,

Inc.

6,235

521,807

Pentair

plc

5,020

203,963

PepsiCo,

Inc.

10,597

1,730,066

Pfizer,

Inc.

76,340

3,340,638

Philip

Morris

International,

Inc.

9,875

819,724

Phillips

66

12,106

977,196

Pioneer

Natural

Resources

Co.

1,196

258,970

Procter

&

Gamble

Co.

(The)

938

118,423

Prologis,

Inc.,

REIT

2,980

302,768

Public

Storage,

REIT

2,484

727,340

PulteGroup,

Inc.

27,072

1,015,200

Qorvo,

Inc.

*

4,111

326,455

QUALCOMM,

Inc.

9,032

1,020,435

RingCentral,

Inc.,

Class

A

*

10,596

423,416

81

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.9%

(continued)

Robert

Half

International,

Inc.

2,030

155,295

Roche

Holding

AG

(2)

632

205,737

Salesforce,

Inc.

*

5,067

728,837

Sempra

Energy

3,125

468,563

ServiceNow,

Inc.

*

193

72,879

Signature

Bank

1,538

232,238

Simon

Property

Group,

Inc.,

REIT

1,723

154,639

Snap-on,

Inc.

459

92,420

Southwest

Airlines

Co.

*

45,972

1,417,776

SS&C

Technologies

Holdings,

Inc.

18,547

885,619

Starbucks

Corp.

4,869

410,262

State

Street

Corp.

1,941

118,032

Steel

Dynamics,

Inc.

7,445

528,223

Stellantis

NV

(2)

90,884

1,073,562

Stellantis

NV

(2)

10,244

121,154

Swiss

Re

AG

(2)

5,375

396,428

Synchrony

Financial

33,860

954,513

Tesla,

Inc.

*

17,822

4,727,286

Textron,

Inc.

8,360

487,054

Travelers

Cos.,

Inc.

(The)

4,857

744,092

Tyson

Foods,

Inc.,

Class

A

34,968

2,305,440

Ulta

Beauty,

Inc.

*

2,367

949,617

Universal

Health

Services,

Inc.,

Class

B

3,336

294,168

Vail

Resorts,

Inc.

7,616

1,642,314

Valero

Energy

Corp.

9,969

1,065,188

VeriSign,

Inc.

*

439

76,254

Viatris,

Inc.

141,583

1,206,287

VMware,

Inc.,

Class

A

1,113

118,490

Walmart,

Inc.

2,028

263,032

Wells

Fargo

&

Co.

65,022

2,615,185

Welltower,

Inc.,

REIT

3,001

193,024

Western

Digital

Corp.

*

7,597

247,282

Western

Union

Co.

(The)

51,367

693,455

Westrock

Co.

35,067

1,083,220

Whirlpool

Corp.

761

102,590

Yum!

Brands,

Inc.

7,641

812,544

169,009,807

—

TOTAL

COMMON

STOCKS

(Cost

$252,063,956)

243,236,816

SHORT-TERM

INVESTMENTS

-

8.7%

INVESTMENT

COMPANIES

-

8.7%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

2.49%

(d)(e)

9,713,927

9,713,927

Limited

Purpose

Cash

Investment

Fund,

2.57%

(d)

13,936,830

13,929,861

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$23,638,426)

23,643,788

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

97.8%

(Cost

$275,702,382)

266,880,604

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.2%

(f)

5,878,424

NET

ASSETS

-

100.0%

272,759,028

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

12,962,256

4.8

%

Consumer

Discretionary

34,445,721

12.6

Consumer

Staples

12,945,406

4.7

Energy

27,246,129

10.0

Financials

42,773,342

15.7

Health

Care

20,688,265

7.6

Industrials

22,898,477

8.4

Information

Technology

39,520,985

14.5

Materials

19,427,807

7.0

Real

Estate

5,316,911

2.0

Utilities

5,011,517

1.8

Investment

Companies

23,643,788

8.7

Total

Investments

In

Securities

At

Value

266,880,604

97.8

Other

Assets

in

Excess

of

Liabilities

(f

)

5,878,424

2.2

Net

Assets

$

272,759,028

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$575,247,

which

represents

0.21%

of

net

assets

of

the

fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

September

30,

2022

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$0,

which

represents

0.00%

of

net

assets

of

the

fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security

(See

Note

5).

(3)

Level

3

security

(See

Note

5).

82

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

Total

return

swap

contracts

outstanding

as

of

September

30,

2022

:

Over

the

Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Swiss

Market

Index

December

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

12/16/2022

CHF

(11,592,670)

$

769,477

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.55%)

Monthly

JPMC

12/21/2022

EUR

(3,678,028)

312,056

MSCI

Sweden

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-0.80%)

Monthly

JPMC

12/21/2022

SEK

(9,271,060)

43,546

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.40%)

Monthly

JPMC

12/21/2022

CHF

(1,401,845)

63,247

1,188,326

Tel

Aviv

Index

December

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

12/28/2022

ILS

2,204,676

(34,756)

MSCI

France

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.27%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

12/21/2022

EUR

321,436

(23,313)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.15%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

12/21/2022

EUR

2,781,801

(212,655)

83

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Japan

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TONAR

plus

or

minus

a

specified

spread

(0.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

12/21/2022

JPY

515,591,563

$

(195,705)

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(0.30%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

12/21/2022

SGD

144,374

(4,175)

(470,604)

$

717,722

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

185

10/2022

EUR

$

10,449,759

$

(984,515)

MSCI

Singapore

Index

54

10/2022

SGD

1,055,185

(3,059)

FTSE

100

Index

42

12/2022

GBP

3,242,562

(264,888)

FTSE/MIB

Index

242

12/2022

EUR

24,344,530

(2,099,436)

S&P

500

E-Mini

Index

7

12/2022

USD

1,260,525

(36,603)

SPI

200

Index

154

12/2022

AUD

15,923,511

(1,014,483)

TOPIX

Index

252

12/2022

JPY

31,967,941

(1,164,603)

(5,567,587)

Short

Contracts

Amsterdam

Exchange

Index

(72)

10/2022

EUR

(9,041,314)

702,541

Hang

Seng

Index

(32)

10/2022

HKD

(3,507,927)

82,262

IBEX

35

Index

(42)

10/2022

EUR

(3,030,930)

345,970

OMXS30

Index

(324)

10/2022

SEK

(5,342,753)

356,087

DAX

Index

(53)

12/2022

EUR

(15,756,803)

889,416

S&P/TSX

60

Index

(44)

12/2022

CAD

(7,109,567)

480,240

2,856,516

$

(2,711,071)

Forward

Foreign

Currency

Exchange

Contracts

outstanding

as

of

September

30,

2022:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

DKK

512,500

USD

67,430

CITG

12/21/2022

$

560

DKK

512,500

USD

67,430

JPMC

12/21/2022

560

EUR

1,617,002

USD

1,576,492

CITG

12/21/2022

18,294

84

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

EUR

1,616,998

USD

1,576,490

JPMC

12/21/2022

$

18,292

GBP

5,444,500

USD

5,895,745

CITG

12/21/2022

190,757

GBP

5,444,500

USD

5,895,752

JPMC

12/21/2022

190,750

JPY

132,334,500

USD

922,107

CITG

12/21/2022

670

JPY

132,334,500

USD

922,108

JPMC

12/21/2022

668

SEK

97,500

USD

8,651

CITG

12/21/2022

180

SEK

97,500

USD

8,651

JPMC

12/21/2022

180

USD

7,889,997

AUD

11,700,000

CITG

12/21/2022

395,433

USD

7,889,987

AUD

11,700,000

JPMC

12/21/2022

395,423

USD

15,542,695

CAD

20,673,500

CITG

12/21/2022

570,780

USD

15,542,675

CAD

20,673,500

JPMC

12/21/2022

570,760

USD

20,515,228

CHF

19,676,000

CITG

12/21/2022

407,741

USD

20,515,203

CHF

19,676,000

JPMC

12/21/2022

407,715

USD

385,104

DKK

2,841,000

CITG

12/21/2022

8,206

USD

385,104

DKK

2,841,000

JPMC

12/21/2022

8,205

USD

19,307,537

EUR

19,164,306

CITG

12/21/2022

406,530

USD

19,307,509

EUR

19,164,302

JPMC

12/21/2022

406,505

USD

19,092,336

GBP

16,429,002

CITG

12/21/2022

726,069

USD

19,092,415

GBP

16,429,001

JPMC

12/21/2022

726,149

USD

246,831

HKD

1,933,500

CITG

12/21/2022

173

USD

246,830

HKD

1,933,500

JPMC

12/21/2022

173

USD

25,661

ILS

87,500

CITG

12/21/2022

949

USD

25,661

ILS

87,500

JPMC

12/21/2022

949

USD

12,547,672

JPY

1,754,857,500

CITG

12/21/2022

310,942

USD

12,547,657

JPY

1,754,857,500

JPMC

12/21/2022

310,926

USD

3,836,930

NOK

39,465,500

CITG

12/21/2022

205,310

USD

3,836,925

NOK

39,465,500

JPMC

12/21/2022

205,305

USD

21,099,228

NZD

34,686,500

CITG

12/21/2022

1,677,973

USD

21,099,201

NZD

34,686,499

JPMC

12/21/2022

1,677,946

USD

1,906,017

SEK

20,430,501

CITG

12/21/2022

55,535

USD

1,906,014

SEK

20,430,499

JPMC

12/21/2022

55,531

USD

57,577

SGD

81,500

CITG

12/21/2022

771

USD

57,577

SGD

81,500

JPMC

12/21/2022

771

Total

unrealized

appreciation

9,953,681

AUD

44,165,034

USD

30,220,345

CITG

12/21/2022

(1,929,946)

AUD

44,165,029

USD

30,220,380

JPMC

12/21/2022

(1,929,988)

CAD

30,120,701

USD

23,091,638

CITG

12/21/2022

(1,277,985)

CAD

30,120,697

USD

23,091,664

JPMC

12/21/2022

(1,278,013)

CHF

4,526,500

USD

4,792,145

CITG

12/21/2022

(166,381)

CHF

4,526,500

USD

4,792,151

JPMC

12/21/2022

(166,386)

DKK

1,753,500

USD

237,694

CITG

12/21/2022

(5,067)

DKK

1,753,500

USD

237,694

JPMC

12/21/2022

(5,067)

EUR

18,499,500

USD

18,456,234

CITG

12/21/2022

(210,899)

EUR

18,499,500

USD

18,456,257

JPMC

12/21/2022

(210,921)

GBP

6,140,500

USD

7,071,836

CITG

12/21/2022

(207,263)

GBP

6,140,500

USD

7,071,844

JPMC

12/21/2022

(207,272)

HKD

1,766,500

USD

225,470

CITG

12/21/2022

(117)

HKD

1,766,500

USD

225,470

JPMC

12/21/2022

(118)

ILS

1,231,500

USD

369,712

CITG

12/21/2022

(21,904)

ILS

1,231,499

USD

369,712

JPMC

12/21/2022

(21,905)

JPY

839,726,000

USD

5,999,386

CITG

12/21/2022

(143,926)

JPY

839,726,000

USD

5,999,393

JPMC

12/21/2022

(143,932)

NOK

240,510,505

USD

24,249,144

CITG

12/21/2022

(2,117,335)

NOK

240,510,496

USD

24,249,173

JPMC

12/21/2022

(2,117,365)

NZD

3,816,500

USD

2,169,611

CITG

12/21/2022

(32,722)

NZD

3,816,500

USD

2,169,614

JPMC

12/21/2022

(32,724)

SEK

11,561,000

USD

1,096,097

CITG

12/21/2022

(48,964)

SEK

11,560,999

USD

1,096,098

JPMC

12/21/2022

(48,965)

85

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

SGD

915,502

USD

653,475

CITG

12/21/2022

$

(15,353)

SGD

915,498

USD

653,472

JPMC

12/21/2022

(15,353)

USD

252,340

EUR

258,000

CITG

12/21/2022

(2,115)

USD

252,340

EUR

258,000

JPMC

12/21/2022

(2,115)

USD

1,640

GBP

1,500

CITG

12/21/2022

(37)

USD

1,640

GBP

1,500

JPMC

12/21/2022

(37)

USD

81,224

NOK

887,000

CITG

12/21/2022

(398)

USD

81,224

NOK

887,000

JPMC

12/21/2022

(398)

USD

1,395,020

SEK

15,669,500

CITG

12/21/2022

(24,238)

USD

1,395,019

SEK

15,669,500

JPMC

12/21/2022

(24,238)

USD

7,302

SGD

10,500

CITG

12/21/2022

(17)

USD

7,302

SGD

10,500

JPMC

12/21/2022

(17)

Total

unrealized

depreciation

(12,409,481)

Net

unrealized

depreciation

$

(2,455,800)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

6,658,623

$

6,658,623

CITG

Investment

Companies

3,272,393

–

3,272,393

GSCO

Cash

–

4,940,658

4,940,658

GSIN

Cash

(800,558)

–

(800,558)

JPMC

Investment

Companies

6,441,534

–

6,441,534

86

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

84.6%

Australia

-

8.8%

Aristocrat

Leisure

Ltd.

11,697

246,650

ASX

Ltd.

528

24,300

Aurizon

Holdings

Ltd.

124,937

276,317

Australia

&

New

Zealand

Banking

Group

Ltd.

4,110

60,165

BHP

Group

Ltd.

12,149

302,001

BlueScope

Steel

Ltd.

28,059

272,499

Cochlear

Ltd.

56

6,956

Dexus,

REIT

11,870

59,048

Goodman

Group,

REIT

1,108

11,198

GPT

Group

(The),

REIT

11,128

27,388

Lendlease

Corp.

Ltd.

1,854

10,600

Lottery

Corp.

Ltd.

(The)

*

9,973

26,727

Mirvac

Group,

REIT

9,306

11,593

Rio

Tinto

Ltd.

708

42,829

Rio

Tinto

plc

7,570

409,581

Sonic

Healthcare

Ltd.

11,751

229,206

South32

Ltd.

44,051

104,573

Suncorp

Group

Ltd.

24,797

160,014

Tabcorp

Holdings

Ltd.

9,973

5,981

2,287,626

—

Belgium

-

1.3%

Ageas

SA/NV

3,113

113,536

Anheuser-Busch

InBev

SA/NV

458

20,746

Groupe

Bruxelles

Lambert

NV

289

20,211

KBC

Group

NV

665

31,557

Proximus

SADP

13,515

140,125

326,175

—

China

-

1.1%

SITC

International

Holdings

Co.

Ltd.

78,000

143,047

Wilmar

International

Ltd.

53,200

141,533

284,580

—

Denmark

-

2.7%

AP

Moller

-

Maersk

A/S,

Class

B

85

154,464

Carlsberg

A/S,

Class

B

872

101,969

Chr

Hansen

Holding

A/S

2,217

109,208

Danske

Bank

A/S

1,822

22,678

Genmab

A/S

*

863

277,630

Novo

Nordisk

A/S,

Class

B

243

24,207

690,156

—

Finland

-

1.6%

Elisa

OYJ

661

29,949

Kesko

OYJ,

Class

B

4,807

89,684

Nokia

OYJ

50,241

215,688

Nordea

Bank

Abp

7,984

68,329

403,650

—

France

-

8.5%

BNP

Paribas

SA

2,173

91,786

Bouygues

SA

1,823

47,687

Carrefour

SA

9,615

133,351

Cie

de

Saint-Gobain

8,459

302,457

Credit

Agricole

SA

4,518

36,677

Dassault

Aviation

SA

1,115

126,855

INVESTMENTS

SHARES

VALUE

($)

France

-

8.5%

(continued)

Eiffage

SA

707

56,696

Electricite

de

France

SA

2,300

26,674

Ipsen

SA

1,378

127,534

La

Francaise

des

Jeux

SAEM

(a)

2,837

84,157

LVMH

Moet

Hennessy

Louis

Vuitton

SE

40

23,583

Orange

SA

31,233

282,488

Publicis

Groupe

SA

3,893

184,461

Sanofi

1,160

88,330

Societe

Generale

SA

2,176

43,033

TotalEnergies

SE

10,659

500,062

Unibail-Rodamco-Westfield,

REIT

*

210

8,690

Vivendi

SE

3,854

29,894

2,194,415

—

Germany

-

6.5%

BASF

SE

4,611

176,963

Bayer

AG

(Registered)

5,333

245,716

Bayerische

Motoren

Werke

AG

4,583

310,624

Deutsche

Bank

AG

(Registered)

22,978

170,129

Deutsche

Boerse

AG

350

57,374

Deutsche

Post

AG

(Registered)

7,915

238,555

Fresenius

SE

&

Co.

KGaA

814

17,351

HelloFresh

SE

*

3,411

71,399

Knorr-Bremse

AG

295

12,668

Porsche

Automobil

Holding

SE

(Preference)

500

28,172

SAP

SE

3,761

306,503

Vonovia

SE

1,970

42,516

1,677,970

—

Hong

Kong

-

1.6%

CK

Infrastructure

Holdings

Ltd.

2,047

10,440

Hong

Kong

Exchanges

&

Clearing

Ltd.

2,422

82,790

Link,

REIT

8,797

61,408

Swire

Pacific

Ltd.,

Class

A

26,896

201,035

WH

Group

Ltd.

(a)

76,801

48,303

403,976

—

Italy

-

0.5%

Eni

SpA

4,918

52,272

UniCredit

SpA

8,424

85,285

137,557

—

Japan

-

19.5%

AGC,

Inc.

3,200

99,622

Aisin

Corp.

7,891

203,112

CyberAgent,

Inc.

5,600

47,153

Dai-ichi

Life

Holdings,

Inc.

15,384

244,611

Daito

Trust

Construction

Co.

Ltd.

165

15,434

Daiwa

House

Industry

Co.

Ltd.

1,174

23,870

Dentsu

Group,

Inc.

2,300

65,383

ENEOS

Holdings,

Inc.

10,950

35,315

Fujitsu

Ltd.

800

87,722

Hikari

Tsushin,

Inc.

200

23,494

Hitachi

Construction

Machinery

Co.

Ltd.

1,500

27,877

Honda

Motor

Co.

Ltd.

800

17,365

Hulic

Co.

Ltd.

732

5,393

87

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

Japan

-

19.5%

(continued)

Iida

Group

Holdings

Co.

Ltd.

17,300

234,179

Inpex

Corp.

2,600

24,250

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

16

12,013

Japan

Post

Holdings

Co.

Ltd.

8,149

53,989

Japan

Post

Insurance

Co.

Ltd.

13,553

189,824

Japan

Real

Estate

Investment

Corp.,

REIT

11

45,379

Japan

Tobacco,

Inc.

7,900

129,819

JFE

Holdings,

Inc.

23,400

217,279

Kajima

Corp.

13,679

129,657

Koito

Manufacturing

Co.

Ltd.

2,200

30,079

Mazda

Motor

Corp.

36,543

242,651

Mitsubishi

Estate

Co.

Ltd.

3,206

42,243

Mitsui

&

Co.

Ltd.

2,231

47,475

Mitsui

Chemicals,

Inc.

4,700

91,611

Mitsui

Fudosan

Co.

Ltd.

1,683

32,061

Mitsui

OSK

Lines

Ltd.

5,600

100,199

Mizuho

Financial

Group,

Inc.

29,988

324,610

NGK

Insulators

Ltd.

1,952

24,296

Nippon

Building

Fund,

Inc.,

REIT

9

39,604

NIPPON

EXPRESS

HOLDINGS,

Inc.

3,300

167,736

Nippon

Steel

Corp.

20,500

284,505

Nippon

Yusen

KK

11,100

188,410

Nissan

Motor

Co.

Ltd.

24,100

77,665

Nitori

Holdings

Co.

Ltd.

200

16,784

Nomura

Real

Estate

Holdings,

Inc.

308

6,956

Obayashi

Corp.

18,191

116,749

Osaka

Gas

Co.

Ltd.

7,300

110,055

Panasonic

Holdings

Corp.

1,300

9,129

Renesas

Electronics

Corp.

*

11,200

93,892

Ricoh

Co.

Ltd.

11,200

82,009

Sharp

Corp.

4,000

23,851

Square

Enix

Holdings

Co.

Ltd.

1,819

78,401

SUMCO

Corp.

10,300

120,006

Sumitomo

Corp.

8,922

110,226

Sumitomo

Metal

Mining

Co.

Ltd.

3,400

97,432

Sumitomo

Mitsui

Financial

Group,

Inc.

3,166

87,766

Sumitomo

Realty

&

Development

Co.

Ltd.

1,293

29,405

Taisei

Corp.

5,760

159,746

TOPPAN,

Inc.

1,600

23,834

Tosoh

Corp.

14,400

160,493

Toyota

Tsusho

Corp.

1,259

38,997

Yamaha

Motor

Co.

Ltd.

1,800

33,725

ZOZO,

Inc.

2,500

50,044

5,075,385

—

Luxembourg

-

1.1%

ArcelorMittal

SA

14,748

293,460

Macau

-

0.2%

Sands

China

Ltd.

*

19,600

48,808

Netherlands

-

4.3%

Aegon

NV

42,129

167,463

ASML

Holding

NV

101

41,842

Heineken

NV

817

71,349

ING

Groep

NV

7,649

65,540

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

4.3%

(continued)

NN

Group

NV

7,180

279,259

OCI

NV

3,715

136,012

Shell

plc

13,512

335,205

Universal

Music

Group

NV

1,422

26,634

1,123,304

—

Russia

-

0.0%

Evraz

plc

(3)(b)

80,070

–

Singapore

-

1.4%

CapitaLand

Ascendas,

REIT

46,596

86,918

CapitaLand

Integrated

Commercial

Trust,

REIT

26,571

35,344

Singapore

Exchange

Ltd.

2,138

14,026

STMicroelectronics

NV

7,035

218,629

354,917

—

Spain

-

2.4%

Banco

Bilbao

Vizcaya

Argentaria

SA

12,145

54,481

Banco

Santander

SA

31,130

72,436

CaixaBank

SA

14,516

46,754

Industria

de

Diseno

Textil

SA

5,930

122,375

Repsol

SA

27,643

317,626

613,672

—

Sweden

-

2.4%

Atlas

Copco

AB,

Class

B

4,136

34,283

Boliden

AB

470

14,521

Evolution

AB

(a)

1,899

150,111

Husqvarna

AB,

Class

B

2,493

13,820

Investor

AB,

Class

B

4,752

69,338

Securitas

AB,

Class

B

4,711

32,704

Skanska

AB,

Class

B

4,526

56,330

Swedbank

AB,

Class

A

11,869

155,789

Swedish

Match

AB

3,956

39,132

Telefonaktiebolaget

LM

Ericsson,

Class

B

6,278

36,698

Volvo

AB,

Class

B

1,427

20,193

622,919

—

Switzerland

-

5.7%

ABB

Ltd.

(Registered)

2,901

74,902

Baloise

Holding

AG

(Registered)

1,030

131,608

Barry

Callebaut

AG

(Registered)

69

130,066

Novartis

AG

(Registered)

7,738

589,921

Swatch

Group

AG

(The)

422

94,781

Swisscom

AG

(Registered)

101

47,292

Temenos

AG

(Registered)

4,038

272,230

UBS

Group

AG

(Registered)

8,478

122,999

1,463,799

—

United

Kingdom

-

11.2%

3i

Group

plc

3,499

42,014

Associated

British

Foods

plc

9,849

137,616

AstraZeneca

plc

230

25,284

Auto

Trader

Group

plc

(a)

7,789

44,172

Barclays

plc

89,794

142,874

Barratt

Developments

plc

11,121

42,031

BP

plc

92,895

443,888

British

American

Tobacco

plc

8,866

317,913

88

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

11.2%

(continued)

Burberry

Group

plc

2,229

44,525

CK

Hutchison

Holdings

Ltd.

53,326

293,626

DCC

plc

1,186

61,592

Haleon

plc

(1)*

6,213

19,372

HSBC

Holdings

plc

37,196

192,596

Imperial

Brands

plc

11,064

227,508

InterContinental

Hotels

Group

plc

6,003

289,116

Intertek

Group

plc

1,606

65,893

Lloyds

Banking

Group

plc

359,142

162,328

London

Stock

Exchange

Group

plc

869

73,386

Tesco

plc

101,908

233,886

Unilever

plc

339

14,896

WPP

plc

4,671

38,560

2,913,076

—

United

States

-

3.8%

Nestle

SA

(Registered)

2,587

279,803

Roche

Holding

AG

572

186,205

Stellantis

NV

26,667

315,002

Swiss

Re

AG

2,887

212,928

993,938

—

TOTAL

COMMON

STOCKS

(Cost

$25,225,778)

21,909,383

SHORT-TERM

INVESTMENTS

-

12.5%

INVESTMENT

COMPANIES

-

12.5%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

2.49%

(1)(c)(d)

1,858,765

1,858,765

Limited

Purpose

Cash

Investment

Fund,

2.57%

(1)(c)

1,374,264

1,373,577

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,232,211)

3,232,342

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

97.1%

(Cost

$28,457,989)

25,141,725

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.9%

(e)

741,371

NET

ASSETS

-

100.0%

25,883,096

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,014,512

3.9

%

Consumer

Discretionary

2,794,721

10.8

Consumer

Staples

2,208,344

8.5

Energy

1,708,619

6.6

Financials

3,974,482

15.4

Health

Care

1,818,340

7.0

Industrials

3,246,913

12.5

Information

Technology

1,475,218

5.7

Materials

2,712,968

10.5

Real

Estate

808,097

3.1

Utilities

147,169

0.6

Investment

Companies

3,232,342

12.5

Total

Investments

In

Securities

At

Value

25,141,725

97.1

Other

Assets

in

Excess

of

Liabilities

(e

)

741,371

2.9

Net

Assets

$

25,883,096

100.0%

*

Non-income

producing

security.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$326,743,

which

represents

1.26%

of

net

assets

of

the

fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

September

30,

2022

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

September

30,

2022

amounted

to

$0,

which

represents

0.00%

of

net

assets

of

the

fund.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2022.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(e)

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security

(See

Note

5).

(3)

Level

3

security

(See

Note

5).

89

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

Total

return

swap

contracts

outstanding

as

of

September

30,

2022

:

Over

the

Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Swiss

Market

Index

December

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

12/16/2022

CHF

(1,641,440)

$

127,525

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.55%)

Monthly

JPMC

12/21/2022

EUR

(86,355)

7,327

MSCI

Sweden

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-0.80%)

Monthly

JPMC

12/21/2022

SEK

(996,888)

4,682

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.40%)

Monthly

JPMC

12/21/2022

CHF

(97,960)

4,420

143,954

Tel

Aviv

Index

December

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

12/28/2022

ILS

734,892

(11,585)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.15%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

12/21/2022

EUR

1,793,547

(137,108)

(148,693)

$

(4,739)

Futures

contracts

outstanding

as

of

September

30,

2022:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

9

10/2022

EUR

$

508,367

$

(34,317)

MSCI

Singapore

Index

7

10/2022

SGD

136,783

(131)

FTSE

100

Index

2

12/2022

GBP

154,408

(2,405)

90

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

FTSE/MIB

Index

10

12/2022

EUR

$

1,005,972

$

(91,795)

SPI

200

Index

7

12/2022

AUD

723,796

(51,027)

TOPIX

Index

37

12/2022

JPY

4,693,706

(171,436)

(351,111)

Short

Contracts

Amsterdam

Exchange

Index

(5)

10/2022

EUR

(627,869)

45,379

Hang

Seng

Index

(5)

10/2022

HKD

(548,114)

14,813

IBEX

35

Index

(6)

10/2022

EUR

(432,990)

49,424

OMXS30

Index

(29)

10/2022

SEK

(478,209)

29,086

DAX

Index

(4)

12/2022

EUR

(1,189,193)

114,229

252,931

$

(98,180)

Forward

Foreign

Currency

Exchange

Contracts

outstanding

as

of

September

30,

2022:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CHF

3,500

USD

3,569

CITG

12/21/2022

$

8

CHF

3,500

USD

3,569

JPMC

12/21/2022

8

DKK

61,000

USD

8,028

CITG

12/21/2022

65

DKK

61,000

USD

8,028

JPMC

12/21/2022

65

EUR

320,500

USD

311,428

CITG

12/21/2022

4,669

EUR

320,500

USD

311,428

JPMC

12/21/2022

4,669

GBP

682,000

USD

736,033

CITG

12/21/2022

26,386

GBP

682,000

USD

736,034

JPMC

12/21/2022

26,385

SEK

46,000

USD

4,082

CITG

12/21/2022

85

SEK

46,000

USD

4,082

JPMC

12/21/2022

85

SGD

500

USD

347

CITG

12/21/2022

1

SGD

500

USD

347

JPMC

12/21/2022

1

USD

768,063

AUD

1,149,500

CITG

12/21/2022

31,738

USD

768,062

AUD

1,149,500

JPMC

12/21/2022

31,737

USD

1,033,472

CHF

990,797

CITG

12/21/2022

20,948

USD

1,033,470

CHF

990,796

JPMC

12/21/2022

20,947

USD

61,468

DKK

455,000

CITG

12/21/2022

1,106

USD

61,468

DKK

455,000

JPMC

12/21/2022

1,105

USD

2,205,868

EUR

2,189,194

CITG

12/21/2022

46,752

USD

2,205,866

EUR

2,189,194

JPMC

12/21/2022

46,749

USD

2,055,956

GBP

1,779,118

CITG

12/21/2022

67,049

USD

2,055,950

GBP

1,779,115

JPMC

12/21/2022

67,046

USD

139,951

HKD

1,096,335

CITG

12/21/2022

91

USD

139,951

HKD

1,096,334

JPMC

12/21/2022

91

USD

21,215

ILS

72,500

CITG

12/21/2022

739

USD

21,215

ILS

72,500

JPMC

12/21/2022

739

USD

1,005,875

JPY

140,953,871

CITG

12/21/2022

22,995

USD

1,005,874

JPY

140,953,866

JPMC

12/21/2022

22,994

USD

483,868

NOK

5,025,500

CITG

12/21/2022

21,420

USD

483,867

NOK

5,025,500

JPMC

12/21/2022

21,420

USD

4,409

NZD

7,500

CITG

12/21/2022

210

USD

4,409

NZD

7,500

JPMC

12/21/2022

210

USD

492,348

SEK

5,279,000

CITG

12/21/2022

14,205

USD

492,347

SEK

5,279,000

JPMC

12/21/2022

14,204

USD

88,838

SGD

125,000

CITG

12/21/2022

1,710

91

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

September

30,

2022

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

88,838

SGD

125,000

JPMC

12/21/2022

$

1,710

Total

unrealized

appreciation

520,342

AUD

4,468,163

USD

3,056,276

CITG

12/21/2022

(194,143)

AUD

4,468,160

USD

3,056,277

JPMC

12/21/2022

(194,147)

CHF

144,000

USD

149,469

CITG

12/21/2022

(2,311)

CHF

144,000

USD

149,469

JPMC

12/21/2022

(2,311)

DKK

413,500

USD

55,734

CITG

12/21/2022

(878)

DKK

413,500

USD

55,734

JPMC

12/21/2022

(878)

EUR

2,068,000

USD

2,063,195

CITG

12/21/2022

(23,608)

EUR

2,068,000

USD

2,063,197

JPMC

12/21/2022

(23,610)

GBP

481,500

USD

552,758

CITG

12/21/2022

(14,481)

GBP

481,500

USD

552,758

JPMC

12/21/2022

(14,482)

HKD

734,000

USD

93,672

CITG

12/21/2022

(37)

HKD

734,000

USD

93,672

JPMC

12/21/2022

(37)

ILS

472,765

USD

141,913

CITG

12/21/2022

(8,392)

ILS

472,759

USD

141,911

JPMC

12/21/2022

(8,392)

JPY

81,582,000

USD

581,421

CITG

12/21/2022

(12,545)

JPY

81,582,000

USD

581,421

JPMC

12/21/2022

(12,545)

NOK

25,139,848

USD

2,539,088

CITG

12/21/2022

(225,713)

NOK

25,139,843

USD

2,539,091

JPMC

12/21/2022

(225,717)

NZD

53,173

USD

32,377

CITG

12/21/2022

(2,605)

NZD

53,172

USD

32,377

JPMC

12/21/2022

(2,605)

SEK

4,557,651

USD

430,233

CITG

12/21/2022

(17,426)

SEK

4,557,651

USD

430,233

JPMC

12/21/2022

(17,426)

SGD

225,446

USD

160,919

CITG

12/21/2022

(3,779)

SGD

225,444

USD

160,917

JPMC

12/21/2022

(3,779)

USD

1,014

CHF

1,000

CITG

12/21/2022

(8)

USD

1,014

CHF

1,000

JPMC

12/21/2022

(8)

USD

1,503

DKK

11,500

CITG

12/21/2022

(22)

USD

1,503

DKK

11,500

JPMC

12/21/2022

(22)

USD

176,540

EUR

180,500

CITG

12/21/2022

(1,480)

USD

176,540

EUR

180,500

JPMC

12/21/2022

(1,480)

USD

13,919

NOK

152,000

CITG

12/21/2022

(68)

USD

13,919

NOK

152,000

JPMC

12/21/2022

(68)

USD

218,125

SEK

2,446,500

CITG

12/21/2022

(3,465)

USD

218,125

SEK

2,446,500

JPMC

12/21/2022

(3,465)

USD

3,131

SGD

4,500

CITG

12/21/2022

(5)

USD

3,131

SGD

4,500

JPMC

12/21/2022

(5)

Total

unrealized

depreciation

(1,021,943)

Net

unrealized

depreciation

$

(501,601)

Collateral

pledged

to,

or

(received

from),

each

counterparty

at

September

30,

2022

was

as

follows:

COUNTERPARTY

OVER

THE

COUNTER

EXCHANGE

TRADED

TOTAL

BARC

Cash

$

–

$

549,610

$

549,610

CITG

Investment

Companies

460,529

–

460,529

GSCO

Cash

–

136,378

136,378

GSIN

Cash

110,547

–

110,547

JPMC

Investment

Companies

1,398,236

–

1,398,236

92

Schedule

of

Investments

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Abbreviations

ADR

-

American

Depositary

Receipt

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depositary

Receipt

OYJ

-

Public

Traded

Company

PJSC

-

Public

Joint

Stock

Company

Preference

-

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.  Preference

shares

may

also

have

liquidation

preference.

REIT

-

Real

Estate

Investment

Trust

SCA

-

Limited

partnership

with

share

capital

Currencies

AUD

-

Australian

Dollar

CAD

-

Canadian

Dollar

CHF

-

Swiss

Franc

DKK

-

Danish

Krone

EUR

-

Euro

GBP

-

British

Pound

HKD

-

Hong

Kong

Dollar

ILS

-

Israeli

Shekel

JPY

-

Japanese

Yen

NOK

-

Norwegian

Krone

NZD

-

New

Zealand

Dollar

SEK

-

Swedish

Krona

SGD

-

Singapore

Dollar

USD

-

United

States

Dollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

BARC

-

Barclays

Capital,

Inc.

CITG

-

Citigroup

Global

Markets,

Inc.

CITI

-

Citibank

NA

GSCO

-

Goldman

Sachs

&

Co.

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

JPMS

-

J.P.

Morgan

Securities

LLC

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

1

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

1.68%

Euro

Short-Term

Rate

("ESTR"):

0.64%

Singapore

Overnight

Rate

Average

(“SORA”):

4.39%

Swiss

Average

Rate

Overnight

(“SARON”):

0.43%

Tokyo

Overnight

Average

Rate

(“TONAR”):  -0.07%

Statements

of

Assets

and

Liabilities

93

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

12

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

625,393,407

$

79,371,575

$

375,721,731

$

446,027,582

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

930,517,727

$

101,747,506

$

369,990,461

$

438,878,730

Cash

.................................................

—

234

105,952

430

Cash

denominated

in

foreign

currencies

‡

......................

—

—

1,429,490

3,893,768

Deposits

with

brokers

for

futures

contracts

.....................

2,045,028

312,645

809,460

894,733

Receivables:

Securities

sold

.......................................

—

—

3,484

—

Foreign

tax

reclaims

...................................

—

—

892,581

6,756

Dividends

...........................................

644,769

59,013

1,906,662

1,729,906

Capital

shares

sold

....................................

217,661

369,211

458,983

213,138

Prepaid

expenses

.......................................

42,415

24,236

32,306

21,932

Total

Assets

933,467,600

102,512,845

375,629,379

445,639,393

LIABILITIES:

Due

to

custodian

........................................

45

—

—

—

Variation

margin

on

futures

contracts

.........................

490,361

34,835

61,988

72,581

Payables:

–

–

–

–

Securities

purchased

...................................

—

—

3,599

—

Accrued

investment

advisory

fees

.........................

195,158

21,987

102,689

164,782

Accrued

distribution

fees—Class

N

........................

1,220

1,116

272

208

Capital

shares

redeemed

...............................

341,011

271,365

652,499

234,721

Deferred

foreign

capital

gains

tax

.........................

—

—

—

318,040

Other

accrued

expenses

and

liabilities

........................

155,700

76,713

118,402

200,930

Total

Liabilities

1,183,495

406,016

939,449

991,262

Net

Assets

$

932,284,105

$

102,106,829

$

374,689,930

$

444,648,131

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

...............................................

$

539,521,255

$

80,391,949

$

391,073,658

$

474,181,583

Total

distributable

earnings

(loss)

...........................

392,762,850

21,714,880

(16,383,728)

(29,533,452)

Net

Assets

$

932,284,105

$

102,106,829

$

374,689,930

$

444,648,131

NET

ASSETS:

Class

I

...............................................

$

206,052,233

$

60,004,646

$

62,388,744

$

44,791,448

Class

N

...............................................

5,348,263

4,979,228

1,073,662

845,886

Class

R6

..............................................

720,883,609

37,122,955

311,227,524

399,010,797

SHARES

OUTSTANDING:

–

–

–

–

Class

I

...............................................

12,877,494

4,363,260

6,411,784

5,275,790

Class

N

...............................................

331,906

363,208

110,628

99,457

Class

R6

..............................................

45,085,069

2,695,000

32,028,676

46,979,760

NET

ASSET

VALUE:

–

–

–

–

Class

I

...............................................

$

16.00

$

13.75

$

9.73

$

8.49

Class

N

...............................................

$

16.11

$

13.71

$

9.71

$

8.51

Class

R6

..............................................

$

15.99

$

13.77

$

9.72

$

8.49

‡

Cash

denominated

in

foreign

currencies,

at

cost

...............

$

—

$

—

$

1,444,947

$

4,048,334

Statements

of

Assets

and

Liabilities

94

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........

$

477,849,272

$

175,186,928

$

275,450,061

$

2,785,792,669

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........

$

690,820,500

$

200,094,492

$

315,549,549

$

3,938,279,290

Cash

.................................................

—

588

178,303

—

Cash

denominated

in

foreign

currencies

‡

......................

334

—

1,534,781

—

Deposits

with

brokers

for

futures

contracts

.....................

1,782,189

593,660

721,316

7,160,102

Receivables:

Securities

sold

.......................................

—

—

1,430

—

Foreign

tax

reclaims

...................................

—

—

935,297

—

Dividends

...........................................

644,237

210,005

1,483,005

4,336,100

Capital

shares

sold

....................................

364,780

149,525

264,035

2,613,167

Prepaid

expenses

.......................................

35,676

26,790

29,124

95,398

Total

Assets

693,647,716

201,075,060

320,696,840

3,952,484,057

LIABILITIES:

Due

to

custodian

........................................

106

—

—

264

Variation

margin

on

futures

contracts

.........................

426,461

59,684

50,124

1,716,403

Payables:

–

–

–

–

Securities

purchased

...................................

—

—

563,741

—

Accrued

investment

advisory

fees

.........................

143,647

61,505

87,847

860,854

Accrued

distribution

fees—Class

N

........................

11,595

983

7,469

65,096

Capital

shares

redeemed

...............................

606,776

251,120

226,267

5,100,390

Other

accrued

expenses

and

liabilities

........................

170,625

95,992

135,928

735,315

Total

Liabilities

1,359,210

469,284

1,071,376

8,478,322

Net

Assets

$

692,288,506

$

200,605,776

$

319,625,464

$

3,944,005,735

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

...............................................

$

410,941,653

$

178,754,744

$

292,493,149

$

2,420,950,318

Total

distributable

earnings

(loss)

...........................

281,346,853

21,851,032

27,132,315

1,523,055,417

Net

Assets

$

692,288,506

$

200,605,776

$

319,625,464

$

3,944,005,735

NET

ASSETS:

Class

I

...............................................

$

412,573,513

$

152,563,014

$

158,014,178

$

2,734,494,869

Class

N

...............................................

52,860,143

4,488,073

33,995,648

296,465,864

Class

R6

..............................................

226,854,850

43,554,689

127,615,638

913,045,002

SHARES

OUTSTANDING:

–

–

–

–

Class

I

...............................................

21,627,910

9,607,947

11,583,846

109,433,399

Class

N

...............................................

2,771,259

282,926

2,495,431

11,904,275

Class

R6

..............................................

11,942,542

2,754,503

9,368,955

36,571,253

NET

ASSET

VALUE:

–

–

–

–

Class

I

...............................................

$

19.08

$

15.88

$

13.64

$

24.99

Class

N

...............................................

$

19.07

$

15.86

$

13.62

$

24.90

Class

R6

..............................................

$

19.00

$

15.81

$

13.62

$

24.97

‡

Cash

denominated

in

foreign

currencies,

at

cost

...............

$

413

$

—

$

1,539,751

$

—

Statements

of

Assets

and

Liabilities

95

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

AQR

INTERNATIONAL

EQUITY

FUND

ASSETS:

Investments

in

securities

of

unaffiliated

issuers,

at

cost

...........................

$

244,379,684

$

275,702,382

$

28,457,989

Investments

in

securities

of

unaffiliated

issuers,

at

value

..........................

$

233,503,684

$

266,880,604

$

25,141,725

Cash

.................................................................

146,164

58,200

3,706

Cash

denominated

in

foreign

currencies

‡

......................................

979,597

807,022

111,183

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

..............

—

9,953,681

520,342

Unrealized

appreciation

on

OTC

swaps

.......................................

—

1,188,326

143,954

Due

from

broker

........................................................

—

—

110,549

Deposits

with

brokers

for

futures

contracts

.....................................

473,175

9,568,817

681,821

Variation

margin

on

futures

contracts

.........................................

—

3,485

—

Receivables:

Securities

sold

.......................................................

3,866

149,868

580

Foreign

tax

reclaims

...................................................

384,807

281,403

534,679

Dividends

...........................................................

681,284

609,794

142,659

Capital

shares

sold

....................................................

300,128

30,800

238

Due

from

Investment

Adviser

.............................................

—

—

2,580

Prepaid

expenses

.......................................................

44,817

20,110

11,359

Total

Assets

236,517,522

289,552,110

27,405,375

LIABILITIES:

Due

to

broker

..........................................................

—

800,558

—

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

..............

—

12,409,481

1,021,943

Unrealized

depreciation

on

OTC

swaps

.......................................

—

470,604

148,693

Variation

margin

on

futures

contracts

.........................................

36,059

684,092

94,013

Payables:

–

–

–

Securities

purchased

...................................................

175,621

98,102

341

IRS

compliance

fee

and

related

expenses

...................................

—

—

158,000

Accrued

investment

advisory

fees

.........................................

57,291

141,406

—

Accrued

distribution

fees—Class

N

........................................

1,308

1,288

84

Capital

shares

redeemed

...............................................

1,057,899

2,070,285

2,941

Other

accrued

expenses

and

liabilities

........................................

106,722

117,266

96,264

Total

Liabilities

1,434,900

16,793,082

1,522,279

Net

Assets

$

235,082,622

$

272,759,028

$

25,883,096

NET

ASSETS

CONSIST

OF:

Paid-in

capital

($0.001

par

value

common

stock,

unlimited

authorized

shares)

..........

$

255,484,877

$

274,796,041

$

36,929,473

Total

distributable

earnings

(loss)

...........................................

(20,402,255)

(2,037,013)

(11,046,377)

Net

Assets

$

235,082,622

$

272,759,028

$

25,883,096

NET

ASSETS:

Class

I

...............................................................

$

99,478,284

$

6,796,415

$

18,985,193

Class

N

...............................................................

6,026,368

5,810,789

365,398

Class

R6

..............................................................

129,577,970

260,151,824

6,532,505

SHARES

OUTSTANDING:

–

–

–

Class

I

...............................................................

8,699,248

874,571

2,507,960

Class

N

...............................................................

508,905

758,506

46,963

Class

R6

..............................................................

11,334,719

33,234,891

800,416

NET

ASSET

VALUE:

–

–

–

Class

I

...............................................................

$

11.44

$

7.77

$

7.57

Class

N

...............................................................

$

11.84

$

7.66

$

7.78

Class

R6

..............................................................

$

11.43

$

7.83

$

8.16

‡

Cash

denominated

in

foreign

currencies,

at

cost

...............................

$

982,126

$

803,793

$

110,552

Statements

of

Operations

96

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

INVESTMENT

INCOME:

Dividend

income

†

.......................................

$

20,160,565

$

1,676,545

$

16,445,817

$

24,996,476

Securities

lending

income,

net

..............................

6,219

11,990

2,390

34,301

Non-cash

dividend

income

from

non-affiliates

..................

—

—

961,973

—

Total

Income

20,166,784

1,688,535

17,410,180

25,030,777

EXPENSES:

Investment

advisory

fees

..................................

2,955,767

536,688

1,883,228

3,106,345

Custody

fees

...........................................

40,438

25,267

76,902

317,491

Administration

&

accounting

fees

............................

246,558

24,769

98,346

120,363

Legal

fees

.............................................

65,238

5,756

27,326

39,057

Audit

&

tax

fees

.........................................

62,991

61,252

77,968

101,664

Shareholder

reporting

fees

................................

63,530

22,296

51,389

55,412

Transfer

agent

fees

......................................

298,714

92,041

107,268

88,265

Trustee

fees

...........................................

72,909

8,142

29,675

35,697

Distribution

fees—Class

N

.................................

19,683

18,155

7,761

6,961

Interest

expense

........................................

72,901

6,833

26,064

31,686

Recoupment

of

waiver

and/or

reimbursement

..................

—

—

336

—

Registration

fees

........................................

70,888

54,788

63,461

56,362

Other

expenses

........................................

41,613

3,846

119,621

52,479

Total

Expenses

4,011,230

859,833

2,569,345

4,011,782

Less

expense

reimbursements

.............................

(107,771)

(167,450)

(296,625)

(454,481)

Net

Expenses

3,903,459

692,383

2,272,720

3,557,301

Net

Investment

Income

(Loss)

16,263,325

996,152

15,137,460

21,473,476

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

(net

of

deferred

capital

gain

country

tax

accruals

of

$—,

$—,

$—

and

$456,636)

........................................

103,535,058

1,242,903

(44,244)

(11,852,589)

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

—

—

(295,419)

(676,462)

Expiration

or

closing

of

futures

contracts

....................

(5,527,146)

(1,017,749)

(4,366,251)

(5,706,639)

Net

realized

gain

(loss)

98,007,912

225,154

(4,705,914)

(18,235,690)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

(net

changes

in

deferred

capital

gain

country

tax

accruals

of

$—,

$—,

$—

and

$(1,304,321))

......................................

(248,683,289)

(26,168,732)

(124,756,058)

(179,165,589)

Foreign

currency

and

foreign

currency

transactions

............

—

—

(146,186)

(159,373)

Futures

contracts

.....................................

(2,578,344)

(373,453)

(669,389)

(1,184,938)

Net

change

in

unrealized

appreciation

(depreciation)

(251,261,633)

(26,542,185)

(125,571,633)

(180,509,900)

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

(153,253,721)

(26,317,031)

(130,277,547)

(198,745,590)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

(136,990,396)

$

(25,320,879)

$

(115,140,087)

$

(177,272,114)

________________

†

Net

of

foreign

taxes

withheld

of

............................

$

24,318

$

1,120

$

1,515,864

$

3,263,951

Statements

of

Operations

97

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

INVESTMENT

INCOME:

Dividend

income

†

.......................................

$

12,585,394

$

2,813,377

$

13,514,339

$

83,125,546

Securities

lending

income,

net

..............................

6,643

150,653

3,289

10,634

Total

Income

12,592,037

2,964,030

13,517,628

83,136,180

EXPENSES:

Investment

advisory

fees

..................................

2,421,745

1,092,050

1,896,032

12,437,158

Custody

fees

...........................................

37,205

29,025

76,904

137,001

Administration

&

accounting

fees

............................

201,435

50,565

98,762

1,037,487

Legal

fees

.............................................

56,072

15,598

27,551

266,557

Audit

&

tax

fees

.........................................

58,621

57,481

78,910

62,273

Shareholder

reporting

fees

................................

54,568

38,707

51,133

271,463

Transfer

agent

fees

......................................

721,141

212,380

326,479

3,014,484

Trustee

fees

...........................................

58,416

15,549

29,189

302,828

Distribution

fees—Class

N

.................................

144,024

13,494

99,331

947,141

Interest

expense

........................................

88,403

14,692

41,565

283,525

Recoupment

of

waiver

and/or

reimbursement

..................

—

—

—

35,444

Registration

fees

........................................

69,017

61,056

63,117

138,178

Other

expenses

........................................

36,229

8,571

132,829

185,596

Total

Expenses

3,946,876

1,609,168

2,921,802

19,119,135

Less

expense

reimbursements

.............................

(119,886)

(174,925)

(248,702)

(36,545)

Net

Expenses

3,826,990

1,434,243

2,673,100

19,082,590

Net

Investment

Income

(Loss)

8,765,047

1,529,787

10,844,528

64,053,590

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......

78,487,572

(815,281)

5,038,937

423,343,380

Settlement

of

foreign

currency

and

foreign

currency

transactions

..

20,000

—

15,561

—

Expiration

or

closing

of

futures

contracts

....................

(1,405,648)

(2,077,959)

(4,593,951)

(31,986,362)

Net

realized

gain

(loss)

77,101,924

(2,893,240)

460,547

391,357,018

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

..................

(212,996,039)

(58,866,775)

(133,478,906)

(1,034,485,402)

Foreign

currency

and

foreign

currency

transactions

............

(60)

—

(155,470)

—

Futures

contracts

.....................................

(1,588,822)

(677,420)

(397,599)

(6,948,575)

Net

change

in

unrealized

appreciation

(depreciation)

(214,584,921)

(59,544,195)

(134,031,975)

(1,041,433,977)

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

(137,482,997)

(62,437,435)

(133,571,428)

(650,076,959)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

(128,717,950)

$

(60,907,648)

$

(122,726,900)

$

(586,023,369)

________________

†

Net

of

foreign

taxes

withheld

of

............................

$

13,624

$

1,534

$

1,639,632

$

4,678

Statements

of

Operations

98

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

AQR

INTERNATIONAL

EQUITY

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

INVESTMENT

INCOME:

Dividend

income

†

.......................................................

$

7,607,855

$

7,850,545

$

1,661,793

Securities

lending

income,

net

..............................................

4,744

465

339

European

Union

tax

reclaims

...............................................

—

—

347,11

8

Non-cash

dividend

income

from

non-affiliates

..................................

—

—

129,372

Total

Income

7,612,599

7,851,010

2,138,62

2

EXPENSES:

Investment

advisory

fees

..................................................

1,066,229

1,976,808

388,340

Custody

fees

...........................................................

50,972

54,240

51,666

Administration

&

accounting

fees

............................................

55,736

68,819

12,352

Legal

fees

.............................................................

14,505

11,965

1,959

Audit

&

tax

fees

.........................................................

67,091

86,391

84,906

Shareholder

reporting

fees

................................................

24,616

18,669

19,169

Transfer

agent

fees

......................................................

140,761

45,165

54,302

Trustee

fees

...........................................................

17,154

21,164

4,645

Distribution

fees—Class

N

.................................................

18,702

18,259

1,283

Interest

expense

........................................................

14,768

19,155

8,450

Interfund

lending

expense

.................................................

—

—

873

Recoupment

of

waiver

and/or

reimbursement

..................................

—

5,699

3,026

Registration

fees

........................................................

62,811

54,908

54,431

IRS

compliance

fee

and

related

expenses

.....................................

—

—

158,000

European

Union

tax

reclaim

fees

............................................

—

—

128,388

Other

expenses

........................................................

76,759

44,060

10,07

1

Total

Expenses

1,610,104

2,425,302

981,86

1

Less

expense

reimbursements

.............................................

(258,049)

(60,174)

(242,372)

Net

Expenses

1,352,055

2,365,128

739,4

89

Net

Investment

Income

(Loss)

6,260,544

5,485,882

1,399,13

3

REALIZED

GAIN

(LOSS)

AND

CHANGE

IN

UNREALIZED

APPRECIATION

(DEPRECIATION):

–

–

–

Net

realized

gain

(loss)

from:

Transactions

in

investment

securities

of

unaffiliated

issuers

......................

(3,728,056)

20,311,156

4,431,23

1

Settlement

of

foreign

currency

and

foreign

currency

transactions

..................

(123,382)

25,389

123,86

2

Settlement

of

forward

foreign

currency

exchange

contracts

......................

—

(8,537,101)

(1,924,314)

Expiration

or

closing

of

futures

contracts

....................................

(2,668,799)

(616,034)

(988,303)

Expiration

or

closing

of

swap

contracts

.....................................

—

(594,480)

384,118

Net

realized

gain

(loss)

(6,520,237)

10,588,930

2,026,59

4

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investment

securities

of

unaffiliated

issuers

..................................

(63,639,914)

(68,173,021)

(14,906,288)

Foreign

currency

and

foreign

currency

transactions

............................

(48,305)

25,162

(86,571)

Forward

foreign

currency

exchange

contracts

................................

—

(2,074,212)

(711,485)

Futures

contracts

.....................................................

(450,819)

(1,346,273)

258,418

Swap

contracts

.......................................................

—

1,094,418

21,413

Net

change

in

unrealized

appreciation

(depreciation)

(64,139,038)

(70,473,926)

(15,424,513)

Net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

(70,659,275)

(59,884,996)

(13,397,91

9

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

(64,398,731)

$

(54,399,114)

$

(11,998,786)

________________

†

Net

of

foreign

taxes

withheld

of

............................................

$

760,189

$

456,272

$

194,252

Statements

of

Changes

in

Net

Assets

(Continued)

100

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

OPERATIONS:

Net

investment

income

(loss)

........................

$

16,263,325

$

15,604,677

$

996,152

$

711,356

Net

realized

gain

(loss)

.............................

98,007,912

164,091,104

225,154

49,788,934

Net

change

in

unrealized

appreciation

(depreciation)

.......

(

251,261,633

)

160,918,819

(

26,542,185

)

7,748,205

Net increase

(decrease)

in

net

assets

resulting

from

operations

(

136,990,396

)

340,614,600

(

25,320,879

)

58,248,495

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

.........................................

(

33,351,169

)

(

20,406,150

)

(

4,130,148

)

(

834,038

)

Class

N

.........................................

(

998,917

)

(

977,346

)

(

472,066

)

(

105,567

)

Class

R6

........................................

(

117,130,299

)

(

84,221,823

)

(

3,339,479

)

(

1,134,309

)

Total

distributions

(

151,480,385

)

(

105,605,319

)

(

7,941,693

)

(

2,073,914

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

..........................

38,810,073

38,512,425

19,274,870

12,193,955

Issued

in

reorganization

(Note

2)

......................

—

91,755,938

—

18,721,330

Reinvestment

of

distributions

.........................

31,067,108

18,768,314

4,130,148

832,673

Cost

of

shares

redeemed

...........................

(

83,944,878

)

(

131,560,263

)

(

12,980,847

)

(

20,700,020

)

Net

increase

(decrease)

from

capital

transactions

(

14,067,697

)

17,476,414

10,424,171

11,047,938

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

..........................

1,461,580

2,425,945

1,350,549

1,319,667

Issued

in

reorganization

(Note

2)

......................

—

2,638,888

—

4,711,660

Reinvestment

of

distributions

.........................

971,730

974,523

470,995

104,211

Cost

of

shares

redeemed

...........................

(

3,933,079

)

(

10,226,973

)

(

3,018,937

)

(

5,753,012

)

Net

increase

(decrease)

from

capital

transactions

(

1,499,769

)

(

4,187,617

)

(

1,197,393

)

382,526

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

..........................

110,278,746

135,009,131

2,930,308

2,799,317

Issued

in

reorganization

(Note

2)

......................

—

219,637,808

—

3,460,988

Reinvestment

of

distributions

.........................

115,036,522

83,717,640

3,296,524

1,067,293

Cost

of

shares

redeemed

...........................

(

289,268,970

)

(

479,568,452

)

(

10,643,727

)

(

202,360,598

)

Net

increase

(decrease)

from

capital

transactions

(

63,953,702

)

(

41,203,873

)

(

4,416,895

)

(

195,033,000

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

79,521,168

)

(

27,915,076

)

4,809,883

(

183,602,536

)

Total

increase

(decrease)

in

net

assets

(

367,991,949

)

207,094,205

(

28,452,689

)

(

127,427,955

)

NET

ASSETS:

Beginning

of

period

................................

1,300,276,054

1,093,181,849

130,559,518

257,987,473

End

of

period

...................................

$

932,284,105

$

1,300,276,054

$

102,106,829

$

130,559,518

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

101

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

................

13,594,164

12,397,274

3,689,600

3,161,294

Shares

sold

.....................................

2,093,616

1,954,097

1,225,107

727,423

Shares

issued

in

reorganization

(Note

2)

................

—

4,921,526

—

983,402

Shares

issued

on

reinvestment

of

distributions

...........

1,547,938

1,056,180

226,310

53,429

Shares

redeemed

.................................

(

4,358,224

)

(

6,734,913

)

(

777,757

)

(

1,235,948

)

Shares

outstanding,

end

of

period

12,877,494

13,594,164

4,363,260

3,689,600

CLASS

N

Shares

outstanding,

beginning

of

period

................

416,504

602,833

443,339

440,172

Shares

sold

.....................................

72,439

124,349

78,135

75,058

Shares

issued

in

reorganization

(Note

2)

................

—

140,591

—

247,991

Shares

issued

on

reinvestment

of

distributions

...........

47,987

54,443

25,836

6,692

Shares

redeemed

.................................

(

205,024

)

(

505,712

)

(

184,102

)

(

326,574

)

Shares

outstanding,

end

of

period

331,906

416,504

363,208

443,339

CLASS

R6

Shares

outstanding,

beginning

of

period

................

48,411,191

49,015,867

2,966,042

17,263,343

Shares

sold

.....................................

5,818,565

7,074,389

182,106

180,312

Shares

issued

in

reorganization

(Note

2)

................

—

11,795,167

—

181,631

Shares

issued

on

reinvestment

of

distributions

...........

5,740,345

4,719,145

180,434

68,492

Shares

redeemed

.................................

(

14,885,032

)

(

24,193,377

)

(

633,582

)

(

14,727,736

)

Shares

outstanding,

end

of

period

45,085,069

48,411,191

2,695,000

2,966,042

Statements

of

Changes

in

Net

Assets

(Continued)

102

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

OPERATIONS:

Net

investment

income

(loss)

........................

$

15,137,460

$

11,707,545

$

21,473,476

$

13,375,394

Net

realized

gain

(loss)

.............................

(

4,705,914

)

19,332,609

(

18,235,690

)

8,815,301

Net

change

in

unrealized

appreciation

(depreciation)

.......

(

125,571,633

)

41,570,668

(

180,509,900

)

24,964,305

Net increase

(decrease)

in

net

assets

resulting

from

operations

(

115,140,087

)

72,610,822

(

177,272,114

)

47,155,000

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

.........................................

(

2,258,789

)

(

941,639

)

(

1,303,522

)

(

268,251

)

Class

N

.........................................

(

107,632

)

(

73,097

)

(

79,037

)

(

13,670

)

Class

R6

........................................

(

12,740,223

)

(

3,966,559

)

(

14,256,350

)

(

6,077,241

)

Total

distributions

(

15,106,644

)

(

4,981,295

)

(

15,638,909

)

(

6,359,162

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

..........................

23,571,005

19,134,903

26,911,610

15,122,529

Issued

in

reorganization

(Note

2)

......................

—

21,564,516

—

45,381,580

Reinvestment

of

distributions

.........................

2,257,515

939,906

1,303,522

268,251

Cost

of

shares

redeemed

...........................

(

23,327,130

)

(

22,220,170

)

(

30,542,211

)

(

14,438,032

)

Net

increase

(decrease)

from

capital

transactions

2,501,390

19,419,155

(

2,327,079

)

46,334,328

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

..........................

502,788

605,767

1,568,170

431,443

Issued

in

reorganization

(Note

2)

......................

—

1,430,851

—

3,778,398

Reinvestment

of

distributions

.........................

106,459

72,458

79,037

13,670

Cost

of

shares

redeemed

...........................

(

3,055,237

)

(

3,156,898

)

(

3,976,785

)

(

1,191,148

)

Net

increase

(decrease)

from

capital

transactions

(

2,445,990

)

(

1,047,822

)

(

2,329,578

)

3,032,363

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

..........................

53,599,434

34,485,809

78,703,320

48,563,950

Issued

in

reorganization

(Note

2)

......................

—

189,245,491

—

204,896,221

Reinvestment

of

distributions

.........................

12,370,783

3,916,431

14,070,492

5,980,271

Cost

of

shares

redeemed

...........................

(

65,112,784

)

(

55,398,505

)

(

93,836,652

)

(

47,892,850

)

Net

increase

(decrease)

from

capital

transactions

857,433

172,249,226

(

1,062,840

)

211,547,592

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

912,833

190,620,559

(

5,719,497

)

260,914,283

Total

increase

(decrease)

in

net

assets

(

129,333,898

)

258,250,086

(

198,630,520

)

301,710,121

NET

ASSETS:

Beginning

of

period

................................

504,023,828

245,773,742

643,278,651

341,568,530

End

of

period

...................................

$

374,689,930

$

504,023,828

$

444,648,131

$

643,278,651

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

103

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

................

6,225,267

4,646,854

5,460,518

1,823,270

Shares

sold

.....................................

1,918,101

1,523,503

2,444,363

1,210,655

Shares

issued

in

reorganization

(Note

2)

................

—

1,734,332

—

3,558,865

Shares

issued

on

reinvestment

of

distributions

...........

173,388

79,721

109,264

22,947

Shares

redeemed

.................................

(

1,904,972

)

(

1,759,143

)

(

2,738,355

)

(

1,155,219

)

Shares

outstanding,

end

of

period

6,411,784

6,225,267

5,275,790

5,460,518

CLASS

N

Shares

outstanding,

beginning

of

period

................

319,890

389,023

317,900

81,779

Shares

sold

.....................................

38,750

47,365

156,717

34,177

Shares

issued

in

reorganization

(Note

2)

................

—

115,272

—

295,342

Shares

issued

on

reinvestment

of

distributions

...........

8,183

6,151

6,603

1,165

Shares

redeemed

.................................

(

256,195

)

(

237,921

)

(

381,763

)

(

94,563

)

Shares

outstanding,

end

of

period

110,628

319,890

99,457

317,900

CLASS

R6

Shares

outstanding,

beginning

of

period

................

31,912,193

17,983,584

46,939,594

30,383,517

Shares

sold

.....................................

4,538,537

2,729,631

7,575,358

3,803,849

Shares

issued

in

reorganization

(Note

2)

................

—

15,248,944

—

16,069,284

Shares

issued

on

reinvestment

of

distributions

...........

952,331

332,747

1,180,410

511,572

Shares

redeemed

.................................

(

5,374,385

)

(

4,382,713

)

(

8,715,602

)

(

3,828,628

)

Shares

outstanding,

end

of

period

32,028,676

31,912,193

46,979,760

46,939,594

Statements

of

Changes

in

Net

Assets

(Continued)

104

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

OPERATIONS:

Net

investment

income

(loss)

........................

$

8,765,047

$

4,131,059

$

1,529,787

$

50,128

Net

realized

gain

(loss)

.............................

77,101,924

194,430,630

(

2,893,240

)

63,515,862

Net

change

in

unrealized

appreciation

(depreciation)

.......

(

214,584,921

)

48,088,573

(

59,544,195

)

12,349,908

Net increase

(decrease)

in

net

assets

resulting

from

operations

(

128,717,950

)

246,650,262

(

60,907,648

)

75,915,898

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

.........................................

(

120,461,315

)

(

91,796,791

)

(

41,786,280

)

(

10,072,275

)

Class

N

.........................................

(

9,150,793

)

(

7,669,340

)

(

1,374,605

)

(

266,221

)

Class

R6

........................................

(

48,116,565

)

(

22,346,322

)

(

11,928,673

)

(

3,705,630

)

Total

distributions

(

177,728,673

)

(

121,812,453

)

(

55,089,558

)

(

14,044,126

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

..........................

80,278,404

91,508,816

38,358,439

22,484,037

Issued

in

reorganization

(Note

2)

......................

—

156,869,586

—

54,888,450

Reinvestment

of

distributions

.........................

120,338,699

91,699,560

41,484,288

10,061,786

Cost

of

shares

redeemed

...........................

(

387,079,891

)

(

249,384,346

)

(

49,068,968

)

(

82,966,538

)

Net

increase

(decrease)

from

capital

transactions

(

186,462,788

)

90,693,616

30,773,759

4,467,735

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

..........................

14,526,890

9,064,424

1,906,659

825,407

Issued

in

reorganization

(Note

2)

......................

—

6,361,522

—

3,793,173

Reinvestment

of

distributions

.........................

9,150,791

7,669,310

1,374,605

266,221

Cost

of

shares

redeemed

...........................

(

9,936,426

)

(

17,549,529

)

(

1,952,231

)

(

3,706,845

)

Net

increase

(decrease)

from

capital

transactions

13,741,255

5,545,727

1,329,033

1,177,956

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

..........................

30,267,233

71,143,856

10,515,174

17,333,896

Issued

in

reorganization

(Note

2)

......................

—

117,196,343

—

5,853,310

Reinvestment

of

distributions

.........................

47,940,969

22,131,319

11,928,521

3,641,462

Cost

of

shares

redeemed

...........................

(

67,444,112

)

(

50,179,894

)

(

15,556,592

)

(

23,533,340

)

Net

increase

(decrease)

from

capital

transactions

10,764,090

160,291,624

6,887,103

3,295,328

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

161,957,443

)

256,530,967

38,989,895

8,941,019

Total

increase

(decrease)

in

net

assets

(

468,404,066

)

381,368,776

(

77,007,311

)

70,812,791

NET

ASSETS:

Beginning

of

period

................................

1,160,692,572

779,323,796

277,613,087

206,800,296

End

of

period

...................................

$

692,288,506

$

1,160,692,572

$

200,605,776

$

277,613,087

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

105

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

................

29,516,085

25,183,797

8,105,017

8,249,096

Shares

sold

.....................................

3,501,464

3,633,447

2,017,054

876,631

Shares

issued

in

reorganization

(Note

2)

................

—

6,723,107

—

2,003,046

Shares

issued

on

reinvestment

of

distributions

...........

4,819,331

3,883,287

1,954,962

418,962

Shares

redeemed

.................................

(

16,208,970

)

(

9,907,553

)

(

2,469,086

)

(

3,442,718

)

Shares

outstanding,

end

of

period

21,627,910

29,516,085

9,607,947

8,105,017

CLASS

N

Shares

outstanding,

beginning

of

period

................

2,168,791

1,912,932

228,039

193,339

Shares

sold

.....................................

649,853

352,417

85,420

32,331

Shares

issued

in

reorganization

(Note

2)

................

—

272,334

—

138,366

Shares

issued

on

reinvestment

of

distributions

...........

365,885

324,298

64,718

11,068

Shares

redeemed

.................................

(

413,270

)

(

693,190

)

(

95,251

)

(

147,065

)

Shares

outstanding,

end

of

period

2,771,259

2,168,791

282,926

228,039

CLASS

R6

Shares

outstanding,

beginning

of

period

................

11,466,385

4,765,416

2,380,310

2,187,452

Shares

sold

.....................................

1,336,170

2,708,275

539,481

768,388

Shares

issued

in

reorganization

(Note

2)

................

—

5,043,566

—

214,425

Shares

issued

on

reinvestment

of

distributions

...........

1,929,991

939,906

564,797

152,326

Shares

redeemed

.................................

(

2,790,004

)

(

1,990,778

)

(

730,085

)

(

942,281

)

Shares

outstanding,

end

of

period

11,942,542

11,466,385

2,754,503

2,380,310

Statements

of

Changes

in

Net

Assets

(Continued)

106

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

OPERATIONS:

Net

investment

income

(loss)

........................

$

10,844,528

$

8,281,164

$

64,053,590

$

67,843,199

Net

realized

gain

(loss)

.............................

460,547

34,551,724

391,357,018

185,937,334

Net

change

in

unrealized

appreciation

(depreciation)

.......

(

134,031,975

)

43,714,860

(

1,041,433,977

)

875,139,852

Net increase

(decrease)

in

net

assets

resulting

from

operations

(

122,726,900

)

86,547,748

(

586,023,369

)

1,128,920,385

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

.........................................

(

7,146,673

)

(

2,925,291

)

(

100,392,574

)

(

55,799,506

)

Class

N

.........................................

(

722,658

)

(

631,114

)

(

9,987,482

)

(

5,034,562

)

Class

R6

........................................

(

4,644,731

)

(

1,660,841

)

(

36,529,186

)

(

21,166,797

)

Total

distributions

(

12,514,062

)

(

5,217,246

)

(

146,909,242

)

(

82,000,865

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

..........................

35,705,614

43,595,217

527,992,987

959,422,458

Issued

in

reorganization

(Note

2)

......................

—

66,687,281

—

—

Reinvestment

of

distributions

.........................

7,110,033

2,897,383

98,434,127

54,849,296

Cost

of

shares

redeemed

...........................

(

145,425,924

)

(

83,581,267

)

(

1,279,179,728

)

(

2,074,105,707

)

Net

increase

(decrease)

from

capital

transactions

(

102,610,277

)

29,598,614

(

652,752,614

)

(

1,059,833,953

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

..........................

11,569,146

7,166,402

78,384,275

56,132,285

Issued

in

reorganization

(Note

2)

......................

—

3,203,657

—

—

Reinvestment

of

distributions

.........................

719,000

631,098

9,949,249

5,030,510

Cost

of

shares

redeemed

...........................

(

35,262,344

)

(

13,816,803

)

(

168,863,953

)

(

172,640,993

)

Net

increase

(decrease)

from

capital

transactions

(

22,974,198

)

(

2,815,646

)

(

80,530,429

)

(

111,478,198

)

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

..........................

19,981,308

48,690,693

234,569,987

390,159,729

Issued

in

reorganization

(Note

2)

......................

—

56,530,409

—

—

Reinvestment

of

distributions

.........................

4,624,597

1,656,212

35,611,441

21,040,427

Cost

of

shares

redeemed

...........................

(

45,359,953

)

(

45,133,714

)

(

539,892,552

)

(

695,891,947

)

Net

increase

(decrease)

from

capital

transactions

(

20,754,048

)

61,743,600

(

269,711,124

)

(

284,691,791

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(

146,338,523

)

88,526,568

(

1,002,994,167

)

(

1,456,003,942

)

Total

increase

(decrease)

in

net

assets

(

281,579,485

)

169,857,070

(

1,735,926,778

)

(

409,084,422

)

NET

ASSETS:

Beginning

of

period

................................

601,204,949

431,347,879

5,679,932,513

6,089,016,935

End

of

period

...................................

$

319,625,464

$

601,204,949

$

3,944,005,735

$

5,679,932,513

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

107

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

................

17,386,714

15,819,338

131,882,887

170,746,021

Shares

sold

.....................................

1,992,297

2,365,993

18,146,906

34,876,376

Shares

issued

in

reorganization

(Note

2)

................

—

3,686,702

—

—

Shares

issued

on

reinvestment

of

distributions

...........

364,244

164,793

3,123,901

2,092,686

Shares

redeemed

.................................

(

8,159,409

)

(

4,650,112

)

(

43,720,295

)

(

75,832,196

)

Shares

outstanding,

end

of

period

11,583,846

17,386,714

109,433,399

131,882,887

CLASS

N

Shares

outstanding,

beginning

of

period

................

3,584,618

3,737,181

14,651,144

18,663,666

Shares

sold

.....................................

694,548

387,168

2,846,256

2,060,270

Shares

issued

in

reorganization

(Note

2)

................

—

177,475

—

—

Shares

issued

on

reinvestment

of

distributions

...........

36,815

35,956

316,150

192,151

Shares

redeemed

.................................

(

1,820,550

)

(

753,162

)

(

5,909,275

)

(

6,264,943

)

Shares

outstanding,

end

of

period

2,495,431

3,584,618

11,904,275

14,651,144

CLASS

R6

Shares

outstanding,

beginning

of

period

................

10,513,011

7,111,272

45,467,132

55,378,100

Shares

sold

.....................................

1,166,085

2,626,098

8,050,342

14,293,606

Shares

issued

in

reorganization

(Note

2)

................

—

3,131,428

—

—

Shares

issued

on

reinvestment

of

distributions

...........

237,402

94,413

1,131,600

803,990

Shares

redeemed

.................................

(

2,547,543

)

(

2,450,200

)

(

18,077,821

)

(

25,008,564

)

Shares

outstanding,

end

of

period

9,368,955

10,513,011

36,571,253

45,467,132

Statements

of

Changes

in

Net

Assets

(Continued)

108

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

OPERATIONS:

Net

investment

income

(loss)

........................

$

6,260,544

$

5,157,434

$

5,485,882

$

4,767,261

Net

realized

gain

(loss)

.............................

(

6,520,237

)

2,744,552

10,588,930

59,394,860

Net

change

in

unrealized

appreciation

(depreciation)

.......

(

64,139,038

)

26,560,137

(

70,473,926

)

6,282,301

Net increase

(decrease)

in

net

assets

resulting

from

operations

(

64,398,731

)

34,462,123

(

54,399,114

)

70,444,422

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

.........................................

(

2,998,211

)

(

2,438,608

)

(

1,831,658

)

(

187,131

)

Class

N

.........................................

(

173,359

)

(

142,507

)

(

899,735

)

(

64,019

)

Class

R6

........................................

(

3,977,204

)

(

1,397,870

)

(

36,526,098

)

(

4,226,634

)

Total

distributions

(

7,148,774

)

(

3,978,985

)

(

39,257,491

)

(

4,477,784

)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

—

—

Proceeds

from

shares

sold

..........................

48,125,580

24,505,392

757,839

702,116

Reinvestment

of

distributions

.........................

2,991,989

2,433,745

1,830,546

187,131

Cost

of

shares

redeemed

...........................

(

39,614,555

)

(

59,530,294

)

(

8,028,707

)

(

3,715,845

)

Net

increase

(decrease)

from

capital

transactions

11,503,014

(

32,591,157

)

(

5,440,322

)

(

2,826,598

)

CLASS

N

—

—

—

—

Proceeds

from

shares

sold

..........................

455,082

1,789,081

1,158,887

2,324,119

Reinvestment

of

distributions

.........................

173,332

142,507

899,735

64,019

Cost

of

shares

redeemed

...........................

(

1,851,287

)

(

3,654,713

)

(

1,896,797

)

(

971,910

)

Net

increase

(decrease)

from

capital

transactions

(

1,222,873

)

(

1,723,125

)

161,825

1,416,228

CLASS

R6

—

—

—

—

Proceeds

from

shares

sold

..........................

81,671,083

82,961,179

54,513,048

31,631,055

Reinvestment

of

distributions

.........................

3,459,795

1,391,743

36,502,590

4,224,178

Cost

of

shares

redeemed

...........................

(

59,830,077

)

(

16,016,301

)

(

49,615,927

)

(

81,200,705

)

Net

increase

(decrease)

from

capital

transactions

25,300,801

68,336,621

41,399,711

(

45,345,472

)

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

35,580,942

34,022,339

36,121,214

(

46,755,842

)

Total

increase

(decrease)

in

net

assets

(

35,966,563

)

64,505,477

(

57,535,391

)

19,210,796

NET

ASSETS:

Beginning

of

period

................................

271,049,185

206,543,708

330,294,419

311,083,623

End

of

period

...................................

$

235,082,622

$

271,049,185

$

272,759,028

$

330,294,419

$

—

$

—

$

—

$

—

Statements

of

Changes

in

Net

Assets

109

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

................

7,810,200

9,957,462

1,555,962

1,844,523

Shares

sold

.....................................

3,579,297

1,672,341

84,701

68,892

Shares

issued

on

reinvestment

of

distributions

...........

198,408

172,240

185,091

20,035

Shares

redeemed

.................................

(

2,888,657

)

(

3,991,843

)

(

951,183

)

(

377,488

)

Shares

outstanding,

end

of

period

8,699,248

7,810,200

874,571

1,555,962

CLASS

N

Shares

outstanding,

beginning

of

period

................

585,280

700,109

746,740

601,865

Shares

sold

.....................................

32,108

119,665

126,229

236,669

Shares

issued

on

reinvestment

of

distributions

...........

11,076

9,734

92,092

6,921

Shares

redeemed

.................................

(

119,559

)

(

244,228

)

(

206,555

)

(

98,715

)

Shares

outstanding,

end

of

period

508,905

585,280

758,506

746,740

CLASS

R6

Shares

outstanding,

beginning

of

period

................

9,556,811

4,986,241

29,121,791

33,446,503

Shares

sold

.....................................

6,121,321

5,551,380

5,621,568

3,135,104

Shares

issued

on

reinvestment

of

distributions

...........

229,582

98,565

3,664,919

449,381

Shares

redeemed

.................................

(

4,572,995

)

(

1,079,375

)

(

5,173,387

)

(

7,909,197

)

Shares

outstanding,

end

of

period

11,334,719

9,556,811

33,234,891

29,121,791

Statements

of

Changes

in

Net

Assets

(Continued)

110

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

EQUITY

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

OPERATIONS:

Net

investment

income

(loss)

..........................................................

$

1,399,13

3

$

2,695,777

Net

realized

gain

(loss)

...............................................................

2,026,59

4

20,838,792

Net

change

in

unrealized

appreciation

(depreciation)

.........................................

(15,424,513)

(1,310,570)

Net increase

(decrease)

in

net

assets

resulting

from

operations

(11,998,786)

22,223,999

DISTRIBUTIONS

TO

SHAREHOLDERS:

Class

I

...........................................................................

(2,653,296)

(2,053,796)

Class

N

...........................................................................

(28,361)

(161,344)

Class

R6

..........................................................................

(1,774,228)

(1,481,353)

Total

distributions

(4,455,885)

(3,696,493)

CAPITAL

TRANSACTIONS:

CLASS

I

—

—

Proceeds

from

shares

sold

............................................................

2,550,466

3,795,314

Reinvestment

of

distributions

...........................................................

1,964,458

1,625,870

Cost

of

shares

redeemed

.............................................................

(31,897,015)

(27,894,946)

Net

increase

(decrease)

from

capital

transactions

(27,382,091)

(22,473,762)

CLASS

N

—

—

Proceeds

from

shares

sold

............................................................

18,472

22,257

Reinvestment

of

distributions

...........................................................

28,313

20,855

Cost

of

shares

redeemed

.............................................................

(160,512)

(5,553,837)

Net

increase

(decrease)

from

capital

transactions

(113,727)

(5,510,725)

CLASS

R6

—

—

Proceeds

from

shares

sold

............................................................

3,013,022

13,083,415

Reinvestment

of

distributions

...........................................................

1,770,341

1,476,693

Cost

of

shares

redeemed

.............................................................

(40,419,568)

(12,657,910)

Net

increase

(decrease)

from

capital

transactions

(35,636,205)

1,902,198

Net

increase

(decrease)

in

net

assets

resulting

from

capital

transactions

(63,132,023)

(26,082,289)

Total

increase

(decrease)

in

net

assets

(79,586,694)

(7,554,783)

NET

ASSETS:

Beginning

of

period

..................................................................

105,469,790

113,024,573

End

of

period

.....................................................................

$

25,883,096

$

105,469,790

$

—

$

—

Statements

of

Changes

in

Net

Assets

111

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

AQR

INTERNATIONAL

EQUITY

FUND

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

CHANGES

IN

SHARES

OUTSTANDING:

CLASS

I

Shares

outstanding,

beginning

of

period

..................................................

5,255,403

7,366,557

Shares

sold

.......................................................................

261,917

356,904

Shares

issued

on

reinvestment

of

distributions

.............................................

190,354

162,414

Shares

redeemed

...................................................................

(3,199,714)

(2,630,472)

Shares

outstanding,

end

of

period

2,507,960

5,255,403

CLASS

N

Shares

outstanding,

beginning

of

period

..................................................

58,215

552,521

Shares

sold

.......................................................................

1,871

2,037

Shares

issued

on

reinvestment

of

distributions

.............................................

2,664

2,028

Shares

redeemed

...................................................................

(15,787)

(498,371)

Shares

outstanding,

end

of

period

46,963

58,215

CLASS

R6

Shares

outstanding,

beginning

of

period

..................................................

4,216,645

4,002,124

Shares

sold

.......................................................................

280,379

1,173,240

Shares

issued

on

reinvestment

of

distributions

.............................................

159,203

137,461

Shares

redeemed

...................................................................

(3,855,811)

(1,096,180)

Shares

outstanding,

end

of

period

800,416

4,216,645

112

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

20.84

0.25

(2.57)

(2.32)

(0.26)

(2.26)

(2.52)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

17.63

0.22

6

4.78

5.00

(0.23)

(1.56)

(1.79)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

16.84

0.23

1.48

1.71

(0.21)

(0.71)

(0.92)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

18.83

0.21

9

(1.06)

(0.85)

(0.27)

(0.87)

(1.14)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.87

0.23

2.13

2.36

(0.22)

(0.18)

(0.40)

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

20.95

0.20

(2.59)

(2.39)

(0.19)

(2.26)

(2.45)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

17.72

0.17

6

4.81

4.98

(0.19)

(1.56)

(1.75)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

16.76

0.20

1.47

1.67

—

(0.71)

(0.71)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

18.74

0.17

9

(1.06)

(0.89)

(0.22)

(0.87)

(1.09)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.79

0.18

2.13

2.31

(0.18)

(0.18)

(0.36)

AQR

LARGE

CAP

MULTI-STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

20.83

0.27

(2.57)

(2.30)

(0.28)

(2.26)

(2.54)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

17.62

0.24

6

4.78

5.02

(0.25)

(1.56)

(1.81)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

16.83

0.25

1.48

1.73

(0.23)

(0.71)

(0.94)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

18.83

0.23

9

(1.07)

(0.84)

(0.29)

(0.87)

(1.16)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.87

0.25

2.13

2.38

(0.24)

(0.18)

(0.42)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

18.38

0.14

10

(3.64)

(3.50)

(0.08)

(1.05)

(1.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

12.35

0.07

6,11

6.24

6.31

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

12.33

0.08

0.07

12

0.15

(0.12)

(0.01)

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.88

0.11

9

(2.14)

(2.03)

(0.08)

(1.44)

(1.52)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.09

0.10

1.27

1.37

(0.12)

(1.46)

(1.58)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

18.32

0.09

10

(3.62)

(3.53)

(0.03)

(1.05)

(1.08)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

12.32

0.03

6,11

6.22

6.25

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

12.29

0.04

0.08

12

0.12

(0.08)

(0.01)

(0.09)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.82

0.08

9

(2.12)

(2.04)

(0.05)

(1.44)

(1.49)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.01

0.06

1.28

1.34

(0.07)

(1.46)

(1.53)

AQR

SMALL

CAP

MULTI-STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

18.41

0.15

10

(3.64)

(3.49)

(0.10)

(1.05)

(1.15)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

12.37

0.10

6,11

6.23

6.33

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

12.35

0.08

0.08

12

0.16

(0.13)

(0.01)

(0.14)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.91

0.13

9

(2.15)

(2.02)

(0.10)

(1.44)

(1.54)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

16.11

0.11

1.29

1.40

(0.14)

(1.46)

(1.60)

113

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

16.00

(13.59)%

$

206,052

0.42%

0.41%

0.40%

1.30%

56%

$

20.84

30.10%

$

283,306

0.41%

7

0.41%

7

0.40%

7

1.13%

6

59%

8

$

17.63

10.30%

$

218,609

0.45%

0.44%

0.44%

1.38%

48%

$

16.84

(3.55)%

$

361,920

0.44%

0.44%

0.44%

1.29%

9

55%

$

18.83

14.11%

$

507,109

0.44%

0.44%

0.44%

1.28%

64%

$

16.11

(13.82)%

$

5,348

0.67%

0.66%

0.65%

1.04%

56%

$

20.95

29.73%

$

8,726

0.66%

7

0.66%

7

0.65%

7

0.87%

6

59%

8

$

17.72

10.07%

$

10,681

0.71%

0.69%

0.69%

1.17%

48%

$

16.76

(3.84)%

$

57,421

0.70%

0.70%

0.70%

1.02%

9

55%

$

18.74

13.83%

$

71,104

0.70%

0.70%

0.70%

1.02%

64%

$

15.99

(13.51)%

$

720,884

0.32%

0.31%

0.30%

1.40%

56%

$

20.83

30.26%

$

1,008,244

0.31%

7

0.31%

7

0.30%

7

1.23%

6

59%

8

$

17.62

10.43%

$

863,892

0.35%

0.34%

0.34%

1.51%

48%

$

16.83

(3.50)%

$

1,027,712

0.35%

0.35%

0.35%

1.38%

9

55%

$

18.83

14.20%

$

1,366,762

0.35%

0.35%

0.35%

1.37%

64%

$

13.75

(20.56)%

$

60,005

0.75%

0.61%

0.60%

0.81%

10

65%

$

18.38

51.47%

$

67,830

0.83%

7

0.72%

7

0.71%

7

0.43%

6,11

60%

8

$

12.35

1.13%

$

39,049

0.70%

0.65%

0.64%

0.63%

51%

$

12.33

(11.74)%

$

42,197

0.66%

0.64%

0.64%

0.92%

9

70%

$

15.88

9.18%

$

61,690

0.66%

0.65%

0.64%

0.63%

64%

$

13.71

(20.75)%

$

4,979

1.00%

0.86%

0.85%

0.55%

10

65%

$

18.32

51.05%

$

8,123

1.08%

7

0.97%

7

0.96%

7

0.16%

6,11

60%

8

$

12.32

0.87%

$

5,421

0.95%

0.90%

0.89%

0.36%

51%

$

12.29

(11.94)%

$

8,304

0.92%

0.90%

0.90%

0.66%

9

70%

$

15.82

8.94%

$

7,795

0.92%

0.90%

0.90%

0.38%

64%

$

13.77

(20.51)%

$

37,123

0.65%

0.51%

0.50%

0.91%

10

65%

$

18.41

51.60%

$

54,607

0.74%

7

0.63%

7

0.62%

7

0.64%

6,11

60%

8

$

12.37

1.22%

$

213,517

0.60%

0.55%

0.54%

0.70%

51%

$

12.35

(11.66)%

$

501,656

0.57%

0.55%

0.55%

1.02%

9

70%

$

15.91

9.34%

$

675,945

0.57%

0.55%

0.55%

0.73%

64%

114

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

13.12

0.39

(3.39)

(3.00)

(0.39)

—

(0.39)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.69

0.34

6

2.31

2.65

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

11.06

0.22

(0.25)

(0.03)

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.76

0.28

(0.60)

(0.32)

(0.38)

—

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.95

0.28

(0.18)

0.10

(0.29)

—

(0.29)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

13.08

0.32

(3.34)

(3.02)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.66

0.28

6

2.33

2.61

(0.19)

—

(0.19)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

11.03

0.19

(0.25)

(0.06)

(0.31)

—

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.73

0.24

(0.59)

(0.35)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.92

0.24

(0.17)

0.07

(0.26)

—

(0.26)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

13.10

0.39

(3.37)

(2.98)

(0.40)

—

(0.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.67

0.37

6

2.29

2.66

(0.23)

—

(0.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

11.05

0.23

(0.26)

(0.03)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.75

0.28

(0.59)

(0.31)

(0.39)

—

(0.39)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.94

0.29

(0.18)

0.11

(0.30)

—

(0.30)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

12.20

0.41

(3.83)

(3.42)

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.57

0.34

6,11

1.48

1.82

(0.19)

—

(0.19)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.75

0.14

0.92

1.06

(0.24)

—

(0.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.58

0.25

9

(0.86)

(0.61)

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.12

0.23

13

(0.59)

(0.36)

(0.18)

—

(0.18)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

12.22

0.33

(3.78)

(3.45)

(0.26)

—

(0.26)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.60

0.33

6,11

1.46

1.79

(0.17)

—

(0.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.77

0.14

0.90

1.04

(0.21)

—

(0.21)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.57

0.16

9

(0.79)

(0.63)

(0.17)

—

(0.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.12

0.19

13

(0.59)

(0.40)

(0.15)

—

(0.15)

AQR

EMERGING

MULTI-STYLE

II

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

12.20

0.41

(3.82)

(3.41)

(0.30)

—

(0.30)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

10.58

0.31

6,11

1.51

1.82

(0.20)

—

(0.20)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.76

0.18

0.89

1.07

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.59

0.23

9

(0.83)

(0.60)

(0.23)

—

(0.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.13

0.24

13

(0.59)

(0.35)

(0.19)

—

(0.19)

115

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

9.73

(23.62)%

$

62,389

0.63%

0.56%

0.56%

3.17%

73%

$

13.12

24.97%

$

81,680

0.61%

7

0.56%

7

0.56%

7

2.61%

6

62%

8

$

10.69

(0.51)%

$

49,672

0.67%

0.60%

0.59%

2.04%

74%

$

11.06

(2.37)%

$

50,189

0.67%

0.60%

0.60%

2.56%

57%

$

11.76

0.81%

$

82,661

0.64%

0.60%

0.60%

2.36%

61%

$

9.71

(23.79)%

$

1,074

0.88%

0.81%

0.81%

2.61%

73%

$

13.08

24.67%

$

4,184

0.86%

7

0.81%

7

0.81%

7

2.17%

6

62%

8

$

10.66

(0.75)%

$

4,147

0.92%

0.85%

0.84%

1.82%

74%

$

11.03

(2.62)%

$

4,261

0.92%

0.85%

0.85%

2.25%

57%

$

11.73

0.51%

$

6,892

0.89%

0.85%

0.85%

2.04%

61%

$

9.72

(23.50)%

$

311,227

0.53%

0.46%

0.46%

3.23%

73%

$

13.10

25.13%

$

418,160

0.51%

7

0.46%

7

0.46%

7

2.89%

6

62%

8

$

10.67

(0.47)%

$

191,955

0.57%

0.50%

0.49%

2.16%

74%

$

11.05

(2.27)%

$

217,891

0.57%

0.50%

0.50%

2.54%

57%

$

11.75

0.90%

$

329,854

0.54%

0.50%

0.50%

2.44%

61%

$

8.49

(28.72)%

$

44,791

0.79%

0.71%

0.70%

3.69%

61%

$

12.20

17.26%

$

66,601

0.80%

7

0.72%

7

0.72%

7

2.68%

6,11

61%

8

$

10.57

10.94%

$

19,271

0.86%

0.75%

0.75%

1.48%

58%

$

9.75

(5.68)%

$

36,722

0.84%

0.75%

0.75%

2.51%

9

62%

$

10.58

(3.35)%

$

17,266

0.85%

0.74%

0.74%

2.01%

13

54%

$

8.51

(28.85)%

$

846

1.04%

0.96%

0.95%

2.87%

61%

$

12.22

16.96%

$

3,885

1.05%

7

0.96%

7

0.96%

7

2.56%

6,11

61%

8

$

10.60

10.65%

$

867

1.12%

1.00%

1.00%

1.47%

58%

$

9.77

(5.92)%

$

677

1.09%

1.00%

1.00%

1.64%

9

62%

$

10.57

(3.70)%

$

1,675

1.11%

1.00%

1.00%

1.63%

13

54%

$

8.49

(28.65)%

$

399,011

0.69%

0.61%

0.60%

3.74%

61%

$

12.20

17.32%

$

572,793

0.71%

7

0.63%

7

0.63%

7

2.44%

6,11

61%

8

$

10.58

11.03%

$

321,431

0.77%

0.65%

0.65%

1.82%

58%

$

9.76

(5.59)%

$

305,195

0.74%

0.65%

0.65%

2.32%

9

62%

$

10.59

(3.27)%

$

313,070

0.76%

0.65%

0.65%

2.07%

13

54%

116

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

26.92

0.21

(3.67)

(3.46)

(0.13)

(4.25)

(4.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.47

0.10

6

6.30

6.40

(0.17)

(3.78)

(3.95)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.57

0.20

3.92

4.12

(0.25)

(1.97)

(2.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

24.99

0.26

9

(0.44)

(0.18)

(0.22)

(2.02)

(2.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

22.00

0.19

4.77

4.96

(0.21)

(1.76)

(1.97)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

26.92

0.16

(3.70)

(3.54)

(0.06)

(4.25)

(4.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.46

0.04

6

6.31

6.35

(0.11)

(3.78)

(3.89)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.56

0.15

3.90

4.05

(0.18)

(1.97)

(2.15)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

24.96

0.21

9

(0.43)

(0.22)

(0.16)

(2.02)

(2.18)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

21.98

0.13

4.77

4.90

(0.16)

(1.76)

(1.92)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

26.83

0.24

(3.67)

(3.43)

(0.15)

(4.25)

(4.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.40

0.13

6

6.28

6.41

(0.20)

(3.78)

(3.98)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.51

0.23

3.90

4.13

(0.27)

(1.97)

(2.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

24.94

0.29

9

(0.45)

(0.16)

(0.25)

(2.02)

(2.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

21.96

0.22

4.75

4.97

(0.23)

(1.76)

(1.99)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

25.93

0.12

10

(4.92)

(4.80)

(0.07)

(5.18)

(5.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

19.47

(0.00)

6,14

7.92

7.92

(0.15)

(1.31)

(1.46)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

18.66

0.09

1.56

1.65

(0.10)

(0.74)

(0.84)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

27.14

0.09

9

(3.83)

(3.74)

(0.04)

(4.70)

(4.74)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

24.83

0.05

13

4.58

4.63

(0.06)

(2.26)

(2.32)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

25.91

0.07

10

(4.93)

(4.86)

(0.01)

(5.18)

(5.19)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

19.45

(0.07)

6

7.93

7.86

(0.09)

(1.31)

(1.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

18.66

0.04

1.56

1.60

(0.07)

(0.74)

(0.81)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

27.14

0.05

9

(3.83)

(3.78)

(0.00)

14

(4.70)

(4.70)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

24.82

(0.00)

13,14

4.58

4.58

—

(2.26)

(2.26)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

25.85

0.14

10

(4.91)

(4.77)

(0.09)

(5.18)

(5.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

19.41

0.03

6

7.89

7.92

(0.17)

(1.31)

(1.48)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

18.61

0.11

1.56

1.67

(0.13)

(0.74)

(0.87)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

27.10

0.13

9

(3.85)

(3.72)

(0.07)

(4.70)

(4.77)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

24.79

0.08

13

4.58

4.66

(0.09)

(2.26)

(2.35)

117

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

19.08

(16.71)%

$

412,574

0.42%

0.41%

0.40%

0.87%

84%

$

26.92

28.54%

$

794,698

0.42%

7

0.41%

7

0.40%

7

0.41%

6

102%

8

$

24.47

19.52%

$

616,263

0.42%

0.40%

0.40%

0.91%

75%

$

22.57

1.38%

$

678,252

0.41%

0.40%

0.40%

1.21%

9

61%

$

24.99

23.94%

$

986,458

0.40%

0.39%

0.39%

0.84%

66%

$

19.07

(16.97)%

$

52,860

0.67%

0.66%

0.65%

0.70%

84%

$

26.92

28.27%

$

58,376

0.67%

7

0.66%

7

0.65%

7

0.15%

6

102%

8

$

24.46

19.20%

$

46,797

0.67%

0.65%

0.65%

0.69%

75%

$

22.56

1.14%

$

67,654

0.66%

0.65%

0.65%

0.97%

9

61%

$

24.96

23.61%

$

77,381

0.65%

0.65%

0.65%

0.58%

66%

$

19.00

(16.64)%

$

226,855

0.32%

0.31%

0.30%

1.03%

84%

$

26.83

28.68%

$

307,619

0.31%

7

0.31%

7

0.30%

7

0.51%

6

102%

8

$

24.40

19.66%

$

116,264

0.32%

0.30%

0.30%

1.05%

75%

$

22.51

1.48%

$

202,063

0.31%

0.30%

0.30%

1.33%

9

61%

$

24.94

24.06%

$

101,971

0.30%

0.30%

0.30%

0.93%

66%

$

15.88

(23.61)%

$

152,563

0.68%

0.61%

0.60%

0.61%

10

74%

$

25.93

41.25%

$

210,181

0.67%

7

0.61%

7

0.60%

7

0.00%

6

103%

8

$

19.47

8.89%

$

160,586

0.67%

0.60%

0.60%

0.48%

86%

$

18.66

(10.90)%

$

201,555

0.66%

0.60%

0.60%

0.46%

9

79%

$

27.14

20.11%

$

346,665

0.63%

0.60%

0.60%

0.21%

13

73%

$

15.86

(23.83)%

$

4,488

0.93%

0.86%

0.85%

0.36%

10

74%

$

25.91

40.98%

$

5,908

0.92%

7

0.86%

7

0.85%

7

(0.28)%

6

103%

8

$

19.45

8.59%

$

3,761

0.92%

0.85%

0.85%

0.23%

86%

$

18.66

(11.09)%

$

4,395

0.91%

0.85%

0.85%

0.28%

9

79%

$

27.14

19.84%

$

2,835

0.85%

0.83%

0.83%

(0.02)%

13

73%

$

15.81

(23.56)%

$

43,555

0.58%

0.51%

0.50%

0.72%

10

74%

$

25.85

41.41%

$

61,524

0.57%

7

0.51%

7

0.50%

7

0.11%

6

103%

8

$

19.41

8.99%

$

42,453

0.57%

0.50%

0.50%

0.60%

86%

$

18.61

(10.80)%

$

54,417

0.56%

0.50%

0.50%

0.67%

9

79%

$

27.10

20.26%

$

21,162

0.53%

0.50%

0.50%

0.31%

13

73%

118

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

19.11

0.40

(5.43)

(5.03)

(0.44)

—

(0.44)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

16.19

0.29

6

2.83

3.12

(0.20)

—

(0.20)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

14.98

0.21

1.37

1.58

(0.37)

—

(0.37)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.82

0.31

(0.87)

(0.56)

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

15.50

0.29

0.37

0.66

(0.34)

—

(0.34)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

19.05

0.37

(5.45)

(5.08)

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

16.14

0.23

6

2.85

3.08

(0.17)

—

(0.17)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

14.94

0.18

1.35

1.53

(0.33)

—

(0.33)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.77

0.27

(0.86)

(0.59)

(0.24)

—

(0.24)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

15.46

0.26

0.36

0.62

(0.31)

—

(0.31)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

19.08

0.42

(5.42)

(5.00)

(0.46)

—

(0.46)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

16.16

0.31

6

2.83

3.14

(0.22)

—

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

14.96

0.23

1.35

1.58

(0.38)

—

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

15.80

0.33

(0.87)

(0.54)

(0.30)

—

(0.30)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

15.49

0.32

0.35

0.67

(0.36)

—

(0.36)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

29.60

0.38

(4.18)

(3.80)

(0.34)

(0.47)

(0.81)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.88

0.31

6

4.75

5.06

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.83

0.33

1.99

2.32

(0.26)

(0.01)

(0.27)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

21.18

0.34

1.62

1.96

(0.23)

(0.08)

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

18.23

0.30

3.10

3.40

(0.27)

(0.18)

(0.45)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

29.50

0.29

(4.17)

(3.88)

(0.25)

(0.47)

(0.72)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.81

0.24

6

4.73

4.97

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.76

0.27

1.99

2.26

(0.20)

(0.01)

(0.21)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

21.11

0.28

1.62

1.90

(0.17)

(0.08)

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

18.18

0.25

3.09

3.34

(0.23)

(0.18)

(0.41)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

29.57

0.40

(4.17)

(3.77)

(0.36)

(0.47)

(0.83)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

24.87

0.33

6

4.73

5.06

(0.36)

—

(0.36)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

22.81

0.36

1.99

2.35

(0.28)

(0.01)

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

21.15

0.35

1.63

1.98

(0.24)

(0.08)

(0.32)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

18.21

0.32

3.09

3.41

(0.29)

(0.18)

(0.47)

119

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

13.64

(27.03)%

$

158,014

0.63%

0.58%

0.57%

2.23%

77%

$

19.11

19.40%

$

332,293

0.60%

7

0.56%

7

0.55%

7

1.54%

6

84%

8

$

16.19

10.62%

$

256,067

0.60%

0.55%

0.55%

1.41%

72%

$

14.98

(3.26)%

$

270,031

0.61%

0.55%

0.55%

2.12%

70%

$

15.82

4.31%

$

348,643

0.60%

0.55%

0.55%

1.84%

65%

$

13.62

(27.23)%

$

33,996

0.89%

0.83%

0.82%

2.11%

77%

$

19.05

19.18%

$

68,275

0.85%

7

0.81%

7

0.80%

7

1.24%

6

84%

8

$

16.14

10.33%

$

60,332

0.86%

0.80%

0.80%

1.18%

72%

$

14.94

(3.51)%

$

36,694

0.86%

0.80%

0.80%

1.86%

70%

$

15.77

4.02%

$

40,452

0.85%

0.80%

0.80%

1.61%

65%

$

13.62

(26.95)%

$

127,615

0.54%

0.48%

0.47%

2.42%

77%

$

19.08

19.55%

$

200,637

0.50%

7

0.46%

7

0.45%

7

1.69%

6

84%

8

$

16.16

10.68%

$

114,949

0.50%

0.45%

0.45%

1.50%

72%

$

14.96

(3.15)%

$

129,267

0.51%

0.45%

0.45%

2.25%

70%

$

15.80

4.34%

$

63,978

0.50%

0.45%

0.45%

1.99%

65%

$

24.99

(13.40)%

$

2,734,495

0.38%

0.38%

0.37%

1.29%

28%

$

29.60

20.53%

$

3,903,177

0.37%

7

0.37%

7

0.37%

7

1.13%

6

17%

$

24.88

10.21%

$

4,248,841

0.40%

0.40%

0.40%

1.44%

35%

$

22.83

9.59%

$

3,262,596

0.39%

0.38%

0.38%

1.60%

20%

$

21.18

18.92%

$

1,502,430

0.39%

0.39%

0.39%

1.52%

18%

$

24.90

(13.66)%

$

296,466

0.66%

0.66%

0.65%

1.01%

28%

$

29.50

20.17%

$

432,165

0.66%

7

0.65%

7

0.65%

7

0.85%

6

17%

$

24.81

9.95%

$

463,060

0.66%

0.65%

0.65%

1.18%

35%

$

22.76

9.30%

$

389,897

0.66%

0.65%

0.65%

1.33%

20%

$

21.11

18.58%

$

309,274

0.65%

0.64%

0.64%

1.27%

18%

$

24.97

(13.31)%

$

913,045

0.31%

0.31%

0.30%

1.37%

28%

$

29.57

20.55%

$

1,344,591

0.31%

7

0.30%

7

0.30%

7

1.20%

6

17%

$

24.87

10.32%

$

1,377,116

0.31%

0.30%

0.30%

1.55%

35%

$

22.81

9.72%

$

1,275,970

0.31%

0.30%

0.30%

1.61%

20%

$

21.15

18.99%

$

309,211

0.30%

0.30%

0.30%

1.61%

18%

120

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

15.08

0.31

(3.57)

(3.26)

(0.38)

—

(0.38)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

13.18

0.29

1.86

2.15

(0.25)

—

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

13.09

0.23

0.20

12

0.43

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.38

0.34

(0.35)

(0.01)

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

13.27

0.32

13

0.10

0.42

(0.29)

(0.02)

(0.31)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

15.60

0.28

(3.70)

(3.42)

(0.34)

—

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

13.63

0.26

1.92

2.18

(0.21)

—

(0.21)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

13.52

0.24

0.18

12

0.42

(0.31)

—

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.71

0.33

(0.36)

(0.03)

(0.16)

—

(0.16)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

13.58

0.26

13

0.14

0.40

(0.25)

(0.02)

(0.27)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

15.08

0.34

(3.59)

(3.25)

(0.40)

—

(0.40)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

13.18

0.33

1.83

2.16

(0.26)

—

(0.26)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

13.09

0.28

0.16

12

0.44

(0.35)

—

(0.35)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

13.38

0.33

(0.33)

0.00

14

(0.29)

—

(0.29)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

13.26

0.34

13

0.10

0.44

(0.30)

(0.02)

(0.32)

AQR

GLOBAL

EQUITY

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.45

0.15

(1.61)

(1.46)

(0.20)

(1.02)

(1.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

8.61

0.13

1.82

1.95

(0.11)

—

(0.11)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

8.20

0.06

0.47

0.53

(0.12)

—

(0.12)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

9.11

0.15

(0.72)

(0.57)

(0.13)

(0.21)

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

8.89

0.13

0.54

0.67

(0.08)

(0.37)

(0.45)

AQR

GLOBAL

EQUITY

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.32

0.12

(1.58)

(1.46)

(0.18)

(1.02)

(1.20)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

8.52

0.11

1.79

1.90

(0.10)

—

(0.10)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

8.12

0.08

0.43

0.51

(0.11)

—

(0.11)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

9.06

0.13

(0.73)

(0.60)

(0.13)

(0.21)

(0.34)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

8.84

0.09

0.55

0.64

(0.05)

(0.37)

(0.42)

AQR

GLOBAL

EQUITY

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.52

0.16

(1.62)

(1.46)

(0.21)

(1.02)

(1.23)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

8.67

0.14

1.84

1.98

(0.13)

—

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

8.27

0.12

0.41

0.53

(0.13)

—

(0.13)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

9.19

0.14

(0.70)

(0.56)

(0.15)

(0.21)

(0.36)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

8.96

0.13

0.55

0.68

(0.08)

(0.37)

(0.45)

121

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

11.44

(22.21)%

$

99,478

0.65%

0.56%

0.55%

2.26%

34%

$

15.08

16.44%

$

117,803

0.63%

0.55%

0.55%

1.94%

30%

$

13.18

3.21%

$

131,283

0.64%

0.55%

0.55%

1.79%

27%

$

13.09

0.18%

$

202,228

0.64%

0.55%

0.55%

2.64%

24%

$

13.38

3.15%

$

173,932

0.63%

0.55%

0.55%

2.41%

13

21%

$

11.84

(22.47)%

$

6,027

0.89%

0.81%

0.80%

1.95%

34%

$

15.60

16.13%

$

9,129

0.88%

0.80%

0.80%

1.69%

30%

$

13.63

3.04%

$

9,541

0.90%

0.80%

0.80%

1.79%

27%

$

13.52

(0.10)%

$

7,221

0.89%

0.80%

0.80%

2.51%

24%

$

13.71

2.90%

$

4,266

0.88%

0.80%

0.80%

1.84%

13

21%

$

11.43

(22.19)%

$

129,578

0.55%

0.46%

0.45%

2.43%

34%

$

15.08

16.54%

$

144,117

0.54%

0.45%

0.45%

2.21%

30%

$

13.18

3.32%

$

65,720

0.55%

0.45%

0.45%

2.20%

27%

$

13.09

0.26%

$

31,493

0.54%

0.45%

0.45%

2.58%

24%

$

13.38

3.32%

$

28,741

0.53%

0.45%

0.45%

2.54%

13

21%

$

7.77

(16.48)%

$

6,796

0.82%

0.81%

0.80%

1.54%

123%

$

10.45

22.81%

$

16,256

0.82%

0.80%

0.80%

1.28%

95%

$

8.61

6.48%

$

15,876

0.82%

0.80%

0.80%

0.76%

94%

$

8.20

(5.78)%

$

187,408

0.81%

0.80%

0.80%

1.82%

122%

$

9.11

7.65%

$

198,954

0.82%

0.80%

0.80%

1.42%

87%

$

7.66

(16.70)%

$

5,811

1.07%

1.06%

1.05%

1.29%

123%

$

10.32

22.46%

$

7,706

1.07%

1.05%

1.05%

1.10%

95%

$

8.52

6.24%

$

5,126

1.07%

1.05%

1.05%

0.94%

94%

$

8.12

(6.17)%

$

4,573

1.06%

1.05%

1.05%

1.59%

122%

$

9.06

7.36%

$

2,120

1.07%

1.05%

1.05%

1.02%

87%

$

7.83

(16.38)%

$

260,152

0.72%

0.71%

0.70%

1.68%

123%

$

10.52

23.00%

$

306,332

0.72%

0.70%

0.70%

1.39%

95%

$

8.67

6.40%

$

290,082

0.72%

0.70%

0.70%

1.47%

94%

$

8.27

(5.67)%

$

106,872

0.72%

0.70%

0.70%

1.72%

122%

$

9.19

7.74%

$

173,425

0.72%

0.70%

0.70%

1.39%

87%

122

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

PER

SHARE

OPERATING

PERFORMANCE

Change

in

Net

Assets

Resulting

from

Operations

1

Less

Dividends

and

Distributions

*,1

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

AAA

Net

Realized

and

Unrealized

Gain

(Loss)

AA

Net

Increase

(Decrease)

in

Net

Asset

Value

from

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gains

Total

Distributions

AQR

INTERNATIONAL

EQUITY

FUND

CLASS

I

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.72

0.22

15

(2.82)

(2.60)

(0.55)

—

(0.55)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

9.25

0.23

17

1.56

1.79

(0.32)

—

(0.32)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.50

0.13

18

(0.08)

0.05

(0.30)

—

(0.30)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.49

0.23

(0.97)

(0.74)

(0.17)

(0.08)

(0.25)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.66

0.22

13

(0.32)

(0.10)

(0.25)

(0.82)

(1.07)

AQR

INTERNATIONAL

EQUITY

FUND

CLASS

N

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

10.99

0.23

15

(2.94)

(2.71)

(0.50)

—

(0.50)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

9.48

0.04

17

1.77

1.81

(0.30)

—

(0.30)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

9.75

0.12

18

(0.11)

0.01

(0.28)

—

(0.28)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

10.74

0.22

(0.99)

(0.77)

(0.14)

(0.08)

(0.22)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

11.88

0.21

13

(0.33)

(0.12)

(0.20)

(0.82)

(1.02)

AQR

INTERNATIONAL

EQUITY

FUND

CLASS

R6

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2022

$

11.50

0.27

15

(3.05)

(2.78)

(0.56)

—

(0.56)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2021

$

9.91

0.28

17

1.64

1.92

(0.33)

—

(0.33)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2020

$

10.16

0.16

18

(0.10)

0.06

(0.31)

—

(0.31)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2019

$

11.20

0.26

(1.04)

(0.78)

(0.18)

(0.08)

(0.26)

FOR

THE

YEAR

ENDED

SEPTEMBER

30,

2018

$

12.39

0.24

13

(0.35)

(0.11)

(0.26)

(0.82)

(1.08)

123

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Financial

Highlights

September

30,

2022

RATIOS/SUPPLEMENTAL

DATA

Ratios

to

Average

Net

Assets

of:*

Net

Asset

Value,

End

of

Period

Total

Return

2,3

Net

Assets,

End

of

Period

(000’s)

Expenses,

Before

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

4

Expenses,

Net

of

Reimbursements

and/or

Waivers

(Excluding

Interest

Expense)

4

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

5

$

7.57

(25.65)%

$

18,985

1.75%

16

1.36%

16

1.34%

16

2.27%

15

93%

$

10.72

19.55%

$

56,319

1.00%

0.85%

0.85%

2.18%

17

92%

$

9.25

0.23%

$

68,121

0.91%

0.86%

0.85%

1.42%

18

84%

$

9.50

(6.86)%

$

191,080

0.88%

0.84%

0.84%

2.43%

91%

$

10.49

(1.24)%

$

391,509

0.88%

0.86%

0.86%

1.97%

13

87%

$

7.78

(25.86)%

$

365

2.20%

16

1.79%

16

1.77%

16

2.35%

15

93%

$

10.99

19.32%

$

640

1.18%

1.10%

1.10%

0.41%

17

92%

$

9.48

(0.12)%

$

5,238

1.14%

1.11%

1.10%

1.29%

18

84%

$

9.75

(7.03)%

$

7,951

1.05%

1.01%

1.01%

2.20%

91%

$

10.74

(1.41)%

$

13,090

1.10%

1.09%

1.09%

1.85%

13

87%

$

8.16

(25.49)%

$

6,533

1.46%

16

1.03%

16

1.01%

16

2.46%

15

93%

$

11.50

19.63%

$

48,511

0.92%

0.75%

0.75%

2.41%

17

92%

$

9.91

0.34%

$

39,666

0.82%

0.76%

0.75%

1.68%

18

84%

$

10.16

(6.80)%

$

39,853

0.80%

0.76%

0.76%

2.56%

91%

$

11.20

(1.23)%

$

44,742

0.79%

0.77%

0.77%

2.04%

13

87%

124

Financial

Highlights

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

FUND

NET

INVESTMENT

INCOME

(LOSS)

PER

SHARE

NET

INVESTMENT

INCOME

(LOSS)

RATIO

AQR

Large

Cap

Multi-Style

Fund

–

Class

I

.......................................

$

0

.23

1

.13%

AQR

Large

Cap

Multi-Style

Fund

–

Class

N

.......................................

0

.17

0

.87

AQR

Large

Cap

Multi-Style

Fund

–

Class

R6

......................................

0

.24

1

.23

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

.......................................

0

.06

0

.36

AQR

Small

Cap

Multi-Style

Fund

–

Class

N

.......................................

0

.02

0

.09

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

......................................

0

.09

0

.56

AQR

International

Multi-Style

Fund

–

Class

I

......................................

0

.34

2

.61

AQR

International

Multi-Style

Fund

–

Class

N

.....................................

0

.28

2

.17

AQR

International

Multi-Style

Fund

–

Class

R6

....................................

0

.37

2

.89

AQR

Emerging

Multi-Style

II

Fund

–

Class

I

.......................................

0

.34

2

.69

AQR

Emerging

Multi-Style

II

Fund

–

Class

N

......................................

0

.33

2

.56

AQR

Emerging

Multi-Style

II

Fund

–

Class

R6

.....................................

0

.31

2

.45

AQR

Large

Cap

Momentum

Style

Fund

–

Class

I

..................................

0

.11

0

.41

AQR

Large

Cap

Momentum

Style

Fund

–

Class

N

..................................

0

.04

0

.16

AQR

Large

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0

.13

0

.51

AQR

Small

Cap

Momentum

Style

Fund

–

Class

I

...................................

0

.00

0

.00

AQR

Small

Cap

Momentum

Style

Fund

–

Class

N

..................................

(0

.07)

(0

.27)

AQR

Small

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0

.03

0

.12

AQR

International

Momentum

Style

Fund

–

Class

I

.................................

0

.29

1

.55

AQR

International

Momentum

Style

Fund

–

Class

N

................................

0

.23

1

.24

AQR

International

Momentum

Style

Fund

–

Class

R6

...............................

0

.31

1

.70

AQR

Large

Cap

Defensive

Style

Fund

–

Class

I

...................................

0

.31

1

.13

AQR

Large

Cap

Defensive

Style

Fund

–

Class

N

...................................

0

.24

0

.85

AQR

Large

Cap

Defensive

Style

Fund

–

Class

R6

..................................

0

.33

1

.20

*

Annualized

for

periods

less

than

one

year.

1

Per

share

net

investment

income

(loss)

and

net

realized

and

unrealized

gain

(loss)

are

based

on

average

shares

outstanding.

2

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

3

Total

investment

return

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period

and

is

not

annualized.

4

Ratios

do

not

include

the

impact

of

the

expenses

of

the

underlying

funds

in

which

the

Funds

invest.

5

Portfolio

turnover

rate

excludes

derivatives,

if

any,

and

is

not

annualized.

6

For

the

period

ended

September

30,

2021,

certain

Funds

incurred

expenses

related

to

the

Funds’

reorganizations

and/or

the

closing

agreement

with

the

U.S.

Internal

Revenue

Service

(“IRS”)

and

reimbursement

related

to

such

closing

agreement.

Without

these

costs

and

reimbursement,

the

Net

Investment

Income

(Loss)

Per

Share

and

Net

Investment

Income

(Loss)

Ratio

would

have

been:

125

Financial

Highlights

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

FUND

Expenses,

Before

Reimbursements

and/or

Waivers

Expenses,

Net

of

Reimbursements

and/or

Waivers

AQR

Large

Cap

Multi-Style

Fund

–

Class

I

.......................................

0.41

%

0.40%

AQR

Large

Cap

Multi-Style

Fund

–

Class

N

.......................................

0.66

0.65

AQR

Large

Cap

Multi-Style

Fund

–

Class

R6

......................................

0.31

0.30

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

.......................................

0.72

0.61

AQR

Small

Cap

Multi-Style

Fund

–

Class

N

.......................................

0.97

0.86

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

......................................

0.62

0.51

AQR

International

Multi-Style

Fund

–

Class

I

......................................

0.60

0.55

AQR

International

Multi-Style

Fund

–

Class

N

.....................................

0.86

0.80

AQR

International

Multi-Style

Fund

–

Class

R6

....................................

0.51

0.45

AQR

Emerging

Multi-Style

II

Fund

–

Class

I

.......................................

0.79

0.71

AQR

Emerging

Multi-Style

II

Fund

–

Class

N

......................................

1.04

0.96

AQR

Emerging

Multi-Style

II

Fund

–

Class

R6

.....................................

0.70

0.62

AQR

Large

Cap

Momentum

Style

Fund

–

Class

I

..................................

0.41

0.40

AQR

Large

Cap

Momentum

Style

Fund

–

Class

N

..................................

0.66

0.65

AQR

Large

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0.31

0.30

AQR

Small

Cap

Momentum

Style

Fund

–

Class

I

...................................

0.66

0.60

AQR

Small

Cap

Momentum

Style

Fund

–

Class

N

..................................

0.92

0.85

AQR

Small

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0.57

0.50

AQR

International

Momentum

Style

Fund

–

Class

I

.................................

0.60

0.55

AQR

International

Momentum

Style

Fund

–

Class

N

................................

0.85

0.80

AQR

International

Momentum

Style

Fund

–

Class

R6

...............................

0.50

0.45

AQR

Large

Cap

Defensive

Style

Fund

–

Class

I

...................................

0.37

0.37

AQR

Large

Cap

Defensive

Style

Fund

–

Class

N

...................................

0.65

0.65

AQR

Large

Cap

Defensive

Style

Fund

–

Class

R6

..................................

0.31

0.30

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Large

Cap

Multi-Style

Fund

–

Class

I

.......................................

$

0.19

1.18%

AQR

Large

Cap

Multi-Style

Fund

–

Class

N

.......................................

0.15

0.90

AQR

Large

Cap

Multi-Style

Fund

–

Class

R6

......................................

0.21

1.27

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

.......................................

0.09

0.77

AQR

Small

Cap

Multi-Style

Fund

–

Class

N

.......................................

0.06

0.51

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

......................................

0.11

0.87

AQR

Emerging

Multi-Style

II

Fund

–

Class

I

.......................................

0.23

2.28

AQR

Emerging

Multi-Style

II

Fund

–

Class

N

......................................

0.14

1.41

AQR

Emerging

Multi-Style

II

Fund

–

Class

R6

.....................................

0.21

2.09

AQR

Large

Cap

Momentum

Style

Fund

–

Class

I

..................................

0.23

1.09

AQR

Large

Cap

Momentum

Style

Fund

–

Class

N

..................................

0.18

0.85

AQR

Large

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0.26

1.21

AQR

Small

Cap

Momentum

Style

Fund

–

Class

I

...................................

0.07

0.34

AQR

Small

Cap

Momentum

Style

Fund

–

Class

N

..................................

0.03

0.16

AQR

Small

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0.11

0.55

7

For

the

period

ended

September

30,

2021,

certain

Funds

incurred

expenses

related

to

the

Funds'

reorganizations

and/or

the

closing

agreement

with

the

IRS.

Without

these

costs,

the

Expenses,

Before

Reimbursements

and/or

Waivers

and

Expenses,

Net

of

Reimbursements

and/or

Waivers

would

have

been:

8

Excludes

activity

related

to

Funds’

reorganizations.

9

For

the

period

ended

September

30,

2019,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been

as

follows:

126

Financial

Highlights

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

.......................................

$

0.12

0

.67%

AQR

Small

Cap

Multi-Style

Fund

–

Class

N

.......................................

0.07

0

.41

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

......................................

0.13

0

.77

AQR

Small

Cap

Momentum

Style

Fund

–

Class

I

...................................

0.07

0

.38

AQR

Small

Cap

Momentum

Style

Fund

–

Class

N

..................................

0.02

0

.13

AQR

Small

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0.09

0

.49

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Small

Cap

Multi-Style

Fund

–

Class

I

.......................................

$

0.04

0.27%

AQR

Small

Cap

Multi-Style

Fund

–

Class

N

.......................................

0.00

0.00

AQR

Small

Cap

Multi-Style

Fund

–

Class

R6

......................................

0.07

0.48

AQR

Emerging

Multi-Style

II

Fund

–

Class

I

.......................................

0.31

2.43

AQR

Emerging

Multi-Style

II

Fund

–

Class

N

......................................

0.30

2.31

AQR

Emerging

Multi-Style

II

Fund

–

Class

R6

.....................................

0.28

2.19

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

Emerging

Multi-Style

II

Fund

–

Class

I

.......................................

$

0.22

1.90%

AQR

Emerging

Multi-Style

II

Fund

–

Class

N

......................................

0.18

1.52

AQR

Emerging

Multi-Style

II

Fund

–

Class

R6

.....................................

0.23

1.96

AQR

Small

Cap

Momentum

Style

Fund

–

Class

I

...................................

0.03

0.12

AQR

Small

Cap

Momentum

Style

Fund

–

Class

N

..................................

(0.02)

(0.11)

AQR

Small

Cap

Momentum

Style

Fund

–

Class

R6

.................................

0.06

0.22

AQR

International

Defensive

Style

Fund

–

Class

I

..................................

0.28

2.14

AQR

International

Defensive

Style

Fund

–

Class

N

.................................

0.22

1.57

AQR

International

Defensive

Style

Fund

–

Class

R6

................................

0.30

2.27

AQR

International

Equity

Fund

–

Class

I

.........................................

0.21

1.86

AQR

International

Equity

Fund

–

Class

N

........................................

0.20

1.74

AQR

International

Equity

Fund

–

Class

R6

.......................................

0.23

1.93

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

International

Equity

Fund

–

Class

I

.........................................

$

0.22

2.18%

AQR

International

Equity

Fund

–

Class

N

........................................

0.23

2.32

AQR

International

Equity

Fund

–

Class

R6

.......................................

0.23

2.15

10

For

the

period

ended

September

30,

2022,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been

as

follows:

11

For

the

period

ended

September

30,

2021,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been

as

follows:

12

The

amount

shown

for

a

share

outstanding

throughout

the

period

is

not

indicative

of

the

aggregate

net

realized

and

unrealized

gain

(loss)

for

that

period

because

of

the

timing

of

sales

and

repurchases

of

the

Fund

shares

in

relation

to

fluctuating

market

value

of

the

investments

in

the

Fund.

13

For

the

period

ended

September

30,

2018,

certain

Funds

received

special

dividends.

Had

these

special

dividends

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been

as

follows:

14

Amount

is

less

than

$.005

per

share.

15

For

the

period

ended

September

30,

2022,

the

AQR

International

Equity

Fund

received

income

and

incurred

expenses

related

to

European

Union

("EU")

tax

reclaims,

and

also

incurred

expenses

related

to

the

closing

agreement

with

the

IRS.

Without

these

costs

and

income,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been:

127

Financial

Highlights

AQR

Funds

|

Annual

Report

|

September

2022

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

September

30,

2022

FUND

Expenses,

Before

Reimbursements

and/or

Waivers

Expenses,

Net

of

Reimbursements

and/or

Waivers

AQR

International

Equity

Fund

–

Class

I

.........................................

1.18%

0.87%

AQR

International

Equity

Fund

–

Class

N

........................................

1.45

1.12

AQR

International

Equity

Fund

–

Class

R6

.......................................

1.13

0.77

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

International

Equity

Fund

–

Class

I

.........................................

$

0.21

2.02%

AQR

International

Equity

Fund

–

Class

N

........................................

0.02

0.25

AQR

International

Equity

Fund

–

Class

R6

.......................................

0.26

2.25

FUND

NET

INVESTMENT

INCOME

PER

SHARE

NET

INVESTMENT

INCOME

RATIO

AQR

International

Equity

Fund

–

Class

I

.........................................

$

0.12

1.32%

AQR

International

Equity

Fund

–

Class

N

........................................

0.11

1.19

AQR

International

Equity

Fund

–

Class

R6

.......................................

0.15

1.58

16

For

the

period

ended

September

30,

2022,

the

AQR

International

Equity

Fund

incurred

expenses

related

to

EU

tax

reclaims

and

the

closing

agreement

with

the

IRS.

Without

these

costs,

the

Expenses,

Before

Reimbursements

and/or

Waivers

and

Expenses,

Net

of

Reimbursements

and/or

Waivers

would

have

been:

17

For

the

period

ended

September

30,

2021,

the

AQR

International

Equity

Fund

received

EU

tax

reclaims.

Had

these

EU

tax

reclaims

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been

as

follows:

18

For

the

period

ended

September

30,

2020,

the

AQR

International

Equity

Fund

received

EU

tax

reclaims.

Had

these

EU

tax

reclaims

not

been

received,

the

Net

Investment

Income

Per

Share

and

Net

Investment

Income

Ratio

would

have

been

as

follows:

128

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

1.

Organization

AQR

Funds

(the

“Trust”),

was

organized

as

a

Delaware

statutory

trust

on

September

4,

2008.

The

Trust

is

an

open-end

management

investment

company,

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

As

of

September

30,

2022,

the

Trust

consists

of

twenty-

three

active

series, eleven

of

which

are

presented

in

this

book

(collectively,

the

“Funds”

and

each

individually

a

“Fund”):

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Emerging

Multi-Style

II

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Large

Cap

Defensive

Style

Fund,

AQR

International

Defensive

Style

Fund,

AQR

Global

Equity

Fund

and

AQR

International

Equity

Fund.

The

remaining

active

series

are

reported

in

a

separate

book.

AQR

Capital

Management,

LLC

(the

“Adviser”)

serves

as

the

investment

adviser

of

each

Fund.

The

investment

objective

of

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Global

Equity

Fund,

AQR

International

Equity

Fund

and AQR

Emerging

Multi-Style

II

Fund is

to

seek

long-term

capital

appreciation.

The

investment

objective

of

AQR

Large

Cap

Defensive

Style

Fund

and

AQR

International

Defensive

Style

Fund

is

to

seek

total

return.

Each

Fund

offers

Class

I,

Class

N

and

Class

R6

shares.

2.

Reorganization

On

March

8

and

March

15,

2021,

certain

Funds

(each,

an

“Acquiring

Fund”)

acquired

all

of

the

net

assets

of

another

existing

AQR

Fund

(each,

a

“Target

Fund”),

indicated

below,

pursuant

to

the

Agreement

and

Plan

of

Reorganization

approved

by

the

Funds’

Board

of

Trustees

in

November

2020.

Each

transaction

is

referred

to

as

a

“Reorganization”

and

the

transactions

are

referred

to

collectively

as

the

“Reorganizations.”

The

purpose

of

the

Reorganizations

was

to

combine

two

funds

with

comparable

investment

objectives

in

an

effort

to

achieve

operating

efficiencies

and

economies

of

scale.

The

securities

(and

cash)

held

by

the

Target

Funds

were

the

principal

amounts

acquired

by

the

Acquiring

Funds.

As

a

result

of

the

Reorganizations,

the

Acquiring

Funds

are

the

legal

and

accounting

survivors.

The

Acquiring

Fund

and

Target

Fund

for

each

Reorganization

are

shown

in

the

table

below:

ACQUIRING

FUNDS

TARGET

FUNDS

REORGANIZATION

DATE

AQR

Large

Cap

Multi-Style

Fund

AQR

TM

Large

Cap

Multi-Style

Fund

March

8,

2021

AQR

Small

Cap

Multi-Style

Fund

AQR

TM

Small

Cap

Multi-Style

Fund

March

15,

2021

AQR

International

Multi-Style

Fund

AQR

TM

International

Multi-Style

Fund

March

8,

2021

AQR

TM

Emerging

Multi-Style

Fund*

AQR

Emerging

Multi-Style

Fund

March

8,

2021

AQR

Large

Cap

Momentum

Style

Fund

AQR

TM

Large

Cap

Momentum

Style

Fund

March

8,

2021

AQR

Small

Cap

Momentum

Style

Fund

AQR

TM

Small

Cap

Momentum

Style

Fund

March

15,

2021

AQR

International

Momentum

Style

Fund

AQR

TM

International

Momentum

Style

Fund

March

15,

2021

*

Effective

upon

the

closing

of

this

Reorganization,

the

name

of

the

“AQR

TM

Emerging

Multi-Style

Fund”

was

changed

to

“AQR

Emerging

Multi-Style

II

Fund.”

129

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

Reorganizations

were

accomplished

by

a

tax-free

exchange

of

shares

then

outstanding

of

the

same

share

class

of

the

Target

Funds

at

their

respective

net

asset

values

on

March

5

and

March

12,

2021,

respectively,

in

the

following

amounts

and

at

the

following

conversion

ratios:

Distributable

amounts

of

net

income

and

realized

gains

from

the

Target

Funds

were

distributed

prior

to

the

Reorganizations.

As

a

result

of

the

Reorganizations,

the

Acquiring

Funds’

net

assets

were

combined

with

the

Target

Funds’

net

assets,

including

unrealized

appreciation

amounts,

resulting

in

the

combined

net

assets

post

Reorganizations

shown

in

the

table

below:

ACQUIRING

FUND

SHARES

PRIOR

TO

TARGET

FUND

REORGANIZATION

CONVERSION

RATIO

SHARES

OF

ACQUIRING

FUND

ISSUED

IN

REORGANIZATION

AQR

Large

Cap

Multi-Style

Fund

Class

I

.................................................................

5,525,902

0.890629

4,921,526

Class

N

................................................................

158,844

0.885088

140,591

Class

R6

...............................................................

13,217,657

0.892380

11,795,167

AQR

Small

Cap

Multi-Style

Fund

Class

I

.................................................................

1,143,630

0.859896

983,402

Class

N

................................................................

288,094

0.860800

247,991

Class

R6

...............................................................

211,107

0.860378

181,631

AQR

International

Multi-Style

Fund

Class

I

.................................................................

1,796,579

0.965353

1,734,332

Class

N

................................................................

119,349

0.965842

115,272

Class

R6

...............................................................

15,749,851

0.968196

15,248,944

AQR

Emerging

Multi-Style

II

Fund

Class

I

.................................................................

3,756,878

0.947293

3,558,865

Class

N

................................................................

312,280

0.945761

295,342

Class

R6

...............................................................

16,944,635

0.948341

16,069,284

AQR

Large

Cap

Momentum

Style

Fund

Class

I

.................................................................

5,216,293

1.288867

6,723,107

Class

N

................................................................

212,216

1.283283

272,334

Class

R6

...............................................................

3,903,981

1.291903

5,043,566

AQR

Small

Cap

Momentum

Style

Fund

Class

I

.................................................................

1,942,933

1.030939

2,003,046

Class

N

................................................................

135,347

1.022310

138,366

Class

R6

...............................................................

207,334

1.034201

214,425

AQR

International

Momentum

Style

Fund

Class

I

.................................................................

4,199,742

0.877840

3,686,702

Class

N

................................................................

202,661

0.875726

177,475

Class

R6

...............................................................

3,571,928

0.876677

3,131,428

ACQUIRING

FUND/TARGET

FUND

ACQUIRING

FUND

NET

ASSETS

PRIOR

TO

REORGANIZATION

TARGET

FUND

NET

ASSETS

PRIOR

TO

REORGANIZATION

COMBINED

FUND

NET

ASSETS

POST

REORGANIZATION

TARGET

FUND

NET

UNREALIZED

APPRECIATION

AQR

Large

Cap

Multi-Style

Fund/

AQR

TM

Large

Cap

Multi-Style

Fund

.............

$

1,150,816,072

$

314,032,634

$

1,464,848,706

$

124,523,993

AQR

Small

Cap

Multi-Style

Fund/

AQR

TM

Small

Cap

Multi-Style

Fund

.............

130,315,750

26,893,978

157,209,728

10,894,639

AQR

International

Multi-Style

Fund/

AQR

TM

International

Multi-Style

Fund

...........

279,407,628

212,240,858

491,648,486

58,223,609

AQR

Emerging

Multi-Style

II

Fund/

AQR

Emerging

Multi-Style

Fund

................

402,853,427

254,056,199

656,909,626

61,233,335

AQR

Large

Cap

Momentum

Style

Fund/

AQR

TM

Large

Cap

Momentum

Fund

............

788,109,755

280,427,451

1,068,537,206

133,119,654

AQR

Small

Cap

Momentum

Style

Fund/

AQR

TM

Small

Cap

Momentum

Fund

............

251,959,787

64,534,933

316,494,720

30,188,500

AQR

International

Momentum

Style

Fund/

AQR

TM

International

Momentum

Fund

...........

456,914,126

126,421,347

583,335,473

37,884,254

130

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

For

financial

reporting

purposes,

net

asset

received

and

shares

issued

by

the

Acquiring

Funds

were

recorded

at

fair

value.

However,

the

cost

basis

of

the

investments

received

from

the

Target

Funds

was

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Funds’

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

3.

Significant

Accounting

Policies

Basis

of

Preparation:

The

Funds

are

investment

companies

and

apply

specialized

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standard

Codification

Topic

946

Financial

Services—Investment

Companies

.

The

accounting

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“GAAP”).

Use

of

Estimates:

The

preparation

of

the

financial

statements

in

conformity

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities,

if

any,

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

such

differences

could

be

material. 

Valuation

of

Investments:

All

securities

and

other

investments

are

recorded

at

their

estimated

fair

value,

as

described

in

Note

5.

Cash:

Cash

comprises

U.S.

dollar

and

foreign

currency

deposits

held

at

a

custodian

bank(s)

which

may

exceed

insured

limits.

The

Funds

are

subject

to

risk

to

the

extent

that

the

institutions

may

be

unable

to

fulfill

their

obligations.

Due

to/from

Brokers:

Due

to/from

brokers

represents

cash

balances

on

deposit

with,

or

cash

balances

owed

to,

the

Funds’

prime

brokers

and

counterparties.

The

Funds

are

subject

to

credit

risk

should

the

prime

brokers

and

counterparties

be

unable

to

meet

their

obligations

to

the

Funds.

Foreign

Currency

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

denominated

assets

and

liabilities

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

at

the

valuation

date.

Transactions

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

date

of

the

transaction.

The

Funds’

income

earned

and

expense

incurred

in

foreign

denominated

currencies

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

date

of

such

activity.

The

Funds

do

not

separately

disclose

that

portion

of

the

results

of

operations

arising

from

changes

in

the

foreign

exchange

rates

on

investments

and

derivatives

from

the

fluctuations

that

result

from

changes

in

the

market

prices

of

investments

and

derivatives

held

or

sold

during

the

period.

Accordingly,

such

foreign

currency

gains

(losses)

are

included

in

the

reported

net

realized

gain

(loss)

from

transactions

in

investment

securities

and

derivatives

and

net

change

in

unrealized

appreciation

(depreciation)

on

investment

securities

and

derivatives

on

the

Statements

of

Operations.

Realized

gains

(losses)

from

settlement

of

foreign

currency

and

foreign

currency

transactions

reported

on

the

Statements

of

Operations

arise

from

the

disposition

of

foreign

currency

and

a

change

between

the

amounts

of

dividends,

interest

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

on

the

transaction

date

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Changes

in

unrealized

appreciation

(depreciation)

on

foreign

currency

and

foreign

currency

translations

reported

on

the

Statements

of

Operations

arise

from

changes

(due

to

the

changes

in

the

exchange

rate)

in

the

value

of

foreign

currency

and

assets

and

liabilities

(other

than

investments)

denominated

in

foreign

currencies,

which

are

held

at

period

end.

Investment

Transactions

and

Related

Income:

Investment

transactions

are

accounted

for

on

trade

date

(the

date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

investment

transactions

are

calculated

on

a

specifically

identified

cost

basis.

Interest

income

is

recorded

on

an

accrual

basis

using

the

effective

interest

method,

which

results

in

coupon

interest

being

adjusted

for

amortization

of

premiums

and

accretion

of

discounts,

when

applicable.

Non-cash

dividends

included

in

dividend

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received.

The

Funds

record

distributions

received

in

excess

of

income

from

underlying

investments,

such

as

real

estate

investment

trusts,

as

a

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

(if

actual

amounts

are

not

available)

and

actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The

Funds

adjust

the

estimated

amounts

of

components

of

distributions

(and

consequently

net

investment

income)

as

necessary

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

The

Funds

may

be

subject

to

foreign

taxes

on

income,

capital

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

Dividend

income

(expense)

net

of

foreign

taxes

withheld,

if

any,

is

recorded

on

the

ex-dividend

date

or

when

the

Fund

first

learns

of

the

ex-dividend

date

notification.

The

Funds

may

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

withheld.

Income

recognized,

if

any,

for

these

reclaims

is

reflected

as

Dividend

income

in

the

Statements

of

Operations.

Additionally,

there

may

be

reclaims

that

include amounts

withheld

in

prior

years,

which

may

be

reclaimable

based

upon

certain

provisions

in

the

Treaty

on

the

Functioning

of

the

European

Union

(“EU”)

and

subsequent

rulings

by

the

European

Court

of

Justice

(“ECJ”).

Income

recognized

related

to

EU

reclaims

pursuant

to

the

ECJ

rulings

are

reflected

as

European

Union

tax

reclaims

on

the

Statements

of

Operations,

if

material.

These

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability.

Expenses

incurred

related

to

EU

reclaims

that

are

contingent

upon

successful

receipt

of

EU

reclaims

are

reflected

in

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations,

if

material.

131

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

In

certain

circumstances

and

to

the

extent

that

EU

tax

reclaims

recognized

by

a

Fund

exceed

foreign

withholding

tax

paid,

and

the

Fund

previously

passed-through

foreign

tax

credits

to

its

U.S.

taxable

shareholders,

a

Fund

may

enter

into

a

closing

agreement

with

the

U.S.

Internal

Revenue

Service

(the

“IRS”)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

its

shareholders.

AQR

International

Equity

Fund

intends

to

execute

a

closing

agreement

with

the

IRS

as

a

result

of

overstated

foreign

tax

credits

reported

to

shareholders.

The

estimated

tax

expense

and

associated

fees,

none

of

which

have

yet

been

paid,

related

to

AQR

International

Equity

Fund’s

closing

agreement

liability

are

presented

as

“IRS

compliance

fee

and

related

expenses”

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

Multi-class

Operations:

Each

class

of

shares

offered

by

the

Trust

has

equal

rights

as

to

earnings,

assets

and

voting

privileges,

except

that

each

class

may

bear

different

sub-transfer

agency

and

distribution

fees

and

shareholders

of

a

class

have

exclusive

voting

rights

regarding

any

matter

relating

solely

to

that

class

of

shares.

Income,

non-class

specific

expenses,

and

realized

gain

(loss)

and

change

in

unrealized

appreciation

(depreciation)

are

allocated

daily

to

each

class

of

shares

based

upon

the

proportion

of

relative

net

assets

at

the

beginning

of

each

day.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

each

Fund.

Trust

level

expenses

are

allocated

among

the

Funds

based

on

the

ratio

of

average

net

assets

or

other

reasonable

methodology.

Certain

Funds

may

invest

in

other

investment

companies,

including

affiliated

funds,

and,

as

a

result,

indirectly

bear

a

portion

of

the

advisory

and

operating

expenses

incurred

by

these

entities.

Such

expenses

are

not

reflected

in

the

expenses

shown

on

the

Statements

of

Operations

and

are

not

included

in

the

ratios

to

average

net

assets

shown

on

the

Financial

Highlights.

Federal

Income

Taxes:

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Each

Fund

intends

to

qualify

as

a

“Regulated

Investment

Company” 

("RIC")

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

If

so

qualified,

each

Fund

will

not

be

subject

to

federal

income

tax

to

the

extent

it

distributes

substantially

all

of

its

net

investment

income

and

capital

gains

to

shareholders.

Accordingly,

no

provision

for

Federal

income

tax

is

necessary.

The

Adviser

evaluates

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

the

Funds’

tax

returns

to

determine

whether

the

tax

positions

are

“more-likely-than-not”

to

be

sustained

if

challenged

by

the

applicable

tax

authority.

Tax

positions

deemed

to

meet

the more-likely-than-

not

threshold

would

be

recorded

as

a

tax

benefit

or

expense

in

the

current

year.

The

Funds

are

required

to

analyze

all

open

tax

years.

Open

tax

years

are

those

years

that

are

open

for

examination

by

the

relevant

income

taxing

authority.

The

Funds

have

determined

that

there

is

no

tax

liability/benefit

resulting

from

uncertain

income

tax

positions

taken

or

expected

to

be

taken

for

any

of

the

Funds'

open

tax

years.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

expense/benefit

will

materially

change

in

the

next

twelve

months.

The

returns

of

the

Funds

for

the

prior

three

fiscal

years

as

well

as

current

year,

or

since

inception

if

shorter,

are

open

for

examination. As

of

September

30,

2022,

the

Funds

had

no

examinations

in

progress.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

Funds

intend

to

declare

and

distribute

substantially

all

of

their

net

investment

income

and

net

realized

capital

gains,

if

any,

at

least

annually.

Income

and

capital

gain

distributions

will

be

determined

in

accordance

with

federal

income

tax

regulations

which

may

differ

from

GAAP.

Differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

in

the

financial

statements

to

reflect

their

tax

character.

Temporary

differences

arise

when

certain

items

of

income,

expense,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes.

These

differences

will

reverse

at

some

time

in

the

future.

Differences

in

classification

may

also

result

from

the

treatment

of

short-term

gains

as

ordinary

income

for

tax

purposes.

As

a

result,

income,

dividends

and

capital

gain

distributions

declared

during

a

fiscal

period

may

differ

significantly

from

the

net

investment

income

(loss)

and

realized

gain

(loss)

reported

on

the

Funds’

financial

statements

presented

under

GAAP. 

The

Funds

utilize

earnings

and

profits

distributed

to

shareholders

on

redemptions

of

Fund

shares

as

part

of

the

dividends

paid

deduction. Distributions

classified

as

a

tax

basis

return

of

capital,

if

any,

are

reflected

on

the

Statements

of

Changes

in

Net

Assets

and

have

been

recorded

to

paid

in

capital.

Indemnification:

In

the

normal

course

of

business,

the

Funds

may

enter

into

various

agreements

that

provide

for

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

any

potential

exposure

involves

future

claims

that

may

be

made

against

the

Funds.

However,

based

on

experience,

the

Funds

expect

the

risk

of

loss

to

be

remote.

4.

Securities

and

Other

Investments 

Affiliate

Investments:

Certain

investments

may

be

classified

as

an

affiliate

or

a

controlled

affiliate

of

the

Funds

on

the

Schedule

of

Investments.

Section

2a-3

of

the

1940

Act

defines

an

affiliate

as,

among

other

things,

a

company

in

which

a

Fund

owns

at

least

5%

of

the

outstanding

voting

securities

as

well

as

an

issuer

which

is

under

common

control

with

another

fund

or

Trust.

Further,

pursuant

to

the

1940

Act,

control

is

presumed

to

exist

when,

among

other

things,

a

Fund

owns

more

than

25%

of

the

outstanding

voting

securities

of

a

portfolio

company.

Additionally,

certain

Funds

may

invest

in

the

Limited

Purpose

Cash

Investment

Fund

(the

“LPCI

Fund”),

which

is

managed

by

UBS

Asset

Management

(Americas)

Inc.

The

LPCI

Fund

is

a

registered

investment

company

under

the

1940

Act

and

is

subject

to

the

money

market

regulations

as

prescribed

in

Rule

2a-7

of

the

1940

Act.

Pursuant

to

the

LPCI

Fund’s

eligibility

requirements,

shares

of

the

LPCI

Fund

are

only

available

for

sale

to

the

Adviser

and

funds

advised

by

the

Adviser.

The

LPCI

Fund

may

be

considered

an

affiliated issuer

of

some

of

the

Funds

in

the

Trust.

However,

the

Funds

do

not

invest

in

the

LPCI

Fund

for

the

purpose

of

exercising

significant

influence

over

its

management,

board

or

policies.

A

summary

of

transactions

with

each

affiliated issuer

is

included

in

the

Schedules

of

Investments,

if

applicable.

132

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

Futures

Contracts:

Certain

Funds

invest

in

futures

contracts

as

part

of

their

primary

investment

strategy

and

to

equitize

its

cash

flows.

Investments

in

futures

may

increase

or

decrease

exposure

to

a

particular

market.

In

the

event

of

a

bankruptcy

or

insolvency

of

a

futures

commission

merchant

that

holds

margin

on

behalf

of

the

Funds,

the

Funds

may

not

receive

the

return

of

the

entire

margin

owed

to

the

Funds,

potentially

resulting

in

a

loss.

A

change

in

market

value

of

an

open

futures

contract

is

recorded

in

the

Statements

of

Operations

as

net

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts.

A

realized

gain

(loss)

represents

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed

or

expired,

and

is

reported

in

the

Statements

of

Operations.

The

use

of

long

futures

contracts

subjects

the

Funds

to

risk

of

loss

in

excess

of

the

variation

margin

on

the

Statements

of

Assets

and

Liabilities.

The

use

of

short

futures

contracts

subjects

the

Funds

to

unlimited

risk

of

loss.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

after

each

Fund’s

Schedule

of

Investments.

Forward

Foreign

Currency

Exchange

Contracts:

Certain

Funds

buy

and

sell

forward

foreign

currency

exchange

contracts,

which

are

agreements

between

two

parties

to

buy

and

sell

currencies

at

a

set

price

on

a

future

date.

These

contracts

are

used

to

protect

against

a

decline

in

value

relative

to

the

U.S.

dollar

of

the

currencies

in

which

portfolio

securities

are

denominated

or

quoted

(or

an

increase

in

the

value

of

a

currency

in

which

securities

that

a

Fund

intends

to

buy

are

denominated,

when

a

Fund

holds

cash

reserves

and

short

term

investments),

or

for

other

investment

purposes.

The

market

value

of

the

contract

will

fluctuate

with

changes

in

currency

exchange

rates.

The

contract

is

marked

to

market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

or

depreciation.

When

the

contract

is

closed,

the

Funds

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The

Funds

could

be

exposed

to

risk

if

the

value

of

the

currency

changes

unfavorably,

if

the

counterparties

to

the

contracts

are

unable

to

meet

the

terms

of

their

contracts

or

if

the

Funds

are

unable

to

enter

into

a

closing

position.

Risks

may

exceed

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

U.S.

dollars

without

the

delivery

of

foreign

currency.

Forward

foreign

currency

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

after

each

Fund’s

Schedule

of

Investments.

Swap

Contracts:

Certain

Funds

engage

in

various

swap

transactions

to

manage

risks

within

their

portfolios

or

as

alternatives

to

direct

investments.

Swap

transactions

may

be

privately

negotiated

in

the

over-the-counter

(“OTC”)

market

where

payments

are

settled

through

direct

payments

between

a

Fund

and

the

counterparty.

By

contrast,

certain

swap

transactions

are

subject

to

mandatory

central

clearing

(“centrally

cleared

swaps”).

These

swaps

are

executed

through

a

derivatives

clearing

member

(“DCM”),

acting

in

an

agency

capacity,

and

submitted

to

a

central

counterparty

(“CCP”),

in

which

case

all

payments

are

settled

with

the

CCP

through

the

DCM.

For

centrally

cleared

swaps,

the

Schedules

of

Investments

include

the

cumulative

appreciation

(depreciation),

while

only

the

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

For

credit

default

and

interest

rate

contracts,

an

upfront

payment

received

by

a

Fund

is

recorded

as

a

liability

and

an

upfront

payment

made

by

a

Fund

is

recorded

as

an

asset

on

the

Fund’s

Statement

of

Assets

and

Liabilities.

Upfront

payments

are

amortized

over

the

term

of

the

contract.

If

there

is

no

upfront

payment

or

receipt,

market

value

will

equal

unrealized

appreciation

(depreciation).

Payments

received

(paid)

by

a

Fund

are

recorded

as

realized

gains

(losses)

from

the

expiration

at

a

periodic

reset

date

or

closing

of

swap

contracts

in

the

Statements

of

Operations.

The

Funds’

use

of

swap

contracts

creates

additional

risks

beyond

those

that

would

exist

if

the

Funds

invested

in

the

underlying

positions

directly.

Total

Return

Swap

Contracts:

Certain

Funds

invest

in

total

return

swaps

to

obtain

exposure

to

the

underlying

referenced

instruments,

obtain

leverage

or

attain

the

returns

from

ownership

without

actually

owning

the

underlying

position.

Total

return

swaps

are

two-party

contracts

that

generally

obligate

one

party

to

pay

the

positive

return

and

the

other

party

to

pay

the

negative

return

on

a

specified

reference

security,

security

index

or

index

component

during

the

period

of

the

swap.

Total

return

swap

contracts

are

marked

to

market

daily

and

the

change,

if

any,

is

recorded

as

net

change

in

appreciation

(depreciation)

on

swap

contracts

in

the

Statements

of

Operations.

Total

return

swaps

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

If

the

counterparty

to

a

total

return

swap

contract

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

payments

the

Fund

is

contractually

entitled

to

receive,

if

any.

The

use

of

long

total

return

swap

contracts

subject

the

Funds

to

risk

of

loss

in

excess

of

the

amounts

shown

on

the

Statements

of

Assets

and

Liabilities.

The

use

of

short

total

return

swaps

subject

the

Funds

to

potential

unlimited

loss.

Periodic

payments

received

(paid)

by

the

Funds

are

recorded

as

realized

gains

(losses)

from

the

expiration

or

closing

of

swap

contracts

in

the

Statements

of

Operations.

Total

return

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

after

each

Fund’s

Schedule

of

Investments. 

Securities

Lending:

Certain

Funds

may

lend

securities

to

qualified

borrowers

approved

by

the

Adviser

in

order

to

generate

additional

income.

Securities

loaned

are

collateralized

by

cash

or

securities

issued

by

the

U.S.

Treasury

valued

at

102%

to

105%

of

the

market

value

of

the

securities

on

loan.

The

Funds

may

invest

cash

collateral

in

money

market

funds

as

indicated

on

the

Schedule

of

Investments.

The

Funds

bear

the

risk

of

loss

associated

with

the

collateral

investments

and

are

not

entitled

to

additional

collateral

from

the

borrower

to

cover

any

such

losses.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received.

When

this

occurs,

the

collateral

is

adjusted

and

settled

on

the

next

business

day.

Securities

lending

also

involves

counterparty

risks,

including

the

risk

that

the

loaned

securities

may

not

be

returned

in

a

timely

manner

or

at

all.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

lending

agent

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

If,

despite

such

efforts

by

the

lending

agent

to

exercise

these

remedies,

the

Funds

sustain

losses

as

a

result

of

a

borrower’s

default,

the

lending

agent

indemnifies

the

Funds

by

purchasing

replacement

securities

at

its

expense,

or

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

replacement

securities,

subject

to

certain

limitations

which

are

set

forth

in

the

Securities

Lending

Agency

Agreement

between

the

Funds

and

the

lending

agent.

Non-cash

collateral

received,

if

any,

is

disclosed

in

a

footnote

to

the

Schedules

of

Investments

for

each

Fund.

Securities

lending

income,

net

on

the

Statements

of

Operations

represents

fees

charged

to

borrowers

plus

income

earned

on

invested

cash

collateral

and

non-cash

collateral,

less

expenses

associated

with

the

loan.

Certain

of

the

securities

on

loan

may

have

been

sold

prior

to

the

close

of

the

reporting

period

and

are

included

in

Receivables

for

Securities

Sold

on

the

Statements

of

Assets

and

Liabilities.

Security

loans

can

be

terminated

at

the

discretion

of

either

the

lending

agent

or

the

Fund

and

the

related

securities

must

be

returned

within

the

earlier

of

the

standard

trade

settlement

period

for

such

securities

or

within

three

business

days.

At

period

end,

Funds

with

investments

securities

on

loan

disclose

the

balance

of

such

securities

on

loan

in

the

footnotes

to

the

Schedule

of

Investments. The

fair

value

of

the

Funds'

investment

securities

on

loan

and

a

related

liability

for

collateral

received

on

securities

loaned

are

both

presented

gross

on

the

Statements

of

Assets

and

Liabilities.

133

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

Funds

halted

participation

in

the

program

as

of September

30,

2022.

Master

Agreements:

Certain

Funds

are

parties

to

master

netting

arrangements

with

counterparties

(“Master

Agreements”).

Master

Agreements

govern

the

terms

of

certain

like

transactions

and

reduce

the

counterparty

risk

associated

with

relevant

transactions

by

specifying

payment

netting

mechanisms

across

multiple

transactions

and

providing

standardization

that

improves

legal

certainty.

Since

different

types

of

transactions

have

different

mechanics

and

are

sometimes

traded

by

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

Master

Agreement,

resulting

in

the

need

for

multiple

Master

Agreements

with

a

counterparty

and

its

affiliates.

As

the

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

the

Funds

to

(i)

close

out

and

net

their

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

Master

Agreement

with

a

counterparty,

(ii)

exit

transactions

through

means

other

than

sale,

such

as

through

a

negotiated

agreement

with

the

Funds’

counterparty,

a

transfer

to

another

party,

or

close

out

of

the

position

through

execution

of

an

offsetting

transaction.

Prime

Broker

Arrangements

may

be

entered

into

to

facilitate

execution

and/or

clearing

of

equities,

bonds,

equity

options

or

short

sales

of

securities

between

certain

Funds

and

selected

counterparties.

These

arrangements

provide

financing

terms

for

such

transactions

and

include

guidelines

surrounding

the

rights,

obligations,

and

other

events,

including,

but

not

limited

to,

margin,

execution,

and

settlement.

These

agreements

maintain

provisions

for

payments,

maintenance

of

collateral,

events

of

default,

and

termination.

Margin

and

other

assets

delivered

as

collateral

are

typically

held

by

the

prime

broker

and

offset

any

obligations

due

to

the

prime

broker.

Customer

Account

Agreements

govern

cleared

derivatives

transactions

and

exchange-traded

futures

and

options

transactions.

Upon

entering

into

an

exchange-traded

or

centrally

cleared

derivative

contract,

the

Funds

are

required

to

deposit

with

the

relevant

clearing

organization

cash

or

securities,

which

are

referred

to

as

the

initial

margin.

Securities

deposited

as

initial

margin

are

designated

on

the

Schedules

of

Investments

and

cash

deposited

is

recorded

as

Deposits

with

brokers

for

centrally

cleared

swaps

and

Deposits

with

brokers

for

futures

contracts

on

the

Statements

of

Assets

and

Liabilities.

For

exchange-traded

futures

or

centrally

cleared

swaps,

initial

margin

is

posted,

and

daily

changes

in

fair

value

are

recorded

as

a

payable

or

receivable

on

the

Statements

of

Assets

and

Liabilities

as

Variation

margin

on

centrally

cleared

swaps

and

Variation

margin

on

futures

contracts.

Variation

margin

is

determined

separately

for

exchange-traded

futures

and

centrally

cleared

swaps

and

cannot

be

netted.

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

and

Credit

Support

Annexes

(“ISDA

Master

Agreements”)

govern

OTC

derivative

transactions

entered

into

between

certain

Funds

and

a

counterparty.

ISDA

Master

Agreements

maintain

provisions

for

general

obligations,

representations,

netting

of

settlement

payments,

agreements

to

deliver

supporting

documents,

collateral

transfer

and

events

of

default

or

termination.

Events

of

termination

include

a

decline

in

the

Fund’s

net

assets

below

a

specified

threshold

over

a

certain

period

of

time

or

a

decline

in

the

counterparty’s

long-term

and

short-term

credit

ratings

below

a

specified

level.

In

each

case,

upon

occurrence,

the

other

party

may

elect

to

terminate

early

and

cause

settlement

of

all

OTC

contracts

outstanding,

including

the

payment

of

any

losses

and

costs

resulting

from

such

early

termination,

as

reasonably

determined

by

the

terminating

party.

Any

decision

by

a

party

to

elect

early

termination

could

be

material

to

the

financial

statements

and

impact

a

Fund’s

future

derivative

activity.

Collateral

pledged

by

a

Fund

for

OTC

derivatives

pursuant

to

a

Master

Agreement

is

segregated

by

the

Fund’s

custodian

and

identified

as

an

asset

in

the

Statements

of

Assets

and

Liabilities

either

as

a

component

of

Investments

in

securities,

at

value

(securities)

or

in

Due

from

brokers

(cash).

Collateral

and

margin

requirements

differ

according

to

the

terms

of

each

type

of

Master

Agreement.

Collateral

is

routinely

transferred

if

the

total

net

exposure

net

of

existing

collateral

already

in

place

governed

under

the

relevant

Master

Agreement

with

a

counterparty

in

a

given

account

exceeds

a

specified

threshold.

Collateral

can

be

in

the

form

of

cash,

debt

securities

issued

by

the

U.S.

government,

money

market

funds

and

other

securities

as

agreed

to

by

the

Fund

and

the

applicable

counterparty,

or

as

permitted

by

the

clearing

house

or

exchange.

Collateral

posted

for

the

benefit

of

a

Fund

pursuant

to

a

Master

Agreement

is

held

by

a

custodian

of

the

Fund.

Amounts

which

can

be

invested

or

repledged,

are

presented

in

the

Fund’s

Schedule

of

Investments.

Segregation

of

a

Fund’s

collateral

in

the

custodian

account

helps

mitigate

counterparty

risk.

Collateral

received

is

reflected

as

a

liability

within

Due

to

brokers

in

the

Statements

of

Assets

and

Liabilities.

As

governed

by

the

relevant

Master

Agreements,

interest

expense

may

be

incurred

if

a

counterparty

charges

the

Fund

interest

on

collateral

posted

directly

to

a

Fund’s

custodian

account.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

subject

to

master

netting

agreements

on

the

Statements

of

Assets

and

Liabilities.

5.

Investment

Valuation

and

Fair

Value

Measurements 

Investment

Valuation

Policies:

The

Net

Asset

Value

(“NAV”)

of

the

Funds’

shares

are

valued

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

(normally

4:00

p.m.

Eastern

time)

on

each

day

that

the

NYSE

is

open

(each

a

“Business

Day”).

The

NAV

per

share

of

each

class

within

each

Fund

is

computed

by

dividing

the

total

current

value

of

the

assets

of

such

Fund

attributable

to

a

class,

less

class

liabilities,

by

the

total

number

of

shares

of

that

class

of

the

Fund

outstanding

at

the

time

the

computation

is

made.

GAAP

defines

fair

value

as

the

price

the

Funds

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

For

purposes

of

calculating

the

NAV,

portfolio

securities

and

other

financial

derivative

instruments

are

valued

on

each

Business

Day

using

valuation

methods

as

adopted

by

the

Funds’

Board

of

Trustees

(the

“Board”).

134

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

Effective

September

8,

2022,

and

in

accordance

with

Rule

2a-5

under

the

1940

Act,

the

Board

has

designated

the

Adviser

as

the

Valuation

Designee

for

the

Funds

to

perform

fair

value

determinations.

The

Valuation

Designee

has

established

a

Valuation

Committee

to

assist

with

oversight

and

monitoring

of

the

valuation

of

the

Funds’

investments.

This

includes

administering,

implementing

and

overseeing

the

continual

appropriateness

of

valuation

approaches

applied

and

the

determination

of

adjustments

to

the

fair

valuation

of

portfolio

securities

and

other

financial

derivative

instruments

in

good

faith

after

consideration

of

market

factor

changes

and

events

affecting

issuers.

Where

market

quotes

are

readily

available,

fair

market

value

is

generally

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices,

or

if

no

sales

are

reported,

based

on

quotes

obtained

from

pricing

services

or

established

market

makers.

Where

market

quotations

are

not

readily

available,

or

if

an

available

market

quotation

is

determined

not

to

reflect

fair

value,

securities

or

financial

derivatives

are

valued

at

fair

value,

as

determined

in

good

faith

by

the Valuation

Committee

in

accordance

with

the

valuation

procedures

approved

by

the

Funds’

Board.

Using

fair

value

to

price

a

security

may

require

subjective

determinations

about

the

value

of

a

security

that

could

result

in

a

value

that

is

different

from

a

security’s

most

recent

closing

price

and

from

the

prices

used

by

other

mutual

funds

to

calculate

their

net

assets.

It

is

possible

the

estimated

values

may

differ

significantly

from

the

values

which

would

have

been

used

had

an

active

ready

market

for

the

investments

existed.

These

differences

could

be

material.

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

hierarchy.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Valuation

Techniques:

The

following

inputs

and

techniques

may

be

used

by

the

Funds

to

evaluate

how

to

classify

each

major

category

of

assets

and

liabilities

into

the

appropriate

fair

value

hierarchy

in

accordance

with

GAAP.

Equity

securities,

including

securities

sold

short,

rights,

exchange

options,

warrants,

Exchange-Traded

Funds

(“ETFs”)

and

closed-end

investment

companies,

are

valued

at

the

last

quoted

sales

prices

or

official

closing

prices

taken

from

the

primary

market,

or

composite

in

which

each

security

trades

and

are

therefore

classified

Level

1.

Investments

in

mutual

funds

are

valued

daily

at

their

NAVs

which

are

also

classified

as

Level

1.

An

equity

for

which

no

sales

are

reported,

as

in

the

case

of

a

security

that

is

traded

in

the

over-the-counter

market

or

a

less

liquid

listed

equity,

is

valued

at

its

last

bid

price

(in

the

case

of

short

sales,

at

the

ask

price)

and

is

therefore

classified

Level

2.

In

addition,

equities

traded

outside

of

the

Western

Hemisphere,

or

in

foreign

markets

that

close

at

4:00pm

Eastern

time

where

the

market

is

closed

due

to

a

holiday,

are

classified

Level

2

because

they

are

fair

valued

daily

based

on

the

application

of

a

fair

value

factor

(unless

the

Adviser

determines

that

use

of

another

valuation

methodology

is

appropriate).

The

Funds

apply

daily

fair

value

factors,

furnished

by

an

independent

pricing

service,

to

account

for

the

market

movement

between

the

close

of

the

foreign

market

and

the

close

of

the

NYSE.

The

pricing

service

uses

statistical

analysis

and

quantitative

models

to

adjust

local

market

prices

using

factors

such

as

subsequent

movement

and

changes

in

the

prices

of

indices,

American

Depositary

Receipts,

futures

contracts

and

exchange

rates

in

other

markets

in

determining

fair

value

as

of

the

time

a

Fund

calculates

its

net

asset

value.

Investments

classified

within

Level

3

have

significant

unobservable

inputs,

as

they

trade

infrequently

or

not

at

all.

Level

3

instruments

include

illiquid

securities.

When

observable

prices

are

not

available

for

these

securities,

the

Funds

may

use

one

or

more

valuation

approaches

(e.g.,

the

market

approach,

the

income

approach,

or

the

cost

approach),

including

proprietary

models

for

which

sufficient

and

reliable

data

is

available.

Within

Level

3,

the

market

approach

generally

is

based

on

the

technique

of

using

comparable

market

transactions,

while

the

use

of

the

income

approach

includes

the

estimation

of

future

cash

flows

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

durations

of

any

restrictions

on

the

disposition

of

the

investment

or

adjusted

as

appropriate

for

credit,

market

and/or

other

risk

factors.

135

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

inputs

used

by

the

Funds

in

estimating

the

value

of

Level

3

investments

include

the

original

transaction

price,

recent

transactions

in

the

same

or

similar

instruments,

completed

or

pending

third-party

transactions

in

the

underlying

investment

or

comparable

issuers,

subsequent

rounds

of

financing,

recapitalizations

and

other

transactions

across

the

capital

structure,

offerings

in

the

equity

or

debt

capital

markets,

changes

in

financial

ratios

or

cash

flows,

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

underlying

collateral,

and

other

unique

security

features.

Level

3

investments

may

also

be

adjusted

to

reflect

illiquidity

and/or

non-transferability,

with

the

amount

of

such

discount

estimated

by

the

Adviser

in

the

absence

of

market

information.

Assumptions

used

by

the

Funds

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

fair

value

of

the

investment. 

Exchange-traded

derivatives,

such

as

futures

contracts

and

exchange-traded

option

contracts,

are

typically

classified

within

Level

1

or

Level

2

of

the

fair

value

hierarchy

depending

on

whether

or

not

they

are

deemed

to

be

actively

traded.

Futures

and

option

contracts

that

are

listed

on

national

exchanges

and

are

freely

transferable

are

valued

at

fair

value

based

on

their

last

sales

price

on

the

date

of

determination

on

the

exchange

that

constitutes

the

principal

market.

For

option

contracts,

if

no

sales

occurred

on

such

date,

the

contracts

will

be

valued

at

the

mid

price

on

such

exchange

at

the

close

of

business

on

such

date.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

on

a daily

basis

using

quotations

provided

by

an

independent

pricing

service. 

OTC

derivatives,

including

forward

contracts

and

swap

contracts,

are

valued

by

the

Funds

on

a

daily

basis

using

observable

inputs,

such

as

quotations

provided

by

an

independent

pricing

service,

the

counterparty,

dealers

or

brokers,

whenever

available

and

considered

reliable.

The

value

of

each

total

return

swap

contract

and

total

return

basket

swap

contract

is

derived

from

a

combination

of

(i)

the

net

value

of

the

underlying

positions,

which

are

valued

daily

using

the

last

sale

or

closing

price

on

the

principal

exchange

on

which

the

securities

are

traded;

(ii)

financing

costs;

(iii)

the

value

of

dividends

or

accrued

interest;

(iv)

cash

balances

within

the

swap;

and

(v)

other

factors,

as

applicable. 

The

U.S.

dollar

value

of

forward

foreign

currency

exchange

contracts

is

determined

using

current

forward

currency

exchange

rates

supplied

by

an

independent

pricing

service. 

Generally,

a

valuation

model

is

used

consistently

for

similar

derivative

types.

In

instances

where

models

are

used,

the

value

of

an

OTC

derivative

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument

as

well

as

the

availability

and

reliability

of

observable

inputs.

Such

inputs

typically

may

include

market

prices

for

reference

securities,

yield

curves,

credit

spreads,

measures

of

volatility,

prepayment

rates

and

implied

correlations

of

such

inputs

which

are

obtained

from

outside

brokers

and/or

pricing

services

when

available.

Certain

OTC

derivatives,

such

as

generic

forwards,

swaps

and

options,

have

inputs

which

can

generally

be

corroborated

by

market

data

and

are

therefore

classified

within

Level

2.

Those

OTC

derivatives

that

have

less

liquidity

or

for

which

inputs

are

unobservable

are

classified

within

Level

3.

While

the

valuations

of

less

liquid

OTC

derivatives

may

utilize

some

Level

1

and/or

Level

2

inputs,

they

also

may

include

other

unobservable

inputs

which

may

be

considered

significant

to

the

fair

value

determination. 

136

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

Quantitative

Information

The

following

tables

represent

each

Fund’s

valuation

inputs

as

presented

on

the

Schedule

of

Investments:

AQR

LARGE

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

................................

$

890,669,650

$

–

$

–

$

890,669,650

Short-Term

Investments

...........................

39,848,077

–

–

39,848,077

Total

Assets

$

930,517,727

$

–

$

–

$

930,517,727

LIABILITIES

Futures

Contracts*

...............................

$

(3,804,561)

$

–

$

–

$

(3,804,561)

Total

Liabilities

$

(3,804,561)

$

–

$

–

$

(3,804,561)

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

................................

$

95,819,903

$

–

$

38,012

$

95,857,915

Preferred

Stocks

................................

34,091

–

–

34,091

Short-Term

Investments

...........................

5,855,500

–

–

5,855,500

Total

Assets

$

101,709,494

$

–

$

38,012

$

101,747,506

LIABILITIES

Futures

Contracts*

...............................

$

(447,802)

$

–

$

–

$

(447,802)

Total

Liabilities

$

(447,802)

$

–

$

–

$

(447,802)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

................................

$

40,334,325

$

314,715,555

$

–

$

355,049,880

Short-Term

Investments

...........................

14,940,581

–

–

14,940,581

Total

Assets

$

55,274,906

$

314,715,555

$

–

$

369,990,461

LIABILITIES

Futures

Contracts*

...............................

$

(1,693,100)

$

–

$

–

$

(1,693,100)

Total

Liabilities

$

(1,693,100)

$

–

$

–

$

(1,693,100)

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

................................

$

75,882,305

$

343,829,167

$

82,741

$

419,794,213

Short-Term

Investments

...........................

19,084,517

–

–

19,084,517

Total

Assets

$

94,966,822

$

343,829,167

$

82,741

$

438,878,730

LIABILITIES

Futures

Contracts*

...............................

$

(2,244,951)

$

–

$

–

$

(2,244,951)

Total

Liabilities

$

(2,244,951)

$

–

$

–

$

(2,244,951)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

................................

$

655,618,864

$

–

$

–

$

655,618,864

Short-Term

Investments

...........................

35,201,636

–

–

35,201,636

Total

Assets

$

690,820,500

$

–

$

–

$

690,820,500

LIABILITIES

Futures

Contracts*

...............................

$

(3,416,334)

$

–

$

–

$

(3,416,334)

Total

Liabilities

$

(3,416,334)

$

–

$

–

$

(3,416,334)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

................................

$

190,740,351

$

–

$

39,833

$

190,780,184

Short-Term

Investments

...........................

9,314,308

–

–

9,314,308

Total

Assets

$

200,054,659

$

–

$

39,833

$

200,094,492

137

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Futures

Contracts*

...............................

$

(893,772)

$

–

$

–

$

(893,772)

Total

Liabilities

$

(893,772)

$

–

$

–

$

(893,772)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

................................

$

55,846,074

$

247,734,767

$

–

$

303,580,841

Short-Term

Investments

...........................

11,968,708

–

–

11,968,708

Total

Assets

$

67,814,782

$

247,734,767

$

–

$

315,549,549

LIABILITIES

Futures

Contracts*

...............................

$

(1,434,759)

$

–

$

–

$

(1,434,759)

Total

Liabilities

$

(1,434,759)

$

–

$

–

$

(1,434,759)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

................................

$

3,789,376,451

$

–

$

–

$

3,789,376,451

Short-Term

Investments

...........................

148,902,839

–

–

148,902,839

Total

Assets

$

3,938,279,290

$

–

$

–

$

3,938,279,290

LIABILITIES

Futures

Contracts*

...............................

$

(13,728,699)

$

–

$

–

$

(13,728,699)

Total

Liabilities

$

(13,728,699)

$

–

$

–

$

(13,728,699)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

................................

$

30,931,556

$

193,100,355

$

–

$

224,031,911

Short-Term

Investments

...........................

9,471,773

–

–

9,471,773

Total

Assets

$

40,403,329

$

193,100,355

$

–

$

233,503,684

LIABILITIES

Futures

Contracts*

...............................

$

(960,364)

$

–

$

–

$

(960,364)

Total

Liabilities

$

(960,364)

$

–

$

–

$

(960,364)

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

................................

$

178,444,943

$

64,791,873

$

–

(a)

$

243,236,816

Short-Term

Investments

...........................

23,643,788

–

–

23,643,788

Futures

Contracts*

...............................

2,856,516

–

–

2,856,516

Forward

Foreign

Currency

Exchange

Contracts*

........

–

9,953,681

–

9,953,681

Total

Return

Swaps

Contracts*

......................

–

1,188,326

–

1,188,326

Total

Assets

$

204,945,247

$

75,933,880

$

–

(a)

$

280,879,127

LIABILITIES

Futures

Contracts*

...............................

$

(5,567,587)

$

–

$

–

$

(5,567,587)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(12,409,481)

–

(12,409,481)

Total

Return

Swaps

Contracts*

......................

–

(470,604)

–

(470,604)

Total

Liabilities

$

(5,567,587)

$

(12,880,085)

$

–

$

(18,447,672)

AQR

INTERNATIONAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

................................

$

19,372

$

21,890,011

$

–

(a)

$

21,909,383

Short-Term

Investments

...........................

3,232,342

–

–

3,232,342

Futures

Contracts*

...............................

252,931

–

–

252,931

Forward

Foreign

Currency

Exchange

Contracts*

........

–

520,342

–

520,342

Total

Return

Swaps

Contracts*

......................

–

143,954

–

143,954

Total

Assets

$

3,504,645

$

22,554,307

$

–

(a)

$

26,058,952

138

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

Transfers

to

Level

3

or

from

Level

3

are

generally

due

to

a

decline

or

an

increase

in

market

activity

(e.g.,

frequency

of

trades),

which

resulted

in

a

lack

of

or

increase

in

available

market

inputs

to

determine

price. 

The

fair

values

of

Level

3

investments

are

based

on

significant

unobservable

inputs

that

reflect

the

Adviser’s

determination

of

assumptions

that

market

participants

might

reasonably

use

in

valuing

the

securities.

Changes

in

significant

unobservable

inputs

could

cause

significant

changes

in

valuation

to

individual

securities

and

in

aggregate.

Fair

value

determinations

and

valuation

of

investments

that

are

not

actively

trading

involve

judgment

and

may

differ

materially

from

valuations

that

would

have

been

used

had

greater

market

activity

occurred.

Securities

classified

as

Level

3

in

the

Schedules

of

Investments

of

AQR

Small

Cap

Multi-Style

Fund,

AQR

Emerging

Multi-Style

II

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

Global

Equity

Fund

and AQR

International

Equity

Fund

are

considered

quantitatively

insignificant

for

additional

disclosure.

6.

Federal

Income

Tax

Matters

At

September

30,

2022,

the

cost

and

aggregate

gross

unrealized

appreciation

(depreciation)

of

long

security

positions,

short

security

positions

and

derivative

instruments

for

federal

income

tax

purposes

were

as

follows:

The

differences

between

book-basis

and

tax-basis

cost

of

investments

was

due

primarily

to

timing

differences

in

recognizing

certain

gains

and

losses

on

security

transactions

(e.g.

wash

sale

loss

deferrals

and

passive

foreign

investment

company

transactions

("PFIC").

As

of

September

30,

2022,

the

components

of

distributable

earnings

(accumulated

losses)

on

a

U.S.

federal

income

tax

basis

were

as

follows:  

AQR

INTERNATIONAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Futures

Contracts*

...............................

$

(351,111)

$

–

$

–

$

(351,111)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(1,021,943)

–

(1,021,943)

Total

Return

Swaps

Contracts*

......................

–

(148,693)

–

(148,693)

Total

Liabilities

$

(351,111)

$

(1,170,636)

$

–

$

(1,521,747)

*

Derivative

instruments,

including

futures,

forward

foreign

currency

exchange

and

total

return

swap

contracts,

are

reported

at

the

cumulative

unrealized

appreciation/

(depreciation)

of

the

instrument

within

the

Funds

Schedule

of

Investments.

Credit

default

swaps

and

interest

rate

swaps

contracts

are

reported

at

market

value.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

for

exchange-

traded

and

cleared

derivatives.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Security

has

zero

value.

FUND

COST

OF

INVESTMENTS

GROSS

UNREALIZED

APPRECIATION

GROSS

UNREALIZED

DEPRECIATION

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

AQR

Large

Cap

Multi-Style

Fund

...........................

$

621,809,010

$

326,743,836

$

(21,839,680)

$

304,904,156

AQR

Small

Cap

Multi-Style

Fund

............................

79,451,412

26,871,646

(5,023,354)

21,848,292

AQR

International

Multi-Style

Fund

..........................

375,457,803

32,538,843

(39,699,285)

(7,160,442)

AQR

Emerging

Multi-Style

II

Fund

...........................

444,105,556

60,439,071

(67,910,848)

(7,471,777)

AQR

Large

Cap

Momentum

Style

Fund

.......................

474,552,470

224,196,782

(11,345,086)

212,851,696

AQR

Small

Cap

Momentum

Style

Fund

.......................

174,185,078

36,591,214

(11,575,572)

25,015,642

AQR

International

Momentum

Style

Fund

.....................

274,534,582

56,306,177

(16,725,969)

39,580,208

AQR

Large

Cap

Defensive

Style

Fund

........................

2,772,814,820

1,214,119,722

(62,383,951)

1,151,735,771

AQR

International

Defensive

Style

Fund

......................

243,923,596

19,783,766

(31,164,042)

(11,380,276)

AQR

Global

Equity

Fund

..................................

277,231,338

36,983,077

(51,782,960)

(14,799,883)

AQR

International

Equity

Fund

.............................

28,563,382

1,357,365

(5,383,542)

(4,026,177)

FUND

UNDISTRIBUTED

ORDINARY

INCOME

UNDISTRIBUTED

LONG-TERM

CAPITAL

GAIN

UNREALIZED

APPRECIATION

(DEPRECIATION)

(a)

LOSS

CARRYFORWARDS

AND

DEFERRALS

(b)

OTHER

TEMPORARY

DIFFERENCES

(c)

TOTAL

ACCUMULATED

EARNINGS

(LOSS)

AQR

Large

Cap

Multi-Style

Fund

.................

$

10,839,532

$

77,019,163

$

304,904,155

$

—

$

—

$

392,762,850

AQR

Small

Cap

Multi-Style

Fund

.................

600,378

—

21,848,291

(733,789)

—

21,714,880

AQR

International

Multi-Style

Fund

.................

13,710,779

—

(7,314,252)

(22,780,255)

—

(16,383,728)

AQR

Emerging

Multi-Style

II

Fund

.................

18,161,281

—

(7,962,964)

(39,731,769)

—

(29,533,452)

139

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

As

of

September

30,

2022

,

the

effect

of

permanent

book/tax

reclassifications

resulted

in

increase

(decrease)

to

the

components

of

net

assets

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

The

reclassifications

generally

relate

to

net

operating

losses

and

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

Fund

shares.

These

reclassifications

have

no

impact

on

the

net

asset

values

of

the

Funds.

The

tax

character

of

distributions

paid

during

the

fiscal

years

ended September

30,

2022

and

September

30,

2021 were

as

follows:

During

the

year

ended

September

30,

2022,

the

Funds

did

not

utilize

any

capital

loss

carryforwards.

FUND

UNDISTRIBUTED

ORDINARY

INCOME

UNDISTRIBUTED

LONG-TERM

CAPITAL

GAIN

UNREALIZED

APPRECIATION

(DEPRECIATION)

(a)

LOSS

CARRYFORWARDS

AND

DEFERRALS

(b)

OTHER

TEMPORARY

DIFFERENCES

(c)

TOTAL

ACCUMULATED

EARNINGS

(LOSS)

AQR

Large

Cap

Momentum

Style

Fund

............

6,354,522

62,140,712

212,851,619

—

—

281,346,853

AQR

Small

Cap

Momentum

Style

Fund

............

612,394

—

25,015,638

(3,777,000)

—

21,851,032

AQR

International

Momentum

Style

Fund

............

9,659,312

—

39,432,178

(21,959,175)

—

27,132,315

AQR

Large

Cap

Defensive

Style

Fund

............

41,228,301

330,790,163

1,151,735,772

—

(698,819)

1,523,055,417

AQR

International

Defensive

Style

Fund

............

4,869,495

—

(11,435,867)

(13,835,883)

—

(20,402,255)

AQR

Global

Equity

Fund

....

4,311,511

8,577,044

(14,798,466)

—

(127,102)

(2,037,013)

AQR

International

Equity

Fund

1,209,536

—

(4,110,543)

(7,654,108)

(491,262)

(11,046,377)

(a)

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

(b)

The

Funds

have

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

(c)

Other

temporary

differences

represent

book-to-tax

basis

differences

related

to

straddle

loss

deferrals.

FUND

TOTAL

DISTRIBUTABLE

EARNINGS

(LOSS)

PAID-IN

CAPITAL

AQR

Large

Cap

Multi-Style

Fund

..................................................

$

(7,238,029)

$

7,238,029

AQR

Small

Cap

Multi-Style

Fund

...................................................

41,989

(41,989)

AQR

International

Multi-Style

Fund

.................................................

841,117

(841,117)

AQR

Emerging

Multi-Style

II

Fund

..................................................

570,814

(570,814)

AQR

Large

Cap

Momentum

Style

Fund

..............................................

(7,985,254)

7,985,254

AQR

Small

Cap

Momentum

Style

Fund

..............................................

5,551

(5,551)

AQR

International

Momentum

Style

Fund

............................................

(53,752)

53,752

AQR

Large

Cap

Defensive

Style

Fund

...............................................

(52,903,975)

52,903,975

AQR

International

Defensive

Style

Fund

.............................................

255,868

(255,868)

AQR

Global

Equity

Fund

.........................................................

(572,040)

572,040

AQR

International

Equity

Fund

....................................................

174,155

(174,155)

SEPTEMBER

30,

2022

SEPTEMBER

30,

2021

FUND

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAINS

ORDINARY

INCOME

LONG-TERM

CAPITAL

GAINS

AQR

Large

Cap

Multi-Style

Fund

...................................

$

50,161,645

$

101,318,740

$

15,172,346

$

90,432,973

AQR

Small

Cap

Multi-Style

Fund

....................................

587,862

7,353,831

2,073,914

—

AQR

International

Multi-Style

Fund

..................................

15,106,644

—

4,981,295

—

AQR

Emerging

Multi-Style

II

Fund

...................................

15,638,909

—

6,359,162

—

AQR

Large

Cap

Momentum

Style

Fund

...............................

25,732,132

151,996,541

9,727,763

105,959,643

AQR

Small

Cap

Momentum

Style

Fund

...............................

11,135,969

43,953,589

3,717,396

9,874,931

AQR

International

Momentum

Style

Fund

.............................

12,514,062

—

5,217,246

—

AQR

Large

Cap

Defensive

Style

Fund

................................

67,652,576

79,256,666

82,000,865

—

AQR

International

Defensive

Style

Fund

..............................

7,148,774

—

3,978,985

—

AQR

Global

Equity

Fund

..........................................

12,386,669

26,870,822

4,477,784

—

AQR

International

Equity

Fund

.....................................

4,455,885

—

3,696,493

—

140

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

As

of

September

30,

2022,

for

federal

income

tax

purposes,

the

following

Funds

have

capital

loss

carryforwards,

with

no

expiration,

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations.

The

ability

to

utilize

capital

loss

carryforwards

in

the

future

may

be

limited

under

the

Internal

Revenue

Code

and

related

regulations

based

on

the

results

of

future

transactions. 

7.

Investment

Transactions

During

the year

ended

September

30,

2022,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investments

(excluding

swap

contracts,

forward

foreign

currency

exchange

contracts,

futures

contracts

and

short-term

investments)

were

as

follows:

8.

Derivative

Instruments

and

Activities

The

Funds

use

derivative

instruments

as

part

of

their

principal

investment

strategy

to

achieve

their

investment

objectives.

The

Funds’

derivative

contracts

are

not

accounted

for

as

hedging

instruments

under

GAAP.

For

financial

reporting

purposes,

the

Funds

do

not

offset

financial

assets

and

financial

liabilities

that

are

subject

to

master

netting

arrangements

or

similar

agreements

on

the

Statements

of

Assets

and

Liabilities.

All

derivative

instruments

held

by

the

Funds

were

subject

to

a

master

netting

agreement

or

similar

arrangement.

The

following

table

lists

the

fair

value

of

derivative

instruments

held

by

the

Funds,

by

primary

underlying

risk

and

contract

type,

as

included

in

the

Statements

of

Assets

and

Liabilities

at

September

30,

2022:

FUND

SHORT-TERM

LONG

TERM

AQR

International

Multi-Style

Fund

*

.................................................

$

22,780,255

$

—

AQR

Emerging

Multi-Style

II

Fund

..................................................

39,731,769

—

AQR

Small

Cap

Momentum

Style

Fund

..............................................

3,777,000

—

AQR

International

Momentum

Style

Fund

*

............................................

21,959,175

—

AQR

International

Defensive

Style

Fund

.............................................

6,406,548

7,429,335

AQR

International

Equity

Fund

....................................................

7,654,108

—

*

Capital

loss

carryforwards

are

reduced

for

limitations

to

the

extent

required

by

the

Internal

Revenue

Code

and

may

be

further

limited

depending

upon

a

variety

of

factors,

including

the

realization

of

net

unrealized

gains

or

losses

as

of

the

date

of

any

reorganization.

FUND

PURCHASES

SALES

AQR

Large

Cap

Multi-Style

Fund

..........................................................

$

630,446,837

$

837,550,842

AQR

Small

Cap

Multi-Style

Fund

...........................................................

72,671,792

76,201,971

AQR

International

Multi-Style

Fund

.........................................................

327,439,188

322,352,228

AQR

Emerging

Multi-Style

II

Fund

..........................................................

338,876,232

334,026,803

AQR

Large

Cap

Momentum

Style

Fund

......................................................

777,467,227

1,094,835,002

AQR

Small

Cap

Momentum

Style

Fund

......................................................

169,182,631

181,849,904

AQR

International

Momentum

Style

Fund

....................................................

348,165,156

484,715,779

AQR

Large

Cap

Defensive

Style

Fund

.......................................................

1,356,765,527

2,427,556,621

AQR

International

Defensive

Style

Fund

.....................................................

118,660,358

84,800,604

AQR

Global

Equity

Fund

.................................................................

351,224,989

347,387,569

AQR

International

Equity

Fund

............................................................

47,351,725

104,940,556

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

Equity

Risk

Exposure:

3,804,561

447,802

1,693,100

2,244,951

Unrealized

Depreciation

on

Futures

Contracts

*

.................

$

(3,804,561)

$

(447,802)

$

(1,693,100)

$

(2,244,951)

3,804,561

447,802

1,693,100

2,244,951

Net

Fair

Value

of

Derivative

Contracts:

(7,609,122)

(895,604)

(3,386,200)

(4,489,902)

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

(3,804,561)

(447,802)

(1,693,100)

(2,244,951)

7,609,122

895,604

3,386,200

4,489,902

141

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Equity

Risk

Exposure:

3,416,334

893,772

1,434,759

13,728,699

Unrealized

Depreciation

on

Futures

Contracts

*

.................

$

(3,416,334)

$

(893,772)

$

(1,434,759)

$

(13,728,699)

3,416,334

893,772

1,434,759

13,728,699

Net

Fair

Value

of

Derivative

Contracts:

(6,832,668)

(1,787,544)

(2,869,518)

(27,457,398)

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......

(3,416,334)

(893,772)

(1,434,759)

(13,728,699)

6,832,668

1,787,544

2,869,518

27,457,398

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

AQR

INTERNATIONAL

EQUITY

FUND

Equity

Risk

Exposure:

960,364

10,083,033

896,689

Unrealized

Appreciation

on

Futures

Contracts

*

..................................

$

–

$

2,856,516

$

252,931

Swaps

at

Value

(Assets)

..................................................

–

1,188,326

143,954

Unrealized

Depreciation

on

Futures

Contracts

*

.................................

(960,364)

(5,567,587)

(351,111)

Swaps

at

Value

(Liabilities)

................................................

–

(470,604)

(148,693)

960,364

10,083,033

896,689

Foreign

Exchange

Rate

Risk

Exposure:

–

22,363,162

1,542,285

Unrealized

Appreciation

on

Forward

Foreign

Currency

Exchange

Contracts

............

–

9,953,681

520,342

Unrealized

Depreciation

on

Forward

Foreign

Currency

Exchange

Contracts

...........

–

(12,409,481)

(1,021,943)

–

22,363,162

1,542,285

Net

Fair

Value

of

Derivative

Contracts:

(1,920,728)

(9,616,020)

(1,209,040)

Unrealized

Appreciation

(Depreciation)

on

Futures

Contracts

*

......................

(960,364)

(2,711,071)

(98,180)

Swaps

at

Value

.........................................................

–

717,722

(4,739)

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Exchange

Contracts

–

(2,455,800)

(501,601)

1,920,728

9,616,020

1,209,040

*

Includes

cumulative

appreciation/(depreciation)

on

futures

contracts,

if

any,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

142

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

following

table

indicates

the

effect

of

derivative

instruments,

by

primary

underlying

risk

exposure

and

contract

type,

on

the

Statements

of

Operations

for

the year

ended

September

30,

2022:

*

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

Realized

Gain

(Loss)

on

Derivatives

Recognized

as

a

Result

From

Operations

Equity

Risk

Exposure:

(5,527,146)

(1,017,749)

(4,366,251)

(5,706,639)

Futures

Contracts

.......................................

$

(5,527,146)

$

(1,017,749)

$

(4,366,251)

$

(5,706,639)

(5,527,146.05)

(1,017,749.22)

(4,366,250.65)

(5,706,638.76)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Recognized

as

a

Result

of

Operations

Equity

Risk

Exposure:

(2,578,344)

(373,453)

(669,389)

(1,184,938)

Futures

Contracts

.......................................

(2,578,344)

(373,453)

(669,389)

(1,184,938)

2,578,344

373,453

669,389

1,184,938

*

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Realized

Gain

(Loss)

on

Derivatives

Recognized

as

a

Result

From

Operations

Equity

Risk

Exposure:

(1,405,648)

(2,077,959)

(4,593,951)

(31,986,362)

Futures

Contracts

.......................................

$

(1,405,648)

$

(2,077,959)

$

(4,593,951)

$

(31,986,362)

(1,405,648.26)

(2,077,959.11)

(4,593,951.14)

(31,986,362.37)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Recognized

as

a

Result

of

Operations

Equity

Risk

Exposure:

(1,588,822)

(677,420)

(397,599)

(6,948,575)

Futures

Contracts

.......................................

(1,588,822)

(677,420)

(397,599)

(6,948,575)

1,588,822

677,420

397,599

6,948,575

*

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

AQR

INTERNATIONAL

EQUITY

FUND

Realized

Gain

(Loss)

on

Derivatives

Recognized

as

a

Result

From

Operations

Equity

Risk

Exposure:

(2,668,799)

(1,210,514)

(604,184)

Futures

Contracts

.......................................................

$

(2,668,799)

$

(616,034)

$

(988,303)

Swap

Contracts

........................................................

–

(594,480)

384,118

(2,668,798.89)

(1,210,514.46)

(604,184.43)

Foreign

Exchange

Rate

Risk

Exposure:

–

(8,537,101)

(1,924,314)

Forward

Foreign

Currency

Exchange

Contracts

.................................

–

(8,537,101)

(1,924,314)

–

(8,537,101)

(1,924,314)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivatives

Recognized

as

a

Result

of

Operations

Equity

Risk

Exposure:

(450,819)

(251,855)

279,832

Futures

Contracts

.......................................................

(450,819)

(1,346,273)

258,418

Swap

Contracts

........................................................

–

1,094,418

21,413

450,819

251,855

279,832

Foreign

Exchange

Rate

Risk

Exposure:

–

2,074,212

711,485

Forward

Foreign

Currency

Exchange

Contracts

.................................

–

(2,074,212)

(711,485)

–

2,074,212

711,485

143

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

following

tables

present

the

Funds’

gross

OTC

derivative

assets

and

liabilities

by

counterparty

and

contract

type

net

of

amounts

available

for

offset

under

netting

arrangements

and

any

related

collateral

received

or pledged

by

the

Funds

as

of

September

30,

2022:

AQR

Global

Equity

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

to

the

counterparty.

Total

additional

collateral

received

was

$65,837

and

total

additional

collateral

pledged

was

$7,241,128.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITG

.........

Forward

Foreign

Currency

Exchange

Contracts

$

4,976,873

$

(4,976,873)

$

–

$

–

$

–

$

–

GSIN

.........

Total

Return

Swap

Contracts

769,477

(34,756)

734,721

–

(734,721)

–

JPMC

.........

Forward

Foreign

Currency

Exchange

Contracts

4,976,808

(4,976,808)

–

JPMC

.........

Total

Return

Swap

Contracts

418,849

(418,849)

–

Total

JPMC

5,395,657

(5,395,657)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

....................

11,142,007

(10,407,286)

734,721

–

(734,721)

–

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITG

..........

Forward

Foreign

Currency

Exchange

Contracts

$

6,204,667

$

(4,976,873)

$

1,227,794

$

–

$

(1,227,794)

$

–

GSIN

..........

Total

Return

Swap

Contracts

34,756

(34,756)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

6,204,814

(4,976,808)

1,228,006

JPMC

..........

Total

Return

Swap

Contracts

435,848

(418,849)

16,999

Total

JPMC

6,640,662

(5,395,657)

1,245,005

–

(1,245,005)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

....................

12,880,085

(10,407,286)

2,472,799

–

(2,472,799)

–

144

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

AQR

International

Equity

Fund

(a)

In

accordance

with

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

to

the

counterparty.

Total

additional

collateral

pledged

was

$1,347,032.

GROSS

AMO

UNTS

NOT

OFF

SET

IN  THE

STATEMENT

OF

ASSETS

&

LIABILITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

ASSETS

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

ASSETS

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

(RECEIVED)/

PLEDGED

(a)

NET

AMOUNT

CITG

.........

Forward

Foreign

Currency

Exchange

Contracts

$

260,177

$

(260,177)

$

–

$

–

$

–

$

–

GSIN

.........

Total

Return

Swap

Contracts

127,525

(11,585)

115,940

–

–

115,940

JPMC

.........

Forward

Foreign

Currency

Exchange

Contracts

260,165

(260,165)

–

JPMC

.........

Total

Return

Swap

Contracts

16,429

(16,429)

–

Total

JPMC

276,594

(276,594)

–

–

–

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

....................

664,296

(548,356)

115,940

–

–

115,940

GROSS

AMO

UNTS

NOT

OFFSET

IN  THE

STATEMENT

OF

ASSETS

&

LIABI

LITIES

COUNTERPARTY

INVESTMENT

TYPE

GROSS

AMOUNTS

OF

RECOGNIZED

LIABILITIES

PRESENTED

IN

THE

STATEMENT  OF

ASSETS

&

LIABILITIES

GROSS

AMOUNTS

ELIGIBLE

TO

OFFSET

NET

AMOUNTS

OF

LIABILITIES

FINANCIAL

INSTRUMENTS

CASH

COLLATERAL

RECEIVED/

(PLEDGED)

(a)

NET

AMOUNT

CITG

..........

Forward

Foreign

Currency

Exchange

Contracts

$

510,966

$

(260,177)

$

250,789

$

–

$

(250,789)

$

–

GSIN

..........

Total

Return

Swap

Contracts

11,585

(11,585)

–

–

–

–

JPMC

..........

Forward

Foreign

Currency

Exchange

Contracts

510,977

(260,165)

250,812

JPMC

..........

Total

Return

Swap

Contracts

137,108

(16,429)

120,679

Total

JPMC

648,085

(276,594)

371,491

–

(371,491)

–

Total

financial

instruments

subject

to

master

netting

arrangement

or

similar

arrangement

....................

1,170,636

(548,356)

622,280

–

(622,280)

–

145

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

For

the year

ended

September

30,

2022,

the

average

and

ending

notional

values

of

the

derivatives

held

by

the

Funds

were

as

follows:

Derivatives

Volume

Disclosure*

9.

Investment

Advisory

and

Other

Agreements

The

Adviser

serves

as

the

investment

adviser

to

each

of

the

Funds,

pursuant

to

certain

investment

management

agreements

entered

into

between

the

Trust,

on

behalf

of

the

applicable

Funds,

and

the

Adviser

(collectively,

the

“Advisory

Agreement”).

Under

the

Advisory

Agreement,

the

Adviser

furnishes

a

continuous

investment

program

for

each

Fund’s

portfolio,

makes

day-to-day

investment

decisions

for

each

Fund,

and

manages

each

Fund’s

investments

in

accordance

with

the

stated

policies

of

each

Fund.

The

Adviser

is

also

responsible

for

selecting

brokers

and

dealers

to

execute

purchase

and

sale

orders

for

the

portfolio

transactions

of

each

Fund,

subject

to

its

obligation

to

seek

best

execution,

and

also

provides

certain

other

administrative

services

to

each

Fund.

The

Adviser

provides

persons

satisfactory

to

the

Funds’

Board

to

serve

as

officers

of

the

Funds.

*

AQR

LARGE

CAP

MULTI-STYLE

FUND

AQR

SMALL

CAP

MULTI-STYLE

FUND

AQR

INTERNATIONAL

MULTI-STYLE

FUND

AQR

EMERGING

MULTI-STYLE

II

FUND

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

41,099,700

$

5,046,926

$

17,599,584

$

19,200,650

$

28,907,783

Average

Notional

Balance

-

Short

–

–

–

–

–

Ending

Notional

Balance

-

Long

33,493,950

4,758,930

16,190,850

20,044,500

29,172,150

Ending

Notional

Balance

-

Short

–

–

–

–

–

*

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

AQR

GLOBAL

EQUITY

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

10,295,292

$

14,952,682

$

103,377,595

$

9,960,246

$

79,686,533

Average

Notional

Balance

-

Short

–

–

–

–

40,664,504

Ending

Notional

Balance

-

Long

8,182,020

13,118,740

117,228,825

9,465,420

88,244,013

Ending

Notional

Balance

-

Short

–

–

–

–

43,789,294

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

–

–

–

–

230,129,037

Average

Settlement

Value

-

Sold

–

–

–

–

215,628,761

Ending

Value

-

Purchased

–

–

–

–

254,206,565

Ending

Value

-

Sold

–

–

–

–

248,380,622

Total

Return

Swaps:

Average

Notional

Balance

-

Long

–

–

–

–

11,024,129

Average

Notional

Balance

-

Short

–

–

–

–

12,064,183

Ending

Notional

Balance

-

Long

–

–

–

–

7,322,492

Ending

Notional

Balance

-

Short

–

–

–

–

17,609,730

*

AQR

INTERNATIONAL

EQUITY

FUND

Futures

Contracts:

Average

Notional

Balance

-

Long

$

17,074,908

Average

Notional

Balance

-

Short

10,933,729

Ending

Notional

Balance

-

Long

7,223,032

Ending

Notional

Balance

-

Short

3,276,375

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

-

Purchased

43,395,334

Average

Settlement

Value

-

Sold

35,449,330

Ending

Value

-

Purchased

21,841,087

Ending

Value

-

Sold

17,551,112

Total

Return

Swaps:

Average

Notional

Balance

-

Long

3,695,787

Average

Notional

Balance

-

Short

1,510,176

Ending

Notional

Balance

-

Long

1,963,834

Ending

Notional

Balance

-

Short

1,937,307

*

Notional

values

as

of

each

quarter

end

are

used

to

calculate

the

average

represented.

146

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

Pursuant

to

the

Advisory

Agreement,

the

Funds

calculate

and

accrue

daily

based

on

the

average

daily

net

assets

for

each

Fund

and

pay

monthly

the

Investment

Advisory

fee

in

the

annual

ratios

below:

The

Trust

and

the

Adviser

have

entered

into

an

agreement

(the

“Expense

Limitation

Agreement”)

whereby

the

Adviser

has

agreed

to

reimburse

operating

expenses

of

each

Fund

at

least

through

January

28,

2023

for

Class

I,

N,

and

R6

shares.

Pursuant

to

the

Expense

Limitation

Agreement,

the

Adviser

has

agreed

to

reimburse

each

Fund

in

an

amount

sufficient

to

limit

each

Fund's

operating

expenses

other

than

management

fees

and

12b-1

fees,

and

exclusive

of

interest,

taxes,

borrowing

costs,

acquired

fund

fees

and

expenses,

dividend

and

interest

expense

related

to

short

sales,

expenses

related

to

class

action

claims,

contingent

expenses

related

to

tax

reclaim

receipts

and

extraordinary

expenses,

at

no

more

than

the

following

ratios:

The

Trust,

in

turn,

agreed

that

the

Funds

will

repay

the

expense

reimbursement

to

the

Adviser

only

to

the

extent

it

can

be

made

during

the

thirty-six

months

following

the

applicable

month

during

which

the

Adviser

waived

fees

or

reimbursed

the

applicable

Fund

for

its

operating

expenses

under

the

Expense

Limitation

Agreement.

Such

repayment

shall

be

made

only

out

of

the

class

of

the

Fund

for

which

the

applicable

fee

waiver

and/or

expense

reimbursement

was

made.

Repayments

with

respect

to

a

Fund

must

be

limited

to

amounts

that

do

not

cause

the

total

annual

operating

expenses

or

the

other

operating

expenses,

as

applicable,

attributable

to

a

share

class

of

the

Fund

during

a

year

in

which

such

repayment

is

made

to

exceed

either

of

(i)

the

applicable

limits

in

effect

at

the

time

of

the

waiver

and/or

reimbursement

and

(ii)

the

applicable

limits

in

effect

at

the

time

of

recapture.

FUND

RATIO

AQR

Large

Cap

Multi-Style

Fund

.........................................................................

0.25%

AQR

Small

Cap

Multi-Style

Fund

.........................................................................

0.45

AQR

International

Multi-Style

Fund

........................................................................

0.40

AQR

Emerging

Multi-Style

II

Fund

(a)

......................................................................

0.50

AQR

Large

Cap

Momentum

Style

Fund

....................................................................

0.25

AQR

Small

Cap

Momentum

Style

Fund

....................................................................

0.45

AQR

International

Momentum

Style

Fund

...................................................................

0.40

AQR

Large

Cap

Defensive

Style

Fund

.....................................................................

0.25

AQR

International

Defensive

Style

Fund

....................................................................

0.40

AQR

Global

Equity

Fund

...............................................................................

0.60

AQR

International

Equity

Fund

...........................................................................

0.65

(a)

Effective

July

1,

2022,

the

AQR

Emerging

Multi-Style

II

Fund's

Advisory

Fee

was

reduced

from

0.55%

to

0.50%.

FUND

CLASS

I

CLASS

N

CLASS

R6

AQR

Large

Cap

Multi-Style

Fund

.....................................................

0.15

%

0.15

%

0.05

%

AQR

Small

Cap

Multi-Style

Fund

.....................................................

0.15

0.15

0.05

AQR

International

Multi-Style

Fund

....................................................

0.15

0.15

0.05

AQR

Emerging

Multi-Style

II

Fund

(a)

..................................................

0.20

0.20

0.10

AQR

Large

Cap

Momentum

Style

Fund

................................................

0.15

0.15

0.05

AQR

Small

Cap

Momentum

Style

Fund

................................................

0.15

0.15

0.05

AQR

International

Momentum

Style

Fund

...............................................

0.15

0.15

0.05

AQR

Large

Cap

Defensive

Style

Fund

.................................................

0.15

0.15

0.05

AQR

International

Defensive

Style

Fund

................................................

0.15

0.15

0.05

AQR

Global

Equity

Fund

...........................................................

0.20

0.20

0.10

AQR

International

Equity

Fund

.......................................................

0.20

0.20

0.10

(a)

Effective

July

1,

2022,

the

AQR

Emerging

Multi-Style

II

Fund's

operating

expenses

cap

was

increased

from

0.15%

to

0.20%

for

Class

I

and

Class

N

shares,

and

from

0.05%

to

0.10%

for

Class

R6

shares.

The

Adviser

has

agreed

to

reimburse

operating

expenses

of

the

Fund

at

least

through

January

28,

2024

for

Class

I,

N,

and

R6

shares.

147

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

For

the year

ended

September

30,

2022,

the

amounts reimbursed

by

the

Adviser,

as

well

as

the

amounts

available

for

potential

future

recoupment

by

the

Adviser

and

the

expiration

schedule

at September

30,

2022

are

as

follows:

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

SEPTEMBER

30

,

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

SEPTEMBER

30

,

POTENTIAL

RECOUPMENT

AMOUNTS

EXPIRING

SEPTEMBER

30

,

2022

2022

20

23

20

24

20

25

AQR

LARGE

CAP

MULTI-STYLE

FUND

Class

I

...........

$

23,291

$

43,668

$

8,156

$

12,221

$

23,291

Class

N

...........

693

2,947

1,647

607

693

Class

R6

..........

83,787

203,531

68,757

50,987

83,787

Totals

$

107,771

$

250,146

$

78,560

$

63,815

$

107,771

AQR

SMALL

CAP

MULTI-STYLE

FUND

Class

I

...........

$

90,011

$

177,555

$

21,499

$

66,045

$

90,011

Class

N

...........

10,060

22,855

3,087

9,708

10,060

Class

R6

..........

67,379

307,471

162,047

78,045

67,379

Totals

$

167,450

$

507,881

$

186,633

$

153,798

$

167,450

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Class

I

...........

$

49,588

$

118,325

$

32,424

$

36,313

$

49,588

Class

N

...........

2,081

7,870

3,031

2,758

2,081

Class

R6

..........

244,956

570,255

144,079

181,220

244,956

Totals

$

296,625

$

696,450

$

179,534

$

220,291

$

296,625

AQR

EMERGING

MULTI-STYLE

II

FUND

Class

I

...........

$

46,069

$

115,193

$

31,101

$

38,023

$

46,069

Class

N

...........

2,182

5,218

747

2,289

2,182

Class

R6

..........

406,230

1,148,847

337,868

404,749

406,230

Totals

$

454,481

$

1,269,258

$

369,716

$

445,061

$

454,481

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Class

I

...........

$

75,198

$

221,074

$

95,520

$

50,356

$

75,198

Class

N

...........

7,938

20,360

8,369

4,053

7,938

Class

R6

..........

36,750

75,762

26,207

12,805

36,750

Totals

$

119,886

$

317,196

$

130,096

$

67,214

$

119,886

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Class

I

...........

$

133,190

$

370,501

$

121,280

$

116,031

$

133,190

Class

N

...........

3,895

10,488

2,959

3,634

3,895

Class

R6

..........

37,840

108,785

32,564

38,381

37,840

Totals

$

174,925

$

489,774

$

156,803

$

158,046

$

174,925

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Class

I

...........

$

133,637

$

393,238

$

131,095

$

128,506

$

133,637

Class

N

...........

21,928

73,876

23,080

28,868

21,928

Class

R6

..........

93,137

224,458

60,877

70,444

93,137

Totals

$

248,702

$

691,572

$

215,052

$

227,818

$

248,702

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Class

I

...........

$

–

$

–

$

–

$

–

$

–

Class

N

...........

8,956

40,259

28,118

3,185

8,956

Class

R6

..........

27,589

120,100

80,995

11,516

27,589

Totals

$

36,545

$

160,359

$

109,113

$

14,701

$

36,545

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Class

I

...........

$

107,591

$

336,971

$

123,813

$

105,567

$

107,591

Class

N

...........

6,311

22,330

8,177

7,842

6,311

Class

R6

..........

144,147

292,237

61,408

86,682

144,147

Totals

$

258,049

$

651,538

$

193,398

$

200,091

$

258,049

AQR

GLOBAL

EQUITY

FUND

Class

I

...........

$

2,627

$

13,366

$

7,571

$

3,168

$

2,627

Class

N

...........

1,292

3,319

723

1,304

1,292

Class

R6

..........

56,255

156,022

38,913

60,854

56,255

Totals

$

60,174

$

172,707

$

47,207

$

65,326

$

60,174

148

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

During

the year

ended

September

30,

2022,

the

Funds

repaid

to

the

Advisor

amounts

previously

waived

or

reimbursed as

follows:

10.

Distribution

Plan

The

Trust

has

adopted

a

Plan

of

Distribution

(the

“Plan”)

pursuant

to

Rule

12b-1

under

the

1940

Act

with

respect

to

the

Class

N

shares

of

the

Funds.

The

Plan

allows

for

the

payment

of

services

related

to

the

distribution

and

servicing

of

these

shares

at

a

rate

of

up

to

0.25%

per

annum

of

the

average

daily

net

asset

value

of

the

Class

N

shares

of

the

Funds.

11.

Principal

Risks

and

Concentrations

The

investment

techniques

and

strategies

utilized

by

the

Funds,

including

investments

made

on

a

shorter-term

basis

or

in

derivative

instruments

or

instruments

with

a

maturity

of

one

year

or

less

at

the

time

of

acquisition,

may

result

in

frequent

portfolio

trading

and

high

portfolio

turnover.

High

portfolio

turnover

will

cause

the

Funds

to

incur

higher

levels

of

brokerage

fees

and

commissions,

which

may

reduce

performance,

and

may

cause

higher

levels

of

current

tax

liability

to

shareholders

in

the

Funds.

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

A

Fund’s

investments

in

financial

derivatives

and

other

financial

instruments

may

expose

the

Fund

to

various

elements

of

market

risks

which

include

interest

rate,

foreign

currency,

equity

and

commodity

risks.

Certain

financial

instruments

may

be

tied

to

the

London

Interbank

Offered

Rate,

or

“LIBOR,”

to

determine

payment

obligations,

financing

terms,

hedging

strategies,

or

investment

value.

LIBOR

is

the

offered

rate

for

short-term

Eurodollar

deposits

between

major

international

banks.

As

of

December

31,

2021,

all

non-U.S.

dollar

LIBOR

publications

have

been

phased

out.

The

phase

out

of

a

majority

of

the

U.S.

dollar

publications

(overnight

and

one,

three,

six

and

12

months)

is

delayed

until

June

30,

2023.

This

delay

is

intended

to

allow

most

legacy

U.S.

dollar

LIBOR

contracts

to

mature

before

LIBOR

experiences

disruptions.

The

transition

away

from

LIBOR

may

lead

to

increased

volatility

and

illiquidity

in

markets

that

are

tied

to

LIBOR,

reduced

values

of

LIBOR-related

investments,

and

reduced

effectiveness

of

hedging

strategies,

adversely

affecting

a

Fund’s

performance

or

NAV.

In

addition,

the

alternative

reference

rate

may

be

an

ineffective

substitute

resulting

in

prolonged

adverse

market

conditions

for

a

Fund.

Investment

in

securities

of

foreign

issuers

may

involve

certain

risks

that

are

greater

than

those

associated

with

investments

in

securities

of

U.S.

issuers.

These

include

risks

of

adverse

changes

in

foreign

economic,

political,

regulatory

and

other

conditions;

changes

in

currency

exchange

rates

or

exchange

control

regulations

(including

limitations

on

currency

movements

and

exchanges);

the

imposition

of

economic

sanctions,

embargos or

other

government

actions

and/or restrictions;

differing

accounting,

auditing,

financial

reporting

and

legal

standards

and

practices;

differing

securities

market

structures;

and

higher

transaction

costs.

To

the

extent

a

Fund’s

investments

in

a

single

country

or

a

limited

number

of

countries

represent

a

higher

percentage

of

the

Fund’s

assets,

the

Fund

assumes

the

risk

that

economic,

political

and

social

conditions

in

those

countries may

have

a

significant

impact

on

investment

performance,

may

subject

the

Fund

to

increased

price

volatility

and

may

impair

or

otherwise

limit

the

Fund's

ability

to

invest

in,

receive,

hold

or

sell

securities

issued

by

the

impacted

countries.

Emerging

markets

are

riskier

than

more

developed

markets

because

they

tend

to

develop

unevenly

and

may

never

fully

develop.

Investments

in

emerging

markets

may

be

considered

speculative.

Emerging

markets

are

more

likely

to

experience

hyperinflation

and

currency

devaluations,

which

adversely

affect

returns

to

U.S.

investors.

In

addition,

many

emerging

securities

markets

have

far

lower

trading

volumes

and

less

liquidity

than

developed

markets. 

Currency

risk

arises

from

the

possibility

that

fluctuations

in

foreign

exchange

rates

will

affect

the

value

of

cash

balances

held

in

foreign

currencies

and

non-U.S.

denominated

financial

instruments.

The

liquidity

and

trading

value

of

foreign

currencies

could

be

affected

by

global

economic

factors,

such

as

inflation,

interest

rate

levels,

and

trade

balances

among

countries,

as

well

as

the

actions

of

sovereign

governments

and

central

banks.

Currency

rates

in

foreign

countries

may

fluctuate

significantly

over

short

periods

of

time

for

a

number

of

reasons. 

EXPENSES

REIMBURSED

FOR

THE

PERIOD

ENDED

SEPTEMBER

30,

TOTAL

POTENTIAL

RECOUPMENT

AMOUNT

SEPTEMBER

30,

POTENTIAL

RECOUPMENT

AMOUNTS

EXPIRING

SEPTEMBER

30,

2022

2022

2023

2024

2025

AQR

INTERNATIONAL

EQUITY

FUND

Class

I

...........

$

142,661

$

319,107

$

78,535

$

97,911

$

142,661

Class

N

...........

2,095

6,406

2,128

2,183

2,095

Class

R6

..........

97,616

208,450

26,413

84,421

97,616

Totals

$

242,372

$

533,963

$

107,076

$

184,515

$

242,372

FUND

CLASS

I

CLASS

N

CLASS

R6

AQR

International

Multi-Style

Fund

..........................................

$

–

$

336

$

–

AQR

Large

Cap

Defensive

Style

Fund

........................................

–

8,778

26,666

AQR

Global

Equity

Fund

..................................................

259

132

5,308

AQR

International

Equity

Fund

.............................................

2,906

120

–

149

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

The

Funds

may

invest

in

illiquid

investments

and

may

experience

difficulty

in

selling

those

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Geopolitical

and

other

events,

including

war,

terrorism,

natural

disasters,

economic

uncertainty,

trade

disputes,

public

health

crises

including

pandemics and

related

geopolitical

events

have

led,

and

in

the

future

may

lead,

to

increased

market

volatility,

which

may

disrupt

the

U.S.

and

world

economies

and

markets

and

may

have

significant

adverse

direct

or

indirect

effects

on

the

Funds

and

their

investments.

Although

multiple

asset

classes

may

be

affected

by

a

market

disruption,

the

duration

and

effects

may

not

be

the

same

for

all

types

of

assets.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

net

asset

value

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

net

asset

value

of

a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

the

Fund

invests.

In

addition

to

market

risk,

the

Funds

may

be

exposed

to

the

risk

that

one

or

more

securities

in

the

Funds’

portfolios

will

decline

in

price,

or

fail

to

pay

interest

or

principal

when

due,

because

the

issuer

of

the

security

experiences

a

decline

in

its

financial

status

(credit

risk).

Credit

risk

is

measured

by

the

loss

a

Fund

would

record

if

the

major

financial

institution

or

other

counterparties

failed

to

perform

pursuant

to

terms

of

their

obligations.

Certain

Funds

may

primarily

maintain

cash

balances

at

one

or

several

major

financial

institutions

that

may

exceed

federally

insured

limits

and

as

such

each

of

the

Funds

have

credit

risk

associated

with

such

financial

institutions.

In

general,

lower

rated

securities

carry

a

greater

degree

of

risk

that

the

issuer

will

lose

its

ability

to

make

interest

and

principal

payments,

which

could

have

a

negative

impact

on

the

Funds’

net

asset

value

or

dividends.

The

Funds

minimize

credit

risk

by

monitoring

credit

exposure

and

collateral

values,

and

by

requiring

additional

collateral

to

be

deposited

with

or

returned

to

the

Funds

when

deemed

necessary.

Similar

to

credit

risk,

a

Fund

may

be

exposed

to

counterparty

risk,

or

the

risk

that

an

institution

or

other

entity

with

which

the

Fund

has

unsettled

or

open

transactions

will

default.

Financial

assets,

which

potentially

expose

a

Fund

to

counterparty

risk,

consist

principally

of

cash

due

from

counterparties

and

investments.

By

using

derivative

instruments,

the

Funds

may

be

exposed

to

the

risk

that

derivative

counterparties

may

not

perform

in

accordance

with

the

contractual

provisions

offset

by

the

value

of

any

collateral

received.

The

Funds’

exposure

to

credit

risk

associated

with

counterparty

non-performance

is

limited

to

the

unrealized

gains

inherent

in

such

transactions

that

are

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

counterparties

to

the

Funds’

derivative

investments

may

include

affiliates

of

the

Funds’

clearing

brokers

and

other

major

financial

institutions.

While

the

Funds

use

multiple

clearing

brokers

and

counterparties,

a

concentration

of

credit

risk

may

exist

because

of

balances

held

and

transactions

with

a

limited

number

of

clearing

brokers

and

counterparties.

The

Funds

minimize

counterparty

credit

risk

through

credit

limits

and

approvals,

credit

monitoring

procedures,

executing

master

netting

arrangements

and

managing

margin

and

collateral

requirements,

as

appropriate.

The

Funds

may

invest

in

securities

with

positive

momentum. This

entails

investing

in

securities

that

have

had

above-average

recent

returns.

These

securities

may

be

more

volatile

than

a

broad

cross-section

of

securities.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Fund

while

using

a

momentum

strategy

may

suffer.

Investing

in

or

having

exposure

to

"value"

securities

presents

the

risk

that

the

securities

may

never

reach

what

the

Adviser

believes

are

their

full

market

values,

either

because

the

market

fails

to

recognize

what

the

Adviser

considers

to

be

the

security's

true

value

or

because

the

Adviser

misjudged

that

value.

In

addition,

there

may

be

periods

during

which

the

investment

performance

of

the

Fund

while

using

a

value

strategy

may

suffer.

The

Funds

may

have

investments

that

appreciate

or

decrease

significantly

in

value

over

short

periods

of

time.

This

may

cause

the

Funds’

net

asset

value

per

share

to

experience

significant

increases

or

declines

in

value

over

short

periods

of

time,

however,

all

investments

long-term

or

short-term

are

subject

to

risk

of

loss. 

The

Funds

may

invest

in

restricted

securities.

Restricted

securities

are

subject

to

legal

or

contractual

restrictions

on

resale

and

may

generally

be

sold

privately

but

may

be

required

to

be

registered

or

exempted

from

such

registration

before

being

sold

to

the

public.

Private

placement

securities

are

generally

considered

to

be

restricted

except

for

those

securities

traded

between

qualified

institutional

investors

under

the

provisions

of

Rule

144A

of

the

Securities

Act

of

1933.

Disposal

of

restricted

investments

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Restricted

investments

held

by

the

Fund,

if

any,

are

disclosed

in

the

Schedule

of

Investments. 

In

the

normal

course

of

business,

the

Funds

may

enter

into

agreements

with

certain

counterparties

for

derivative

transactions.

A

number

of

each

Fund’s

Master

Agreements

contain

provisions

that

require

each

Fund

to

maintain

a

predetermined

level

of

net

assets,

and/or

provide

limits

regarding

the

decline

of

a

Fund’s

net

asset

value

over

specified

time

periods.

If

a

Fund

was

to

violate

such

provisions,

the

counterparties

to

the

derivative

instruments

could

request

immediate

payment

or

demand

immediate

collateralization

on

derivative

instruments

in

net

liability

positions.

If

such

events

are

not

cured

by

the

Fund

or

waived

by

the

counterparties,

they

may

decide

to

curtail

or

limit

extension

of

credit,

and

the

Fund

may

be

forced

to

unwind

its

derivative

positions

which

may

result

in

material

losses.

The

Funds,

at

times,

may

utilize

substantial

leverage

in

their

investment

program.

Such

leverage

may

take

the

form

of

trading

on

margin,

investing

in

derivative

instruments

that

are

inherently

leveraged,

entering

into

other

forms

of

direct

and

indirect

borrowings.

There

is

no

guarantee

that

the

Funds’

borrowing

arrangement

or

other

arrangements

for

obtaining

leverage

will

continue

to

be

available,

or

if

available,

will

be

available

on

terms

and

conditions

acceptable

to

the

Funds.

Unfavorable

economic

conditions

also

could

increase

funding

costs,

limit

access

to

the

capital

markets

or

result

in

a

decision

by

lenders

not

to

extend

credit

to

the

Funds.

In

addition,

a

decline

in

market

value

of

the

Funds’

assets

may

have

particular

adverse

consequences

in

instances

where

they

have

borrowed

money

based

on

the

market

value

of

those

assets.

A

decrease

in

market

value

of

those

assets

may

result

in

the

lender

(including

derivative

counterparties)

requiring

the

Funds

to

post

additional

collateral

or

otherwise

sell

assets

at

a

time

when

it

may

not

be

in

the

Funds’

best

interest

to

do

so.

150

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

Given

the

complexity

of

the

investments

and

strategies

of

the

Fund,

the

Adviser

relies

heavily

on

quantitative

models

and

information

and

traditional

and

non-traditional

data

supplied

or

made

available

by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments,

to

provide

risk

management

insights,

and

to

assist

in

hedging

the

Fund’s

investments.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

any

decisions

made

in

reliance

thereon

expose

the

Fund

to

potential

risks.

Similarly,

any

hedging

based

on

faulty

Models

and

Data

may

prove

to

be

unsuccessful.

Some

of

the

models

used

by

the

Adviser

for

the

Fund

are

predictive

in

nature.

The

use

of

predictive

models

has

inherent

risks.

Because

predictive

models

are

usually

constructed

based

on

historical

data

supplied

by

third

parties

or

otherwise,

the

success

of

relying

on

such

models

may

depend

heavily

on

the

accuracy

and

reliability

of

the

supplied

historical

data.

The

Fund

bears

the

risk

that

the

quantitative

models

used

by

the

Adviser

will

not

be

successful

in

selecting

investments

or

in

determining

the

weighting

of

investment

positions

that

will

enable

the

Fund

to

achieve

its

investment

objective.

Periodically,

the

Funds

may

be

a

party

to

legal

actions

arising

in

the

ordinary

course

of

business.

The

Funds

are

currently

not

subject

to

any

actions

that

either

individually

or

in

the

aggregate

are

expected

to

have

a

material

impact

on

their

results

of

operations,

cash

flows

or

financial

condition.

12.

Interfund

Lending

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(the

“SEC”),

the

Funds

may

participate

in

a

joint

lending

and

borrowing

program

(the

“Interfund

Lending

Program”)

to

the

extent

such

participation

is

consistent

with

each

Fund’s

investment

objective

and

investment

policies.

This

Interfund

Lending

Program

allows

the

Funds

to

borrow

and

lend

to

other

AQR

Funds

that

permit

such

transactions.

All

loans

under

the

Interfund

Lending

Program

are

for

temporary

cash

management

or

emergency

purposes.

Interest

earned

or

paid

on

an

interfund

lending

transaction

will

be

based

on

the

average

of

certain

current

market

rates,

as

calculated

according

to

a

formula

established

by

the

Board.

No

Fund

may

borrow

or

lend

money

through

the

program

unless

it

receives

a

more

favorable

rate

than

is

typically

available

for

comparable

borrowings

from

a

bank

or

investments

in

U.S.

Treasury

bills,

respectively.

A

lending

Fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

Fund

through

the

Interfund

Lending

Program.

A

borrowing

Fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets.

If

a

borrowing

Fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

the

Fund

must

secure

each

of

its

outstanding

borrowings

through

the

Interfund

Lending

Program

with

collateral

equal

to

102%

of

the

outstanding

principal

value

of

the

loan.

The

Funds

are

not

required

to

borrow

money

under

the

Interfund

Lending

Program

and

may

borrow

under

other

arrangements,

including

their

existing

bank

line

of

credit.

This

could

result

in

a

Fund

borrowing

money

at

a

higher

interest

rate

than

it

would

have

received

under

the

Interfund

Lending

Program. Interest

expense

paid,

as

a

result

of

borrowing

under

this

agreement,

is

included

in

Interfund

lending

expense

in

the

Statements

of

Operations.

During

the

reporting

period,

average

borrowings

under

the

Interfund

Lending

Program

were

as

follows:

There

were

no

open

borrowings

as

of

September

30,

2022

by

any

of

the

Funds.

13.

Line

of

Credit

Effective

March

18,

2022

and

terminating

on

March

17,

2023,

all

funds

within

the

Trust,

with

the

exception

of

AQR

Diversifying

Strategies

Fund, renewed

a

$350,000,000

committed

syndicated

line

of

credit

(the

“Agreement”)

with

Bank

of

America,

N.A.,

as

the

Administrative

Agent.

AQR

Sustainable

Long-

Short

Equity

Carbon

Aware

Fund

was

also

added

as

a

borrower

under

the

agreement. Borrowing,

if

any,

under

this

arrangement

bears,

as

incurred,

interest

at

the

sum

of

(a)

1.00%

per

annum

plus

(b)

the

higher

of

(i)

the

Federal

Funds

Rate

or

(ii)

Term

SOFR

(including

a

0.10%

adjustment),

which

is

paid

monthly.

The

maximum

loan

amount

available

to

a

Fund

is

the

lesser

of

an

amount

which

will

not

exceed

the

borrowing

limits

set

forth

in

the

Fund’s

Prospectus

and/or

Registration

Statement

and

will

not

cause

the

asset

coverage

ratio

for

any

borrowings

by

a

Fund

to

drop

below

the

required

amount

under

the

Agreement

(between

300-500%

per

Fund).

The

Agreement

is

subject

to

an

annual

commitment

fee

and

allocated

to

each

participating

fund,

which

is

payable

in

arrears

on

a

quarterly

basis.

In

the

event

of

a

draw

upon

the

line

of

credit,

liquid

assets

of

the

borrowing

Fund

may

be

earmarked

for

asset

coverage

purposes

until

its

loan

is

repaid

in

full.

Interest

expense

paid,

as

a

result

of

borrowing

under

the

Agreement,

and

each

Fund's

allocated

commitment

fee,

is

included

in

Interest

expense

in

the

Statements

of

Operations.

There

were

no

open

borrowings

as

of September

30,

2022

by

any

of

the

Funds.

FUND

AVERAGE

LOANS

WEIGHTED

AVERAGE

INTEREST

RATE

INTEREST

PAID

AQR

International

Equity

Fund

.........................................

$

1,640,000

3.24%

$

873

151

Notes

to

Financial

Statements

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

Funds

had

the

following

borrowings

during

the

period:

14.

Principal

Ownership

As

of

September

30,

2022,

the

Funds

had

individual

shareholder

and/or

omnibus

accounts

owning

more

than

5%

of

the

total

shares

outstanding

of

the

Fund

as

follows:

Significant

shareholder

transactions

by

these

shareholders,

if

any,

may

impact

the

Funds’

performance.

15.

New

Accounting

Pronouncements

and

Regulations 

In

June

2022,

FASB

issued

Accounting

Standards

Update

No.

2022-03,

“Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions”

(“ASU

2022-03”).

ASU

2022-03

clarifies

the

guidance

in

ASC

820,

related

to

the

measurement

of

the

fair

value

of

an

equity

security

subject

to

contractual

sale

restrictions,

where

it

eliminates

the

ability

to

apply

a

discount

to

fair

value

of

these

securities,

and

introduces

disclosure

requirements

related

to

such

equity

securities.

The

guidance

is

effective

for

fiscal

years,

and

interim

periods

within

those

fiscal

years,

beginning

after

December

15,

2023,

and

allows

for

early

adoption.

For

RICs,

such

as

the

Funds,

ASU

2022-03

will

be

applicable

to

equity

securities

with

contractual

sale

restrictions

executed,

or

modified,

after

the

date

of

adoption.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements. 

16.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

date

of

issuance

of

this

report

and

have

determined

that

there

are

no

additional

material

events,

requiring

adjustment

to,

or

disclosure

in,

these

financial

statements.

FUND

AVERAGE

BORROWINGS

AVERAGE

INTEREST

RATE

NUMBER

OF

DAYS

OUTSTANDING

INTEREST

PAID

AQR

Large

Cap

Multi-Style

Fund

......................................

$40,000,000

1.35

%

3

$4,508

AQR

Large

Cap

Momentum

Style

Fund

..................................

150,000,000

1.59

5

33,067

AQR

Small

Cap

Momentum

Style

Fund

..................................

7,000,000

1.35

3

789

AQR

International

Momentum

Style

Fund

................................

33,500,000

1.56

10

14,525

AQR

International

Equity

Fund

........................................

6,228,750

1.63

16

4,521

FUND

NUMBER

OF

INDIVIDUAL

SHAREHOLDERS

AND/OR

OMNIBUS

ACCOUNTS

TOTAL

PERCENTAGE

INTEREST

HELD

AQR

Large

Cap

Multi-Style

Fund

...........................................

4

92.27

%

AQR

Small

Cap

Multi-Style

Fund

............................................

4

90.25

AQR

International

Multi-Style

Fund

..........................................

4

94.58

AQR

Emerging

Multi-Style

II

Fund

...........................................

4

96.51

AQR

Large

Cap

Momentum

Style

Fund

.......................................

3

89.98

AQR

Small

Cap

Momentum

Style

Fund

.......................................

3

90.83

AQR

International

Momentum

Style

Fund

.....................................

3

96.10

AQR

Large

Cap

Defensive

Style

Fund

........................................

5

74.51

AQR

International

Defensive

Style

Fund

......................................

6

95.19

AQR

Global

Equity

Fund

..................................................

3

97.56

AQR

International

Equity

Fund

.............................................

5

83.59

152

Report

of

Independent

Registered

Public

Accounting

Firm

AQR

Funds

|

Annual

Report

|

September

2022

To

the

Board

of

Trustees

of

AQR

Funds

and

Shareholders

of

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Emerging

Multi-Style

II

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Large

Cap

Defensive

Style

Fund,

AQR

International

Defensive

Style

Fund,

AQR

Global

Equity

Fund

and

AQR

International

Equity

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Emerging

Multi-Style

II

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Large

Cap

Defensive

Style

Fund,

AQR

International

Defensive

Style

Fund,

AQR

Global

Equity

Fund

and

AQR

International

Equity

Fund

(eleven

of

the

funds

constituting

AQR

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

September

30,

2022,

the

related

statements

of

operations

for

the

year

ended

September

30,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

September

30,

2022,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2022,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

New

York,

New

York

November

21,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

AQR

Funds

since

2008.

153

Other

Federal

Tax

Information

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

For

the

fiscal

year

ended

September

30,

2022,

the

Funds

designate

the

following

percentages

of

ordinary

income

dividends,

or

maximum

amount

allowable,

as

qualifying

for

the

reduced

tax

rate

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003:

For

the

fiscal

year

ended

September

30,

2022,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

allowable

under

Section

852

of

the

Internal

Revenue

Code,

as

long

term

capital

gain

dividends paid

during

the

fiscal

year

ended September

30,

2022:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

For

the

year

ended

September

30,

2022,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

credit

for

taxes

paid

to

foreign

countries.

For

the

year

ended

September

30,

2022,

the

foreign

taxes

paid

for

each

Fund

was

as

follows:

FUND

PERCENTAGE

AQR

Large

Cap

Multi-Style

Fund

.........................................................................

45.16%

AQR

Small

Cap

Multi-Style

Fund

..........................................................................

100.00%

AQR

International

Multi-Style

Fund

........................................................................

99.58%

AQR

Emerging

Multi-Style

II

Fund

.........................................................................

62.26%

AQR

Large

Cap

Momentum

Style

Fund

.....................................................................

32.48%

AQR

Small

Cap

Momentum

Style

Fund

.....................................................................

15.54%

AQR

International

Momentum

Style

Fund

...................................................................

100.00%

AQR

Large

Cap

Defensive

Style

Fund

......................................................................

100.00%

AQR

International

Defensive

Style

Fund

....................................................................

89.25%

AQR

Global

Equity

Fund

................................................................................

58.77%

AQR

International

Equity

Fund

...........................................................................

86.95%

FUND

PERCENTAGE

AQR

Large

Cap

Multi-Style

Fund

.........................................................................

44.72%

AQR

Small

Cap

Multi-Style

Fund

..........................................................................

100.00%

AQR

Emerging

Multi-Style

II

Fund

.........................................................................

0.09%

AQR

Large

Cap

Momentum

Style

Fund

.....................................................................

32.07%

AQR

Small

Cap

Momentum

Style

Fund

.....................................................................

15.49%

AQR

Large

Cap

Defensive

Style

Fund

......................................................................

100.00%

AQR

Global

Equity

Fund

................................................................................

24.87%

FUND

TOTAL

AQR

Large

Cap

Multi-Style

Fund

.........................................................................

$

108,556,601

AQR

Small

Cap

Multi-Style

Fund

..........................................................................

7,353,831

AQR

Large

Cap

Momentum

Style

Fund

.....................................................................

159,981,796

AQR

Small

Cap

Momentum

Style

Fund

.....................................................................

43,953,589

AQR

Large

Cap

Defensive

Style

Fund

......................................................................

132,160,641

AQR

Global

Equity

Fund

................................................................................

27,464,466

FUND

TOTAL

PER

SHARE

AQR

International

Multi-Style

Fund

.........................................................

$19,343,354

$0.5016

AQR

Emerging

Multi-Style

II

Fund

..........................................................

28,068,105

0.5361

AQR

International

Momentum

Style

Fund

....................................................

15,448,464

0.6588

AQR

International

Defensive

Style

Fund

.....................................................

8,061,224

0.3924

FUND

TOTAL

PER

SHARE

AQR

International

Multi-Style

Fund

.........................................................

$1,250,406

$0.0324

AQR

Emerging

Multi-Style

II

Fund

..........................................................

3,123,320

0.0597

AQR

International

Momentum

Style

Fund

....................................................

1,314,789

0.0561

AQR

International

Defensive

Style

Fund

.....................................................

598,128

0.0291

154

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

As

a

shareholder

of

the

Trust,

you

incur

two

types

of

costs:

(1)

transaction

costs

and

(2)

ongoing

costs,

including

management

fees;

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

as

indicated

below.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

for

the

Period

Ending

9/30/2022”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Each

Fund

will

indirectly

bear

its

pro

rata

share

of

the

expenses

incurred

by

the

underlying

investments

in

which

the

Fund

invests.

These

expenses

are

not

included

in

the

table.

Hypothetical

Example

for

Comparison

Purposes

The

table

below

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

and

an

assumed

annual

rate

of

return

of

5%

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

a

Fund

and

other

funds

by

comparing

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

The

Fund

will

indirectly

bear

its

pro

rata

share

of

the

expenses

incurred

by

the

underlying

investments

in

which

the

Fund

invests.

These

expenses

are

not

included

in

the

table.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

hypothetical

example

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  9/30/22

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDING

        9/30/22

AQR

Large

Cap

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$811.80

0.41%

$1.86

Hypothetical

Return

$1,000.00

$1,023.01

0.41%

$2.08

Class

N

Actual

Return

$1,000.00

$810.40

0.66%

$3.00

Hypothetical

Return

$1,000.00

$1,021.76

0.66%

$3.35

Class

R6

Actual

Return

$1,000.00

$812.10

0.31%

$1.41

Hypothetical

Return

$1,000.00

$1,023.51

0.31%

$1.57

AQR

Small

Cap

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$809.80

0.61%

$2.77

Hypothetical

Return

$1,000.00

$1,022.01

0.61%

$3.09

Class

N

Actual

Return

$1,000.00

$808.80

0.86%

$3.90

Hypothetical

Return

$1,000.00

$1,020.76

0.86%

$4.36

Class

R6

Actual

Return

$1,000.00

$810.00

0.51%

$2.31

Hypothetical

Return

$1,000.00

$1,022.51

0.51%

$2.59

AQR

International

Multi-Style

Fund

Class

I

Actual

Return

$1,000.00

$771.60

0.56%

$2.49

Hypothetical

Return

$1,000.00

$1,022.26

0.56%

$2.84

Class

N

Actual

Return

$1,000.00

$771.20

0.81%

$3.60

Hypothetical

Return

$1,000.00

$1,021.01

0.81%

$4.10

Class

R6

Actual

Return

$1,000.00

$772.00

0.46%

$2.04

Hypothetical

Return

$1,000.00

$1,022.76

0.46%

$2.33

155

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  9/30/22

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDING

        9/30/22

AQR

Emerging

Multi-Style

II

Fund

Class

I

Actual

Return

$1,000.00

$754.00

0.71%

$3.12

Hypothetical

Return

$1,000.00

$1,021.51

0.71%

$3.60

Class

N

Actual

Return

$1,000.00

$753.10

0.96%

$4.22

Hypothetical

Return

$1,000.00

$1,020.26

0.96%

$4.86

Class

R6

Actual

Return

$1,000.00

$754.00

0.61%

$2.68

Hypothetical

Return

$1,000.00

$1,022.01

0.61%

$3.09

AQR

Large

Cap

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$808.50

0.41%

$1.86

Hypothetical

Return

$1,000.00

$1,023.01

0.41%

$2.08

Class

N

Actual

Return

$1,000.00

$807.00

0.66%

$2.99

Hypothetical

Return

$1,000.00

$1,021.76

0.66%

$3.35

Class

R6

Actual

Return

$1,000.00

$808.90

0.31%

$1.41

Hypothetical

Return

$1,000.00

$1,023.51

0.31%

$1.57

AQR

Small

Cap

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$809.40

0.61%

$2.77

Hypothetical

Return

$1,000.00

$1,022.01

0.61%

$3.09

Class

N

Actual

Return

$1,000.00

$807.90

0.86%

$3.90

Hypothetical

Return

$1,000.00

$1,020.76

0.86%

$4.36

Class

R6

Actual

Return

$1,000.00

$809.50

0.51%

$2.31

Hypothetical

Return

$1,000.00

$1,022.51

0.51%

$2.59

AQR

International

Momentum

Style

Fund

Class

I

Actual

Return

$1,000.00

$755.70

0.58%

$2.55

Hypothetical

Return

$1,000.00

$1,022.16

0.58%

$2.94

Class

N

Actual

Return

$1,000.00

$754.60

0.84%

$3.69

Hypothetical

Return

$1,000.00

$1,020.86

0.84%

$4.26

Class

R6

Actual

Return

$1,000.00

$755.80

0.49%

$2.16

Hypothetical

Return

$1,000.00

$1,022.61

0.49%

$2.48

AQR

Large

Cap

Defensive

Style

Fund

Class

I

Actual

Return

$1,000.00

$832.20

0.35%

$1.61

Hypothetical

Return

$1,000.00

$1,023.31

0.35%

$1.78

Class

N

Actual

Return

$1,000.00

$830.60

0.66%

$3.03

Hypothetical

Return

$1,000.00

$1,021.76

0.66%

$3.35

Class

R6

Actual

Return

$1,000.00

$832.30

0.31%

$1.42

Hypothetical

Return

$1,000.00

$1,023.51

0.31%

$1.57

156

Fund

Expense

Examples

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

Expenses

are

calculated

using

each

Class’

annualized

expense

ratio,

multiplied

by

the

average

account

value

for

the

period,

multiplied

by

183/365

(to

reflect

the

one-half

year

period

unless

stated

otherwise).

BEGINNING

  ACCOUNT

          DATE

        VALUE

    ENDING

ACCOUNT

      VALUE

  9/30/22

ANNUALIZED

      EXPENSE

RATIO

FOR

THE

PERIOD

      EXPENSES

PAID

FOR

THE

PERIOD  

          ENDING

        9/30/22

AQR

International

Defensive

Style

Fund

Class

I

Actual

Return

$1,000.00

$800.00

0.56%

$2.53

Hypothetical

Return

$1,000.00

$1,022.26

0.56%

$2.84

Class

N

Actual

Return

$1,000.00

$798.40

0.81%

$3.65

Hypothetical

Return

$1,000.00

$1,021.01

0.81%

$4.10

Class

R6

Actual

Return

$1,000.00

$799.90

0.46%

$2.08

Hypothetical

Return

$1,000.00

$1,022.76

0.46%

$2.33

AQR

Global

Equity

Fund

Class

I

Actual

Return

$1,000.00

$808.50

0.81%

$3.67

Hypothetical

Return

$1,000.00

$1,021.01

0.81%

$4.10

Class

N

Actual

Return

$1,000.00

$807.20

1.06%

$4.80

Hypothetical

Return

$1,000.00

$1,019.75

1.06%

$5.37

Class

R6

Actual

Return

$1,000.00

$808.90

0.71%

$3.22

Hypothetical

Return

$1,000.00

$1,021.51

0.71%

$3.60

AQR

International

Equity

Fund

Class

I

Actual

Return

$1,000.00

$779.61

1.58%

$7.05

Hypothetical

Return

$1,000.00

$1,017.05

1.58%

$7.99

Class

N

Actual

Return

$1,000.00

$778.78

1.89%

$8.43

Hypothetical

Return

$1,000.00

$1,015.59

1.89%

$9.55

Class

R6

Actual

Return

$1,000.00

$780.11

1.27%

$5.67

Hypothetical

Return

$1,000.00

$1,018.70

1.27%

$6.43

157

Trustees

and

Officers

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

The

overall

management

of

the

business

and

affairs

of

the

Funds

is

vested

with

the

Board

of

Trustees.

The

Board

of

Trustees

consists

of

seven

individuals

(each,

a

“Trustee”),

six

of

whom

are

not

“interested

persons”

of

the

Trust

as

defined

in

the

1940

Act

(the

“Disinterested

Trustees”).

The

Trustees

are

responsible

for

the

oversight

of

the

operations

of

the

Trust

and

perform

the

various

duties

imposed

on

the

directors

of

investment

companies

by

the

1940

Act.

The

Board

of

Trustees

approves

all

significant

agreements

between

the

Trust

and

persons

or

companies

furnishing

services

to

it,

including

the

Trust’s

agreements

with

its

investment

advisers,

investment

sub-advisers,

administrator,

custodian

and

transfer

agent.

The

management

of

each

Fund’s

day-to-day

operations

is

delegated

to

its

officers,

the

Adviser

and

the

Funds'

administrator,

subject

always

to

the

investment

objectives

and

policies

of

each

of

the

Funds

and

to

general

supervision

of

the

Board

of

Trustees.

The

Disinterested

Trustees

have

retained

independent

legal

counsel

to

assist

them

in

connection

with

their

duties.

Listed

in

the

chart

below

is

basic

information

regarding

the

Trustees

and

officers

of

the

Trust.

The

address

of

each

officer

and

Trustee

is

One

Greenwich

Plaza,

Greenwich

CT

06830.

NAME

AND

YEAR

OF

BIRTH

CURRENT

POSITION

WITH

THE

TRUST,

TERM

OF

OFFICE

1

AND

LENGTH

OF

TIME

SERVED

PRINCIPAL

OCCUPATION(S)

DURING

PAST

5

YEARS

NUMBER

OF

FUNDS

IN

FUND

COMPLEX

OVERSEEN

BY

TRUSTEE

OTHER

PRESENTOR

PAST

DIRECTORSHIPS

HELD

BY

TRUSTEE

(DURING

THE

PAST

5

YEARS)

Disinterested

Trustees

2

Brian

Posner,

M.B.A.,

1961

Chairman

of

the

Board,

since

2020;

Trustee,

since

2011

President,

Point

Rider

Group

LLC

(since

2008)

(consulting)

32

Arch

Capital

Group

(since

2010)

(insurance

company);

Bioverativ

Inc.

(2017-2018);

Biogen

Inc.

(since

2008-2022)

(biotechnology

company)

L.

Joe

Moravy,

M.B.A.,

CPA,

1950

Trustee,

since

2008

Retired

Independent

Consultant

(2014-

2020)

32

None

William

L.

Atwell,

M.B.A.,

1950

Trustee,

since

2011

Retired

from

Atwell

Partners,

LLC

(2012-

2019)

(consulting)

32

Webster

Financial

Corporation

(since

2014)

(banking);

Blucora,

Inc.

(2017-2019)

Gregg

D.

Behrens,

M.M.,

1952

Trustee,

since

2011

Retired

from

Northern

Trust

Company

(since

2009)

(banking)

32

Kiwi

Wealth

(wealth

management)

(since

2020)

Mark

A.

Zurack,

M.B.A.,

CFA

1957

Trustee,

since

2014

Professor,

Columbia

Business

School

(since

2002)

32

Exchange

Traded

Concepts

Trust

(19

portfolios)

(since

2011);

Kiwibank

(since

2022)

Kathleen

Hagerty,

Ph.D.,

M.B.A.

1953

Trustee,

since

2022

Provost

(since

2020)

and

Associate

Provost

(2019-2020),

Northwestern

University;

Interim

Dean

(2019-2020),

Senior

Associate

Dean

(2016-2019)

and

Professor

(since

1984),

Kellogg

School

of

Management,

Northwestern

University

32

None

Interested

Trustees

3

David

Kabiller,

CFA,

1963

Trustee,

since

2010

Founding

Principal,

AQR

Capital

Management,

LLC

(since

1998)

32

None

Officers

Ted

Pyne,

M.B.A.,

Ph.D.,

1966

Chief

Executive

Officer

and

President,

since

2020

Principal,

AQR

Capital

Management,

LLC

(since

2016)

N/A

N/A

H.J.

Willcox,

J.D.,

1966

Chief

Compliance

Officer,

since

2013;

Anti-Money

Laundering

Officer,

since

2017

Principal,

Chief

Legal

Officer

and

Global

Head

of

Compliance,

AQR

Capital

Management,

LLC

(since

2013)

N/A

N/A

Bradley Asness, J.D.,

M.B.A.,

1969

Vice

President,

since 2009

Principal

and

Co-Chief

Operating

Officer,

AQR

Capital

Management,

LLC

(since

1998)

N/A

N/A

Patrick

Ryan,

CPA

1965

Assistant

Treasurer,

since

2020

Principal,

AQR

Capital

Management,

LLC

(since

2012)

N/A

N/A

158

Trustees

and

Officers

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

September

30,

2022

_________

1

Each

Trustee

serves

until

the

election

and

qualification

of

a

successor,

or

until

death,

resignation

or

removal

as

provided

in

the

Trust’s

Declaration

of

Trust.

A

Disinterested

Trustee

may

not

hold

office

beyond

December

31

of

the

year

in

which

he

or

she

turns

75.

2

A

Disinterested

Trustee

is

any

Trustee

that

is

not

an

“interested

person”

of

the

Trust

within

the

meaning

of

Section

2(a)(19)

of

the

1940

Act.

3

An

Interested

Trustee

is

a

Trustee

that

is

an

“interested

person”

of

the

Trust

within

the

meaning

of

Section

2(a)(19)

of

the

1940

Act.

Mr.

Kabiller

is

an

interested

person

of

the

Trust

because

of

his

position

with

the

Adviser.

NAME

AND

YEAR

OF

BIRTH

CURRENT

POSITION

WITH

THE

TRUST,

TERM

OF

OFFICE

1

AND

LENGTH

OF

TIME

SERVED

PRINCIPAL

OCCUPATION(S)

DURING

PAST

5

YEARS

NUMBER

OF

FUNDS

IN

FUND

COMPLEX

OVERSEEN

BY

TRUSTEE

OTHER

PRESENTOR

PAST

DIRECTORSHIPS

HELD

BY

TRUSTEE

(DURING

THE

PAST

5

YEARS)

Matthew

Plastina,

1970

Chief

Financial

Officer

and

Treasurer,

since

2022;

Assistant

Treasurer

2020-2022

Vice

President,

AQR

Capital

Management,

LLC

(since

2018);

Executive

Director,

JP

Morgan

Investment

Management

(2010-

2018)

N/A

N/A

Nicole

DonVito,

J.D.,

1979

Chief

Legal

Officer,

since

2014;

Vice

President,

since

2009,

Secretary,

since

2022

Managing

Director,

Senior

Counsel

&

Head

of

Registered

Products,

AQR

Capital

Management,

LLC

(since

2007)

N/A

N/A

159

Board

Approval

of

Investment

Advisory

Agreements

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

The

Board

of

Trustees

(the

“Board,”

and

the

members

of

which

are

referred

to

as

“Board

Members”)

of

the

AQR

Funds

(the

“Trust”)

held

a

meeting

via

videoconference

on

May

26-27,

2022

(the

“Meeting”)

to

consider

the

continuation

of

the

Third

Amended

and

Restated

Investment

Management

Agreement,

as

amended,

between

AQR

Capital

Management,

LLC

(“AQR”)

and

the

Trust,

on

behalf

of

the

AQR

Global

Equity

Fund,

AQR

International

Defensive

Style

Fund,

AQR

International

Equity

Fund,

AQR

International

Momentum

Style

Fund,

AQR

International

Multi-Style

Fund,

AQR

Large

Cap

Defensive

Style

Fund,

AQR

Large

Cap

Momentum

Style

Fund,

AQR

Large

Cap

Multi-Style

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

Small

Cap

Multi-Style

Fund,

and

AQR

Emerging

Multi-Style

II

Fund,

and

certain

other

series

of

the

Trust

(the

“Investment

Management

Agreement”).

Each

of

the

aforementioned

series

of

the

Trust

may

be

referred

to

herein

as

a

“Fund”

and

collectively,

the

“Funds.”

During

the

Meeting,

the

Board

Members

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”)

(the

“Independent

Board

Members”),

met

with

independent

legal

counsel

and

representatives

of

AQR

to

review

the

materials

provided

and

the

relevant

legal

considerations.

In

accordance

with

Section

15(c)

of

the

1940

Act,

the

Board

requested

and

considered

materials

furnished

by

AQR

relevant

to

the

Board’s

consideration

of

whether

to

approve

the

continuation

of

the

Investment

Management

Agreement.

These

materials

included:

(i)

memoranda

and

materials

provided

by

AQR

describing

the

personnel

and

services

provided

to

the

Funds;

(ii)

performance

information

for

the

Funds

relevant

to

the

consideration

of

the

Investment

Management

Agreement;

(iii)

information

independently

compiled

and

prepared

by

Broadridge

relating

to

the

Funds’

fees

and

expenses

and

performance

relative

to

peers

within

Morningstar

fund

categories;

(iv)

financial

information

for

AQR

and

a

profitability

analysis

showing

AQR’s

profitability

from

providing

services

to

the

Funds;

and

(v)

a

discussion

of

the

compliance

program

of

AQR

and

the

regulatory

exam

history

of

AQR.

At

the

Meeting

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

for

each

Fund.

In

approving

the

continuation

of

the

Investment

Management

Agreement

for

a

Fund,

the

Board

considered

all

factors

it

believed

to

be

relevant

with

respect

to

the

Fund,

including,

among

other

factors:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

AQR;

(b)

the

investment

performance

of

the

Fund

and

AQR’s

portfolio

management;

(c)

the

management

fee

and

the

cost

of

the

services

provided

and

profits

realized

by

AQR

from

the

relationship

with

the

Funds

and

the

fund

complex;

(d)

economies

of

scale;

(e)

fall-out

benefits;

and

(f)

other

factors.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

AQR’s

services

related

to

the

valuation

and

pricing

of

the

Funds’

portfolio

holdings,

direct

and

indirect

benefits

to

AQR

and

its

affiliates

from

their

relationship

with

the

Funds

and

advice

from

independent

legal

counsel

with

respect

to

the

review

process

and

materials

submitted

for

the

Board’s

consideration.

The

Board

did

not

identify

any

particular

information

as

controlling,

and

each

Board

Member

may

have

attributed

different

weightings

to

the

various

items

considered.

In

considering

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund,

the

Board

did

not

view

the

Investment

Management

Agreement

as

creating

third-party

beneficiary

rights

in

shareholders

to

enforce

the

terms

of

the

Investment

Management

Agreement

against

AQR.

The

following

is

a

summary

of

the

Board’s

discussion

and

views

regarding

the

factors

it

considered

in

evaluating

the

Investment

Management

Agreement:

The

Nature,

Extent

and

Quality

of

the

Services

Provided

by

AQR

.

The

Board

Members

reviewed

the

services

that

AQR

provided

to

the

Funds

under

the

Investment

Management

Agreement,

including

certain

administrative

services.

The

Board

considered

the

size

and

experience

of

AQR’s

staff,

its

use

of

technology,

and

the

Funds’

stated

investment

objectives,

strategies

and

processes.

In

connection

with

the

investment

advisory

services

provided

to

the

Funds,

the

Board

Members

took

into

account

discussions

they

had

regularly

as

part

of

quarterly

Board

meetings

with

representatives

of

AQR

regarding

the

management

of

each

Fund’s

investments

in

accordance

with

the

Funds’

stated

investment

objectives

and

policies

and

the

types

of

transactions

that

are

entered

into

on

behalf

of

the

Funds.

During

these

discussions,

the

Board

Members

asked

questions

of,

and

received

answers

from,

representatives

of

AQR

regarding

the

formulation

and

implementation

of

the

Funds’

investment

strategies,

their

efficacy

and

potential

risks.

In

addition

to

the

investment

advisory

services

provided

to

the

Funds,

the

Board

Members

considered

that

AQR

also

provides

shareholder

and

administrative

services,

provides

oversight

of

Fund

accounting,

provides

risk

management,

provides

compliance

oversight,

administers

the

Funds’

liquidity

risk

management

program,

provides

derivatives

risk

management,

oversees

third-party

service

providers

and

provides

assistance

in

meeting

legal

and

regulatory

requirements

and

other

services

necessary

for

the

operation

of

the

Funds.

In

particular,

the

Board

Members

considered

the

compliance,

shareholder

and

administrative

services

provided

to

the

Funds

by

AQR

under

the

Investment

Management

Agreement.

The

Board

Members

recognized

the

enterprise

risk

involved

in

providing

services

to

the

Funds

over

time.

Finally,

the

Independent

Board

Members

had

several

opportunities

to

meet

outside

the

presence

of

Fund

management

in

executive

session

separately

with

independent

legal

counsel

to

discuss

and

consider

the

Investment

Management

Agreement.

Based

on

the

presentations

and

materials

at

the

Meeting

and

their

familiarity

gained

through

regular

Board

presentations

over

time,

the

Board

concluded

that

the

services

provided

to

the

Funds

by

AQR

pursuant

to

the

Investment

Management

Agreement

were

of

a

high

quality

and

benefit

the

Funds.

I

nvestment

Perform

ance

of

the

Funds

and

AQR

’s

Portfolio

Management.

The

Board

considered

the

investment

performance

of

each

Fund.

In

particular,

the

Independent

Board

Members

considered

the

investment

performance

of

the

Funds

relative

to

their

stated

objectives

and

AQR’s

efforts

to

achieve

such

goals

as

well

as

the

performance

of

the

Funds

relative

to

funds

identified

by

Broadridge

as

their

peers

(the

“Performance

Peers”).

The

Board

was

cognizant

of

the

fact

that

in

some

cases,

Fund

performance

was

challenged

over

certain

measurement

periods

in

comparison

to

a

Fund’s

Performance

Peers

and

considered

AQR’s

views

regarding

the

factors

contributing

to

such

underperformance

on

a

Fund-by-Fund

basis.

The

Board

considered

that

Broadridge

comparisons

may

be

of

limited

use

in

some

cases

due

to

the

differences

between

the

ways

in

which

a

Fund

is

managed

from

other

Performance

Peers.

In

other

cases,

underperformance

in

relation

to

Performance

Peers

may

be

due

to

differences

in

a

Fund’s

investment

parameters

compared

to

its

Performance

Peers,

including

risk

limits,

volatility

targets,

model

limits

on

exposure

to

a

particular

country,

and

the

Fund’s

investment

universe.

Finally,

the

use

of

drawdown

control

and/or

internal

risk

protections

may

affect

a

Fund’s

performance

in

relation

to

its

Performance

Peers

or

benchmark.

160

Board

Approval

of

Investment

Advisory

Agreements

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

The

Board

also

discussed

the

performance

of

the

Funds

with

AQR

at

Board

meetings

throughout

the

year.

AQR’s

presentations

to

the

Board

at

such

Board

meetings,

which

addressed

in

detail

the

drivers

of

underperformance

or

outperformance,

as

applicable,

supported

a

conclusion

that

the

Funds

were

being

managed

consistent

with

their

stated

policies

and

strategies.

The

Board

considered

AQR’s

performance

in

managing

other

registered

investment

companies

and

private

funds,

noting

that

other

funds

AQR

manages

might

have

investment

objectives,

policies

or

restrictions

different

from

those

of

the

Funds.

Based

on

these

factors,

the

Board

Members

determined

that

the

performance

of

each

Fund

is

consistent

with

its

stated

objectives

and

strategies

and

AQR’s

investment

process.

The

Management

Fee

and

the

Cost

of

the

Services

and

Profits

Realized

by

AQR

from

the

Relationship

with

the

Funds

.

The

Board,

including

the

Independent

Board

Members,

received

information

regarding

the

management

fees

paid

by

the

Funds

to

AQR

pursuant

to

the

Investment

Management

Agreement.

The

Board

examined

this

information

in

order

to

determine

the

reasonableness

of

the

fees

in

light

of

the

nature

and

quality

of

services

provided

to

the

Funds

and

the

costs

incurred

by

and

benefits

to

AQR

in

providing

those

services,

and

other

relevant

factors.

To

assist

in

this

analysis,

the

Board

reviewed

comparative

fee

and

expense

information

for

each

Fund

relative

to

funds

identified

by

Broadridge

as

their

peers

(the

“Expense

Peers”),

including

comparisons

of

contractual

management

fees

and

actual

net

expenses.

The

first

quartile

is

the

most

desirable

quartile

(i.e.,

relatively

lower

fees

or

expenses)

and

the

fourth

is

the

least

desirable

(i.e.,

relatively

higher

fees

or

expenses).

The

Board

noted

that,

as

of

December

31,

2021,

the

net

expenses

for

certain

Funds

were

lower

than

the

median

net

expenses

of

their

Expense

Peers,

while

net

expense

ratios

for

other

Funds

were

above

the

median

compared

to

their

Expense

Peers.

The

Board

also

noted

the

contractual

management

fee

reduction

for

AQR

Emerging

Multi-Style

II

Fund

that

took

effect

on

March

8,

2021.

Finally,

the

Board

determined

to

reduce

the

management

fee

for

AQR

Emerging

Multi-

Style

II

Fund

and

to

increase

this

Fund’s

expense

cap

by

a

commensurate

amount,

effective

July

1,

2022.

The

Board

also

reviewed

information

regarding

the

fees

AQR

charges

for

other

funds

and

accounts

managed

by

AQR,

including

sub-advised

mutual

funds,

with

similar

investment

strategies

to

certain

of

the

Funds.

The

Board

noted

the

greater

services

provided

by

AQR

to

the

Funds

in

contrast

to

the

limited

role

of

AQR

when

it

sub-advises

third

party

mutual

funds

or

advises

separate

accounts.

The

Board

also

received

and

reviewed

information

regarding

the

profitability

of

AQR

with

respect

to

Fund-related

activities.

AQR

provided

the

Board

Members

with

a

detailed

description

of

the

methodology

and

inputs

used

to

determine

profitability.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

AQR,

the

types

of

funds

managed,

costs

of

recruiting

and

retaining

personnel,

taxes,

expense

allocations

and

business

mix.

The

Board

reviewed

AQR’s

unaudited

financial

information.

The

purpose

of

the

review

was

to

help

the

Independent

Board

Members

determine

whether

the

firm

has

the

necessary

resources

to

continue

to

provide

high

quality

services

to

the

Funds

and

attract

and

retain

high

quality

employees.

Based

on

their

review

of

the

materials

presented

at

the

Meeting

and

discussions

of

these

materials,

the

Board

concluded

that

the

management

fees

under

the

Investment

Management

Agreement

are

reasonable

and

AQR’s

profitability

was

not

excessive.

Economies

of

Scale.

AQR

provided

the

Board

with

information

concerning

the

extent

to

which

economies

of

scale

were

realized

as

the

Funds

grew

and

whether

fee

levels

were

reflective

of

such

economies

of

scale.

To

show

that

economies

are

being

shared,

AQR

presented

information

regarding

each

Fund’s

management

fees

relative

to

comparable

funds

of

similar

and/or

larger

sizes,

showing

that

management

fees

were

set

at

a

competitive

level.

It

also

provided

Morningstar

data

for

the

purpose

of

showing

the

hypothetical

effective

management

fee

for

each

Fund

at

higher

asset

levels

compared

to

its

peers,

some

of

which

have

breakpoints.

The

Board

considered

this

information

in

determining

the

reasonableness

of

continuing

to

operate

each

Fund

without

management

fee

breakpoints

at

the

Fund’s

current

asset

level.

The

Board

recognized

that

economies

were

also

being

shared

through

the

expense

limitation

agreements

for

the

Funds.

The

Board

noted

that,

under

the

Investment

Management

Agreement,

none

of

the

Funds

have

breakpoints

in

their

management

fees

that

would

allow

investors

to

benefit

directly

in

the

form

of

lower

fees

as

fund

assets

grew.

The

Board

considered

that

the

funds

in

the

AQR

fund

complex

share

some

common

resources

and,

as

a

result,

an

increase

in

the

overall

size

of

the

complex

could

permit

each

Fund

to

incur

lower

expenses

than

it

would

otherwise

as

a

stand-alone

entity.

The

Board

also

considered

AQR’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

further

enhance

the

quality

of,

its

operations.

In

particular,

the

Board

noted

the

continuing

enhancements

to

AQR’s

services

to

the

Funds

in

areas

such

as

compliance,

risk,

portfolio

management,

technology

and

administration.

AQR

advised

that

its

size

as

a

firm

has

resulted

in

additional

benefits

to

the

AQR

Funds,

such

as

the

ability

to

negotiate

better

terms

with

service

providers

and

to

establish

a

dedicated

money

market

fund

for

the

AQR

Funds.

The

principals

of

AQR

have

also

provided

seed

capital

in

excess

of

regulatory

minimums

for

extended

periods.

AQR

also

discussed

that

the

Funds

had

undertaken

to

rely

on

Rule

30e-3

under

the

1940

Act

which

reduced

charges

related

to

printing

and

mailing

costs

for

shareholder

reports.

Other

Factors.

The

Board

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

AQR

or

its

affiliates

may

derive

from

its

relationship

with

the

Funds,

both

tangible

and

intangible,

noting

that

no

payments

are

received

by

AQR

from

the

Funds

beyond

the

fees

under

the

Investment

Management

Agreement.

The

Board

was

advised

by

AQR

that

AQR

may

obtain

greater

exposure

to

the

public

as

a

result

of

managing

the

AQR

Funds,

which

could

lead

to

additional

business

opportunities,

such

as

unregistered

fund

investments,

separately

managed

account

opportunities

or

sub-advisory

mandates.

AQR

may

also

obtain

reputational

benefits.

AQR

may

also

obtain

economic

benefit

from

its

sponsorship/management

of

both

the

Funds

and

other

funds

or

accounts

with

respect

to

the

potential

economic

leverage

of

its

service

provider

relationships.

The

Board

also

received

information

regarding

AQR’s

brokerage

and

soft

dollar

practices,

noting

that

AQR

does

not

presently

intend

to

make

use

of

soft

dollars

to

acquire

third-party

research.

The

Board

considered

that

AQR

is

responsible

for

decisions

to

buy

and

sell

securities

for

the

Funds,

selection

of

broker-dealers

and

best

execution,

and

aggregation

and

allocation

of

trade

orders

among

the

firm’s

various

advisory

clients.

161

Board

Approval

of

Investment

Advisory

Agreements

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

Conclusion.

Counsel

advised

the

Board

concerning

the

statutory

and

regulatory

requirements

for

approval

and

disclosure

of

investment

management

agreements.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

all

of

the

Board

Members,

including

all

of

the

Independent

Board

Members,

concluded

that

the

management

fee

rates

under

the

Investment

Management

Agreement

are

reasonable

in

relation

to

the

services

provided

by

AQR

to

the

Funds,

as

well

as

the

costs

incurred

and

benefits

to

be

gained

by

AQR

in

providing

such

services,

including

the

investment

advisory

and

administrative

components.

The

Board

also

found

the

investment

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

funds

of

similar

size.

As

a

result,

all

of

the

Board

Members,

including

the

Independent

Board

Members

voting

separately,

approved

the

continuation

of

the

Investment

Management

Agreement

with

respect

to

each

Fund.

The

Independent

Board

Members

were

represented

by

independent

legal

counsel

who

assisted

them

in

their

deliberations.

162

Liquidity

Risk

Management

Program

(Unaudited)

AQR

Funds

|

Annual

Report

|

September

2022

The

U.S.

Securities

and

Exchange

Commission

adopted

Rule

22e-4

under

the

Investment

Company

Act

of

1940

(the

“Liquidity

Rule”),

which

requires

the

AQR

Funds

(the

“Trust”)

to

adopt

and

implement

a

program

reasonably

designed

to

assess

and

manage

the

“liquidity

risk”

of

each

series

of

the

Trust

(the

“Funds”).

Pursuant

to

the

Liquidity

Rule,

“liquidity

risk”

is

defined

as

the

risk

that

a

Fund

could

not

meet

requests

to

redeem

shares

issued

by

the

Fund

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

The

Trust,

on

behalf

of

each

Fund,

has

adopted

and

implemented

a

liquidity

risk

management

program

in

accordance

with

the

Liquidity

Rule

(the

“Program”).

The

Trust’s

Board

of

Trustees

(the

“Board”)

has

designated

AQR

Capital

Management,

LLC,

investment

adviser

to

each

Fund

(“AQR”),

as

the

administrator

of

the

Program

(“Program

Administrator”)

for

each

Fund.

The

Program

Administrator

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Program.

As

part

of

the

Program,

the

Program

Administrator

identifies

illiquid

investments,

categorizes

the

relative

liquidity

of

the

Funds’

investments

in

accordance

with

the

Liquidity

Rule

and

assesses,

manages,

and

periodically

reviews

the

Funds’

liquidity

risk.

Among

other

things,

the

Liquidity

Rule

requires

that

a

written

report

be

provided

by

the

Program

Administrator

to

the

Board

on

an

annual

basis

that

addresses

the

operation

of

the

Program

and

assesses

the

adequacy

and

effectiveness

of

its

implementation,

including

the

operation

of

any

Highly

Liquidity

Investment

Minimum

(“HLIM”)

established

for

a

Fund,

if

any,

and

any

material

changes

to

the

Program.

At

a

meeting

of

the

Board

held

on

May

27,

2022,

the

Board

reviewed

AQR’s

written

report

(the

“Report”)

concerning

the

operation,

adequacy

and

effectiveness

of

the

Program

for

the

period

from

April

1,

2021

through

March

31,

2022

(the

“Reporting

Period”).

The

Report

summarized

the

operation

of

the

Program

and

the

practices

implemented,

and

the

information

and

factors

considered

by

AQR

in

assessing

whether

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund.

Such

practices,

information

and

factors

included,

among

other

things:

1)

An

overview

of

AQR’s

practices

with

respect

to

the

assessment,

management

and

periodic

review

of

each

Fund’s

liquidity

risk;

2)

A

summary

of

material

changes

or

findings

with

respect

to

the

Program,

if

any,

during

the

Reporting

Period;

3)

A

review

of

the

inputs

and

outputs

utilized

in

connection

with

the

Program,

particularly

the

methodologies

used

and

metrics

analyzed;

4)

A

summary

of

the

Funds’

compliance

with

the

requirements

under

the

Liquidity

Rule

and

the

Program,

including,

among

other

things,

the

15%

limit

on

investments

in

illiquid

investments

and

monitoring

of

highly

liquid

investments

to

determine

whether

a

Fund

is

required

to

set

a

highly

liquid

investment

minimum;

5)

An

overview

of

the

Funds’

other

sources

of

liquidity

(e.g.,

credit

facility

and

inter-fund

borrowing);

and

6)

An

overall

assessment

of

the

effectiveness

of

the

Program

with

respect

to

managing

each

Fund’s

liquidity

risk,

including,

among

other

things

assessing

whether

the

Fund’s

strategy

remains

appropriate

for

an

open-end

fund

structure.

The

Report

stated

that

there

were

no

material

changes

in

the

liquidity

profile

of

the

Funds

during

the

Reporting

Period.

Based

on

the

above

information

and

factors,

among

others,

the

Program

Administrator

has

concluded,

and

reported

to

the

Board,

that

the

Program

is

adequate

and

operating

effectively

for

the

assessment,

monitoring

and

management

of

liquidity

risks

for

each

Fund.

Investment

Adviser

AQR

Capital

Management,

LLC

One

Greenwich

Plaza

Greenwich,

CT

06830

Transfer

Agent

ALPS

Fund

Services,

Inc.

1290

Broadway,

Suite

1000

Denver,

CO

80203

Custodian

JPMorgan

Chase

Bank,

N.A.

4

Metro

Tech

Center

Brooklyn,

NY

11245

Distributor

ALPS

Distributors,

Inc.

1290

Broadway,

Suite

1000

Denver,

CO

80203

Administrator

JPMorgan

Chase

Bank,

N.A.

70

Fargo

Street

Boston,

MA

02210

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers,

LLP

300

Madison

Avenue

New

York,

NY

10017

You

may

obtain

a

description

of

the

AQR

Funds

proxy

voting,

policies,

procedures

and

information

regarding

how

each

Fund

voted

proxies

relating

to

portfolio

securities

during

the

12-month

period

ending

June

30th

of

each

year

(available

by

August

31st

of

that

year)

without

charge,

upon

request,

by

calling

1-866-290-2688

or

visiting

the

funds

website

https://funds.aqr.com,

or

by

accessing

the

SEC’s

website

at

www.SEC.gov.

Such

reports

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

Information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

202-551-8090.

The

Fund

files

complete

schedules

of

the

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

on

Form

N-PORT

Part

F.

The

Form

N-PORT

Part

F

is

available

without

charge,

upon

request,

by

calling

1-800-SEC-0330,

or

by

accessing

the

SEC’s

website,

at

www.SEC.gov.

It

may

also

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

This

report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Funds’

objectives

and

policies,

experienced

of

its

management,

marketability

of

shares

and

other

information.

AQR

Funds

P.O.

Box

2248,

Denver,

CO

80201-2248

|

p:

+1.866.290.2688

|

w:

https://funds.aqr.com

Item 2. Code of Ethics.

a).

As of the end of the period, September 30

, 2022

,

the Registrant

has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  This code of ethics is included as Exhibit 13 (a)(1).

b). Not Applicable.

c). There have been amendments to the Registrant’s Code of Ethics during the fiscal year ended September 30, 2022 (“Reporting Period”).

d). Registrant granted no waivers from the provisions of its Code of Ethics during the Reporting Period.

e). Not Applicable.

f). Attached.

Item 3. Audit Committee Financial Expert.

a). The Registrant’s Board of Trustees has determined that its Audit Committee has two “audit committee financial experts”, as that term is defined under Items 3(b) and 3(c), serving on its Audit Committee.  Mr. L. Joe Moravy and Mr. Brian S. Posner, the Registrant’s audit committee financial experts, are “independent”, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Aggregate fees for professional services rendered for the AQR Funds by PricewaterhouseCoopers LLP

for the fiscal years ended September 30, 2021 and September 30, 2022 were:

	2021	2022
Audit Fees (a)	$539,520	$429,550
Audit Related Fees (b)	$0	$0
Tax Fees (c)	$195,000	$174,640
All Other Fees (d)	$2,061	$1,889
Total:	$736,581	$606,079

(a)

Audit Fees: These fees relate to professional services rendered by PricewaterhouseCoopers LLP

for the audits of the Registrant’s annual financial statements or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filings or engagements.  These services include the audits of the financial statements of the Registrant, issuance of consents and assistance with review of documents filed with the SEC.

(b)           Audit Related Fees: These fees relate to assurance and related services by PricewaterhouseCoopers LLP

that are reasonably

related to the performance of the audit of the Registrant’s September 30, 2021 annual financial statements that are not reported under “Audit Fees” above. There were no audit-related services provided by PricewaterhouseCoopers LLP for the year ended September 30, 2021 and September 30, 2022.

(c)           Tax Fees: The September 30, 2021 and September 30, 2022 fees relate to professional services rendered by PricewaterhouseCoopers LLP

for tax compliance, tax advice and tax planning. The tax services provided by PricewaterhouseCoopers LLP

relate to the review of the Registrant’s federal and state income tax returns, excise tax calculations and the completion of an international taxation review.  The September 30, 2021 fees relate to services provided with respect to tax compliance and tax reclaims. The September 30, 2022 fees relate to services provided with respect to tax compliance and tax services for the liquidation of the AQR Core Plus Bond Fund.

(d)           All Other Fees: These fees relate to products and services provided by PricewaterhouseCoopers LLP

other than those reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above.

(e)           Audit Committee Pre-approval Policies and Procedures:

(i)

Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust.

(ii)

0% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)            Less than 50% of the hours expended on the principal accountant’s engagement to audit Registrant’s financial statements were attributed to work performed by persons other than the accountant’s full-time, permanent employees.

(g)           Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended September 30, 2021 and September 30, 2022: $3,950 and $3,950, respectively.

(h)           Not Applicable.

(i)            The Registrant is not a foreign issuer, as identified by the Securities and Exchange Commission (“Commission”) pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N- CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (“PCAOB”) has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the Registrant is not owned or controlled by a governmental entity in the foreign jurisdiction.

(j)            The Registrant is not a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the Registrant is so identified. Also, the Registrant does not use a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the Registrant.

(1) Not Applicable.

(2) Not Applicable.

(3) Not Applicable.

(4) Not Applicable.

(5) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act.  All of the Board’s independent Trustees, William L. Atwell, Gregg D. Behrens, Kathleen Hagerty, L. Joe Moravy, Brian S. Posner and Mark A. Zurack, are members of the Audit Committee.

(b) Not Applicable.

Item 6. Investments

(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company & Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)   The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b)   There have not been any changes in Registrant’s control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)      The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

aqrfundscodeofethics.docx

(a)(2)      Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

section302.docx

 

(b)          Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

section906.docx

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AQR Funds

By: /s/ Ted Pyne

-----------------------------------

Ted Pyne,

Principal Executive Officer

November 21, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Ted Pyne

----------------------------------

Ted Pyne,

Principal Executive Officer

November 21, 2022

By: /s/ Matthew Plastina

---------------------------------

Matthew Plastina,

Principal Financial Officer

November 21, 2022