1

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Aerospace

&

Defense

-

0.8%

Curtiss-Wright

Corp.

10,043

1,168,503

Huntington

Ingalls

Industries,

Inc.

24,456

4,169,259

Lockheed

Martin

Corp.

906

321,612

Northrop

Grumman

Corp.

3,983

1,213,700

Textron,

Inc.

32,675

1,579,182

8,452,256

Air

Freight

&

Logistics

-

0.5%

FedEx

Corp.

23,136

6,006,568

Automobiles

-

1.7%

General

Motors

Co.

41,767

1,739,178

Tesla,

Inc.

*

21,728

15,332,797

Thor

Industries,

Inc.

22,920

2,131,331

19,203,306

Banks

-

1.5%

Associated

Banc-Corp.

179,250

3,056,212

Citizens

Financial

Group,

Inc.

30,852

1,103,268

First

Citizens

BancShares

,

Inc.,

Class

A

1,442

828,097

FNB

Corp.

44,140

419,330

JPMorgan

Chase

&

Co.

31,212

3,966,109

People's

United

Financial,

Inc.

68,576

886,688

Popular,

Inc.

113,384

6,385,787

16,645,491

Beverages

-

0.7%

Monster

Beverage

Corp.

*

3,552

328,489

PepsiCo,

Inc.

48,541

7,198,630

7,527,119

Biotechnology

-

3.8%

AbbVie,

Inc.

100,716

10,791,719

Alexion

Pharmaceuticals,

Inc.

*

6,397

999,467

Amgen,

Inc.

11,762

2,704,319

Biogen,

Inc.

*

35,518

8,696,938

Exelixis

,

Inc.

*

194,241

3,898,417

Gilead

Sciences,

Inc.

52,445

3,055,446

Moderna

,

Inc.

*

12,333

1,288,429

Regeneron

Pharmaceuticals,

Inc.

*

2,073

1,001,487

United

Therapeutics

Corp.

*

66,337

10,069,293

42,505,515

Building

Products

-

1.3%

A

O

Smith

Corp.

11,403

625,112

Fortune

Brands

Home

&

Security,

Inc.

58,274

4,995,247

Johnson

Controls

International

plc

53,348

2,485,483

Masco

Corp.

20,390

1,120,023

Owens

Corning

33,664

2,550,385

Trane

Technologies

plc

15,379

2,232,416

14,008,666

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

1.1%

Ameriprise

Financial,

Inc.

21,556

4,188,978

Bank

of

New

York

Mellon

Corp.

(The)

26,481

1,123,854

Morgan

Stanley

40,011

2,741,954

State

Street

Corp.

40,262

2,930,268

Virtu

Financial,

Inc.,

Class

A

52,231

1,314,654

12,299,708

Chemicals

-

1.2%

Cabot

Corp.

18,338

823,009

Chemours

Co.

(The)

70,504

1,747,794

Corteva

,

Inc.

34,687

1,343,081

DuPont

de

Nemours,

Inc.

32,826

2,334,257

Eastman

Chemical

Co.

25,871

2,594,344

Huntsman

Corp.

32,620

820,067

LyondellBasell

Industries

NV,

Class

A

14,084

1,290,939

Scotts

Miracle-

Gro

Co.

(The)

12,236

2,436,677

13,390,168

Commercial

Services

&

Supplies

-

0.4%

Cintas

Corp.

1,369

483,887

Copart

,

Inc.

*

11,059

1,407,258

Waste

Management,

Inc.

25,510

3,008,394

4,899,539

Communications

Equipment

-

0.1%

Cisco

Systems,

Inc.

26,521

1,186,815

Lumentum

Holdings,

Inc.

*

4,374

414,655

1,601,470

Construction

&

Engineering

-

0.5%

Jacobs

Engineering

Group,

Inc.

3,129

340,936

Quanta

Services,

Inc.

74,838

5,389,833

5,730,769

Consumer

Finance

-

0.3%

Santander

Consumer

USA

Holdings,

Inc.

14,477

318,784

SLM

Corp.

252,716

3,131,151

3,449,935

Containers

&

Packaging

-

0.2%

Berry

Global

Group,

Inc.

*

18,175

1,021,253

Silgan

Holdings,

Inc.

45,108

1,672,605

2,693,858

Distributors

-

0.1%

LKQ

Corp.

*

30,523

1,075,631

Diversified

Consumer

Services

-

0.3%

frontdoor

,

Inc.

*

8,720

437,831

Graham

Holdings

Co.,

Class

B

3,238

1,727,085

Grand

Canyon

Education,

Inc.

*

12,146

1,130,914

3,295,830

2

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Diversified

Financial

Services

-

1.2%

Berkshire

Hathaway,

Inc.,

Class

B

*

55,943

12,971,503

Diversified

Telecommunication

Services

-

1.3%

AT&T,

Inc.

236,594

6,804,443

Verizon

Communications,

Inc.

139,009

8,166,779

14,971,222

Electric

Utilities

-

1.0%

Exelon

Corp.

37,265

1,573,328

NRG

Energy,

Inc.

254,972

9,574,199

11,147,527

Electrical

Equipment

-

0.9%

Acuity

Brands,

Inc.

31,899

3,862,650

Eaton

Corp.

plc

4,968

596,855

GrafTech

International

Ltd.

35,729

380,871

Hubbell,

Inc.

9,721

1,524,156

Regal

Beloit

Corp.

25,218

3,097,023

9,461,555

Electronic

Equipment,

Instruments

&

Components

-

2.2%

Arrow

Electronics,

Inc.

*

106,080

10,321,584

CDW

Corp.

17,982

2,369,848

Jabil,

Inc.

127,214

5,410,411

SYNNEX

Corp.

85,327

6,949,031

25,050,874

Entertainment

-

0.5%

Electronic

Arts,

Inc.

35,074

5,036,626

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.0%

(a)

Brandywine

Realty

Trust

36,857

438,967

Food

&

Staples

Retailing

-

2.5%

Costco

Wholesale

Corp.

13,321

5,019,086

Kroger

Co.

(The)

315,165

10,009,641

Sprouts

Farmers

Market,

Inc.

*

209,878

4,218,548

Walgreens

Boots

Alliance,

Inc.

17,732

707,152

Walmart,

Inc.

53,956

7,777,757

27,732,184

Food

Products

-

1.2%

Flowers

Foods,

Inc.

17,814

403,131

General

Mills,

Inc.

55,226

3,247,289

Ingredion,

Inc.

5,161

406,016

J

M

Smucker

Co.

(The)

28,546

3,299,918

Pilgrim's

Pride

Corp.

*

90,832

1,781,215

Tyson

Foods,

Inc.,

Class

A

61,899

3,988,771

13,126,340

Health

Care

Equipment

&

Supplies

-

1.2%

Danaher

Corp.

20,631

4,582,971

Medtronic

plc

29,209

3,421,542

Quidel

Corp.

*

32,468

5,832,876

13,837,389

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

4.0%

AmerisourceBergen

Corp.

4,457

435,716

Anthem,

Inc.

29,335

9,419,175

CVS

Health

Corp.

96,285

6,576,266

Humana,

Inc.

22,766

9,340,207

McKesson

Corp.

22,865

3,976,681

Molina

Healthcare,

Inc.

*

31,877

6,779,600

Quest

Diagnostics,

Inc.

4,137

493,006

UnitedHealth

Group,

Inc.

17,894

6,275,068

Universal

Health

Services,

Inc.,

Class

B

12,065

1,658,938

44,954,657

Health

Care

Technology

-

0.7%

Teladoc

Health,

Inc.

*(b)

8,065

1,612,677

Veeva

Systems,

Inc.,

Class

A

*

23,147

6,301,771

7,914,448

Hotels,

Restaurants

&

Leisure

-

1.2%

Darden

Restaurants,

Inc.

19,081

2,272,928

Domino's

Pizza,

Inc.

7,354

2,819,965

Extended

Stay

America,

Inc.

244,880

3,626,673

McDonald's

Corp.

2,617

561,556

MGM

Resorts

International

114,906

3,620,688

12,901,810

Household

Durables

-

2.3%

DR

Horton,

Inc.

56,720

3,909,142

Lennar

Corp.,

Class

A

67,355

5,134,472

Mohawk

Industries,

Inc.

*

16,757

2,361,899

NVR,

Inc.

*

626

2,553,992

PulteGroup,

Inc.

158,422

6,831,157

Whirlpool

Corp.

28,573

5,157,141

25,947,803

Household

Products

-

2.7%

Clorox

Co.

(The)

39,892

8,054,993

Kimberly-Clark

Corp.

63,620

8,577,885

Procter

&

Gamble

Co.

(The)

93,053

12,947,394

29,580,272

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

Vistra

Corp.

45,975

903,869

Industrial

Conglomerates

-

0.3%

3M

Co.

6,950

1,214,790

Carlisle

Cos.,

Inc.

17,094

2,669,741

3,884,531

Insurance

-

3.2%

Allstate

Corp.

(The)

126,373

13,892,184

Assurant,

Inc.

23,344

3,179,920

Everest

Re

Group

Ltd.

33,340

7,804,561

First

American

Financial

Corp.

89,120

4,601,265

MetLife,

Inc.

32,280

1,515,546

3

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

3.2%

(continued)

Old

Republic

International

Corp.

67,783

1,336,003

Progressive

Corp.

(The)

29,433

2,910,335

35,239,814

Interactive

Media

&

Services

-

5.4%

Alphabet,

Inc.,

Class

A

*

11,001

19,280,793

Alphabet,

Inc.,

Class

C

*

8,685

15,215,078

Facebook,

Inc.,

Class

A

*

82,082

22,421,519

IAC/InterActiveCorp

*

4,504

852,832

Match

Group,

Inc.

*

4,973

751,868

Pinterest,

Inc.,

Class

A

*

24,722

1,629,180

Zillow

Group,

Inc.,

Class

C

*

3,030

393,294

60,544,564

Internet

&

Direct

Marketing

Retail

-

4.1%

Amazon.com,

Inc.

*

12,061

39,281,833

Booking

Holdings,

Inc.

*

294

654,817

eBay,

Inc.

58,575

2,943,394

Qurate

Retail,

Inc.,

Series

A

232,183

2,547,047

45,427,091

IT

Services

-

3.5%

Accenture

plc,

Class

A

12,404

3,240,049

Akamai

Technologies,

Inc.

*

27,750

2,913,473

Alliance

Data

Systems

Corp.

42,678

3,162,440

Amdocs

Ltd.

26,270

1,863,331

Booz

Allen

Hamilton

Holding

Corp.

42,762

3,727,991

CACI

International,

Inc.,

Class

A

*

19,257

4,801,348

Cognizant

Technology

Solutions

Corp.,

Class

A

42,995

3,523,440

Concentrix

Corp.

*

56,933

5,619,287

International

Business

Machines

Corp.

52,297

6,583,146

Leidos

Holdings,

Inc.

7,037

739,730

Science

Applications

International

Corp.

4,108

388,781

VeriSign,

Inc.

*

10,066

2,178,282

38,741,298

Leisure

Products

-

0.9%

Brunswick

Corp.

6,139

468,037

Peloton

Interactive,

Inc.,

Class

A

*

61,386

9,313,484

9,781,521

Life

Sciences

Tools

&

Services

-

1.9%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

1,671

974,093

Charles

River

Laboratories

International,

Inc.

*

29,045

7,257,184

PerkinElmer,

Inc.

17,733

2,544,685

PRA

Health

Sciences,

Inc.

*

7,115

892,506

QIAGEN

NV

*

12,812

677,114

Syneos

Health,

Inc.

*

19,826

1,350,745

Thermo

Fisher

Scientific,

Inc.

16,533

7,700,741

21,397,068

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.6%

AGCO

Corp.

61,270

6,316,324

Cummins,

Inc.

40,186

9,126,241

Deere

&

Co.

1,250

336,312

ITT,

Inc.

15,189

1,169,857

Oshkosh

Corp.

88,993

7,659,628

PACCAR,

Inc.

57,135

4,929,608

Pentair

plc

6,553

347,899

Snap-on,

Inc.

18,695

3,199,462

Timken

Co.

(The)

97,197

7,519,160

40,604,491

Media

-

0.2%

Interpublic

Group

of

Cos.,

Inc.

(The)

94,449

2,221,440

Metals

&

Mining

-

0.1%

Newmont

Corp.

16,339

978,543

Multiline

Retail

-

1.1%

Dollar

General

Corp.

22,985

4,833,745

Target

Corp.

39,288

6,935,511

11,769,256

Multi-Utilities

-

0.1%

MDU

Resources

Group,

Inc.

36,816

969,733

Personal

Products

-

0.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,763

2,598,813

Nu

Skin

Enterprises,

Inc.,

Class

A

10,808

590,441

3,189,254

Pharmaceuticals

-

4.9%

Bristol-Myers

Squibb

Co.

112,687

6,989,975

Eli

Lilly

and

Co.

4,214

711,492

Horizon

Therapeutics

plc

*

38,912

2,846,413

Jazz

Pharmaceuticals

plc

*

42,132

6,953,886

Johnson

&

Johnson

94,501

14,872,567

Merck

&

Co.,

Inc.

135,592

11,091,426

Pfizer,

Inc.

149,434

5,500,665

Viatris

,

Inc.

*

288,386

5,404,354

54,370,778

Professional

Services

-

1.0%

CoreLogic

,

Inc.

36,312

2,807,644

FTI

Consulting,

Inc.

*

9,743

1,088,488

ManpowerGroup

,

Inc.

50,159

4,523,338

Robert

Half

International,

Inc.

49,327

3,081,951

11,501,421

Road

&

Rail

-

0.2%

AMERCO

1,585

719,527

Knight-Swift

Transportation

Holdings,

Inc.

9,438

394,697

Schneider

National,

Inc.,

Class

B

73,775

1,527,142

2,641,366

4

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

4.9%

Applied

Materials,

Inc.

61,951

5,346,371

Cirrus

Logic,

Inc.

*

15,193

1,248,865

First

Solar,

Inc.

*

25,143

2,487,146

Intel

Corp.

259,710

12,938,752

KLA

Corp.

1,289

333,735

Lam

Research

Corp.

8,321

3,929,759

Micron

Technology,

Inc.

*

51,584

3,878,085

MKS

Instruments,

Inc.

14,613

2,198,526

NVIDIA

Corp.

9,779

5,106,594

Qorvo

,

Inc.

*

5,740

954,390

QUALCOMM,

Inc.

17,268

2,630,607

Skyworks

Solutions,

Inc.

29,492

4,508,737

Teradyne,

Inc.

43,068

5,163,422

Texas

Instruments,

Inc.

14,365

2,357,727

Xilinx,

Inc.

7,399

1,048,956

54,131,672

Software

-

7.7%

Adobe,

Inc.

*

13,221

6,612,087

Cadence

Design

Systems,

Inc.

*

26,122

3,563,824

CDK

Global,

Inc.

7,899

409,405

Citrix

Systems,

Inc.

6,925

900,943

Intuit,

Inc.

8,008

3,041,839

Microsoft

Corp.

230,750

51,323,415

NortonLifeLock

,

Inc.

151,860

3,155,651

Oracle

Corp.

130,486

8,441,139

salesforce.com,

Inc.

*

3,729

829,814

SS&C

Technologies

Holdings,

Inc.

20,148

1,465,767

Teradata

Corp.

*

36,889

828,896

Trade

Desk,

Inc.

(The),

Class

A

*

889

712,089

VMware,

Inc.,

Class

A

*(b)

6,694

938,900

Zoom

Video

Communications,

Inc.,

Class

A

*

9,787

3,301,351

85,525,120

Specialty

Retail

-

4.4%

AutoNation,

Inc.

*

126,369

8,819,292

Best

Buy

Co.,

Inc.

84,824

8,464,587

Dick's

Sporting

Goods,

Inc.

116,471

6,546,835

Foot

Locker,

Inc.

103,197

4,173,287

Home

Depot,

Inc.

(The)

25,737

6,836,262

Lowe's

Cos.,

Inc.

22,084

3,544,703

Penske

Automotive

Group,

Inc.

38,873

2,308,667

Tractor

Supply

Co.

17,031

2,394,218

Williams-Sonoma,

Inc.

61,613

6,274,668

49,362,519

Technology

Hardware,

Storage

&

Peripherals

-

6.5%

Apple,

Inc.

477,801

63,399,415

Dell

Technologies,

Inc.,

Class

C

*

13,871

1,016,605

HP,

Inc.

252,736

6,214,778

Xerox

Holdings

Corp.

54,956

1,274,430

71,905,228

INVESTMENTS

SHARES

VALUE

($)

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

Carter's,

Inc.

30,498

2,868,947

Hanesbrands,

Inc.

199,974

2,915,621

NIKE,

Inc.,

Class

B

39,506

5,588,914

Skechers

USA,

Inc.,

Class

A

*

54,959

1,975,226

13,348,708

Thrifts

&

Mortgage

Finance

-

0.1%

MGIC

Investment

Corp.

51,692

648,735

Tobacco

-

0.6%

Altria

Group,

Inc.

65,947

2,703,827

Philip

Morris

International,

Inc.

51,595

4,271,550

6,975,377

Trading

Companies

&

Distributors

-

1.1%

Air

Lease

Corp.

23,689

1,052,265

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

46,387

3,914,599

United

Rentals,

Inc.

*

14,152

3,281,990

Watsco

,

Inc.

18,616

4,217,455

12,466,309

Transportation

Infrastructure

-

0.0%

(a)

Macquarie

Infrastructure

Corp.

14,016

526,301

Wireless

Telecommunication

Services

-

0.2%

T-Mobile

US,

Inc.

*

12,754

1,719,877

TOTAL

COMMON

STOCKS

(Cost

$723,346,052)

1,058,634,890

PREFERRED

STOCKS

-

0.0%

(a)

Internet

&

Direct

Marketing

Retail

-

0.0%

(a)

Qurate

Retail,

Inc.,

8.00%,

3/15/2031

(Cost

$375,955)

3,832

379,368

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4.6%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(c)

(Cost

$50,673,926)

50,694,203

50,673,926

5

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SECURITIES

LENDING

COLLATERAL

-

0.2%

Investment

Companies

-

0.2%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(c)(d)

652,977

652,977

Limited

Purpose

Cash

Investment

Fund

0.03%

(c)(d)

1,407,350

1,406,787

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$2,060,327)

2,059,764

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$776,456,260)

1,111,747,948

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

(e)

1,900,148

NET

ASSETS

-

100.0%

1,113,648,096

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

84,493,730

7.6

%

Consumer

Discretionary

192,492,844

17.3

Consumer

Staples

88,130,546

7.9

Financials

81,255,185

7.3

Health

Care

184,979,854

16.6

Industrials

120,183,772

10.8

Information

Technology

276,955,662

24.9

Materials

17,062,569

1.4

Real

Estate

438,967

0.0

(a)

Utilities

13,021,129

1.2

Short-Term

Investments

50,673,926

4.6

Securities

Lending

Collateral

2,059,764

0.2

Total

Investments

In

Securities

At

Value

1,111,747,948

99.8

Other

Assets

in

Excess

of

Liabilities

(e)

1,900,148

0.2

Net

Assets

$

1,113,648,096

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)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$2,019,225.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(d)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2020:

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

239

3/2021

USD

$

44,798,160

$

618,910

$

618,910

6

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.9%

Aerospace

&

Defense

-

0.9%

AAR

Corp.

1,696

61,429

Aerojet

Rocketdyne

Holdings,

Inc.

*

908

47,988

Vectrus

,

Inc.

*

19,019

945,625

1,055,042

Air

Freight

&

Logistics

-

0.5%

Atlas

Air

Worldwide

Holdings,

Inc.

*

5,298

288,953

Hub

Group,

Inc.,

Class

A

*

5,818

331,626

620,579

Airlines

-

0.1%

Allegiant

Travel

Co.

706

133,603

Auto

Components

-

2.1%

Adient

plc

*

3,850

133,865

Cooper

Tire

&

Rubber

Co.

11,261

456,071

Dana,

Inc.

23,637

461,394

Fox

Factory

Holding

Corp.

*

2,539

268,398

LCI

Industries

3,172

411,345

Patrick

Industries,

Inc.

3,932

268,752

Tenneco,

Inc.,

Class

A

*

11,434

121,200

XPEL,

Inc.

*(a)

6,029

310,855

2,431,880

Automobiles

-

0.1%

Winnebago

Industries,

Inc.

1,719

103,037

Banks

-

5.0%

1st

Source

Corp.

4,426

178,368

Bancorp,

Inc.

(The)

*

10,753

146,778

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,609

143,616

Cathay

General

Bancorp

14,130

454,845

CIT

Group,

Inc.

4,622

165,930

Columbia

Banking

System,

Inc.

5,373

192,891

Customers

Bancorp,

Inc.

*

18,672

339,457

Dime

Community

Bancshares,

Inc.

5,000

78,850

First

Bancorp/PR

22,260

205,237

First

Interstate

BancSystem

,

Inc.,

Class

A

3,501

142,736

First

Merchants

Corp.

4,446

166,325

Fulton

Financial

Corp.

8,669

110,270

Glacier

Bancorp,

Inc.

3,078

141,619

Great

Southern

Bancorp,

Inc.

7,849

383,816

Hancock

Whitney

Corp.

4,008

136,352

Heartland

Financial

USA,

Inc.

9,351

377,500

Hilltop

Holdings,

Inc.

14,340

394,493

Home

BancShares

,

Inc.

16,091

313,453

International

Bancshares

Corp.

12,796

479,082

Investors

Bancorp,

Inc.

18,624

196,669

Midland

States

Bancorp,

Inc.

5,017

89,654

NBT

Bancorp,

Inc.

6,141

197,126

OFG

Bancorp

1,988

36,858

Old

National

Bancorp

17,437

288,757

Preferred

Bank

1,832

92,461

INVESTMENTS

SHARES

VALUE

($)

Banks

-

5.0%

(continued)

ServisFirst

Bancshares,

Inc.

4,239

170,789

South

State

Corp.

1,763

127,465

United

Community

Banks,

Inc.

1,812

51,533

5,802,930

Biotechnology

-

7.5%

Adverum

Biotechnologies,

Inc.

*

3,999

43,349

Akebia

Therapeutics,

Inc.

*

21,392

59,898

Allakos

,

Inc.

*

812

113,680

Allogene

Therapeutics,

Inc.

*

3,264

82,383

Amicus

Therapeutics,

Inc.

*

13,883

320,558

Anika

Therapeutics,

Inc.

*

1,937

87,669

Arcus

Biosciences,

Inc.

*

2,178

56,541

Arena

Pharmaceuticals,

Inc.

*

3,211

246,701

Arrowhead

Pharmaceuticals,

Inc.

*

4,504

345,592

Blueprint

Medicines

Corp.

*

2,943

330,057

Bridgebio

Pharma,

Inc.

*(b)

3,299

234,592

Catalyst

Pharmaceuticals,

Inc.

*

66,423

221,853

ChemoCentryx

,

Inc.

*

2,666

165,079

Coherus

Biosciences,

Inc.

*(b)

8,800

152,944

Constellation

Pharmaceuticals,

Inc.

*

2,169

62,467

Deciphera

Pharmaceuticals,

Inc.

*

1,771

101,071

Denali

Therapeutics,

Inc.

*

3,574

299,358

Eagle

Pharmaceuticals,

Inc.

*

2,192

102,081

Emergent

BioSolutions

,

Inc.

*

4,430

396,928

Enanta

Pharmaceuticals,

Inc.

*

1,606

67,613

Fate

Therapeutics,

Inc.

*

4,401

400,183

Halozyme

Therapeutics,

Inc.

*

7,333

313,192

Insmed

,

Inc.

*

5,633

187,523

Invitae

Corp.

*(b)

5,198

217,328

Ironwood

Pharmaceuticals,

Inc.

*

17,609

200,566

Jounce

Therapeutics,

Inc.

*

5,270

36,890

Karuna

Therapeutics,

Inc.

*

705

71,621

Kodiak

Sciences,

Inc.

*

1,560

229,180

Lexicon

Pharmaceuticals,

Inc.

*(b)

20,512

70,151

Ligand

Pharmaceuticals,

Inc.

*(b)

1,915

190,447

Mersana

Therapeutics,

Inc.

*

3,299

87,786

Mirati

Therapeutics,

Inc.

*

1,157

254,123

Myriad

Genetics,

Inc.

*

3,504

69,292

Natera

,

Inc.

*

4,602

457,991

Novavax

,

Inc.

*(b)

2,322

258,926

OPKO

Health,

Inc.

*(b)

21,437

84,676

PDL

BioPharma

,

Inc.

(2)*

22,953

56,694

PTC

Therapeutics,

Inc.

*

2,521

153,857

Sorrento

Therapeutics,

Inc.

*(b)

15,749

107,487

TG

Therapeutics,

Inc.

*

6,446

335,321

Translate

Bio,

Inc.

*

2,939

54,166

Turning

Point

Therapeutics,

Inc.

*

1,509

183,872

Ultragenyx

Pharmaceutical,

Inc.

*

4,281

592,619

Veracyte

,

Inc.

*

3,731

182,595

Vericel

Corp.

*

5,581

172,341

Vir

Biotechnology,

Inc.

*(b)

3,052

81,733

XBiotech

,

Inc.

*(b)

5,089

79,643

7

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

7.5%

(continued)

Xencor

,

Inc.

*

2,538

110,733

8,731,350

Building

Products

-

2.2%

Alpha

Pro

Tech

Ltd.

*(b)

20,684

230,627

American

Woodmark

Corp.

*

777

72,921

Apogee

Enterprises,

Inc.

14,495

459,201

Builders

FirstSource

,

Inc.

*

16,604

677,609

Griffon

Corp.

3,965

80,807

Insteel

Industries,

Inc.

10,788

240,249

Masonite

International

Corp.

*

812

79,852

Simpson

Manufacturing

Co.,

Inc.

826

77,190

UFP

Industries,

Inc.

11,746

652,490

2,570,946

Capital

Markets

-

1.6%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

7,385

371,761

Brightsphere

Investment

Group,

Inc.

8,415

162,241

Cohen

&

Steers,

Inc.

2,435

180,921

Federated

Hermes,

Inc.,

Class

B

6,962

201,132

Stifel

Financial

Corp.

10,837

546,835

StoneX

Group,

Inc.

*

1,092

63,227

Waddell

&

Reed

Financial,

Inc.,

Class

A

13,834

352,352

1,878,469

Chemicals

-

0.6%

Koppers

Holdings,

Inc.

*

8,920

277,947

Rayonier

Advanced

Materials,

Inc.

*

10,283

67,045

Stepan

Co.

2,676

319,300

Tredegar

Corp.

4,988

83,300

747,592

Commercial

Services

&

Supplies

-

1.8%

ABM

Industries,

Inc.

4,865

184,092

ACCO

Brands

Corp.

42,107

355,804

Cimpress

plc

(Ireland)

*(b)

2,133

187,149

Ennis,

Inc.

22,506

401,732

Healthcare

Services

Group,

Inc.

3,416

95,990

Interface,

Inc.

18,969

199,174

Kimball

International,

Inc.,

Class

B

24,406

291,652

Quad/Graphics,

Inc.

9,918

37,887

Steelcase,

Inc.,

Class

A

27,212

368,722

2,122,202

Communications

Equipment

-

0.9%

Acacia

Communications,

Inc.

*

2,121

154,748

Calix,

Inc.

*

9,470

281,827

Comtech

Telecommunications

Corp.

3,818

78,994

Digi

International,

Inc.

*

2,680

50,652

NETGEAR,

Inc.

*

9,274

376,803

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

0.9%

(continued)

NetScout

Systems,

Inc.

*

5,290

145,052

1,088,076

Construction

&

Engineering

-

2.8%

API

Group

Corp.

*(c)

7,703

139,809

Arcosa

,

Inc.

5,516

302,994

Comfort

Systems

USA,

Inc.

1,862

98,053

Dycom

Industries,

Inc.

*

1,462

110,410

EMCOR

Group,

Inc.

4,104

375,352

Great

Lakes

Dredge

&

Dock

Corp.

*

30,042

395,653

MasTec

,

Inc.

*

1,114

75,953

MYR

Group,

Inc.

*

22,999

1,382,240

Primoris

Services

Corp.

4,083

112,732

Sterling

Construction

Co.,

Inc.

*

3,051

56,779

Tutor

Perini

Corp.

*

14,321

185,457

3,235,432

Construction

Materials

-

0.1%

Summit

Materials,

Inc.,

Class

A

*

6,230

125,099

US

Concrete,

Inc.

*

863

34,494

159,593

Consumer

Finance

-

0.2%

Curo

Group

Holdings

Corp.

3,439

49,281

Encore

Capital

Group,

Inc.

*

5,167

201,255

250,536

Containers

&

Packaging

-

0.1%

O-I

Glass,

Inc.

8,847

105,279

Distributors

-

0.1%

Core-Mark

Holding

Co.,

Inc.

2,205

64,761

Diversified

Consumer

Services

-

0.7%

American

Public

Education,

Inc.

*

12,792

389,900

Houghton

Mifflin

Harcourt

Co.

*

33,289

110,852

Laureate

Education,

Inc.,

Class

A

*

5,783

84,200

Perdoceo

Education

Corp.

*

6,863

86,680

Select

Interior

Concepts,

Inc.,

Class

A

*

7,372

52,710

Universal

Technical

Institute,

Inc.

*

7,195

46,480

770,822

Diversified

Financial

Services

-

0.2%

Cannae

Holdings,

Inc.

*

4,733

209,530

Diversified

Telecommunication

Services

-

0.4%

Bandwidth,

Inc.,

Class

A

*

426

65,463

Cogent

Communications

Holdings,

Inc.

2,493

149,256

Consolidated

Communications

Holdings,

Inc.

*

45,305

221,541

Vonage

Holdings

Corp.

*

4,955

63,796

500,056

Electric

Utilities

-

0.2%

PNM

Resources,

Inc.

3,668

178,008

8

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

1.6%

Atkore

International

Group,

Inc.

*

10,933

449,456

Bloom

Energy

Corp.,

Class

A

*

1,235

35,395

Encore

Wire

Corp.

4,477

271,172

Orion

Energy

Systems,

Inc.

*

12,278

121,184

Plug

Power,

Inc.

*

16,527

560,430

Powell

Industries,

Inc.

4,905

144,648

Sunrun

,

Inc.

*

1,124

77,983

Vicor

Corp.

*

1,594

146,999

1,807,267

Electronic

Equipment,

Instruments

&

Components

-

2.6%

Arlo

Technologies,

Inc.

*

7,045

54,881

Benchmark

Electronics,

Inc.

1,599

43,189

Coda

Octopus

Group,

Inc.

*(b)

3,323

20,902

ePlus

,

Inc.

*

3,821

336,057

Fabrinet

(Thailand)

*

4,004

310,670

Fitbit,

Inc.,

Class

A

*

13,208

89,814

Insight

Enterprises,

Inc.

*

6,872

522,891

Methode

Electronics,

Inc.

7,905

302,603

PC

Connection,

Inc.

*

12,372

585,072

Plexus

Corp.

*

629

49,194

Sanmina

Corp.

*

22,523

718,258

3,033,531

Energy

Equipment

&

Services

-

0.9%

Liberty

Oilfield

Services,

Inc.,

Class

A

13,400

138,154

Nabors

Industries

Ltd.

998

58,114

National

Energy

Services

Reunited

Corp.

*

11,664

115,823

ProPetro

Holding

Corp.

*

91,762

678,121

990,212

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.1%

American

Assets

Trust,

Inc.

1,654

47,767

American

Finance

Trust,

Inc.

32,765

243,444

DiamondRock

Hospitality

Co.

*

28,351

233,896

EastGroup

Properties,

Inc.

1,965

271,288

GEO

Group,

Inc.

(The)

(b)

15,393

136,382

Healthcare

Realty

Trust,

Inc.

9,380

277,648

Independence

Realty

Trust,

Inc.

3,209

43,097

Industrial

Logistics

Properties

Trust

4,209

98,028

Innovative

Industrial

Properties,

Inc.

488

89,367

Kite

Realty

Group

Trust

2,943

44,027

Lexington

Realty

Trust

12,888

136,870

National

Health

Investors,

Inc.

1,695

117,243

New

Senior

Investment

Group,

Inc.

24,120

124,941

Office

Properties

Income

Trust

9,072

206,116

Physicians

Realty

Trust

13,606

242,187

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

14,802

240,236

PS

Business

Parks,

Inc.

826

109,751

QTS

Realty

Trust,

Inc.,

Class

A

1,532

94,800

Sabra

Health

Care

REIT,

Inc.

13,010

225,984

INVESTMENTS

SHARES

VALUE

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.1%

(continued)

Service

Properties

Trust

18,618

213,921

Uniti

Group,

Inc.

8,779

102,978

Urban

Edge

Properties

9,721

125,790

Whitestone

REIT

17,338

138,184

3,563,945

Food

&

Staples

Retailing

-

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.

*

4,569

170,332

Ingles

Markets,

Inc.,

Class

A

16,909

721,338

Performance

Food

Group

Co.

*

13,099

623,644

PriceSmart

,

Inc.

1,120

102,021

Rite

Aid

Corp.

*(b)

7,493

118,614

SpartanNash

Co.

5,752

100,142

United

Natural

Foods,

Inc.

*

14,740

235,398

Weis

Markets,

Inc.

3,273

156,482

2,227,971

Food

Products

-

2.3%

B&G

Foods,

Inc.

11,779

326,632

Darling

Ingredients,

Inc.

*

7,051

406,702

Fresh

Del

Monte

Produce,

Inc.

8,506

204,739

John

B

Sanfilippo

&

Son,

Inc.

14,930

1,177,380

Lancaster

Colony

Corp.

661

121,445

Seneca

Foods

Corp.,

Class

A

*

10,071

401,833

2,638,731

Health

Care

Equipment

&

Supplies

-

2.5%

Cantel

Medical

Corp.

1,813

142,973

Co-Diagnostics,

Inc.

*(b)

2,661

24,747

CONMED

Corp.

1,495

167,440

Electromed

,

Inc.

*

20,411

200,232

Integer

Holdings

Corp.

*

3,262

264,842

Invacare

Corp.

29,359

262,763

iRhythm

Technologies,

Inc.

*(b)

1,232

292,243

Lantheus

Holdings,

Inc.

*

3,274

44,166

LeMaitre

Vascular,

Inc.

1,143

46,292

LENSAR,

Inc.

*

6,861

49,742

LivaNova

plc

*

2,269

150,231

Meridian

Bioscience,

Inc.

*

6,760

126,344

Merit

Medical

Systems,

Inc.

*

4,846

269,001

Neogen

Corp.

*

2,837

224,974

Nevro

Corp.

*

1,648

285,269

NuVasive

,

Inc.

*

2,561

144,261

Repro-Med

Systems,

Inc.

*

10,877

65,480

Retractable

Technologies,

Inc.

*(b)

8,802

94,533

Utah

Medical

Products,

Inc.

249

20,991

Zynex

,

Inc.

*(b)

3,769

50,731

2,927,255

Health

Care

Providers

&

Services

-

4.0%

1Life

Healthcare,

Inc.

*

3,505

152,993

AMN

Healthcare

Services,

Inc.

*

2,494

170,215

Brookdale

Senior

Living,

Inc.

*

23,150

102,554

Community

Health

Systems,

Inc.

*

20,227

150,287

9

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

4.0%

(continued)

CorVel

Corp.

*

6,074

643,844

Ensign

Group,

Inc.

(The)

4,181

304,879

Joint

Corp.

(The)

*(b)

5,452

143,170

LHC

Group,

Inc.

*

1,753

373,950

Magellan

Health,

Inc.

*

1,104

91,455

National

Research

Corp.

11,575

494,831

Owens

&

Minor,

Inc.

10,836

293,114

Patterson

Cos.,

Inc.

7,910

234,373

Providence

Service

Corp.

(The)

*

1,132

156,929

Select

Medical

Holdings

Corp.

*

10,765

297,760

Tenet

Healthcare

Corp.

*

2,959

118,153

Triple-S

Management

Corp.,

Class

B

*(b)

40,253

859,402

Viemed

Healthcare,

Inc.

*

8,703

67,535

4,655,444

Health

Care

Technology

-

1.3%

Computer

Programs

and

Systems,

Inc.

7,126

191,262

Evolent

Health,

Inc.,

Class

A

*

10,242

164,179

HMS

Holdings

Corp.

*

3,336

122,598

Inovalon

Holdings,

Inc.,

Class

A

*

7,273

132,151

NantHealth

,

Inc.

*(b)

30,345

98,014

NextGen

Healthcare,

Inc.

*

16,409

299,300

Omnicell

,

Inc.

*

3,247

389,705

Simulations

Plus,

Inc.

1,686

121,257

1,518,466

Hotels,

Restaurants

&

Leisure

-

2.8%

Biglari

Holdings,

Inc.,

Class

B

*

2,156

239,747

BJ's

Restaurants,

Inc.

3,589

138,141

Boyd

Gaming

Corp.

*

4,915

210,952

Brinker

International,

Inc.

2,301

130,167

Caesars

Entertainment,

Inc.

*

7,564

561,778

Carrols

Restaurant

Group,

Inc.

*

18,244

114,572

Churchill

Downs,

Inc.

1,290

251,279

El

Pollo

Loco

Holdings,

Inc.

*

2,228

40,327

Fiesta

Restaurant

Group,

Inc.

*

9,964

113,590

International

Game

Technology

plc

16,017

271,328

Marriott

Vacations

Worldwide

Corp.

1,378

189,089

Papa

John's

International,

Inc.

1,229

104,281

Penn

National

Gaming,

Inc.

*

5,764

497,837

RCI

Hospitality

Holdings,

Inc.

1,717

67,718

Texas

Roadhouse,

Inc.

4,330

338,433

Wingstop

,

Inc.

252

33,403

3,302,642

Household

Durables

-

2.6%

Century

Communities,

Inc.

*

5,129

224,548

Helen

of

Troy

Ltd.

*

1,030

228,856

Hooker

Furniture

Corp.

7,219

232,813

KB

Home

8,726

292,495

La-Z-Boy,

Inc.

4,488

178,802

M/I

Homes,

Inc.

*

3,950

174,945

MDC

Holdings,

Inc.

4,194

203,828

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

2.6%

(continued)

Meritage

Homes

Corp.

*

3,408

282,251

Purple

Innovation,

Inc.

*

4,749

156,432

Taylor

Morrison

Home

Corp.

*

4,304

110,398

TopBuild

Corp.

*

2,388

439,583

TRI

Pointe

Group,

Inc.

*

18,629

321,350

Turtle

Beach

Corp.

*

3,743

80,662

Universal

Electronics,

Inc.

*

1,162

60,958

2,987,921

Household

Products

-

0.2%

WD-40

Co.

751

199,526

Independent

Power

and

Renewable

Electricity

Producers

-

0.6%

Brookfield

Renewable

Corp.

5,561

324,010

Clearway

Energy,

Inc.,

Class

C

4,424

141,258

Ormat

Technologies,

Inc.

2,235

201,776

667,044

Insurance

-

3.7%

American

Equity

Investment

Life

Holding

Co.

8,258

228,416

CNO

Financial

Group,

Inc.

5,549

123,354

Employers

Holdings,

Inc.

36,616

1,178,669

Genworth

Financial,

Inc.,

Class

A

*

28,408

107,382

Heritage

Insurance

Holdings,

Inc.

22,479

227,712

Horace

Mann

Educators

Corp.

10,447

439,192

Kinsale

Capital

Group,

Inc.

805

161,105

National

General

Holdings

Corp.

3,728

127,423

National

Western

Life

Group,

Inc.,

Class

A

1,845

380,882

Selective

Insurance

Group,

Inc.

3,005

201,275

Stewart

Information

Services

Corp.

5,163

249,683

Trupanion

,

Inc.

*

5,031

602,261

Universal

Insurance

Holdings,

Inc.

16,614

251,038

4,278,392

Interactive

Media

&

Services

-

0.1%

Cars.com,

Inc.

*

8,540

96,502

Internet

&

Direct

Marketing

Retail

-

1.5%

1-800-Flowers.com,

Inc.,

Class

A

*

16,940

440,440

Duluth

Holdings,

Inc.,

Class

B

*(b)

9,296

98,166

Groupon,

Inc.

*

6,048

229,794

Lands'

End,

Inc.

*

11,384

245,553

PetMed

Express,

Inc.

(b)

6,210

199,092

Shutterstock,

Inc.

2,748

197,032

Stamps.com,

Inc.

*

1,944

381,393

1,791,470

IT

Services

-

2.5%

Cardtronics

plc,

Class

A

*

5,185

183,030

CSG

Systems

International,

Inc.

3,010

135,661

EVERTEC,

Inc.

5,151

202,537

Hackett

Group,

Inc.

(The)

9,872

142,058

International

Money

Express,

Inc.

*

16,947

263,017

KBR,

Inc.

8,900

275,277

10

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

2.5%

(continued)

MAXIMUS,

Inc.

4,932

360,973

NIC,

Inc.

4,783

123,545

Perficient

,

Inc.

*

3,774

179,831

Perspecta

,

Inc.

8,009

192,857

Sykes

Enterprises,

Inc.

*

15,462

582,454

TTEC

Holdings,

Inc.

3,044

221,999

2,863,239

Leisure

Products

-

2.2%

Acushnet

Holdings

Corp.

1,009

40,905

Callaway

Golf

Co.

3,519

84,491

Johnson

Outdoors,

Inc.,

Class

A

7,627

859,029

Malibu

Boats,

Inc.,

Class

A

*

4,020

251,009

MasterCraft

Boat

Holdings,

Inc.

*

1,859

46,178

Nautilus,

Inc.

*

3,877

70,329

Smith

&

Wesson

Brands,

Inc.

20,180

358,195

Sturm

Ruger

&

Co.,

Inc.

2,492

162,154

Vista

Outdoor,

Inc.

*

14,545

345,589

YETI

Holdings,

Inc.

*

5,677

388,704

2,606,583

Life

Sciences

Tools

&

Services

-

1.4%

Fluidigm

Corp.

*

28,940

173,640

Luminex

Corp.

7,688

177,746

Medpace

Holdings,

Inc.

*

5,355

745,416

NeoGenomics

,

Inc.

*

8,821

474,923

1,571,725

Machinery

-

1.8%

Astec

Industries,

Inc.

3,529

204,259

Columbus

McKinnon

Corp.

6,492

249,553

Federal

Signal

Corp.

2,937

97,420

Greenbrier

Cos.,

Inc.

(The)

1,571

57,153

Meritor,

Inc.

*

13,779

384,572

Miller

Industries,

Inc.

5,723

217,588

Mueller

Industries,

Inc.

16,603

582,931

Navistar

International

Corp.

*

2,433

106,955

Shyft

Group,

Inc.

(The)

5,081

144,199

Wabash

National

Corp.

3,541

61,011

2,105,641

Metals

&

Mining

-

1.2%

Arconic

Corp.

*

9,040

269,392

Caledonia

Mining

Corp.

plc

(South

Africa)

4,244

67,395

Commercial

Metals

Co.

24,638

506,064

Ryerson

Holding

Corp.

*

23,214

316,639

Warrior

Met

Coal,

Inc.

10,681

227,719

1,387,209

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Apollo

Commercial

Real

Estate

Finance,

Inc.

8,120

90,700

Blackstone

Mortgage

Trust,

Inc.,

Class

A

7,573

208,485

INVESTMENTS

SHARES

VALUE

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

(continued)

Chimera

Investment

Corp.

10,446

107,072

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

3,903

247,567

PennyMac

Mortgage

Investment

Trust

5,580

98,152

751,976

Multiline

Retail

-

0.2%

Big

Lots,

Inc.

2,154

92,471

Macy's,

Inc.

17,081

192,161

284,632

Oil,

Gas

&

Consumable

Fuels

-

0.6%

Bonanza

Creek

Energy,

Inc.

*

6,511

125,858

CNX

Resources

Corp.

*

6,153

66,452

Diamond

S

Shipping,

Inc.

*

7,303

48,638

Penn

Virginia

Corp.

*

11,803

119,801

Renewable

Energy

Group,

Inc.

*

3,454

244,612

World

Fuel

Services

Corp.

2,232

69,549

674,910

Paper

&

Forest

Products

-

1.0%

Boise

Cascade

Co.

14,352

686,026

Clearwater

Paper

Corp.

*

4,301

162,363

Verso

Corp.,

Class

A

23,608

283,768

1,132,157

Personal

Products

-

0.7%

Edgewell

Personal

Care

Co.

6,425

222,177

Lifevantage

Corp.

*

1,694

15,788

Medifast

,

Inc.

1,915

375,991

USANA

Health

Sciences,

Inc.

*

2,282

175,942

789,898

Pharmaceuticals

-

0.7%

Collegium

Pharmaceutical,

Inc.

*

6,391

128,012

Corcept

Therapeutics,

Inc.

*

11,120

290,899

Evofem

Biosciences,

Inc.

*(b)

30,616

73,784

Innoviva

,

Inc.

*

11,123

137,814

Phibro

Animal

Health

Corp.,

Class

A

4,388

85,215

Prestige

Consumer

Healthcare,

Inc.

*

2,241

78,144

793,868

Professional

Services

-

2.6%

Barrett

Business

Services,

Inc.

2,741

186,964

Kelly

Services,

Inc.,

Class

A

62,569

1,287,044

Kforce

,

Inc.

31,920

1,343,513

Mastech

Digital,

Inc.

*

6,206

98,675

Resources

Connection,

Inc.

3,815

47,955

TrueBlue

,

Inc.

*

2,138

39,959

3,004,110

11

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Real

Estate

Management

&

Development

-

0.5%

eXp

World

Holdings,

Inc.

*

3,558

224,581

Realogy

Holdings

Corp.

*

4,142

54,343

Redfin

Corp.

*

4,487

307,943

586,867

Road

&

Rail

-

0.9%

ArcBest

Corp.

9,233

393,972

Avis

Budget

Group,

Inc.

*

1,871

69,788

Covenant

Logistics

Group,

Inc.

*

2,091

30,968

Marten

Transport

Ltd.

6,409

110,427

US

Xpress

Enterprises,

Inc.,

Class

A

*

17,145

117,272

Werner

Enterprises,

Inc.

8,367

328,154

1,050,581

Semiconductors

&

Semiconductor

Equipment

-

4.7%

Advanced

Energy

Industries,

Inc.

*

1,330

128,970

Amkor

Technology,

Inc.

48,482

731,109

Axcelis

Technologies,

Inc.

*

2,277

66,306

Brooks

Automation,

Inc.

4,202

285,106

CMC

Materials,

Inc.

2,670

403,971

Diodes,

Inc.

*

5,042

355,461

FormFactor

,

Inc.

*

14,227

612,046

Ichor

Holdings

Ltd.

*

4,196

126,488

Lattice

Semiconductor

Corp.

*

7,043

322,710

NeoPhotonics

Corp.

*

17,774

161,566

Onto

Innovation,

Inc.

*

2,672

127,054

Photronics

,

Inc.

*

35,694

398,345

Power

Integrations,

Inc.

6,477

530,207

Semtech

Corp.

*

555

40,010

SMART

Global

Holdings,

Inc.

*

4,544

170,991

Synaptics

,

Inc.

*

7,198

693,887

Ultra

Clean

Holdings,

Inc.

*

11,330

352,929

5,507,156

Software

-

4.5%

American

Software,

Inc.,

Class

A

5,265

90,400

Appfolio

,

Inc.,

Class

A

*

1,593

286,804

Avaya

Holdings

Corp.

*

5,285

101,208

Blackline,

Inc.

*

2,407

321,046

Box,

Inc.,

Class

A

*

8,108

146,349

Cerence

,

Inc.

*(b)

3,082

309,679

ChannelAdvisor

Corp.

*

11,873

189,731

Cloudera,

Inc.

*(b)

25,837

359,393

Digital

Turbine,

Inc.

*

5,825

329,462

Domo,

Inc.,

Class

B

*

1,041

66,385

Ebix

,

Inc.

8,675

329,390

Envestnet

,

Inc.

*

1,699

139,811

Intelligent

Systems

Corp.

*

1,302

52,223

J2

Global,

Inc.

*

4,735

462,562

Mitek

Systems,

Inc.

*

5,648

100,421

Progress

Software

Corp.

5,279

238,558

Q2

Holdings,

Inc.

*

1,074

135,893

Qualys

,

Inc.

*

2,655

323,565

INVESTMENTS

SHARES

VALUE

($)

Software

-

4.5%

(continued)

Sapiens

International

Corp.

NV

(Israel)

3,884

118,889

SecureWorks

Corp.,

Class

A

*

28,828

409,934

Smith

Micro

Software,

Inc.

*(b)

18,974

102,839

SPS

Commerce,

Inc.

*

3,795

412,099

Xperi

Holding

Corp.

8,228

171,965

5,198,606

Specialty

Retail

-

2.1%

Asbury

Automotive

Group,

Inc.

*

2,406

350,650

Camping

World

Holdings,

Inc.,

Class

A

4,753

123,816

Citi

Trends,

Inc.

2,070

102,838

Genesco,

Inc.

*

2,934

88,284

Group

1

Automotive,

Inc.

2,203

288,901

Hibbett

Sports,

Inc.

*

3,622

167,264

Lithia

Motors,

Inc.,

Class

A

1,240

362,911

Murphy

USA,

Inc.

1,432

187,406

ODP

Corp.

(The)

*

7,717

226,108

RH

*

171

76,526

Sally

Beauty

Holdings,

Inc.

*

12,246

159,688

Sleep

Number

Corp.

*

1,746

142,927

Sonic

Automotive,

Inc.,

Class

A

3,800

146,566

Sportsman's

Warehouse

Holdings,

Inc.

*

3,076

53,984

2,477,869

Technology

Hardware,

Storage

&

Peripherals

-

0.4%

Avid

Technology,

Inc.

*

5,171

82,064

Diebold

Nixdorf,

Inc.

*

9,466

100,907

Super

Micro

Computer,

Inc.

*

8,136

257,586

440,557

Textiles,

Apparel

&

Luxury

Goods

-

0.9%

Crocs,

Inc.

*

1,556

97,499

Deckers

Outdoor

Corp.

*

1,272

364,784

G-III

Apparel

Group

Ltd.

*

21,840

518,482

Lakeland

Industries,

Inc.

*

2,774

75,591

1,056,356

Thrifts

&

Mortgage

Finance

-

2.2%

Flagstar

Bancorp,

Inc.

10,925

445,303

HomeStreet

,

Inc.

4,290

144,787

Mr

Cooper

Group,

Inc.

*

20,652

640,832

PennyMac

Financial

Services,

Inc.

6,811

446,938

Radian

Group,

Inc.

14,545

294,536

Walker

&

Dunlop,

Inc.

5,811

534,728

2,507,124

Tobacco

-

1.6%

Turning

Point

Brands,

Inc.

39,198

1,746,663

Vector

Group

Ltd.

6,859

79,907

1,826,570

12

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

1.7%

BMC

Stock

Holdings,

Inc.

*

3,700

198,616

CAI

International,

Inc.

1,534

47,922

GMS,

Inc.

*

8,039

245,029

Rush

Enterprises,

Inc.,

Class

A

14,242

589,904

SiteOne

Landscape

Supply,

Inc.

*

594

94,226

Textainer

Group

Holdings

Ltd.

(China)

*

6,494

124,555

Triton

International

Ltd.

2,272

110,215

Veritiv

Corp.

*

22,555

468,918

WESCO

International,

Inc.

*

1,657

130,074

2,009,459

Wireless

Telecommunication

Services

-

0.1%

Shenandoah

Telecommunications

Co.

2,726

117,900

TOTAL

COMMON

STOCKS

(Cost

$76,268,168)

110,191,035

PREFERRED

STOCKS

-

0.1%

Media

-

0.0%

(d)

Liberty

Broadband

Corp.,

Series

A,

7.00%,

3/10/2039

(e)

2,727

77,637

Trading

Companies

&

Distributors

-

0.1%

WESCO

International,

Inc.,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

10.33%),

10.63%,

6/22/2025

(e)(f)

2,752

86,000

TOTAL

PREFERRED

STOCKS

(Cost

$97,964)

163,637

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4.8%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(g)

(Cost

$5,548,703)

5,550,058

5,547,838

INVESTMENTS

SHARES

VALUE

($)

SECURITIES

LENDING

COLLATERAL

-

3.0%

Investment

Companies

-

3.0%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(g)(h)

1,083,162

1,083,162

Limited

Purpose

Cash

Investment

Fund

0.03%

(g)(h)

2,334,521

2,333,588

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$3,417,684)

3,416,750

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

102.8%

(Cost

$85,332,519)

119,319,260

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(2.8)%

(

i

)

(3,245,821)

NET

ASSETS

-

100.0%

116,073,439

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

792,096

0.7

%

Consumer

Discretionary

17,877,973

15.4

Consumer

Staples

7,682,696

6.6

Energy

1,665,122

1.4

Financials

15,678,956

13.5

Health

Care

20,198,108

17.4

Industrials

19,800,862

17.1

Information

Technology

18,131,165

15.6

Materials

3,531,830

3.0

Real

Estate

4,150,812

3.6

Utilities

845,052

0.7

Short-Term

Investments

5,547,838

4.8

Securities

Lending

Collateral

3,416,750

3.0

Total

Investments

In

Securities

At

Value

119,319,260

102.8

Liabilities

in

Excess

of

Other

Assets

(i

)

(3,245,821)

(2.8)

Net

Assets

$

116,073,439

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

December

31,

2020,

the

value

of

these

securities

amounted

to

$310,855

or

0.27%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$3,317,027.

(c)

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

December

31,

2020

amounted

to

$139,809,

which

represents

approximately

0.12%

of

net

assets

of

the

fund.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Perpetual

security.

The

rate

reflected

was

the

rate

in

effect

on

December

31,

2020.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2020.

(g)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(h)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

13

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

(i)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

51

3/2021

USD

$

5,035,740

$

153,766

$

153,766

14

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.2%

Australia

-

6.0%

Afterpay

Ltd.

*

12,504

1,136,685

AGL

Energy

Ltd.

46,980

433,643

Aristocrat

Leisure

Ltd.

4,783

114,845

Aurizon

Holdings

Ltd.

267,612

804,021

BHP

Group

Ltd.

43,604

1,424,742

BHP

Group

plc

23,383

617,414

BlueScope

Steel

Ltd.

142,429

1,923,473

Crown

Resorts

Ltd.

54,646

406,701

Dexus,

REIT

104,929

761,043

Fortescue

Metals

Group

Ltd.

205,143

3,705,374

Goodman

Group,

REIT

41,832

611,478

GPT

Group

(The),

REIT

196,673

684,094

REA

Group

Ltd.

2,439

279,381

Rio

Tinto

Ltd.

5,989

526,682

Rio

Tinto

plc

19,982

1,504,107

Scentre

Group,

REIT

235,569

506,000

South32

Ltd.

568,812

1,087,094

Tabcorp

Holdings

Ltd.

25,699

77,373

Wesfarmers

Ltd.

2,276

88,462

16,692,612

—

Belgium

-

0.7%

Ageas

SA/NV

12,609

669,628

Etablissements

Franz

Colruyt

NV

16,090

952,743

Proximus

SADP

15,530

306,769

1,929,140

—

Canada

-

9.2%

Bank

of

Montreal

(1)

3,073

233,644

Bank

of

Nova

Scotia

(The)

(1)

2,990

161,609

Canadian

Imperial

Bank

of

Commerce

(1)

9,303

794,581

Canadian

Pacific

Railway

Ltd.

(1)

6,206

2,152,671

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

25,576

3,362,113

CCL

Industries,

Inc.,

Class

B

(1)

7,415

336,643

CGI,

Inc.

(1)*

16,328

1,295,439

CI

Financial

Corp.

(1)

170,829

2,117,748

Constellation

Software,

Inc.

(1)

1,257

1,632,273

Great-West

Lifeco,

Inc.

(1)

3,723

88,768

iA

Financial

Corp.,

Inc.

(1)

7,392

320,442

IGM

Financial,

Inc.

(1)

7,878

213,583

Keyera

Corp.

(1)

4,612

81,957

Kinross

Gold

Corp.

(1)

312,566

2,293,477

Kirkland

Lake

Gold

Ltd.

(1)

4,362

180,251

Magna

International,

Inc.

(1)

8,075

571,638

National

Bank

of

Canada

(1)

16,424

924,358

Open

Text

Corp.

(1)

36,286

1,648,819

Pan

American

Silver

Corp.

(1)

44,793

1,544,829

Parkland

Corp.

(1)

15,395

488,494

Power

Corp.

of

Canada

(1)

5,259

120,764

Quebecor,

Inc.,

Class

B

(1)

12,723

327,446

Royal

Bank

of

Canada

(1)

5,587

459,065

Shopify,

Inc.,

Class

A

(1)*

1,314

1,483,729

Teck

Resources

Ltd.,

Class

B

(1)

102,944

1,868,180

Topicus.com,

Inc.

*

2,337

8,835

INVESTMENTS

SHARES

VALUE

($)

Canada

-

9.2%

(continued)

Yamana

Gold,

Inc.

(1)

121,655

694,816

25,406,172

—

Chile

-

0.2%

Lundin

Mining

Corp.

(1)

54,576

484,491

China

-

0.8%

BOC

Hong

Kong

Holdings

Ltd.

182,500

553,199

Prosus

NV

*

5,207

562,245

Yangzijiang

Shipbuilding

Holdings

Ltd.

1,363,500

985,679

2,101,123

—

Denmark

-

3.1%

Coloplast

A/S,

Class

B

6,391

977,368

DSV

Panalpina

A/S

3,360

564,688

Genmab

A/S

*

3,102

1,257,842

GN

Store

Nord

A/S

1,003

79,953

Novo

Nordisk

A/S,

Class

B

35,121

2,450,012

Pandora

A/S

28,361

3,174,102

8,503,965

—

Finland

-

1.3%

Kone

OYJ,

Class

B

20,529

1,672,706

Nokia

OYJ

*

82,749

319,603

Orion

OYJ,

Class

B

37,639

1,728,946

3,721,255

—

France

-

9.1%

Arkema

SA

9,235

1,056,686

Atos

SE

*

27,378

2,500,041

AXA

SA

18,282

438,445

BioMerieux

1,336

188,035

BNP

Paribas

SA

*

38,213

2,017,348

Bollore

SA

31,253

129,392

Capgemini

SE

810

125,997

Carrefour

SA

131,582

2,253,266

Cie

de

Saint-Gobain

31,746

1,460,075

Cie

Generale

des

Etablissements

Michelin

SCA

2,784

358,459

CNP

Assurances

*

17,233

279,985

Credit

Agricole

SA

*

63,263

799,767

Electricite

de

France

SA

87,593

1,386,101

Ipsen

SA

9,194

760,235

L'Oreal

SA

3,782

1,443,030

Orange

SA

52,321

622,883

Peugeot

SA

*

125,234

3,429,614

Publicis

Groupe

SA

22,857

1,136,024

Sanofi

32,154

3,116,463

Schneider

Electric

SE

6,120

884,508

Sodexo

SA

2,274

192,321

TOTAL

SE

6,432

277,619

Vivendi

SA

5,310

171,271

25,027,565

—

Germany

-

7.6%

Bayer

AG

(Registered)

51,651

3,042,822

Bayerische

Motoren

Werke

AG

12,107

1,068,523

Brenntag

AG

27,044

2,102,983

Commerzbank

AG

*

20,980

135,583

Daimler

AG

(Registered)

17,235

1,221,605

15

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.6%

(continued)

Delivery

Hero

SE

*(a)

6,163

963,826

Deutsche

Boerse

AG

3,492

594,591

Deutsche

Post

AG

(Registered)

15,376

761,662

Deutsche

Wohnen

SE

5,340

284,915

Evonik

Industries

AG

5,927

193,721

Fresenius

Medical

Care

AG

&

Co.

KGaA

12,373

1,031,752

Fresenius

SE

&

Co.

KGaA

9,490

438,835

GEA

Group

AG

14,027

501,706

HOCHTIEF

AG

2,837

276,073

Infineon

Technologies

AG

42,110

1,608,123

Just

Eat

Takeaway.com

NV

*(a)

1,053

118,729

KION

Group

AG

2,975

257,998

Knorr-Bremse

AG

2,590

353,364

SAP

SE

3,792

491,135

Siemens

AG

(Registered)

7,118

1,025,323

Siemens

Energy

AG

*

3,559

130,436

Volkswagen

AG

(Preference)

2,159

403,482

Vonovia

SE

7,526

549,655

Zalando

SE

*(a)

31,258

3,476,872

21,033,714

—

Hong

Kong

-

3.2%

ASM

Pacific

Technology

Ltd.

13,100

173,007

CK

Asset

Holdings

Ltd.

350,500

1,793,473

CLP

Holdings

Ltd.

99,500

920,041

Hong

Kong

Exchanges

&

Clearing

Ltd.

19,000

1,042,183

Kerry

Properties

Ltd.

39,000

98,642

Link,

REIT

26,000

236,126

New

World

Development

Co.

Ltd.

33,750

157,019

PCCW

Ltd.

269,000

161,991

Sun

Hung

Kai

Properties

Ltd.

41,000

524,348

Swire

Pacific

Ltd.,

Class

A

81,500

448,935

WH

Group

Ltd.

(a)

4,030,500

3,379,786

8,935,551

—

Italy

-

2.3%

Assicurazioni

Generali

SpA

59,803

1,047,055

DiaSorin

SpA

15,713

3,280,729

Prysmian

SpA

49,720

1,769,666

Recordati

Industria

Chimica

e

Farmaceutica

SpA

5,155

286,663

6,384,113

—

Japan

-

21.3%

Acom

Co.

Ltd.

10,000

42,698

Bandai

Namco

Holdings,

Inc.

3,100

268,462

Chubu

Electric

Power

Co.,

Inc.

32,800

395,830

Daiwa

House

Industry

Co.

Ltd.

15,100

448,964

ENEOS

Holdings,

Inc.

658,700

2,365,854

Fujitsu

Ltd.

23,400

3,382,130

Fukuoka

Financial

Group,

Inc.

38,400

684,478

Iida

Group

Holdings

Co.

Ltd.

11,400

230,487

ITOCHU

Corp.

91,900

2,643,055

Japan

Post

Holdings

Co.

Ltd.

116,100

904,319

Japan

Post

Insurance

Co.

Ltd.

165,200

3,387,281

Japan

Tobacco,

Inc.

27,100

552,492

Kajima

Corp.

5,900

79,149

KDDI

Corp.

46,100

1,366,877

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.3%

(continued)

Kyocera

Corp.

23,700

1,454,668

M3,

Inc.

6,700

632,931

Mitsubishi

Electric

Corp.

65,800

994,478

Mitsubishi

Estate

Co.

Ltd.

17,800

286,097

Mitsubishi

Gas

Chemical

Co.,

Inc.

38,500

885,323

Mitsubishi

UFJ

Financial

Group,

Inc.

377,500

1,671,426

Mitsui

Fudosan

Co.

Ltd.

13,800

288,966

Mizuho

Financial

Group,

Inc.

113,150

1,436,121

MS&AD

Insurance

Group

Holdings,

Inc.

95,200

2,896,464

Murata

Manufacturing

Co.

Ltd.

3,400

307,800

Nexon

Co.

Ltd.

57,700

1,780,328

Nintendo

Co.

Ltd.

200

128,388

Nippon

Express

Co.

Ltd.

22,000

1,479,868

Nippon

Telegraph

&

Telephone

Corp.

144,400

3,705,161

Nitto

Denko

Corp.

5,500

492,690

Nomura

Holdings,

Inc.

664,800

3,514,846

Nomura

Real

Estate

Holdings,

Inc.

8,000

177,389

Obayashi

Corp.

105,800

913,538

Resona

Holdings,

Inc.

877,700

3,072,624

Rohm

Co.

Ltd.

4,400

426,539

Sekisui

House

Ltd.

4,100

83,524

Shimano,

Inc.

1,100

257,487

Shinsei

Bank

Ltd.

42,100

520,097

Sompo

Holdings,

Inc.

46,300

1,877,134

Subaru

Corp.

22,300

446,199

SUMCO

Corp.

40,100

880,529

Sumitomo

Mitsui

Financial

Group,

Inc.

79,300

2,458,154

Sumitomo

Mitsui

Trust

Holdings,

Inc.

38,500

1,187,907

T&D

Holdings,

Inc.

133,500

1,579,152

Teijin

Ltd.

31,600

594,652

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

130,700

345,230

Tokyo

Electron

Ltd.

9,200

3,436,778

Tosoh

Corp.

88,300

1,379,614

Toyota

Motor

Corp.

1,600

123,472

Yamaha

Corp.

2,100

123,741

58,591,391

—

Netherlands

-

4.3%

ASML

Holding

NV

8,219

3,979,453

ING

Groep

NV

70,771

658,018

Koninklijke

Ahold

Delhaize

NV

111,120

3,134,844

Koninklijke

Philips

NV

*

1,449

78,054

NN

Group

NV

12,769

552,007

Randstad

NV

*

22,031

1,426,126

Royal

Dutch

Shell

plc,

Class

B

64,849

1,099,107

Wolters

Kluwer

NV

11,852

999,919

11,927,528

—

Russia

-

0.3%

Evraz

plc

148,781

950,848

16

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

1.2%

CapitaLand

Integrated

Commercial

Trust,

REIT

105,120

171,916

Genting

Singapore

Ltd.

712,800

459,073

Venture

Corp.

Ltd.

174,300

2,562,875

3,193,864

—

South

Africa

-

0.2%

Anglo

American

plc

13,960

460,990

Spain

-

1.9%

CaixaBank

SA

264,630

680,172

Enagas

SA

17,196

378,307

Endesa

SA

13,089

359,017

Grifols

SA

27,458

801,676

Iberdrola

SA

43,525

625,467

Mapfre

SA

391,373

764,857

Repsol

SA

163,645

1,648,580

5,258,076

—

Sweden

-

3.5%

Alfa

Laval

AB

*

21,902

604,856

Atlas

Copco

AB,

Class

A

3,743

192,377

Atlas

Copco

AB,

Class

B

6,074

272,647

Boliden

AB

14,416

511,442

Electrolux

AB,

Series

B

36,236

843,101

Epiroc

AB,

Class

A

50,340

914,916

Essity

AB,

Class

B

68,141

2,195,446

Hexagon

AB,

Class

B

1,963

179,972

Husqvarna

AB,

Class

B

20,374

264,413

ICA

Gruppen

AB

31,582

1,579,752

Investor

AB,

Class

B

8,330

606,285

Securitas

AB,

Class

B

8,031

129,569

Skanska

AB,

Class

B

8,749

222,960

SKF

AB,

Class

B

22,374

582,155

Telefonaktiebolaget

LM

Ericsson,

Class

B

46,204

549,618

9,649,509

—

Switzerland

-

8.1%

ABB

Ltd.

(Registered)

4,586

128,634

Adecco

Group

AG

(Registered)

5,112

340,476

Coca-Cola

HBC

AG

5,438

176,099

Credit

Suisse

Group

AG

(Registered)

44,177

570,364

EMS-Chemie

Holding

AG

(Registered)

176

169,305

Geberit

AG

(Registered)

1,253

784,342

LafargeHolcim

Ltd.

(Registered)

*

7,867

431,802

Lonza

Group

AG

(Registered)

1,319

849,656

Nestle

SA

(Registered)

14,750

1,743,617

Novartis

AG

(Registered)

37,735

3,553,050

Roche

Holding

AG

17,412

6,064,574

SGS

SA

(Registered)

64

192,920

Sonova

Holding

AG

(Registered)

*

10,337

2,688,588

STMicroelectronics

NV

61,583

2,278,310

Swatch

Group

AG

(The)

2,884

783,996

UBS

Group

AG

(Registered)

118,327

1,666,025

22,421,758

—

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.7%

3i

Group

plc

23,824

376,822

Admiral

Group

plc

12,583

497,555

Auto

Trader

Group

plc

(a)

40,462

329,350

Aviva

plc

755,780

3,361,734

BAE

Systems

plc

141,647

944,612

Barclays

plc

890,692

1,786,812

Berkeley

Group

Holdings

plc

2,305

149,105

British

American

Tobacco

plc

38,753

1,439,165

BT

Group

plc

*

1,910,099

3,442,875

CK

Hutchison

Holdings

Ltd.

112,500

785,456

Compass

Group

plc

4,105

76,564

Direct

Line

Insurance

Group

plc

206,809

904,522

Entain

plc

209,953

3,256,540

Experian

plc

2,856

108,496

Fiat

Chrysler

Automobiles

NV

*

16,766

302,896

Halma

plc

3,997

133,861

Imperial

Brands

plc

14,676

307,823

JD

Sports

Fashion

plc

*

65,096

764,764

Kingfisher

plc

*

786,352

2,905,683

London

Stock

Exchange

Group

plc

5,501

679,024

Next

plc

*

10,859

1,047,092

Ocado

Group

plc

*

24,800

775,499

Persimmon

plc

43,482

1,641,132

Sage

Group

plc

(The)

15,256

121,136

Standard

Chartered

plc

15,901

100,970

Taylor

Wimpey

plc

35,457

80,202

Vodafone

Group

plc

150,440

247,096

Wm

Morrison

Supermarkets

plc

87,155

210,890

26,777,676

—

Zambia

-

0.2%

First

Quantum

Minerals

Ltd.

(1)

36,560

656,294

TOTAL

COMMON

STOCKS

(Cost

$211,127,049)

260,107,635

SHORT-TERM

INVESTMENTS

-

4.7%

INVESTMENT

COMPANIES

-

4.7%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(b)

(Cost

$13,085,182)

13,089,764

13,084,528

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.9%

(Cost

$224,212,231)

273,192,163

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.1%

(c)

2,960,448

NET

ASSETS

-

100.0%

276,152,611

17

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

14,135,233

5.1

%

Consumer

Discretionary

34,474,339

12.5

Consumer

Staples

19,368,953

7.0

Energy

5,961,611

2.2

Financials

51,450,213

18.6

Health

Care

33,308,186

12.1

Industrials

30,444,106

11.0

Information

Technology

32,117,356

11.6

Materials

25,974,942

9.4

Real

Estate

8,029,059

2.9

Utilities

4,843,637

1.8

Short-Term

Investments

13,084,528

4.7

Total

Investments

In

Securities

At

Value

273,192,163

98.9

Other

Assets

in

Excess

of

Liabilities

(c

)

2,960,448

1.1

Net

Assets

$

276,152,611

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

December

31,

2020

amounted

to

$8,268,563,

which

represents

approximately

2.99%

of

net

assets

of

the

fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(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.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

127

3/2021

USD

$

13,530,580

$

133,685

$

133,685

18

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.6%

Brazil

-

5.1%

Atacadao

SA

*

228,900

853,505

Banco

Bradesco

SA

(Preference)

*

60,900

320,311

Banco

BTG

Pactual

SA

*

15,000

271,107

Banco

do

Brasil

SA

*

48,500

364,608

BB

Seguridade

Participacoes

SA

35,200

201,453

CCR

SA

136,200

354,325

Cia

Energetica

de

Minas

Gerais

(Preference)

91,400

257,711

Cia

Paranaense

de

Energia

,

ADR

(1)*

17,889

255,813

Cia

Siderurgica

Nacional

SA

104,500

643,543

Cosan

SA

5,900

86,170

CPFL

Energia

SA

18,300

115,092

Hapvida

Participacoes

e

Investimentos

SA

(a)

146,900

433,393

Itau

Unibanco

Holding

SA

(Preference)

39,600

242,356

Itausa

SA

(Preference)

76,795

174,273

Lojas

Americanas

SA

(Preference)

*

33,300

168,557

Lojas

Renner

SA

*

9,300

78,199

Petrobras

Distribuidora

SA

*

643,800

2,747,417

Sul

America

SA

16,900

144,728

Telefonica

Brasil

SA

*

39,900

358,737

TIM

SA,

ADR

(1)*

93,315

1,298,945

Ultrapar

Participacoes

SA

163,600

748,935

Vale

SA,

ADR

(1)

81,916

1,372,912

Via

Varejo

S/A

*

239,800

747,071

WEG

SA

77,500

1,131,875

13,371,036

—

Chile

-

0.2%

Banco

de

Chile,

ADR

(1)

7,307

148,917

Banco

de

Credito

e

Inversiones

SA

3,576

140,372

Enel

Americas

SA,

ADR

(1)

9,498

78,074

Enel

Chile

SA,

ADR

(1)

19,382

75,396

442,759

—

China

-

37.0%

Agricultural

Bank

of

China

Ltd.,

Class

A

1,060,471

512,354

Agricultural

Bank

of

China

Ltd.,

Class

H

299,000

109,506

Alibaba

Group

Holding

Ltd.,

ADR

(1)*

57,234

13,320,069

A-Living

Smart

City

Services

Co.

Ltd.,

Class

H

(a)

329,000

1,460,281

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

35,588

282,914

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

71,500

448,095

Autohome

,

Inc.,

ADR

(1)

2,981

296,967

BAIC

Motor

Corp.

Ltd.,

Class

H

(a)

271,500

100,748

Baidu,

Inc.,

ADR

(1)*

9,888

2,138,181

Bank

of

China

Ltd.,

Class

A

1,038,900

508,199

Bank

of

Communications

Co.

Ltd.,

Class

A

302,824

208,714

Bank

of

Ningbo

Co.

Ltd.,

Class

A

36,564

198,802

Bank

of

Shanghai

Co.

Ltd.,

Class

A

93,700

113,056

BeiGene

Ltd.,

ADR

(1)*

1,466

378,800

INVESTMENTS

SHARES

VALUE

($)

China

-

37.0%

(continued)

Bilibili

,

Inc.,

ADR

(1)*

3,775

323,593

BOE

Technology

Group

Co.

Ltd.,

Class

A

388,800

359,426

Bosideng

International

Holdings

Ltd.

376,000

191,724

BYD

Co.

Ltd.,

Class

A

23,619

707,539

BYD

Electronic

International

Co.

Ltd.

(b)

430,500

2,258,528

China

CITIC

Bank

Corp.

Ltd.,

Class

H

461,000

195,826

China

Construction

Bank

Corp.,

Class

H

2,675,000

2,017,696

China

Everbright

Bank

Co.

Ltd.,

Class

A

179,100

109,976

China

Everbright

Bank

Co.

Ltd.,

Class

H

242,000

92,294

China

Everbright

Environment

Group

Ltd.

1,192,000

673,332

China

Evergrande

Group

368,000

707,322

China

Hongqiao

Group

Ltd.

1,322,000

1,212,021

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

240,000

241,321

China

Medical

System

Holdings

Ltd.

521,000

582,055

China

Merchants

Bank

Co.

Ltd.,

Class

A

61,800

418,074

China

Merchants

Securities

Co.

Ltd.,

Class

A

66,200

237,759

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

106,267

85,004

China

Mobile

Ltd.

206,175

1,175,291

China

National

Building

Material

Co.

Ltd.,

Class

H

2,540,000

3,057,374

China

Overseas

Land

&

Investment

Ltd.

129,000

280,252

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

21,900

129,414

China

Petroleum

&

Chemical

Corp.,

Class

A

155,300

96,317

China

Resources

Cement

Holdings

Ltd.

520,000

580,806

China

Resources

Land

Ltd.

290,000

1,195,058

China

Resources

Power

Holdings

Co.

Ltd.

324,000

348,774

China

Shenhua

Energy

Co.

Ltd.,

Class

H

297,500

560,784

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

14,000

609,400

China

Unicom

Hong

Kong

Ltd.

206,000

117,518

China

Vanke

Co.

Ltd.,

Class

H

214,000

738,773

China

Yangtze

Power

Co.

Ltd.,

Class

A

44,400

130,796

CITIC

Securities

Co.

Ltd.,

Class

A

68,900

311,415

CNOOC

Ltd.,

ADR

(1)

6,086

557,782

Country

Garden

Holdings

Co.

Ltd.

1,201,000

1,657,710

Country

Garden

Services

Holdings

Co.

Ltd.

275,000

1,860,530

Daqin

Railway

Co.

Ltd.,

Class

A

82,500

81,980

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

334,000

390,289

19

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

China

-

37.0%

(continued)

Far

East

Horizon

Ltd.

403,000

415,403

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

12,720

392,790

GDS

Holdings

Ltd.,

ADR

(1)*

2,579

241,498

Great

Wall

Motor

Co.

Ltd.,

Class

H

452,000

1,555,146

Greentown

Service

Group

Co.

Ltd.

(c)

426,000

526,636

GSX

Techedu

,

Inc.,

ADR

(1)*

2,291

118,468

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

63,990

172,496

Haier

Smart

Home

Co.

Ltd.,

Class

A

57,300

257,995

Haier

Smart

Home

Co.

Ltd.,

Class

H

*

68,800

249,377

Haitong

Securities

Co.

Ltd.,

Class

A

82,600

163,451

Hengan

International

Group

Co.

Ltd.

136,000

962,961

Huatai

Securities

Co.

Ltd.,

Class

A

60,500

167,617

Huazhu

Group

Ltd.,

ADR

(1)

7,502

337,815

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

117,000

89,816

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

541,000

347,587

Industrial

Bank

Co.

Ltd.,

Class

A

63,643

204,417

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

31,500

214,973

JD.com,

Inc.,

ADR

(1)*

26,784

2,354,314

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

32,085

549,750

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

7,664

278,311

Jiangxi

Copper

Co.

Ltd.,

Class

H

394,000

620,206

Kingboard

Holdings

Ltd.

58,500

246,823

Kingdee

International

Software

Group

Co.

Ltd.

*

143,000

583,806

Kunlun

Energy

Co.

Ltd.

652,000

565,078

Kweichow

Moutai

Co.

Ltd.,

Class

A

3,700

1,137,140

Lee

&

Man

Paper

Manufacturing

Ltd.

98,000

80,415

Legend

Holdings

Corp.,

Class

H

(a)(b)

212,200

278,754

Li

Ning

Co.

Ltd.

31,500

216,756

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

62,333

538,753

Luzhou

Laojiao

Co.

Ltd.,

Class

A

13,400

466,238

Meituan

,

Class

B

*(c)

92,000

3,463,198

NetEase

,

Inc.,

ADR

(1)

14,340

1,373,342

New

China

Life

Insurance

Co.

Ltd.,

Class

A

16,700

148,935

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(1)*

5,557

1,032,546

NIO,

Inc.,

ADR

(1)*

35,095

1,710,530

PetroChina

Co.

Ltd.,

Class

A

155,000

98,956

Pinduoduo

,

Inc.,

ADR

(1)*

10,698

1,900,714

Ping

An

Bank

Co.

Ltd.,

Class

A

85,620

254,800

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

34,800

465,683

SAIC

Motor

Corp.

Ltd.,

Class

A

55,300

208,102

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

324,000

733,023

INVESTMENTS

SHARES

VALUE

($)

China

-

37.0%

(continued)

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

86,400

152,006

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

85,907

127,922

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

163,075

132,458

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

391,000

168,819

Sinopharm

Group

Co.

Ltd.,

Class

H

133,200

323,120

Sinotruk

Hong

Kong

Ltd.

833,000

2,133,773

Suning.com

Co.

Ltd.,

Class

A

75,300

89,394

TAL

Education

Group,

ADR

(1)*

13,200

943,932

Tencent

Holdings

Ltd.

205,500

14,786,506

Trip.com

Group

Ltd.,

ADR

(1)*

20,700

698,211

Tsingtao

Brewery

Co.

Ltd.,

Class

H

8,000

83,815

Vipshop

Holdings

Ltd.,

ADR

(1)*

13,985

393,118

Wuliangye

Yibin

Co.

Ltd.,

Class

A

15,905

714,359

Xiaomi

Corp.,

Class

B

*(a)

570,800

2,426,059

Xinyi

Solar

Holdings

Ltd.

374,000

980,706

Yanzhou

Coal

Mining

Co.

Ltd.,

Class

H

322,000

258,062

Yonghui

Superstores

Co.

Ltd.,

Class

A

89,546

98,943

Yum

China

Holdings,

Inc.

(1)

12,915

737,317

Zai

Lab

Ltd.,

ADR

(1)*

2,213

299,507

Zhongsheng

Group

Holdings

Ltd.

224,000

1,600,106

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

18,400

80,401

ZTE

Corp.,

Class

H

77,000

193,935

ZTO

Express

Cayman,

Inc.,

ADR

(1)

13,959

407,044

97,924,571

—

Hong

Kong

-

0.5%

Kingboard

Laminates

Holdings

Ltd.

113,500

185,449

Nine

Dragons

Paper

Holdings

Ltd.

512,000

727,832

Vinda

International

Holdings

Ltd.

132,000

360,968

1,274,249

—

Hungary

-

0.1%

OTP

Bank

Nyrt

.

*

2,950

132,941

India

-

9.0%

Ambuja

Cements

Ltd.

33,888

115,569

Aurobindo

Pharma

Ltd.

201,114

2,532,563

Axis

Bank

Ltd.,

GDR

*(c)

4,149

174,945

Cipla

Ltd.

112,967

1,268,801

Colgate-Palmolive

India

Ltd.

3,430

73,575

Dabur

India

Ltd.

51,669

378,156

Divi's

Laboratories

Ltd.

25,928

1,363,611

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

21,070

1,502,080

Godrej

Consumer

Products

Ltd.

8,849

89,753

HCL

Technologies

Ltd.

208,154

2,701,611

Hero

MotoCorp

Ltd.

16,981

723,667

Infosys

Ltd.,

ADR

(1)

289,943

4,914,535

ITC

Ltd.

93,652

268,204

Kotak

Mahindra

Bank

Ltd.

*

17,656

482,550

Larsen

&

Toubro

Ltd.,

GDR

(c)

5,947

103,597

Piramal

Enterprises

Ltd.

33,589

656,925

Reliance

Industries

Ltd.,

GDR

(a)

1,353

73,766

20

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

India

-

9.0%

(continued)

Sun

Pharmaceutical

Industries

Ltd.

90,786

737,087

Tata

Consultancy

Services

Ltd.

66,603

2,615,176

Tata

Steel

Ltd.

81,872

723,327

Tech

Mahindra

Ltd.

82,332

1,100,408

Wipro

Ltd.,

ADR

(1)

230,927

1,304,738

23,904,644

—

Indonesia

-

1.4%

Adaro

Energy

Tbk

.

PT

15,075,700

1,536,372

Astra

International

Tbk

.

PT

750,100

322,409

Bank

Negara

Indonesia

Persero

Tbk

.

PT

534,700

235,448

Indofood

Sukses

Makmur

Tbk

.

PT

2,220,000

1,082,793

United

Tractors

Tbk

.

PT

301,000

570,485

3,747,507

—

Malaysia

-

2.1%

Hartalega

Holdings

Bhd.

426,000

1,289,396

Kossan

Rubber

Industries

215,900

242,729

MISC

Bhd.

464,700

794,921

Sime

Darby

Bhd.

912,200

525,045

Supermax

Corp.

Bhd.

*

151,300

227,306

Top

Glove

Corp.

Bhd.

1,619,400

2,474,307

5,553,704

—

Mexico

-

0.9%

Alfa

SAB

de

CV,

Class

A

(1)

430,993

311,449

Controladora

Nemak

SAB

de

CV

(1)*

430,993

56,745

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)*

66,400

366,811

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

52,600

222,353

Grupo

Televisa

SAB,

ADR

(1)*

150,269

1,238,216

Industrias

Penoles

SAB

de

CV

(1)*(b)

4,600

77,851

Megacable

Holdings

SAB

de

CV

(1)

26,600

97,153

Orbia

Advance

Corp.

SAB

de

CV

(1)

44,000

103,369

2,473,947

—

Philippines

-

0.3%

Ayala

Land,

Inc.

183,900

156,702

BDO

Unibank

,

Inc.

49,780

110,833

International

Container

Terminal

Services,

Inc.

85,870

220,857

JG

Summit

Holdings,

Inc.

64,806

96,763

Metro

Pacific

Investments

Corp.

220,000

19,639

PLDT,

Inc.

3,485

97,309

Puregold

Price

Club,

Inc.

*

79,900

68,289

770,392

—

Poland

-

0.9%

Cyfrowy

Polsat

SA

13,482

109,923

Grupa

Lotos

SA

900

9,992

PGE

Polska

Grupa

Energetyczna

SA

*

242,576

423,931

Polski

Koncern

Naftowy

ORLEN

SA

46,913

726,278

INVESTMENTS

SHARES

VALUE

($)

Poland

-

0.9%

(continued)

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

743,681

1,110,463

2,380,587

—

Russia

-

2.5%

Gazprom

PJSC,

ADR

204,794

1,143,393

LUKOIL

PJSC,

ADR

14,706

1,000,200

MMC

Norilsk

Nickel

PJSC,

ADR

(1)

23,567

741,889

MMC

Norilsk

Nickel

PJSC,

ADR

17,308

539,466

Novatek

PJSC,

GDR

(c)

3,867

629,732

Novolipetskiy

Metallurgicheskiy

Kombinat

PAO,

GDR

(c)

4,879

134,993

PhosAgro

PJSC,

GDR

(c)

6,831

93,157

Polyus

PJSC,

GDR

(c)

9,894

997,233

Rosneft

Oil

Co.

PJSC,

GDR

(c)

68,272

384,962

Severstal

PAO,

GDR

(c)

18,825

330,863

Surgutneftegas

PJSC,

ADR

52,979

244,737

Tatneft

PJSC,

ADR

10,259

417,781

6,658,406

—

Saudi

Arabia

-

3.1%

Al

Rajhi

Bank

113,443

2,225,559

Alinma

Bank

*

121,547

524,104

Arab

National

Bank

54,531

292,366

Bank

AlBilad

35,131

265,575

Bank

Al-

Jazira

164,626

599,273

Banque

Saudi

Fransi

29,249

246,504

Etihad

Etisalat

Co.

*

45,821

349,866

Jarir

Marketing

Co.

3,898

180,167

National

Commercial

Bank

80,764

933,142

Riyad

Bank

90,938

489,955

Samba

Financial

Group

50,670

412,767

Saudi

Arabian

Oil

Co.

(a)

71,777

669,847

Saudi

Basic

Industries

Corp.

31,840

861,013

Saudi

British

Bank

(The)

25,831

170,095

8,220,233

—

South

Africa

-

3.6%

Absa

Group

Ltd.

46,708

381,844

Aspen

Pharmacare

Holdings

Ltd.

*

27,852

238,153

Gold

Fields

Ltd.,

ADR

(1)

136,129

1,261,916

Kumba

Iron

Ore

Ltd.

70,643

2,994,023

Mr

Price

Group

Ltd.

37,166

431,315

MultiChoice

Group

16,063

146,628

Nedbank

Group

Ltd.

9,072

80,115

Ninety

One

Ltd.

2,924

8,793

Shoprite

Holdings

Ltd.

166,091

1,582,357

Sibanye

Stillwater

Ltd.

547,744

2,207,581

SPAR

Group

Ltd.

(The)

10,705

137,846

Telkom

SA

SOC

Ltd.

34,446

71,986

9,542,557

—

South

Korea

-

13.3%

BNK

Financial

Group,

Inc.

*

67,746

354,896

CJ

Corp.

*

9,116

773,887

Daelim

Industrial

Co.

Ltd.

*

955

73,613

Daewoo

Shipbuilding

&

Marine

Engineering

Co.

Ltd.

*

2,992

75,676

DB

Insurance

Co.

Ltd.

*

10,011

403,450

Doosan

Bobcat,

Inc.

*

2,738

74,968

21

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

South

Korea

-

13.3%

(continued)

E-MART,

Inc.

*

12,917

1,803,754

Hana

Financial

Group,

Inc.

28,879

919,835

Hanwha

Corp.

*

32,560

850,316

Hyundai

Glovis

Co.

Ltd.

*

19,370

3,286,740

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

*

39,097

819,748

KB

Financial

Group,

Inc.

8,562

340,057

Kia

Motors

Corp.

*

45,803

2,639,021

Korea

Zinc

Co.

Ltd.

*

990

366,616

KT&G

Corp.

3,978

304,578

Kumho

Petrochemical

Co.

Ltd.

*

6,349

849,442

LG

Electronics,

Inc.

28,777

3,583,360

LG

Innotek

Co.

Ltd.

*

5,109

860,562

Lotte

Chemical

Corp.

*

2,710

690,027

POSCO

13,593

3,396,612

Posco

International

Corp.

*

59,139

793,376

S-1

Corp.

*

1,529

119,722

Samsung

Card

Co.

Ltd.

*

2,532

75,776

Samsung

Electronics

Co.

Ltd.

155,871

11,639,747

Shinhan

Financial

Group

Co.

Ltd.

3,430

101,779

35,197,558

—

Taiwan

-

11.6%

Accton

Technology

Corp.

69,000

777,954

ASE

Technology

Holding

Co.

Ltd.

146,000

423,520

Asustek

Computer,

Inc.

13,000

116,099

Catcher

Technology

Co.

Ltd.

86,000

632,359

China

Life

Insurance

Co.

Ltd.

953,979

755,050

CTBC

Financial

Holding

Co.

Ltd.

1,219,559

855,974

E.Sun

Financial

Holding

Co.

Ltd.

870,604

792,406

Evergreen

Marine

Corp.

Taiwan

Ltd.

*

90,000

130,677

First

Financial

Holding

Co.

Ltd.

1,452,526

1,105,325

Foxconn

Technology

Co.

Ltd.

89,000

169,543

Hon

Hai

Precision

Industry

Co.

Ltd.

169,000

554,142

Innolux

Corp.

*

1,176,000

591,850

MediaTek

,

Inc.

15,000

400,009

Pegatron

Corp.

63,000

151,249

Phison

Electronics

Corp.

8,000

94,912

Pou

Chen

Corp.

700,000

783,097

Powertech

Technology,

Inc.

124,000

420,044

Shin

Kong

Financial

Holding

Co.

Ltd.

903,376

284,098

SinoPac

Financial

Holdings

Co.

Ltd.

709,000

289,212

Taishin

Financial

Holding

Co.

Ltd.

248,408

117,327

Taiwan

Business

Bank

3,069,499

1,064,401

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

217,584

157,766

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

141,860

15,468,415

Uni

-President

Enterprises

Corp.

182,000

437,742

United

Microelectronics

Corp.

2,197,000

3,694,832

Zhen

Ding

Technology

Holding

Ltd.

112,000

455,767

30,723,770

—

Tanzania,

United

Republic

of

-

0.2%

AngloGold

Ashanti

Ltd.,

ADR

(1)

26,922

608,976

INVESTMENTS

SHARES

VALUE

($)

Thailand

-

2.2%

Bangkok

Bank

PCL,

NVDR

261,500

1,034,000

Charoen

Pokphand

Foods

PCL,

NVDR

401,400

358,377

Kasikornbank

PCL,

NVDR

241,600

910,974

Krung

Thai

Bank

PCL,

NVDR

3,370,300

1,247,703

PTT

Exploration

&

Production

PCL,

NVDR

100,100

328,273

Siam

Cement

PCL

(The),

NVDR

12,100

152,641

Siam

Commercial

Bank

PCL

(The),

NVDR

337,300

984,332

Thai

Union

Group

PCL,

NVDR

1,675,200

761,025

5,777,325

—

Turkey

-

0.2%

Haci

Omer

Sabanci

Holding

A/S

185,661

285,973

Turkiye

Is

Bankasi

A/S,

Class

C

*

339,742

319,575

605,548

—

United

States

-

0.4%

JBS

SA

220,000

1,002,688

TOTAL

COMMON

STOCKS

(Cost

$169,610,221)

250,313,398

SHORT-TERM

INVESTMENTS

-

5.4%

INVESTMENT

COMPANIES

-

5.4%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(d)

(Cost

$14,186,794)

14,191,266

14,185,590

SECURITIES

LENDING

COLLATERAL

-

0.2%

Investment

Companies

-

0.2%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(1)(d)(e)

195,350

195,350

Limited

Purpose

Cash

Investment

Fund

0.03%

(1)(d)(e)

421,035

420,867

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$616,385)

616,217

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.2%

(Cost

$184,413,400)

265,115,205

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.2)%

(f)

(515,606)

NET

ASSETS

-

100.0%

264,599,599

22

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASS

ETS

Communication

Services

$

23,980,161

9.1

%

Consumer

Discretionary

45,647,834

17.2

Consumer

Staples

13,913,139

5.3

Energy

11,253,286

4.2

Financials

31,976,642

12.1

Health

Care

15,327,686

5.8

Industrials

17,110,603

6.5

Information

Technology

57,381,210

21.7

Materials

26,495,037

10.0

Real

Estate

4,735,817

1.8

Utilities

2,491,983

0.9

Short-Term

Investments

14,185,590

5.4

Securities

Lending

Collateral

616,217

0.2

Total

Investments

In

Securities

At

Value

265,115,205

100.2

Liabilities

in

Excess

of

Other

Assets

(f)

(515,606)

(0.2)

Net

Assets

$

264,599,599

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

December

31,

2020

amounted

to

$5,442,848,

which

represents

approximately

2.06%

of

net

assets

of

the

fund.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$1,072,244.

(c)

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

December

31,

2020,

the

value

of

these

securities

amounted

to

$6,839,316

or

2.58%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(e)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan;

additional

non-cash

collateral

of

$1,189,449

was

received.

(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.

Futures

contracts

outstanding

as

of

December

31,

2020:

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

187

3/2021

USD

$

12,044,670

$

341,898

$

341,898

23

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.1%

Aerospace

&

Defense

-

1.2%

Curtiss-Wright

Corp.

2,972

345,792

Howmet

Aerospace,

Inc.

*

40,076

1,143,769

Huntington

Ingalls

Industries,

Inc.

5,073

864,845

Teledyne

Technologies,

Inc.

*

1,723

675,381

Textron,

Inc.

13,317

643,611

3,673,398

Air

Freight

&

Logistics

-

0.1%

FedEx

Corp.

990

257,024

Automobiles

-

1.9%

General

Motors

Co.

21,889

911,458

Tesla,

Inc.

*

6,735

4,752,688

Thor

Industries,

Inc.

1,689

157,060

5,821,206

Banks

-

2.1%

Associated

Banc-Corp.

51,407

876,489

Citizens

Financial

Group,

Inc.

3,786

135,387

Fifth

Third

Bancorp

7,329

202,061

First

Citizens

BancShares

,

Inc.,

Class

A

309

177,449

FNB

Corp.

30,369

288,506

JPMorgan

Chase

&

Co.

12,555

1,595,364

People's

United

Financial,

Inc.

(a)

34,599

447,365

Popular,

Inc.

46,700

2,630,144

6,352,765

Beverages

-

0.2%

Monster

Beverage

Corp.

*

5,113

472,850

Biotechnology

-

2.2%

AbbVie,

Inc.

7,961

853,021

Alexion

Pharmaceuticals,

Inc.

*

1,741

272,014

Amgen,

Inc.

1,336

307,173

Biogen,

Inc.

*

6,522

1,596,977

Exelixis

,

Inc.

*

51,304

1,029,671

Gilead

Sciences,

Inc.

2,619

152,583

United

Therapeutics

Corp.

*

15,835

2,403,595

6,615,034

Building

Products

-

0.4%

A

O

Smith

Corp.

2,830

155,140

Fortune

Brands

Home

&

Security,

Inc.

6,996

599,697

Owens

Corning

4,339

328,723

Trane

Technologies

plc

1,767

256,498

1,340,058

Capital

Markets

-

2.0%

Ameriprise

Financial,

Inc.

14,646

2,846,157

Bank

of

New

York

Mellon

Corp.

(The)

3,330

141,325

Morgan

Stanley

25,908

1,775,475

MSCI,

Inc.

908

405,450

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

2.0%

(continued)

S&P

Global,

Inc.

807

265,285

State

Street

Corp.

5,590

406,840

Virtu

Financial,

Inc.,

Class

A

4,982

125,397

5,965,929

Chemicals

-

1.2%

Cabot

Corp.

7,719

346,429

Chemours

Co.

(The)

6,447

159,821

DuPont

de

Nemours,

Inc.

7,917

562,978

Eastman

Chemical

Co.

8,938

896,303

Huntsman

Corp.

33,260

836,156

LyondellBasell

Industries

NV,

Class

A

5,474

501,747

NewMarket

Corp.

390

155,333

Scotts

Miracle-

Gro

Co.

(The)

1,274

253,704

3,712,471

Commercial

Services

&

Supplies

-

1.1%

Cintas

Corp.

1,315

464,800

Copart

,

Inc.

*

5,071

645,285

Republic

Services,

Inc.

1,912

184,125

Waste

Management,

Inc.

18,416

2,171,799

3,466,009

Communications

Equipment

-

0.0%

(b)

Cisco

Systems,

Inc.

3,009

134,653

Construction

&

Engineering

-

0.5%

Quanta

Services,

Inc.

20,711

1,491,606

Valmont

Industries,

Inc.

931

162,860

1,654,466

Consumer

Finance

-

0.3%

SLM

Corp.

80,562

998,163

Containers

&

Packaging

-

0.3%

Berry

Global

Group,

Inc.

*

5,028

282,523

Silgan

Holdings,

Inc.

14,880

551,751

834,274

Distributors

-

0.0%

(b)

LKQ

Corp.

*

2,069

72,912

Diversified

Consumer

Services

-

0.1%

Graham

Holdings

Co.,

Class

B

196

104,543

Grand

Canyon

Education,

Inc.

*

3,100

288,641

393,184

Diversified

Financial

Services

-

1.2%

Berkshire

Hathaway,

Inc.,

Class

B

*

15,224

3,529,989

Diversified

Telecommunication

Services

-

1.3%

AT&T,

Inc.

60,792

1,748,378

Verizon

Communications,

Inc.

35,718

2,098,432

3,846,810

24

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electric

Utilities

-

1.2%

Exelon

Corp.

19,612

828,018

NRG

Energy,

Inc.

72,823

2,734,504

Pinnacle

West

Capital

Corp.

1,687

134,876

3,697,398

Electrical

Equipment

-

0.9%

Acuity

Brands,

Inc.

9,745

1,180,022

Eaton

Corp.

plc

1,268

152,338

GrafTech

International

Ltd.

16,270

173,438

Hubbell,

Inc.

1,951

305,897

Regal

Beloit

Corp.

6,401

786,107

2,597,802

Electronic

Equipment,

Instruments

&

Components

-

2.1%

Arrow

Electronics,

Inc.

*

26,866

2,614,062

CDW

Corp.

9,165

1,207,855

Jabil,

Inc.

21,547

916,394

SYNNEX

Corp.

19,838

1,615,607

6,353,918

Entertainment

-

0.5%

Electronic

Arts,

Inc.

9,621

1,381,576

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.7%

American

Tower

Corp.

1,403

314,917

Brandywine

Realty

Trust

11,906

141,800

Brixmor

Property

Group,

Inc.

20,003

331,050

EPR

Properties

6,968

226,460

Gaming

and

Leisure

Properties,

Inc.

2,992

126,861

Public

Storage

1,829

422,371

Ventas,

Inc.

6,201

304,097

Weingarten

Realty

Investors

16,674

361,326

2,228,882

Food

&

Staples

Retailing

-

2.2%

Costco

Wholesale

Corp.

4,785

1,802,892

Kroger

Co.

(The)

41,732

1,325,408

Sprouts

Farmers

Market,

Inc.

*

20,138

404,774

Walmart,

Inc.

21,471

3,095,045

6,628,119

Food

Products

-

0.5%

General

Mills,

Inc.

8,094

475,927

J

M

Smucker

Co.

(The)

5,512

637,187

Tyson

Foods,

Inc.,

Class

A

6,797

437,999

1,551,113

Health

Care

Equipment

&

Supplies

-

2.5%

Abbott

Laboratories

6,000

656,940

Align

Technology,

Inc.

*

475

253,830

Baxter

International,

Inc.

15,913

1,276,859

Danaher

Corp.

9,429

2,094,558

Medtronic

plc

16,000

1,874,240

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.5%

(continued)

Quidel

Corp.

*

7,367

1,323,482

7,479,909

Health

Care

Providers

&

Services

-

4.0%

AmerisourceBergen

Corp.

4,674

456,930

Anthem,

Inc.

7,683

2,466,934

Cigna

Corp.

786

163,630

CVS

Health

Corp.

16,785

1,146,416

DaVita,

Inc.

*

3,697

434,028

Humana,

Inc.

6,934

2,844,812

McKesson

Corp.

5,769

1,003,344

Molina

Healthcare,

Inc.

*

6,109

1,299,262

Quest

Diagnostics,

Inc.

713

84,968

UnitedHealth

Group,

Inc.

5,781

2,027,281

Universal

Health

Services,

Inc.,

Class

B

723

99,413

12,027,018

Health

Care

Technology

-

0.1%

Veeva

Systems,

Inc.,

Class

A

*

1,192

324,522

Hotels,

Restaurants

&

Leisure

-

1.2%

Aramark

6,058

233,112

Darden

Restaurants,

Inc.

5,959

709,836

Domino's

Pizza,

Inc.

1,509

578,641

Extended

Stay

America,

Inc.

58,217

862,194

McDonald's

Corp.

2,558

548,895

MGM

Resorts

International

22,086

695,930

Wyndham

Destinations,

Inc.

3,386

151,896

3,780,504

Household

Durables

-

2.0%

DR

Horton,

Inc.

5,207

358,866

Lennar

Corp.,

Class

A

16,566

1,262,826

Mohawk

Industries,

Inc.

*

5,845

823,853

NVR,

Inc.

*

95

387,587

PulteGroup,

Inc.

52,740

2,274,149

Whirlpool

Corp.

6,048

1,091,603

6,198,884

Household

Products

-

3.1%

Clorox

Co.

(The)

13,097

2,644,547

Colgate-Palmolive

Co.

5,647

482,875

Kimberly-Clark

Corp.

3,728

502,646

Procter

&

Gamble

Co.

(The)

41,572

5,784,328

9,414,396

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

(b)

Vistra

Corp.

7,299

143,498

Industrial

Conglomerates

-

0.1%

Carlisle

Cos.,

Inc.

1,555

242,860

Insurance

-

2.6%

Allstate

Corp.

(The)

29,397

3,231,612

Assurant,

Inc.

9,056

1,233,608

Assured

Guaranty

Ltd.

8,667

272,924

25

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

2.6%

(continued)

Everest

Re

Group

Ltd.

5,154

1,206,500

First

American

Financial

Corp.

9,984

515,474

Mercury

General

Corp.

3,191

166,602

MetLife,

Inc.

10,090

473,726

Old

Republic

International

Corp.

10,879

214,425

Progressive

Corp.

(The)

5,765

570,043

Prudential

Financial,

Inc.

1,604

125,224

8,010,138

Interactive

Media

&

Services

-

6.4%

Alphabet,

Inc.,

Class

A

*

3,879

6,798,491

Alphabet,

Inc.,

Class

C

*

2,507

4,391,963

Facebook,

Inc.,

Class

A

*

28,300

7,730,428

Match

Group,

Inc.

*

3,037

459,164

19,380,046

Internet

&

Direct

Marketing

Retail

-

3.2%

Amazon.com,

Inc.

*

2,752

8,963,071

eBay,

Inc.

4,358

218,990

Qurate

Retail,

Inc.,

Series

A

41,858

459,182

9,641,243

IT

Services

-

4.0%

Accenture

plc,

Class

A

7,680

2,006,093

Akamai

Technologies,

Inc.

*

18,868

1,980,951

Alliance

Data

Systems

Corp.

9,085

673,198

Booz

Allen

Hamilton

Holding

Corp.

13,714

1,195,587

CACI

International,

Inc.,

Class

A

*

4,023

1,003,055

Cognizant

Technology

Solutions

Corp.,

Class

A

3,956

324,194

Concentrix

Corp.

*

14,045

1,386,242

EPAM

Systems,

Inc.

*

358

128,289

Leidos

Holdings,

Inc.

4,828

507,519

Mastercard

,

Inc.,

Class

A

527

188,107

VeriSign,

Inc.

*

3,517

761,079

Visa,

Inc.,

Class

A

8,619

1,885,234

12,039,548

Leisure

Products

-

0.7%

Peloton

Interactive,

Inc.,

Class

A

*

13,098

1,987,229

Life

Sciences

Tools

&

Services

-

2.5%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

529

308,375

Charles

River

Laboratories

International,

Inc.

*

9,480

2,368,673

PerkinElmer,

Inc.

2,722

390,607

PRA

Health

Sciences,

Inc.

*

2,265

284,122

Syneos

Health,

Inc.

*

14,644

997,696

Thermo

Fisher

Scientific,

Inc.

6,662

3,103,026

7,452,499

Machinery

-

3.2%

AGCO

Corp.

17,099

1,762,736

Colfax

Corp.

*

9,192

351,502

Cummins,

Inc.

9,384

2,131,106

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.2%

(continued)

ITT,

Inc.

6,926

533,441

Oshkosh

Corp.

24,340

2,094,944

PACCAR,

Inc.

6,272

541,148

Snap-on,

Inc.

1,481

253,458

Timken

Co.

(The)

28,316

2,190,526

9,858,861

Media

-

0.6%

Comcast

Corp.,

Class

A

18,515

970,186

Interpublic

Group

of

Cos.,

Inc.

(The)

35,270

829,550

1,799,736

Multiline

Retail

-

1.2%

Dollar

General

Corp.

3,307

695,462

Target

Corp.

16,363

2,888,561

3,584,023

Multi-Utilities

-

0.3%

Ameren

Corp.

8,706

679,590

MDU

Resources

Group,

Inc.

11,926

314,131

993,721

Personal

Products

-

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

2,294

610,640

Nu

Skin

Enterprises,

Inc.,

Class

A

1,653

90,303

700,943

Pharmaceuticals

-

3.8%

Bristol-Myers

Squibb

Co.

21,053

1,305,918

Eli

Lilly

and

Co.

931

157,190

Horizon

Therapeutics

plc

*

30,225

2,210,959

Jazz

Pharmaceuticals

plc

*

2,739

452,072

Johnson

&

Johnson

14,698

2,313,171

Merck

&

Co.,

Inc.

21,839

1,786,430

Pfizer,

Inc.

39,565

1,456,388

Viatris

,

Inc.

*

92,567

1,734,705

11,416,833

Professional

Services

-

0.5%

CoreLogic

,

Inc.

8,201

634,101

FTI

Consulting,

Inc.

*

923

103,118

ManpowerGroup

,

Inc.

4,479

403,916

Robert

Half

International,

Inc.

4,127

257,855

1,398,990

Road

&

Rail

-

0.0%

(b)

Schneider

National,

Inc.,

Class

B

7,099

146,949

Semiconductors

&

Semiconductor

Equipment

-

6.2%

Applied

Materials,

Inc.

22,714

1,960,218

Cirrus

Logic,

Inc.

*

6,530

536,766

Intel

Corp.

70,038

3,489,293

Lam

Research

Corp.

6,256

2,954,521

Micron

Technology,

Inc.

*

27,740

2,085,493

26

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

6.2%

(continued)

MKS

Instruments,

Inc.

4,451

669,653

Qorvo

,

Inc.

*

9,475

1,575,408

QUALCOMM,

Inc.

6,103

929,731

Skyworks

Solutions,

Inc.

12,624

1,929,957

Teradyne,

Inc.

12,294

1,473,928

Texas

Instruments,

Inc.

6,235

1,023,351

Xilinx,

Inc.

2,013

285,383

18,913,702

Software

-

8.2%

Adobe,

Inc.

*

5,281

2,641,133

Cadence

Design

Systems,

Inc.

*

10,974

1,497,183

Fortinet,

Inc.

*

1,583

235,123

Intuit,

Inc.

1,554

590,287

Manhattan

Associates,

Inc.

*

4,944

520,010

Microsoft

Corp.

77,412

17,217,977

Oracle

Corp.

30,452

1,969,940

Trade

Desk,

Inc.

(The),

Class

A

*

446

357,246

25,028,899

Specialty

Retail

-

3.8%

AutoNation,

Inc.

*

33,858

2,362,950

AutoZone,

Inc.

*

155

183,743

Best

Buy

Co.,

Inc.

19,758

1,971,651

Dick's

Sporting

Goods,

Inc.

18,485

1,039,042

Foot

Locker,

Inc.

30,229

1,222,461

Home

Depot,

Inc.

(The)

4,366

1,159,697

Lowe's

Cos.,

Inc.

2,890

463,874

Penske

Automotive

Group,

Inc.

12,485

741,484

Tractor

Supply

Co.

669

94,048

Williams-Sonoma,

Inc.

21,665

2,206,363

11,445,313

Technology

Hardware,

Storage

&

Peripherals

-

7.2%

Apple,

Inc.

150,844

20,015,490

HP,

Inc.

50,543

1,242,852

Xerox

Holdings

Corp.

29,966

694,912

21,953,254

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

Carter's,

Inc.

10,508

988,488

Hanesbrands,

Inc.

39,548

576,610

Lululemon

Athletica,

Inc.

*

3,796

1,321,122

NIKE,

Inc.,

Class

B

2,254

318,873

Ralph

Lauren

Corp.

2,623

272,110

Skechers

USA,

Inc.,

Class

A

*

3,342

120,111

3,597,314

Thrifts

&

Mortgage

Finance

-

0.0%

(b)

MGIC

Investment

Corp.

3,714

46,611

Tobacco

-

0.6%

Altria

Group,

Inc.

18,086

741,526

Philip

Morris

International,

Inc.

13,990

1,158,232

1,899,758

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

1.4%

Air

Lease

Corp.

7,962

353,672

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

13,890

1,172,177

United

Rentals,

Inc.

*

6,236

1,446,191

Watsco

,

Inc.

5,343

1,210,457

4,182,497

Wireless

Telecommunication

Services

-

0.1%

T-Mobile

US,

Inc.

*

3,345

451,073

TOTAL

COMMON

STOCKS

(Cost

$172,298,285)

289,120,774

PREFERRED

STOCKS

-

0.0%

(b)

Internet

&

Direct

Marketing

Retail

-

0.0%

(b)

Qurate

Retail,

Inc.,

8.00%,

3/15/2031

(Cost

$100,871)

1,033

102,267

SHORT-TERM

INVESTMENTS

-

4.5%

INVESTMENT

COMPANIES

-

4.5%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(c)

(Cost

$13,688,284)

13,691,573

13,686,096

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$186,087,440)

302,909,137

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

(d)

1,275,430

NET

ASSETS

-

100.0%

304,184,567

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

26,859,241

8.8

%

Consumer

Discretionary

46,624,078

15.3

Consumer

Staples

20,667,179

6.8

Financials

24,903,595

8.2

Health

Care

45,315,815

14.9

Industrials

28,818,914

9.5

Information

Technology

84,423,974

27.8

Materials

4,546,745

1.5

Real

Estate

2,228,882

0.7

Utilities

4,834,618

1.6

Short-Term

Investments

13,686,096

4.5

Total

Investments

In

Securities

At

Value

302,909,137

99.6

Other

Assets

in

Excess

of

Liabilities

(d)

1,275,430

0.4

Net

Assets

$

304,184,567

100.0%

27

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$2,590;

additional

non-cash

collateral

of

$3,670

was

received

.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(d)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2020:

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

65

3/2021

USD

$

12,183,600

$

293,958

$

293,958

28

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.6%

Aerospace

&

Defense

-

1.1%

AAR

Corp.

832

30,135

Aerojet

Rocketdyne

Holdings,

Inc.

*

163

8,615

Ducommun,

Inc.

*

268

14,392

Maxar

Technologies,

Inc.

765

29,521

Moog,

Inc.,

Class

A

605

47,976

PAE,

Inc.

*

1,614

14,817

Vectrus

,

Inc.

*

2,138

106,301

251,757

Air

Freight

&

Logistics

-

0.3%

Atlas

Air

Worldwide

Holdings,

Inc.

*

722

39,378

Hub

Group,

Inc.,

Class

A

*

693

39,501

78,879

Airlines

-

0.1%

Allegiant

Travel

Co.

100

18,924

Auto

Components

-

2.1%

Adient

plc

*

812

28,233

Cooper

Tire

&

Rubber

Co.

1,987

80,473

Dana,

Inc.

3,079

60,102

Dorman

Products,

Inc.

*

98

8,508

Fox

Factory

Holding

Corp.

*

160

16,914

LCI

Industries

1,020

132,274

Modine

Manufacturing

Co.

*

553

6,946

Patrick

Industries,

Inc.

1,174

80,243

Standard

Motor

Products,

Inc.

323

13,069

Tenneco,

Inc.,

Class

A

*

1,199

12,709

XPEL,

Inc.

*(a)

703

36,247

475,718

Automobiles

-

0.1%

Winnebago

Industries,

Inc.

192

11,508

Banks

-

4.8%

Ameris

Bancorp

560

21,319

BancFirst

Corp.

575

33,753

Bancorp,

Inc.

(The)

*

3,119

42,574

BancorpSouth

Bank

439

12,046

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

1,221

38,046

Cathay

General

Bancorp

1,328

42,748

CIT

Group,

Inc.

879

31,556

City

Holding

Co.

216

15,023

ConnectOne

Bancorp,

Inc.

702

13,893

Customers

Bancorp,

Inc.

*

2,115

38,451

Eagle

Bancorp,

Inc.

306

12,638

Enterprise

Financial

Services

Corp.

446

15,588

First

Bancorp/PR

2,995

27,614

First

Financial

Bancorp

483

8,467

First

Interstate

BancSystem

,

Inc.,

Class

A

1,069

43,583

First

Merchants

Corp.

935

34,978

First

Midwest

Bancorp,

Inc.

601

9,568

Fulton

Financial

Corp.

3,838

48,819

INVESTMENTS

SHARES

VALUE

($)

Banks

-

4.8%

(continued)

Glacier

Bancorp,

Inc.

175

8,052

Great

Southern

Bancorp,

Inc.

849

41,516

Hanmi

Financial

Corp.

2,288

25,946

Heartland

Financial

USA,

Inc.

1,142

46,103

Hilltop

Holdings,

Inc.

4,191

115,294

Home

BancShares

,

Inc.

696

13,558

Hope

Bancorp,

Inc.

3,014

32,883

International

Bancshares

Corp.

2,169

81,207

Investors

Bancorp,

Inc.

1,588

16,769

NBT

Bancorp,

Inc.

785

25,199

OFG

Bancorp

1,535

28,459

Old

National

Bancorp

1,547

25,618

Preferred

Bank

505

25,487

Simmons

First

National

Corp.,

Class

A

1,216

26,254

South

State

Corp.

197

14,243

Trustmark

Corp.

1,383

37,770

United

Bankshares

,

Inc.

736

23,846

Valley

National

Bancorp

1,035

10,091

1,088,959

Beverages

-

1.1%

Celsius

Holdings,

Inc.

*

820

41,254

Coca-Cola

Consolidated,

Inc.

235

62,574

National

Beverage

Corp.

(b)

1,159

98,399

Primo

Water

Corp.

3,388

53,124

255,351

Biotechnology

-

7.2%

Adverum

Biotechnologies,

Inc.

*

734

7,957

Affimed

NV

(Germany)

*

1,168

6,798

Allakos

,

Inc.

*

111

15,540

Amicus

Therapeutics,

Inc.

*

1,954

45,118

Anika

Therapeutics,

Inc.

*

748

33,855

Apellis

Pharmaceuticals,

Inc.

*

270

15,444

Arcus

Biosciences,

Inc.

*

487

12,643

Arena

Pharmaceuticals,

Inc.

*

730

56,086

Arrowhead

Pharmaceuticals,

Inc.

*

1,055

80,950

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

250

21,428

Blueprint

Medicines

Corp.

*

303

33,981

Bridgebio

Pharma,

Inc.

*(b)

602

42,808

CareDx

,

Inc.

*

330

23,909

Catalyst

Pharmaceuticals,

Inc.

*

13,542

45,230

ChemoCentryx

,

Inc.

*

457

28,297

Coherus

Biosciences,

Inc.

*(b)

1,138

19,778

Deciphera

Pharmaceuticals,

Inc.

*

193

11,015

Denali

Therapeutics,

Inc.

*

336

28,143

Dicerna

Pharmaceuticals,

Inc.

*

417

9,187

Eagle

Pharmaceuticals,

Inc.

*

678

31,574

Emergent

BioSolutions

,

Inc.

*

1,092

97,843

Enanta

Pharmaceuticals,

Inc.

*

516

21,724

Fate

Therapeutics,

Inc.

*

632

57,468

FibroGen

,

Inc.

*

593

21,994

Halozyme

Therapeutics,

Inc.

*

1,617

69,062

29

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

7.2%

(continued)

Heron

Therapeutics,

Inc.

*

465

9,842

ImmunoGen

,

Inc.

*

2,771

17,873

Insmed

,

Inc.

*

1,004

33,423

Invitae

Corp.

*(b)

287

12,000

Ironwood

Pharmaceuticals,

Inc.

*

3,616

41,186

Jounce

Therapeutics,

Inc.

*

3,058

21,406

Karuna

Therapeutics,

Inc.

*

130

13,207

Kodiak

Sciences,

Inc.

*

334

49,068

Lexicon

Pharmaceuticals,

Inc.

*(b)

3,813

13,040

Ligand

Pharmaceuticals,

Inc.

*(b)

152

15,116

Mersana

Therapeutics,

Inc.

*

400

10,644

Mirati

Therapeutics,

Inc.

*

202

44,367

Natera

,

Inc.

*

1,041

103,600

Neoleukin

Therapeutics,

Inc.

*

460

6,486

Novavax

,

Inc.

*

563

62,780

OPKO

Health,

Inc.

*(b)

4,965

19,612

PDL

BioPharma

,

Inc.

(2)*

9,724

24,018

PTC

Therapeutics,

Inc.

*

255

15,563

Sorrento

Therapeutics,

Inc.

*(b)

1,597

10,900

TG

Therapeutics,

Inc.

*

819

42,604

Translate

Bio,

Inc.

*

959

17,674

Turning

Point

Therapeutics,

Inc.

*

132

16,084

Twist

Bioscience

Corp.

*

64

9,043

Ultragenyx

Pharmaceutical,

Inc.

*

368

50,942

Veracyte

,

Inc.

*

812

39,739

Vericel

Corp.

*

1,510

46,629

Vir

Biotechnology,

Inc.

*(b)

209

5,597

XBiotech

,

Inc.

*

1,083

16,949

Xencor

,

Inc.

*

638

27,836

1,635,060

Building

Products

-

2.7%

Alpha

Pro

Tech

Ltd.

*(b)

5,753

64,146

American

Woodmark

Corp.

*

202

18,957

Apogee

Enterprises,

Inc.

2,127

67,383

Builders

FirstSource

,

Inc.

*

4,138

168,872

Griffon

Corp.

1,124

22,907

Insteel

Industries,

Inc.

2,010

44,763

Masonite

International

Corp.

*

332

32,649

UFP

Industries,

Inc.

3,374

187,426

607,103

Capital

Markets

-

3.1%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

2,413

121,471

Brightsphere

Investment

Group,

Inc.

1,512

29,151

Cowen,

Inc.,

Class

A

2,864

74,435

Donnelley

Financial

Solutions,

Inc.

*

1,907

32,362

Federated

Hermes,

Inc.,

Class

B

845

24,412

Houlihan

Lokey

,

Inc.

244

16,404

Oppenheimer

Holdings,

Inc.,

Class

A

2,606

81,907

Stifel

Financial

Corp.

2,253

113,686

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

3.1%

(continued)

StoneX

Group,

Inc.

*

357

20,670

Virtus

Investment

Partners,

Inc.

373

80,941

Waddell

&

Reed

Financial,

Inc.,

Class

A

4,537

115,558

710,997

Chemicals

-

0.4%

FutureFuel

Corp.

979

12,433

Koppers

Holdings,

Inc.

*

1,062

33,092

Orion

Engineered

Carbons

SA

(Germany)

707

12,118

Rayonier

Advanced

Materials,

Inc.

*

3,149

20,532

Stepan

Co.

70

8,352

86,527

Commercial

Services

&

Supplies

-

2.2%

ABM

Industries,

Inc.

1,259

47,641

ACCO

Brands

Corp.

4,739

40,045

Cimpress

plc

(Ireland)

*

306

26,848

Deluxe

Corp.

445

12,994

Ennis,

Inc.

3,823

68,241

Healthcare

Services

Group,

Inc.

1,264

35,518

Herman

Miller,

Inc.

319

10,782

HNI

Corp.

1,503

51,793

Interface,

Inc.

3,289

34,534

KAR

Auction

Services,

Inc.

334

6,216

Kimball

International,

Inc.,

Class

B

861

10,289

Pitney

Bowes,

Inc.

2,549

15,702

Quad/Graphics,

Inc.

2,002

7,648

Steelcase,

Inc.,

Class

A

6,128

83,034

Tetra

Tech,

Inc.

213

24,661

UniFirst

Corp.

111

23,498

499,444

Communications

Equipment

-

1.0%

Acacia

Communications,

Inc.

*

447

32,613

Calix,

Inc.

*

1,429

42,527

Cambium

Networks

Corp.

*

814

20,415

Clearfield,

Inc.

*

659

16,291

Comtech

Telecommunications

Corp.

500

10,345

Digi

International,

Inc.

*

472

8,921

Extreme

Networks,

Inc.

*

3,530

24,322

NETGEAR,

Inc.

*

1,524

61,920

NetScout

Systems,

Inc.

*

527

14,450

231,804

Construction

&

Engineering

-

2.4%

API

Group

Corp.

*(c)

1,317

23,903

Arcosa

,

Inc.

1,712

94,040

Comfort

Systems

USA,

Inc.

513

27,014

Dycom

Industries,

Inc.

*

263

19,862

EMCOR

Group,

Inc.

1,347

123,197

30

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

2.4%

(continued)

Great

Lakes

Dredge

&

Dock

Corp.

*

2,336

30,765

IES

Holdings,

Inc.

*

316

14,549

MasTec

,

Inc.

*

194

13,227

MYR

Group,

Inc.

*

1,885

113,288

Primoris

Services

Corp.

1,123

31,006

Sterling

Construction

Co.,

Inc.

*

1,075

20,006

Tutor

Perini

Corp.

*

2,325

30,109

540,966

Construction

Materials

-

0.1%

Summit

Materials,

Inc.,

Class

A

*

1,368

27,469

US

Concrete,

Inc.

*

110

4,397

31,866

Consumer

Finance

-

0.4%

Curo

Group

Holdings

Corp.

1,704

24,418

Encore

Capital

Group,

Inc.

*

1,205

46,935

Nelnet,

Inc.,

Class

A

143

10,187

PROG

Holdings,

Inc.

285

15,353

96,893

Containers

&

Packaging

-

0.2%

Greif,

Inc.,

Class

A

359

16,830

O-I

Glass,

Inc.

2,052

24,419

41,249

Distributors

-

0.0%

(d)

Core-Mark

Holding

Co.,

Inc.

182

5,345

Diversified

Consumer

Services

-

0.6%

American

Public

Education,

Inc.

*

1,141

34,778

Collectors

Universe,

Inc.

653

49,236

Franchise

Group,

Inc.

577

17,570

Houghton

Mifflin

Harcourt

Co.

*

5,921

19,717

Universal

Technical

Institute,

Inc.

*

1,598

10,323

131,624

Diversified

Financial

Services

-

0.1%

Cannae

Holdings,

Inc.

*

761

33,689

Diversified

Telecommunication

Services

-

0.4%

Bandwidth,

Inc.,

Class

A

*

137

21,053

Cogent

Communications

Holdings,

Inc.

229

13,710

Consolidated

Communications

Holdings,

Inc.

*

9,412

46,025

Ooma

,

Inc.

*

527

7,589

Vonage

Holdings

Corp.

*

836

10,763

99,140

Electric

Utilities

-

0.2%

PNM

Resources,

Inc.

716

34,747

Electrical

Equipment

-

1.7%

Atkore

International

Group,

Inc.

*

2,978

122,425

Bloom

Energy

Corp.,

Class

A

*

336

9,630

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

1.7%

(continued)

Encore

Wire

Corp.

986

59,722

EnerSys

337

27,991

Orion

Energy

Systems,

Inc.

*

2,186

21,576

Plug

Power,

Inc.

*

2,014

68,295

Powell

Industries,

Inc.

326

9,614

Sunrun

,

Inc.

*

693

48,080

Vicor

Corp.

*

145

13,372

380,705

Electronic

Equipment,

Instruments

&

Components

-

2.9%

Arlo

Technologies,

Inc.

*

1,491

11,615

ePlus

,

Inc.

*

345

30,343

Fabrinet

(Thailand)

*

1,464

113,592

Fitbit,

Inc.,

Class

A

*

2,500

17,000

Insight

Enterprises,

Inc.

*

1,874

142,593

Methode

Electronics,

Inc.

1,657

63,430

PC

Connection,

Inc.

*

1,705

80,629

Sanmina

Corp.

*

4,145

132,184

ScanSource

,

Inc.

*

395

10,420

Vishay

Intertechnology

,

Inc.

2,579

53,411

655,217

Energy

Equipment

&

Services

-

0.5%

National

Energy

Services

Reunited

Corp.

*

1,822

18,092

ProPetro

Holding

Corp.

*

12,402

91,651

109,743

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.2%

American

Finance

Trust,

Inc.

2,502

18,590

Bluerock

Residential

Growth

REIT,

Inc.

1,637

20,741

CatchMark

Timber

Trust,

Inc.,

Class

A

1,105

10,343

City

Office

REIT,

Inc.

1,077

10,522

DiamondRock

Hospitality

Co.

*

778

6,419

Easterly

Government

Properties,

Inc.

663

15,017

EastGroup

Properties,

Inc.

272

37,552

Four

Corners

Property

Trust,

Inc.

656

19,529

Front

Yard

Residential

Corp.

402

6,512

GEO

Group,

Inc.

(The)

(b)

1,491

13,210

Global

Net

Lease,

Inc.

596

10,215

Healthcare

Realty

Trust,

Inc.

484

14,326

Hersha

Hospitality

Trust

1,084

8,553

Independence

Realty

Trust,

Inc.

3,032

40,720

Innovative

Industrial

Properties,

Inc.

52

9,523

iStar

,

Inc.

900

13,365

Kite

Realty

Group

Trust

473

7,076

Lexington

Realty

Trust

5,578

59,238

LTC

Properties,

Inc.

246

9,572

Monmouth

Real

Estate

Investment

Corp.

1,998

34,605

National

Health

Investors,

Inc.

350

24,210

New

Senior

Investment

Group,

Inc.

3,218

16,669

31

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.2%

(continued)

NexPoint

Residential

Trust,

Inc.

612

25,894

Office

Properties

Income

Trust

1,362

30,945

Physicians

Realty

Trust

530

9,434

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

1,705

27,672

PotlatchDeltic

Corp.

275

13,756

PS

Business

Parks,

Inc.

107

14,217

QTS

Realty

Trust,

Inc.,

Class

A

439

27,165

Sabra

Health

Care

REIT,

Inc.

1,676

29,112

Service

Properties

Trust

1,978

22,727

Uniti

Group,

Inc.

3,965

46,510

Urban

Edge

Properties

2,302

29,788

Urstadt

Biddle

Properties,

Inc.,

Class

A

852

12,039

Whitestone

REIT

5,028

40,073

735,839

Food

&

Staples

Retailing

-

1.2%

BJ's

Wholesale

Club

Holdings,

Inc.

*

1,239

46,190

Ingles

Markets,

Inc.,

Class

A

2,118

90,354

Performance

Food

Group

Co.

*

1,223

58,227

SpartanNash

Co.

1,927

33,549

United

Natural

Foods,

Inc.

*

1,639

26,175

Weis

Markets,

Inc.

135

6,454

260,949

Food

Products

-

1.2%

B&G

Foods,

Inc.

1,925

53,380

Darling

Ingredients,

Inc.

*

831

47,932

Fresh

Del

Monte

Produce,

Inc.

925

22,265

John

B

Sanfilippo

&

Son,

Inc.

713

56,227

Lancaster

Colony

Corp.

52

9,554

Seneca

Foods

Corp.,

Class

A

*

1,843

73,536

262,894

Gas

Utilities

-

0.1%

ONE

Gas,

Inc.

402

30,862

Health

Care

Equipment

&

Supplies

-

1.9%

Atrion

Corp.

16

10,276

Cantel

Medical

Corp.

197

15,536

Co-Diagnostics,

Inc.

*(b)

520

4,836

CONMED

Corp.

107

11,984

Electromed

,

Inc.

*

3,494

34,276

Integer

Holdings

Corp.

*

786

63,815

Invacare

Corp.

4,158

37,214

iRhythm

Technologies,

Inc.

*(b)

191

45,307

Meridian

Bioscience,

Inc.

*

1,330

24,858

Merit

Medical

Systems,

Inc.

*

645

35,804

Neogen

Corp.

*

164

13,005

Nevro

Corp.

*

267

46,218

NuVasive

,

Inc.

*

225

12,674

Retractable

Technologies,

Inc.

*(b)

1,514

16,260

SeaSpine

Holdings

Corp.

*

987

17,223

STAAR

Surgical

Co.

*

98

7,764

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

1.9%

(continued)

Surmodics

,

Inc.

*

243

10,575

Zynex

,

Inc.

*(b)

1,768

23,797

431,422

Health

Care

Providers

&

Services

-

3.6%

1Life

Healthcare,

Inc.

*

717

31,297

Addus

HomeCare

Corp.

*

86

10,070

AMN

Healthcare

Services,

Inc.

*

1,122

76,577

Brookdale

Senior

Living,

Inc.

*

3,936

17,436

Community

Health

Systems,

Inc.

*

5,171

38,421

CorVel

Corp.

*

655

69,430

Covetrus

,

Inc.

*

365

10,490

Ensign

Group,

Inc.

(The)

749

54,617

Joint

Corp.

(The)

*

345

9,060

LHC

Group,

Inc.

*

189

40,317

Magellan

Health,

Inc.

*

732

60,639

National

Research

Corp.

556

23,769

Owens

&

Minor,

Inc.

2,889

78,147

Patterson

Cos.,

Inc.

3,096

91,734

Providence

Service

Corp.

(The)

*

179

24,815

Select

Medical

Holdings

Corp.

*

1,362

37,673

Tenet

Healthcare

Corp.

*

1,228

49,034

Triple-S

Management

Corp.,

Class

B

*

3,930

83,906

Viemed

Healthcare,

Inc.

*

1,566

12,152

819,584

Health

Care

Technology

-

1.1%

Computer

Programs

and

Systems,

Inc.

1,742

46,755

Evolent

Health,

Inc.,

Class

A

*

1,336

21,416

HealthStream

,

Inc.

*

335

7,317

HMS

Holdings

Corp.

*

627

23,042

Inovalon

Holdings,

Inc.,

Class

A

*

1,308

23,766

Inspire

Medical

Systems,

Inc.

*

73

13,731

NantHealth

,

Inc.

*(b)

4,134

13,353

NextGen

Healthcare,

Inc.

*

985

17,966

Omnicell

,

Inc.

*

757

90,855

258,201

Hotels,

Restaurants

&

Leisure

-

2.6%

Biglari

Holdings,

Inc.,

Class

B

*

61

6,783

BJ's

Restaurants,

Inc.

440

16,936

Boyd

Gaming

Corp.

*

358

15,365

Brinker

International,

Inc.

1,203

68,054

Caesars

Entertainment,

Inc.

*

869

64,541

Carrols

Restaurant

Group,

Inc.

*

3,182

19,983

Cracker

Barrel

Old

Country

Store,

Inc.

195

25,724

Dine

Brands

Global,

Inc.

126

7,308

El

Pollo

Loco

Holdings,

Inc.

*

590

10,679

Fiesta

Restaurant

Group,

Inc.

*

1,732

19,745

International

Game

Technology

plc

2,992

50,684

Jack

in

the

Box,

Inc.

82

7,610

Marriott

Vacations

Worldwide

Corp.

360

49,399

32

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

2.6%

(continued)

Papa

John's

International,

Inc.

436

36,995

Penn

National

Gaming,

Inc.

*

724

62,532

RCI

Hospitality

Holdings,

Inc.

1,233

48,629

Texas

Roadhouse,

Inc.

566

44,239

Wingstop

,

Inc.

246

32,607

587,813

Household

Durables

-

2.9%

Beazer

Homes

USA,

Inc.

*

553

8,378

Century

Communities,

Inc.

*

659

28,851

Green

Brick

Partners,

Inc.

*

555

12,743

Helen

of

Troy

Ltd.

*

136

30,218

Hooker

Furniture

Corp.

1,040

33,540

iRobot

Corp.

*

93

7,467

KB

Home

1,785

59,833

La-Z-Boy,

Inc.

329

13,107

M/I

Homes,

Inc.

*

1,356

60,057

MDC

Holdings,

Inc.

1,452

70,567

Meritage

Homes

Corp.

*

1,116

92,427

Purple

Innovation,

Inc.

*

1,040

34,257

Taylor

Morrison

Home

Corp.

*

1,578

40,476

TopBuild

Corp.

*

410

75,473

TRI

Pointe

Group,

Inc.

*

2,439

42,073

Tupperware

Brands

Corp.

*

174

5,636

Turtle

Beach

Corp.

*(b)

463

9,978

Universal

Electronics,

Inc.

*

428

22,453

647,534

Household

Products

-

0.1%

WD-40

Co.

128

34,007

Independent

Power

and

Renewable

Electricity

Producers

-

0.6%

Brookfield

Renewable

Corp.

969

56,463

Clearway

Energy,

Inc.,

Class

C

817

26,087

Ormat

Technologies,

Inc.

496

44,779

127,329

Insurance

-

3.0%

American

Equity

Investment

Life

Holding

Co.

355

9,819

CNO

Financial

Group,

Inc.

1,320

29,343

eHealth,

Inc.

*

124

8,756

Employers

Holdings,

Inc.

3,431

110,444

Genworth

Financial,

Inc.,

Class

A

*

7,815

29,541

Heritage

Insurance

Holdings,

Inc.

2,080

21,070

Horace

Mann

Educators

Corp.

1,629

68,483

Kinsale

Capital

Group,

Inc.

393

78,651

National

General

Holdings

Corp.

632

21,602

National

Western

Life

Group,

Inc.,

Class

A

198

40,875

Selective

Insurance

Group,

Inc.

1,308

87,610

Stewart

Information

Services

Corp.

1,152

55,711

Trupanion

,

Inc.

*

739

88,466

Universal

Insurance

Holdings,

Inc.

1,706

25,778

676,149

INVESTMENTS

SHARES

VALUE

($)

Interactive

Media

&

Services

-

0.1%

Cars.com,

Inc.

*

1,082

12,227

Internet

&

Direct

Marketing

Retail

-

1.5%

1-800-Flowers.com,

Inc.,

Class

A

*

3,050

79,300

Duluth

Holdings,

Inc.,

Class

B

*(b)

1,534

16,199

Groupon,

Inc.

*

664

25,229

Lands'

End,

Inc.

*

2,259

48,727

PetMed

Express,

Inc.

(b)

1,592

51,039

Shutterstock,

Inc.

266

19,072

Stamps.com,

Inc.

*

362

71,021

Stitch

Fix,

Inc.,

Class

A

*

326

19,143

329,730

IT

Services

-

2.1%

BM

Technologies,

Inc.

*

325

4,570

Cardtronics

plc,

Class

A

*

981

34,629

Conduent

,

Inc.

*

3,581

17,189

EVERTEC,

Inc.

1,377

54,144

GTT

Communications,

Inc.

*(b)

1,545

5,516

Hackett

Group,

Inc.

(The)

970

13,958

International

Money

Express,

Inc.

*

1,994

30,947

KBR,

Inc.

2,716

84,006

ManTech

International

Corp.,

Class

A

81

7,204

MAXIMUS,

Inc.

991

72,531

Perspecta

,

Inc.

1,259

30,317

Sykes

Enterprises,

Inc.

*

2,897

109,130

TTEC

Holdings,

Inc.

308

22,462

486,603

Leisure

Products

-

2.9%

Acushnet

Holdings

Corp.

2,335

94,661

Callaway

Golf

Co.

462

11,093

Johnson

Outdoors,

Inc.,

Class

A

1,307

147,207

Malibu

Boats,

Inc.,

Class

A

*

1,033

64,501

MasterCraft

Boat

Holdings,

Inc.

*

894

22,207

Nautilus,

Inc.

*

1,497

27,156

Smith

&

Wesson

Brands,

Inc.

4,206

74,656

Sturm

Ruger

&

Co.,

Inc.

503

32,730

Vista

Outdoor,

Inc.

*

3,459

82,186

YETI

Holdings,

Inc.

*

1,603

109,757

666,154

Life

Sciences

Tools

&

Services

-

1.7%

Fluidigm

Corp.

*

3,797

22,782

Luminex

Corp.

1,492

34,495

Medpace

Holdings,

Inc.

*

1,261

175,531

NeoGenomics

,

Inc.

*

1,964

105,742

Pacific

Biosciences

of

California,

Inc.

*

1,558

40,414

378,964

Machinery

-

1.9%

Altra

Industrial

Motion

Corp.

176

9,756

Astec

Industries,

Inc.

566

32,760

33

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

1.9%

(continued)

Chart

Industries,

Inc.

*

72

8,481

Columbus

McKinnon

Corp.

438

16,837

Franklin

Electric

Co.,

Inc.

383

26,507

Greenbrier

Cos.,

Inc.

(The)

806

29,322

Kennametal,

Inc.

558

20,222

Lydall

,

Inc.

*

311

9,339

Meritor,

Inc.

*

3,666

102,318

Miller

Industries,

Inc.

384

14,600

Mueller

Industries,

Inc.

2,028

71,203

Navistar

International

Corp.

*

456

20,046

Rexnord

Corp.

422

16,665

Shyft

Group,

Inc.

(The)

778

22,080

Wabash

National

Corp.

1,354

23,329

423,465

Media

-

0.1%

TEGNA,

Inc.

2,041

28,472

Metals

&

Mining

-

2.0%

Arconic

Corp.

*

1,450

43,210

Caledonia

Mining

Corp.

plc

(South

Africa)

1,259

19,993

Commercial

Metals

Co.

5,305

108,965

Ryerson

Holding

Corp.

*

13,065

178,207

Schnitzer

Steel

Industries,

Inc.,

Class

A

352

11,232

SunCoke

Energy,

Inc.

4,546

19,775

Warrior

Met

Coal,

Inc.

1,317

28,078

Worthington

Industries,

Inc.

778

39,943

449,403

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.7%

Apollo

Commercial

Real

Estate

Finance,

Inc.

2,545

28,428

Blackstone

Mortgage

Trust,

Inc.,

Class

A

1,590

43,773

Chimera

Investment

Corp.

1,796

18,409

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

701

44,464

PennyMac

Mortgage

Investment

Trust

1,075

18,909

153,983

Multiline

Retail

-

0.2%

Big

Lots,

Inc.

405

17,387

Macy's,

Inc.

3,001

33,761

51,148

Oil,

Gas

&

Consumable

Fuels

-

0.5%

Bonanza

Creek

Energy,

Inc.

*

631

12,197

CNX

Resources

Corp.

*

1,165

12,582

Diamond

S

Shipping,

Inc.

*

892

5,941

Penn

Virginia

Corp.

*

1,363

13,835

Renewable

Energy

Group,

Inc.

*

1,031

73,015

117,570

INVESTMENTS

SHARES

VALUE

($)

Paper

&

Forest

Products

-

1.1%

Boise

Cascade

Co.

3,640

173,992

Clearwater

Paper

Corp.

*

944

35,636

Schweitzer-Mauduit

International,

Inc.

175

7,037

Verso

Corp.,

Class

A

1,928

23,174

239,839

Personal

Products

-

0.7%

Edgewell

Personal

Care

Co.

762

26,350

Lifevantage

Corp.

*

926

8,630

Medifast

,

Inc.

407

79,910

USANA

Health

Sciences,

Inc.

*

555

42,791

157,681

Pharmaceuticals

-

0.9%

Collegium

Pharmaceutical,

Inc.

*

453

9,074

Corcept

Therapeutics,

Inc.

*

4,014

105,006

Endo

International

plc

*

2,791

20,039

Evofem

Biosciences,

Inc.

*

1,127

2,716

Innoviva

,

Inc.

*

904

11,201

Osmotica

Pharmaceuticals

plc

*

1,595

6,571

Phibro

Animal

Health

Corp.,

Class

A

670

13,011

Prestige

Consumer

Healthcare,

Inc.

*

310

10,810

Supernus

Pharmaceuticals,

Inc.

*

691

17,386

195,814

Professional

Services

-

1.7%

ASGN,

Inc.

*

152

12,697

Barrett

Business

Services,

Inc.

488

33,286

CBIZ,

Inc.

*

595

15,833

ICF

International,

Inc.

253

18,806

Kelly

Services,

Inc.,

Class

A

3,650

75,081

Kforce

,

Inc.

3,869

162,846

Mastech

Digital,

Inc.

*

1,706

27,125

Resources

Connection,

Inc.

653

8,208

TriNet

Group,

Inc.

*

134

10,800

TrueBlue

,

Inc.

*

1,391

25,998

390,680

Real

Estate

Management

&

Development

-

0.4%

Cushman

&

Wakefield

plc

*

739

10,959

eXp

World

Holdings,

Inc.

*

883

55,735

Realogy

Holdings

Corp.

*

1,342

17,607

Redfin

Corp.

*

231

15,854

100,155

Road

&

Rail

-

0.6%

ArcBest

Corp.

2,092

89,266

Avis

Budget

Group,

Inc.

*

493

18,389

Daseke

,

Inc.

*

874

5,078

34

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Road

&

Rail

-

0.6%

(continued)

US

Xpress

Enterprises,

Inc.,

Class

A

*

2,940

20,109

132,842

Semiconductors

&

Semiconductor

Equipment

-

4.6%

Amkor

Technology,

Inc.

10,166

153,303

Brooks

Automation,

Inc.

167

11,331

CMC

Materials,

Inc.

643

97,286

Diodes,

Inc.

*

1,928

135,924

FormFactor

,

Inc.

*

3,549

152,678

Ichor

Holdings

Ltd.

*

1,432

43,168

Lattice

Semiconductor

Corp.

*

2,353

107,814

NeoPhotonics

Corp.

*

752

6,836

Onto

Innovation,

Inc.

*

552

26,247

Photronics

,

Inc.

*

6,993

78,042

Power

Integrations,

Inc.

934

76,457

SMART

Global

Holdings,

Inc.

*

832

31,308

Synaptics

,

Inc.

*

977

94,183

Ultra

Clean

Holdings,

Inc.

*

1,239

38,595

1,053,172

Software

-

3.7%

ACI

Worldwide,

Inc.

*

1,139

43,772

American

Software,

Inc.,

Class

A

559

9,598

Appfolio

,

Inc.,

Class

A

*

195

35,108

Avaya

Holdings

Corp.

*

1,114

21,333

Box,

Inc.,

Class

A

*

421

7,599

Cerence

,

Inc.

*

294

29,541

ChannelAdvisor

Corp.

*

1,475

23,571

Cloudera,

Inc.

*

2,066

28,738

Digital

Turbine,

Inc.

*

1,468

83,030

Envestnet

,

Inc.

*

102

8,394

Intelligent

Systems

Corp.

*

280

11,231

J2

Global,

Inc.

*

1,197

116,935

Mitek

Systems,

Inc.

*

385

6,845

Progress

Software

Corp.

842

38,050

Qualys

,

Inc.

*

786

95,790

Sapiens

International

Corp.

NV

(Israel)

243

7,438

SecureWorks

Corp.,

Class

A

*

3,311

47,082

Smith

Micro

Software,

Inc.

*

1,650

8,943

SPS

Commerce,

Inc.

*

1,234

134,000

Verint

Systems,

Inc.

*

850

57,103

Xperi

Holding

Corp.

677

14,149

828,250

Specialty

Retail

-

4.1%

Aaron's

Co.,

Inc.

(The)

*

142

2,692

Abercrombie

&

Fitch

Co.,

Class

A

854

17,387

Asbury

Automotive

Group,

Inc.

*

415

60,482

Bed

Bath

&

Beyond,

Inc.

(b)

2,736

48,591

Camping

World

Holdings,

Inc.,

Class

A

734

19,121

Citi

Trends,

Inc.

460

22,853

GameStop

Corp.,

Class

A

*(b)

614

11,568

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

4.1%

(continued)

Genesco,

Inc.

*

486

14,624

Group

1

Automotive,

Inc.

726

95,208

Hibbett

Sports,

Inc.

*

1,538

71,025

Lithia

Motors,

Inc.,

Class

A

260

76,094

MarineMax

,

Inc.

*

1,319

46,204

Murphy

USA,

Inc.

352

46,066

ODP

Corp.

(The)

*

2,753

80,663

Rent-A-Center,

Inc.

267

10,223

RH

*

79

35,354

Sally

Beauty

Holdings,

Inc.

*

3,394

44,258

Shoe

Carnival,

Inc.

660

25,859

Signet

Jewelers

Ltd.

1,374

37,469

Sleep

Number

Corp.

*

581

47,561

Sonic

Automotive,

Inc.,

Class

A

1,104

42,581

Sportsman's

Warehouse

Holdings,

Inc.

*

1,623

28,484

Zumiez

,

Inc.

*

1,278

47,005

931,372

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

Avid

Technology,

Inc.

*

1,064

16,886

Diebold

Nixdorf,

Inc.

*

1,001

10,670

Super

Micro

Computer,

Inc.

*

1,268

40,145

67,701

Textiles,

Apparel

&

Luxury

Goods

-

1.4%

Crocs,

Inc.

*

133

8,334

Deckers

Outdoor

Corp.

*

311

89,189

Fossil

Group,

Inc.

*

725

6,286

G-III

Apparel

Group

Ltd.

*

4,933

117,109

Lakeland

Industries,

Inc.

*

2,334

63,602

Steven

Madden

Ltd.

185

6,534

Superior

Group

of

Cos.,

Inc.

1,142

26,540

Vera

Bradley,

Inc.

*

688

5,476

323,070

Thrifts

&

Mortgage

Finance

-

2.9%

Axos

Financial,

Inc.

*

457

17,151

Flagstar

Bancorp,

Inc.

2,872

117,063

HomeStreet

,

Inc.

849

28,654

Mr

Cooper

Group,

Inc.

*

4,429

137,432

PennyMac

Financial

Services,

Inc.

1,842

120,872

Radian

Group,

Inc.

3,232

65,448

Walker

&

Dunlop,

Inc.

1,411

129,840

Waterstone

Financial,

Inc.

1,734

32,634

649,094

Tobacco

-

0.4%

Turning

Point

Brands,

Inc.

2,045

91,125

Trading

Companies

&

Distributors

-

1.8%

BMC

Stock

Holdings,

Inc.

*

633

33,979

CAI

International,

Inc.

729

22,774

DXP

Enterprises,

Inc.

*

599

13,316

Foundation

Building

Materials,

Inc.

*

333

6,397

35

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

1.8%

(continued)

GMS,

Inc.

*

1,642

50,048

Rush

Enterprises,

Inc.,

Class

A

2,194

90,876

SiteOne

Landscape

Supply,

Inc.

*

71

11,263

Textainer

Group

Holdings

Ltd.

(China)

*

869

16,667

Triton

International

Ltd.

835

40,506

Veritiv

Corp.

*

4,099

85,218

WESCO

International,

Inc.

*

552

43,332

414,376

Wireless

Telecommunication

Services

-

0.1%

Shenandoah

Telecommunications

Co.

336

14,532

TOTAL

COMMON

STOCKS

(Cost

$15,343,149)

21,673,220

PREFERRED

STOCKS

-

0.0%

(d)

Media

-

0.0%

(d)

Liberty

Broadband

Corp.,

Series

A,

7.00%,

3/10/2039

(e)

105

2,989

Trading

Companies

&

Distributors

-

0.0%

(d)

WESCO

International,

Inc.,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

10.33%),

10.63%,

6/22/2025

(e)(f)

247

7,719

TOTAL

PREFERRED

STOCKS

(Cost

$7,461)

10,708

SHORT-TERM

INVESTMENTS

-

4.1%

INVESTMENT

COMPANIES

-

4.1%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(g)

(Cost

$930,961)

931,166

930,793

SECURITIES

LENDING

COLLATERAL

-

2.2%

Investment

Companies

-

2.2%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(g)(h)

155,852

155,852

Limited

Purpose

Cash

Investment

Fund

0.03%

(g)(h)

335,905

335,770

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$491,757)

491,622

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

101.9%

(Cost

$16,773,328)

23,106,343

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(1.9)%

(

i

)

(423,447)

NET

ASSETS

-

100.0%

22,682,896

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

157,360

0.7

%

Consumer

Discretionary

4,161,015

18.3

Consumer

Staples

1,062,007

4.7

Energy

227,313

1.0

Financials

3,409,764

15.0

Health

Care

3,719,046

16.4

Industrials

3,746,860

16.5

Information

Technology

3,322,747

14.7

Materials

848,884

3.7

Real

E

state

835,994

3.7

Utilities

192,938

0.9

Short-Term

Investments

930,793

4.1

Securities

Lending

Collateral

491,622

2.2

Total

Investments

In

Securities

At

Value

23,106,343

101.9

Liabilities

in

Excess

of

Other

Assets

(

i

)

(423,447)

(1.9)

Net

Assets

$

22,682,896

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

December

31,

2020,

the

value

of

these

securities

amounted

to

$36,247

or

0.16%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$475,044.

(c)

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

December

31,

2020

amounted

to

$23,903,

which

represents

approximately

0.11%

of

net

assets

of

the

fund.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Perpetual

security.

The

rate

reflected

was

the

rate

in

effect

on

December

31,

2020.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2020.

(g)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(h)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(i)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

36

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

8

3/2021

USD

$

789,920

$

24,807

$

24,807

37

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.7%

Australia

-

7.4%

Afterpay

Ltd.

*

6,660

605,432

Aurizon

Holdings

Ltd.

276,914

831,969

BHP

Group

Ltd.

31,889

1,041,959

BHP

Group

plc

52,610

1,389,134

BlueScope

Steel

Ltd.

140,079

1,891,737

Crown

Resorts

Ltd.

38,605

287,317

CSL

Ltd.

7,291

1,593,029

Dexus

,

REIT

33,527

243,169

Fortescue

Metals

Group

Ltd.

156,385

2,824,688

Goodman

Group,

REIT

30,886

451,475

GPT

Group

(The),

REIT

35,606

123,849

REA

Group

Ltd.

7,131

816,838

Rio

Tinto

Ltd.

3,006

264,352

Rio

Tinto

plc

24,340

1,832,147

Scentre

Group,

REIT

118,649

254,857

South32

Ltd.

270,327

516,640

Tabcorp

Holdings

Ltd.

31,341

94,360

Vicinity

Centres

,

REIT

73,435

90,800

Wesfarmers

Ltd.

13,737

533,918

15,687,670

—

Belgium

-

0.3%

Ageas

SA/NV

10,091

535,904

Groupe

Bruxelles

Lambert

SA

1,467

147,865

683,769

—

Canada

-

8.8%

Bank

of

Montreal

(1)

8,976

682,455

Bank

of

Nova

Scotia

(The)

(1)

5,464

295,328

Canadian

Apartment

Properties,

REIT

(1)

3,482

136,747

Canadian

Imperial

Bank

of

Commerce

(1)

8,485

724,715

Canadian

Pacific

Railway

Ltd.

(1)

3,586

1,243,874

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

13,932

1,831,442

CCL

Industries,

Inc.,

Class

B

(1)

2,455

111,458

CGI,

Inc.

(1)*

21,978

1,743,702

CI

Financial

Corp.

(1)

108,341

1,343,091

Constellation

Software,

Inc.

(1)

406

527,210

Great-West

Lifeco

,

Inc.

(1)

2,283

54,434

iA

Financial

Corp.,

Inc.

(1)

10,212

442,688

IGM

Financial,

Inc.

(1)

3,247

88,030

Kinross

Gold

Corp.

(1)

75,369

553,026

Kirkland

Lake

Gold

Ltd.

(1)

3,327

137,482

Magna

International,

Inc.

(1)

24,567

1,739,125

National

Bank

of

Canada

(1)

2,075

116,783

Open

Text

Corp.

(1)

25,971

1,180,110

Pan

American

Silver

Corp.

(1)

22,805

786,503

Parkland

Corp.

(1)

3,713

117,816

Quebecor,

Inc.,

Class

B

(1)

4,816

123,947

Royal

Bank

of

Canada

(1)

17,616

1,447,449

Shopify,

Inc.,

Class

A

(1)*

892

1,007,219

Teck

Resources

Ltd.,

Class

B

(1)

78,118

1,417,649

Topicus.com,

Inc.

*

755

2,854

Toronto-Dominion

Bank

(The)

(1)

12,139

685,864

18,541,001

—

INVESTMENTS

SHARES

VALUE

($)

Chile

-

0.1%

Lundin

Mining

Corp.

(1)

35,020

310,885

China

-

0.2%

BOC

Hong

Kong

Holdings

Ltd.

132,500

401,638

Denmark

-

3.0%

Coloplast

A/S,

Class

B

3,982

608,963

DSV

Panalpina

A/S

2,578

433,263

Genmab

A/S

*

792

321,151

GN

Store

Nord

A/S

894

71,264

Novo

Nordisk

A/S,

Class

B

36,755

2,563,999

Pandora

A/S

20,493

2,293,532

6,292,172

—

Finland

-

1.8%

Kone

OYJ,

Class

B

2,317

188,789

Neste

OYJ

32,823

2,383,074

Nokia

OYJ

*

42,143

162,770

Orion

OYJ,

Class

B

23,470

1,078,093

3,812,726

—

France

-

9.2%

Arkema

SA

2,030

232,276

Atos

SE

*

13,645

1,246,002

AXA

SA

9,013

216,153

BioMerieux

929

130,752

BNP

Paribas

SA

*

17,954

947,831

Bollore

SA

27,666

114,541

Carrefour

SA

26,467

453,232

Cie

de

Saint-Gobain

27,401

1,260,238

CNP

Assurances

*

17,693

287,459

Credit

Agricole

SA

*

38,896

491,721

Electricite

de

France

SA

129,322

2,046,435

Engie

SA

*

23,252

356,453

Gecina

SA,

REIT

483

75,107

Ipsen

SA

1,278

105,676

L'Oreal

SA

7,631

2,911,625

LVMH

Moet

Hennessy

Louis

Vuitton

SE

468

292,969

Orange

SA

17,309

206,064

Peugeot

SA

*

95,469

2,614,480

Publicis

Groupe

SA

15,409

765,848

Sanofi

24,503

2,374,905

Schneider

Electric

SE

10,626

1,535,748

Societe

Generale

SA

*

24,566

510,693

Unibail

-

Rodamco

-Westfield,

REIT

4,856

378,209

Vivendi

SA

7,104

229,136

19,783,553

—

Germany

-

7.0%

Allianz

SE

(Registered)

4,879

1,198,638

Bayer

AG

(Registered)

15,005

883,963

Bayerische

Motoren

Werke

AG

10,813

954,319

Brenntag

AG

14,170

1,101,881

Daimler

AG

(Registered)

12,646

896,340

Delivery

Hero

SE

*(a)

6,789

1,061,725

Deutsche

Boerse

AG

2,105

358,423

Deutsche

Post

AG

(Registered)

12,317

610,132

Deutsche

Wohnen

SE

4,001

213,472

Fresenius

SE

&

Co.

KGaA

2,780

128,552

GEA

Group

AG

7,694

275,193

38

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.0%

(continued)

HOCHTIEF

AG

2,076

202,019

Infineon

Technologies

AG

57,307

2,188,475

KION

Group

AG

1,225

106,235

SAP

SE

6,543

847,441

Siemens

AG

(Registered)

756

108,899

Siemens

Energy

AG

*

213

7,806

Siemens

Healthineers

AG

(a)

1,326

68,238

Volkswagen

AG

(Preference)

2,603

486,459

Vonovia

SE

6,200

452,811

Zalando

SE

*(a)

23,829

2,650,535

14,801,556

—

Hong

Kong

-

2.8%

CK

Asset

Holdings

Ltd.

226,500

1,158,978

CLP

Holdings

Ltd.

61,000

564,045

Hong

Kong

Exchanges

&

Clearing

Ltd.

13,300

729,528

Kerry

Properties

Ltd.

143,500

362,951

Link,

REIT

13,000

118,063

PCCW

Ltd.

30,000

18,066

Sun

Hung

Kai

Properties

Ltd.

25,000

319,725

Swire

Pacific

Ltd.,

Class

A

66,000

363,555

WH

Group

Ltd.

(a)

2,803,500

2,350,880

Yue

Yuen

Industrial

Holdings

Ltd.

7,500

15,622

6,001,413

—

Italy

-

2.3%

Assicurazioni

Generali

SpA

16,765

293,528

DiaSorin

SpA

11,144

2,326,764

Enel

SpA

117,323

1,193,731

Prysmian

SpA

21,760

774,496

Telecom

Italia

SpA

393,293

182,547

4,771,066

—

Japan

-

21.0%

Acom

Co.

Ltd.

16,500

70,451

Bandai

Namco

Holdings,

Inc.

2,400

207,842

Brother

Industries

Ltd.

5,000

103,217

Chubu

Electric

Power

Co.,

Inc.

11,800

142,402

Dai-ichi

Life

Holdings,

Inc.

7,100

106,964

Daiwa

House

Industry

Co.

Ltd.

4,400

130,824

ENEOS

Holdings,

Inc.

380,200

1,365,565

Fujitsu

Ltd.

19,100

2,760,627

Fukuoka

Financial

Group,

Inc.

32,700

582,876

Hitachi

Ltd.

21,500

848,590

Iida

Group

Holdings

Co.

Ltd.

22,000

444,800

ITOCHU

Corp.

92,700

2,666,063

Japan

Post

Holdings

Co.

Ltd.

117,700

916,782

Japan

Post

Insurance

Co.

Ltd.

125,900

2,581,469

Japan

Real

Estate

Investment

Corp.,

REIT

15

86,675

Japan

Tobacco,

Inc.

7,900

161,059

Kajima

Corp.

33,000

442,695

KDDI

Corp.

28,800

853,928

Kyocera

Corp.

14,800

908,401

M3,

Inc.

5,700

538,464

Mitsubishi

Electric

Corp.

77,400

1,169,797

Mitsubishi

Estate

Co.

Ltd.

9,000

144,656

Mitsubishi

Gas

Chemical

Co.,

Inc.

11,700

269,046

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.0%

(continued)

Mitsubishi

UFJ

Financial

Group,

Inc.

213,800

946,625

Mitsui

Fudosan

Co.

Ltd.

7,000

146,577

Mizuho

Financial

Group,

Inc.

102,370

1,299,299

MS&AD

Insurance

Group

Holdings,

Inc.

75,100

2,284,921

Nexon

Co.

Ltd.

28,400

876,279

Nintendo

Co.

Ltd.

600

385,165

Nippon

Express

Co.

Ltd.

11,700

787,021

Nippon

Telegraph

&

Telephone

Corp.

110,100

2,825,055

Nitto

Denko

Corp.

3,000

268,740

Nomura

Holdings,

Inc.

512,100

2,707,509

Nomura

Real

Estate

Holdings,

Inc.

2,700

59,869

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

65

93,018

Obayashi

Corp.

23,300

201,186

ORIX

Corp.

15,900

244,607

Resona

Holdings,

Inc.

684,200

2,395,226

Rohm

Co.

Ltd.

6,000

581,645

Sekisui

House

Ltd.

14,000

285,205

Shimano,

Inc.

900

210,671

Shinsei

Bank

Ltd.

23,200

286,609

SoftBank

Group

Corp.

2,300

178,561

Sompo

Holdings,

Inc.

31,600

1,281,154

Square

Enix

Holdings

Co.

Ltd.

1,600

97,009

Subaru

Corp.

26,100

522,233

SUMCO

Corp.

43,200

948,600

Sumitomo

Mitsui

Financial

Group,

Inc.

27,000

836,950

Sumitomo

Mitsui

Trust

Holdings,

Inc.

13,700

422,710

T&D

Holdings,

Inc.

107,300

1,269,236

TDK

Corp.

1,500

226,325

Teijin

Ltd.

34,900

656,752

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

86,900

229,537

Tokyo

Electron

Ltd.

5,100

1,905,171

Tosoh

Corp.

75,900

1,185,874

Toyota

Motor

Corp.

2,400

185,208

Yamaha

Corp.

1,600

94,279

Yokohama

Rubber

Co.

Ltd.

(The)

2,800

41,712

Z

Holdings

Corp.

25,100

151,886

44,621,617

—

Netherlands

-

4.5%

ASML

Holding

NV

5,738

2,778,209

ING

Groep

NV

38,548

358,413

Koninklijke

Ahold

Delhaize

NV

56,059

1,581,499

Koninklijke

Philips

NV

*

13,095

705,396

NN

Group

NV

10,822

467,838

Randstad

NV

*

13,117

849,099

Royal

Dutch

Shell

plc,

Class

B

41,664

706,151

Wolters

Kluwer

NV

24,121

2,035,020

9,481,625

—

Russia

-

0.3%

Evraz

plc

105,582

674,766

39

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

1.4%

Ascendas

,

REIT

40,900

92,330

CapitaLand

Integrated

Commercial

Trust,

REIT

50,976

83,368

Genting

Singapore

Ltd.

634,300

408,515

Venture

Corp.

Ltd.

160,000

2,352,610

2,936,823

—

South

Africa

-

0.3%

Anglo

American

plc

19,895

656,977

Spain

-

2.3%

CaixaBank

SA

46,707

120,050

Enagas

SA

10,646

234,209

Endesa

SA

20,549

563,637

Grifols

SA

7,101

207,324

Iberdrola

SA

59,144

849,917

Mapfre

SA

411,451

804,095

Red

Electrica

Corp.

SA

9,567

196,421

Repsol

SA

178,070

1,793,898

4,769,551

—

Sweden

-

3.1%

Alfa

Laval

AB

*

16,297

450,066

Atlas

Copco

AB,

Class

A

1,316

67,638

Atlas

Copco

AB,

Class

B

4,633

207,964

Boliden

AB

3,164

112,250

Electrolux

AB,

Series

B

11,973

278,575

Epiroc

AB,

Class

A

19,462

353,717

Essity

AB,

Class

B

40,163

1,294,019

Hennes

&

Mauritz

AB,

Class

B

29,553

620,379

Husqvarna

AB,

Class

B

15,977

207,349

ICA

Gruppen

AB

25,987

1,299,886

Investor

AB,

Class

B

2,740

199,426

Skanska

AB,

Class

B

23,967

610,776

SKF

AB,

Class

B

17,189

447,245

Swedish

Match

AB

1,210

94,163

Telefonaktiebolaget

LM

Ericsson,

Class

B

21,784

259,131

Volvo

AB,

Class

B

*

4,352

103,025

6,605,609

—

Switzerland

-

8.7%

Adecco

Group

AG

(Registered)

1,952

130,010

Coca-Cola

HBC

AG

6,248

202,329

Credit

Suisse

Group

AG

(Registered)

27,503

355,088

Geberit

AG

(Registered)

765

478,868

LafargeHolcim

Ltd.

(Registered)

*

6,354

348,757

Lonza

Group

AG

(Registered)

814

524,352

Nestle

SA

(Registered)

21,213

2,507,617

Novartis

AG

(Registered)

42,079

3,962,073

Roche

Holding

AG

14,478

5,042,666

SGS

SA

(Registered)

205

617,946

Sonova

Holding

AG

(Registered)

*

6,756

1,757,192

STMicroelectronics

NV

31,352

1,159,891

Swatch

Group

AG

(The)

2,767

752,190

UBS

Group

AG

(Registered)

34,717

488,810

18,327,789

—

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

8.8%

3i

Group

plc

6,980

110,402

Admiral

Group

plc

8,308

328,514

Auto

Trader

Group

plc

(a)

51,444

418,741

Aviva

plc

373,453

1,661,131

BAE

Systems

plc

30,840

205,665

Barclays

plc

1,023,623

2,053,484

Barratt

Developments

plc

66,145

604,704

Berkeley

Group

Holdings

plc

2,934

189,793

British

American

Tobacco

plc

25,862

960,434

BT

Group

plc

*

1,091,959

1,968,212

CK

Hutchison

Holdings

Ltd.

91,000

635,347

Compass

Group

plc

21,364

398,468

Direct

Line

Insurance

Group

plc

82,290

359,912

Entain

plc

138,634

2,150,324

Fiat

Chrysler

Automobiles

NV

*

12,865

232,420

Imperial

Brands

plc

10,124

212,347

JD

Sports

Fashion

plc

*

19,798

232,592

Kingfisher

plc

*

537,239

1,985,175

London

Stock

Exchange

Group

plc

3,501

432,151

M&G

plc

38,482

103,870

Next

plc

*

12,563

1,211,402

Ocado

Group

plc

*

8,887

277,897

Persimmon

plc

19,342

730,021

Sage

Group

plc

(The)

38,880

308,716

Smith

&

Nephew

plc

7,933

164,788

Taylor

Wimpey

plc

156,722

354,499

Vodafone

Group

plc

43,172

70,909

Wm

Morrison

Supermarkets

plc

100,312

242,726

18,604,644

—

Zambia

-

0.4%

First

Quantum

Minerals

Ltd.

(1)

45,998

825,716

TOTAL

COMMON

STOCKS

(Cost

$145,417,053)

198,592,566

SHORT-TERM

INVESTMENTS

-

5.3%

INVESTMENT

COMPANIES

-

5.3%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(b)

(Cost

$11,124,350)

11,128,802

11,124,350

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.0%

(Cost

$156,541,403)

209,716,916

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.0%

(c)

2,031,321

NET

ASSETS

-

100.0%

211,748,237

40

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

10,282,733

4.9

%

Consumer

Discretionary

28,378,394

13.4

Consumer

Staples

14,271,817

6.7

Energy

6,366,504

3.0

Financials

38,076,791

18.0

Health

Care

25,157,602

11.9

Industrials

21,139,688

10.0

Information

Technology

24,652,349

11.6

Materials

18,308,817

8.6

Real

Estate

5,581,084

2.6

Utilities

6,376,787

3.0

Short-Term

Investments

11,124,350

5.3

Total

Investments

In

Securities

At

Value

209,716,916

99.0

Other

Assets

in

Excess

of

Liabilities

(c)

2,031,321

1.0

Net

Assets

$

211,748,237

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

December

31,

2020

amounted

to

$6,550,119,

which

represents

approximately

3.09%

of

net

assets

of

the

fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(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.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

112

3/2021

USD

$

11,932,480

$

98,401

$

98,401

41

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.6%

Brazil

-

4.4%

Atacadao

SA

*

285,900

1,066,042

Banco

Bradesco

SA

(Preference)

*

121,200

637,466

Banco

BTG

Pactual

SA

*

21,800

394,009

Banco

do

Brasil

SA

*

51,300

385,657

BB

Seguridade

Participacoes

SA

18,800

107,594

CCR

SA

162,600

423,005

Cia

Energetica

de

Minas

Gerais

(Preference)

182,462

514,469

Cia

Paranaense

de

Energia

,

ADR

(1)*

28,755

411,197

Cia

Siderurgica

Nacional

SA

199,300

1,227,351

CPFL

Energia

SA

20,600

129,557

Itau

Unibanco

Holding

SA

(Preference)

55,900

342,114

Itausa

SA

(Preference)

72,800

165,207

Lojas

Americanas

SA

(Preference)

*

36,200

183,237

Lojas

Renner

SA

*

38,000

319,523

Notre

Dame

Intermedica

Participacoes

SA

44,700

677,591

Petrobras

Distribuidora

SA

*

660,800

2,819,965

Sul

America

SA

18,934

162,147

Telefonica

Brasil

SA

*

28,000

251,745

TIM

SA,

ADR

(1)*

178,988

2,491,512

Ultrapar

Participacoes

SA

304,800

1,395,326

Vale

SA,

ADR

(1)

110,272

1,848,159

Via

Varejo

S/A

*

60,200

187,547

WEG

SA

74,000

1,080,758

17,221,178

—

Chile

-

0.5%

Banco

de

Chile,

ADR

(1)

6,877

140,153

Banco

de

Credito

e

Inversiones

SA

3,226

126,634

Cencosud

SA

573,172

1,021,316

Cia

Cervecerias

Unidas

SA,

ADR

(1)

989

14,538

Enel

Americas

SA,

ADR

(1)

74,600

613,212

Enel

Chile

SA,

ADR

(1)

29,899

116,307

2,032,160

—

China

-

36.8%

Agricultural

Bank

of

China

Ltd.,

Class

A

366,900

177,263

Agricultural

Bank

of

China

Ltd.,

Class

H

1,089,000

398,837

Alibaba

Group

Holding

Ltd.,

ADR

(1)*

84,219

19,600,289

A-Living

Smart

City

Services

Co.

Ltd.,

Class

H

(a)

399,250

1,772,089

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

48,323

384,153

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

345,500

2,165,271

Autohome

,

Inc.,

ADR

(1)

3,195

318,286

BAIC

Motor

Corp.

Ltd.,

Class

H

(a)

949,000

352,155

Baidu,

Inc.,

ADR

(1)*

13,748

2,972,868

Bank

of

Beijing

Co.

Ltd.,

Class

A

203,478

151,507

Bank

of

China

Ltd.,

Class

A

363,500

177,813

Bank

of

China

Ltd.,

Class

H

318,000

107,628

INVESTMENTS

SHARES

VALUE

($)

China

-

36.8%

(continued)

Bank

of

Communications

Co.

Ltd.,

Class

A

216,500

149,217

Bank

of

Ningbo

Co.

Ltd.,

Class

A

54,000

293,603

Bank

of

Shanghai

Co.

Ltd.,

Class

A

131,211

158,316

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

326,022

298,548

BeiGene

Ltd.,

ADR

(1)*

2,157

557,347

Bilibili

,

Inc.,

ADR

(1)*

5,554

476,089

BOE

Technology

Group

Co.

Ltd.,

Class

A

571,800

528,600

Bosideng

International

Holdings

Ltd.

514,000

262,090

BYD

Co.

Ltd.,

Class

A

22,300

668,026

BYD

Electronic

International

Co.

Ltd.

(b)

587,500

3,082,196

China

Construction

Bank

Corp.,

Class

H

4,690,000

3,537,568

China

Everbright

Bank

Co.

Ltd.,

Class

A

322,100

197,785

China

Everbright

Bank

Co.

Ltd.,

Class

H

635,000

242,177

China

Everbright

Environment

Group

Ltd.

1,316,000

743,376

China

Evergrande

Group

786,000

1,510,748

China

Hongqiao

Group

Ltd.

1,477,000

1,354,127

China

Lesso

Group

Holdings

Ltd.

100,000

156,684

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

159,000

159,875

China

Medical

System

Holdings

Ltd.

791,000

883,696

China

Merchants

Bank

Co.

Ltd.,

Class

A

93,558

632,916

China

Merchants

Securities

Co.

Ltd.,

Class

A

81,600

293,069

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

199,255

159,387

China

Mobile

Ltd.

304,500

1,735,788

China

National

Building

Material

Co.

Ltd.,

Class

H

3,428,000

4,126,252

China

Overseas

Land

&

Investment

Ltd.

190,000

412,774

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

37,500

221,600

China

Petroleum

&

Chemical

Corp.,

Class

A

219,600

136,195

China

Resources

Cement

Holdings

Ltd.

366,000

408,798

China

Resources

Land

Ltd.

(b)

302,000

1,244,509

China

Resources

Power

Holdings

Co.

Ltd.

142,000

152,858

China

Shenhua

Energy

Co.

Ltd.,

Class

H

325,500

613,563

China

Shipbuilding

Industry

Co.

Ltd.,

Class

A

*

67,800

43,677

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

124,800

95,441

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

28,792

1,253,274

China

Unicom

Hong

Kong

Ltd.

304,000

173,424

China

Vanke

Co.

Ltd.,

Class

H

373,700

1,290,091

42

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

China

-

36.8%

(continued)

China

Yangtze

Power

Co.

Ltd.,

Class

A

65,450

192,806

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

363,000

148,055

CITIC

Securities

Co.

Ltd.,

Class

A

99,100

447,913

CNOOC

Ltd.,

ADR

(1)

8,976

822,650

Country

Garden

Holdings

Co.

Ltd.

1,935,000

2,670,831

Country

Garden

Services

Holdings

Co.

Ltd.

434,000

2,936,254

Daqin

Railway

Co.

Ltd.,

Class

A

122,100

121,331

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

104,000

121,527

Far

East

Horizon

Ltd.

906,000

933,884

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

20,160

622,536

GDS

Holdings

Ltd.,

ADR

(1)*

4,120

385,797

Great

Wall

Motor

Co.

Ltd.,

Class

H

916,000

3,151,579

Greentown

Service

Group

Co.

Ltd.

(c)

546,000

674,984

GSX

Techedu

,

Inc.,

ADR

(1)*

3,606

186,466

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

94,200

253,933

Haier

Smart

Home

Co.

Ltd.,

Class

A

67,300

303,020

Haier

Smart

Home

Co.

Ltd.,

Class

H

*

140,800

510,352

Haitong

Securities

Co.

Ltd.,

Class

A

117,600

232,709

Hengan

International

Group

Co.

Ltd.

144,500

1,023,146

Huatai

Securities

Co.

Ltd.,

Class

A

88,600

245,469

Huaxia

Bank

Co.

Ltd.,

Class

A

165,100

158,775

Huazhu

Group

Ltd.,

ADR

(1)

8,063

363,077

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

201,700

154,837

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

906,000

582,096

Industrial

Bank

Co.

Ltd.,

Class

A

122,390

393,108

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

47,300

322,800

JD.com,

Inc.,

ADR

(1)*

40,735

3,580,607

Jiangsu

Hengrui

Medicine

Co.

Ltd.,

Class

A

73,249

1,255,061

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

11,900

432,137

Jiangxi

Copper

Co.

Ltd.,

Class

H

415,000

653,262

Kingboard

Holdings

Ltd.

93,000

392,386

Kingdee

International

Software

Group

Co.

Ltd.

*

95,000

387,843

Kunlun

Energy

Co.

Ltd.

980,000

849,351

Kweichow

Moutai

Co.

Ltd.,

Class

A

5,500

1,690,343

Lee

&

Man

Paper

Manufacturing

Ltd.

150,000

123,084

Legend

Holdings

Corp.,

Class

H

(a)

142,400

187,062

Li

Ning

Co.

Ltd.

17,000

116,980

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

101,007

873,017

Luzhou

Laojiao

Co.

Ltd.,

Class

A

17,500

608,894

Meituan

,

Class

B

*(c)

138,200

5,202,327

NARI

Technology

Co.

Ltd.,

Class

A

49,900

204,257

NetEase

,

Inc.,

ADR

(1)

21,430

2,052,351

INVESTMENTS

SHARES

VALUE

($)

China

-

36.8%

(continued)

New

China

Life

Insurance

Co.

Ltd.,

Class

A

21,800

194,418

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

(1)*

8,807

1,636,429

NIO,

Inc.,

ADR

(1)*

59,327

2,891,598

PetroChina

Co.

Ltd.,

Class

A

225,000

143,646

Pinduoduo

,

Inc.,

ADR

(1)*

15,741

2,796,703

Ping

An

Bank

Co.

Ltd.,

Class

A

121,485

361,532

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

51,900

694,510

SAIC

Motor

Corp.

Ltd.,

Class

A

83,200

313,094

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

98,400

530,423

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

540,000

1,221,704

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

93,400

164,321

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

140,963

209,905

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

204,000

165,700

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

248,000

52,831

Sinotruk

Hong

Kong

Ltd.

980,500

2,511,602

Suning.com

Co.

Ltd.,

Class

A

107,400

127,502

TAL

Education

Group,

ADR

(1)*

17,856

1,276,883

Tencent

Holdings

Ltd.

305,900

22,010,668

Trip.com

Group

Ltd.,

ADR

(1)*

22,693

765,435

Vipshop

Holdings

Ltd.,

ADR

(1)*

27,558

774,655

Wuliangye

Yibin

Co.

Ltd.,

Class

A

22,800

1,024,042

Xiaomi

Corp.,

Class

B

*(a)

616,400

2,619,872

Xinyi

Solar

Holdings

Ltd.

298,000

781,418

Yanzhou

Coal

Mining

Co.

Ltd.,

Class

H

390,000

312,560

Yonghui

Superstores

Co.

Ltd.,

Class

A

135,227

149,418

Yum

China

Holdings,

Inc.

(1)

20,707

1,182,163

Zai

Lab

Ltd.,

ADR

(1)*

3,256

440,667

Zhongsheng

Group

Holdings

Ltd.

472,500

3,375,223

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

27,100

118,417

ZTE

Corp.,

Class

H

82,400

207,536

ZTO

Express

Cayman,

Inc.,

ADR

(1)

20,269

591,044

143,046,659

—

Hong

Kong

-

0.6%

Kingboard

Laminates

Holdings

Ltd.

376,500

615,168

Nine

Dragons

Paper

Holdings

Ltd.

932,000

1,324,882

Vinda

International

Holdings

Ltd.

205,000

560,594

2,500,644

—

Hungary

-

0.1%

OTP

Bank

Nyrt

.

*

4,994

225,052

India

-

8.7%

Ambuja

Cements

Ltd.

66,664

227,346

Aurobindo

Pharma

Ltd.

285,518

3,595,435

Axis

Bank

Ltd.,

GDR

*(c)

9,982

420,898

Cipla

Ltd.

78,753

884,523

Dabur

India

Ltd.

49,242

360,393

43

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

India

-

8.7%

(continued)

Divi's

Laboratories

Ltd.

29,096

1,530,224

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

23,958

1,707,966

GAIL

India

Ltd.

172,365

291,481

HCL

Technologies

Ltd.

278,568

3,615,508

Hero

MotoCorp

Ltd.

20,714

882,754

Hindalco

Industries

Ltd.

205,529

679,001

Infosys

Ltd.,

ADR

(1)

430,352

7,294,466

ITC

Ltd.

137,807

394,656

Kotak

Mahindra

Bank

Ltd.

*

25,980

710,051

Larsen

&

Toubro

Ltd.,

GDR

(c)

8,929

155,543

Piramal

Enterprises

Ltd.

52,763

1,031,925

Reliance

Industries

Ltd.,

GDR

(a)

32,737

1,784,835

State

Bank

of

India,

GDR

*(c)

3,839

144,170

Sun

Pharmaceutical

Industries

Ltd.

29,841

242,278

Tata

Consultancy

Services

Ltd.

102,359

4,019,140

Tata

Steel

Ltd.

30,501

269,472

Tech

Mahindra

Ltd.

111,128

1,485,281

Wipro

Ltd.,

ADR

(1)

375,092

2,119,270

33,846,616

—

Indonesia

-

1.0%

Adaro

Energy

Tbk

.

PT

11,861,800

1,208,842

Bank

Mandiri

Persero

Tbk

.

PT

361,100

162,946

Bank

Negara

Indonesia

Persero

Tbk

.

PT

1,100,500

484,591

Indah

Kiat

Pulp

&

Paper

Corp.

Tbk

.

PT

171,400

127,359

Indofood

Sukses

Makmur

Tbk

.

PT

2,135,600

1,041,627

United

Tractors

Tbk

.

PT

483,400

916,187

3,941,552

—

Malaysia

-

1.8%

Hartalega

Holdings

Bhd.

539,800

1,633,839

Hong

Leong

Bank

Bhd.

38,100

172,575

Kossan

Rubber

Industries

278,000

312,546

Malayan

Banking

Bhd.

596,500

1,255,747

MISC

Bhd.

470,000

803,988

Press

Metal

Aluminium

Holdings

Bhd.

61,200

127,860

RHB

Bank

Bhd.

92,000

124,846

Sime

Darby

Bhd.

787,300

453,155

Supermax

Corp.

Bhd.

*

404,200

607,251

Telekom

Malaysia

Bhd.

164,500

221,525

Top

Glove

Corp.

Bhd.

975,100

1,489,871

7,203,203

—

Mexico

-

0.9%

Alfa

SAB

de

CV,

Class

A

(1)

151,300

109,334

Controladora

Nemak

SAB

de

CV

(1)*

240,700

31,691

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)*

131,300

725,335

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

229,800

971,420

Grupo

Televisa

SAB,

ADR

(1)*

153,108

1,261,610

Industrias

Penoles

SAB

de

CV

(1)*

6,900

116,776

INVESTMENTS

SHARES

VALUE

($)

Mexico

-

0.9%

(continued)

Orbia

Advance

Corp.

SAB

de

CV

(1)

93,600

219,895

3,436,061

—

Philippines

-

0.2%

International

Container

Terminal

Services,

Inc.

82,290

211,649

JG

Summit

Holdings,

Inc.

96,589

144,219

PLDT,

Inc.

5,935

165,719

Puregold

Price

Club,

Inc.

*

118,800

101,536

623,123

—

Poland

-

0.9%

CD

Projekt

SA

*

20,683

1,525,172

Cyfrowy

Polsat

SA

68,854

561,390

PGE

Polska

Grupa

Energetyczna

SA

*

432,216

755,349

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

545,544

814,606

3,656,517

—

Qatar

-

0.4%

Industries

Qatar

QSC

29,520

88,224

Qatar

Islamic

Bank

SAQ

27,416

128,974

Qatar

National

Bank

QPSC

241,970

1,185,630

1,402,828

—

Russia

-

2.4%

Gazprom

PJSC,

ADR

327,090

1,826,189

LUKOIL

PJSC,

ADR

24,117

1,640,270

MMC

Norilsk

Nickel

PJSC,

ADR

(1)

34,197

1,076,522

MMC

Norilsk

Nickel

PJSC,

ADR

19,737

615,175

Novatek

PJSC,

GDR

(c)

5,992

975,783

Novolipetskiy

Metallurgicheskiy

Kombinat

PAO,

GDR

(c)

6,722

185,986

Polyus

PJSC,

GDR

(c)

8,586

865,397

Rosneft

Oil

Co.

PJSC,

GDR

(c)

78,075

440,237

Severstal

PAO,

GDR

(c)

32,200

565,938

Surgutneftegas

PJSC,

ADR

101,167

467,342

Tatneft

PJSC,

ADR

17,879

728,093

9,386,932

—

Saudi

Arabia

-

3.2%

Advanced

Petrochemical

Co.

8,644

154,457

Al

Rajhi

Bank

227,501

4,463,181

Arab

National

Bank

76,791

411,712

Bank

AlBilad

40,294

304,605

Bank

Al-

Jazira

140,933

513,026

Banque

Saudi

Fransi

30,851

260,006

Etihad

Etisalat

Co.

*

119,666

913,709

Jarir

Marketing

Co.

6,399

295,764

National

Commercial

Bank

109,990

1,270,816

Riyad

Bank

127,344

686,103

Samba

Financial

Group

80,313

654,245

Saudi

Arabian

Oil

Co.

(a)

112,080

1,045,968

Saudi

Basic

Industries

Corp.

47,654

1,288,653

Saudi

British

Bank

(The)

20,880

137,493

Saudi

Industrial

Investment

Group

30,047

219,607

12,619,345

—

44

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

South

Africa

-

3.4%

Absa

Group

Ltd.

66,168

540,933

Aspen

Pharmacare

Holdings

Ltd.

*

51,373

439,272

Gold

Fields

Ltd.,

ADR

(1)

137,402

1,273,717

Kumba

Iron

Ore

Ltd.

75,883

3,216,107

Mr

Price

Group

Ltd.

51,886

602,142

MultiChoice

Group

67,213

613,543

Ninety

One

Ltd.

17,775

53,451

Sasol

Ltd.

*

78,982

718,353

Shoprite

Holdings

Ltd.

146,240

1,393,236

Sibanye

Stillwater

Ltd.

870,483

3,508,320

SPAR

Group

Ltd.

(The)

8,535

109,903

Standard

Bank

Group

Ltd.

38,865

336,608

Telkom

SA

SOC

Ltd.

262,363

548,293

13,353,878

—

South

Korea

-

13.4%

BNK

Financial

Group,

Inc.

*

74,437

389,948

CJ

Corp.

*

10,494

890,870

Daelim

Industrial

Co.

Ltd.

*

2,344

180,679

DB

Insurance

Co.

Ltd.

*

6,344

255,668

Doosan

Bobcat,

Inc.

*

10,693

292,779

E-MART,

Inc.

*

17,892

2,498,472

Hana

Financial

Group,

Inc.

54,204

1,726,470

Hanwha

Corp.

*

45,009

1,175,427

Hyundai

Glovis

Co.

Ltd.

*

20,672

3,507,666

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

*

38,487

806,958

KB

Financial

Group,

Inc.

3,537

140,479

Kia

Motors

Corp.

*

64,971

3,743,420

Korea

Investment

Holdings

Co.

Ltd.

*

5,145

374,908

Korea

Zinc

Co.

Ltd.

*

2,537

939,500

KT&G

Corp.

5,853

448,139

Kumho

Petrochemical

Co.

Ltd.

*

6,609

884,227

LG

Electronics,

Inc.

42,344

5,272,745

LG

Innotek

Co.

Ltd.

*

8,940

1,505,858

LG

Uplus

Corp.

*

12,221

132,333

Meritz

Securities

Co.

Ltd.

*

65,032

219,872

NCSoft

Corp.

*

531

455,891

POSCO

19,505

4,873,900

Posco

International

Corp.

*

51,244

687,461

S-1

Corp.

*

5,972

467,613

Samsung

Electronics

Co.

Ltd.

267,540

19,978,688

Shinhan

Financial

Group

Co.

Ltd.

6,814

202,192

Woori

Financial

Group,

Inc.

13,577

121,815

52,173,978

—

Taiwan

-

12.8%

Accton

Technology

Corp.

109,000

1,228,942

ASE

Technology

Holding

Co.

Ltd.

62,000

179,851

Asia

Cement

Corp.

72,000

110,892

Asustek

Computer,

Inc.

39,000

348,298

Catcher

Technology

Co.

Ltd.

15,000

110,295

Cathay

Financial

Holding

Co.

Ltd.

232,000

349,341

China

Life

Insurance

Co.

Ltd.

1,853,934

1,467,341

CTBC

Financial

Holding

Co.

Ltd.

938,480

658,693

E.Sun

Financial

Holding

Co.

Ltd.

830,003

755,452

First

Financial

Holding

Co.

Ltd.

1,259,786

958,656

Foxconn

Technology

Co.

Ltd.

92,000

175,258

Fubon

Financial

Holding

Co.

Ltd.

249,000

414,673

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

12.8%

(continued)

Hon

Hai

Precision

Industry

Co.

Ltd.

150,000

491,842

Hua

Nan

Financial

Holdings

Co.

Ltd.

280,409

182,284

Innolux

Corp.

*

1,826,000

918,978

Mega

Financial

Holding

Co.

Ltd.

722,000

766,321

Nanya

Technology

Corp.

63,000

195,319

Novatek

Microelectronics

Corp.

19,000

250,008

Pegatron

Corp.

91,000

218,471

Phison

Electronics

Corp.

10,000

118,640

Pou

Chen

Corp.

562,000

628,715

Powertech

Technology,

Inc.

247,000

836,700

Realtek

Semiconductor

Corp.

63,000

877,680

Shin

Kong

Financial

Holding

Co.

Ltd.

495,549

155,843

Taishin

Financial

Holding

Co.

Ltd.

1,199,151

566,379

Taiwan

Business

Bank

3,054,829

1,059,314

Taiwan

Cement

Corp.

115,845

178,354

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

306,067

221,923

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

243,223

26,521,037

Uni

-President

Enterprises

Corp.

542,000

1,303,606

United

Microelectronics

Corp.

3,233,000

5,437,137

Yuanta

Financial

Holding

Co.

Ltd.

216,280

158,445

Zhen

Ding

Technology

Holding

Ltd.

447,000

1,819,000

49,663,688

—

Thailand

-

2.2%

Bumrungrad

Hospital

PCL,

NVDR

46,900

187,743

Charoen

Pokphand

Foods

PCL,

NVDR

1,209,400

1,079,775

Indorama

Ventures

PCL,

NVDR

805,100

994,042

Kasikornbank

PCL,

NVDR

530,900

2,001,806

Krung

Thai

Bank

PCL,

NVDR

1,592,400

589,515

PTT

Exploration

&

Production

PCL,

NVDR

86,100

282,360

Siam

Cement

PCL

(The),

NVDR

70,200

885,572

Siam

Commercial

Bank

PCL

(The),

NVDR

548,300

1,600,087

Thai

Union

Group

PCL,

NVDR

1,795,596

815,719

TMB

Bank

PCL,

NVDR

7,091,000

255,519

8,692,138

—

Turkey

-

0.3%

BIM

Birlesik

Magazalar

A/S

10,640

107,618

Haci

Omer

Sabanci

Holding

A/S

580,458

894,077

Turkcell

Iletisim

Hizmetleri

A/S

59,187

127,860

1,129,555

—

United

Arab

Emirates

-

0.3%

Abu

Dhabi

Commercial

Bank

PJSC

96,468

163,269

Emirates

Telecommunications

Group

Co.

PJSC

57,006

262,589

First

Abu

Dhabi

Bank

PJSC

163,896

577,946

1,003,804

—

United

States

-

0.3%

JBS

SA

276,100

1,258,374

TOTAL

COMMON

STOCKS

(Cost

$231,873,585)

368,417,285

45

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

EMERGING

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.3%

INVESTMENT

COMPANIES

-

4.3%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(d)

(Cost

$16,918,018)

16,923,143

16,916,373

SECURITIES

LENDING

COLLATERAL

-

0.3%

Investment

Companies

-

0.3%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(1)(d)(e)

325,225

325,225

Limited

Purpose

Cash

Investment

Fund

0.03%

(1)(d)(e)

700,951

700,670

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$1,026,176)

1,025,895

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.2%

(Cost

$249,817,779)

386,359,553

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.8%

(f)

3,086,817

NET

ASSETS

-

100.0%

389,446,370

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

39,272,365

10.1

%

Consumer

Discretionary

65,778,955

16.9

Consumer

Staples

19,448,859

5.0

Energy

15,554,654

4.0

Financials

48,976,627

12.6

Health

Care

17,831,336

4.6

Industrials

21,171,948

5.4

Information

Technology

89,806,562

23.0

Materials

39,260,566

10.1

Real

Estate

7,128,953

1.8

Utilities

4,186,460

1.1

Short-Term

Investments

16,916,373

4.3

Securities

Lending

Collateral

1,025,895

0.3

Total

Investments

In

Securities

At

Value

386,359,553

99.2

Other

Assets

in

Excess

of

Liabilities

(f)

3,086,817

0.8

Net

Assets

$

389,446,370

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

December

31,

2020

amounted

to

$7,761,981,

which

represents

approximately

1.99%

of

net

assets

of

the

fund.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$3,972,210.

(c)

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

December

31,

2020,

the

value

of

these

securities

amounted

to

$9,631,263

or

2.47%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(e)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan;

additional

non-cash

collateral

of

$3,062,719

was

received.

(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.

Futures

contracts

outstanding

as

of

December

31,

2020:

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

279

3/2021

USD

$

17,970,390

$

506,128

$

506,128

46

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.2%

Aerospace

&

Defense

-

0.2%

Axon

Enterprise,

Inc.

*

8,204

1,005,236

Howmet

Aerospace,

Inc.

*

10,147

289,596

1,294,832

Air

Freight

&

Logistics

-

1.2%

CH

Robinson

Worldwide,

Inc.

4,698

441,001

Expeditors

International

of

Washington,

Inc.

9,131

868,449

FedEx

Corp.

10,381

2,695,115

United

Parcel

Service,

Inc.,

Class

B

29,004

4,884,274

XPO

Logistics,

Inc.

*

8,953

1,067,198

9,956,037

Auto

Components

-

0.1%

Aptiv

plc

2,649

345,138

BorgWarner,

Inc.

7,753

299,576

Lear

Corp.

1,427

226,936

871,650

Automobiles

-

3.3%

General

Motors

Co.

18,285

761,388

Harley-Davidson,

Inc.

6,080

223,136

Tesla,

Inc.

*

35,169

24,817,708

Thor

Industries,

Inc.

9,512

884,521

26,686,753

Banks

-

0.4%

Commerce

Bancshares,

Inc.

10,005

657,328

First

Republic

Bank

6,616

972,089

SVB

Financial

Group

*

4,159

1,612,985

3,242,402

Beverages

-

0.6%

Boston

Beer

Co.,

Inc.

(The),

Class

A

*

1,293

1,285,617

Brown-Forman

Corp.,

Class

B

19,020

1,510,759

Monster

Beverage

Corp.

*

23,942

2,214,156

5,010,532

Biotechnology

-

1.6%

AbbVie,

Inc.

42,287

4,531,052

Acceleron

Pharma,

Inc.

*

7,114

910,165

Alnylam

Pharmaceuticals,

Inc.

*

3,197

415,514

Exact

Sciences

Corp.

*

6,501

861,318

Iovance

Biotherapeutics

,

Inc.

*

22,428

1,040,659

Regeneron

Pharmaceuticals,

Inc.

*

4,357

2,104,910

Sarepta

Therapeutics,

Inc.

*

2,860

487,601

Seagen

,

Inc.

*

9,234

1,617,243

United

Therapeutics

Corp.

*

3,637

552,060

Vertex

Pharmaceuticals,

Inc.

*

3,569

843,498

13,364,020

INVESTMENTS

SHARES

VALUE

($)

Building

Products

-

0.7%

Fortune

Brands

Home

&

Security,

Inc.

12,886

1,104,588

Masco

Corp.

14,577

800,714

Owens

Corning

9,089

688,583

Trane

Technologies

plc

15,031

2,181,900

Trex

Co.,

Inc.

*

12,901

1,080,072

5,855,857

Capital

Markets

-

2.9%

Ameriprise

Financial,

Inc.

5,554

1,079,309

BlackRock,

Inc.

5,412

3,904,974

Evercore

,

Inc.,

Class

A

3,165

347,010

FactSet

Research

Systems,

Inc.

2,228

740,810

Goldman

Sachs

Group,

Inc.

(The)

1,046

275,841

LPL

Financial

Holdings,

Inc.

4,240

441,893

MarketAxess

Holdings,

Inc.

2,394

1,365,921

Moody's

Corp.

5,721

1,660,463

Morgan

Stanley

71,721

4,915,040

Morningstar,

Inc.

1,961

454,109

MSCI,

Inc.

4,917

2,195,588

Nasdaq,

Inc.

7,739

1,027,275

S&P

Global,

Inc.

9,390

3,086,775

T.

Rowe

Price

Group,

Inc.

9,018

1,365,235

Virtu

Financial,

Inc.,

Class

A

20,309

511,177

23,371,420

Chemicals

-

2.0%

Air

Products

and

Chemicals,

Inc.

7,233

1,976,200

Albemarle

Corp.

(a)

10,033

1,480,068

Chemours

Co.

(The)

38,301

949,482

Eastman

Chemical

Co.

7,749

777,070

Ecolab,

Inc.

1,320

285,595

Element

Solutions,

Inc.

21,850

387,400

FMC

Corp.

7,791

895,420

Linde

plc

(United

Kingdom)

17,801

4,690,742

Mosaic

Co.

(The)

10,518

242,019

Olin

Corp.

8,884

218,191

RPM

International,

Inc.

4,411

400,431

Scotts

Miracle-

Gro

Co.

(The)

5,803

1,155,609

Sherwin-Williams

Co.

(The)

3,758

2,761,792

Westlake

Chemical

Corp.

4,130

337,008

16,557,027

Commercial

Services

&

Supplies

-

0.8%

ADT,

Inc.

33,509

263,046

Cintas

Corp.

5,736

2,027,446

Copart

,

Inc.

*

12,199

1,552,323

MSA

Safety,

Inc.

1,558

232,750

Republic

Services,

Inc.

4,671

449,817

Rollins,

Inc.

30,683

1,198,785

Stericycle,

Inc.

*

6,432

445,930

6,170,097

47

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

0.4%

Arista

Networks,

Inc.

*

3,223

936,507

Lumentum

Holdings,

Inc.

*

6,826

647,105

Ubiquiti,

Inc.

4,720

1,314,567

2,898,179

Construction

&

Engineering

-

0.2%

AECOM

*

5,615

279,515

Quanta

Services,

Inc.

13,854

997,765

1,277,280

Consumer

Finance

-

0.2%

Ally

Financial,

Inc.

6,615

235,891

OneMain

Holdings,

Inc.

15,488

745,902

SLM

Corp.

36,054

446,709

1,428,502

Containers

&

Packaging

-

0.6%

Amcor

plc

40,414

475,673

Avery

Dennison

Corp.

4,365

677,055

Ball

Corp.

9,399

875,799

Berry

Global

Group,

Inc.

*

10,357

581,960

Crown

Holdings,

Inc.

*

10,062

1,008,212

Packaging

Corp.

of

America

5,028

693,411

Silgan

Holdings,

Inc.

6,297

233,493

4,545,603

Distributors

-

0.2%

LKQ

Corp.

*

6,394

225,325

Pool

Corp.

3,099

1,154,377

1,379,702

Diversified

Consumer

Services

-

0.2%

Chegg

,

Inc.

*

13,180

1,190,549

Terminix

Global

Holdings,

Inc.

*

4,998

254,948

1,445,497

Diversified

Financial

Services

-

0.1%

Jefferies

Financial

Group,

Inc.

19,007

467,572

Electric

Utilities

-

0.7%

NextEra

Energy,

Inc.

62,523

4,823,650

PG&E

Corp.

*

64,616

805,115

Xcel

Energy,

Inc.

4,124

274,947

5,903,712

Electrical

Equipment

-

1.1%

AMETEK,

Inc.

8,593

1,039,237

Eaton

Corp.

plc

19,054

2,289,148

Emerson

Electric

Co.

21,450

1,723,936

Generac

Holdings,

Inc.

*

6,557

1,491,127

Hubbell,

Inc.

2,607

408,752

Regal

Beloit

Corp.

5,323

653,718

Rockwell

Automation,

Inc.

6,183

1,550,758

9,156,676

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

1.3%

Amphenol

Corp.,

Class

A

12,145

1,588,202

Arrow

Electronics,

Inc.

*

6,621

644,223

Cognex

Corp.

15,536

1,247,308

Corning,

Inc.

35,829

1,289,844

IPG

Photonics

Corp.

*

3,671

821,533

Littelfuse

,

Inc.

916

233,268

SYNNEX

Corp.

14,999

1,221,519

Trimble,

Inc.

*

20,240

1,351,425

Zebra

Technologies

Corp.,

Class

A

*

5,059

1,944,325

10,341,647

Entertainment

-

1.8%

Activision

Blizzard,

Inc.

30,573

2,838,703

Electronic

Arts,

Inc.

5,725

822,110

Netflix,

Inc.

*

10,015

5,415,411

Roku,

Inc.

*

4,114

1,365,930

Spotify

Technology

SA

*

8,323

2,618,915

Take-Two

Interactive

Software,

Inc.

*

5,274

1,095,885

Zynga,

Inc.,

Class

A

*

72,848

719,010

14,875,964

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

Crown

Castle

International

Corp.

1,834

291,954

Digital

Realty

Trust,

Inc.

2,929

408,625

Duke

Realty

Corp.

5,894

235,583

Equinix

,

Inc.

2,737

1,954,711

Prologis,

Inc.

5,206

518,830

SBA

Communications

Corp.

3,269

922,283

4,331,986

Food

&

Staples

Retailing

-

1.0%

Costco

Wholesale

Corp.

8,670

3,266,683

Kroger

Co.

(The)

21,402

679,727

Sprouts

Farmers

Market,

Inc.

*

11,242

225,964

Walmart,

Inc.

28,392

4,092,707

8,265,081

Food

Products

-

0.7%

Archer-Daniels-Midland

Co.

24,252

1,222,543

Bunge

Ltd.

3,601

236,154

Conagra

Brands,

Inc.

30,349

1,100,455

General

Mills,

Inc.

22,404

1,317,355

Hain

Celestial

Group,

Inc.

(The)

*

22,547

905,262

McCormick

&

Co.,

Inc.

(Non-Voting)

6,694

639,946

5,421,715

Health

Care

Equipment

&

Supplies

-

3.9%

Abbott

Laboratories

57,510

6,296,770

ABIOMED,

Inc.

*

3,402

1,102,928

Align

Technology,

Inc.

*

4,483

2,395,626

Danaher

Corp.

25,256

5,610,368

DexCom

,

Inc.

*

4,727

1,747,667

48

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

3.9%

(continued)

Hologic

,

Inc.

*

14,555

1,060,041

IDEXX

Laboratories,

Inc.

*

3,971

1,984,984

Insulet

Corp.

*

4,443

1,135,764

Intuitive

Surgical,

Inc.

*

3,864

3,161,138

Masimo

Corp.

*

4,014

1,077,277

Novocure

Ltd.

*

6,630

1,147,255

Penumbra,

Inc.

*(a)

3,374

590,450

Quidel

Corp.

*

5,458

980,530

ResMed

,

Inc.

2,759

586,453

STERIS

plc

3,950

748,683

Tandem

Diabetes

Care,

Inc.

*

7,527

720,183

West

Pharmaceutical

Services,

Inc.

4,506

1,276,595

31,622,712

Health

Care

Providers

&

Services

-

2.3%

Acadia

Healthcare

Co.,

Inc.

*

7,868

395,446

Amedisys

,

Inc.

*

2,780

815,457

Cigna

Corp.

1,619

337,043

DaVita,

Inc.

*

9,170

1,076,558

HCA

Healthcare,

Inc.

5,422

891,702

Humana,

Inc.

5,260

2,158,020

Laboratory

Corp.

of

America

Holdings

*

1,133

230,622

McKesson

Corp.

2,935

510,455

Molina

Healthcare,

Inc.

*

4,298

914,099

Quest

Diagnostics,

Inc.

6,882

820,128

UnitedHealth

Group,

Inc.

30,329

10,635,774

18,785,304

Health

Care

Technology

-

0.4%

Teladoc

Health,

Inc.

*(a)

7,903

1,580,284

Veeva

Systems,

Inc.,

Class

A

*

7,316

1,991,781

3,572,065

Hotels,

Restaurants

&

Leisure

-

0.7%

Chipotle

Mexican

Grill,

Inc.

*

1,529

2,120,279

Domino's

Pizza,

Inc.

2,441

936,026

McDonald's

Corp.

13,372

2,869,364

5,925,669

Household

Durables

-

1.0%

DR

Horton,

Inc.

26,080

1,797,434

Garmin

Ltd.

9,655

1,155,317

Lennar

Corp.,

Class

A

20,711

1,578,799

NVR,

Inc.

*

200

815,972

PulteGroup,

Inc.

25,090

1,081,881

Tempur

Sealy

International,

Inc.

*

29,759

803,493

Toll

Brothers,

Inc.

5,104

221,871

Whirlpool

Corp.

4,667

842,347

8,297,114

Household

Products

-

1.1%

Church

&

Dwight

Co.,

Inc.

10,291

897,684

Clorox

Co.

(The)

5,906

1,192,539

Colgate-Palmolive

Co.

17,401

1,487,959

INVESTMENTS

SHARES

VALUE

($)

Household

Products

-

1.1%

(continued)

Kimberly-Clark

Corp.

3,553

479,051

Procter

&

Gamble

Co.

(The)

29,004

4,035,617

Spectrum

Brands

Holdings,

Inc.

6,603

521,505

8,614,355

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

AES

Corp.

(The)

29,644

696,634

Industrial

Conglomerates

-

0.4%

Honeywell

International,

Inc.

8,203

1,744,778

Roper

Technologies,

Inc.

2,875

1,239,384

2,984,162

Insurance

-

0.6%

Arthur

J

Gallagher

&

Co.

7,306

903,825

Brown

&

Brown,

Inc.

9,488

449,826

Erie

Indemnity

Co.,

Class

A

1,084

266,231

Marsh

&

McLennan

Cos.,

Inc.

9,431

1,103,427

Progressive

Corp.

(The)

22,650

2,239,632

4,962,941

Interactive

Media

&

Services

-

4.9%

Alphabet,

Inc.,

Class

A

*

6,658

11,669,077

Facebook,

Inc.,

Class

A

*

81,859

22,360,605

Match

Group,

Inc.

*

15,212

2,299,902

Twitter,

Inc.

*

28,933

1,566,722

Zillow

Group,

Inc.,

Class

C

*

16,631

2,158,704

40,055,010

Internet

&

Direct

Marketing

Retail

-

6.7%

Amazon.com,

Inc.

*

14,913

48,570,597

eBay,

Inc.

28,158

1,414,940

Etsy,

Inc.

*

10,571

1,880,687

Expedia

Group,

Inc.

1,940

256,856

Qurate

Retail,

Inc.,

Series

A

65,991

723,921

Wayfair,

Inc.,

Class

A

*

6,794

1,534,153

54,381,154

IT

Services

-

4.8%

Accenture

plc,

Class

A

16,333

4,266,343

Black

Knight,

Inc.

*

9,861

871,219

Booz

Allen

Hamilton

Holding

Corp.

11,782

1,027,155

Cognizant

Technology

Solutions

Corp.,

Class

A

22,395

1,835,270

EPAM

Systems,

Inc.

*

4,267

1,529,080

GoDaddy

,

Inc.,

Class

A

*

4,360

361,662

Mastercard

,

Inc.,

Class

A

11,498

4,104,096

MongoDB,

Inc.

*

3,611

1,296,493

Okta

,

Inc.

*

6,934

1,763,039

PayPal

Holdings,

Inc.

*

43,159

10,107,838

Square,

Inc.,

Class

A

*

16,395

3,568,208

Twilio

,

Inc.,

Class

A

*

7,958

2,693,783

Visa,

Inc.,

Class

A

26,396

5,773,597

39,197,783

49

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Leisure

Products

-

0.2%

Brunswick

Corp.

4,759

362,826

Mattel,

Inc.

*

36,329

633,941

Polaris,

Inc.

2,713

258,495

1,255,262

Life

Sciences

Tools

&

Services

-

2.0%

Agilent

Technologies,

Inc.

12,933

1,532,431

Bio-Rad

Laboratories,

Inc.,

Class

A

*

2,450

1,428,203

Bio-

Techne

Corp.

2,153

683,685

Charles

River

Laboratories

International,

Inc.

*

5,176

1,293,275

IQVIA

Holdings,

Inc.

*

4,097

734,060

Mettler

-Toledo

International,

Inc.

*

1,123

1,279,861

PerkinElmer,

Inc.

8,450

1,212,575

QIAGEN

NV

*

5,878

310,652

Repligen

Corp.

*

5,172

991,110

Thermo

Fisher

Scientific,

Inc.

14,087

6,561,443

16,027,295

Machinery

-

2.7%

AGCO

Corp.

2,228

229,685

Caterpillar,

Inc.

17,172

3,125,647

Colfax

Corp.

*

9,008

344,466

Cummins,

Inc.

8,371

1,901,054

Deere

&

Co.

13,378

3,599,351

Dover

Corp.

7,813

986,391

Fortive

Corp.

8,150

577,183

Graco

,

Inc.

7,585

548,775

Illinois

Tool

Works,

Inc.

12,715

2,592,334

Ingersoll

Rand,

Inc.

*

20,613

939,128

Lincoln

Electric

Holdings,

Inc.

1,940

225,525

Middleby

Corp.

(The)

*

1,803

232,443

Nordson

Corp.

3,390

681,220

PACCAR,

Inc.

12,784

1,103,004

Parker-Hannifin

Corp.

7,719

2,102,733

Pentair

plc

11,477

609,314

Timken

Co.

(The)

8,784

679,530

Toro

Co.

(The)

4,345

412,080

Trinity

Industries,

Inc.

18,283

482,488

Xylem,

Inc.

3,259

331,734

21,704,085

Media

-

1.3%

Altice

USA,

Inc.,

Class

A

*

7,344

278,117

Cable

One,

Inc.

547

1,218,563

Charter

Communications,

Inc.,

Class

A

*

8,672

5,736,962

Liberty

Broadband

Corp.,

Class

C

*

7,549

1,195,535

New

York

Times

Co.

(The),

Class

A

19,438

1,006,305

News

Corp.,

Class

A

48,181

865,813

10,301,295

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

0.6%

Freeport-McMoRan,

Inc.

92,341

2,402,713

Newmont

Corp.

37,663

2,255,637

Reliance

Steel

&

Aluminum

Co.

3,619

433,375

5,091,725

Multiline

Retail

-

0.7%

Dollar

General

Corp.

9,560

2,010,468

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

7,048

576,315

Target

Corp.

19,761

3,488,409

6,075,192

Oil,

Gas

&

Consumable

Fuels

-

0.1%

EQT

Corp.

66,551

845,863

Personal

Products

-

0.5%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

12,028

3,201,733

Nu

Skin

Enterprises,

Inc.,

Class

A

8,481

463,317

3,665,050

Pharmaceuticals

-

1.3%

Bristol-Myers

Squibb

Co.

28,288

1,754,705

Catalent

,

Inc.

*

13,385

1,392,977

Eli

Lilly

and

Co.

24,264

4,096,734

Horizon

Therapeutics

plc

*

20,175

1,475,801

Zoetis,

Inc.

12,968

2,146,204

10,866,421

Professional

Services

-

0.6%

CoreLogic

,

Inc.

12,148

939,283

CoStar

Group,

Inc.

*

2,264

2,092,570

Equifax,

Inc.

6,063

1,169,189

TransUnion

2,403

238,426

Verisk

Analytics,

Inc.

3,228

670,100

5,109,568

Road

&

Rail

-

1.7%

CSX

Corp.

26,217

2,379,193

JB

Hunt

Transport

Services,

Inc.

2,681

366,359

Kansas

City

Southern

6,928

1,414,213

Knight-Swift

Transportation

Holdings,

Inc.

8,465

354,006

Norfolk

Southern

Corp.

9,199

2,185,774

Old

Dominion

Freight

Line,

Inc.

9,701

1,893,441

Schneider

National,

Inc.,

Class

B

20,832

431,222

Union

Pacific

Corp.

24,766

5,156,777

14,180,985

Semiconductors

&

Semiconductor

Equipment

-

6.9%

Advanced

Micro

Devices,

Inc.

*

46,927

4,303,675

Analog

Devices,

Inc.

4,913

725,797

Applied

Materials,

Inc.

28,486

2,458,342

Broadcom,

Inc.

13,782

6,034,449

Cree,

Inc.

*

9,151

969,091

50

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

6.9%

(continued)

Enphase

Energy,

Inc.

*

11,999

2,105,465

Entegris

,

Inc.

13,670

1,313,687

First

Solar,

Inc.

*

10,999

1,088,021

KLA

Corp.

5,930

1,535,336

Lam

Research

Corp.

6,849

3,234,577

Marvell

Technology

Group

Ltd.

43,225

2,054,917

Microchip

Technology,

Inc.

8,930

1,233,322

MKS

Instruments,

Inc.

4,974

748,338

Monolithic

Power

Systems,

Inc.

3,941

1,443,312

NVIDIA

Corp.

20,114

10,503,531

ON

Semiconductor

Corp.

*

7,220

236,311

Qorvo

,

Inc.

*

9,234

1,535,337

QUALCOMM,

Inc.

41,684

6,350,141

Skyworks

Solutions,

Inc.

7,493

1,145,530

SolarEdge

Technologies,

Inc.

*

5,124

1,635,171

Teradyne,

Inc.

14,323

1,717,184

Texas

Instruments,

Inc.

19,152

3,143,418

55,514,952

Software

-

14.3%

2U,

Inc.

*

19,337

773,673

Adobe,

Inc.

*

16,030

8,016,924

ANSYS,

Inc.

*

2,298

836,012

Atlassian

Corp.

plc,

Class

A

*

10,423

2,437,627

Autodesk,

Inc.

*

9,503

2,901,646

Avalara,

Inc.

*

7,702

1,269,983

Cadence

Design

Systems,

Inc.

*

17,307

2,361,194

Ceridian

HCM

Holding,

Inc.

*

9,544

1,017,009

Coupa

Software,

Inc.

*

4,839

1,639,986

DocuSign,

Inc.

*

8,907

1,980,026

Everbridge

,

Inc.

*

5,451

812,581

Fair

Isaac

Corp.

*

2,276

1,163,127

Five9,

Inc.

*

7,117

1,241,205

Fortinet,

Inc.

*

7,568

1,124,075

HubSpot

,

Inc.

*

3,778

1,497,750

Intuit,

Inc.

5,416

2,057,268

Manhattan

Associates,

Inc.

*

3,777

397,265

Microsoft

Corp.

232,124

51,629,020

NortonLifeLock

,

Inc.

48,980

1,017,804

Nuance

Communications,

Inc.

*

34,558

1,523,662

Oracle

Corp.

6,975

451,213

Paycom

Software,

Inc.

*

3,951

1,786,840

Paylocity

Holding

Corp.

*

5,047

1,039,228

Pegasystems

,

Inc.

7,450

992,787

PTC,

Inc.

*

8,366

1,000,657

RingCentral,

Inc.,

Class

A

*

5,751

2,179,456

salesforce.com,

Inc.

*

28,958

6,444,024

ServiceNow

,

Inc.

*

7,785

4,285,098

Splunk

,

Inc.

*

5,407

918,595

SS&C

Technologies

Holdings,

Inc.

6,012

437,373

Synopsys,

Inc.

*

9,326

2,417,672

Trade

Desk,

Inc.

(The),

Class

A

*

2,970

2,378,970

Tyler

Technologies,

Inc.

*

823

359,256

Workday,

Inc.,

Class

A

*

10,077

2,414,550

Zendesk

,

Inc.

*

6,737

964,199

INVESTMENTS

SHARES

VALUE

($)

Software

-

14.3%

(continued)

Zscaler

,

Inc.

*

10,285

2,054,017

115,821,772

Specialty

Retail

-

2.3%

AutoNation,

Inc.

*

11,672

814,589

Best

Buy

Co.,

Inc.

12,353

1,232,706

Carvana

Co.

*

9,894

2,370,009

Dick's

Sporting

Goods,

Inc.

14,813

832,639

Five

Below,

Inc.

*

2,484

434,650

Floor

&

Decor

Holdings,

Inc.,

Class

A

*

13,979

1,297,950

Gap,

Inc.

(The)

34,274

691,992

Home

Depot,

Inc.

(The)

11,838

3,144,410

L

Brands,

Inc.

31,325

1,164,977

Lowe's

Cos.,

Inc.

25,866

4,151,752

Penske

Automotive

Group,

Inc.

5,891

349,866

Tractor

Supply

Co.

7,711

1,084,012

Williams-Sonoma,

Inc.

8,598

875,620

18,445,172

Technology

Hardware,

Storage

&

Peripherals

-

7.6%

Apple,

Inc.

437,636

58,069,921

Dell

Technologies,

Inc.,

Class

C

*

40,756

2,987,007

HP,

Inc.

17,380

427,374

61,484,302

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

Lululemon

Athletica,

Inc.

*

5,593

1,946,532

NIKE,

Inc.,

Class

B

56,145

7,942,833

Tapestry,

Inc.

7,612

236,581

10,125,946

Trading

Companies

&

Distributors

-

0.6%

Fastenal

Co.

35,537

1,735,272

United

Rentals,

Inc.

*

6,088

1,411,868

Watsco

,

Inc.

3,619

819,884

WW

Grainger,

Inc.

2,597

1,060,459

5,027,483

Water

Utilities

-

0.1%

American

Water

Works

Co.,

Inc.

5,420

831,807

Wireless

Telecommunication

Services

-

0.8%

T-Mobile

US,

Inc.

*

46,539

6,275,784

TOTAL

COMMON

STOCKS

(Cost

$494,225,307)

771,864,605

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4.6%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(b)

(Cost

$36,883,307)

36,897,909

36,883,150

51

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SECURITIES

LENDING

COLLATERAL

-

0.2%

Investment

Companies

-

0.2%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(b)(c)

641,566

641,566

Limited

Purpose

Cash

Investment

Fund

0.03%

(b)(c)

1,382,757

1,382,204

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$2,024,323)

2,023,770

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.0%

(Cost

$533,132,937)

810,771,525

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

0.0%

(d)(e)

(358,477)

NET

ASSETS

-

100.0%

810,413,048

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

71,508,052

8.8

%

Consumer

Discretionary

134,889,111

16.7

Consumer

Staples

30,976,734

3.8

Energy

845,863

0.1

Financials

33,472,837

4.1

Health

Care

94,237,817

11.7

Industrials

82,717,062

10.2

Information

Technology

285,258,635

35.2

Materials

26,194,355

3.2

Real

Est

ate

4,331,986

0.5

Utilities

7,432,153

0.9

Short-Term

Investments

36,883,150

4.6

Securities

Lending

Collateral

2,023,770

0.2

Total

Investments

In

Securities

At

Value

810,771,525

100.0

Liabilities

in

Excess

of

Other

Assets

(d)

(358,477)

0.0(e)

Net

Assets

$

810,413,048

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$3,040,667.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(c)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan;

additional

non-cash

collateral

of

$1,077,908

was

received.

(d)

Includes

appreciation/(depreciation)

on

futures

contracts.

(e)

Represents

less

than

0.05%

of

net

assets.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2020:

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

185

3/2021

USD

$

34,676,400

$

562,587

$

562,587

52

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.8%

Aerospace

&

Defense

-

0.4%

AeroVironment,

Inc.

*

4,295

373,235

Maxar

Technologies,

Inc.

13,486

520,425

893,660

Air

Freight

&

Logistics

-

0.4%

Air

Transport

Services

Group,

Inc.

*

10,017

313,933

Atlas

Air

Worldwide

Holdings,

Inc.

*

5,937

323,804

Echo

Global

Logistics,

Inc.

*

2,620

70,268

Hub

Group,

Inc.,

Class

A

*

2,279

129,903

837,908

Auto

Components

-

1.6%

Adient

plc

*

8,755

304,411

Cooper

Tire

&

Rubber

Co.

8,400

340,200

Dorman

Products,

Inc.

*

3,069

266,451

Fox

Factory

Holding

Corp.

*

7,293

770,943

Gentherm,

Inc.

*

4,714

307,447

LCI

Industries

4,997

648,011

Patrick

Industries,

Inc.

4,898

334,778

Standard

Motor

Products,

Inc.

1,684

68,135

Visteon

Corp.

*

1,962

246,270

Workhorse

Group,

Inc.

*(a)

20,875

412,908

3,699,554

Automobiles

-

0.2%

Winnebago

Industries,

Inc.

5,847

350,469

Banks

-

0.8%

Bancorp,

Inc.

(The)

*

8,913

121,662

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

2,244

69,923

Dime

Community

Bancshares,

Inc.

3,489

55,022

First

Financial

Bankshares,

Inc.

4,625

167,309

First

Foundation,

Inc.

10,500

210,000

Lakeland

Financial

Corp.

4,049

216,945

Live

Oak

Bancshares,

Inc.

5,748

272,800

Old

National

Bancorp

6,417

106,266

ServisFirst

Bancshares,

Inc.

8,290

334,004

Stock

Yards

Bancorp,

Inc.

5,577

225,757

Triumph

Bancorp,

Inc.

*

3,556

172,644

1,952,332

Beverages

-

0.9%

Celsius

Holdings,

Inc.

*

18,361

923,742

National

Beverage

Corp.

(a)

8,310

705,519

Primo

Water

Corp.

20,913

327,916

1,957,177

Biotechnology

-

15.1%

Adverum

Biotechnologies,

Inc.

*

10,734

116,357

Affimed

NV

(Germany)

*

18,126

105,493

Agenus,

Inc.

*

28,956

92,080

Allakos,

Inc.

*

472

66,080

Amicus

Therapeutics,

Inc.

*

46,412

1,071,653

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

15.1%

(continued)

Anavex

Life

Sciences

Corp.

*(a)

32,188

173,815

Apellis

Pharmaceuticals,

Inc.

*

2,288

130,874

Applied

Genetic

Technologies

Corp.

*

19,722

80,663

Arcturus

Therapeutics

Holdings,

Inc.

*

7,881

341,878

Arcus

Biosciences,

Inc.

*

16,653

432,312

Arena

Pharmaceuticals,

Inc.

*

5,689

437,086

Atara

Biotherapeutics,

Inc.

*

3,241

63,621

Athersys,

Inc.

*(a)

76,758

134,327

Avid

Bioservices,

Inc.

*

25,915

299,059

BioCryst

Pharmaceuticals,

Inc.

*(a)

49,162

366,257

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

9,633

825,644

Bioxcel

Therapeutics,

Inc.

*

6,749

311,804

Blueprint

Medicines

Corp.

*

4,557

511,068

BrainStorm

Cell

Therapeutics,

Inc.

*

15,989

72,350

CareDx,

Inc.

*

9,952

721,022

CEL-SCI

Corp.

*(a)

16,064

187,306

ChemoCentryx,

Inc.

*

12,290

760,997

Chimerix,

Inc.

*

37,954

183,318

Clovis

Oncology,

Inc.

*(a)

15,685

75,288

Constellation

Pharmaceuticals,

Inc.

*

6,178

177,926

ContraFect

Corp.

*

3,642

18,392

CTI

BioPharma

Corp.

*

14,661

47,208

Cue

Biopharma,

Inc.

*

10,746

134,432

Cytokinetics,

Inc.

*(a)

13,848

287,761

Deciphera

Pharmaceuticals,

Inc.

*

4,171

238,039

Denali

Therapeutics,

Inc.

*

27,301

2,286,732

Dyadic

International,

Inc.

*

7,576

40,759

Editas

Medicine,

Inc.

*

7,076

496,098

Eidos

Therapeutics,

Inc.

*

3,568

469,477

Emergent

BioSolutions,

Inc.

*

8,245

738,752

Fate

Therapeutics,

Inc.

*

19,021

1,729,580

Fennec

Pharmaceuticals,

Inc.

(Canada)

*

14,240

106,088

Five

Prime

Therapeutics,

Inc.

*

4,977

84,659

Fortress

Biotech,

Inc.

*

58,475

185,366

Genprex,

Inc.

*

35,940

149,151

Geron

Corp.

*(a)

53,558

85,157

Halozyme

Therapeutics,

Inc.

*

25,345

1,082,485

iBio,

Inc.

*(a)

125,093

131,348

ImmunoGen,

Inc.

*

50,549

326,041

Inovio

Pharmaceuticals,

Inc.

*(a)

35,309

312,485

Insmed,

Inc.

*

17,752

590,964

Intellia

Therapeutics,

Inc.

*

15,948

867,571

Invitae

Corp.

*(a)

26,293

1,099,310

IVERIC

bio,

Inc.

*

32,186

222,405

Jounce

Therapeutics,

Inc.

*

10,520

73,640

Kadmon

Holdings,

Inc.

*

34,481

143,096

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

12,561

221,953

Kura

Oncology,

Inc.

*

10,147

331,401

MacroGenics,

Inc.

*

13,880

317,297

53

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

15.1%

(continued)

MannKind

Corp.

*

39,517

123,688

MEI

Pharma,

Inc.

*

42,638

112,564

Mersana

Therapeutics,

Inc.

*

16,518

439,544

Mirati

Therapeutics,

Inc.

*

8,072

1,772,934

NantKwest,

Inc.

*

37,981

506,287

Natera,

Inc.

*

15,585

1,551,019

Neoleukin

Therapeutics,

Inc.

*

16,515

232,862

NeuBase

Therapeutics,

Inc.

*

380

2,656

Novavax,

Inc.

*(a)

10,419

1,161,823

OPKO

Health,

Inc.

*(a)

110,293

435,657

Ovid

therapeutics,

Inc.

*

29,952

69,189

PDL

BioPharma,

Inc.

(2)*

34,242

84,578

Protagonist

Therapeutics,

Inc.

*

12,873

259,520

Prothena

Corp.

plc

(Ireland)

*

1,728

20,753

PTC

Therapeutics,

Inc.

*

1,175

71,710

Replimune

Group,

Inc.

*

9,358

357,008

Rigel

Pharmaceuticals,

Inc.

*

40,550

141,925

Sangamo

Therapeutics,

Inc.

*

13,518

210,948

Scholar

Rock

Holding

Corp.

*

10,795

523,881

Selecta

Biosciences,

Inc.

*

31,461

95,327

Seres

Therapeutics,

Inc.

*

14,943

366,104

Soleno

Therapeutics,

Inc.

*

45,992

88,765

Sorrento

Therapeutics,

Inc.

*(a)

46,463

317,110

Syndax

Pharmaceuticals,

Inc.

*

15,618

347,344

Syros

Pharmaceuticals,

Inc.

*

19,031

206,486

TG

Therapeutics,

Inc.

*

30,074

1,564,450

Translate

Bio,

Inc.

*

18,393

338,983

Travere

Therapeutics,

Inc.

*

6,499

177,130

Ultragenyx

Pharmaceutical,

Inc.

*

12,169

1,684,555

VBI

Vaccines,

Inc.

*(a)

82,239

226,157

Veracyte,

Inc.

*

10,531

515,387

XBiotech,

Inc.

*(a)

11,149

174,482

34,736,751

Building

Products

-

2.5%

AAON,

Inc.

8,849

589,609

Advanced

Drainage

Systems,

Inc.

12,816

1,071,161

Alpha

Pro

Tech

Ltd.

*(a)

12,266

136,766

Builders

FirstSource,

Inc.

*

21,016

857,663

Cornerstone

Building

Brands,

Inc.

*

19,999

185,591

CSW

Industrials,

Inc.

2,031

227,289

Gibraltar

Industries,

Inc.

*

6,163

443,366

Griffon

Corp.

8,486

172,945

JELD-WEN

Holding,

Inc.

*

14,758

374,263

Masonite

International

Corp.

*

4,820

473,999

Simpson

Manufacturing

Co.,

Inc.

6,990

653,215

UFP

Industries,

Inc.

10,835

601,884

5,787,751

Capital

Markets

-

2.3%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

14,895

749,814

B

Riley

Financial,

Inc.

8,028

354,998

Brightsphere

Investment

Group,

Inc.

17,591

339,154

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

2.3%

(continued)

Cohen

&

Steers,

Inc.

5,817

432,203

Cowen,

Inc.,

Class

A

3,224

83,792

Donnelley

Financial

Solutions,

Inc.

*

3,815

64,741

Focus

Financial

Partners,

Inc.,

Class

A

*

14,094

613,089

Hamilton

Lane,

Inc.,

Class

A

4,688

365,898

Houlihan

Lokey,

Inc.

11,085

745,245

Moelis

&

Co.,

Class

A

6,745

315,396

PJT

Partners,

Inc.,

Class

A

8,414

633,154

StoneX

Group,

Inc.

*

4,013

232,353

Virtus

Investment

Partners,

Inc.

1,794

389,298

5,319,135

Chemicals

-

1.0%

American

Vanguard

Corp.

5,671

88,014

Ferro

Corp.

*

8,527

124,750

FutureFuel

Corp.

14,027

178,143

GCP

Applied

Technologies,

Inc.

*

8,230

194,639

Hawkins,

Inc.

3,755

196,424

HB

Fuller

Co.

2,017

104,642

Kraton

Corp.

*

4,225

117,413

Kronos

Worldwide,

Inc.

7,404

110,394

Quaker

Chemical

Corp.

2,780

704,424

Stepan

Co.

3,900

465,348

2,284,191

Commercial

Services

&

Supplies

-

0.8%

ABM

Industries,

Inc.

3,663

138,608

Casella

Waste

Systems,

Inc.,

Class

A

*

8,212

508,733

Healthcare

Services

Group,

Inc.

2,829

79,495

McGrath

RentCorp

587

39,388

Pitney

Bowes,

Inc.

23,050

141,988

Tetra

Tech,

Inc.

7,635

883,980

1,792,192

Communications

Equipment

-

0.5%

Calix,

Inc.

*

17,698

526,693

Digi

International,

Inc.

*

7,467

141,126

Inseego

Corp.

*(a)

21,185

327,732

InterDigital,

Inc.

2,418

146,724

Ribbon

Communications,

Inc.

*

10,378

68,080

1,210,355

Construction

&

Engineering

-

1.2%

Ameresco,

Inc.,

Class

A

*

12,998

679,016

Comfort

Systems

USA,

Inc.

4,702

247,607

Construction

Partners,

Inc.,

Class

A

*

6,292

183,160

Dycom

Industries,

Inc.

*

5,661

427,519

HC2

Holdings,

Inc.

*

25,249

82,312

IES

Holdings,

Inc.

*

2,983

137,337

MYR

Group,

Inc.

*

2,152

129,335

Tutor

Perini

Corp.

*

6,879

89,083

54

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

1.2%

(continued)

WillScot

Mobile

Mini

Holdings

Corp.

*

35,323

818,434

2,793,803

Construction

Materials

-

0.2%

Forterra,

Inc.

*

20,201

347,356

Consumer

Finance

-

0.5%

Encore

Capital

Group,

Inc.

*

6,851

266,847

Green

Dot

Corp.,

Class

A

*

9,711

541,874

PRA

Group,

Inc.

*

9,361

371,257

1,179,978

Containers

&

Packaging

-

0.2%

Greif,

Inc.,

Class

A

2,607

122,216

O-I

Glass,

Inc.

21,335

253,887

376,103

Distributors

-

0.0%

(b)

Core-Mark

Holding

Co.,

Inc.

3,663

107,582

Diversified

Consumer

Services

-

0.4%

American

Public

Education,

Inc.

*

3,371

102,748

Aspen

Group,

Inc.

*(a)

13,224

147,183

Carriage

Services,

Inc.

4,901

153,499

Franchise

Group,

Inc.

11,957

364,091

Stride,

Inc.

*

3,603

76,492

Universal

Technical

Institute,

Inc.

*

20,355

131,493

975,506

Diversified

Financial

Services

-

0.3%

A-Mark

Precious

Metals,

Inc.

3,673

94,212

Cannae

Holdings,

Inc.

*

12,473

552,180

646,392

Diversified

Telecommunication

Services

-

0.9%

Bandwidth,

Inc.,

Class

A

*

4,245

652,329

Consolidated

Communications

Holdings,

Inc.

*

30,122

147,297

Iridium

Communications,

Inc.

*

24,108

948,047

Ooma,

Inc.

*

11,498

165,571

Vonage

Holdings

Corp.

*

18,513

238,355

2,151,599

Electrical

Equipment

-

3.9%

Allied

Motion

Technologies,

Inc.

2,617

133,729

American

Superconductor

Corp.

*

8,061

188,789

Bloom

Energy

Corp.,

Class

A

*

33,501

960,139

EnerSys

906

75,252

FuelCell

Energy,

Inc.

*(a)

87,523

977,632

Orion

Energy

Systems,

Inc.

*

23,241

229,389

Plug

Power,

Inc.

*

92,640

3,141,422

Sunrun,

Inc.

*

29,325

2,034,568

TPI

Composites,

Inc.

*

7,628

402,606

Vicor

Corp.

*

8,251

760,907

8,904,433

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

2.2%

Arlo

Technologies,

Inc.

*

27,170

211,654

Badger

Meter,

Inc.

5,588

525,607

ePlus,

Inc.

*

1,238

108,882

Fabrinet

(Thailand)

*

3,523

273,350

FARO

Technologies,

Inc.

*

4,713

332,879

II-VI,

Inc.

*

19,027

1,445,291

Intellicheck,

Inc.

*

16,942

193,224

Luna

Innovations,

Inc.

*

18,314

180,942

Methode

Electronics,

Inc.

2,807

107,452

nLight,

Inc.

*

9,931

324,247

Novanta,

Inc.

*

5,676

671,017

PAR

Technology

Corp.

*

4,169

261,772

PC

Connection,

Inc.

*

2,785

131,703

Plexus

Corp.

*

2,535

198,262

4,966,282

Energy

Equipment

&

Services

-

0.1%

Aspen

Aerogels,

Inc.

*

11,310

188,764

Entertainment

-

0.2%

Eros

STX

Global

Corp.

(United

Arab

Emirates)

*(a)

43,158

78,547

Glu

Mobile,

Inc.

*

33,410

301,024

LiveXLive

Media,

Inc.

*

36,410

119,425

498,996

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.7%

Community

Healthcare

Trust,

Inc.

1,980

93,278

Easterly

Government

Properties,

Inc.

6,196

140,339

EastGroup

Properties,

Inc.

3,273

451,870

Farmland

Partners,

Inc.

9,873

85,895

Gladstone

Land

Corp.

4,770

69,833

Global

Medical

REIT,

Inc.

12,091

157,908

Industrial

Logistics

Properties

Trust

2,993

69,707

Innovative

Industrial

Properties,

Inc.

4,147

759,440

iStar,

Inc.

6,267

93,065

Lexington

Realty

Trust

7,046

74,829

Monmouth

Real

Estate

Investment

Corp.

3,929

68,050

PotlatchDeltic

Corp.

1,519

75,980

QTS

Realty

Trust,

Inc.,

Class

A

8,434

521,896

Safehold,

Inc.

8,924

646,901

STAG

Industrial,

Inc.

4,630

145,012

Terreno

Realty

Corp.

1,859

108,770

UMH

Properties,

Inc.

6,101

90,356

Uniti

Group,

Inc.

19,133

224,430

3,877,559

Food

&

Staples

Retailing

-

0.8%

BJ's

Wholesale

Club

Holdings,

Inc.

*

21,481

800,812

Natural

Grocers

by

Vitamin

Cottage,

Inc.

8,369

114,990

PriceSmart,

Inc.

761

69,319

55

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Food

&

Staples

Retailing

-

0.8%

(continued)

Rite

Aid

Corp.

*(a)

13,662

216,269

SpartanNash

Co.

13,008

226,469

United

Natural

Foods,

Inc.

*

13,703

218,837

Weis

Markets,

Inc.

5,439

260,039

1,906,735

Food

Products

-

1.5%

B&G

Foods,

Inc.

13,490

374,078

Darling

Ingredients,

Inc.

*

26,700

1,540,056

Freshpet,

Inc.

*

7,078

1,005,005

Lancaster

Colony

Corp.

1,697

311,790

Landec

Corp.

*

4,354

47,241

Seneca

Foods

Corp.,

Class

A

*

3,175

126,682

3,404,852

Health

Care

Equipment

&

Supplies

-

3.2%

Alphatec

Holdings,

Inc.

*

27,817

403,903

Apyx

Medical

Corp.

*

473

3,406

Aspira

Women's

Health,

Inc.

*(a)

61,385

411,893

AtriCure,

Inc.

*

6,071

337,973

Avanos

Medical,

Inc.

*

1,463

67,122

Bellerophon

Therapeutics,

Inc.

*

4,937

32,930

BioLife

Solutions,

Inc.

*

1,806

72,041

Cerus

Corp.

*

15,495

107,225

Co-Diagnostics,

Inc.

*(a)

11,547

107,387

CryoPort,

Inc.

*(a)

8,668

380,352

CytoSorbents

Corp.

*

18,280

145,692

Electromed,

Inc.

*

8,502

83,405

GenMark

Diagnostics,

Inc.

*

21,714

317,024

Heska

Corp.

*

1,971

287,076

Invacare

Corp.

12,707

113,728

iRadimed

Corp.

*

2,008

45,782

iRhythm

Technologies,

Inc.

*

4,495

1,066,259

Meridian

Bioscience,

Inc.

*

9,611

179,630

Merit

Medical

Systems,

Inc.

*

7,599

421,821

Mesa

Laboratories,

Inc.

317

90,865

Nevro

Corp.

*

5,664

980,438

OraSure

Technologies,

Inc.

*

9,303

98,472

OrthoPediatrics

Corp.

*

3,112

128,370

PAVmed,

Inc.

*

68,725

145,697

Repro-Med

Systems,

Inc.

*

14,131

85,069

Retractable

Technologies,

Inc.

*(a)

23,061

247,675

STAAR

Surgical

Co.

*

8,184

648,336

Stereotaxis,

Inc.

*

16,358

83,262

Zynex,

Inc.

*(a)

11,080

149,137

7,241,970

Health

Care

Providers

&

Services

-

2.5%

Addus

HomeCare

Corp.

*

3,601

421,641

Community

Health

Systems,

Inc.

*

42,406

315,077

Ensign

Group,

Inc.

(The)

8,286

604,215

Fulgent

Genetics,

Inc.

*(a)

6,406

333,753

InfuSystem

Holdings,

Inc.

*

7,140

134,089

LHC

Group,

Inc.

*

4,763

1,016,043

Magellan

Health,

Inc.

*

1,047

86,733

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

2.5%

(continued)

MedCath

Corp.

(3)*(c)

10,300

–

Ontrak,

Inc.

*(a)

4,467

276,016

Owens

&

Minor,

Inc.

15,251

412,540

Patterson

Cos.,

Inc.

18,762

555,918

Providence

Service

Corp.

(The)

*

3,015

417,969

R1

RCM,

Inc.

*

19,079

458,278

Select

Medical

Holdings

Corp.

*

22,238

615,103

Sharps

Compliance

Corp.

*

9,970

94,216

Viemed

Healthcare,

Inc.

*

10,975

85,166

5,826,757

Health

Care

Technology

-

1.4%

Allscripts

Healthcare

Solutions,

Inc.

*

8,740

126,206

Evolent

Health,

Inc.,

Class

A

*

22,022

353,013

iCAD,

Inc.

*

16,797

221,720

Inovalon

Holdings,

Inc.,

Class

A

*

19,628

356,641

Inspire

Medical

Systems,

Inc.

*

5,456

1,026,219

NantHealth,

Inc.

*(a)

26,911

86,922

Omnicell,

Inc.

*

2,474

296,929

OptimizeRx

Corp.

*

2,808

87,497

Simulations

Plus,

Inc.

4,976

357,874

Vocera

Communications,

Inc.

*

4,971

206,446

3,119,467

Hotels,

Restaurants

&

Leisure

-

4.2%

Bally's

Corp.

*

1,362

68,413

Boyd

Gaming

Corp.

*

12,748

547,144

Brinker

International,

Inc.

6,188

350,055

Caesars

Entertainment,

Inc.

*

31,544

2,342,773

Churchill

Downs,

Inc.

6,081

1,184,518

El

Pollo

Loco

Holdings,

Inc.

*

13,950

252,495

Noodles

&

Co.

*

12,678

100,156

Papa

John's

International,

Inc.

5,746

487,548

Penn

National

Gaming,

Inc.

*

26,454

2,284,832

Scientific

Games

Corp.

*

8,446

350,425

Texas

Roadhouse,

Inc.

11,431

893,447

Wingstop,

Inc.

5,126

679,452

9,541,258

Household

Durables

-

3.2%

Century

Communities,

Inc.

*

7,106

311,101

GoPro,

Inc.,

Class

A

*

23,204

192,129

Green

Brick

Partners,

Inc.

*

10,812

248,244

Helen

of

Troy

Ltd.

*

4,186

930,087

Installed

Building

Products,

Inc.

*

5,501

560,717

iRobot

Corp.

*(a)

4,660

374,151

KB

Home

6,862

230,014

LGI

Homes,

Inc.

*

3,946

417,684

Lovesac

Co.

(The)

*

5,834

251,387

M/I

Homes,

Inc.

*

7,011

310,517

MDC

Holdings,

Inc.

1,553

75,476

Meritage

Homes

Corp.

*

6,635

549,511

Purple

Innovation,

Inc.

*

14,572

480,002

Sonos,

Inc.

*

13,552

316,981

56

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

3.2%

(continued)

TopBuild

Corp.

*

5,529

1,017,778

TRI

Pointe

Group,

Inc.

*

21,342

368,150

Tupperware

Brands

Corp.

*

12,944

419,256

Turtle

Beach

Corp.

*

5,567

119,969

VOXX

International

Corp.

*

10,704

136,583

7,309,737

Household

Products

-

0.2%

Central

Garden

&

Pet

Co.,

Class

A

*

9,582

348,114

WD-40

Co.

583

154,892

503,006

Independent

Power

and

Renewable

Electricity

Producers

-

0.4%

Clearway

Energy,

Inc.,

Class

C

29,084

928,652

Insurance

-

1.6%

American

Equity

Investment

Life

Holding

Co.

11,690

323,345

AMERISAFE,

Inc.

1,692

97,172

CNO

Financial

Group,

Inc.

21,407

475,878

Goosehead

Insurance,

Inc.,

Class

A

7,012

874,817

HCI

Group,

Inc.

2,690

140,687

Kinsale

Capital

Group,

Inc.

4,032

806,924

Stewart

Information

Services

Corp.

2,946

142,469

Trupanion,

Inc.

*

7,612

911,232

3,772,524

Interactive

Media

&

Services

-

0.2%

EverQuote,

Inc.,

Class

A

*

4,400

164,340

QuinStreet,

Inc.

*

6,067

130,077

TrueCar,

Inc.

*

23,255

97,671

392,088

Internet

&

Direct

Marketing

Retail

-

1.5%

1-800-Flowers.com,

Inc.,

Class

A

*

14,113

366,938

CarParts.com,

Inc.

*(a)

22,434

277,957

Duluth

Holdings,

Inc.,

Class

B

*(a)

9,838

103,889

Lands'

End,

Inc.

*

7,081

152,737

Liquidity

Services,

Inc.

*

5,160

82,096

Magnite,

Inc.

*

13,922

427,545

PetMed

Express,

Inc.

(a)

4,597

147,380

Shutterstock,

Inc.

7,290

522,693

Stamps.com,

Inc.

*

3,297

646,838

Stitch

Fix,

Inc.,

Class

A

*

14,011

822,726

3,550,799

IT

Services

-

1.3%

EVERTEC,

Inc.

6,515

256,170

ExlService

Holdings,

Inc.

*

1,417

120,629

I3

Verticals,

Inc.,

Class

A

*

6,748

224,034

LiveRamp

Holdings,

Inc.

*

10,232

748,880

MoneyGram

International,

Inc.

*

16,330

89,243

Perficient,

Inc.

*

2,582

123,032

PFSweb,

Inc.

*

14,760

99,335

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

1.3%

(continued)

Sykes

Enterprises,

Inc.

*

5,613

211,442

TTEC

Holdings,

Inc.

9,731

709,682

Unisys

Corp.

*

18,886

371,676

2,954,123

Leisure

Products

-

1.1%

Acushnet

Holdings

Corp.

14,452

585,884

Johnson

Outdoors,

Inc.,

Class

A

1,132

127,497

Malibu

Boats,

Inc.,

Class

A

*

5,657

353,223

MasterCraft

Boat

Holdings,

Inc.

*

7,429

184,536

Nautilus,

Inc.

*

12,360

224,210

Smith

&

Wesson

Brands,

Inc.

14,317

254,127

Sturm

Ruger

&

Co.,

Inc.

4,684

304,788

Vista

Outdoor,

Inc.

*

16,018

380,588

2,414,853

Life

Sciences

Tools

&

Services

-

1.8%

Fluidigm

Corp.

*

23,129

138,774

Luminex

Corp.

4,999

115,577

Medpace

Holdings,

Inc.

*

6,245

869,304

NanoString

Technologies,

Inc.

*

10,339

691,472

NeoGenomics,

Inc.

*

20,018

1,077,769

Pacific

Biosciences

of

California,

Inc.

*

37,908

983,334

Quanterix

Corp.

*

6,323

294,019

4,170,249

Machinery

-

3.0%

Alamo

Group,

Inc.

1,258

173,541

Altra

Industrial

Motion

Corp.

12,084

669,816

Astec

Industries,

Inc.

5,945

344,097

Chart

Industries,

Inc.

*

6,459

760,806

Columbus

McKinnon

Corp.

1,872

71,960

ESCO

Technologies,

Inc.

2,353

242,877

Evoqua

Water

Technologies

Corp.

*

22,017

594,019

Franklin

Electric

Co.,

Inc.

8,112

561,431

Greenbrier

Cos.,

Inc.

(The)

5,342

194,342

Kadant,

Inc.

1,033

145,632

Lindsay

Corp.

2,492

320,122

Meritor,

Inc.

*

6,768

188,895

Mueller

Industries,

Inc.

4,559

160,066

Mueller

Water

Products,

Inc.,

Class

A

5,942

73,562

Omega

Flex,

Inc.

1,933

282,218

Proto

Labs,

Inc.

*

3,999

613,447

Rexnord

Corp.

18,673

737,397

Shyft

Group,

Inc.

(The)

13,724

389,487

SPX

Corp.

*

4,814

262,555

SPX

FLOW,

Inc.

*

1,674

97,025

6,883,295

Marine

-

0.0%

(b)

Matson,

Inc.

2,044

116,447

57

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Media

-

0.6%

Cardlytics,

Inc.

*

5,699

813,646

TechTarget,

Inc.

*

8,432

498,415

Tribune

Publishing

Co.

10,081

138,110

1,450,171

Metals

&

Mining

-

1.2%

Caledonia

Mining

Corp.

plc

(South

Africa)

7,179

114,003

Century

Aluminum

Co.

*

24,145

266,319

Cleveland-Cliffs,

Inc.

12,918

188,086

Commercial

Metals

Co.

15,240

313,030

Compass

Minerals

International,

Inc.

4,528

279,468

Hecla

Mining

Co.

103,778

672,481

Novagold

Resources,

Inc.

(Canada)

*

52,254

505,296

Worthington

Industries,

Inc.

8,678

445,529

2,784,212

Multiline

Retail

-

0.1%

Big

Lots,

Inc.

7,372

316,480

Oil,

Gas

&

Consumable

Fuels

-

1.0%

Antero

Resources

Corp.

*(a)

55,256

301,145

Clean

Energy

Fuels

Corp.

*

8,579

67,431

CNX

Resources

Corp.

*

36,669

396,025

Green

Plains,

Inc.

*

9,545

125,708

Overseas

Shipholding

Group,

Inc.,

Class

A

*

42,594

91,151

Range

Resources

Corp.

*

48,661

326,029

Renewable

Energy

Group,

Inc.

*

8,803

623,428

Southwestern

Energy

Co.

*

90,510

269,720

2,200,637

Paper

&

Forest

Products

-

0.6%

Boise

Cascade

Co.

9,155

437,609

Clearwater

Paper

Corp.

*

5,837

220,347

Glatfelter

Corp.

4,096

67,093

Louisiana-Pacific

Corp.

17,284

642,446

1,367,495

Personal

Products

-

0.6%

elf

Beauty,

Inc.

*

14,150

356,439

Lifevantage

Corp.

*

3,141

29,274

Medifast,

Inc.

1,898

372,653

USANA

Health

Sciences,

Inc.

*

3,302

254,584

Veru,

Inc.

*(a)

29,390

254,224

1,267,174

Pharmaceuticals

-

1.8%

Agile

Therapeutics,

Inc.

*(a)

44,049

126,421

Aquestive

Therapeutics,

Inc.

*

15,188

81,256

Axsome

Therapeutics,

Inc.

*

5,005

407,757

Cassava

Sciences,

Inc.

*

20,175

137,594

Collegium

Pharmaceutical,

Inc.

*

9,837

197,035

Corcept

Therapeutics,

Inc.

*

17,194

449,795

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

1.8%

(continued)

Cymabay

Therapeutics,

Inc.

*

12,532

71,934

Durect

Corp.

*

23,164

47,950

Intra-Cellular

Therapies,

Inc.

*

18,213

579,173

Kala

Pharmaceuticals,

Inc.

*(a)

18,207

123,443

Liquidia

Technologies,

Inc.

*

25,264

74,529

Marinus

Pharmaceuticals,

Inc.

*(a)

11,759

143,460

Ocular

Therapeutix,

Inc.

*

19,551

404,706

Pacira

BioSciences,

Inc.

*

6,757

404,339

Paratek

Pharmaceuticals,

Inc.

*

25,977

162,616

Provention

Bio,

Inc.

*

15,211

257,674

Relmada

Therapeutics,

Inc.

*

3,190

102,303

Revance

Therapeutics,

Inc.

*

14,927

423,031

4,195,016

Professional

Services

-

1.1%

Acacia

Research

Corp.

*

7,320

28,841

ASGN,

Inc.

*

8,431

704,241

CBIZ,

Inc.

*

749

19,931

CRA

International,

Inc.

2,402

122,334

Exponent,

Inc.

7,796

701,874

Mastech

Digital,

Inc.

*

4,485

71,311

Red

Violet,

Inc.

*

7,126

186,060

TriNet

Group,

Inc.

*

8,693

700,656

2,535,248

Real

Estate

Management

&

Development

-

1.5%

eXp

World

Holdings,

Inc.

*

15,213

960,245

Realogy

Holdings

Corp.

*

25,756

337,919

Redfin

Corp.

*

22,453

1,540,949

St

Joe

Co.

(The)

13,594

577,065

3,416,178

Road

&

Rail

-

0.9%

Avis

Budget

Group,

Inc.

*

4,231

157,816

Covenant

Logistics

Group,

Inc.

*

5,720

84,713

Daseke,

Inc.

*

28,192

163,796

Marten

Transport

Ltd.

19,897

342,825

Saia,

Inc.

*

4,856

877,965

US

Xpress

Enterprises,

Inc.,

Class

A

*

21,447

146,698

Werner

Enterprises,

Inc.

9,547

374,433

2,148,246

Semiconductors

&

Semiconductor

Equipment

-

4.6%

Advanced

Energy

Industries,

Inc.

*

5,279

511,905

Alpha

&

Omega

Semiconductor

Ltd.

*

7,615

180,019

Amkor

Technology,

Inc.

39,231

591,603

Atomera,

Inc.

*

14,139

227,497

Axcelis

Technologies,

Inc.

*

6,411

186,688

AXT,

Inc.

*

17,013

162,814

Brooks

Automation,

Inc.

12,998

881,914

CEVA,

Inc.

*

6,853

311,812

CMC

Materials,

Inc.

1,236

187,007

Cohu,

Inc.

6,570

250,843

58

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

4.6%

(continued)

CyberOptics

Corp.

*

5,512

125,067

Diodes,

Inc.

*

8,799

620,330

FormFactor,

Inc.

*

15,153

651,882

Lattice

Semiconductor

Corp.

*

24,092

1,103,895

MACOM

Technology

Solutions

Holdings,

Inc.

*

14,962

823,508

MaxLinear,

Inc.

*

2,621

100,096

PDF

Solutions,

Inc.

*

13,550

292,680

Power

Integrations,

Inc.

9,329

763,672

Rambus,

Inc.

*

8,373

146,193

Semtech

Corp.

*

7,224

520,778

SunPower

Corp.

*(a)

34,902

894,887

Synaptics,

Inc.

*

6,048

583,027

Ultra

Clean

Holdings,

Inc.

*

11,092

345,516

Veeco

Instruments,

Inc.

*

9,028

156,726

10,620,359

Software

-

7.5%

A10

Networks,

Inc.

*

17,600

173,536

Agilysys,

Inc.

*

1,634

62,713

Alarm.com

Holdings,

Inc.

*

8,770

907,256

Altair

Engineering,

Inc.,

Class

A

*

7,723

449,324

Appfolio,

Inc.,

Class

A

*

5,900

1,062,236

Appian

Corp.

*(a)

12,953

2,099,552

Avaya

Holdings

Corp.

*

18,673

357,588

Blackline,

Inc.

*

10,507

1,401,424

Bottomline

Technologies

DE,

Inc.

*

5,535

291,916

ChannelAdvisor

Corp.

*

11,985

191,520

Cloudera,

Inc.

*

26,637

370,521

Digital

Turbine,

Inc.

*

19,586

1,107,784

Domo,

Inc.,

Class

B

*

8,291

528,717

eGain

Corp.

*

14,213

167,855

Envestnet,

Inc.

*

6,717

552,742

LivePerson,

Inc.

*

11,649

724,917

MicroStrategy,

Inc.,

Class

A

*

533

207,097

Model

N,

Inc.

*

5,623

200,629

OneSpan,

Inc.

*

8,179

169,142

Progress

Software

Corp.

2,195

99,192

Q2

Holdings,

Inc.

*

7,622

964,412

Sailpoint

Technologies

Holdings,

Inc.

*

17,225

917,059

Sapiens

International

Corp.

NV

(Israel)

8,223

251,706

SecureWorks

Corp.,

Class

A

*

5,527

78,594

SPS

Commerce,

Inc.

*

7,923

860,358

Tenable

Holdings,

Inc.

*

17,487

913,871

Varonis

Systems,

Inc.

*

6,318

1,033,688

Veritone,

Inc.

*

16,456

468,173

Workiva,

Inc.

*

6,826

625,398

17,238,920

Specialty

Retail

-

4.0%

American

Eagle

Outfitters,

Inc.

3,405

68,338

America's

Car-Mart,

Inc.

*

1,100

120,824

Asbury

Automotive

Group,

Inc.

*

495

72,141

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

4.0%

(continued)

At

Home

Group,

Inc.

*

14,951

231,142

Bed

Bath

&

Beyond,

Inc.

16,641

295,544

Buckle,

Inc.

(The)

5,833

170,324

Camping

World

Holdings,

Inc.,

Class

A

17,550

457,178

Citi

Trends,

Inc.

5,376

267,080

Container

Store

Group,

Inc.

(The)

*

8,570

81,758

GameStop

Corp.,

Class

A

*(a)

14,758

278,041

Hibbett

Sports,

Inc.

*

5,912

273,016

Lithia

Motors,

Inc.,

Class

A

4,272

1,250,286

Lumber

Liquidators

Holdings,

Inc.

*

9,849

302,758

MarineMax,

Inc.

*

7,342

257,190

Michaels

Cos.,

Inc.

(The)

*

5,719

74,404

Murphy

USA,

Inc.

4,513

590,616

National

Vision

Holdings,

Inc.

*

14,543

658,653

ODP

Corp.

(The)

*

6,788

198,888

Rent-A-Center,

Inc.

10,196

390,405

RH

*

3,236

1,448,175

Shoe

Carnival,

Inc.

3,482

136,425

Signet

Jewelers

Ltd.

11,958

326,095

Sleep

Number

Corp.

*

6,058

495,908

Sonic

Automotive,

Inc.,

Class

A

9,676

373,203

Sportsman's

Warehouse

Holdings,

Inc.

*

14,738

258,652

Zumiez,

Inc.

*

3,320

122,110

9,199,154

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

Avid

Technology,

Inc.

*

10,495

166,556

Eastman

Kodak

Co.

*(a)

22,376

182,141

Quantum

Corp.

*

8,626

52,791

Super

Micro

Computer,

Inc.

*

10,872

344,207

745,695

Textiles,

Apparel

&

Luxury

Goods

-

1.1%

Crocs,

Inc.

*

11,877

744,213

Deckers

Outdoor

Corp.

*

4,547

1,303,989

Fossil

Group,

Inc.

*

7,217

62,571

Lakeland

Industries,

Inc.

*

7,418

202,140

Superior

Group

of

Cos.,

Inc.

4,261

99,026

2,411,939

Thrifts

&

Mortgage

Finance

-

1.0%

HomeStreet,

Inc.

4,136

139,590

Mr

Cooper

Group,

Inc.

*

20,839

646,634

PennyMac

Financial

Services,

Inc.

12,427

815,460

Walker

&

Dunlop,

Inc.

4,861

447,309

Waterstone

Financial,

Inc.

9,544

179,618

2,228,611

Tobacco

-

0.1%

Turning

Point

Brands,

Inc.

7,502

334,289

59

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

1.3%

Applied

Industrial

Technologies,

Inc.

3,160

246,448

Lawson

Products,

Inc.

*

1,361

69,289

Rush

Enterprises,

Inc.,

Class

A

8,826

365,573

SiteOne

Landscape

Supply,

Inc.

*

7,801

1,237,473

Systemax,

Inc.

7,714

276,855

Textainer

Group

Holdings

Ltd.

(China)

*

12,460

238,983

Triton

International

Ltd.

11,892

576,881

WESCO

International,

Inc.

*

1,022

80,227

3,091,729

Water

Utilities

-

0.1%

Cadiz,

Inc.

*(a)

8,618

91,782

York

Water

Co.

(The)

1,265

58,949

150,731

Wireless

Telecommunication

Services

-

0.2%

Shenandoah

Telecommunications

Co.

8,009

346,389

TOTAL

COMMON

STOCKS

(Cost

$142,429,578)

219,921,313

SHORT-TERM

INVESTMENTS

-

4.1%

INVESTMENT

COMPANIES

-

4.1%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(d)

(Cost

$9,477,099)

9,480,892

9,477,099

SECURITIES

LENDING

COLLATERAL

-

5.0%

Investment

Companies

-

5.0%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(d)(e)

3,615,528

3,615,528

Limited

Purpose

Cash

Investment

Fund

0.03%

(d)(e)

7,792,488

7,789,371

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$11,408,016)

11,404,899

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

104.9%

(Cost

$163,314,693)

240,803,311

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(4.9)%

(f)

(11,319,312)

NET

ASSETS

-

100.0%

229,483,999

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,839,243

2.1

%

Consumer

Discretionary

39,877,331

17.4

Consumer

Staples

9,373,233

4.1

Energy

2,389,401

1.0

Financials

15,098,972

6.6

Health

Care

59,290,211

25.8

Industrials

35,784,712

15.6

Information

Technology

37,735,734

16.4

Materials

7,159,356

3.1

Real

Estate

7,293,737

3.2

Utilities

1,079,383

0.5

Short-Term

Investments

9,477,099

4.1

Securities

Lending

Collateral

11,404,899

5.0

Total

Investments

In

Securities

At

Value

240,803,311

104.9

Liabilities

in

Excess

of

Other

Assets

(f

)

(11,319,312)

(4.9)

Net

Assets

$

229,483,999

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$11,014,815.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Security

fair

valued

as

of

December

31,

2020

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

December

31,

2020

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

fund.

(d)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(e)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(f)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

(3)

Level

3

security.

60

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

87

3/2021

USD

$

8,590,380

$

(118,396)

$

(118,396)

61

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.2%

Australia

-

5.5%

Afterpay

Ltd.

*

21,125

1,920,383

AusNet

Services

141,964

192,402

BHP

Group

plc

61,253

1,617,347

Coles

Group

Ltd.

77,730

1,085,999

CSL

Ltd.

21,751

4,752,432

Evolution

Mining

Ltd.

171,985

661,861

Fortescue

Metals

Group

Ltd.

179,186

3,236,529

Goodman

Group,

REIT

137,218

2,005,780

Macquarie

Group

Ltd.

13,825

1,475,672

Magellan

Financial

Group

Ltd.

13,377

554,054

Northern

Star

Resources

Ltd.

61,531

601,403

REA

Group

Ltd.

6,482

742,496

Rio

Tinto

plc

50,364

3,791,053

Sonic

Healthcare

Ltd.

8,363

207,209

Wesfarmers

Ltd.

67,085

2,607,401

25,452,021

—

Belgium

-

0.4%

Elia

Group

SA/NV

2,663

317,857

Sofina

SA

1,469

496,928

UCB

SA

10,679

1,103,112

1,917,897

—

Brazil

-

0.3%

Wheaton

Precious

Metals

Corp.

(1)

32,307

1,349,235

Yara

International

ASA

3,393

140,760

1,489,995

—

Canada

-

10.3%

Agnico

Eagle

Mines

Ltd.

(1)

17,516

1,232,821

Algonquin

Power

&

Utilities

Corp.

(1)

37,913

623,990

Alimentation

Couche-Tard,

Inc.,

Class

B

(1)

42,644

1,453,293

B2Gold

Corp.

(1)

105,571

591,344

Bank

of

Montreal

(1)

13,679

1,040,030

Barrick

Gold

Corp.

(1)

90,854

2,069,892

Cameco

Corp.

(1)

13,290

178,014

Canadian

Imperial

Bank

of

Commerce

(1)

13,136

1,121,962

Canadian

National

Railway

Co.

(1)

38,823

4,268,121

Canadian

Pacific

Railway

Ltd.

(1)

10,623

3,684,793

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

3,283

431,569

Canopy

Growth

Corp.

(1)*

5,121

126,003

Constellation

Software,

Inc.

(1)

1,472

1,911,461

Dollarama,

Inc.

(1)

3,644

148,520

Empire

Co.

Ltd.,

Class

A

(1)

5,022

137,258

Fortis,

Inc.

(1)

8,645

353,162

Franco-Nevada

Corp.

(1)

13,194

1,654,303

Hydro

One

Ltd.

(1)(a)

39,604

891,393

Intact

Financial

Corp.

(1)

13,859

1,641,000

International

Petroleum

Corp.

*

14,226

31,184

Kinross

Gold

Corp.

(1)

120,061

880,957

Magna

International,

Inc.

(1)

16,802

1,189,432

Metro,

Inc.

(1)

18,205

812,353

National

Bank

of

Canada

(1)

35,476

1,996,622

Open

Text

Corp.

(1)

10,158

461,575

Pan

American

Silver

Corp.

(1)

28,187

972,118

INVESTMENTS

SHARES

VALUE

($)

Canada

-

10.3%

(continued)

Quebecor,

Inc.,

Class

B

(1)

17,465

449,488

Ritchie

Bros

Auctioneers,

Inc.

(1)

10,470

727,776

Royal

Bank

of

Canada

(1)

24,710

2,030,339

Shopify,

Inc.,

Class

A

(1)*

7,138

8,060,014

SSR

Mining,

Inc.

(1)*

15,618

313,612

Sun

Life

Financial,

Inc.

(1)

38,850

1,727,481

Thomson

Reuters

Corp.

(1)

31,182

2,552,079

TMX

Group

Ltd.

(1)

3,840

383,547

Topicus.com,

Inc.

*

2,737

10,347

WSP

Global,

Inc.

(1)

10,798

1,022,964

Yamana

Gold,

Inc.

(1)

113,934

650,719

47,831,536

—

Chile

-

0.3%

Antofagasta

plc

35,465

695,793

Lundin

Mining

Corp.

(1)

55,705

494,514

1,190,307

—

China

-

0.7%

Prosus

NV

*

18,799

2,029,892

Wilmar

International

Ltd.

284,300

1,000,971

3,030,863

—

Denmark

-

4.4%

Ambu

A/S,

Class

B

23,822

1,023,379

AP

Moller

-

Maersk

A/S,

Class

B

664

1,477,568

Coloplast

A/S,

Class

B

8,292

1,268,086

Danske

Bank

A/S

*

17,377

287,197

DSV

Panalpina

A/S

13,976

2,348,832

Genmab

A/S

*

4,354

1,765,521

GN

Store

Nord

A/S

5,001

398,651

Novo

Nordisk

A/S,

Class

B

53,344

3,721,232

Novozymes

A/S,

Class

B

14,937

850,811

Orsted

A/S

(a)

13,994

2,863,247

Pandora

A/S

9,161

1,025,279

Vestas

Wind

Systems

A/S

13,765

3,251,698

20,281,501

—

Finland

-

2.1%

Elisa

OYJ

2,581

141,489

Kone

OYJ,

Class

B

29,838

2,431,204

Neste

OYJ

32,107

2,331,088

Nokia

OYJ

*

55,313

213,637

Nordea

Bank

Abp

264,577

2,168,312

Orion

OYJ,

Class

B

2,143

98,439

Stora

Enso

OYJ,

Class

R

46,212

884,854

UPM-

Kymmene

OYJ

45,225

1,686,515

9,955,538

—

France

-

6.1%

Adevinta

ASA

*

21,362

359,096

Air

Liquide

SA

11,920

1,954,247

Alstom

SA

*

9,203

524,195

BioMerieux

5,532

778,600

Bouygues

SA

5,122

210,658

Dassault

Systemes

SE

3,998

810,873

Electricite

de

France

SA

8,516

134,760

Hermes

International

3,240

3,483,902

Iliad

SA

4,224

867,037

Kering

SA

1,740

1,262,777

62

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

France

-

6.1%

(continued)

Legrand

SA

2,988

267,296

L'Oreal

SA

5,953

2,271,380

LVMH

Moet

Hennessy

Louis

Vuitton

SE

8,093

5,066,229

Sanofi

49,686

4,815,717

Sartorius

Stedim

Biotech

4,255

1,513,693

Schneider

Electric

SE

19,529

2,822,476

Teleperformance

1,125

373,479

Ubisoft

Entertainment

SA

*

3,711

357,624

Worldline

SA

*(a)

6,697

650,601

28,524,640

—

Germany

-

8.8%

Brenntag

AG

12,871

1,000,869

Covestro

AG

(a)

5,323

327,968

Daimler

AG

(Registered)

33,540

2,377,292

Delivery

Hero

SE

*(a)

13,863

2,168,021

Deutsche

Bank

AG

(Registered)

*

153,008

1,682,933

Deutsche

Post

AG

(Registered)

61,987

3,070,574

Deutsche

Telekom

AG

(Registered)

97,655

1,782,458

Deutsche

Wohnen

SE

17,323

924,265

E.ON

SE

97,476

1,079,375

Evonik

Industries

AG

15,476

505,826

Fresenius

Medical

Care

AG

&

Co.

KGaA

9,993

833,290

GEA

Group

AG

15,178

542,874

Infineon

Technologies

AG

80,940

3,090,987

Just

Eat

Takeaway.com

NV

*(a)(b)

6,351

716,094

KION

Group

AG

8,029

696,292

Knorr-

Bremse

AG

3,051

416,260

LEG

Immobilien

AG

3,151

488,861

Merck

KGaA

10,852

1,861,275

Nemetschek

SE

7,657

569,056

Puma

SE

*

11,218

1,262,327

RWE

AG

40,819

1,726,940

Scout24

AG

(a)

6,471

528,770

Siemens

AG

(Registered)

44,569

6,420,008

Siemens

Energy

AG

*

19,255

705,686

Symrise

AG

9,258

1,230,790

TeamViewer

AG

*(a)

7,073

379,943

United

Internet

AG

(Registered)

10,956

461,194

Vonovia

SE

31,345

2,289,253

Zalando

SE

*(a)

16,121

1,793,163

40,932,644

—

Hong

Kong

-

2.5%

AIA

Group

Ltd.

515,400

6,280,727

Hang

Lung

Properties

Ltd.

73,000

192,374

Hong

Kong

Exchanges

&

Clearing

Ltd.

66,300

3,636,670

PCCW

Ltd.

323,000

194,510

Techtronic

Industries

Co.

Ltd.

100,500

1,436,489

11,740,770

—

Italy

-

2.8%

DiaSorin

SpA

5,067

1,057,943

Enel

SpA

461,535

4,695,996

Ferrari

NV

10,880

2,523,523

FinecoBank

Banca

Fineco

SpA

*

31,262

515,574

INVESTMENTS

SHARES

VALUE

($)

Italy

-

2.8%

(continued)

Infrastrutture

Wireless

Italiane

SpA

(a)

73,644

892,748

Nexi

SpA

*(a)

52,212

1,038,972

Prysmian

SpA

9,142

325,388

Recordati

Industria

Chimica

e

Farmaceutica

SpA

15,986

888,963

Terna

Rete

Elettrica

Nazionale

SpA

154,257

1,185,339

13,124,446

—

Japan

-

26.1%

Advantest

Corp.

5,700

426,940

Aeon

Co.

Ltd.

40,200

1,318,816

Asahi

Intecc

Co.

Ltd.

21,000

767,032

Bandai

Namco

Holdings,

Inc.

9,700

840,027

Chugai

Pharmaceutical

Co.

Ltd.

43,300

2,310,278

Cosmos

Pharmaceutical

Corp.

4,900

791,241

CyberAgent

,

Inc.

4,000

275,939

Daifuku

Co.

Ltd.

9,200

1,138,459

Daiichi

Sankyo

Co.

Ltd.

100,800

3,454,436

Daikin

Industries

Ltd.

13,800

3,070,047

Denso

Corp.

7,000

416,645

Disco

Corp.

3,400

1,145,912

Eisai

Co.

Ltd.

15,100

1,079,849

FANUC

Corp.

4,600

1,135,506

Fast

Retailing

Co.

Ltd.

1,700

1,524,356

FUJIFILM

Holdings

Corp.

4,000

211,008

Fujitsu

Ltd.

14,700

2,124,671

GLP

J-REIT,

REIT

*

153

241,436

GMO

Payment

Gateway,

Inc.

5,500

739,109

Hamamatsu

Photonics

KK

9,300

532,089

Hikari

Tsushin,

Inc.

200

46,927

Hitachi

Construction

Machinery

Co.

Ltd.

7,800

221,781

Hitachi

Metals

Ltd.

20,100

305,599

Hoshizaki

Corp.

3,300

303,020

Hoya

Corp.

22,500

3,116,133

Ito

En

Ltd.

7,500

474,915

ITOCHU

Corp.

82,300

2,366,958

Itochu

Techno-Solutions

Corp.

18,300

653,457

JSR

Corp.

13,100

365,262

Kakaku.com,

Inc.

18,700

511,882

KDDI

Corp.

26,600

788,697

Keyence

Corp.

9,960

5,602,670

Kikkoman

Corp.

4,700

327,106

Kobayashi

Pharmaceutical

Co.

Ltd.

5,700

696,690

Kobe

Bussan

Co.

Ltd.

26,800

823,430

Kubota

Corp.

44,700

976,589

Kurita

Water

Industries

Ltd.

6,600

252,283

Kyowa

Kirin

Co.

Ltd.

30,300

827,434

Lasertec

Corp.

9,300

1,091,568

M3,

Inc.

28,100

2,654,532

Makita

Corp.

10,300

516,618

Mercari

,

Inc.

*

11,900

527,513

MINEBEA

MITSUMI,

Inc.

15,100

300,411

Mitsubishi

Gas

Chemical

Co.,

Inc.

13,500

310,438

Miura

Co.

Ltd.

12,000

669,938

MonotaRO

Co.

Ltd.

18,900

959,909

Murata

Manufacturing

Co.

Ltd.

32,200

2,915,051

Nabtesco

Corp.

6,900

302,860

Nexon

Co.

Ltd.

50,800

1,567,429

63

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

26.1%

(continued)

Nidec

Corp.

27,100

3,428,366

Nihon

M&A

Center,

Inc.

14,000

936,225

Nintendo

Co.

Ltd.

6,200

3,980,037

Nippon

Paint

Holdings

Co.

Ltd.

15,600

1,714,166

Nippon

Prologis

REIT,

Inc.,

REIT

*

172

537,338

Nippon

Yusen

KK

5,900

137,652

Nissan

Chemical

Corp.

8,300

520,448

Nissin

Foods

Holdings

Co.

Ltd.

8,500

728,582

Nitori

Holdings

Co.

Ltd.

7,200

1,505,531

Nitto

Denko

Corp.

8,300

743,514

Nomura

Holdings,

Inc.

193,100

1,020,934

Nomura

Research

Institute

Ltd.

38,500

1,377,281

Obic

Co.

Ltd.

6,500

1,306,356

Olympus

Corp.

95,600

2,093,056

Omron

Corp.

13,400

1,196,236

Ono

Pharmaceutical

Co.

Ltd.

38,100

1,148,136

Oracle

Corp.

Japan

6,400

834,269

Otsuka

Corp.

9,300

490,548

Otsuka

Holdings

Co.

Ltd.

4,800

205,663

Pan

Pacific

International

Holdings

Corp.

42,600

984,218

Panasonic

Corp.

88,400

1,030,499

Recruit

Holdings

Co.

Ltd.

46,000

1,932,136

Renesas

Electronics

Corp.

*

59,800

625,926

Rinnai

Corp.

3,000

348,726

Santen

Pharmaceutical

Co.

Ltd.

27,800

451,507

SG

Holdings

Co.

Ltd.

29,000

790,722

Shimadzu

Corp.

14,000

544,179

Shimano,

Inc.

3,200

749,052

Shin-Etsu

Chemical

Co.

Ltd.

21,100

3,703,385

SMC

Corp.

3,400

2,076,508

SoftBank

Group

Corp.

67,200

5,217,078

Sohgo

Security

Services

Co.

Ltd.

400

20,750

Sony

Corp.

64,700

6,519,696

Square

Enix

Holdings

Co.

Ltd.

11,900

721,505

SUMCO

Corp.

31,100

682,904

Sumitomo

Metal

Mining

Co.

Ltd.

3,000

133,443

Sundrug

Co.

Ltd.

13,600

543,550

Suzuki

Motor

Corp.

12,600

584,080

Sysmex

Corp.

9,700

1,167,168

Takeda

Pharmaceutical

Co.

Ltd.

42,400

1,534,429

TDK

Corp.

8,200

1,237,245

Terumo

Corp.

31,200

1,305,604

Toho

Gas

Co.

Ltd.

9,200

609,504

Tokyo

Century

Corp.

3,700

293,628

Tokyo

Electron

Ltd.

8,500

3,175,284

Tosoh

Corp.

13,400

209,364

TOTO

Ltd.

2,300

138,433

Toyo

Suisan

Kaisha

Ltd.

9,600

467,203

Toyoda

Gosei

Co.

Ltd.

7,500

217,607

Trend

Micro,

Inc.

4,400

253,322

Tsuruha

Holdings,

Inc.

5,300

753,680

Unicharm

Corp.

29,000

1,375,354

Welcia

Holdings

Co.

Ltd.

16,100

607,331

Yamada

Holdings

Co.

Ltd.

39,500

209,864

Yamato

Holdings

Co.

Ltd.

8,800

224,688

Yaskawa

Electric

Corp.

6,600

329,045

Z

Holdings

Corp.

246,700

1,492,840

121,186,691

—

INVESTMENTS

SHARES

VALUE

($)

Jordan

-

0.1%

Hikma

Pharmaceuticals

plc

8,384

288,163

Luxembourg

-

0.3%

ArcelorMittal

SA

*

20,481

468,400

Eurofins

Scientific

SE

*

12,400

1,039,638

1,508,038

—

Macau

-

0.2%

Galaxy

Entertainment

Group

Ltd.

78,000

607,194

SJM

Holdings

Ltd.

194,000

217,509

824,703

—

Netherlands

-

4.6%

Adyen

NV

*(a)

1,476

3,429,548

Akzo

Nobel

NV

2,635

282,827

Argenx

SE

*

904

266,392

ASML

Holding

NV

21,138

10,234,537

Koninklijke

Ahold

Delhaize

NV

21,844

616,248

Koninklijke

DSM

NV

13,395

2,303,554

Koninklijke

Philips

NV

*

15,736

847,660

NN

Group

NV

27,989

1,209,971

Randstad

NV

*

2,316

149,921

Wolters

Kluwer

NV

25,073

2,115,338

21,455,996

—

Norway

-

0.3%

DNB

ASA

27,695

542,700

Gjensidige

Forsikring

ASA

16,012

357,378

Norsk

Hydro

ASA

28,352

131,952

Schibsted

ASA,

Class

B

*

9,135

339,097

1,371,127

—

Portugal

-

0.2%

EDP

-

Energias

de

Portugal

SA

114,329

717,587

Singapore

-

0.5%

Ascendas

,

REIT

292,000

659,178

DBS

Group

Holdings

Ltd.

11,000

208,458

Mapletree

Logistics

Trust,

REIT

382,785

582,586

Singapore

Exchange

Ltd.

58,300

409,499

Venture

Corp.

Ltd.

22,000

323,484

2,183,205

—

South

Africa

-

0.3%

Anglo

American

plc

45,092

1,489,038

Spain

-

1.4%

Cellnex

Telecom

SA

(a)

24,619

1,478,444

Endesa

SA

19,574

536,894

Iberdrola

SA

305,494

4,390,039

6,405,377

—

Sweden

-

6.0%

Atlas

Copco

AB,

Class

A

64,362

3,307,977

Boliden

AB

17,545

622,450

Epiroc

AB,

Class

A

65,913

1,197,951

EQT

AB

23,151

587,657

Evolution

Gaming

Group

AB

(a)

16,736

1,682,546

Hexagon

AB,

Class

B

14,207

1,302,527

Husqvarna

AB,

Class

B

10,194

132,297

Industrivarden

AB,

Class

C

*

16,099

520,356

Investment

AB

Latour

,

Class

B

36,700

888,974

64

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

6.0%

(continued)

Investor

AB,

Class

B

36,449

2,652,880

Kinnevik

AB,

Class

B

*

22,294

1,119,975

L

E

Lundbergforetagen

AB,

Class

B

*

13,616

730,482

Nibe

Industrier

AB,

Class

B

43,874

1,438,795

Sandvik

AB

*

63,290

1,560,957

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

67,061

690,560

Skanska

AB,

Class

B

32,463

827,288

SKF

AB,

Class

B

44,832

1,166,496

Svenska

Cellulosa

AB

SCA,

Class

B

*

65,556

1,146,190

Swedbank

AB,

Class

A

*

63,345

1,111,096

Swedish

Match

AB

11,312

880,309

Telefonaktiebolaget

LM

Ericsson,

Class

B

134,710

1,602,437

Volvo

AB,

Class

B

*

121,800

2,883,384

28,053,584

—

Switzerland

-

5.1%

ABB

Ltd.

(Registered)

95,136

2,668,490

Banque

Cantonale

Vaudoise

(Registered)

3,212

349,622

Chocoladefabriken

Lindt

&

Spruengli

AG

98

955,230

Cie

Financiere

Richemont

SA

(Registered)

3,556

321,256

EMS-

Chemie

Holding

AG

(Registered)

849

816,706

Geberit

AG

(Registered)

2,660

1,665,083

Givaudan

SA

(Registered)

468

1,980,025

Kuehne

+

Nagel

International

AG

(Registered)

3,223

731,359

LafargeHolcim

Ltd.

(Registered)

*

3,361

184,478

Logitech

International

SA

(Registered)

11,377

1,104,650

Lonza

Group

AG

(Registered)

3,920

2,525,134

Partners

Group

Holding

AG

1,444

1,696,761

Roche

Holding

AG

9,282

3,232,907

Sika

AG

(Registered)

9,247

2,520,670

STMicroelectronics

NV

36,968

1,367,659

Straumann

Holding

AG

(Registered)

737

863,337

UBS

Group

AG

(Registered)

59,332

835,385

23,818,752

—

United

Arab

Emirates

-

0.0%

NMC

Health

plc

(3)*(c)

13,256

—

United

Kingdom

-

5.4%

Admiral

Group

plc

13,052

516,100

Ashtead

Group

plc

31,762

1,496,022

AstraZeneca

plc

66,434

6,624,353

Bunzl

plc

16,597

554,139

Croda

International

plc

6,531

587,332

Entain

plc

13,660

211,878

Experian

plc

41,899

1,591,686

Halma

plc

16,866

564,847

Intertek

Group

plc

10,882

840,528

JD

Sports

Fashion

plc

*

40,506

475,874

Kingfisher

plc

*

80,860

298,789

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

5.4%

(continued)

London

Stock

Exchange

Group

plc

19,315

2,384,177

National

Grid

plc

141,616

1,673,537

Ocado

Group

plc

*

28,894

903,518

Persimmon

plc

17,669

666,877

Reckitt

Benckiser

Group

plc

28,218

2,518,576

Rentokil

Initial

plc

74,198

517,321

Severn

Trent

plc

6,813

212,688

Spirax-Sarco

Engineering

plc

3,035

468,494

SSE

plc

23,902

489,589

Unilever

plc

24,133

1,447,345

25,043,670

—

United

States

-

0.2%

Ferguson

plc

7,344

892,298

QIAGEN

NV

*

4,911

254,680

1,146,978

—

Zambia

-

0.3%

First

Quantum

Minerals

Ltd.

(1)

80,184

1,439,394

TOTAL

COMMON

STOCKS

(Cost

$309,813,374)

442,404,461

SHORT-TERM

INVESTMENTS

-

3.3%

INVESTMENT

COMPANIES

-

3.3%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(d)

(Cost

$15,277,702)

15,282,252

15,276,140

SECURITIES

LENDING

COLLATERAL

-

0.1%

Investment

Companies

-

0.1%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(1)(d)(e)

187,022

187,022

Limited

Purpose

Cash

Investment

Fund

0.03%

(1)(d)(e)

403,084

402,923

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$590,106)

589,945

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.6%

(Cost

$325,681,182)

458,270,546

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.4%

(f)

6,605,432

NET

ASSETS

-

100.0%

464,875,978

65

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

23,149,856

5.0

%

Consumer

Discretionary

49,107,902

10.6

Consumer

Staples

22,086,859

4.8

Energy

2,540,288

0.6

Financials

44,276,666

9.5

Health

Care

64,271,065

13.8

Industrials

89,768,983

19.3

Information

Technology

66,213,562

14.2

Materials

50,373,909

10.8

Real

Estate

7,921,072

1.7

Utilities

22,694,299

4.9

Short-Term

Investments

15,276,140

3.3

Securities

Lending

Collateral

589,945

0.1

Total

Investments

In

Securities

At

Value

458,270,546

98.6

Other

Assets

in

Excess

of

Liabilities

(f

)

6,605,432

1.4

Net

Assets

$

464,875,978

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

December

31,

2020

amounted

to

$18,841,458,

which

represents

approximately

4.05%

of

net

assets

of

the

fund.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$562,205.

(c)

Security

fair

valued

as

of

December

31,

2020

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

December

31,

2020

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

fund.

(d)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(e)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(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.

(3)

Level

3

security.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

155

3/2021

USD

$

16,513,700

$

20,713

$

20,713

66

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.1%

Aerospace

&

Defense

-

1.4%

BWX

Technologies,

Inc.

1,737

104,706

General

Dynamics

Corp.

1,100

163,702

Huntington

Ingalls

Industries,

Inc.

1,500

255,720

Lockheed

Martin

Corp.

5,283

1,875,359

Northrop

Grumman

Corp.

5,286

1,610,750

Teledyne

Technologies,

Inc.

*

513

201,086

4,211,323

Air

Freight

&

Logistics

-

0.7%

FedEx

Corp.

3,580

929,440

United

Parcel

Service,

Inc.,

Class

B

3,831

645,140

XPO

Logistics,

Inc.

*

2,837

338,170

1,912,750

Airlines

-

0.1%

Southwest

Airlines

Co.

6,380

297,372

Auto

Components

-

0.0%

(a)

Lear

Corp.

511

81,264

Automobiles

-

3.3%

Tesla,

Inc.

*

13,195

9,311,316

Thor

Industries,

Inc.

4,119

383,026

9,694,342

Banks

-

0.3%

First

Republic

Bank

4,040

593,597

SVB

Financial

Group

*

700

271,481

865,078

Beverages

-

0.9%

Boston

Beer

Co.,

Inc.

(The),

Class

A

*

86

85,509

Constellation

Brands,

Inc.,

Class

A

4,147

908,400

Monster

Beverage

Corp.

*

4,800

443,904

PepsiCo,

Inc.

7,857

1,165,193

2,603,006

Biotechnology

-

1.7%

AbbVie,

Inc.

9,042

968,850

ACADIA

Pharmaceuticals,

Inc.

*

2,686

143,594

Acceleron

Pharma,

Inc.

*

1,065

136,256

Alnylam

Pharmaceuticals,

Inc.

*

1,125

146,216

Amgen,

Inc.

2,352

540,772

BioMarin

Pharmaceutical,

Inc.

*

2,199

192,830

Exact

Sciences

Corp.

*

2,044

270,810

Exelixis

,

Inc.

*

4,067

81,625

Incyte

Corp.

*

2,867

249,372

Iovance

Biotherapeutics

,

Inc.

*

11,060

513,184

Neurocrine

Biosciences,

Inc.

*

1,333

127,768

Regeneron

Pharmaceuticals,

Inc.

*

239

115,463

Sarepta

Therapeutics,

Inc.

*

1,974

336,547

Seagen

,

Inc.

*

3,005

526,296

United

Therapeutics

Corp.

*

1,187

180,175

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

1.7%

(continued)

Vertex

Pharmaceuticals,

Inc.

*

2,160

510,494

5,040,252

Building

Products

-

0.6%

A

O

Smith

Corp.

4,045

221,747

Fortune

Brands

Home

&

Security,

Inc.

2,831

242,673

Lennox

International,

Inc.

462

126,574

Masco

Corp.

3,043

167,152

Trane

Technologies

plc

3,592

521,415

Trex

Co.,

Inc.

*

4,948

414,247

1,693,808

Capital

Markets

-

2.3%

Ameriprise

Financial,

Inc.

835

162,265

BlackRock,

Inc.

365

263,362

Cboe

Global

Markets,

Inc.

1,552

144,522

CME

Group,

Inc.

4,233

770,618

Intercontinental

Exchange,

Inc.

4,335

499,782

LPL

Financial

Holdings,

Inc.

9,563

996,656

MarketAxess

Holdings,

Inc.

437

249,335

Moody's

Corp.

2,295

666,101

Morgan

Stanley

13,359

915,492

Morningstar,

Inc.

494

114,396

MSCI,

Inc.

1,404

626,928

Northern

Trust

Corp.

2,636

245,517

S&P

Global,

Inc.

3,044

1,000,654

6,655,628

Chemicals

-

1.6%

Air

Products

and

Chemicals,

Inc.

1,700

464,474

Albemarle

Corp.

4,756

701,605

Chemours

Co.

(The)

23,696

587,424

Ecolab,

Inc.

2,300

497,628

Element

Solutions,

Inc.

17,103

303,236

FMC

Corp.

1,056

121,366

Linde

plc

(United

Kingdom)

1,465

386,042

PPG

Industries,

Inc.

1,826

263,346

Scotts

Miracle-

Gro

Co.

(The)

3,000

597,420

Sherwin-Williams

Co.

(The)

961

706,249

4,628,790

Commercial

Services

&

Supplies

-

0.3%

ADT,

Inc.

13,901

109,123

Cintas

Corp.

848

299,734

Copart

,

Inc.

*

2,139

272,188

Republic

Services,

Inc.

1,427

137,420

Waste

Management,

Inc.

963

113,566

932,031

Communications

Equipment

-

0.9%

Arista

Networks,

Inc.

*

1,206

350,427

Ciena

Corp.

*

3,941

208,282

Cisco

Systems,

Inc.

18,696

836,646

F5

Networks,

Inc.

*

692

121,751

67

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

0.9%

(continued)

Lumentum

Holdings,

Inc.

*

4,374

414,655

Ubiquiti,

Inc.

2,046

569,831

2,501,592

Construction

&

Engineering

-

0.2%

AECOM

*

2,693

134,057

Jacobs

Engineering

Group,

Inc.

1,060

115,498

Quanta

Services,

Inc.

5,987

431,184

680,739

Construction

Materials

-

0.1%

Vulcan

Materials

Co.

1,445

214,308

Consumer

Finance

-

0.4%

Capital

One

Financial

Corp.

3,365

332,630

OneMain

Holdings,

Inc.

11,245

541,559

Santander

Consumer

USA

Holdings,

Inc.

15,874

349,546

1,223,735

Containers

&

Packaging

-

0.2%

Ball

Corp.

3,413

318,024

Berry

Global

Group,

Inc.

*

2,501

140,531

458,555

Distributors

-

0.2%

LKQ

Corp.

*

10,484

369,456

Pool

Corp.

759

282,728

652,184

Diversified

Consumer

Services

-

0.2%

Chegg

,

Inc.

*

4,694

424,009

Diversified

Financial

Services

-

0.1%

Berkshire

Hathaway,

Inc.,

Class

B

*

612

141,905

Jefferies

Financial

Group,

Inc.

5,954

146,468

288,373

Electric

Utilities

-

1.1%

American

Electric

Power

Co.,

Inc.

1,717

142,974

NextEra

Energy,

Inc.

35,132

2,710,434

Xcel

Energy,

Inc.

5,012

334,150

3,187,558

Electrical

Equipment

-

0.4%

Eaton

Corp.

plc

2,334

280,407

Emerson

Electric

Co.

1,260

101,266

Generac

Holdings,

Inc.

*

2,161

491,433

Regal

Beloit

Corp.

945

116,055

Rockwell

Automation,

Inc.

332

83,269

1,072,430

Electronic

Equipment,

Instruments

&

Components

-

1.0%

Cognex

Corp.

5,374

431,452

Corning,

Inc.

11,812

425,232

Dolby

Laboratories,

Inc.,

Class

A

1,816

176,388

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

1.0%

(continued)

IPG

Photonics

Corp.

*

1,287

288,018

Jabil,

Inc.

8,553

363,759

Keysight

Technologies,

Inc.

*

1,638

216,363

SYNNEX

Corp.

1,669

135,923

Trimble,

Inc.

*

6,889

459,979

Zebra

Technologies

Corp.,

Class

A

*

1,097

421,610

2,918,724

Entertainment

-

1.6%

Activision

Blizzard,

Inc.

10,763

999,345

Electronic

Arts,

Inc.

6,096

875,386

Netflix,

Inc.

*

2,576

1,392,920

Roku,

Inc.

*

2,146

712,515

Spotify

Technology

SA

*

1,591

500,624

Take-Two

Interactive

Software,

Inc.

*

733

152,310

4,633,100

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.0%

American

Tower

Corp.

4,094

918,939

CyrusOne

,

Inc.

1,564

114,407

Digital

Realty

Trust,

Inc.

4,081

569,340

Duke

Realty

Corp.

3,458

138,216

Equinix

,

Inc.

459

327,809

Equity

LifeStyle

Properties,

Inc.

5,898

373,697

Extra

Space

Storage,

Inc.

1,500

173,790

Outfront

Media,

Inc.

5,368

104,998

Sun

Communities,

Inc.

1,430

217,289

2,938,485

Food

&

Staples

Retailing

-

1.7%

Casey's

General

Stores,

Inc.

2,884

515,140

Costco

Wholesale

Corp.

4,841

1,823,992

Walmart,

Inc.

18,759

2,704,110

5,043,242

Food

Products

-

0.4%

Conagra

Brands,

Inc.

8,173

296,353

General

Mills,

Inc.

2,035

119,658

Hain

Celestial

Group,

Inc.

(The)

*

3,334

133,860

Hershey

Co.

(The)

707

107,697

Tyson

Foods,

Inc.,

Class

A

5,543

357,191

1,014,759

Health

Care

Equipment

&

Supplies

-

4.4%

Abbott

Laboratories

10,679

1,169,244

ABIOMED,

Inc.

*

571

185,118

Align

Technology,

Inc.

*

2,008

1,073,035

Baxter

International,

Inc.

1,720

138,013

Becton

Dickinson

and

Co.

1,281

320,532

Boston

Scientific

Corp.

*

17,375

624,631

Danaher

Corp.

5,248

1,165,791

DexCom

,

Inc.

*

2,521

932,064

68

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

4.4%

(continued)

Edwards

Lifesciences

Corp.

*

9,810

894,966

Hologic

,

Inc.

*

2,560

186,445

IDEXX

Laboratories,

Inc.

*

2,339

1,169,196

Insulet

Corp.

*

2,487

635,752

Intuitive

Surgical,

Inc.

*

1,449

1,185,427

Masimo

Corp.

*

1,142

306,490

Medtronic

plc

5,559

651,181

Novocure

Ltd.

*

1,531

264,924

Quidel

Corp.

*

2,257

405,470

ResMed

,

Inc.

1,105

234,879

STERIS

plc

836

158,455

Stryker

Corp.

2,501

612,845

Tandem

Diabetes

Care,

Inc.

*

883

84,485

Teleflex,

Inc.

1,073

441,615

West

Pharmaceutical

Services,

Inc.

315

89,243

12,929,801

Health

Care

Providers

&

Services

-

2.5%

Acadia

Healthcare

Co.,

Inc.

*

1,794

90,167

Amedisys

,

Inc.

*

322

94,452

AmerisourceBergen

Corp.

990

96,782

Anthem,

Inc.

3,564

1,144,365

Centene

Corp.

*

4,641

278,599

Chemed

Corp.

1,112

592,262

HCA

Healthcare,

Inc.

2,023

332,703

Humana,

Inc.

1,257

515,709

Molina

Healthcare,

Inc.

*

614

130,586

UnitedHealth

Group,

Inc.

11,735

4,115,230

7,390,855

Health

Care

Technology

-

0.4%

Teladoc

Health,

Inc.

*

1,534

306,738

Veeva

Systems,

Inc.,

Class

A

*

3,215

875,284

1,182,022

Hotels,

Restaurants

&

Leisure

-

0.9%

Chipotle

Mexican

Grill,

Inc.

*

653

905,521

Domino's

Pizza,

Inc.

406

155,685

McDonald's

Corp.

1,705

365,859

Starbucks

Corp.

9,912

1,060,386

2,487,451

Household

Durables

-

0.5%

DR

Horton,

Inc.

3,534

243,563

Garmin

Ltd.

3,240

387,698

Lennar

Corp.,

Class

A

2,182

166,334

NVR,

Inc.

*

22

89,757

PulteGroup,

Inc.

3,050

131,516

Tempur

Sealy

International,

Inc.

*

14,032

378,864

Whirlpool

Corp.

614

110,821

1,508,553

INVESTMENTS

SHARES

VALUE

($)

Household

Products

-

0.6%

Church

&

Dwight

Co.,

Inc.

1,169

101,972

Procter

&

Gamble

Co.

(The)

11,572

1,610,128

Spectrum

Brands

Holdings,

Inc.

1,197

94,539

1,806,639

Industrial

Conglomerates

-

0.4%

Honeywell

International,

Inc.

5,345

1,136,882

Roper

Technologies,

Inc.

290

125,016

1,261,898

Insurance

-

0.4%

Aon

plc,

Class

A

451

95,283

Arch

Capital

Group

Ltd.

*

7,282

262,662

Brown

&

Brown,

Inc.

3,148

149,246

Progressive

Corp.

(The)

7,933

784,415

1,291,606

Interactive

Media

&

Services

-

4.2%

Alphabet,

Inc.,

Class

A

*

1,509

2,644,734

Facebook,

Inc.,

Class

A

*

24,079

6,577,419

Match

Group,

Inc.

*

10,956

1,656,438

Twitter,

Inc.

*

8,054

436,124

Zillow

Group,

Inc.,

Class

C

*

6,621

859,406

12,174,121

Internet

&

Direct

Marketing

Retail

-

6.3%

Amazon.com,

Inc.

*

4,937

16,079,463

Booking

Holdings,

Inc.

*

128

285,091

eBay,

Inc.

5,946

298,786

Etsy,

Inc.

*

4,728

841,158

Qurate

Retail,

Inc.,

Series

A

26,542

291,166

Wayfair,

Inc.,

Class

A

*

2,581

582,816

18,378,480

IT

Services

-

7.4%

Accenture

plc,

Class

A

7,038

1,838,396

Akamai

Technologies,

Inc.

*

1,027

107,825

Automatic

Data

Processing,

Inc.

3,597

633,791

Booz

Allen

Hamilton

Holding

Corp.

2,401

209,319

Cognizant

Technology

Solutions

Corp.,

Class

A

4,878

399,752

EPAM

Systems,

Inc.

*

1,173

420,345

Fiserv,

Inc.

*

6,637

755,689

FleetCor

Technologies,

Inc.

*

1,395

380,598

Global

Payments,

Inc.

919

197,971

GoDaddy

,

Inc.,

Class

A

*

1,956

162,250

Jack

Henry

&

Associates,

Inc.

1,350

218,686

Leidos

Holdings,

Inc.

1,392

146,327

Mastercard

,

Inc.,

Class

A

12,975

4,631,296

MongoDB,

Inc.

*

963

345,756

Okta

,

Inc.

*

5,414

1,376,564

PayPal

Holdings,

Inc.

*

10,020

2,346,684

Square,

Inc.,

Class

A

*

5,919

1,288,211

Twilio

,

Inc.,

Class

A

*

2,592

877,392

69

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

7.4%

(continued)

VeriSign,

Inc.

*

939

203,200

Visa,

Inc.,

Class

A

23,330

5,102,971

21,643,023

Leisure

Products

-

0.1%

Brunswick

Corp.

4,207

320,742

Mattel,

Inc.

*

4,714

82,259

403,001

Life

Sciences

Tools

&

Services

-

1.5%

Bio-Rad

Laboratories,

Inc.,

Class

A

*

155

90,356

Charles

River

Laboratories

International,

Inc.

*

1,151

287,589

Illumina,

Inc.

*

1,395

516,150

IQVIA

Holdings,

Inc.

*

2,083

373,211

PerkinElmer,

Inc.

652

93,562

Repligen

Corp.

*

2,007

384,601

Thermo

Fisher

Scientific,

Inc.

5,346

2,490,060

4,235,529

Machinery

-

2.0%

Caterpillar,

Inc.

4,750

864,595

Colfax

Corp.

*

7,733

295,710

Deere

&

Co.

2,753

740,695

Dover

Corp.

2,076

262,095

Fortive

Corp.

2,886

204,386

Gates

Industrial

Corp.

plc

*

13,550

172,898

Graco

,

Inc.

1,448

104,763

Illinois

Tool

Works,

Inc.

3,505

714,599

Ingersoll

Rand,

Inc.

*(b)

5,841

266,116

Nordson

Corp.

909

182,663

PACCAR,

Inc.

1,093

94,304

Parker-Hannifin

Corp.

1,500

408,615

Pentair

plc

3,229

171,428

Timken

Co.

(The)

8,372

647,658

Xylem,

Inc.

6,645

676,395

5,806,920

Media

-

1.6%

Cable

One,

Inc.

655

1,459,156

Charter

Communications,

Inc.,

Class

A

*

3,354

2,218,839

Comcast

Corp.,

Class

A

16,044

840,706

Liberty

Broadband

Corp.,

Class

C

*

872

138,099

4,656,800

Metals

&

Mining

-

0.6%

Freeport-McMoRan,

Inc.

37,681

980,460

Newmont

Corp.

6,764

405,096

Reliance

Steel

&

Aluminum

Co.

1,182

141,544

Royal

Gold,

Inc.

1,271

135,184

1,662,284

INVESTMENTS

SHARES

VALUE

($)

Multiline

Retail

-

0.8%

Dollar

General

Corp.

3,921

824,586

Dollar

Tree,

Inc.

*

1,759

190,042

Target

Corp.

6,843

1,207,995

2,222,623

Multi-Utilities

-

0.2%

Ameren

Corp.

4,264

332,848

CMS

Energy

Corp.

2,100

128,121

460,969

Oil,

Gas

&

Consumable

Fuels

-

0.0%

(a)

EQT

Corp.

9,312

118,356

Personal

Products

-

0.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

3,757

1,000,076

Pharmaceuticals

-

2.1%

Bristol-Myers

Squibb

Co.

22,646

1,404,731

Catalent

,

Inc.

*

3,437

357,689

Eli

Lilly

and

Co.

7,307

1,233,714

Horizon

Therapeutics

plc

*

10,745

785,997

Johnson

&

Johnson

4,675

735,751

Reata

Pharmaceuticals,

Inc.,

Class

A

*

1,110

137,218

Zoetis,

Inc.

9,446

1,563,313

6,218,413

Professional

Services

-

0.5%

CoStar

Group,

Inc.

*

838

774,547

Equifax,

Inc.

651

125,539

TransUnion

3,347

332,089

Verisk

Analytics,

Inc.

906

188,076

1,420,251

Road

&

Rail

-

1.0%

CSX

Corp.

10,461

949,336

JB

Hunt

Transport

Services,

Inc.

1,506

205,795

Knight-Swift

Transportation

Holdings,

Inc.

2,964

123,954

Landstar

System,

Inc.

620

83,489

Norfolk

Southern

Corp.

2,500

594,025

Old

Dominion

Freight

Line,

Inc.

2,934

572,658

Union

Pacific

Corp.

2,312

481,405

3,010,662

Semiconductors

&

Semiconductor

Equipment

-

7.3%

Advanced

Micro

Devices,

Inc.

*

18,280

1,676,459

Analog

Devices,

Inc.

949

140,196

Applied

Materials,

Inc.

6,731

580,885

Broadcom,

Inc.

2,199

962,832

Cree,

Inc.

*

3,820

404,538

Enphase

Energy,

Inc.

*

9,409

1,650,997

Entegris

,

Inc.

9,379

901,322

First

Solar,

Inc.

*

4,664

461,363

Intel

Corp.

3,504

174,569

70

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

7.3%

(continued)

KLA

Corp.

3,897

1,008,972

Lam

Research

Corp.

3,239

1,529,683

Marvell

Technology

Group

Ltd.

14,009

665,988

Microchip

Technology,

Inc.

2,219

306,466

Micron

Technology,

Inc.

*

1,576

118,484

MKS

Instruments,

Inc.

2,032

305,714

Monolithic

Power

Systems,

Inc.

867

317,521

NVIDIA

Corp.

7,373

3,850,181

Qorvo

,

Inc.

*

1,915

318,407

QUALCOMM,

Inc.

10,026

1,527,361

Skyworks

Solutions,

Inc.

3,805

581,708

SolarEdge

Technologies,

Inc.

*

3,274

1,044,799

Teradyne,

Inc.

5,560

666,588

Texas

Instruments,

Inc.

12,751

2,092,822

21,287,855

Software

-

14.8%

2U,

Inc.

*

3,158

126,352

Adobe,

Inc.

*

10,044

5,023,205

Alteryx,

Inc.,

Class

A

*

2,795

340,403

ANSYS,

Inc.

*

2,671

971,710

Atlassian

Corp.

plc,

Class

A

*

5,509

1,288,390

Autodesk,

Inc.

*

2,283

697,091

Avalara,

Inc.

*

3,182

524,680

Coupa

Software,

Inc.

*

3,192

1,081,801

DocuSign,

Inc.

*

2,586

574,868

Everbridge

,

Inc.

*

974

145,194

Fair

Isaac

Corp.

*

332

169,665

Five9,

Inc.

*

2,712

472,973

Fortinet,

Inc.

*

1,306

193,980

Guidewire

Software,

Inc.

*

2,220

285,781

HubSpot

,

Inc.

*

1,307

518,147

Intuit,

Inc.

3,380

1,283,893

Microsoft

Corp.

85,460

19,008,013

Nuance

Communications,

Inc.

*

2,462

108,550

Palo

Alto

Networks,

Inc.

*

1,095

389,152

Paycom

Software,

Inc.

*

2,422

1,095,349

Paylocity

Holding

Corp.

*

1,109

228,354

RingCentral,

Inc.,

Class

A

*

3,782

1,433,265

salesforce.com,

Inc.

*

6,153

1,369,227

ServiceNow

,

Inc.

*

4,455

2,452,166

Smartsheet

,

Inc.,

Class

A

*

1,825

126,454

Splunk

,

Inc.

*

1,580

268,426

SS&C

Technologies

Holdings,

Inc.

2,522

183,475

Trade

Desk,

Inc.

(The),

Class

A

*

1,243

995,643

VMware,

Inc.,

Class

A

*(b)

2,320

325,403

Workday,

Inc.,

Class

A

*

969

232,182

Zendesk

,

Inc.

*

3,319

475,015

Zscaler

,

Inc.

*

3,563

711,567

43,100,374

Specialty

Retail

-

2.7%

AutoNation,

Inc.

*

2,901

202,461

AutoZone,

Inc.

*

172

203,896

Best

Buy

Co.,

Inc.

1,933

192,894

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.7%

(continued)

Burlington

Stores,

Inc.

*

2,806

733,909

CarMax,

Inc.

*

1,221

115,336

Carvana

Co.

*

3,989

955,525

Dick's

Sporting

Goods,

Inc.

1,630

91,622

Floor

&

Decor

Holdings,

Inc.,

Class

A

*

4,797

445,401

Home

Depot,

Inc.

(The)

6,141

1,631,172

L

Brands,

Inc.

4,403

163,748

Lowe's

Cos.,

Inc.

5,244

841,714

O'Reilly

Automotive,

Inc.

*

1,264

572,049

Ross

Stores,

Inc.

6,852

841,494

TJX

Cos.,

Inc.

(The)

5,956

406,735

Ulta

Beauty,

Inc.

*

1,053

302,380

Williams-Sonoma,

Inc.

2,550

259,692

7,960,028

Technology

Hardware,

Storage

&

Peripherals

-

7.4%

Apple,

Inc.

156,777

20,802,740

Dell

Technologies,

Inc.,

Class

C

*

7,941

581,996

Pure

Storage,

Inc.,

Class

A

*

5,003

113,118

21,497,854

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

Lululemon

Athletica,

Inc.

*

1,508

524,829

NIKE,

Inc.,

Class

B

8,122

1,149,020

1,673,849

Trading

Companies

&

Distributors

-

0.3%

Air

Lease

Corp.

3,456

153,516

Fastenal

Co.

8,380

409,195

United

Rentals,

Inc.

*

1,348

312,615

875,326

Water

Utilities

-

0.2%

American

Water

Works

Co.,

Inc.

3,183

488,495

Wireless

Telecommunication

Services

-

0.4%

T-Mobile

US,

Inc.

*

8,471

1,142,314

TOTAL

COMMON

STOCKS

(Cost

$128,434,764)

277,163,865

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4.6%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(c)

(Cost

$13,546,061)

13,549,723

13,544,303

71

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SECURITIES

LENDING

COLLATERAL

-

0.1%

Investment

Companies

-

0.1%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(c)(d)

93,268

93,268

Limited

Purpose

Cash

Investment

Fund

0.03%

(c)(d)

201,018

200,938

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$294,286)

294,206

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$142,275,111)

291,002,374

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

(e)

452,827

NET

ASSETS

-

100.0%

291,455,201

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

22,606,335

7.8

%

Consumer

Discretionary

45,485,784

15.6

Consumer

Staples

11,467,722

3.9

Energy

118,356

0.0

(a)

Financials

10,324,420

3.5

Health

Care

36,996,872

12.7

Industrials

23,175,510

8.0

Information

Technology

112,949,423

38.8

Materials

6,963,936

2.4

Real

Estate

2,938,485

1.0

Utilities

4,137,022

1.4

Short-Term

Investments

13,544,303

4.6

Securities

Lending

Collateral

294,206

0.1

Total

Investments

In

Securities

At

Value

291,002,374

99.8

Other

Assets

in

Excess

of

Liabilities

(e

)

452,827

0.2

Net

Assets

$

291,455,201

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)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$417,273.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(d)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan;

additional

non-cash

collateral

of

$132,568

was

received.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2020:

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

63

3/2021

USD

$

11,808,720

$

293,131

$

293,131

72

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Aerospace

&

Defense

-

0.6%

AeroVironment

,

Inc.

*

425

36,933

Ducommun,

Inc.

*

714

38,342

Kratos

Defense

&

Security

Solutions,

Inc.

*

2,173

59,605

Maxar

Technologies,

Inc.

4,619

178,247

Vectrus

,

Inc.

*

926

46,041

359,168

Air

Freight

&

Logistics

-

0.2%

Air

Transport

Services

Group,

Inc.

*

995

31,184

Atlas

Air

Worldwide

Holdings,

Inc.

*

604

32,942

Forward

Air

Corp.

274

21,054

Hub

Group,

Inc.,

Class

A

*

586

33,402

118,582

Auto

Components

-

1.5%

Adient

plc

*

2,007

69,783

American

Axle

&

Manufacturing

Holdings,

Inc.

*

3,036

25,320

Cooper

Tire

&

Rubber

Co.

1,594

64,557

Fox

Factory

Holding

Corp.

*

1,330

140,594

Gentherm

,

Inc.

*

1,871

122,027

LCI

Industries

643

83,384

Patrick

Industries,

Inc.

1,282

87,625

Standard

Motor

Products,

Inc.

602

24,357

Visteon

Corp.

*

936

117,487

Workhorse

Group,

Inc.

*(a)

6,327

125,148

860,282

Automobiles

-

0.2%

Winnebago

Industries,

Inc.

1,515

90,809

Banks

-

1.2%

Allegiance

Bancshares,

Inc.

542

18,499

First

Interstate

BancSystem

,

Inc.,

Class

A

1,291

52,634

Independent

Bank

Corp.

530

38,711

Independent

Bank

Corp./MI

1,693

31,270

Lakeland

Financial

Corp.

1,783

95,533

Live

Oak

Bancshares,

Inc.

959

45,514

National

Bank

Holdings

Corp.,

Class

A

947

31,024

OFG

Bancorp

1,492

27,662

Seacoast

Banking

Corp.

of

Florida

*

1,369

40,317

ServisFirst

Bancshares,

Inc.

4,062

163,658

Southside

Bancshares,

Inc.

813

25,227

Triumph

Bancorp,

Inc.

*

1,588

77,097

United

Community

Banks,

Inc.

800

22,752

669,898

Beverages

-

0.9%

Celsius

Holdings,

Inc.

*

6,722

338,184

Coca-Cola

Consolidated,

Inc.

141

37,544

National

Beverage

Corp.

(a)

1,575

133,718

INVESTMENTS

SHARES

VALUE

($)

Beverages

-

0.9%

(continued)

Primo

Water

Corp.

1,634

25,621

535,067

Biotechnology

-

14.9%

Adverum

Biotechnologies,

Inc.

*

5,990

64,932

Agenus,

Inc.

*

4,926

15,665

Allakos

,

Inc.

*

487

68,180

Amicus

Therapeutics,

Inc.

*

10,409

240,344

Anavex

Life

Sciences

Corp.

*

5,750

31,050

Apellis

Pharmaceuticals,

Inc.

*

1,332

76,190

Applied

Genetic

Technologies

Corp.

*

3,829

15,661

Arcturus

Therapeutics

Holdings,

Inc.

*

2,052

89,016

Arcus

Biosciences,

Inc.

*

4,049

105,112

Ardelyx

,

Inc.

*

3,082

19,941

Arena

Pharmaceuticals,

Inc.

*

1,067

81,978

Arrowhead

Pharmaceuticals,

Inc.

*

3,075

235,945

Atara

Biotherapeutics

,

Inc.

*

794

15,586

Avid

Bioservices

,

Inc.

*

1,371

15,821

BioCryst

Pharmaceuticals,

Inc.

*(a)

12,694

94,570

Biohaven

Pharmaceutical

Holding

Co.

Ltd.

*

2,308

197,819

Bioxcel

Therapeutics,

Inc.

*

1,953

90,229

Blueprint

Medicines

Corp.

*

950

106,542

CareDx

,

Inc.

*

2,013

145,842

CEL-SCI

Corp.

*(a)

4,173

48,657

ChemoCentryx

,

Inc.

*

3,344

207,060

Constellation

Pharmaceuticals,

Inc.

*

1,022

29,434

CTI

BioPharma

Corp.

*

704

2,267

Cue

Biopharma,

Inc.

*

1,294

16,188

Cytokinetics,

Inc.

*(a)

2,533

52,636

Deciphera

Pharmaceuticals,

Inc.

*

884

50,450

Denali

Therapeutics,

Inc.

*

6,797

569,317

Dicerna

Pharmaceuticals,

Inc.

*

4,223

93,033

Editas

Medicine,

Inc.

*

2,029

142,253

Eidos

Therapeutics,

Inc.

*(a)

1,158

152,370

Emergent

BioSolutions

,

Inc.

*

1,793

160,653

Fate

Therapeutics,

Inc.

*

4,576

416,096

Fennec

Pharmaceuticals,

Inc.

(Canada)

*

2,351

17,515

Five

Prime

Therapeutics,

Inc.

*

2,014

34,258

Fortress

Biotech,

Inc.

*

10,786

34,192

Genprex

,

Inc.

*

9,491

39,388

Halozyme

Therapeutics,

Inc.

*

6,026

257,370

ImmunoGen

,

Inc.

*

13,641

87,984

Inovio

Pharmaceuticals,

Inc.

*(a)

8,751

77,446

Insmed

,

Inc.

*

3,005

100,036

Intellia

Therapeutics,

Inc.

*

3,928

213,683

Invitae

Corp.

*(a)

6,216

259,891

IVERIC

bio,

Inc.

*

9,131

63,095

Jounce

Therapeutics,

Inc.

*

2,883

20,181

Kadmon

Holdings,

Inc.

*

3,819

15,849

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

1,731

30,587

73

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

14.9%

(continued)

Krystal

Biotech,

Inc.

*

346

20,760

Kura

Oncology,

Inc.

*

2,294

74,922

MacroGenics

,

Inc.

*

1,176

26,883

MannKind

Corp.

*

9,760

30,549

MEI

Pharma,

Inc.

*

6,980

18,427

Mersana

Therapeutics,

Inc.

*

4,137

110,086

Mirati

Therapeutics,

Inc.

*

1,863

409,189

NantKwest

,

Inc.

*(a)

7,297

97,269

Natera

,

Inc.

*

4,336

431,519

Neoleukin

Therapeutics,

Inc.

*

2,940

41,454

Novavax

,

Inc.

*(a)

2,656

296,171

OPKO

Health,

Inc.

*(a)

28,132

111,121

Protagonist

Therapeutics,

Inc.

*

2,676

53,948

PTC

Therapeutics,

Inc.

*

2,436

148,669

Replimune

Group,

Inc.

*

2,186

83,396

Rigel

Pharmaceuticals,

Inc.

*

8,891

31,118

Sangamo

Therapeutics,

Inc.

*

2,439

38,061

Scholar

Rock

Holding

Corp.

*

2,979

144,571

Selecta

Biosciences,

Inc.

*

9,137

27,685

Seres

Therapeutics,

Inc.

*

4,820

118,090

Soleno

Therapeutics,

Inc.

*

12,938

24,970

Sorrento

Therapeutics,

Inc.

*(a)

5,648

38,548

Syndax

Pharmaceuticals,

Inc.

*

3,673

81,687

Syros

Pharmaceuticals,

Inc.

*

4,137

44,886

TG

Therapeutics,

Inc.

*

7,601

395,404

Translate

Bio,

Inc.

*

4,531

83,506

Travere

Therapeutics,

Inc.

*

1,256

34,232

Ultragenyx

Pharmaceutical,

Inc.

*

3,018

417,782

VBI

Vaccines,

Inc.

*(a)

23,974

65,928

Veracyte

,

Inc.

*

2,087

102,138

XBiotech

,

Inc.

*(a)

3,476

54,399

Xencor

,

Inc.

*

548

23,909

8,583,589

Building

Products

-

2.4%

AAON,

Inc.

2,440

162,577

Advanced

Drainage

Systems,

Inc.

3,100

259,098

Alpha

Pro

Tech

Ltd.

*

3,753

41,846

Builders

FirstSource

,

Inc.

*

7,061

288,159

Cornerstone

Building

Brands,

Inc.

*

5,387

49,991

CSW

Industrials,

Inc.

564

63,117

Gibraltar

Industries,

Inc.

*

1,568

112,802

Griffon

Corp.

845

17,221

JELD-WEN

Holding,

Inc.

*

2,030

51,481

Masonite

International

Corp.

*

1,153

113,386

PGT

Innovations,

Inc.

*

839

17,065

Simpson

Manufacturing

Co.,

Inc.

1,148

107,281

UFP

Industries,

Inc.

1,479

82,159

1,366,183

Capital

Markets

-

2.2%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

2,787

140,298

B

Riley

Financial,

Inc.

987

43,645

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

2.2%

(continued)

Brightsphere

Investment

Group,

Inc.

2,252

43,418

Cohen

&

Steers,

Inc.

1,251

92,949

Donnelley

Financial

Solutions,

Inc.

*

1,032

17,513

Focus

Financial

Partners,

Inc.,

Class

A

*

3,156

137,286

Hamilton

Lane,

Inc.,

Class

A

2,303

179,749

Houlihan

Lokey

,

Inc.

2,872

193,085

Moelis

&

Co.,

Class

A

1,966

91,930

Piper

Sandler

Cos.

500

50,450

PJT

Partners,

Inc.,

Class

A

1,718

129,279

Stifel

Financial

Corp.

1,080

54,497

StoneX

Group,

Inc.

*

303

17,544

Virtus

Investment

Partners,

Inc.

292

63,364

1,255,007

Chemicals

-

0.6%

Amyris

,

Inc.

*(a)

4,849

29,943

Balchem

Corp.

256

29,496

Chase

Corp.

202

20,404

FutureFuel

Corp.

1,659

21,069

GCP

Applied

Technologies,

Inc.

*

1,185

28,025

Hawkins,

Inc.

436

22,807

Innospec

,

Inc.

332

30,123

Kraton

Corp.

*

676

18,786

Quaker

Chemical

Corp.

175

44,343

Sensient

Technologies

Corp.

523

38,582

Stepan

Co.

710

84,717

368,295

Commercial

Services

&

Supplies

-

0.9%

Brady

Corp.,

Class

A

570

30,108

Casella

Waste

Systems,

Inc.,

Class

A

*

2,339

144,901

Heritage-Crystal

Clean,

Inc.

*

846

17,825

Kimball

International,

Inc.,

Class

B

1,371

16,384

McGrath

RentCorp

702

47,104

Tetra

Tech,

Inc.

2,071

239,780

496,102

Communications

Equipment

-

0.9%

ADTRAN,

Inc.

1,970

29,097

Calix,

Inc.

*

4,849

144,306

Harmonic,

Inc.

*

5,599

41,377

Infinera

Corp.

*(a)

8,498

89,059

Inseego

Corp.

*(a)

6,741

104,283

InterDigital

,

Inc.

582

35,316

Viavi

Solutions,

Inc.

*

4,517

67,642

511,080

Construction

&

Engineering

-

0.9%

Ameresco

,

Inc.,

Class

A

*

2,545

132,951

Argan

,

Inc.

593

26,383

Comfort

Systems

USA,

Inc.

405

21,327

74

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

0.9%

(continued)

Construction

Partners,

Inc.,

Class

A

*

991

28,848

Dycom

Industries,

Inc.

*

1,004

75,822

EMCOR

Group,

Inc.

249

22,773

Great

Lakes

Dredge

&

Dock

Corp.

*

2,616

34,453

HC2

Holdings,

Inc.

*

6,692

21,816

MYR

Group,

Inc.

*

318

19,112

Sterling

Construction

Co.,

Inc.

*

2,836

52,778

Tutor

Perini

Corp.

*

1,776

22,999

WillScot

Mobile

Mini

Holdings

Corp.

*

2,903

67,262

526,524

Construction

Materials

-

0.2%

Forterra

,

Inc.

*

5,490

94,401

Consumer

Finance

-

0.4%

Encore

Capital

Group,

Inc.

*

1,154

44,948

Enova

International,

Inc.

*

1,107

27,420

Green

Dot

Corp.,

Class

A

*

1,406

78,455

Nelnet,

Inc.,

Class

A

400

28,496

PRA

Group,

Inc.

*

1,185

46,997

PROG

Holdings,

Inc.

464

24,996

251,312

Containers

&

Packaging

-

0.1%

O-I

Glass,

Inc.

2,470

29,393

UFP

Technologies,

Inc.

*

667

31,082

60,475

Diversified

Consumer

Services

-

0.4%

American

Public

Education,

Inc.

*

748

22,799

Aspen

Group,

Inc.

*

2,803

31,197

Franchise

Group,

Inc.

2,736

83,311

Perdoceo

Education

Corp.

*

3,243

40,959

Universal

Technical

Institute,

Inc.

*

4,161

26,880

WW

International,

Inc.

*

796

19,423

224,569

Diversified

Financial

Services

-

0.2%

Cannae

Holdings,

Inc.

*

2,231

98,766

Diversified

Telecommunication

Services

-

0.8%

Bandwidth,

Inc.,

Class

A

*

1,001

153,824

Cogent

Communications

Holdings,

Inc.

829

49,632

Consolidated

Communications

Holdings,

Inc.

*

3,533

17,276

Iridium

Communications,

Inc.

*

4,969

195,406

Ooma

,

Inc.

*

1,415

20,376

Vonage

Holdings

Corp.

*

2,700

34,763

471,277

Electric

Utilities

-

0.1%

MGE

Energy,

Inc.

373

26,121

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

4.1%

American

Superconductor

Corp.

*

1,350

31,617

Atkore

International

Group,

Inc.

*

1,098

45,139

Bloom

Energy

Corp.,

Class

A

*

9,693

277,802

EnerSys

204

16,944

FuelCell

Energy,

Inc.

*(a)

22,900

255,793

Orion

Energy

Systems,

Inc.

*

4,862

47,988

Plug

Power,

Inc.

*

25,053

849,547

Sunrun

,

Inc.

*

7,768

538,944

TPI

Composites,

Inc.

*

1,640

86,559

Vicor

Corp.

*

2,088

192,555

2,342,888

Electronic

Equipment,

Instruments

&

Components

-

2.2%

Akoustis

Technologies,

Inc.

*(a)

2,752

33,657

Arlo

Technologies,

Inc.

*

6,840

53,283

Badger

Meter,

Inc.

1,423

133,847

ePlus

,

Inc.

*

518

45,558

Fabrinet

(Thailand)

*

791

61,374

FARO

Technologies,

Inc.

*

474

33,479

II-VI,

Inc.

*

4,073

309,385

Insight

Enterprises,

Inc.

*

1,123

85,449

Intellicheck

,

Inc.

*

2,582

29,448

Luna

Innovations,

Inc.

*

2,329

23,010

Methode

Electronics,

Inc.

887

33,954

nLight

,

Inc.

*

1,723

56,256

Novanta

,

Inc.

*

1,164

137,608

OSI

Systems,

Inc.

*

194

18,085

PAR

Technology

Corp.

*

744

46,716

PC

Connection,

Inc.

*

516

24,402

Plexus

Corp.

*

600

46,926

Rogers

Corp.

*

159

24,691

Sanmina

Corp.

*

1,383

44,104

TTM

Technologies,

Inc.

*

1,503

20,734

1,261,966

Energy

Equipment

&

Services

-

0.1%

Aspen

Aerogels,

Inc.

*

1,999

33,363

Entertainment

-

0.1%

Eros

STX

Global

Corp.

(United

Arab

Emirates)

*(a)

9,913

18,042

Glu

Mobile,

Inc.

*

4,688

42,239

60,281

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.2%

Agree

Realty

Corp.

570

37,951

CareTrust

REIT,

Inc.

1,045

23,178

Centerspace

354

25,006

EastGroup

Properties,

Inc.

1,367

188,728

Gladstone

Commercial

Corp.

951

17,118

Independence

Realty

Trust,

Inc.

3,352

45,017

Innovative

Industrial

Properties,

Inc.

761

139,362

Monmouth

Real

Estate

Investment

Corp.

1,323

22,914

National

Storage

Affiliates

Trust

2,957

106,541

75

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.2%

(continued)

NexPoint

Residential

Trust,

Inc.

1,444

61,096

PS

Business

Parks,

Inc.

371

49,295

QTS

Realty

Trust,

Inc.,

Class

A

1,578

97,647

Safehold

,

Inc.

2,158

156,433

STAG

Industrial,

Inc.

549

17,195

Terreno

Realty

Corp.

2,998

175,413

UMH

Properties,

Inc.

1,668

24,703

Uniti

Group,

Inc.

4,500

52,785

Universal

Health

Realty

Income

Trust

283

18,188

1,258,570

Food

&

Staples

Retailing

-

0.7%

BJ's

Wholesale

Club

Holdings,

Inc.

*

4,881

181,964

Ingles

Markets,

Inc.,

Class

A

529

22,567

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,957

26,889

Performance

Food

Group

Co.

*

429

20,425

PriceSmart

,

Inc.

717

65,311

Rite

Aid

Corp.

*(a)

2,576

40,778

SpartanNash

Co.

984

17,131

United

Natural

Foods,

Inc.

*

1,237

19,755

Weis

Markets,

Inc.

533

25,483

420,303

Food

Products

-

1.6%

B&G

Foods,

Inc.

2,739

75,953

Darling

Ingredients,

Inc.

*

5,943

342,792

Freshpet

,

Inc.

*

2,265

321,607

J

&

J

Snack

Foods

Corp.

312

48,475

John

B

Sanfilippo

&

Son,

Inc.

269

21,213

Lancaster

Colony

Corp.

523

96,091

Seneca

Foods

Corp.,

Class

A

*

472

18,833

924,964

Gas

Utilities

-

0.1%

Chesapeake

Utilities

Corp.

258

27,918

ONE

Gas,

Inc.

682

52,357

80,275

Health

Care

Equipment

&

Supplies

-

3.5%

Alphatec

Holdings,

Inc.

*

4,992

72,484

Antares

Pharma,

Inc.

*

4,550

18,155

Aspira

Women's

Health,

Inc.

*(a)

13,365

89,679

AtriCure

,

Inc.

*

1,573

87,569

Cardiovascular

Systems,

Inc.

*

822

35,971

Chembio

Diagnostics,

Inc.

*(a)

3,378

16,045

Co-Diagnostics,

Inc.

*(a)

3,817

35,498

CONMED

Corp.

507

56,784

CryoPort

,

Inc.

*(a)

3,563

156,344

CytoSorbents

Corp.

*

2,873

22,898

Electromed

,

Inc.

*

1,940

19,031

GenMark

Diagnostics,

Inc.

*

5,179

75,613

Heska

Corp.

*

669

97,440

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

3.5%

(continued)

Integer

Holdings

Corp.

*

616

50,013

Invacare

Corp.

2,538

22,715

iRadimed

Corp.

*

802

18,286

iRhythm

Technologies,

Inc.

*(a)

1,306

309,796

LeMaitre

Vascular,

Inc.

558

22,599

Merit

Medical

Systems,

Inc.

*

917

50,903

Mesa

Laboratories,

Inc.

247

70,800

Neogen

Corp.

*

398

31,561

Nevro

Corp.

*

1,590

275,229

OrthoPediatrics

Corp.

*(a)

618

25,493

PAVmed

,

Inc.

*

14,441

30,615

Retractable

Technologies,

Inc.

*(a)

5,837

62,689

STAAR

Surgical

Co.

*

2,477

196,228

Zynex

,

Inc.

*(a)

3,073

41,363

1,991,801

Health

Care

Providers

&

Services

-

2.7%

Addus

HomeCare

Corp.

*

1,402

164,160

Community

Health

Systems,

Inc.

*

10,555

78,424

CorVel

Corp.

*

404

42,824

Ensign

Group,

Inc.

(The)

969

70,659

Fulgent

Genetics,

Inc.

*(a)

2,205

114,880

Hanger,

Inc.

*

1,008

22,166

Joint

Corp.

(The)

*

910

23,897

LHC

Group,

Inc.

*

1,203

256,624

Ontrak

,

Inc.

*(a)

1,169

72,232

Owens

&

Minor,

Inc.

6,172

166,953

Patterson

Cos.,

Inc.

3,320

98,372

Providence

Service

Corp.

(The)

*

400

55,452

R1

RCM,

Inc.

*

5,870

140,997

RadNet

,

Inc.

*

2,195

42,956

Select

Medical

Holdings

Corp.

*

2,988

82,648

Tenet

Healthcare

Corp.

*

1,730

69,079

Triple-S

Management

Corp.,

Class

B

*

782

16,696

US

Physical

Therapy,

Inc.

240

28,860

1,547,879

Health

Care

Technology

-

1.2%

Evolent

Health,

Inc.,

Class

A

*

4,111

65,899

iCAD

,

Inc.

*

3,125

41,250

Inovalon

Holdings,

Inc.,

Class

A

*

5,641

102,497

Inspire

Medical

Systems,

Inc.

*

1,262

237,370

Omnicell

,

Inc.

*

1,073

128,781

Simulations

Plus,

Inc.

1,194

85,873

Vocera

Communications,

Inc.

*

809

33,598

695,268

Hotels,

Restaurants

&

Leisure

-

3.8%

Boyd

Gaming

Corp.

*

1,689

72,492

Brinker

International,

Inc.

1,289

72,919

Caesars

Entertainment,

Inc.

*

8,024

595,942

Churchill

Downs,

Inc.

1,397

272,122

El

Pollo

Loco

Holdings,

Inc.

*

2,398

43,404

Papa

John's

International,

Inc.

1,284

108,947

76

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

3.8%

(continued)

Penn

National

Gaming,

Inc.

*

6,739

582,047

Scientific

Games

Corp.

*

1,949

80,864

Shake

Shack,

Inc.,

Class

A

*

337

28,571

Texas

Roadhouse,

Inc.

1,879

146,863

Wingstop

,

Inc.

1,547

205,055

2,209,226

Household

Durables

-

3.5%

Beazer

Homes

USA,

Inc.

*

1,292

19,574

Cavco

Industries,

Inc.

*

156

27,370

Century

Communities,

Inc.

*

1,145

50,128

GoPro,

Inc.,

Class

A

*

7,513

62,208

Green

Brick

Partners,

Inc.

*

1,811

41,581

Helen

of

Troy

Ltd.

*

1,276

283,514

Installed

Building

Products,

Inc.

*

1,208

123,131

iRobot

Corp.

*

716

57,488

KB

Home

1,385

46,425

La-Z-Boy,

Inc.

1,058

42,151

LGI

Homes,

Inc.

*

450

47,632

Lovesac

Co.

(The)

*

1,522

65,583

M/I

Homes,

Inc.

*

1,525

67,542

MDC

Holdings,

Inc.

2,730

132,678

Meritage

Homes

Corp.

*

2,834

234,712

Purple

Innovation,

Inc.

*

4,467

147,143

Sonos

,

Inc.

*

2,607

60,978

Taylor

Morrison

Home

Corp.

*

1,150

29,498

TopBuild

Corp.

*

1,380

254,030

TRI

Pointe

Group,

Inc.

*

2,759

47,593

Tupperware

Brands

Corp.

*

3,274

106,045

Turtle

Beach

Corp.

*

1,738

37,454

Universal

Electronics,

Inc.

*

465

24,394

VOXX

International

Corp.

*

1,882

24,014

2,032,866

Household

Products

-

0.2%

Central

Garden

&

Pet

Co.,

Class

A

*

1,532

55,658

WD-40

Co.

303

80,501

136,159

Independent

Power

and

Renewable

Electricity

Producers

-

0.3%

Clearway

Energy,

Inc.,

Class

C

5,998

191,516

Insurance

-

1.7%

American

Equity

Investment

Life

Holding

Co.

667

18,449

AMERISAFE,

Inc.

483

27,739

CNO

Financial

Group,

Inc.

1,605

35,679

Enstar

Group

Ltd.

*

155

31,758

Goosehead

Insurance,

Inc.,

Class

A

2,138

266,737

James

River

Group

Holdings

Ltd.

1,464

71,956

Kinsale

Capital

Group,

Inc.

742

148,496

RLI

Corp.

1,057

110,086

Selective

Insurance

Group,

Inc.

415

27,797

Trupanion

,

Inc.

*

1,989

238,103

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

1.7%

(continued)

Universal

Insurance

Holdings,

Inc.

144

2,176

978,976

Interactive

Media

&

Services

-

0.1%

EverQuote

,

Inc.,

Class

A

*

1,204

44,969

QuinStreet

,

Inc.

*

1,407

30,166

75,135

Internet

&

Direct

Marketing

Retail

-

1.4%

1-800-Flowers.com,

Inc.,

Class

A

*

1,966

51,116

CarParts.com,

Inc.

*(a)

7,501

92,937

Duluth

Holdings,

Inc.,

Class

B

*(a)

3,376

35,651

Lands'

End,

Inc.

*

2,291

49,417

Liquidity

Services,

Inc.

*

1,605

25,535

Magnite

,

Inc.

*

3,948

121,243

PetMed

Express,

Inc.

504

16,158

Shutterstock,

Inc.

1,164

83,459

Stamps.com,

Inc.

*

811

159,110

Stitch

Fix,

Inc.,

Class

A

*

3,279

192,543

827,169

IT

Services

-

1.6%

EVERTEC,

Inc.

3,230

127,004

ExlService

Holdings,

Inc.

*

374

31,839

I3

Verticals,

Inc.,

Class

A

*

852

28,286

KBR,

Inc.

1,640

50,725

LiveRamp

Holdings,

Inc.

*

1,830

133,938

ManTech

International

Corp.,

Class

A

999

88,851

MAXIMUS,

Inc.

807

59,064

MoneyGram

International,

Inc.

*

7,239

39,561

NIC,

Inc.

1,578

40,760

Perficient

,

Inc.

*

2,002

95,395

TTEC

Holdings,

Inc.

1,579

115,157

Tucows

,

Inc.,

Class

A

*(a)

633

46,772

Unisys

Corp.

*

3,012

59,276

916,628

Leisure

Products

-

0.8%

Acushnet

Holdings

Corp.

2,742

111,161

Clarus

Corp.

2,078

32,001

Malibu

Boats,

Inc.,

Class

A

*

896

55,946

MasterCraft

Boat

Holdings,

Inc.

*

1,384

34,379

Nautilus,

Inc.

*

3,456

62,692

Smith

&

Wesson

Brands,

Inc.

4,202

74,585

Vista

Outdoor,

Inc.

*

4,036

95,895

466,659

Life

Sciences

Tools

&

Services

-

1.8%

Fluidigm

Corp.

*

6,598

39,588

Medpace

Holdings,

Inc.

*

1,799

250,421

NanoString

Technologies,

Inc.

*

2,478

165,729

NeoGenomics

,

Inc.

*

4,795

258,163

Pacific

Biosciences

of

California,

Inc.

*

10,045

260,567

77

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

1.8%

(continued)

Quanterix

Corp.

*

1,208

56,172

1,030,640

Machinery

-

3.1%

Alamo

Group,

Inc.

289

39,868

Albany

International

Corp.,

Class

A

329

24,155

Altra

Industrial

Motion

Corp.

1,543

85,528

Astec

Industries,

Inc.

1,073

62,105

Chart

Industries,

Inc.

*

1,290

151,949

Columbus

McKinnon

Corp.

620

23,833

Douglas

Dynamics,

Inc.

715

30,581

ESCO

Technologies,

Inc.

729

75,247

Evoqua

Water

Technologies

Corp.

*

6,237

168,274

ExOne

Co.

(The)

*

1,377

13,068

Federal

Signal

Corp.

2,084

69,126

Franklin

Electric

Co.,

Inc.

777

53,776

Kadant

,

Inc.

620

87,408

Lindsay

Corp.

312

40,079

Meritor,

Inc.

*

1,948

54,369

Miller

Industries,

Inc.

551

20,949

Mueller

Industries,

Inc.

1,299

45,608

Omega

Flex,

Inc.

163

23,798

Proto

Labs,

Inc.

*

683

104,772

RBC

Bearings,

Inc.

*

328

58,725

Rexnord

Corp.

2,098

82,850

Shyft

Group,

Inc.

(The)

4,035

114,513

SPX

Corp.

*

2,755

150,258

SPX

FLOW,

Inc.

*

487

28,227

Tennant

Co.

272

19,086

Watts

Water

Technologies,

Inc.,

Class

A

1,024

124,621

1,752,773

Marine

-

0.1%

Costamare

,

Inc.

(Monaco)

2,551

21,122

Matson,

Inc.

1,047

59,648

80,770

Media

-

0.6%

Cardlytics,

Inc.

*

1,637

233,714

Gray

Television,

Inc.

*

1,484

26,549

TechTarget

,

Inc.

*

1,420

83,936

344,199

Metals

&

Mining

-

1.0%

Caledonia

Mining

Corp.

plc

(South

Africa)

1,135

18,024

Century

Aluminum

Co.

*

4,878

53,804

Coeur

Mining,

Inc.

*

3,535

36,587

Commercial

Metals

Co.

848

17,418

Compass

Minerals

International,

Inc.

373

23,022

Hecla

Mining

Co.

26,124

169,284

Kaiser

Aluminum

Corp.

258

25,516

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

1.0%

(continued)

Novagold

Resources,

Inc.

(Canada)

*

17,660

170,772

Worthington

Industries,

Inc.

980

50,313

564,740

Multiline

Retail

-

0.1%

Big

Lots,

Inc.

1,225

52,589

Oil,

Gas

&

Consumable

Fuels

-

0.9%

Antero

Resources

Corp.

*(a)

14,411

78,540

Clean

Energy

Fuels

Corp.

*

2,515

19,768

CNX

Resources

Corp.

*

9,275

100,170

Green

Plains,

Inc.

*

1,235

16,265

Range

Resources

Corp.

*

9,258

62,029

Renewable

Energy

Group,

Inc.

*

2,283

161,682

REX

American

Resources

Corp.

*

300

22,041

Southwestern

Energy

Co.

*

21,048

62,723

523,218

Paper

&

Forest

Products

-

0.5%

Boise

Cascade

Co.

1,335

63,813

Clearwater

Paper

Corp.

*

1,622

61,231

Glatfelter

Corp.

1,016

16,642

Louisiana-Pacific

Corp.

3,690

137,157

Schweitzer-Mauduit

International,

Inc.

551

22,156

300,999

Personal

Products

-

0.4%

elf

Beauty,

Inc.

*

3,020

76,074

Lifevantage

Corp.

*

1,804

16,813

Medifast

,

Inc.

270

53,012

USANA

Health

Sciences,

Inc.

*

219

16,885

Veru

,

Inc.

*(a)

6,111

52,860

215,644

Pharmaceuticals

-

1.9%

Agile

Therapeutics,

Inc.

*

9,205

26,418

Amphastar

Pharmaceuticals,

Inc.

*

1,034

20,794

Aquestive

Therapeutics,

Inc.

*(a)

4,598

24,599

Axsome

Therapeutics,

Inc.

*

1,745

142,165

Cara

Therapeutics,

Inc.

*

1,783

26,977

Cassava

Sciences,

Inc.

*(a)

7,722

52,664

Collegium

Pharmaceutical,

Inc.

*

1,000

20,030

Corcept

Therapeutics,

Inc.

*

5,247

137,262

Cymabay

Therapeutics,

Inc.

*

4,908

28,172

Durect

Corp.

*(a)

11,548

23,904

Intra-Cellular

Therapies,

Inc.

*

3,803

120,935

Kala

Pharmaceuticals,

Inc.

*(a)

2,149

14,570

Marinus

Pharmaceuticals,

Inc.

*

3,677

44,859

Ocular

Therapeutix

,

Inc.

*

5,607

116,065

Pacira

BioSciences

,

Inc.

*

1,072

64,149

Paratek

Pharmaceuticals,

Inc.

*

6,649

41,623

Provention

Bio,

Inc.

*

4,235

71,741

Relmada

Therapeutics,

Inc.

*

1,020

32,711

78

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

1.9%

(continued)

Revance

Therapeutics,

Inc.

*

2,667

75,583

1,085,221

Professional

Services

-

0.8%

ASGN,

Inc.

*

766

63,984

Exponent,

Inc.

1,931

173,848

Forrester

Research,

Inc.

*

263

11,020

Huron

Consulting

Group,

Inc.

*

392

23,108

Kforce

,

Inc.

464

19,530

Korn

Ferry

851

37,018

Mastech

Digital,

Inc.

*

264

4,198

Red

Violet,

Inc.

*

1,048

27,363

TriNet

Group,

Inc.

*

931

75,039

Willdan

Group,

Inc.

*

1,139

47,496

482,604

Real

Estate

Management

&

Development

-

1.3%

eXp

World

Holdings,

Inc.

*

3,870

244,274

Realogy

Holdings

Corp.

*

7,306

95,855

Redfin

Corp.

*

5,528

379,387

St

Joe

Co.

(The)

876

37,186

756,702

Road

&

Rail

-

0.6%

ArcBest

Corp.

1,360

58,031

Daseke

,

Inc.

*

5,439

31,601

Marten

Transport

Ltd.

2,080

35,838

Saia,

Inc.

*

976

176,461

Universal

Logistics

Holdings,

Inc.

881

18,140

US

Xpress

Enterprises,

Inc.,

Class

A

*

2,407

16,464

336,535

Semiconductors

&

Semiconductor

Equipment

-

4.7%

Advanced

Energy

Industries,

Inc.

*

928

89,988

Ambarella

,

Inc.

*

364

33,422

Amkor

Technology,

Inc.

7,070

106,616

Atomera

,

Inc.

*(a)

3,428

55,157

Axcelis

Technologies,

Inc.

*

646

18,812

AXT,

Inc.

*

3,635

34,787

Brooks

Automation,

Inc.

2,292

155,512

CEVA,

Inc.

*

1,339

60,924

CMC

Materials,

Inc.

786

118,922

Cohu

,

Inc.

556

21,228

CyberOptics

Corp.

*

967

21,941

Diodes,

Inc.

*

2,487

175,333

DSP

Group,

Inc.

*

1,520

25,217

FormFactor

,

Inc.

*

4,695

201,979

Impinj

,

Inc.

*

670

28,053

Lattice

Semiconductor

Corp.

*

7,857

360,008

MACOM

Technology

Solutions

Holdings,

Inc.

*

3,764

207,171

MaxLinear

,

Inc.

*

874

33,378

NeoPhotonics

Corp.

*

2,179

19,807

PDF

Solutions,

Inc.

*

2,802

60,523

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

4.7%

(continued)

Photronics

,

Inc.

*

2,339

26,103

Power

Integrations,

Inc.

1,946

159,300

Rambus,

Inc.

*

3,279

57,251

Semtech

Corp.

*

1,066

76,848

Silicon

Laboratories,

Inc.

*

468

59,595

SunPower

Corp.

*(a)

8,447

216,581

Synaptics

,

Inc.

*

1,762

169,857

Ultra

Clean

Holdings,

Inc.

*

2,496

77,750

Veeco

Instruments,

Inc.

*

3,007

52,202

2,724,265

Software

-

7.6%

ACI

Worldwide,

Inc.

*

1,294

49,728

Agilysys

,

Inc.

*

1,107

42,487

Alarm.com

Holdings,

Inc.

*

1,613

166,865

Altair

Engineering,

Inc.,

Class

A

*(a)

869

50,558

American

Software,

Inc.,

Class

A

1,040

17,857

Appfolio

,

Inc.,

Class

A

*

1,611

290,044

Appian

Corp.

*(a)

3,112

504,424

Avaya

Holdings

Corp.

*

3,896

74,608

Blackline,

Inc.

*

2,728

363,861

Bottomline

Technologies

DE,

Inc.

*

698

36,813

ChannelAdvisor

Corp.

*

2,040

32,599

Cloudera,

Inc.

*

8,521

118,527

Digital

Turbine,

Inc.

*

6,185

349,824

Domo,

Inc.,

Class

B

*

2,106

134,300

eGain

Corp.

*

1,908

22,534

Envestnet

,

Inc.

*

1,207

99,324

Intelligent

Systems

Corp.

*

526

21,098

J2

Global,

Inc.

*

429

41,909

LivePerson

,

Inc.

*

2,801

174,306

MicroStrategy

,

Inc.,

Class

A

*

200

77,710

Model

N,

Inc.

*

924

32,968

OneSpan

,

Inc.

*

790

16,337

PROS

Holdings,

Inc.

*

913

46,353

Q2

Holdings,

Inc.

*

1,945

246,101

Qualys

,

Inc.

*

641

78,119

Rapid7,

Inc.

*

910

82,046

Sailpoint

Technologies

Holdings,

Inc.

*

3,348

178,248

Sapiens

International

Corp.

NV

(Israel)

1,662

50,874

Smith

Micro

Software,

Inc.

*

3,718

20,152

SPS

Commerce,

Inc.

*

1,643

178,413

Tenable

Holdings,

Inc.

*

3,269

170,838

Upland

Software,

Inc.

*

616

28,268

Varonis

Systems,

Inc.

*

1,349

220,710

Verint

Systems,

Inc.

*

562

37,755

Veritone

,

Inc.

*(a)

4,434

126,147

VirnetX

Holding

Corp.

(a)

80

403

Workiva

,

Inc.

*

1,502

137,613

Yext

,

Inc.

*

1,138

17,889

Zix

Corp.

*

3,091

26,675

4,365,285

79

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

4.2%

America's

Car-Mart,

Inc.

*

413

45,364

Asbury

Automotive

Group,

Inc.

*

536

78,117

At

Home

Group,

Inc.

*

1,204

18,614

Bed

Bath

&

Beyond,

Inc.

(a)

3,146

55,873

Boot

Barn

Holdings,

Inc.

*

935

40,541

Buckle,

Inc.

(The)

1,148

33,522

Camping

World

Holdings,

Inc.,

Class

A

3,427

89,273

Citi

Trends,

Inc.

712

35,372

Container

Store

Group,

Inc.

(The)

*

3,742

35,699

GameStop

Corp.,

Class

A

*(a)

3,829

72,138

Group

1

Automotive,

Inc.

476

62,423

Hibbett

Sports,

Inc.

*

1,448

66,869

Lithia

Motors,

Inc.,

Class

A

1,236

361,740

Lumber

Liquidators

Holdings,

Inc.

*

2,212

67,997

MarineMax

,

Inc.

*

1,498

52,475

Michaels

Cos.,

Inc.

(The)

*

1,828

23,782

Murphy

USA,

Inc.

1,155

151,155

National

Vision

Holdings,

Inc.

*

3,106

140,671

ODP

Corp.

(The)

*

2,683

78,612

Rent-A-Center,

Inc.

2,899

111,003

RH

*

910

407,243

Shoe

Carnival,

Inc.

643

25,193

Signet

Jewelers

Ltd.

2,024

55,194

Sleep

Number

Corp.

*

1,053

86,198

Sonic

Automotive,

Inc.,

Class

A

2,021

77,950

Sportsman's

Warehouse

Holdings,

Inc.

*

5,662

99,368

Zumiez

,

Inc.

*

1,102

40,531

2,412,917

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

Avid

Technology,

Inc.

*

2,847

45,182

Eastman

Kodak

Co.

*(a)

5,911

48,116

Super

Micro

Computer,

Inc.

*

1,735

54,930

148,228

Textiles,

Apparel

&

Luxury

Goods

-

1.1%

Crocs,

Inc.

*

2,993

187,541

Deckers

Outdoor

Corp.

*

1,224

351,019

Fossil

Group,

Inc.

*

1,788

15,502

Lakeland

Industries,

Inc.

*

2,046

55,754

609,816

Thrifts

&

Mortgage

Finance

-

1.2%

Axos

Financial,

Inc.

*

775

29,086

Federal

Agricultural

Mortgage

Corp.,

Class

C

344

25,542

HomeStreet

,

Inc.

997

33,649

Meta

Financial

Group,

Inc.

1,602

58,569

Mr

Cooper

Group,

Inc.

*

5,775

179,198

PennyMac

Financial

Services,

Inc.

3,753

246,272

Premier

Financial

Corp.

906

20,838

Walker

&

Dunlop,

Inc.

365

33,587

INVESTMENTS

SHARES

VALUE

($)

Thrifts

&

Mortgage

Finance

-

1.2%

(continued)

Waterstone

Financial,

Inc.

2,000

37,640

664,381

Tobacco

-

0.0%

(b)

Vector

Group

Ltd.

1,781

20,749

Trading

Companies

&

Distributors

-

1.0%

CAI

International,

Inc.

1,309

40,893

GMS,

Inc.

*

571

17,404

H&E

Equipment

Services,

Inc.

673

20,062

Rush

Enterprises,

Inc.,

Class

A

973

40,302

SiteOne

Landscape

Supply,

Inc.

*

1,883

298,701

Systemax,

Inc.

754

27,061

Textainer

Group

Holdings

Ltd.

(China)

*

2,884

55,315

Triton

International

Ltd.

1,310

63,548

563,286

Water

Utilities

-

0.2%

American

States

Water

Co.

300

23,853

Cadiz,

Inc.

*(a)

2,241

23,867

Middlesex

Water

Co.

1,085

78,630

126,350

Wireless

Telecommunication

Services

-

0.1%

Shenandoah

Telecommunications

Co.

794

34,341

TOTAL

COMMON

STOCKS

(Cost

$32,586,738)

54,615,651

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4.8%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(c)

(Cost

$2,738,118)

2,738,888

2,737,792

SECURITIES

LENDING

COLLATERAL

-

6.3%

Investment

Companies

-

6.3%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(c)(d)

1,142,255

1,142,255

Limited

Purpose

Cash

Investment

Fund

0.03%

(c)(d)

2,461,883

2,460,898

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$3,604,138)

3,603,153

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

106.1%

(Cost

$38,928,994)

60,956,596

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(6.1)%

(e)

(3,480,479)

NET

ASSETS

-

100.0%

57,476,117

80

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

985,233

1.7

%

Consumer

Discretionary

9,786,903

17.0

Consumer

Staples

2,252,886

3.9

Energy

556,581

1.0

Financials

3,918,341

6.8

Health

Care

14,934,398

26.0

Industrials

8,425,414

14.7

Information

Technology

9,927,451

17.3

Materials

1,388,910

2.4

Real

Estate

2,015,272

3.5

Utilities

424,262

0.7

Short-Term

Investments

2,737,792

4.8

Securities

Lending

Collateral

3,603,153

6.3

Total

Investments

In

Securities

At

Value

60,956,596

106.1

Liabilities

in

Excess

of

Other

Assets

(e)

(3,480,479)

(6.1)

Net

Assets

$

57,476,117

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$3,483,606.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(d)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

23

3/2021

USD

$

2,271,020

$

32,689

$

32,689

81

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.9%

Australia

-

5.3%

Afterpay

Ltd.

*

5,991

544,616

Aristocrat

Leisure

Ltd.

3,308

79,428

ASX

Ltd.

900

49,947

BHP

Group

plc

7,337

193,729

Cochlear

Ltd.

681

99,368

Coles

Group

Ltd.

17,900

250,089

Computershare

Ltd.

5,027

56,569

CSL

Ltd.

6,796

1,484,876

Evolution

Mining

Ltd.

21,772

83,787

Fortescue

Metals

Group

Ltd.

59,303

1,071,155

Goodman

Group,

REIT

33,730

493,047

Macquarie

Group

Ltd.

853

91,049

Magellan

Financial

Group

Ltd.

1,295

53,637

Newcrest

Mining

Ltd.

5,669

113,141

Northern

Star

Resources

Ltd.

8,157

79,726

Ramsay

Health

Care

Ltd.

723

34,741

REA

Group

Ltd.

1,574

180,298

Rio

Tinto

plc

12,710

956,721

Sonic

Healthcare

Ltd.

2,086

51,684

Wesfarmers

Ltd.

11,879

461,702

Woolworths

Group

Ltd.

5,364

162,585

6,591,895

—

Austria

-

0.0%

(a)

ANDRITZ

AG

491

22,508

Belgium

-

0.4%

Elia

Group

SA/NV

467

55,741

Etablissements

Franz

Colruyt

NV

670

39,673

UCB

SA

2,857

295,121

Umicore

SA

2,235

107,425

497,960

—

Brazil

-

0.3%

Wheaton

Precious

Metals

Corp.

(1)

8,280

345,797

Canada

-

9.9%

Agnico

Eagle

Mines

Ltd.

(1)

3,916

275,618

Algonquin

Power

&

Utilities

Corp.

(1)

7,160

117,843

Alimentation

Couche-Tard,

Inc.,

Class

B

(1)

1,865

63,559

AltaGas

Ltd.

(1)

8,068

118,653

Atco

Ltd.,

Class

I

(1)

1,833

52,546

B2Gold

Corp.

(1)

33,502

187,658

Bank

of

Montreal

(1)

463

35,202

Barrick

Gold

Corp.

(1)

29,372

669,171

BCE,

Inc.

(1)

968

41,392

Brookfield

Asset

Management,

Inc.,

Class

A

(1)

3,251

134,392

CAE,

Inc.

(1)

2,640

73,150

Canadian

Apartment

Properties,

REIT

(1)

3,109

122,098

Canadian

Imperial

Bank

of

Commerce

(1)

866

73,966

Canadian

National

Railway

Co.

(1)

10,088

1,109,053

Canadian

Pacific

Railway

Ltd.

(1)

3,377

1,171,377

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

270

35,493

CI

Financial

Corp.

(1)

4,241

52,575

INVESTMENTS

SHARES

VALUE

($)

Canada

-

9.9%

(continued)

Constellation

Software,

Inc.

(1)

257

333,726

Dollarama,

Inc.

(1)

1,538

62,685

Emera,

Inc.

(1)

1,489

63,285

Empire

Co.

Ltd.,

Class

A

(1)

3,657

99,951

Enbridge,

Inc.

(1)

4,722

151,019

Franco-Nevada

Corp.

(1)

4,945

620,019

Hydro

One

Ltd.

(1)(b)

13,272

298,722

iA

Financial

Corp.,

Inc.

(1)

1,857

80,501

IGM

Financial,

Inc.

(1)

2,139

57,991

Intact

Financial

Corp.

(1)

2,648

313,541

International

Petroleum

Corp.

*

3,493

7,657

Kinross

Gold

Corp.

(1)

34,693

254,563

Magna

International,

Inc.

(1)

1,007

71,287

Manulife

Financial

Corp.

(1)

13,396

238,369

Metro,

Inc.

(1)

4,287

191,297

National

Bank

of

Canada

(1)

4,031

226,868

Pan

American

Silver

Corp.

(1)

8,898

306,876

Parkland

Corp.

(1)

1,513

48,009

Quebecor,

Inc.,

Class

B

(1)

4,176

107,476

Ritchie

Bros

Auctioneers,

Inc.

(1)

2,812

195,464

Royal

Bank

of

Canada

(1)

4,082

335,404

Shopify,

Inc.,

Class

A

(1)*

2,352

2,655,806

Thomson

Reuters

Corp.

(1)

9,630

788,164

TMX

Group

Ltd.

(1)

707

70,617

Topicus.com,

Inc.

*

477

1,803

WSP

Global,

Inc.

(1)

2,550

241,578

Yamana

Gold,

Inc.

(1)

21,049

120,219

12,276,643

—

Chile

-

0.2%

Antofagasta

plc

10,182

199,762

Lundin

Mining

Corp.

(1)

8,824

78,334

278,096

—

China

-

0.6%

BOC

Hong

Kong

Holdings

Ltd.

19,000

57,593

Prosus

NV

*

5,104

551,124

Wilmar

International

Ltd.

23,400

82,387

691,104

—

Denmark

-

5.3%

Ambu

A/S,

Class

B

5,083

218,363

AP

Moller

-

Maersk

A/S,

Class

B

93

206,948

Carlsberg

A/S,

Class

B

727

116,547

Chr

Hansen

Holding

A/S

*

1,138

117,580

Coloplast

A/S,

Class

B

2,912

445,329

Demant

A/S

*

2,567

101,462

DSV

Panalpina

A/S

3,495

587,376

Genmab

A/S

*

1,191

482,943

Novo

Nordisk

A/S,

Class

B

16,712

1,165,815

Novozymes

A/S,

Class

B

1,923

109,534

Orsted

A/S

(b)

8,357

1,709,887

Pandora

A/S

1,952

218,464

Tryg

A/S

9,825

309,008

Vestas

Wind

Systems

A/S

3,808

899,562

6,688,818

—

82

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Finland

-

2.0%

Elisa

OYJ

1,881

103,115

Fortum

OYJ

10,627

256,750

Kone

OYJ,

Class

B

7,968

649,234

Neste

OYJ

6,990

507,500

Nordea

Bank

Abp

32,721

268,161

Orion

OYJ,

Class

B

2,311

106,156

Sampo

OYJ,

Class

A

2,742

117,230

Stora

Enso

OYJ,

Class

R

4,540

86,931

UPM-

Kymmene

OYJ

9,592

357,701

2,452,778

—

France

-

4.6%

Adevinta

ASA

*

4,607

77,444

Airbus

SE

*(c)

1,068

117,207

AXA

SA

6,712

160,969

BioMerieux

259

36,453

BNP

Paribas

SA

*

6,908

364,688

Capgemini

SE

1,863

289,794

Credit

Agricole

SA

*

26,078

329,676

Dassault

Systemes

SE

2,145

435,048

Electricite

de

France

SA

7,138

112,954

EssilorLuxottica

SA

892

139,004

Hermes

International

304

326,885

Iliad

SA

513

105,301

Kering

SA

176

127,729

L'Oreal

SA

548

209,091

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,345

1,467,973

Orange

SA

16,451

195,850

Peugeot

SA

*

2,366

64,794

Safran

SA

*

1,824

258,523

Sanofi

6,668

646,283

Sartorius

Stedim

Biotech

325

115,617

TOTAL

SE

4,098

176,879

5,758,162

—

Germany

-

8.7%

adidas

AG

*

664

241,566

Beiersdorf

AG

1,131

130,019

Brenntag

AG

2,874

223,487

Carl

Zeiss

Meditec

AG

1,384

183,543

Daimler

AG

(Registered)

5,836

413,652

Delivery

Hero

SE

*(b)

4,387

686,079

Deutsche

Bank

AG

(Registered)

*

32,560

358,127

Deutsche

Boerse

AG

2,616

445,432

Deutsche

Post

AG

(Registered)

12,697

628,956

Deutsche

Telekom

AG

(Registered)

3,600

65,709

Deutsche

Wohnen

SE

3,880

207,017

E.ON

SE

13,802

152,833

Fresenius

Medical

Care

AG

&

Co.

KGaA

799

66,627

GEA

Group

AG

2,237

80,011

Hannover

Rueck

SE

3,192

508,665

Infineon

Technologies

AG

22,530

860,390

Just

Eat

Takeaway.com

NV

*(b)

1,233

139,024

KION

Group

AG

1,843

159,829

Knorr-

Bremse

AG

397

54,164

Merck

KGaA

2,700

463,089

INVESTMENTS

SHARES

VALUE

($)

Germany

-

8.7%

(continued)

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

716

212,742

Nemetschek

SE

868

64,508

Puma

SE

*

4,135

465,299

RWE

AG

8,885

375,900

SAP

SE

1,980

256,447

Scout24

AG

(b)

667

54,503

Siemens

AG

(Registered)

9,766

1,406,759

Siemens

Energy

AG

*

4,621

169,357

Siemens

Healthineers

AG

(b)

3,298

169,719

Symrise

AG

2,030

269,875

TeamViewer

AG

*(b)

1,110

59,626

Volkswagen

AG

514

107,171

Vonovia

SE

9,526

695,723

Zalando

SE

*(b)

5,041

560,718

10,936,566

—

Hong

Kong

-

2.5%

AIA

Group

Ltd.

109,600

1,335,599

CK

Asset

Holdings

Ltd.

7,500

38,377

CLP

Holdings

Ltd.

17,000

157,193

Hang

Seng

Bank

Ltd.

3,300

56,952

Henderson

Land

Development

Co.

Ltd.

16,157

62,764

Hong

Kong

&

China

Gas

Co.

Ltd.

56,185

84,059

Hong

Kong

Exchanges

&

Clearing

Ltd.

11,500

630,795

Link,

REIT

7,000

63,572

MTR

Corp.

Ltd.

16,500

92,279

New

World

Development

Co.

Ltd.

7,750

36,056

PCCW

Ltd.

75,000

45,165

Sino

Land

Co.

Ltd.

28,000

36,437

Sun

Hung

Kai

Properties

Ltd.

6,000

76,734

Swire

Properties

Ltd.

14,400

41,867

Techtronic

Industries

Co.

Ltd.

20,500

293,015

WH

Group

Ltd.

(b)

47,000

39,412

Wharf

Real

Estate

Investment

Co.

Ltd.

13,000

67,562

3,157,838

—

Italy

-

2.3%

Assicurazioni

Generali

SpA

2,727

47,745

DiaSorin

SpA

1,106

230,923

Enel

SpA

102,597

1,043,898

Ferrari

NV

2,809

651,524

FinecoBank

Banca

Fineco

SpA

*

3,608

59,503

Infrastrutture

Wireless

Italiane

SpA

(b)

3,864

46,841

Intesa

Sanpaolo

SpA

*

45,602

107,790

Moncler

SpA

*

3,288

202,148

Nexi

SpA

*(b)

7,566

150,557

Poste

Italiane

SpA

(b)

5,728

58,590

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,537

85,471

Terna

Rete

Elettrica

Nazionale

SpA

23,336

179,318

2,864,308

—

83

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.9%

Advantest

Corp.

4,700

352,039

Aeon

Co.

Ltd.

6,200

203,399

Ajinomoto

Co.,

Inc.

2,900

65,713

Asahi

Intecc

Co.

Ltd.

2,300

84,008

Bandai

Namco

Holdings,

Inc.

2,500

216,502

Bank

of

Kyoto

Ltd.

(The)

1,000

52,138

Casio

Computer

Co.

Ltd.

3,200

58,562

Chugai

Pharmaceutical

Co.

Ltd.

19,200

1,024,419

Chugoku

Electric

Power

Co.,

Inc.

(The)

3,000

35,207

Cosmos

Pharmaceutical

Corp.

1,000

161,478

CyberAgent

,

Inc.

1,500

103,477

Daifuku

Co.

Ltd.

2,300

284,615

Daiichi

Sankyo

Co.

Ltd.

31,800

1,089,792

Daikin

Industries

Ltd.

2,900

645,155

Daiwa

House

Industry

Co.

Ltd.

2,900

86,225

Disco

Corp.

1,000

337,033

Eisai

Co.

Ltd.

1,700

121,572

FANUC

Corp.

200

49,370

Fast

Retailing

Co.

Ltd.

200

179,336

FUJIFILM

Holdings

Corp.

2,000

105,504

Fujitsu

Ltd.

3,000

433,606

GMO

Payment

Gateway,

Inc.

1,300

174,698

Hikari

Tsushin,

Inc.

500

117,317

Hisamitsu

Pharmaceutical

Co.,

Inc.

1,100

65,385

Hitachi

Construction

Machinery

Co.

Ltd.

1,500

42,650

Hitachi

Ltd.

2,400

94,726

Hoya

Corp.

7,100

983,313

Iida

Group

Holdings

Co.

Ltd.

2,400

48,524

Ito

En

Ltd.

800

50,658

ITOCHU

Corp.

11,400

327,865

Itochu

Techno-Solutions

Corp.

3,100

110,695

Japan

Real

Estate

Investment

Corp.,

REIT

17

98,232

JSR

Corp.

1,600

44,612

Kakaku.com,

Inc.

3,100

84,857

Kansai

Paint

Co.

Ltd.

2,200

67,816

Kao

Corp.

1,800

139,061

KDDI

Corp.

2,400

71,161

Keihan

Holdings

Co.

Ltd.

2,600

124,652

Keio

Corp.

1,000

77,585

Keisei

Electric

Railway

Co.

Ltd.

1,200

40,620

Keyence

Corp.

2,600

1,462,545

Kikkoman

Corp.

3,800

264,468

Kobayashi

Pharmaceutical

Co.

Ltd.

1,300

158,894

Kobe

Bussan

Co.

Ltd.

6,400

196,640

Konami

Holdings

Corp.

2,600

146,292

Kose

Corp.

600

102,528

Kubota

Corp.

2,100

45,880

Kyocera

Corp.

900

55,241

Kyowa

Kirin

Co.

Ltd.

5,400

147,463

Lasertec

Corp.

3,100

363,856

Lion

Corp.

4,900

118,701

M3,

Inc.

11,600

1,095,821

Makita

Corp.

800

40,126

Marui

Group

Co.

Ltd.

3,700

65,157

McDonald's

Holdings

Co.

Japan

Ltd.

3,000

145,384

MEIJI

Holdings

Co.

Ltd.

1,100

77,418

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.9%

(continued)

Mercari

,

Inc.

*

2,100

93,090

Mitsubishi

Corp.

4,100

101,073

Mitsubishi

Electric

Corp.

3,100

46,852

Mitsui

&

Co.

Ltd.

5,500

100,839

Miura

Co.

Ltd.

1,400

78,159

MonotaRO

Co.

Ltd.

5,200

264,102

Murata

Manufacturing

Co.

Ltd.

7,300

660,866

Nexon

Co.

Ltd.

11,200

345,575

Nidec

Corp.

6,400

809,651

Nihon

M&A

Center,

Inc.

2,800

187,245

Nintendo

Co.

Ltd.

1,500

962,912

Nippon

Building

Fund,

Inc.,

REIT

7

40,598

Nippon

Express

Co.

Ltd.

1,000

67,267

Nippon

Paint

Holdings

Co.

Ltd.

4,800

527,436

Nippon

Prologis

REIT,

Inc.,

REIT

*

20

62,481

Nippon

Telegraph

&

Telephone

Corp.

4,200

107,768

Nissan

Chemical

Corp.

1,200

75,245

Nisshin

Seifun

Group,

Inc.

3,700

58,940

Nissin

Foods

Holdings

Co.

Ltd.

1,800

154,288

Nitori

Holdings

Co.

Ltd.

1,900

397,293

Nitto

Denko

Corp.

500

44,790

Nomura

Holdings,

Inc.

11,100

58,686

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

36

51,518

Nomura

Research

Institute

Ltd.

11,150

398,875

NTT

Data

Corp.

12,500

171,104

Obayashi

Corp.

5,200

44,900

Obic

Co.

Ltd.

2,600

522,542

Olympus

Corp.

20,100

440,067

Omron

Corp.

1,400

124,980

Ono

Pharmaceutical

Co.

Ltd.

9,300

280,254

Oracle

Corp.

Japan

1,700

221,603

Oriental

Land

Co.

Ltd.

2,600

429,601

Otsuka

Corp.

1,500

79,121

Otsuka

Holdings

Co.

Ltd.

900

38,562

Pan

Pacific

International

Holdings

Corp.

9,200

212,554

PeptiDream

,

Inc.

*

800

40,694

Rakuten

,

Inc.

5,800

55,812

Recruit

Holdings

Co.

Ltd.

7,200

302,421

Renesas

Electronics

Corp.

*

13,300

139,211

Santen

Pharmaceutical

Co.

Ltd.

2,300

37,355

Secom

Co.

Ltd.

900

83,027

SG

Holdings

Co.

Ltd.

5,800

158,144

Sharp

Corp.

*

4,300

65,336

Shimadzu

Corp.

4,600

178,802

Shimano,

Inc.

1,100

257,487

Shimizu

Corp.

6,600

48,043

Shin-Etsu

Chemical

Co.

Ltd.

4,600

807,373

Shionogi

&

Co.

Ltd.

3,900

213,219

Shiseido

Co.

Ltd.

3,800

263,052

SMC

Corp.

800

488,590

SoftBank

Group

Corp.

16,600

1,288,742

Sohgo

Security

Services

Co.

Ltd.

2,000

103,750

Sony

Corp.

14,900

1,501,446

Square

Enix

Holdings

Co.

Ltd.

1,700

103,072

Stanley

Electric

Co.

Ltd.

1,500

48,389

SUMCO

Corp.

3,600

79,050

Sundrug

Co.

Ltd.

1,100

43,964

84

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.9%

(continued)

Suzuki

Motor

Corp.

900

41,720

Sysmex

Corp.

1,700

204,555

Taisei

Corp.

1,900

65,547

TDK

Corp.

1,900

286,679

Terumo

Corp.

12,200

510,525

TIS,

Inc.

2,400

49,199

Toho

Gas

Co.

Ltd.

2,700

178,876

Tokio

Marine

Holdings,

Inc.

1,800

92,739

Tokyo

Electron

Ltd.

2,800

1,045,976

Toyo

Suisan

Kaisha

Ltd.

1,000

48,667

Toyota

Motor

Corp.

7,300

563,342

Trend

Micro,

Inc.

3,300

189,991

Tsuruha

Holdings,

Inc.

1,400

199,085

Unicharm

Corp.

7,000

331,982

USS

Co.

Ltd.

4,900

99,083

Welcia

Holdings

Co.

Ltd.

4,100

154,662

Yamaha

Corp.

5,000

294,622

Yokogawa

Electric

Corp.

2,900

57,841

Z

Holdings

Corp.

66,900

404,828

32,327,726

—

Luxembourg

-

0.1%

ArcelorMittal

SA

*

1,512

34,579

Eurofins

Scientific

SE

*

880

73,781

108,360

—

Macau

-

0.0%

(a)

SJM

Holdings

Ltd.

47,000

52,695

Netherlands

-

5.3%

Adyen

NV

*(b)

456

1,059,535

Akzo

Nobel

NV

1,506

161,646

Argenx

SE

*

280

82,511

ASML

Holding

NV

5,887

2,850,351

Koninklijke

Ahold

Delhaize

NV

6,040

170,396

Koninklijke

DSM

NV

3,420

588,141

Koninklijke

Philips

NV

*

14,860

800,472

Randstad

NV

*

1,036

67,063

Wolters

Kluwer

NV

10,278

867,126

6,647,241

—

Norway

-

0.0%

(a)

Mowi

ASA

1,618

36,043

Singapore

-

0.3%

Ascendas

,

REIT

24,300

54,856

CapitaLand

Integrated

Commercial

Trust,

REIT

29,500

48,245

DBS

Group

Holdings

Ltd.

2,300

43,587

Mapletree

Logistics

Trust,

REIT

37,900

57,683

United

Overseas

Bank

Ltd.

3,400

57,951

UOL

Group

Ltd.

9,700

56,561

Venture

Corp.

Ltd.

3,700

54,404

373,287

—

South

Africa

-

0.3%

Anglo

American

plc

9,872

325,995

Spain

-

1.8%

Aena

SME

SA

*(b)

334

58,066

Cellnex

Telecom

SA

(b)

5,399

324,226

Endesa

SA

9,654

264,799

INVESTMENTS

SHARES

VALUE

($)

Spain

-

1.8%

(continued)

Ferrovial

SA

6,756

186,807

Grifols

SA

2,695

78,684

Iberdrola

SA

91,101

1,309,148

Red

Electrica

Corp.

SA

2,524

51,820

2,273,550

—

Sweden

-

5.8%

Alfa

Laval

AB

*

1,561

43,109

Assa

Abloy

AB,

Class

B

13,823

341,594

Atlas

Copco

AB,

Class

A

18,497

950,680

Boliden

AB

3,774

133,892

Epiroc

AB,

Class

A

15,390

279,709

EQT

AB

6,482

164,537

Essity

AB,

Class

B

3,342

107,676

Evolution

Gaming

Group

AB

(b)

4,873

489,905

Hennes

&

Mauritz

AB,

Class

B

8,210

172,345

Hexagon

AB,

Class

B

2,034

186,481

Husqvarna

AB,

Class

B

3,493

45,332

ICA

Gruppen

AB

1,355

67,778

Investment

AB

Latour

,

Class

B

6,835

165,562

Investor

AB,

Class

B

6,084

442,814

Kinnevik

AB,

Class

B

*

8,491

426,559

L

E

Lundbergforetagen

AB,

Class

B

*

1,084

58,155

Nibe

Industrier

AB,

Class

B

12,207

400,314

Sandvik

AB

*

14,767

364,207

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

10,532

108,453

Skanska

AB,

Class

B

2,417

61,595

SKF

AB,

Class

B

6,697

174,251

Svenska

Cellulosa

AB

SCA,

Class

B

*

12,196

213,237

Svenska

Handelsbanken

AB,

Class

A

*

3,889

39,201

Swedbank

AB,

Class

A

*

9,303

163,178

Swedish

Match

AB

6,005

467,314

Tele2

AB,

Class

B

6,844

90,532

Telefonaktiebolaget

LM

Ericsson,

Class

B

25,675

305,416

Telia

Co.

AB

11,473

47,382

Volvo

AB,

Class

B

*

30,642

725,392

7,236,600

—

Switzerland

-

6.8%

ABB

Ltd.

(Registered)

15,267

428,227

Alcon,

Inc.

*

2,426

161,077

Baloise

Holding

AG

(Registered)

468

83,151

Barry

Callebaut

AG

(Registered)

80

190,650

Chocoladefabriken

Lindt

&

Spruengli

AG

18

175,450

Coca-Cola

HBC

AG

2,201

71,275

EMS-

Chemie

Holding

AG

(Registered)

381

366,508

Geberit

AG

(Registered)

787

492,639

Givaudan

SA

(Registered)

140

592,315

Kuehne

+

Nagel

International

AG

(Registered)

329

74,656

Logitech

International

SA

(Registered)

3,447

334,686

Lonza

Group

AG

(Registered)

1,635

1,053,214

85

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

6.8%

(continued)

Nestle

SA

(Registered)

2,353

278,151

Partners

Group

Holding

AG

600

705,025

Roche

Holding

AG

4,208

1,465,641

Schindler

Holding

AG

229

61,930

SGS

SA

(Registered)

15

45,216

Sika

AG

(Registered)

2,589

705,744

Sonova

Holding

AG

(Registered)

*

903

234,865

STMicroelectronics

NV

10,182

376,691

Straumann

Holding

AG

(Registered)

338

395,940

Swisscom

AG

(Registered)

235

126,556

Zurich

Insurance

Group

AG

353

148,762

8,568,369

—

United

Kingdom

-

5.3%

3i

Group

plc

5,219

82,549

Admiral

Group

plc

1,746

69,040

Ashtead

Group

plc

4,765

224,436

Associated

British

Foods

plc

*

1,417

43,749

AstraZeneca

plc

14,546

1,450,430

Auto

Trader

Group

plc

(b)

29,518

240,269

BAE

Systems

plc

37,113

247,498

Barratt

Developments

plc

7,602

69,498

British

American

Tobacco

plc

7,523

279,381

Bunzl

plc

6,811

227,405

Compass

Group

plc

22,645

422,360

Diageo

plc

1,887

74,666

Direct

Line

Insurance

Group

plc

42,210

184,614

Experian

plc

5,258

199,744

GlaxoSmithKline

plc

17,591

321,879

Halma

plc

1,785

59,780

HSBC

Holdings

plc

44,716

230,969

Intertek

Group

plc

3,758

290,269

National

Grid

plc

4,119

48,676

Ocado

Group

plc

*

2,163

67,637

Persimmon

plc

12,600

475,559

Prudential

plc

18,655

343,028

Reckitt

Benckiser

Group

plc

5,607

500,448

Sage

Group

plc

(The)

32,325

256,668

Smith

&

Nephew

plc

3,009

62,504

Spirax-Sarco

Engineering

plc

415

64,061

Taylor

Wimpey

plc

32,290

73,039

Whitbread

plc

*

1,309

55,445

6,665,601

—

Zambia

-

0.2%

First

Quantum

Minerals

Ltd.

(1)

16,347

293,447

TOTAL

COMMON

STOCKS

(Cost

$79,160,270)

117,471,387

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.7%

INVESTMENT

COMPANIES

-

4.7%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(d)

(Cost

$5,909,203)

5,911,065

5,908,700

SECURITIES

LENDING

COLLATERAL

-

0.1%

Investment

Companies

-

0.1%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(1)(d)(e)

35,848

35,848

Limited

Purpose

Cash

Investment

Fund

0.03%

(1)(d)(e)

77,263

77,232

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$113,111)

113,080

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.7%

(Cost

$85,182,584)

123,493,167

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.3%

(f)

1,688,381

NET

ASSETS

-

100.0%

125,181,548

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

5,470,743

4.4

%

Consumer

Discretionary

13,888,119

11.1

Consumer

Staples

6,641,187

5.3

Energy

891,064

0.7

Financials

10,798,464

8.6

Health

Care

19,041,582

15.2

Industrials

21,097,684

16.9

Information

Technology

18,888,687

15.1

Materials

11,588,097

9.3

Real

Estate

2,497,654

2.0

Utilities

6,668,106

5.3

Short-Term

Investments

5,908,700

4.7

Securities

Lending

Collateral

113,080

0.1

Total

Investment

s

In

Securities

At

Value

123,493,167

98.7

Other

Assets

in

Excess

of

Liabilities

(f)

1,688,381

1.3

Net

Assets

$

125,181,548

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

December

31,

2020

amounted

to

$6,145,679,

which

represents

approximately

4.91%

of

net

assets

of

the

fund.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$107,761.

(d)

Represents

7-day

effective

yield

as

of

December

31,

2020.

86

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

(e)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(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.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

61

3/2021

USD

$

6,498,940

$

47,367

$

47,367

87

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.8%

Air

Freight

&

Logistics

-

1.7%

CH

Robinson

Worldwide,

Inc.

460,472

43,224,507

Expeditors

International

of

Washington,

Inc.

454,124

43,191,734

FedEx

Corp.

46,312

12,023,521

United

Parcel

Service,

Inc.,

Class

B

45,992

7,745,053

106,184,815

Banks

-

1.4%

Bank

of

Hawaii

Corp.

37,690

2,887,808

Commerce

Bancshares,

Inc.

36,928

2,426,169

Cullen/Frost

Bankers,

Inc.

28,540

2,489,544

East

West

Bancorp,

Inc.

275,308

13,960,869

First

Citizens

BancShares

,

Inc.,

Class

A

3,251

1,866,952

First

Hawaiian,

Inc.

130,224

3,070,682

JPMorgan

Chase

&

Co.

22,144

2,813,838

M&T

Bank

Corp.

15,636

1,990,463

Popular,

Inc.

42,477

2,392,305

Prosperity

Bancshares,

Inc.

31,798

2,205,509

SVB

Financial

Group

*

132,112

51,236,997

Western

Alliance

Bancorp

58,080

3,481,896

90,823,032

Beverages

-

3.7%

Boston

Beer

Co.,

Inc.

(The),

Class

A

*

10,430

10,370,445

Brown-Forman

Corp.,

Class

B

28,757

2,284,168

Coca-Cola

Co.

(The)

1,482,413

81,295,529

Constellation

Brands,

Inc.,

Class

A

8,379

1,835,420

Monster

Beverage

Corp.

*

558,093

51,612,441

PepsiCo,

Inc.

624,744

92,649,535

240,047,538

Biotechnology

-

2.1%

AbbVie,

Inc.

29,913

3,205,178

Alnylam

Pharmaceuticals,

Inc.

*

32,161

4,179,965

Amgen,

Inc.

196,562

45,193,535

Biogen,

Inc.

*

180,019

44,079,452

Exelixis

,

Inc.

*

115,844

2,324,989

Regeneron

Pharmaceuticals,

Inc.

*

41,646

20,119,599

Seagen

,

Inc.

*

70,156

12,287,122

Vertex

Pharmaceuticals,

Inc.

*

17,643

4,169,747

135,559,587

Capital

Markets

-

3.0%

BlackRock,

Inc.

90,932

65,611,075

CME

Group,

Inc.

143,628

26,147,477

Intercontinental

Exchange,

Inc.

287,999

33,203,405

Northern

Trust

Corp.

19,462

1,812,691

S&P

Global,

Inc.

104,478

34,345,053

SEI

Investments

Co.

52,459

3,014,819

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

3.0%

(continued)

T.

Rowe

Price

Group,

Inc.

190,058

28,772,880

192,907,400

Chemicals

-

3.5%

Air

Products

and

Chemicals,

Inc.

114,815

31,369,754

Ecolab,

Inc.

367,287

79,466,215

Linde

plc

(United

Kingdom)

203,600

53,650,636

NewMarket

Corp.

4,687

1,866,785

PPG

Industries,

Inc.

129,561

18,685,288

Sherwin-Williams

Co.

(The)

56,210

41,309,291

226,347,969

Commercial

Services

&

Supplies

-

1.4%

Cintas

Corp.

60,979

21,553,637

Copart

,

Inc.

*

38,099

4,848,098

Republic

Services,

Inc.

199,929

19,253,163

Rollins,

Inc.

180,676

7,059,011

Waste

Management,

Inc.

307,885

36,308,878

89,022,787

Communications

Equipment

-

0.2%

Cisco

Systems,

Inc.

226,137

10,119,631

Ubiquiti,

Inc.

10,244

2,853,056

12,972,687

Consumer

Finance

-

0.2%

Credit

Acceptance

Corp.

*(a)

33,722

11,672,533

Containers

&

Packaging

-

0.1%

AptarGroup,

Inc.

20,164

2,760,250

Distributors

-

0.0%

(b)

Pool

Corp.

7,011

2,611,597

Diversified

Telecommunication

Services

-

1.4%

Verizon

Communications,

Inc.

1,531,220

89,959,175

Electric

Utilities

-

3.5%

Alliant

Energy

Corp.

134,337

6,922,386

American

Electric

Power

Co.,

Inc.

115,758

9,639,169

Duke

Energy

Corp.

469,097

42,950,521

Evergy

,

Inc.

81,461

4,521,900

Eversource

Energy

93,315

8,072,681

Exelon

Corp.

255,413

10,783,537

IDACORP,

Inc.

44,082

4,233,194

NextEra

Energy,

Inc.

1,204,732

92,945,074

OGE

Energy

Corp.

80,354

2,560,078

Pinnacle

West

Capital

Corp.

189,845

15,178,108

PPL

Corp.

228,043

6,430,812

Xcel

Energy,

Inc.

318,018

21,202,260

225,439,720

Electrical

Equipment

-

0.4%

Eaton

Corp.

plc

30,731

3,692,022

Emerson

Electric

Co.

24,265

1,950,178

Hubbell,

Inc.

16,554

2,595,502

88

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

0.4%

(continued)

Rockwell

Automation,

Inc.

59,943

15,034,304

23,272,006

Electronic

Equipment,

Instruments

&

Components

-

0.5%

Amphenol

Corp.,

Class

A

72,890

9,531,825

Cognex

Corp.

201,251

16,157,436

Dolby

Laboratories,

Inc.,

Class

A

44,313

4,304,122

Littelfuse

,

Inc.

9,392

2,391,767

National

Instruments

Corp.

41,890

1,840,647

34,225,797

Entertainment

-

0.6%

Activision

Blizzard,

Inc.

48,165

4,472,120

Electronic

Arts,

Inc.

59,820

8,590,152

Netflix,

Inc.

*

43,080

23,294,648

Spotify

Technology

SA

*

11,489

3,615,129

39,972,049

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.5%

Public

Storage

124,708

28,798,818

Food

&

Staples

Retailing

-

3.9%

Casey's

General

Stores,

Inc.

104,212

18,614,347

Costco

Wholesale

Corp.

248,482

93,623,048

Grocery

Outlet

Holding

Corp.

*

53,377

2,095,047

Kroger

Co.

(The)

1,317,758

41,851,994

Sprouts

Farmers

Market,

Inc.

*

226,307

4,548,771

Walmart,

Inc.

618,823

89,203,336

249,936,543

Food

Products

-

4.3%

Archer-Daniels-Midland

Co.

49,290

2,484,709

Campbell

Soup

Co.

235,962

11,408,763

Flowers

Foods,

Inc.

380,592

8,612,797

General

Mills,

Inc.

485,215

28,530,642

Hershey

Co.

(The)

351,678

53,571,110

Hormel

Foods

Corp.

1,086,401

50,637,151

Ingredion,

Inc.

86,347

6,792,918

J

M

Smucker

Co.

(The)

122,622

14,175,103

Kellogg

Co.

102,435

6,374,530

Lamb

Weston

Holdings,

Inc.

127,010

10,000,767

McCormick

&

Co.,

Inc.

(Non-Voting)

316,467

30,254,245

Mondelez

International,

Inc.,

Class

A

747,936

43,731,818

Pilgrim's

Pride

Corp.

*

98,967

1,940,743

Post

Holdings,

Inc.

*

18,073

1,825,554

Tyson

Foods,

Inc.,

Class

A

37,692

2,428,872

272,769,722

Gas

Utilities

-

0.3%

Atmos

Energy

Corp.

136,744

13,049,480

UGI

Corp.

79,711

2,786,696

15,836,176

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

5.2%

Abbott

Laboratories

463,274

50,723,870

ABIOMED,

Inc.

*

79,132

25,654,594

Align

Technology,

Inc.

*

25,808

13,791,279

Baxter

International,

Inc.

34,005

2,728,561

Becton

Dickinson

and

Co.

37,706

9,434,795

Cooper

Cos.,

Inc.

(The)

33,784

12,274,403

Danaher

Corp.

181,447

40,306,637

Edwards

Lifesciences

Corp.

*

504,977

46,069,052

Intuitive

Surgical,

Inc.

*

79,607

65,126,487

Masimo

Corp.

*

40,742

10,934,338

Medtronic

plc

112,448

13,172,159

ResMed

,

Inc.

65,780

13,982,197

Stryker

Corp.

70,579

17,294,678

West

Pharmaceutical

Services,

Inc.

40,400

11,445,724

332,938,774

Health

Care

Providers

&

Services

-

1.2%

Anthem,

Inc.

10,042

3,224,386

Chemed

Corp.

23,887

12,722,455

Guardant

Health,

Inc.

*

24,014

3,094,924

Henry

Schein,

Inc.

*

201,629

13,480,915

Humana,

Inc.

4,955

2,032,888

Premier,

Inc.,

Class

A

58,165

2,041,592

UnitedHealth

Group,

Inc.

122,559

42,978,990

79,576,150

Health

Care

Technology

-

0.2%

Veeva

Systems,

Inc.,

Class

A

*

48,300

13,149,675

Household

Durables

-

0.1%

Garmin

Ltd.

75,680

9,055,869

Household

Products

-

3.8%

Church

&

Dwight

Co.,

Inc.

156,831

13,680,368

Clorox

Co.

(The)

338,917

68,434,121

Colgate-Palmolive

Co.

667,416

57,070,742

Kimberly-Clark

Corp.

78,465

10,579,436

Procter

&

Gamble

Co.

(The)

659,958

91,826,556

241,591,223

Industrial

Conglomerates

-

1.1%

3M

Co.

227,033

39,683,098

Honeywell

International,

Inc.

127,725

27,167,108

Roper

Technologies,

Inc.

7,700

3,319,393

70,169,599

Insurance

-

3.9%

Alleghany

Corp.

5,765

3,480,273

Allstate

Corp.

(The)

267,859

29,445,740

Aon

plc,

Class

A

127,922

27,026,081

Arthur

J

Gallagher

&

Co.

96,160

11,895,954

Assurant,

Inc.

58,831

8,013,959

Brown

&

Brown,

Inc.

75,396

3,574,524

Chubb

Ltd.

138,577

21,329,772

CNA

Financial

Corp.

49,390

1,924,234

Erie

Indemnity

Co.,

Class

A

36,755

9,027,028

89

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

3.9%

(continued)

Everest

Re

Group

Ltd.

74,783

17,505,952

Fidelity

National

Financial,

Inc.

46,967

1,835,940

First

American

Financial

Corp.

54,220

2,799,379

Hanover

Insurance

Group,

Inc.

(The)

19,111

2,234,458

Markel

Corp.

*

4,639

4,793,479

Marsh

&

McLennan

Cos.,

Inc.

189,064

22,120,488

Mercury

General

Corp.

36,788

1,920,702

Old

Republic

International

Corp.

126,961

2,502,401

Progressive

Corp.

(The)

403,005

39,849,134

RenaissanceRe

Holdings

Ltd.

43,321

7,183,488

Travelers

Cos.,

Inc.

(The)

189,616

26,616,398

W

R

Berkley

Corp.

39,421

2,618,343

White

Mountains

Insurance

Group

Ltd.

2,117

2,118,397

249,816,124

Interactive

Media

&

Services

-

2.7%

Alphabet,

Inc.,

Class

A

*

52,285

91,636,782

Facebook,

Inc.,

Class

A

*

307,063

83,877,329

175,514,111

Internet

&

Direct

Marketing

Retail

-

1.9%

Amazon.com,

Inc.

*

26,655

86,813,469

Booking

Holdings,

Inc.

*

16,631

37,041,728

123,855,197

IT

Services

-

6.5%

Accenture

plc,

Class

A

333,799

87,191,637

Akamai

Technologies,

Inc.

*

171,868

18,044,421

Amdocs

Ltd.

50,280

3,566,360

Automatic

Data

Processing,

Inc.

145,594

25,653,663

Broadridge

Financial

Solutions,

Inc.

13,087

2,004,929

Cognizant

Technology

Solutions

Corp.,

Class

A

22,265

1,824,617

EPAM

Systems,

Inc.

*

31,704

11,361,129

Global

Payments,

Inc.

12,177

2,623,169

Jack

Henry

&

Associates,

Inc.

42,360

6,861,896

Mastercard

,

Inc.,

Class

A

253,281

90,406,120

Paychex,

Inc.

143,944

13,412,702

PayPal

Holdings,

Inc.

*

188,292

44,097,986

VeriSign,

Inc.

*

74,920

16,212,688

Visa,

Inc.,

Class

A

435,505

95,258,008

418,519,325

Leisure

Products

-

0.1%

Peloton

Interactive,

Inc.,

Class

A

*

22,470

3,409,148

Life

Sciences

Tools

&

Services

-

2.4%

Agilent

Technologies,

Inc.

138,944

16,463,475

Bio-

Techne

Corp.

24,584

7,806,649

Charles

River

Laboratories

International,

Inc.

*

15,818

3,952,286

Illumina,

Inc.

*

80,273

29,701,010

Mettler

-Toledo

International,

Inc.

*

28,823

32,848,997

QIAGEN

NV

*

123,971

6,551,867

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

2.4%

(continued)

Thermo

Fisher

Scientific,

Inc.

105,457

49,119,761

Waters

Corp.

*

18,651

4,614,630

151,058,675

Machinery

-

1.8%

Caterpillar,

Inc.

92,711

16,875,256

Cummins,

Inc.

80,173

18,207,288

Donaldson

Co.,

Inc.

31,947

1,785,198

Dover

Corp.

16,880

2,131,100

Fortive

Corp.

27,067

1,916,885

IDEX

Corp.

29,273

5,831,182

Illinois

Tool

Works,

Inc.

324,402

66,139,080

Lincoln

Electric

Holdings,

Inc.

19,883

2,311,399

Toro

Co.

(The)

31,020

2,941,937

118,139,325

Media

-

0.7%

Cable

One,

Inc.

6,122

13,638,102

Charter

Communications,

Inc.,

Class

A

*

34,892

23,082,803

John

Wiley

&

Sons,

Inc.,

Class

A

50,563

2,308,706

New

York

Times

Co.

(The),

Class

A

127,752

6,613,721

45,643,332

Metals

&

Mining

-

0.8%

Newmont

Corp.

832,745

49,873,098

Royal

Gold,

Inc.

26,879

2,858,850

52,731,948

Multiline

Retail

-

1.7%

Dollar

General

Corp.

72,839

15,318,042

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

56,410

4,612,646

Target

Corp.

515,178

90,944,372

110,875,060

Multi-Utilities

-

3.0%

Ameren

Corp.

299,579

23,385,137

CMS

Energy

Corp.

44,983

2,744,413

Consolidated

Edison,

Inc.

426,965

30,856,761

Dominion

Energy,

Inc.

520,225

39,120,920

DTE

Energy

Co.

113,973

13,837,462

MDU

Resources

Group,

Inc.

76,093

2,004,290

Public

Service

Enterprise

Group,

Inc.

536,501

31,278,008

Sempra

Energy

192,523

24,529,355

WEC

Energy

Group,

Inc.

288,641

26,563,631

194,319,977

Personal

Products

-

1.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

333,787

88,850,762

Pharmaceuticals

-

4.5%

Bristol-Myers

Squibb

Co.

85,550

5,306,666

Eli

Lilly

and

Co.

280,018

47,278,239

90

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

4.5%

(continued)

Johnson

&

Johnson

591,931

93,158,101

Merck

&

Co.,

Inc.

1,124,367

91,973,221

Pfizer,

Inc.

346,913

12,769,868

Zoetis,

Inc.

218,092

36,094,226

286,580,321

Professional

Services

-

0.6%

CoStar

Group,

Inc.

*

22,785

21,059,720

Robert

Half

International,

Inc.

40,535

2,532,627

Verisk

Analytics,

Inc.

75,313

15,634,225

39,226,572

Road

&

Rail

-

1.7%

JB

Hunt

Transport

Services,

Inc.

91,560

12,511,674

Kansas

City

Southern

20,968

4,280,198

Landstar

System,

Inc.

134,401

18,098,438

Old

Dominion

Freight

Line,

Inc.

337,076

65,790,494

Union

Pacific

Corp.

36,731

7,648,129

108,328,933

Semiconductors

&

Semiconductor

Equipment

-

3.3%

Advanced

Micro

Devices,

Inc.

*

176,175

16,157,009

Analog

Devices,

Inc.

25,044

3,699,750

Broadcom,

Inc.

32,808

14,364,983

Intel

Corp.

460,039

22,919,143

Lam

Research

Corp.

19,572

9,243,269

Monolithic

Power

Systems,

Inc.

15,625

5,722,344

NVIDIA

Corp.

75,057

39,194,765

Skyworks

Solutions,

Inc.

165,027

25,229,328

SolarEdge

Technologies,

Inc.

*

11,799

3,765,297

Texas

Instruments,

Inc.

411,294

67,505,684

Universal

Display

Corp.

12,256

2,816,429

Xilinx,

Inc.

2,908

412,267

211,030,268

Software

-

5.9%

Adobe,

Inc.

*

168,961

84,500,775

ANSYS,

Inc.

*

46,957

17,082,957

Cadence

Design

Systems,

Inc.

*

142,727

19,472,245

Citrix

Systems,

Inc.

20,145

2,620,864

Cloudflare

,

Inc.,

Class

A

*

110,029

8,361,104

Crowdstrike

Holdings,

Inc.,

Class

A

*

8,167

1,729,934

Intuit,

Inc.

234,382

89,030,003

Manhattan

Associates,

Inc.

*

33,515

3,525,108

Microsoft

Corp.

405,585

90,210,216

Oracle

Corp.

61,492

3,977,917

Pegasystems

,

Inc.

13,785

1,836,989

salesforce.com,

Inc.

*

19,828

4,412,325

ServiceNow

,

Inc.

*

18,077

9,950,123

Synopsys,

Inc.

*

16,359

4,240,907

Tyler

Technologies,

Inc.

*

10,485

4,576,912

VMware,

Inc.,

Class

A

*(a)

12,612

1,768,959

INVESTMENTS

SHARES

VALUE

($)

Software

-

5.9%

(continued)

Zoom

Video

Communications,

Inc.,

Class

A

*

94,350

31,826,142

379,123,480

Specialty

Retail

-

2.2%

AutoZone,

Inc.

*

6,402

7,589,187

Best

Buy

Co.,

Inc.

200,446

20,002,506

Home

Depot,

Inc.

(The)

289,207

76,819,163

Lowe's

Cos.,

Inc.

187,349

30,071,388

Williams-Sonoma,

Inc.

80,358

8,183,659

142,665,903

Technology

Hardware,

Storage

&

Peripherals

-

1.3%

Apple,

Inc.

617,612

81,950,936

Textiles,

Apparel

&

Luxury

Goods

-

1.2%

Lululemon

Athletica,

Inc.

*

90,544

31,512,029

NIKE,

Inc.,

Class

B

331,073

46,836,897

78,348,926

Thrifts

&

Mortgage

Finance

-

0.0%

(b)

TFS

Financial

Corp.

32,095

565,835

Tobacco

-

1.0%

Altria

Group,

Inc.

593,477

24,332,557

Philip

Morris

International,

Inc.

501,760

41,540,710

65,873,267

Trading

Companies

&

Distributors

-

0.2%

Fastenal

Co.

80,827

3,946,782

WW

Grainger,

Inc.

17,520

7,154,117

11,100,899

Water

Utilities

-

0.3%

American

Water

Works

Co.,

Inc.

90,441

13,879,981

Essential

Utilities,

Inc.

85,894

4,061,927

17,941,908

Wireless

Telecommunication

Services

-

1.4%

T-Mobile

US,

Inc.

*

681,453

91,893,937

TOTAL

COMMON

STOCKS

(Cost

$4,337,016,558)

6,084,965,660

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4.8%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(c)(d)

(Cost

$309,753,353)

309,853,797

309,729,856

91

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$10,717,251.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(d)

For

the

period

ended

December

31,

2020,

transactions

in

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(e)

Represents

security

purchased

with

the

cash

collateral

received

for

securities

on

loan.

(f)

Includes

appreciation/(depreciation)

on

futures

contracts.

INVESTMENTS

SHARES

VALUE

($)

SECURITIES

LENDING

COLLATERAL

-

0.2%

Investment

Companies

-

0.2%

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

Citibank

NA

BlackRock

Liquidity

Funds

T-Fund

Portfolio,

Institutional

Shares

0.01%

(c)(e)

3,464,331

3,464,331

Limited

Purpose

Cash

Investment

Fund

0.03%

(c)(d)(e)

7,466,614

7,463,627

TOTAL

SECURITIES

LENDING

COLLATERAL

(Cost

$10,930,945)

10,927,958

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$4,657,700,856)

6,405,623,474

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

(f)

10,535,240

NET

ASSETS

-

100.0%

6,416,158,714

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

442,982,605

6.9

%

Consumer

Discretionary

470,821,700

7.3

Consumer

Staples

1,159,069,055

18.1

Financials

545,784,924

8.5

Health

Care

998,863,181

15.6

Industrials

565,444,935

8.8

Information

Technology

1,137,822,493

17.6

Materials

281,840,168

4.4

Real

Estate

28,798,818

0.5

Utilities

453,537,781

7.1

Short-Term

Investments

309,729,856

4.8

Securities

Lending

Collateral

10,927,958

0.2

Total

Investments

In

Securities

At

Value

6,405,623,474

99.8

Other

Assets

in

Excess

of

Liabilities

(f)

10,535,240

0.2

Net

Assets

$

6,416,158,714

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

Affiliate

Value

At

9/30/2020

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

12/31/2020

Shares

Held

At

12/31/2020

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4.8%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(a)

(Cost

$309,753,353)

$265,863,029

$566,814,327

$(522,909,923)

$(49,804)

$12,227

$309,729,856

309,853,797

$28,014

$29,246

SECURITIES

LENDING

COLLATERAL

-

0.1%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(a)(b)

(Cost

$7,466,614)

$10,416,705

$1,873,944

$(4,825,375)

$(744)

$(903)

$7,463,627

7,466,614

$–

$–

TOTAL

$(50,548)

$11,324

$317,193,483

$28,014

$29,246

(a)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(b)

Securities

Lending

income

and

capital

gain

distributions

from

affiliated

issuers

amounted

to

$7,754

and

$1,050,

respectively,

for

the

period

ended

December

31,

2020.

All

securities

are

Level

1

with

respect

to

ASC

820.

92

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

Futures

contracts

outstanding

as

of

December

31,

2020:

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

1,370

3/2021

USD

$

256,792,800

$

5,276,250

$

5,276,250

93

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

89.1%

Australia

-

7.3%

AGL

Energy

Ltd.

194,584

1,796,083

Aristocrat

Leisure

Ltd.

9,038

217,011

AusNet

Services

185,640

251,595

BlueScope

Steel

Ltd.

25,125

339,308

Brambles

Ltd.

12,956

106,269

Coca-Cola

Amatil

Ltd.

67,390

671,482

Cochlear

Ltd.

6,409

935,172

Crown

Resorts

Ltd.

45,154

336,057

CSL

Ltd.

4,055

885,987

Fortescue

Metals

Group

Ltd.

54,510

984,581

Magellan

Financial

Group

Ltd.

2,322

96,173

REA

Group

Ltd.

20,159

2,309,162

Sonic

Healthcare

Ltd.

29,156

722,393

Tabcorp

Holdings

Ltd.

56,785

170,965

Telstra

Corp.

Ltd.

1,077,451

2,474,482

Treasury

Wine

Estates

Ltd.

33,345

241,213

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(a)

29,031

675,316

Wesfarmers

Ltd.

35,699

1,387,517

WiseTech

Global

Ltd.

4,033

95,845

Woolworths

Group

Ltd.

101,929

3,089,514

17,786,125

—

Austria

-

0.0%

(b)

Erste

Group

Bank

AG

3,651

111,219

Belgium

-

1.6%

Ageas

SA/NV

9,294

493,577

Etablissements

Franz

Colruyt

NV

25,380

1,502,835

Groupe

Bruxelles

Lambert

SA

7,693

775,409

KBC

Group

NV

8,606

602,258

Proximus

SADP

9,515

187,953

UCB

SA

1,727

178,395

Umicore

SA

1,408

67,676

3,808,103

—

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

(1)

1,249

52,162

Yara

International

ASA

2,554

105,954

158,116

—

Canada

-

6.4%

Agnico

Eagle

Mines

Ltd.

(1)

779

54,828

Alimentation

Couche-Tard,

Inc.,

Class

B

(1)

30,946

1,054,629

Atco

Ltd.,

Class

I

(1)

2,517

72,154

Bank

of

Montreal

(1)

1,972

149,933

Bank

of

Nova

Scotia

(The)

(1)

5,419

292,896

BCE,

Inc.

(1)

44,461

1,901,181

Canadian

Imperial

Bank

of

Commerce

(1)

4,856

414,757

Canadian

National

Railway

Co.

(1)

8,138

894,675

Canadian

Pacific

Railway

Ltd.

(1)

2,523

875,151

Canadian

Utilities

Ltd.,

Class

A

(1)

22,858

558,296

CI

Financial

Corp.

(1)

37,802

468,627

Constellation

Software,

Inc.

(1)

431

559,674

Fortis,

Inc.

(1)

2,381

97,268

Franco-Nevada

Corp.

(1)

2,046

256,534

George

Weston

Ltd.

(1)

1,315

98,225

INVESTMENTS

SHARES

VALUE

($)

Canada

-

6.4%

(continued)

Hydro

One

Ltd.

(1)(c)

101,830

2,291,956

Imperial

Oil

Ltd.

(1)

6,690

126,978

Intact

Financial

Corp.

(1)

11,764

1,392,937

Loblaw

Cos.

Ltd.

(1)

11,024

543,968

Magna

International,

Inc.

(1)

13,078

925,806

Manulife

Financial

Corp.

(1)

21,213

377,464

Metro,

Inc.

(1)

4,979

222,176

Rogers

Communications,

Inc.,

Class

B

(1)

10,711

498,652

Royal

Bank

of

Canada

(1)

6,459

530,715

Shaw

Communications,

Inc.,

Class

B

(1)

26,354

462,525

Sun

Life

Financial,

Inc.

(1)

4,802

213,523

Thomson

Reuters

Corp.

(1)

1,104

90,356

Topicus.com,

Inc.

*

801

3,028

Toronto-Dominion

Bank

(The)

(1)

2,713

153,287

15,582,199

—

Chile

-

0.4%

Lundin

Mining

Corp.

(1)

96,976

860,892

China

-

0.8%

BOC

Hong

Kong

Holdings

Ltd.

191,500

580,480

Budweiser

Brewing

Co.

APAC

Ltd.

(c)

82,400

272,195

Wilmar

International

Ltd.

290,100

1,021,392

Yangzijiang

Shipbuilding

Holdings

Ltd.

256,700

185,569

2,059,636

—

Denmark

-

3.6%

Carlsberg

A/S,

Class

B

1,027

164,641

Coloplast

A/S,

Class

B

14,040

2,147,121

Danske

Bank

A/S

*

75,624

1,249,870

DSV

Panalpina

A/S

1,792

301,167

Novo

Nordisk

A/S,

Class

B

33,152

2,312,656

Novozymes

A/S,

Class

B

14,044

799,945

Orsted

A/S

(c)

7,748

1,585,282

Pandora

A/S

3,271

366,083

8,926,765

—

Finland

-

2.0%

Elisa

OYJ

11,296

619,239

Fortum

OYJ

8,088

195,407

Kone

OYJ,

Class

B

14,784

1,204,602

Neste

OYJ

21,566

1,565,774

Nokia

OYJ

*

134,477

519,394

Orion

OYJ,

Class

B

6,377

292,927

Sampo

OYJ,

Class

A

4,052

173,237

UPM-

Kymmene

OYJ

10,003

373,028

4,943,608

—

France

-

5.3%

Air

Liquide

SA

5,946

974,828

AXA

SA

19,381

464,802

BioMerieux

1,463

205,910

Bouygues

SA

6,902

283,865

Danone

SA

7,356

484,070

Dassault

Systemes

SE

4,025

816,349

Edenred

1,304

74,056

Electricite

de

France

SA

59,061

934,601

94

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

France

-

5.3%

(continued)

Engie

SA

*

88,296

1,353,579

Hermes

International

1,908

2,051,631

Ipsen

SA

568

46,967

L'Oreal

SA

8,322

3,175,276

Pernod

Ricard

SA

849

163,048

Sanofi

5,149

499,057

Suez

SA

35,367

700,948

Worldline

SA

*(c)

6,796

660,219

12,889,206

—

Germany

-

4.1%

Allianz

SE

(Registered)

5,129

1,260,057

BASF

SE

2,060

162,828

Beiersdorf

AG

6,840

786,324

Carl

Zeiss

Meditec

AG

969

128,507

Commerzbank

AG

*

18,494

119,517

Evonik

Industries

AG

4,769

155,873

Fresenius

Medical

Care

AG

&

Co.

KGaA

6,194

516,502

FUCHS

PETROLUB

SE

(Preference)

12,997

733,323

Hannover

Rueck

SE

1,051

167,483

HeidelbergCement

AG

1,717

127,840

Henkel

AG

&

Co.

KGaA

(Preference)

9,820

1,107,249

Infineon

Technologies

AG

7,378

281,756

KION

Group

AG

1,830

158,701

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

331

98,349

Nemetschek

SE

1,516

112,667

SAP

SE

11,787

1,526,637

Siemens

Healthineers

AG

(c)

12,718

654,485

Telefonica

Deutschland

Holding

AG

363,114

1,000,117

thyssenkrupp

AG

*

20,799

206,099

Uniper

SE

17,399

602,873

United

Internet

AG

(Registered)

4,273

179,872

10,087,059

—

Hong

Kong

-

2.9%

CLP

Holdings

Ltd.

144,000

1,331,517

Hang

Seng

Bank

Ltd.

15,900

274,403

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(d)

1,510,500

1,486,629

Hong

Kong

&

China

Gas

Co.

Ltd.

769,036

1,150,561

MTR

Corp.

Ltd.

149,500

836,100

Power

Assets

Holdings

Ltd.

363,500

1,968,582

7,047,792

—

Italy

-

1.0%

Assicurazioni

Generali

SpA

21,820

382,033

DiaSorin

SpA

5,725

1,195,327

Enel

SpA

84,730

862,105

2,439,465

—

Japan

-

29.3%

ABC-Mart,

Inc.

17,800

989,722

Ajinomoto

Co.,

Inc.

4,500

101,969

Amada

Co.

Ltd.

22,000

242,092

Asahi

Group

Holdings

Ltd.

7,100

292,394

INVESTMENTS

SHARES

VALUE

($)

Japan

-

29.3%

(continued)

Asahi

Kasei

Corp.

17,500

179,377

Astellas

Pharma,

Inc.

91,100

1,410,571

Bandai

Namco

Holdings,

Inc.

15,500

1,342,312

Bridgestone

Corp.

23,400

767,423

Calbee

,

Inc.

67,900

2,046,812

Canon,

Inc.

26,100

505,623

Casio

Computer

Co.

Ltd.

8,400

153,724

Chiba

Bank

Ltd.

(The)

21,300

117,539

Chugai

Pharmaceutical

Co.

Ltd.

23,400

1,248,510

Chugoku

Electric

Power

Co.,

Inc.

(The)

11,900

139,653

Dai

Nippon

Printing

Co.

Ltd.

4,400

79,146

Daicel

Corp.

23,100

168,845

Eisai

Co.

Ltd.

10,600

758,040

Fast

Retailing

Co.

Ltd.

1,800

1,614,024

FUJIFILM

Holdings

Corp.

20,000

1,055,040

Fujitsu

Ltd.

900

130,082

Hakuhodo

DY

Holdings,

Inc.

16,400

225,349

Hamamatsu

Photonics

KK

10,300

589,303

Hino

Motors

Ltd.

20,300

173,297

Hisamitsu

Pharmaceutical

Co.,

Inc.

7,400

439,862

Hitachi

Metals

Ltd.

4,600

69,938

Hoshizaki

Corp.

4,600

422,392

Hoya

Corp.

21,100

2,922,240

ITOCHU

Corp.

22,500

647,103

Japan

Post

Bank

Co.

Ltd.

167,000

1,372,678

Japan

Post

Holdings

Co.

Ltd.

23,300

181,487

Japan

Tobacco,

Inc.

50,200

1,023,436

JGC

Holdings

Corp.

19,900

186,387

Kakaku.com,

Inc.

7,400

202,563

Kamigumi

Co.

Ltd.

27,000

493,246

Kansai

Paint

Co.

Ltd.

12,200

376,069

Kao

Corp.

15,900

1,228,374

KDDI

Corp.

80,800

2,395,740

Keyence

Corp.

1,300

731,272

Kikkoman

Corp.

1,100

76,557

Kirin

Holdings

Co.

Ltd.

24,500

578,518

Kobayashi

Pharmaceutical

Co.

Ltd.

4,800

586,686

Koito

Manufacturing

Co.

Ltd.

2,900

197,362

Kose

Corp.

1,800

307,584

Kubota

Corp.

8,500

185,705

Kyocera

Corp.

7,000

429,649

Kyowa

Kirin

Co.

Ltd.

10,800

294,927

Lawson,

Inc.

7,100

330,406

Lion

Corp.

24,700

598,352

Makita

Corp.

3,500

175,550

Maruichi

Steel

Tube

Ltd.

3,400

75,318

McDonald's

Holdings

Co.

Japan

Ltd.

9,900

479,766

Medipal

Holdings

Corp.

37,200

699,557

MEIJI

Holdings

Co.

Ltd.

4,700

330,785

Mitsubishi

Electric

Corp.

6,100

92,193

Mitsubishi

Heavy

Industries

Ltd.

3,900

119,442

Mitsubishi

UFJ

Financial

Group,

Inc.

49,700

220,053

Mitsui

&

Co.

Ltd.

28,300

518,861

Mizuho

Financial

Group,

Inc.

58,510

742,620

Murata

Manufacturing

Co.

Ltd.

1,500

135,794

Nexon

Co.

Ltd.

61,500

1,897,577

NH

Foods

Ltd.

2,100

92,493

95

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

29.3%

(continued)

Nintendo

Co.

Ltd.

2,300

1,476,465

Nippon

Paint

Holdings

Co.

Ltd.

1,100

120,871

Nippon

Telegraph

&

Telephone

Corp.

83,900

2,152,789

Nissan

Chemical

Corp.

3,000

188,114

Nisshin

Seifun

Group,

Inc.

8,600

136,996

Nissin

Foods

Holdings

Co.

Ltd.

7,100

608,580

Nitori

Holdings

Co.

Ltd.

2,100

439,113

Nitto

Denko

Corp.

12,800

1,146,625

Nomura

Research

Institute

Ltd.

20,761

742,694

Obayashi

Corp.

16,500

142,470

Obic

Co.

Ltd.

500

100,489

Omron

Corp.

12,600

1,124,819

Ono

Pharmaceutical

Co.

Ltd.

5,800

174,782

Oracle

Corp.

Japan

7,300

951,589

Osaka

Gas

Co.

Ltd.

75,500

1,547,567

Otsuka

Corp.

11,800

622,415

Otsuka

Holdings

Co.

Ltd.

12,600

539,865

Panasonic

Corp.

12,200

142,218

PeptiDream

,

Inc.

*

1,800

91,561

Pola

Orbis

Holdings,

Inc.

6,700

136,054

Recruit

Holdings

Co.

Ltd.

13,300

558,639

Renesas

Electronics

Corp.

*

97,100

1,016,345

Resona

Holdings,

Inc.

24,100

84,369

Rinnai

Corp.

12,100

1,406,530

Ryohin

Keikaku

Co.

Ltd.

7,000

143,252

Secom

Co.

Ltd.

9,300

857,941

Seiko

Epson

Corp.

11,200

166,433

Sekisui

Chemical

Co.

Ltd.

20,500

388,707

Sekisui

House

Ltd.

5,600

114,082

Seven

&

i

Holdings

Co.

Ltd.

54,500

1,929,877

Shimamura

Co.

Ltd.

2,200

231,165

Shin-Etsu

Chemical

Co.

Ltd.

600

105,310

Shionogi

&

Co.

Ltd.

16,400

896,614

Shizuoka

Bank

Ltd.

(The)

76,700

563,002

SMC

Corp.

500

305,369

SoftBank

Corp.

148,800

1,867,737

Square

Enix

Holdings

Co.

Ltd.

2,000

121,261

Stanley

Electric

Co.

Ltd.

11,100

358,080

Sumitomo

Dainippon

Pharma

Co.

Ltd.

13,100

193,611

Sumitomo

Mitsui

Financial

Group,

Inc.

8,300

257,285

Sundrug

Co.

Ltd.

33,700

1,346,885

Suntory

Beverage

&

Food

Ltd.

38,600

1,367,189

Suzuken

Co.

Ltd.

2,800

101,287

Suzuki

Motor

Corp.

5,000

231,778

Sysmex

Corp.

11,500

1,383,756

T&D

Holdings,

Inc.

45,500

538,213

TIS,

Inc.

40,700

834,331

Toho

Gas

Co.

Ltd.

9,500

629,379

Tohoku

Electric

Power

Co.,

Inc.

5,900

48,694

Tokio

Marine

Holdings,

Inc.

6,400

329,738

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

22,200

58,639

Tokyo

Gas

Co.

Ltd.

33,400

773,049

Toray

Industries,

Inc.

16,200

96,089

Toyo

Suisan

Kaisha

Ltd.

37,000

1,800,679

Toyota

Motor

Corp.

3,800

293,246

Unicharm

Corp.

17,900

848,925

INVESTMENTS

SHARES

VALUE

($)

Japan

-

29.3%

(continued)

USS

Co.

Ltd.

26,800

541,921

Welcia

Holdings

Co.

Ltd.

2,200

82,989

Yamada

Holdings

Co.

Ltd.

84,200

447,356

72,095,217

—

Macau

-

0.5%

Galaxy

Entertainment

Group

Ltd.

88,000

685,040

Sands

China

Ltd.

118,400

517,100

1,202,140

—

Netherlands

-

1.9%

Adyen

NV

*(c)

62

144,060

Akzo

Nobel

NV

3,675

394,455

ASML

Holding

NV

2,274

1,101,019

Koninklijke

Ahold

Delhaize

NV

41,543

1,171,984

Randstad

NV

*

27,531

1,782,155

4,593,673

—

Norway

-

1.3%

Gjensidige

Forsikring

ASA

32,786

731,763

Mowi

ASA

26,986

601,140

Norsk

Hydro

ASA

35,780

166,523

Orkla

ASA

66,777

677,949

Telenor

ASA

58,817

998,404

3,175,779

—

Singapore

-

2.8%

DBS

Group

Holdings

Ltd.

64,400

1,220,427

Genting

Singapore

Ltd.

1,095,500

705,547

Jardine

Cycle

&

Carriage

Ltd.

4,500

66,667

Oversea-Chinese

Banking

Corp.

Ltd.

271,600

2,069,727

Singapore

Telecommunications

Ltd.

1,054,800

1,841,830

United

Overseas

Bank

Ltd.

55,000

937,443

6,841,641

—

Spain

-

2.0%

Amadeus

IT

Group

SA

12,017

887,062

Endesa

SA

12,814

351,474

Iberdrola

SA

72,838

1,046,704

Industria

de

Diseno

Textil

SA

36,497

1,158,408

Mapfre

SA

116,563

227,798

Red

Electrica

Corp.

SA

54,683

1,122,701

4,794,147

—

Sweden

-

2.9%

Atlas

Copco

AB,

Class

A

8,423

432,912

Essity

AB,

Class

B

42,489

1,368,961

ICA

Gruppen

AB

8,002

400,265

Investor

AB,

Class

B

6,889

501,404

L

E

Lundbergforetagen

AB,

Class

B

*

10,068

540,136

Securitas

AB,

Class

B

32,184

519,244

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

18,683

192,388

Skanska

AB,

Class

B

34,046

867,629

Swedish

Match

AB

10,408

809,959

Tele2

AB,

Class

B

22,824

301,916

Telia

Co.

AB

131,737

544,055

96

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

2.9%

(continued)

Volvo

AB,

Class

B

*

28,812

682,070

7,160,939

—

Switzerland

-

6.1%

Alcon,

Inc.

*

2,131

141,490

Chocoladefabriken

Lindt

&

Spruengli

AG

35

341,154

Coca-Cola

HBC

AG

16,132

522,403

Credit

Suisse

Group

AG

(Registered)

39,015

503,718

EMS-

Chemie

Holding

AG

(Registered)

590

567,558

Geberit

AG

(Registered)

400

250,388

Kuehne

+

Nagel

International

AG

(Registered)

4,123

935,585

LafargeHolcim

Ltd.

(Registered)

*

4,636

254,460

Nestle

SA

(Registered)

18,834

2,226,393

Novartis

AG

(Registered)

10,651

1,002,876

Partners

Group

Holding

AG

250

293,761

Roche

Holding

AG

6,230

2,169,900

Schindler

Holding

AG

2,064

558,184

SGS

SA

(Registered)

444

1,338,381

Sika

AG

(Registered)

1,361

370,999

Sonova

Holding

AG

(Registered)

*

6,061

1,576,427

Swatch

Group

AG

(The)

414

112,543

Swiss

Life

Holding

AG

(Registered)

*

1,252

584,021

Swisscom

AG

(Registered)

1,350

727,026

UBS

Group

AG

(Registered)

24,188

340,563

Zurich

Insurance

Group

AG

603

254,117

15,071,947

—

United

Kingdom

-

5.8%

Admiral

Group

plc

18,946

749,160

Associated

British

Foods

plc

*

37,298

1,151,564

AstraZeneca

plc

6,746

672,666

Aviva

plc

105,018

467,124

Barclays

plc

334,592

671,223

Barratt

Developments

plc

19,650

179,642

Berkeley

Group

Holdings

plc

1,377

89,075

Burberry

Group

plc

*

5,146

125,666

Diageo

plc

41,987

1,661,373

Direct

Line

Insurance

Group

plc

351,389

1,536,872

GlaxoSmithKline

plc

17,766

325,082

J

Sainsbury

plc

169,635

521,408

Kingfisher

plc

*

97,639

360,790

Mondi

plc

24,674

578,158

National

Grid

plc

71,175

841,105

Next

plc

*

5,272

508,359

Ocado

Group

plc

*

4,578

143,155

Persimmon

plc

19,831

748,477

Reckitt

Benckiser

Group

plc

16,731

1,493,312

Sage

Group

plc

(The)

40,221

319,364

Smith

&

Nephew

plc

27,031

561,501

Tesco

plc

141,477

446,468

Wm

Morrison

Supermarkets

plc

44,002

106,472

14,258,016

—

INVESTMENTS

SHARES

VALUE

($)

United

States

-

0.3%

Ferguson

plc

3,146

382,240

QIAGEN

NV

*

8,456

438,520

820,760

—

Zambia

-

0.7%

First

Quantum

Minerals

Ltd.

(1)

100,700

1,807,679

TOTAL

COMMON

STOCKS

(Cost

$170,236,579)

218,522,123

SHORT-TERM

INVESTMENTS

-

9.5%

INVESTMENT

COMPANIES

-

9.5%

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(e)

(Cost

$23,222,492)

23,230,523

23,221,230

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.6%

(Cost

$193,459,071)

241,743,353

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.4%

(f)

3,526,400

NET

ASSETS

-

100.0%

245,269,753

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

24,385,896

10.0

%

Consumer

Discretionary

21,137,323

8.6

Consumer

Staples

43,951,582

17.9

Energy

2,368,067

1.0

Financials

27,071,633

11.0

Health

Care

28,765,049

11.7

Industrials

17,885,079

7.3

Information

Technology

16,237,007

6.6

Materials

12,922,086

5.3

Utilities

23,798,401

9.7

Short-Term

Investments

23,221,230

9.5

Total

Investments

In

Securities

At

Value

241,743,353

98.6

Other

Assets

in

Excess

of

Liabilities

(f)

3,526,400

1.4

Net

Assets

$

245,269,753

100.0%

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

December

31,

2020.

The

total

value

of

securities

on

loan

at

December

31,

2020

was

$107,340;

additional

non-cash

collateral

of

$111,436

was

received.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

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

December

31,

2020

amounted

to

$5,608,197,

which

represents

approximately

2.29%

of

net

assets

of

the

fund.

97

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

(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

December

31,

2020,

the

value

of

these

securities

amounted

to

$1,486,629

or

0.61%

of

net

assets.

(e)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(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.

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

224

3/2021

USD

$

23,864,960

$

(138,335)

$

(138,335)

98

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

87.4%

Australia

-

3.7%

Afterpay

Ltd.

*

2,500

227,264

ASX

Ltd.

891

49,448

Aurizon

Holdings

Ltd.

150,942

453,495

BHP

Group

Ltd.

14,837

484,793

BHP

Group

plc

38,092

1,005,795

BlueScope

Steel

Ltd.

23,356

315,418

CIMIC

Group

Ltd.

*

4,661

87,674

Coles

Group

Ltd.

14,669

204,947

Dexus,

REIT

14,068

102,034

Fortescue

Metals

Group

Ltd.

215,556

3,893,460

Goodman

Group,

REIT

25,367

370,801

GPT

Group

(The),

REIT

42,925

149,307

Lendlease

Corp.

Ltd.

2,927

29,594

Mirvac

Group,

REIT

95,677

194,317

Newcrest

Mining

Ltd.

27,089

540,636

Rio

Tinto

plc

26,769

2,014,986

Scentre

Group,

REIT

90,560

194,522

Sonic

Healthcare

Ltd.

22,568

559,163

South32

Ltd.

696,309

1,330,762

Stockland,

REIT

49,658

160,324

Vicinity

Centres,

REIT

97,628

120,714

12,489,454

—

Belgium

-

0.2%

Ageas

SA/NV

7,128

378,547

Proximus

SADP

7,184

141,908

520,455

—

Canada

-

3.0%

Agnico

Eagle

Mines

Ltd.

(1)

6,215

437,428

Barrick

Gold

Corp.

(1)

65,791

1,498,892

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

1,130

148,545

CGI,

Inc.

(1)*

7,276

577,267

CI

Financial

Corp.

(1)

7,127

88,353

Constellation

Software,

Inc.

(1)

488

633,691

Cronos

Group,

Inc.

(1)*

3,342

23,209

Great-West

Lifeco,

Inc.

(1)

1,345

32,069

Keyera

Corp.

(1)

16,870

299,787

Kinross

Gold

Corp.

(1)

342,143

2,510,501

Manulife

Financial

Corp.

(1)

46,495

827,333

Onex

Corp.

(1)

7,148

410,270

Open

Text

Corp.

(1)

2,151

97,740

Pan

American

Silver

Corp.

(1)

5,955

205,377

Power

Corp.

of

Canada

(1)

7,139

163,935

RioCan,

REIT

(1)

11,451

150,683

Shopify,

Inc.,

Class

A

(1)*

219

247,288

Teck

Resources

Ltd.,

Class

B

(1)

31,454

570,813

Thomson

Reuters

Corp.

(1)

1,806

147,811

Topicus.com,

Inc.

*

907

3,429

Yamana

Gold,

Inc.

(1)

185,557

1,059,784

10,134,205

—

Chile

-

0.0%

(a)

Antofagasta

plc

4,693

92,073

China

-

0.2%

Yangzijiang

Shipbuilding

Holdings

Ltd.

749,000

541,455

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

0.8%

Danske

Bank

A/S

*

5,712

94,405

Pandora

A/S

22,444

2,511,883

2,606,288

—

Finland

-

0.7%

Kone

OYJ,

Class

B

3,786

308,484

Nokia

OYJ

*

243,200

939,317

Orion

OYJ,

Class

B

2,148

98,668

UPM-Kymmene

OYJ

18,302

682,512

Wartsila

OYJ

Abp

18,230

182,453

2,211,434

—

France

-

3.2%

Atos

SE

*

21,123

1,928,861

BNP

Paribas

SA

*

9,012

475,763

Carrefour

SA

96,303

1,649,133

Cie

de

Saint-Gobain

38,731

1,781,332

Cie

Generale

des

Etablissements

Michelin

SCA

5,465

703,656

CNP

Assurances

*

27,150

441,107

Electricite

de

France

SA

45,019

712,396

Orange

SA

12,014

143,027

Peugeot

SA

*

58,773

1,609,537

Publicis

Groupe

SA

9,127

453,624

Sanofi

5,148

498,960

Societe

Generale

SA

*

5,908

122,819

Unibail-Rodamco-Westfield,

REIT

3,473

270,494

10,790,709

—

Germany

-

2.2%

Bayerische

Motoren

Werke

AG

13,685

1,207,792

Brenntag

AG

3,532

274,654

Commerzbank

AG

*

19,998

129,237

Continental

AG

1,907

283,829

Daimler

AG

(Registered)

1,423

100,861

Deutsche

Post

AG

(Registered)

16,638

824,176

Fresenius

Medical

Care

AG

&

Co.

KGaA

11,198

933,772

Fresenius

SE

&

Co.

KGaA

1,365

63,120

HeidelbergCement

AG

2,349

174,896

HOCHTIEF

AG

8,754

851,866

KION

Group

AG

1,045

90,625

Knorr-Bremse

AG

1,596

217,748

LANXESS

AG

3,711

282,224

Porsche

Automobil

Holding

SE

(Preference)

865

59,751

Uniper

SE

8,353

289,430

Volkswagen

AG

(Preference)

8,832

1,650,558

7,434,539

—

Hong

Kong

-

1.0%

CK

Asset

Holdings

Ltd.

201,000

1,028,497

CK

Infrastructure

Holdings

Ltd.

2,749

14,763

Henderson

Land

Development

Co.

Ltd.

35,000

135,963

Hong

Kong

Exchanges

&

Clearing

Ltd.

5,269

289,014

Kerry

Properties

Ltd.

63,500

160,609

Link,

REIT

18,329

166,460

PCCW

Ltd.

19,406

11,686

99

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

1.0%

(continued)

WH

Group

Ltd.

(b)

1,746,000

1,464,112

3,271,104

—

Italy

-

0.6%

Assicurazioni

Generali

SpA

44,826

784,831

Atlantia

SpA

*

7,178

129,620

DiaSorin

SpA

1,885

393,571

Poste

Italiane

SpA

(b)

12,443

127,277

Prysmian

SpA

6,387

227,330

Telecom

Italia

SpA

574,091

266,464

UniCredit

SpA

*

9,547

89,450

2,018,543

—

Japan

-

6.0%

Aeon

Mall

Co.

Ltd.

700

11,561

Aisin

Seiki

Co.

Ltd.

16,000

479,828

Alfresa

Holdings

Corp.

4,700

86,148

Astellas

Pharma,

Inc.

13,700

212,128

Brother

Industries

Ltd.

32,400

668,849

Chubu

Electric

Power

Co.,

Inc.

10,700

129,127

Daito

Trust

Construction

Co.

Ltd.

486

45,419

Daiwa

House

Industry

Co.

Ltd.

2,451

72,875

Disco

Corp.

500

168,516

ENEOS

Holdings,

Inc.

25,500

91,588

Fujitsu

Ltd.

11,411

1,649,295

Honda

Motor

Co.

Ltd.

24,000

677,191

Hoya

Corp.

1,900

263,140

Hulic

Co.

Ltd.

1,500

16,500

ITOCHU

Corp.

9,000

258,841

Japan

Post

Insurance

Co.

Ltd.

22,400

459,292

Japan

Real

Estate

Investment

Corp.,

REIT

30

173,350

Japan

Retail

Fund

Investment

Corp.,

REIT

107

194,734

Kajima

Corp.

30,400

407,816

Kamigumi

Co.

Ltd.

1,400

25,576

KDDI

Corp.

4,400

130,461

Lion

Corp.

6,700

162,306

Marubeni

Corp.

64,200

427,727

Mitsubishi

Corp.

8,800

216,936

Mitsubishi

Estate

Co.

Ltd.

5,764

92,644

Mitsui

Fudosan

Co.

Ltd.

4,598

96,280

Nexon

Co.

Ltd.

7,400

228,326

NGK

Spark

Plug

Co.

Ltd.

31,000

529,386

Nintendo

Co.

Ltd.

4,100

2,631,961

Nippon

Building

Fund,

Inc.,

REIT

21

121,794

Nippon

Express

Co.

Ltd.

2,400

161,440

Nippon

Telegraph

&

Telephone

Corp.

20,592

528,370

Nippon

Yusen

KK

8,700

202,978

Nitto

Denko

Corp.

2,300

206,034

Nomura

Holdings,

Inc.

26,600

140,636

Nomura

Real

Estate

Holdings,

Inc.

1,000

22,174

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

117

167,432

Obayashi

Corp.

110,400

953,257

Otsuka

Corp.

4,000

210,988

Panasonic

Corp.

23,700

276,276

Renesas

Electronics

Corp.

*

9,200

96,296

Resona

Holdings,

Inc.

98,800

345,876

INVESTMENTS

SHARES

VALUE

($)

Japan

-

6.0%

(continued)

Rohm

Co.

Ltd.

6,000

581,645

Sekisui

House

Ltd.

9,700

197,606

Shimizu

Corp.

56,000

407,641

Shinsei

Bank

Ltd.

55,400

684,403

Sony

Corp.

7,100

715,453

Subaru

Corp.

30,000

600,268

SUMCO

Corp.

18,900

415,012

Sumitomo

Electric

Industries

Ltd.

12,700

168,285

Sumitomo

Realty

&

Development

Co.

Ltd.

2,624

81,010

Suzuken

Co.

Ltd.

5,300

191,722

Taiheiyo

Cement

Corp.

28,800

721,414

Taisei

Corp.

14,400

496,779

Tokyo

Electron

Ltd.

700

261,494

Tokyu

Fudosan

Holdings

Corp.

2,900

15,491

Toshiba

Corp.

30,200

845,854

Tosoh

Corp.

9,100

142,180

20,567,609

—

Luxembourg

-

0.0%

(a)

SES

SA,

FDR

11,559

108,483

Malta

-

0.0%

BGP

Holdings

plc

(3)*(c)

96,388

—

Netherlands

-

1.7%

ASML

Holding

NV

837

405,256

ING

Groep

NV

19,668

182,870

Koninklijke

Ahold

Delhaize

NV

117,909

3,326,370

NXP

Semiconductors

NV

(1)

9,255

1,471,638

Randstad

NV

*

2,133

138,075

Royal

Dutch

Shell

plc,

Class

B

22,741

385,431

5,909,640

—

Russia

-

0.3%

Evraz

plc

147,202

940,756

Singapore

-

0.0%

(a)

Singapore

Exchange

Ltd.

4,067

28,567

Venture

Corp.

Ltd.

9,300

136,745

165,312

—

South

Africa

-

0.4%

Anglo

American

plc

43,462

1,435,212

Spain

-

0.7%

Banco

Santander

SA

97,211

303,137

Enagas

SA

50,689

1,115,145

Endesa

SA

31,172

855,014

2,273,296

—

Sweden

-

1.2%

Autoliv,

Inc.

(1)

10,255

944,486

Boliden

AB

11,363

403,129

Electrolux

AB,

Series

B

12,352

287,393

Husqvarna

AB,

Class

B

46,736

606,537

Investor

AB,

Class

B

2,204

160,414

Kinnevik

AB,

Class

B

*

1,380

69,327

Sandvik

AB

*

8,966

221,134

Skanska

AB,

Class

B

7,160

182,466

SKF

AB,

Class

B

6,865

178,622

100

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

1.2%

(continued)

Svenska

Handelsbanken

AB,

Class

A

*

105,063

1,059,038

4,112,546

—

Switzerland

-

1.9%

Adecco

Group

AG

(Registered)

11,559

769,868

Credit

Suisse

Group

AG

(Registered)

75,524

975,081

LafargeHolcim

Ltd.

(Registered)

*

21,744

1,193,480

Logitech

International

SA

(Registered)

1,014

98,454

Novartis

AG

(Registered)

2,015

189,728

Roche

Holding

AG

6,755

2,352,758

SGS

SA

(Registered)

37

111,532

STMicroelectronics

NV

17,071

631,555

6,322,456

—

United

Kingdom

-

3.5%

3i

Group

plc

9,545

150,973

Associated

British

Foods

plc

*

14,365

443,515

Aviva

plc

809,575

3,601,015

BAE

Systems

plc

65,607

437,518

Barclays

plc

81,804

164,107

Berkeley

Group

Holdings

plc

2,119

137,073

BT

Group

plc

*

437,815

789,144

CK

Hutchison

Holdings

Ltd.

388,000

2,708,952

Direct

Line

Insurance

Group

plc

138,352

605,111

Entain

plc

27,983

434,039

Fiat

Chrysler

Automobiles

NV

*

7,049

127,348

GlaxoSmithKline

plc

6,378

116,704

Kingfisher

plc

*

251,082

927,784

M&G

plc

290,348

783,699

Mondi

plc

7,084

165,991

Sage

Group

plc

(The)

42,372

336,443

11,929,416

—

United

States

-

56.1%

3M

Co.

(1)

3,202

559,678

AbbVie,

Inc.

(1)

2,909

311,699

Accenture

plc,

Class

A

(1)

412

107,619

Adobe,

Inc.

(1)*

2,724

1,362,327

Advanced

Micro

Devices,

Inc.

(1)*

1,621

148,662

Alexion

Pharmaceuticals,

Inc.

(1)*

1,287

201,081

Allstate

Corp.

(The)

(1)

24,185

2,658,657

Alphabet,

Inc.,

Class

A

(1)*

72

126,190

Alphabet,

Inc.,

Class

C

(1)*

1,829

3,204,189

Altria

Group,

Inc.

(1)

4,908

201,228

Amazon.com,

Inc.

(1)*

2,669

8,692,745

AMERCO

(1)

445

202,012

American

Tower

Corp.,

REIT

(1)

4,396

986,726

AmerisourceBergen

Corp.

(1)

21,116

2,064,300

AMETEK,

Inc.

(1)

4,638

560,920

Anthem,

Inc.

(1)

1,708

548,422

Apple,

Inc.

(1)

100,940

13,393,728

Applied

Materials,

Inc.

(1)

26,492

2,286,260

Arrow

Electronics,

Inc.

(1)*

33,896

3,298,081

Autodesk,

Inc.

(1)*

5,659

1,727,919

Automatic

Data

Processing,

Inc.

(1)

1,915

337,423

AutoZone,

Inc.

(1)*

870

1,031,333

INVESTMENTS

SHARES

VALUE

($)

United

States

-

56.1%

(continued)

AvalonBay

Communities,

Inc.,

REIT

(1)

811

130,109

Bank

of

New

York

Mellon

Corp.

(The)

(1)

37,736

1,601,516

Berkshire

Hathaway,

Inc.,

Class

B

(1)*

7,962

1,846,149

Best

Buy

Co.,

Inc.

(1)

23,533

2,348,358

Biogen,

Inc.

(1)*

4,819

1,179,980

Booz

Allen

Hamilton

Holding

Corp.

(1)

2,468

215,160

BorgWarner,

Inc.

(1)

7,123

275,233

Bristol-Myers

Squibb

Co.

(1)

9,640

597,969

Broadcom,

Inc.

(1)

5,155

2,257,117

Cadence

Design

Systems,

Inc.

(1)*

2,835

386,779

Cardinal

Health,

Inc.

(1)

41,037

2,197,942

Cboe

Global

Markets,

Inc.

(1)

5,471

509,460

CDW

Corp.

(1)

1,011

133,240

CF

Industries

Holdings,

Inc.

(1)

3,747

145,046

Cisco

Systems,

Inc.

(1)

85,986

3,847,874

Citigroup,

Inc.

(1)

32,103

1,979,471

Cognizant

Technology

Solutions

Corp.,

Class

A

(1)

5,516

452,036

Crown

Castle

International

Corp.,

REIT

(1)

1,970

313,604

Crown

Holdings,

Inc.

(1)*

7,292

730,658

Cummins,

Inc.

(1)

5,106

1,159,573

CVS

Health

Corp.

(1)

17,174

1,172,984

Digital

Realty

Trust,

Inc.,

REIT

(1)

849

118,444

Dollar

General

Corp.

(1)

2,878

605,243

Dollar

Tree,

Inc.

(1)*

7,898

853,300

Domino's

Pizza,

Inc.

(1)

3,558

1,364,351

Dover

Corp.

(1)

707

89,259

DR

Horton,

Inc.

(1)

2,052

141,424

DuPont

de

Nemours,

Inc.

(1)

4,864

345,879

Eaton

Corp.

plc

(1)

988

118,698

Electronic

Arts,

Inc.

(1)

3,260

468,136

Eli

Lilly

and

Co.

(1)

2,683

452,998

Equinix,

Inc.,

REIT

(1)

222

158,548

Equity

Residential,

REIT

(1)

2,048

121,405

Facebook,

Inc.,

Class

A

(1)*

18,617

5,085,419

FedEx

Corp.

(1)

5,580

1,448,680

Fidelity

National

Financial,

Inc.

(1)

13,928

544,446

Ford

Motor

Co.

(1)

134,976

1,186,439

Fortinet,

Inc.

(1)*

909

135,014

Fortune

Brands

Home

&

Security,

Inc.

(1)

1,658

142,124

Garmin

Ltd.

(1)

13,413

1,605,000

Gartner,

Inc.

(1)*

1,322

211,771

General

Dynamics

Corp.

(1)

1,888

280,972

General

Electric

Co.

(1)

74,086

800,129

General

Motors

Co.

(1)

6,633

276,198

Genuine

Parts

Co.

(1)

6,269

629,596

Gilead

Sciences,

Inc.

(1)

20,024

1,166,598

Hartford

Financial

Services

Group,

Inc.

(The)

(1)

11,603

568,315

Hologic,

Inc.

(1)*

1,922

139,979

Home

Depot,

Inc.

(The)

(1)

10,868

2,886,758

HP,

Inc.

(1)

114,722

2,821,014

Humana,

Inc.

(1)

2,609

1,070,394

101

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

56.1%

(continued)

Huntington

Ingalls

Industries,

Inc.

(1)

8,131

1,386,173

Intel

Corp.

(1)

93,872

4,676,702

International

Business

Machines

Corp.

(1)

17,481

2,200,508

Interpublic

Group

of

Cos.,

Inc.

(The)

(1)

8,076

189,948

Intuit,

Inc.

(1)

2,570

976,215

JB

Hunt

Transport

Services,

Inc.

(1)

4,494

614,105

Johnson

&

Johnson

(1)

15,288

2,406,025

Johnson

Controls

International

plc

(1)

37,027

1,725,088

Kimberly-Clark

Corp.

(1)

4,511

608,218

Knight-Swift

Transportation

Holdings,

Inc.

(1)

73,585

3,077,325

Kroger

Co.

(The)

(1)

17,168

545,256

L3Harris

Technologies,

Inc.

(1)

2,771

523,774

Lam

Research

Corp.

(1)

3,411

1,610,913

Lear

Corp.

(1)

2,453

390,101

Leidos

Holdings,

Inc.

(1)

5,931

623,467

LKQ

Corp.

(1)*

40,946

1,442,937

Lockheed

Martin

Corp.

(1)

5,859

2,079,828

Lowe's

Cos.,

Inc.

(1)

18,710

3,003,142

Mastercard,

Inc.,

Class

A

(1)

5,177

1,847,878

Maxim

Integrated

Products,

Inc.

(1)

1,651

146,361

McDonald's

Corp.

(1)

1,714

367,790

McKesson

Corp.

(1)

13,634

2,371,225

Merck

&

Co.,

Inc.

(1)

36,344

2,972,939

Micron

Technology,

Inc.

(1)*

29,986

2,254,347

Microsoft

Corp.

(1)

42,775

9,514,015

Mohawk

Industries,

Inc.

(1)*

835

117,693

Mosaic

Co.

(The)

(1)

22,822

525,134

Netflix,

Inc.

(1)*

344

186,011

Newmont

Corp.

(1)

42,800

2,563,292

NIKE,

Inc.,

Class

B

(1)

8,965

1,268,279

Northrop

Grumman

Corp.

(1)

7,902

2,407,897

NortonLifeLock,

Inc.

(1)

7,520

156,266

NRG

Energy,

Inc.

(1)

25,626

962,256

NVIDIA

Corp.

(1)

3,078

1,607,332

Old

Dominion

Freight

Line,

Inc.

(1)

2,708

528,547

Omnicom

Group,

Inc.

(1)

10,561

658,690

Oracle

Corp.

(1)

40,925

2,647,438

O'Reilly

Automotive,

Inc.

(1)*

1,650

746,741

PACCAR,

Inc.

(1)

5,376

463,841

PayPal

Holdings,

Inc.

(1)*

1,893

443,341

Pentair

plc

(1)

5,991

318,062

Perrigo

Co.

plc

(1)

9,601

429,357

Philip

Morris

International,

Inc.

(1)

7,943

657,601

Pinterest,

Inc.,

Class

A

(1)*

7,593

500,379

Procter

&

Gamble

Co.

(The)

(1)

18,183

2,529,983

Prologis,

Inc.,

REIT

(1)

2,980

296,987

Public

Storage,

REIT

(1)

2,484

573,630

PulteGroup,

Inc.

(1)

22,120

953,814

Qorvo,

Inc.

(1)*

11,438

1,901,796

QUALCOMM,

Inc.

(1)

1,065

162,242

Quest

Diagnostics,

Inc.

(1)

1,486

177,087

Robert

Half

International,

Inc.

(1)

2,573

160,761

Roku,

Inc.

(1)*

826

274,249

Sealed

Air

Corp.

(1)

3,238

148,268

INVESTMENTS

SHARES

VALUE

($)

United

States

-

56.1%

(continued)

Sensata

Technologies

Holding

plc

(1)*

14,945

788,199

Simon

Property

Group,

Inc.,

REIT

(1)

1,723

146,937

Skyworks

Solutions,

Inc.

(1)

6,603

1,009,467

SS&C

Technologies

Holdings,

Inc.

(1)

15,810

1,150,178

Steel

Dynamics,

Inc.

(1)

31,197

1,150,233

Synopsys,

Inc.

(1)*

3,469

899,304

Target

Corp.

(1)

10,886

1,921,706

Tesla,

Inc.

(1)*

4,581

3,232,674

Texas

Instruments,

Inc.

(1)

5,943

975,425

Thermo

Fisher

Scientific,

Inc.

(1)

1,868

870,077

TJX

Cos.,

Inc.

(The)

(1)

8,860

605,049

Tractor

Supply

Co.

(1)

6,903

970,424

Tyson

Foods,

Inc.,

Class

A

(1)

16,626

1,071,379

United

Parcel

Service,

Inc.,

Class

B

(1)

2,743

461,921

UnitedHealth

Group,

Inc.

(1)

2,064

723,804

VeriSign,

Inc.

(1)*

5,253

1,136,749

Vertex

Pharmaceuticals,

Inc.

(1)*

4,227

999,009

Viatris,

Inc.

(1)*

8,191

153,499

Walgreens

Boots

Alliance,

Inc.

(1)

13,841

551,979

Walmart,

Inc.

(1)

16,710

2,408,747

Wayfair,

Inc.,

Class

A

(1)*

1,010

228,068

Welltower,

Inc.,

REIT

(1)

3,001

193,925

Western

Union

Co.

(The)

(1)

25,797

565,986

Westrock

Co.

(1)

12,438

541,426

Whirlpool

Corp.

(1)

3,255

587,495

Workday,

Inc.,

Class

A

(1)*

793

190,011

Yum!

Brands,

Inc.

(1)

3,864

419,476

Zoom

Video

Communications,

Inc.,

Class

A

(1)*

4,339

1,463,631

190,666,020

—

TOTAL

COMMON

STOCKS

(Cost

$221,295,786)

296,541,005

SHORT-TERM

INVESTMENTS

-

8.4%

INVESTMENT

COMPANIES

-

8.4%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

0.01%

(1)(d)(e)

5,525,941

5,525,941

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(d)

22,903,395

22,894,234

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$28,423,641)

28,420,175

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

95.8%

(Cost

$249,719,427)

324,961,180

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

4.2%

(f)

14,094,857

NET

ASSETS

-

100.0%

339,056,037

102

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

16,126,664

4.7

%

Consumer

Discretionary

53,536,732

15.8

Consumer

Staples

15,824,774

4.7

Energy

776,806

0.2

Financials

23,925,417

7.0

Health

Care

28,190,160

8.3

Industrials

35,169,299

10.4

Information

Technology

83,068,639

24.5

Materials

28,458,481

8.4

Real

Estate

7,385,901

2.2

Utilities

4,078,132

1.2

Short-Term

Investments

28,420,175

8.4

Total

Investments

In

Securities

At

Value

324,961,180

95.8

Other

Assets

in

Excess

of

Liabilities

(f

)

14,094,857

4.2

Net

Assets

$

339,056,037

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

December

31,

2020

amounted

to

$1,591,389,

which

represents

approximately

0.47%

of

net

assets

of

the

fund.

(c)

Security

fair

valued

as

of

December

31,

2020

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

December

31,

2020

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

fund.

(d)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

contracts.

(f)

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.

(3)

Level

3

security.

Total

return

swap

contracts

outstanding

as

of

December

31,

2020

:

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)

Hang

Seng

Index

January

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

CITI

01/28/2021

HKD

47,633,250

$

162,434

Hang

Seng

Index

January

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

01/28/2021

HKD

50,355,150

172,819

Tel

Aviv

Index

January

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

01/27/2021

ILS

2,098,670

30,517

MSCI

Israel

Daily

Net

Total

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

LIBOR

plus

or

minus

a

specified

spread

(0.25%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2021

USD

11,112

795

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

EURIBOR

plus

or

minus

a

specified

spread

(-0.05%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2021

EUR

432,322

8,680

103

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

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

LIBOR

plus

or

minus

a

specified

spread

(0.15%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2021

JPY

461,243,191

$

124,577

MSCI

Netherlands

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

EURIBOR

plus

or

minus

a

specified

spread

(0.10%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2021

EUR

1,239,830

25,855

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

EURIBOR

plus

or

minus

a

specified

spread

(-0.65%)

Monthly

JPMC

03/17/2021

EUR

(3,644,983)

102,710

628,387

Swiss

Market

Index

March

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

CITI

03/19/2021

CHF

(10,324,680)

(377,791)

(377,791)

$

250,596

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Amsterdam

Exchange

Index

14

1/2021

EUR

$

2,136,280

$

14,560

Hang

Seng

Index

35

1/2021

HKD

6,144,283

171,700

MSCI

Singapore

Index

16

1/2021

SGD

391,404

(1,572)

OMXS30

Index

95

1/2021

SEK

2,168,722

(19,022)

DAX

Index

16

3/2021

EUR

6,717,120

237,224

FTSE/MIB

Index

174

3/2021

EUR

23,519,487

294,270

S&P

500

E-Mini

Index

3

3/2021

USD

562,320

3,107

S&P/TSX

60

Index

46

3/2021

CAD

7,436,468

(71,946)

TOPIX

Index

191

3/2021

JPY

33,379,450

702,967

1,331,288

Short

Contracts

CAC

40

10

Euro

Index

(37)

1/2021

EUR

(2,505,042)

(2,844)

IBEX

35

Index

(182)

1/2021

EUR

(17,944,419)

78,567

FTSE

100

Index

(262)

3/2021

GBP

(23,001,897)

248,015

104

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

SPI

200

Index

(29)

3/2021

AUD

$

(3,653,783)

$

24,505

348,243

$

1,679,531

Forward

foreign

currency

contracts

outstanding

as

of

December

31,

2020:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

21,839,503

USD

16,227,681

CITG

3/17/2021

$

619,504

AUD

21,839,497

USD

16,227,697

JPMC

3/17/2021

619,480

CAD

3,672,500

USD

2,872,669

CITG

3/17/2021

13,049

CAD

3,672,500

USD

2,872,672

JPMC

3/17/2021

13,046

CHF

1,475,500

USD

1,661,030

CITG

3/17/2021

9,147

CHF

1,475,500

USD

1,661,032

JPMC

3/17/2021

9,145

DKK

2,064,000

USD

333,357

CITG

3/17/2021

5,959

DKK

2,064,000

USD

333,358

JPMC

3/17/2021

5,959

EUR

10,970,003

USD

13,239,807

CITG

3/17/2021

183,406

EUR

10,969,997

USD

13,239,816

JPMC

3/17/2021

183,393

GBP

4,716,000

USD

6,294,002

CITG

3/17/2021

158,013

GBP

4,716,000

USD

6,294,010

JPMC

3/17/2021

158,004

HKD

3,613,500

USD

466,158

CITG

3/17/2021

33

HKD

3,613,500

USD

466,159

JPMC

3/17/2021

33

ILS

1,065,500

USD

320,959

CITG

3/17/2021

11,032

ILS

1,065,499

USD

320,959

JPMC

3/17/2021

11,032

JPY

2,684,791,000

USD

25,871,590

CITG

3/17/2021

151,225

JPY

2,684,791,000

USD

25,871,622

JPMC

3/17/2021

151,194

NOK

6,691,500

USD

767,165

CITG

3/17/2021

13,061

NOK

6,691,500

USD

767,166

JPMC

3/17/2021

13,060

NZD

33,611,504

USD

23,518,194

CITG

3/17/2021

672,836

NZD

33,611,497

USD

23,518,219

JPMC

3/17/2021

672,803

SEK

44,672,499

USD

5,266,326

CITG

3/17/2021

167,475

SEK

44,672,500

USD

5,266,333

JPMC

3/17/2021

167,468

SGD

493,003

USD

369,430

CITG

3/17/2021

3,631

SGD

492,997

USD

369,426

JPMC

3/17/2021

3,631

USD

1,942,760

CHF

1,713,500

CITG

3/17/2021

3,181

USD

1,942,758

CHF

1,713,500

JPMC

3/17/2021

3,179

USD

70,680

DKK

429,000

CITG

3/17/2021

155

USD

70,680

DKK

429,000

JPMC

3/17/2021

154

USD

235,002

EUR

192,000

CITG

3/17/2021

65

USD

235,001

EUR

192,000

JPMC

3/17/2021

64

USD

61,156

HKD

474,000

CITG

3/17/2021

3

USD

61,155

HKD

474,000

JPMC

3/17/2021

3

USD

1,453,388

NZD

2,010,500

CITG

3/17/2021

6,381

USD

1,453,386

NZD

2,010,500

JPMC

3/17/2021

6,379

Total

unrealized

appreciation

4,036,183

CAD

3,500

USD

2,754

CITG

3/17/2021

(4)

CAD

3,500

USD

2,754

JPMC

3/17/2021

(4)

DKK

576,000

USD

94,919

CITG

3/17/2021

(227)

DKK

576,000

USD

94,919

JPMC

3/17/2021

(227)

EUR

1,216,000

USD

1,494,715

CITG

3/17/2021

(6,783)

EUR

1,216,000

USD

1,494,717

JPMC

3/17/2021

(6,784)

HKD

604,000

USD

77,930

CITG

3/17/2021

(6)

105

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

HKD

604,000

USD

77,930

JPMC

3/17/2021

$

(6)

ILS

23,500

USD

7,329

CITG

3/17/2021

(7)

ILS

23,500

USD

7,329

JPMC

3/17/2021

(7)

USD

3,808,034

AUD

5,145,000

CITG

3/17/2021

(160,864)

USD

3,808,029

AUD

5,145,000

JPMC

3/17/2021

(160,869)

USD

16,010,788

CAD

20,872,501

CITG

3/17/2021

(390,069)

USD

16,010,768

CAD

20,872,501

JPMC

3/17/2021

(390,089)

USD

5,395,689

CHF

4,888,000

CITG

3/17/2021

(137,233)

USD

5,395,683

CHF

4,888,000

JPMC

3/17/2021

(137,240)

USD

294,581

DKK

1,824,500

CITG

3/17/2021

(5,363)

USD

294,581

DKK

1,824,500

JPMC

3/17/2021

(5,362)

USD

500,016

EUR

419,500

CITG

3/17/2021

(13,297)

USD

500,015

EUR

419,500

JPMC

3/17/2021

(13,297)

USD

16,493,748

GBP

12,330,004

CITG

3/17/2021

(375,075)

USD

16,493,721

GBP

12,329,999

JPMC

3/17/2021

(375,095)

USD

1,794,204

HKD

13,908,000

CITG

3/17/2021

(123)

USD

1,794,202

HKD

13,908,000

JPMC

3/17/2021

(125)

USD

22,261

ILS

73,000

CITG

3/17/2021

(485)

USD

22,261

ILS

73,000

JPMC

3/17/2021

(485)

USD

6,908,518

JPY

717,472,500

CITG

3/17/2021

(45,711)

USD

6,908,510

JPY

717,472,500

JPMC

3/17/2021

(45,720)

USD

11,149,737

NOK

100,437,000

CITG

3/17/2021

(561,171)

USD

11,149,723

NOK

100,436,999

JPMC

3/17/2021

(561,183)

USD

2,878,327

NZD

4,029,000

CITG

3/17/2021

(21,444)

USD

2,878,323

NZD

4,029,000

JPMC

3/17/2021

(21,447)

USD

474,078

SEK

3,931,500

CITG

3/17/2021

(4,135)

USD

474,078

SEK

3,931,500

JPMC

3/17/2021

(4,136)

USD

171,561

SGD

229,503

CITG

3/17/2021

(2,106)

USD

171,557

SGD

229,497

JPMC

3/17/2021

(2,106)

Total

unrealized

depreciation

(3,448,285)

Net

unrealized

appreciation

$

587,898

106

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

84.1%

Australia

-

8.4%

Afterpay

Ltd.

*

2,649

240,809

ASX

Ltd.

1,526

84,689

Aurizon

Holdings

Ltd.

82,923

249,136

Australia

&

New

Zealand

Banking

Group

Ltd.

2,709

47,538

BHP

Group

Ltd.

20,027

654,374

BHP

Group

plc

49,810

1,315,202

BlueScope

Steel

Ltd.

37,499

506,416

Coles

Group

Ltd.

61,016

852,481

CSL

Ltd.

873

190,744

Dexus

,

REIT

15,281

110,832

Fortescue

Metals

Group

Ltd.

86,478

1,562,001

Goodman

Group,

REIT

31,460

459,866

GPT

Group

(The),

REIT

36,710

127,690

Lendlease

Corp.

Ltd.

7,936

80,239

Mirvac

Group,

REIT

57,900

117,593

Origin

Energy

Ltd.

7,925

29,096

Rio

Tinto

Ltd.

3,088

271,563

Rio

Tinto

plc

24,903

1,874,526

Santos

Ltd.

6,504

31,497

Scentre

Group,

REIT

18,450

39,630

Sonic

Healthcare

Ltd.

9,560

236,866

South32

Ltd.

555,498

1,061,649

Stockland,

REIT

30,469

98,371

Suncorp

Group

Ltd.

11,632

87,536

Vicinity

Centres

,

REIT

43,855

54,225

Wesfarmers

Ltd.

2,174

84,497

Westpac

Banking

Corp.

2,041

30,373

10,499,439

—

Belgium

-

1.2%

Ageas

SA/NV

8,248

438,027

Etablissements

Franz

Colruyt

NV

4,005

237,150

Groupe

Bruxelles

Lambert

SA

853

85,977

KBC

Group

NV

2,723

190,559

Proximus

SADP

9,947

196,486

Solvay

SA

1,465

172,774

Telenet

Group

Holding

NV

1,178

50,385

UCB

SA

1,509

155,876

1,527,234

—

Chile

-

0.1%

Antofagasta

plc

7,852

154,050

China

-

0.5%

Yangzijiang

Shipbuilding

Holdings

Ltd.

868,680

627,972

Denmark

-

2.4%

Coloplast

A/S,

Class

B

6,065

927,514

Danske

Bank

A/S

*

5,540

91,562

Novo

Nordisk

A/S,

Class

B

13,798

962,537

Pandora

A/S

9,191

1,028,636

3,010,249

—

Finland

-

1.3%

Kone

OYJ,

Class

B

6,850

558,140

Nokia

OYJ

*

73,220

282,799

Orion

OYJ,

Class

B

5,227

240,102

Stora

Enso

OYJ,

Class

R

7,188

137,634

INVESTMENTS

SHARES

VALUE

($)

Finland

-

1.3%

(continued)

UPM-

Kymmene

OYJ

6,759

252,054

Wartsila

OYJ

Abp

14,575

145,872

1,616,601

—

France

-

8.8%

Arkema

SA

1,388

158,818

Atos

SE

*

14,743

1,346,268

BNP

Paribas

SA

*

9,124

481,676

Bouygues

SA

6,313

259,641

Carrefour

SA

51,439

880,863

Cie

de

Saint-Gobain

24,145

1,110,486

Cie

Generale

des

Etablissements

Michelin

SCA

5,391

694,128

CNP

Assurances

*

10,902

177,125

Credit

Agricole

SA

*

10,568

133,600

Dassault

Aviation

SA

*

43

46,824

Electricite

de

France

SA

52,547

831,521

Iliad

SA

289

59,321

Ipsen

SA

3,035

250,959

La

Francaise

des

Jeux

SAEM

(a)

5,039

230,968

Legrand

SA

382

34,172

Orange

SA

56,248

669,634

Peugeot

SA

*

20,110

550,725

Publicis

Groupe

SA

6,727

334,341

Sanofi

13,726

1,330,366

Schneider

Electric

SE

3,229

466,679

SEB

SA

2,035

370,031

Societe

Generale

SA

*

7,606

158,118

Thales

SA

2,990

273,563

Unibail

-

Rodamco

-Westfield,

REIT

1,741

135,598

10,985,425

—

Germany

-

7.4%

Bayer

AG

(Registered)

8,117

478,182

Bayerische

Motoren

Werke

AG

9,499

838,349

Brenntag

AG

7,901

614,394

Continental

AG

1,803

268,350

Daimler

AG

(Registered)

4,628

328,029

Deutsche

Boerse

AG

1,518

258,473

Deutsche

Post

AG

(Registered)

7,491

371,072

Deutsche

Wohnen

SE

3,297

175,911

Fresenius

Medical

Care

AG

&

Co.

KGaA

15,640

1,304,179

Fresenius

SE

&

Co.

KGaA

4,053

187,418

GEA

Group

AG

8,494

303,807

HOCHTIEF

AG

7,283

708,721

KION

Group

AG

2,963

256,958

Knorr-

Bremse

AG

2,601

354,865

LANXESS

AG

5,314

404,133

Porsche

Automobil

Holding

SE

(Preference)

1,278

88,280

Uniper

SE

16,295

564,619

Volkswagen

AG

(Preference)

7,004

1,308,935

Vonovia

SE

4,674

341,361

Zalando

SE

*(a)

813

90,431

9,246,467

—

107

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

2.4%

CK

Asset

Holdings

Ltd.

59,716

305,561

CK

Infrastructure

Holdings

Ltd.

11,797

63,355

CLP

Holdings

Ltd.

4,500

41,610

Hong

Kong

Exchanges

&

Clearing

Ltd.

9,829

539,138

Kerry

Properties

Ltd.

216,277

547,024

Link,

REIT

33,339

302,777

PCCW

Ltd.

42,350

25,503

WH

Group

Ltd.

(a)

1,340,235

1,123,856

2,948,824

—

Italy

-

1.5%

Assicurazioni

Generali

SpA

20,852

365,085

DiaSorin

SpA

1,870

390,439

Poste

Italiane

SpA

(a)

20,086

205,455

Prysmian

SpA

19,138

681,172

Telecom

Italia

SpA

432,699

200,837

1,842,988

—

Japan

-

20.6%

Advantest

Corp.

2,652

198,640

Aisin

Seiki

Co.

Ltd.

7,500

224,919

Alfresa

Holdings

Corp.

11,440

209,687

Brother

Industries

Ltd.

58,475

1,207,127

Calbee

,

Inc.

5,955

179,511

Daicel

Corp.

11,762

85,972

Daito

Trust

Construction

Co.

Ltd.

520

48,596

Daiwa

House

Industry

Co.

Ltd.

5,555

165,165

Disco

Corp.

2,100

707,769

Electric

Power

Development

Co.

Ltd.

4,319

59,603

ENEOS

Holdings,

Inc.

27,329

98,158

FUJIFILM

Holdings

Corp.

1,973

104,080

Fujitsu

Ltd.

8,602

1,243,294

Hitachi

Ltd.

10,538

415,928

Honda

Motor

Co.

Ltd.

12,700

358,347

Hoya

Corp.

3,772

522,402

Hulic

Co.

Ltd.

5,293

58,224

ITOCHU

Corp.

7,874

226,457

Japan

Post

Insurance

Co.

Ltd.

23,756

487,096

Japan

Real

Estate

Investment

Corp.,

REIT

17

98,232

Japan

Retail

Fund

Investment

Corp.,

REIT

48

87,358

JGC

Holdings

Corp.

10,549

98,804

Kajima

Corp.

2,779

37,280

Kamigumi

Co.

Ltd.

14,595

266,627

Koito

Manufacturing

Co.

Ltd.

2,898

197,226

Kurita

Water

Industries

Ltd.

1,125

43,003

Lion

Corp.

15,630

378,633

Marubeni

Corp.

11,608

77,337

Mebuki

Financial

Group,

Inc.

188,603

371,612

Medipal

Holdings

Corp.

10,764

202,420

Mitsubishi

Corp.

9,212

227,093

Mitsubishi

Estate

Co.

Ltd.

8,284

133,147

Mitsubishi

Gas

Chemical

Co.,

Inc.

26,461

608,482

Mitsui

Fudosan

Co.

Ltd.

6,356

133,092

Murata

Manufacturing

Co.

Ltd.

3,970

359,402

Nexon

Co.

Ltd.

18,307

564,861

NGK

Spark

Plug

Co.

Ltd.

28,263

482,646

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.6%

(continued)

Nintendo

Co.

Ltd.

3,043

1,953,428

Nippon

Building

Fund,

Inc.,

REIT

23

133,393

Nitto

Denko

Corp.

4,433

397,108

Nomura

Real

Estate

Holdings,

Inc.

2,581

57,230

Obayashi

Corp.

86,223

744,499

Olympus

Corp.

15,445

338,151

Ono

Pharmaceutical

Co.

Ltd.

1,455

43,846

Otsuka

Corp.

4,698

247,806

Panasonic

Corp.

15,616

182,039

Pola

Orbis

Holdings,

Inc.

12,308

249,933

Renesas

Electronics

Corp.

*

48,800

510,789

Resona

Holdings,

Inc.

122,816

429,950

Rinnai

Corp.

860

99,968

Rohm

Co.

Ltd.

12,701

1,231,245

Sega

Sammy

Holdings,

Inc.

5,200

82,087

Sekisui

House

Ltd.

12,837

261,513

SG

Holdings

Co.

Ltd.

5,300

144,511

Shimamura

Co.

Ltd.

4,367

458,862

Shimizu

Corp.

78,547

571,767

Shinsei

Bank

Ltd.

65,025

803,309

Shionogi

&

Co.

Ltd.

907

49,587

Sony

Corp.

9,400

947,220

Square

Enix

Holdings

Co.

Ltd.

929

56,326

Subaru

Corp.

15,100

302,135

SUMCO

Corp.

30,767

675,592

Sumitomo

Electric

Industries

Ltd.

2,713

35,949

Sumitomo

Realty

&

Development

Co.

Ltd.

3,746

115,650

Sumitomo

Rubber

Industries

Ltd.

12,719

109,438

Suzuken

Co.

Ltd.

7,680

277,816

Sysmex

Corp.

2,410

289,987

Taiheiyo

Cement

Corp.

16,742

419,372

Taisei

Corp.

17,271

595,824

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

526

35,469

Teijin

Ltd.

5,955

112,062

Tokyo

Electron

Ltd.

2,187

816,982

Tokyu

Fudosan

Holdings

Corp.

8,525

45,537

Toshiba

Corp.

20,705

579,914

Tosoh

Corp.

5,426

84,777

Toyoda

Gosei

Co.

Ltd.

4,499

130,535

Toyota

Tsusho

Corp.

2,184

88,379

Yamato

Holdings

Co.

Ltd.

7,300

186,389

25,864,604

—

Jordan

-

0.1%

Hikma

Pharmaceuticals

plc

2,269

77,987

Macau

-

0.1%

SJM

Holdings

Ltd.

55,745

62,500

Malta

-

0.0%

BGP

Holdings

plc

(3)*(b)

143,427

—

Netherlands

-

4.5%

ASML

Holding

NV

4,750

2,299,841

ING

Groep

NV

26,302

244,552

Koninklijke

Ahold

Delhaize

NV

47,328

1,335,186

Koninklijke

Philips

NV

*

11,706

630,574

Koninklijke

Vopak

NV

1,308

68,695

Royal

Dutch

Shell

plc,

Class

A

7,362

129,103

108

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

4.5%

(continued)

Royal

Dutch

Shell

plc,

Class

B

25,084

425,141

Wolters

Kluwer

NV

6,019

507,806

5,640,898

—

Russia

-

0.5%

Evraz

plc

98,789

631,353

Singapore

-

0.6%

Ascendas

,

REIT

54,022

121,953

CapitaLand

Integrated

Commercial

Trust,

REIT

69,542

113,731

Singapore

Exchange

Ltd.

16,921

118,853

Venture

Corp.

Ltd.

22,671

333,350

687,887

—

South

Africa

-

1.0%

Anglo

American

plc

38,633

1,275,748

Spain

-

2.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

45,656

226,299

Enagas

SA

52,810

1,161,806

Endesa

SA

43,002

1,179,498

Industria

de

Diseno

Textil

SA

7,367

233,827

Red

Electrica

Corp.

SA

20,754

426,102

Repsol

SA

25,832

260,235

3,487,767

—

Sweden

-

3.6%

Atlas

Copco

AB,

Class

B

4,289

192,522

Electrolux

AB,

Series

B

1,599

37,204

Essity

AB,

Class

B

16,442

529,748

Evolution

Gaming

Group

AB

(a)

2,310

232,235

Husqvarna

AB,

Class

B

48,046

623,538

ICA

Gruppen

AB

810

40,517

Investor

AB,

Class

B

3,864

281,235

Sandvik

AB

*

32,916

811,826

Skanska

AB,

Class

B

5,809

148,037

SKF

AB,

Class

B

18,055

469,778

Svenska

Handelsbanken

AB,

Class

A

*

84,680

853,576

Swedish

Match

AB

3,333

259,377

4,479,593

—

Switzerland

-

7.9%

Adecco

Group

AG

(Registered)

12,184

811,495

Credit

Suisse

Group

AG

(Registered)

21,699

280,153

LafargeHolcim

Ltd.

(Registered)

*

16,486

904,880

Logitech

International

SA

(Registered)

2,942

285,654

Nestle

SA

(Registered)

9,009

1,064,966

Novartis

AG

(Registered)

22,225

2,092,661

Roche

Holding

AG

8,179

2,848,734

SGS

SA

(Registered)

113

340,624

Sonova

Holding

AG

(Registered)

*

1,830

475,971

STMicroelectronics

NV

19,744

730,444

Swatch

Group

AG

(The)

160

43,495

9,879,077

—

INVESTMENTS

SHARES

VALUE

($)

United

Arab

Emirates

-

0.0%

NMC

Health

plc

(3)*(b)

5,443

—

United

Kingdom

-

8.4%

3i

Group

plc

7,980

126,219

Associated

British

Foods

plc

*

14,892

459,786

Aviva

plc

308,127

1,370,558

BAE

Systems

plc

90,965

606,625

Barclays

plc

218,232

437,794

Berkeley

Group

Holdings

plc

1,740

112,556

BP

plc

177,498

612,500

BT

Group

plc

*

348,261

627,726

CK

Hutchison

Holdings

Ltd.

176,974

1,235,603

Compass

Group

plc

23,002

429,019

Direct

Line

Insurance

Group

plc

99,743

436,247

Entain

plc

39,741

616,415

Fiat

Chrysler

Automobiles

NV

*

7,307

132,009

GlaxoSmithKline

plc

9,466

173,209

Kingfisher

plc

*

243,695

900,488

London

Stock

Exchange

Group

plc

2,475

305,505

M&G

plc

273,263

737,584

RELX

plc

7,952

194,565

RSA

Insurance

Group

plc

6,881

63,779

Sage

Group

plc

(The)

45,432

360,740

Standard

Chartered

plc

12,837

81,514

Unilever

plc

7,680

465,032

10,485,473

—

TOTAL

COMMON

STOCKS

(Cost

$81,191,985)

105,032,136

SHORT-TERM

INVESTMENTS

-

8.8%

INVESTMENT

COMPANIES

-

8.8%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

0.01%

(1)(c)(d)

1,644,381

1,644,381

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(c)

9,322,680

9,318,951

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$10,964,375)

10,963,332

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

92.9%

(Cost

$92,156,360)

115,995,468

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

7.1%

(e)

8,871,611

NET

ASSETS

-

100.0%

124,867,079

109

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,738,848

3.8

%

Consumer

Discretionary

13,177,532

10.6

Consumer

Staples

8,057,038

6.5

Energy

1,654,424

1.3

Financials

11,030,769

8.8

Health

Care

14,923,682

11.9

Industrials

16,270,238

13.0

Information

Technology

13,598,558

10.9

Materials

13,044,946

10.4

Real

Estate

4,207,987

3.4

Utilities

4,328,114

3.5

Short-Term

Investments

10,963,332

8.8

Total

Investments

In

Securities

At

Value

115,995,468

92.9

Other

Assets

in

Excess

of

Liabilities

(e)

8,871,611

7.1

Net

Assets

$

124,867,079

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

December

31,

2020

amounted

to

$1,882,945,

which

represents

approximately

1.51%

of

net

assets

of

the

fund.

(b)

Security

fair

valued

as

of

December

31,

2020

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

December

31,

2020

amounted

to

$0,

which

represents

approximately

0.00%

of

net

assets

of

the

fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

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.

(3)

Level

3

security.

Total

return

swap

contracts

outstanding

as

of

December

31,

2020

:

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)

Hang

Seng

Index

January

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

JPMC

01/28/2021

HKD

42,189,450

$

158,879

Tel

Aviv

Index

January

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

01/27/2021

ILS

2,398,480

33,079

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

EURIBOR

plus

or

minus

a

specified

spread

(-0.05%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2021

EUR

2,032,596

40,811

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

EURIBOR

plus

or

minus

a

specified

spread

(-0.65%)

Monthly

JPMC

03/17/2021

EUR

(486,352)

13,705

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

(-0.40%)

Monthly

JPMC

03/17/2021

SEK

(142,733)

76

246,550

110

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

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

March

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

03/19/2021

CHF

(6,492,840)

$

(237,409)

(237,409)

$

9,141

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Hang

Seng

Index

28

1/2021

HKD

$

4,915,427

$

126,299

FTSE/MIB

Index

84

3/2021

EUR

11,354,235

139,946

SPI

200

Index

2

3/2021

AUD

251,985

(1,862)

TOPIX

Index

132

3/2021

JPY

23,068,520

523,065

787,448

Short

Contracts

Amsterdam

Exchange

Index

(11)

1/2021

EUR

(1,678,506)

(8,908)

CAC

40

10

Euro

Index

(63)

1/2021

EUR

(4,265,342)

9,062

IBEX

35

Index

(25)

1/2021

EUR

(2,464,893)

11,486

OMXS30

Index

(128)

1/2021

SEK

(2,922,067)

22,313

FTSE

100

Index

(117)

3/2021

GBP

(10,271,840)

105,947

139,900

$

927,348

Forward

foreign

currency

contracts

outstanding

as

of

December

31,

2020:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

8,663,552

USD

6,417,149

CITG

3/17/2021

$

265,989

AUD

8,663,548

USD

6,417,154

JPMC

3/17/2021

265,978

CHF

475,500

USD

527,127

CITG

3/17/2021

11,111

CHF

475,500

USD

527,128

JPMC

3/17/2021

11,110

DKK

1,185,000

USD

191,322

CITG

3/17/2021

3,490

DKK

1,185,000

USD

191,322

JPMC

3/17/2021

3,489

EUR

4,756,700

USD

5,733,543

CITG

3/17/2021

86,892

EUR

4,756,700

USD

5,733,550

JPMC

3/17/2021

86,886

GBP

1,227,500

USD

1,642,284

CITG

3/17/2021

37,073

GBP

1,227,500

USD

1,642,286

JPMC

3/17/2021

37,071

HKD

1,762,000

USD

227,309

CITG

3/17/2021

13

HKD

1,762,000

USD

227,309

JPMC

3/17/2021

13

ILS

1,269,000

USD

382,146

CITG

3/17/2021

13,254

ILS

1,269,000

USD

382,146

JPMC

3/17/2021

13,254

JPY

997,794,900

USD

9,613,301

CITG

3/17/2021

58,004

JPY

997,794,900

USD

9,613,313

JPMC

3/17/2021

57,991

NOK

1,125,504

USD

125,026

CITG

3/17/2021

6,209

NOK

1,125,496

USD

125,025

JPMC

3/17/2021

6,209

NZD

10,646,501

USD

7,457,031

CITG

3/17/2021

205,517

111

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

NZD

10,646,499

USD

7,457,039

JPMC

3/17/2021

$

205,509

SEK

6,000

USD

695

CITG

3/17/2021

35

SEK

6,000

USD

695

JPMC

3/17/2021

35

SGD

177,724

USD

132,967

CITG

3/17/2021

1,520

SGD

177,719

USD

132,963

JPMC

3/17/2021

1,520

USD

70,210

CHF

62,000

CITG

3/17/2021

29

USD

70,210

CHF

62,000

JPMC

3/17/2021

29

USD

17,806

DKK

108,000

CITG

3/17/2021

52

USD

17,806

DKK

108,000

JPMC

3/17/2021

52

USD

32,771

HKD

254,000

CITG

3/17/2021

2

USD

32,771

HKD

254,000

JPMC

3/17/2021

1

USD

1,559

ILS

5,000

CITG

3/17/2021

1

USD

1,559

ILS

5,000

JPMC

3/17/2021

1

USD

291,826

JPY

30,097,500

CITG

3/17/2021

101

USD

291,826

JPY

30,097,500

JPMC

3/17/2021

101

Total

unrealized

appreciation

1,378,541

DKK

231,000

USD

38,124

CITG

3/17/2021

(149)

DKK

231,000

USD

38,124

JPMC

3/17/2021

(149)

EUR

3,000

USD

3,672

CITG

3/17/2021

(1)

EUR

3,000

USD

3,672

JPMC

3/17/2021

(1)

HKD

322,000

USD

41,546

CITG

3/17/2021

(2)

HKD

322,000

USD

41,546

JPMC

3/17/2021

(2)

ILS

19,500

USD

6,082

CITG

3/17/2021

(6)

ILS

19,500

USD

6,082

JPMC

3/17/2021

(6)

USD

2,387,699

AUD

3,232,000

CITG

3/17/2021

(105,494)

USD

2,387,696

AUD

3,232,000

JPMC

3/17/2021

(105,497)

USD

4,042,311

CHF

3,653,900

CITG

3/17/2021

(93,683)

USD

4,042,306

CHF

3,653,900

JPMC

3/17/2021

(93,688)

USD

128,066

DKK

791,000

CITG

3/17/2021

(1,973)

USD

128,066

DKK

791,000

JPMC

3/17/2021

(1,973)

USD

2,336,782

EUR

1,951,500

CITG

3/17/2021

(51,130)

USD

2,336,779

EUR

1,951,500

JPMC

3/17/2021

(51,133)

USD

7,772,837

GBP

5,809,352

CITG

3/17/2021

(175,005)

USD

7,772,822

GBP

5,809,348

JPMC

3/17/2021

(175,015)

USD

352,769

HKD

2,734,500

CITG

3/17/2021

(20)

USD

352,769

HKD

2,734,500

JPMC

3/17/2021

(20)

USD

16,399

ILS

54,000

CITG

3/17/2021

(427)

USD

16,399

ILS

54,000

JPMC

3/17/2021

(427)

USD

4,099,575

JPY

425,318,500

CITG

3/17/2021

(22,901)

USD

4,099,569

JPY

425,318,500

JPMC

3/17/2021

(22,907)

USD

5,309

NOK

46,500

CITG

3/17/2021

(113)

USD

5,309

NOK

46,500

JPMC

3/17/2021

(113)

USD

1,760,714

SEK

14,988,000

CITG

3/17/2021

(62,372)

USD

1,760,712

SEK

14,988,000

JPMC

3/17/2021

(62,374)

USD

132,892

SGD

177,724

CITG

3/17/2021

(1,594)

USD

132,888

SGD

177,719

JPMC

3/17/2021

(1,594)

Total

unrealized

depreciation

(1,029,769)

Net

unrealized

appreciation

$

348,772

112

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

LONG

POSITIONS

-

129.1%

CORPORATE

BONDS

-

26.9%

Aerospace

&

Defense

-

0.1%

Hexcel

Corp.

3.95%,

2/15/2027

$

140,000

151,323

Air

Freight

&

Logistics

-

0.3%

United

Parcel

Service,

Inc.

5.30%,

4/1/2050

280,000

421,945

Auto

Components

-

0.2%

Lear

Corp.

5.25%,

5/15/2049

170,000

209,860

Automobiles

-

0.2%

Hyundai

Capital

America

1.80%,

10/15/2025

(a)

200,000

205,052

Banks

-

2.3%

Bangko

Sentral

ng

Pilipinas

International

Bond

(Philippines)

Series

A,

8.60%,

6/15/2027

60,000

83,400

Bank

of

Montreal

(Canada)

(USD

Swap

Semi

5

Year

+

1.43%),

3.80%,

12/15/2032

(b)

407,000

461,331

Canadian

Imperial

Bank

of

Commerce

(Canada)

3.10%,

4/2/2024

105,000

113,620

Citizens

Financial

Group,

Inc.

3.25%,

4/30/2030

130,000

146,497

Huntington

Bancshares,

Inc.

2.55%,

2/4/2030

190,000

203,765

National

Bank

of

Canada

(Canada)

2.10%,

2/1/2023

430,000

444,573

SVB

Financial

Group

3.50%,

1/29/2025

390,000

425,073

Toronto-Dominion

Bank

(The)

(Canada)

(USD

Swap

Semi

5

Year

+

2.21%),

3.62%,

9/15/2031

(b)

350,000

396,659

Truist

Bank

2.25%,

3/11/2030

430,000

451,141

Vnesheconombank

(Russia)

6.80%,

11/22/2025

(a)

140,000

168,175

2,894,234

Biotechnology

-

0.2%

Biogen,

Inc.

5.20%,

9/15/2045

190,000

258,000

Building

Products

-

0.1%

Fortune

Brands

Home

&

Security,

Inc.

3.25%,

9/15/2029

100,000

110,812

Capital

Markets

-

1.6%

Ameriprise

Financial,

Inc.

3.00%,

4/2/2025

200,000

217,733

Ares

Capital

Corp.

3.50%,

2/10/2023

700,000

737,398

Goldman

Sachs

Group,

Inc.

(The)

6.75%,

10/1/2037

110,000

168,318

KKR

Group

Finance

Co.

III

LLC

5.13%,

6/1/2044

(a)

190,000

249,403

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Capital

Markets

-

1.6%

(continued)

Morgan

Stanley

3.63%,

1/20/2027

$

460,000

526,799

Northern

Trust

Corp.

3.15%,

5/3/2029

100,000

113,242

2,012,893

Chemicals

-

1.5%

Air

Products

and

Chemicals,

Inc.

2.05%,

5/15/2030

170,000

181,347

Celanese

US

Holdings

LLC

3.50%,

5/8/2024

100,000

108,292

Ecolab,

Inc.

4.80%,

3/24/2030

390,000

497,636

Mosaic

Co.

(The)

4.25%,

11/15/2023

110,000

120,061

PPG

Industries,

Inc.

2.55%,

6/15/2030

102,000

109,576

RPM

International,

Inc.

3.75%,

3/15/2027

800,000

887,626

1,904,538

Commercial

Services

&

Supplies

-

0.4%

Cintas

Corp.

No.

2

3.70%,

4/1/2027

421,000

485,069

Construction

Materials

-

0.1%

Vulcan

Materials

Co.

4.50%,

6/15/2047

105,000

130,072

Consumer

Finance

-

0.6%

American

Express

Co.

2.50%,

8/1/2022

710,000

732,554

Diversified

Financial

Services

-

0.9%

GE

Capital

International

Funding

Co.

Unlimited

Co.

4.42%,

11/15/2035

400,000

477,419

Petronas

Capital

Ltd.

(Malaysia)

7.88%,

5/22/2022

(a)

240,000

264,149

Voya

Financial,

Inc.

4.80%,

6/15/2046

330,000

418,314

1,159,882

Diversified

Telecommunication

Services

-

0.4%

AT&T,

Inc.

3.80%,

12/1/2057

(a)

100,000

104,494

Level

3

Financing,

Inc.

3.88%,

11/15/2029

(a)

370,000

410,892

515,386

Electric

Utilities

-

0.6%

Emera

US

Finance

LP

(Canada)

4.75%,

6/15/2046

100,000

127,880

NRG

Energy,

Inc.

3.75%,

6/15/2024

(a)

400,000

437,631

Oklahoma

Gas

and

Electric

Co.

3.25%,

4/1/2030

160,000

182,151

747,662

Electronic

Equipment,

Instruments

&

Components

-

0.4%

Keysight

Technologies,

Inc.

4.60%,

4/6/2027

383,000

456,496

113

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.4%

Equinix

,

Inc.

5.38%,

5/15/2027

$

160,000

174,398

Simon

Property

Group

LP

3.25%,

9/13/2049

280,000

286,766

461,164

Food

&

Staples

Retailing

-

0.9%

Alimentation

Couche-Tard,

Inc.

(Canada)

2.70%,

7/26/2022

(a)

298,000

308,008

Costco

Wholesale

Corp.

1.60%,

4/20/2030

500,000

512,349

Walmart,

Inc.

4.05%,

6/29/2048

270,000

366,402

1,186,759

Food

Products

-

0.2%

Smithfield

Foods,

Inc.

4.25%,

2/1/2027

(a)

230,000

255,499

Gas

Utilities

-

0.2%

National

Fuel

Gas

Co.

4.75%,

9/1/2028

298,000

319,906

Health

Care

Equipment

&

Supplies

-

1.0%

Abbott

Laboratories

4.90%,

11/30/2046

370,000

548,527

Edwards

Lifesciences

Corp.

4.30%,

6/15/2028

620,000

733,770

1,282,297

Health

Care

Providers

&

Services

-

1.0%

Anthem,

Inc.

4.63%,

5/15/2042

160,000

208,626

HCA,

Inc.

5.00%,

3/15/2024

360,000

404,991

Humana,

Inc.

4.95%,

10/1/2044

350,000

471,716

Montefiore

Obligated

Group

4.29%,

9/1/2050

200,000

218,490

1,303,823

Hotels,

Restaurants

&

Leisure

-

0.4%

Marriott

International,

Inc.

Series

EE,

5.75%,

5/1/2025

460,000

538,062

Internet

&

Direct

Marketing

Retail

-

1.2%

Amazon.com,

Inc.

4.05%,

8/22/2047

450,000

594,203

Booking

Holdings,

Inc.

4.63%,

4/13/2030

340,000

422,477

Expedia

Group,

Inc.

6.25%,

5/1/2025

(a)

450,000

521,595

1,538,275

Life

Sciences

Tools

&

Services

-

0.3%

PerkinElmer,

Inc.

3.30%,

9/15/2029

400,000

451,004

Machinery

-

0.1%

Cummins,

Inc.

1.50%,

9/1/2030

120,000

120,608

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Media

-

0.5%

Charter

Communications

Operating

LLC

4.91%,

7/23/2025

$

520,000

603,953

Metals

&

Mining

-

0.6%

Barrick

North

America

Finance

LLC

(Canada)

5.75%,

5/1/2043

100,000

145,854

Corp.

Nacional

del

Cobre

de

Chile

(Chile)

6.15%,

10/24/2036

(a)

110,000

152,856

Kinross

Gold

Corp.

(Canada)

5.95%,

3/15/2024

254,000

288,999

Teck

Resources

Ltd.

(Canada)

6.25%,

7/15/2041

100,000

127,848

715,557

Multi-Utilities

-

0.4%

CMS

Energy

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.12%),

4.75%,

6/1/2050

(b)

402,000

452,870

Oil,

Gas

&

Consumable

Fuels

-

1.7%

ConocoPhillips

6.50%,

2/1/2039

220,000

340,245

Devon

Energy

Corp.

5.00%,

6/15/2045

190,000

223,796

HollyFrontier

Corp.

5.88%,

4/1/2026

520,000

580,683

KazTransGas

JSC

(Kazakhstan)

4.38%,

9/26/2027

(a)

200,000

229,990

ONEOK,

Inc.

4.95%,

7/13/2047

220,000

245,802

Petroleos

Mexicanos

(Mexico)

4.50%,

1/23/2026

20,000

19,930

6.50%,

3/13/2027

70,000

73,723

5.35%,

2/12/2028

130,000

128,603

6.63%,

6/15/2035

150,000

148,500

6.63%,

6/15/2038

10,000

9,620

6.50%,

6/2/2041

60,000

56,025

6.35%,

2/12/2048

150,000

135,975

2,192,892

Pharmaceuticals

-

0.2%

Zoetis,

Inc.

4.70%,

2/1/2043

200,000

273,874

Professional

Services

-

1.3%

IHS

Markit

Ltd.

4.75%,

2/15/2025

(a)

670,000

768,892

Verisk

Analytics,

Inc.

4.00%,

6/15/2025

730,000

826,945

1,595,837

Road

&

Rail

-

0.4%

Kansas

City

Southern

2.88%,

11/15/2029

450,000

487,800

Semiconductors

&

Semiconductor

Equipment

-

2.4%

Broadcom

Corp.

3.88%,

1/15/2027

430,000

482,592

Lam

Research

Corp.

4.00%,

3/15/2029

410,000

491,835

114

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

2.4%

(continued)

Microchip

Technology,

Inc.

4.33%,

6/1/2023

$

400,000

433,005

Micron

Technology,

Inc.

5.33%,

2/6/2029

390,000

487,846

NVIDIA

Corp.

3.20%,

9/16/2026

97,000

109,828

QUALCOMM,

Inc.

3.25%,

5/20/2027

460,000

522,134

Texas

Instruments,

Inc.

1.75%,

5/4/2030

440,000

456,314

2,983,554

Software

-

1.0%

Adobe,

Inc.

2.30%,

2/1/2030

450,000

487,072

Citrix

Systems,

Inc.

4.50%,

12/1/2027

520,000

611,480

Oracle

Corp.

4.00%,

7/15/2046

100,000

122,746

1,221,298

Specialty

Retail

-

1.0%

Best

Buy

Co.,

Inc.

4.45%,

10/1/2028

550,000

658,053

Home

Depot,

Inc.

(The)

4.50%,

12/6/2048

400,000

561,517

1,219,570

Technology

Hardware,

Storage

&

Peripherals

-

0.9%

Apple,

Inc.

4.65%,

2/23/2046

150,000

213,219

Dell

International

LLC

6.02%,

6/15/2026

(a)

490,000

597,773

Xerox

Corp.

4.38%,

3/15/2023

(c)

350,000

367,500

1,178,492

Tobacco

-

0.2%

Philip

Morris

International,

Inc.

4.25%,

11/10/2044

250,000

314,870

Trading

Companies

&

Distributors

-

0.1%

WW

Grainger,

Inc.

4.60%,

6/15/2045

62,000

83,201

Water

Utilities

-

0.1%

American

Water

Capital

Corp.

3.75%,

9/1/2047

100,000

122,480

Wireless

Telecommunication

Services

-

0.5%

Sprint

Spectrum

Co.

LLC

4.74%,

3/20/2025

(a)

400,000

433,236

T-Mobile

USA,

Inc.

3.88%,

4/15/2030

(a)

200,000

231,640

664,876

TOTAL

CORPORATE

BONDS

(Cost

$31,736,830)

33,964,299

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

MORTGAGE-BACKED

SECURITIES

-

35.0%

UMBS,

15

Year,

Single

Family

TBA,

2.00%,

1/25/2036

$

1,150,000

1,202,289

TBA,

2.50%,

1/25/2036

3,050,000

3,181,056

UMBS,

30

Year,

Single

Family

TBA,

2.00%,

1/25/2051

4,200,000

4,362,914

TBA,

2.50%,

1/25/2051

5,700,000

6,008,602

TBA,

3.00%,

1/25/2051

9,000,000

9,429,609

TBA,

3.50%,

1/25/2051

8,000,000

8,456,250

TBA,

4.00%,

1/25/2051

7,550,000

8,063,164

TBA,

Class

360,

4.50%,

1/25/2051

3,250,000

3,522,187

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$44,108,469)

44,226,071

FOREIGN

GOVERNMENT

SECURITIES

-

16.0%

Arab

Republic

of

Egypt

7.50%,

1/31/2027

(a)

240,000

277,112

Buoni

Poliennali

del

Tesoro

6.00%,

5/1/2031

(d)

EUR

150,000

283,039

Canada

Government

Bond

2.25%,

6/1/2029

CAD

870,000

776,801

1.25%,

6/1/2030

8,600,000

7,111,874

0.50%,

12/1/2030

2,390,000

1,837,722

Commonwealth

of

Australia

1.50%,

6/21/2031

(d)

AUD

1,440,000

1,164,142

Dominican

Republic

Government

Bond

6.88%,

1/29/2026

(a)

$

100,000

120,626

7.45%,

4/30/2044

(a)

100,000

129,001

Export-Import

Bank

of

India

4.00%,

1/14/2023

(d)

200,000

210,989

Federal

Republic

of

Nigeria

7.88%,

2/16/2032

(a)

200,000

219,650

Federative

Republic

of

Brazil

10.13%,

5/15/2027

250,000

356,565

8.25%,

1/20/2034

10,000

14,575

7.13%,

1/20/2037

30,000

40,688

Hungary

Government

Bond

5.75%,

11/22/2023

20,000

22,794

Japan

Government

Bond

0.10%,

6/20/2028

JPY

5,500,000

53,964

0.10%,

9/20/2028

8,600,000

84,384

0.10%,

12/20/2028

9,400,000

92,206

0.10%,

3/20/2029

8,450,000

82,852

0.10%,

6/20/2029

16,600,000

162,659

2.10%,

3/20/2030

15,300,000

176,901

0.60%,

12/20/2036

3,150,000

32,047

2.50%,

3/20/2038

192,700,000

2,543,778

2.40%,

9/20/2038

3,400,000

44,541

2.30%,

3/20/2039

2,400,000

31,080

2.30%,

3/20/2040

50,500,000

661,765

2.00%,

9/20/2040

58,850,000

742,500

Kingdom

of

Saudi

Arabia

2.90%,

10/22/2025

(a)

$

200,000

215,470

Plurinational

State

of

Bolivia

4.50%,

3/20/2028

(a)

210,000

196,877

Republic

of

Colombia

8.13%,

5/21/2024

130,000

159,250

115

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

FOREIGN

GOVERNMENT

SECURITIES

-

16.0%

(continued)

Republic

of

Ecuador

0.50%,

7/31/2030

(a)(c)

$

70,000

44,800

Republic

of

El

Salvador

6.38%,

1/18/2027

(a)

120,000

113,251

8.25%,

4/10/2032

(a)

40,000

39,200

7.65%,

6/15/2035

(a)

90,000

85,275

Republic

of

Indonesia

2.95%,

1/11/2023

200,000

208,582

7.75%,

1/17/2038

(a)

100,000

156,986

Republic

of

Poland

3.25%,

4/6/2026

20,000

22,555

Republic

of

South

Africa

4.88%,

4/14/2026

210,000

229,469

Republic

of

Turkey

6.88%,

3/17/2036

190,000

206,796

5.75%,

5/11/2047

200,000

189,636

Romania

Government

Bond

6.75%,

2/7/2022

(a)

180,000

191,952

4.38%,

8/22/2023

(a)

20,000

21,800

4.00%,

2/14/2051

(a)

50,000

54,305

Russian

Federation

5.25%,

6/23/2047

(a)

200,000

276,750

State

of

Qatar

9.75%,

6/15/2030

(a)

20,000

34,007

Sultanate

of

Oman

Government

Bond

6.75%,

1/17/2048

(a)

210,000

207,749

Ukraine

Government

Bond

7.75%,

9/1/2027

(a)

150,000

170,085

United

Mexican

States

6.05%,

1/11/2040

30,000

40,200

4.75%,

3/8/2044

10,000

11,875

TOTAL

FOREIGN

GOVERNMENT

SECURITIES

(Cost

$19,394,177)

20,151,125

U.S.

TREASURY

OBLIGATIONS

-

42.3%

U.S.

Treasury

Bonds

3.13%,

2/15/2043

440,000

577,105

2.88%,

5/15/2043

3,060,000

3,868,509

3.63%,

8/15/2043

290,000

409,557

3.75%,

11/15/2043

2,050,000

2,950,719

3.13%,

8/15/2044

260,000

342,905

2.50%,

2/15/2045

1,970,000

2,349,302

3.00%,

5/15/2045

870,000

1,128,791

2.75%,

8/15/2047

3,610,000

4,525,897

3.13%,

5/15/2048

320,000

429,550

U.S.

Treasury

Notes

1.88%,

5/31/2022

7,000,000

7,173,359

2.00%,

7/31/2022

23,520,000

24,212,738

1.63%,

5/15/2026

3,380,000

3,598,908

0.50%,

8/31/2027

1,480,000

1,470,981

2.88%,

5/15/2028

320,000

370,750

2.88%,

8/15/2028

10,000

11,616

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$51,788,217)

53,420,687

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

8.9%

INVESTMENT

COMPANIES

-

8.9%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

0.01%

(1)(e)(f)

110,002

110,002

Limited

Purpose

Cash

Investment

Fund,

0.03%

(1)(e)

11,160,616

11,156,151

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$11,267,897)

11,266,153

TOTAL

INVESTMENTS

BEFO

RE

TBA

SALE

COMMITMENTS

(Cost

$158,295,590)

163,028,335

PRINCIPAL

AMOUNT

TBA

SALE

COMMITMENTS

-

(3.8)%

MORTGAGE-BACKED

SECURITIES

-

(3.8)%

UMBS,

15

Year,

Single

Family

TBA,

2.00%,

1/25/2036

$

(100,000)

(104,547)

TBA,

2.50%,

1/25/2036

(150,000)

(156,445)

UMBS,

30

Year,

Single

Family

TBA,

3.00%,

1/25/2051

(300,000)

(314,320)

TBA,

3.50%,

1/25/2051

(700,000)

(739,922)

TBA,

Class

360,

4.50%,

1/25/2051

(3,250,000)

(3,522,188)

TOTAL

TBA

SALE

COMMITMENTS

(Proceeds

$(4,837,809))

(4,837,422)

TOTAL

INVESTMENTS

NET

OF

TBA

SALE

COMMITMENTS

-

125.3%

(Cost

$153,457,781)

158,190,913

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(25.3)%

(g)

(31,877,427)

NET

ASSETS

-

100.0%

126,313,486

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,784,215

1.4

%

Consumer

Discretionary

3,710,820

3.0

Consumer

Staples

1,757,128

1.4

Energy

2,192,892

1.7

Financials

6,799,563

5.4

Foreign

Government

Securities

20,151,125

16.0

Health

Care

3,568,998

2.8

Industrials

3,456,595

2.7

Information

Technology

5,839,839

4.6

Materials

2,750,168

2.2

Mortgage-Backed

Securities

39,388,649

31.2

Real

Estate

461,164

0.4

U.S.

Treasury

Obligations

53,420,687

42.3

Utilities

1,642,917

1.3

Short-Term

Investments

11,266,153

8.9

Total

Investments

In

Securities

At

Value

158,190,913

125.3

Liabilities

in

Excess

of

Other

Assets

(g)

(31,877,427)

(25.3)

Net

Assets

$

126,313,486

100.0%

116

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

(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

December

31,

2020

amounted

to

$7,894,181,

which

represents

approximately

6.25%

of

net

assets

of

the

fund.

(b)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2020.

(c)

Step

bond.

Coupon

rate

is

a

fixed

rate

for

an

initial

period

that

either

resets

at

a

specific

date

or

may

reset

in

the

future

contingent

upon

a

rating

change

made

by

a

rating

agency.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2020.

(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

December

31,

2020,

the

value

of

these

securities

amounted

to

$1,658,170

or

1.31%

of

net

assets.

(e)

Represents

7-day

effective

yield

as

of

December

31,

2020.

(f)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

contracts.

(g)

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.

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

December

31,

2020:

Exchange

Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PAYMENTS

(RECEIPTS)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Markit

CDX

Emerging

Markets

Index

Series

34.V1

1.00

%

Quarterly

12/20/2025

1.50

%

USD

8,390,000

$

429,853

$

(231,050)

$

198,803

Republic

of

Turkey,

11.88%,

1/15/2030

1.00

Quarterly

12/20/2025

3.01

USD

300,000

52,793

(25,158)

27,635

482,646

(256,208)

226,438

Commonwealth

of

Australia,  

4.75%,

4/21/2027

1.00

%

Quarterly

12/20/2025

0.14

%

USD

1,400,000

$

(60,946)

$

465

$

(60,481)

Kingdom

of

Thailand,  

1.45%,

5/20/2015

1.00

Quarterly

12/20/2025

0.35

USD

5,600,000

(171,317)

(11,902)

(183,219)

Republic

of

Indonesia,  

3.70%,

1/8/2022

1.00

Quarterly

12/20/2025

0.68

USD

700,000

(10,714)

(452)

(11,166)

Republic

of

Philippines,  

10.63%,

3/16/2025

1.00

Quarterly

12/20/2025

0.35

USD

4,300,000

(119,128)

(19,944)

(139,072)

Russian

Federation,  

2.25%,

3/31/2030

1.00

Quarterly

12/20/2025

0.87

USD

100,000

(971)

312

(659)

United

Mexican

States,  

4.15%,

3/28/2027

1.00

Quarterly

12/20/2025

0.81

USD

300,000

(1,454)

(1,398)

(2,852)

(364,530)

(32,919)

(397,449)

$

118,116

$

(289,127)

$

(171,011)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

December

31,

2020

:

Exchange

Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PAYMENTS

(RECEIPTS)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Kingdom

of

Saudi

Arabia,  

2.38%,

10/26/2021

1.00

%

Quarterly

12/20/2025

0.67

%

USD

700,000

$

533

$

10,945

$

11,478

Markit

CDX

North

America

High

Yield

Index

Series

35.V1

5.00

Quarterly

12/20/2025

2.93

USD

1,090,000

47,870

55,447

103,317

Markit

CDX

North

America

Investment

Grade

Index

Series

35.V1

1.00

Quarterly

12/20/2025

0.50

USD

18,720,000

398,070

66,314

464,384

Penerbangan

Malaysia

Bhd.,  

5.63%,

3/15/2016

1.00

Quarterly

12/20/2025

0.37

USD

2,300,000

63,339

9,364

72,703

People's

Republic

of

China,  

7.50%,

10/28/2027

1.00

Quarterly

12/20/2025

0.28

USD

3,200,000

101,926

12,923

114,849

117

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

(continued)

UPFRONT

PAYMENTS

(RECEIPTS)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Republic

of

Chile,  

3.24%,

2/6/2028

1.00

%

Quarterly

12/20/2025

0.45

%

USD

100,000

$

1,898

$

852

$

2,750

Republic

of

Colombia,  

10.38%,

1/28/2033

1.00

Quarterly

12/20/2025

0.88

USD

1,700,000

5,313

4,881

10,194

Republic

of

Italy,  

6.88%,

9/27/2023

1.00

Quarterly

12/20/2025

0.98

USD

2,500,000

(11,192)

14,673

3,481

Republic

of

Korea,  

2.75%,

1/19/2027

1.00

Quarterly

12/20/2025

0.22

USD

1,200,000

39,068

7,706

46,774

646,825

183,105

829,930

Federative

Republic

of

Brazil,

4.25%,

1/7/2025

1.00

%

Quarterly

12/20/2025

1.42

%

USD

300,000

$

(15,326)

$

9,292

$

(6,034)

Republic

of

South

Africa,

5.50%,

3/9/2020

1.00

Quarterly

12/20/2025

2.02

USD

1,000,000

(74,480)

26,095

(48,385)

(89,806)

35,387

(54,419)

$

557,019

$

218,492

$

775,511

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

December

31,

2020:

Exchange

Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

BA

Qtrly

1.00%

Semi

6/15/2026

CAD

8,300,000

$

19,021

$

18,097

$

37,118

Pay

3M

CD_KSDA

Qtrly

1.00%

Qtrly

3/15/2023

KRW

10,409,000,000

–

20,309

20,309

Pay

3M

CD_KSDA

Qtrly

1.00%

Qtrly

6/21/2023

KRW

3,193,200,000

(10)

3,089

3,079

Pay

3M

JIBAR

Qtrly

4.00%

Qtrly

6/21/2023

ZAR

68,200,000

–

22,034

22,034

Pay

3M

LIBOR

Qtrly

0.50%

Semi

3/17/2026

USD

6,000,000

21,851

(9,429)

12,422

Pay

3M

STIBOR

Qtrly

0.00%

Annual

3/15/2023

SEK

109,000,000

–

3,132

3,132

Pay

6M

BBR

Semi

0.50%

Semi

3/12/2026

AUD

1,500,000

2,734

1,822

4,556

Pay

6M

BBR

Semi

0.50%

Semi

6/11/2026

AUD

15,800,000

36,270

(21,479)

14,791

Pay

6M

EURIBOR

Semi

0.25%

Annual

3/17/2023

EUR

15,300,000

8,072

94,178

102,250

Pay

6M

EURIBOR

Semi

0.5%

Annual

6/16/2023

EUR

1,100,000

–

426

426

Pay

6M

EURIBOR

Semi

0.25%

Annual

3/17/2026

EUR

16,500,000

185,781

25,251

211,032

Pay

6M

EURIBOR

Semi

0.25%

Annual

6/16/2026

EUR

1,200,000

12,370

2,097

14,467

Pay

6M

LIBOR

Semi

0.25%

Semi

3/17/2023

GBP

9,800,000

–

53,951

53,951

Pay

6M

LIBOR

Semi

0.25%

Semi

3/17/2026

GBP

12,500,000

(6,162)

41,774

35,612

Pay

6M

LIBOR

Semi

0.5%

Annual

3/18/2026

CHF

7,800,000

(18,547)

37,255

18,708

Pay

6M

LIBOR

Semi

0.25%

Semi

6/16/2026

GBP

700,000

(3,778)

4,788

1,010

Pay

6M

LIBOR

Semi

0.5%

Annual

6/17/2026

CHF

3,300,000

1,790

1,291

3,081

Pay

6M

PRIBOR

Semi

1.00%

Annual

6/21/2023

CZK

119,100,000

12,001

2,080

14,081

Receive

3M

BA

Qtrly

1.00%

Semi

3/17/2031

CAD

1,100,000

10,672

8,844

19,516

Receive

3M

BA

Qtrly

1.25%

Semi

6/16/2031

CAD

2,100,000

4,130

(295)

3,835

Receive

3M

BBR

Qtrly

0.00%

Qtrly

3/09/2023

AUD

6,100,000

4,272

3,020

7,292

Receive

3M

BBR

Qtrly

0.00%

Semi

3/15/2023

NZD

2,800,000

1,648

10,571

12,219

Receive

3M

BBR

Qtrly

0.00%

Qtrly

6/08/2023

AUD

39,400,000

31,449

33,103

64,552

Receive

3M

BBR

Qtrly

0.00%

Semi

6/14/2023

NZD

30,000,000

–

139,087

139,087

Receive

3M

BBR

Qtrly

0.50%

Semi

3/12/2031

NZD

600,000

2,466

18,979

21,445

Receive

3M

STIBOR

Qtrly

0.00%

Annual

6/17/2026

SEK

16,900,000

11,104

7,015

18,119

Receive

6M

LIBOR

Semi

0.5%

Annual

3/19/2031

CHF

1,100,000

19,033

11,524

30,557

Receive

6M

NIBOR

Semi

1.00%

Annual

3/19/2031

NOK

43,700,000

–

157,040

157,040

Receive

6M

NIBOR

Semi

1.00%

Annual

6/18/2031

NOK

31,400,000

17,877

106,220

124,097

Receive

6M

SOR

Semi

0.00%

Semi

6/21/2023

SGD

2,900,000

9,976

74

10,050

Receive

6M

WIBOR

Semi

0.00%

Annual

3/15/2023

PLN

10,800,000

–

12,896

12,896

384,020

808,744

1,192,764

Pay

3M

BA

Qtrly

0.75%

Semi

3/16/2026

CAD

11,800,000

(39,699)

(1,652)

(41,351)

118

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

BBR

Qtrly

0.00%

Semi

3/11/2026

NZD

2,300,000

$

(12,858)

$

(33,905)

$

(46,763)

Pay

3M

BBR

Qtrly

1.00%

Semi

6/11/2031

NZD

6,300,000

–

(21,883)

(21,883)

Pay

3M

LIBOR

Qtrly

0.50%

Semi

6/16/2026

USD

28,200,000

(67,432)

61,564

(5,868)

Pay

3M

LIBOR

Qtrly

0.75%

Semi

3/17/2031

USD

4,500,000

–

(89,490)

(89,490)

Pay

3M

LIBOR

Qtrly

0.75%

Semi

6/16/2031

USD

3,700,000

(32,440)

(55,058)

(87,498)

Pay

3M

STIBOR

Qtrly

0.00%

Annual

6/21/2023

SEK

225,100,000

1,249

(5,474)

(4,225)

Pay

6M

BBR

Semi

1.00%

Semi

3/13/2031

AUD

400,000

–

(557)

(557)

Pay

6M

BBR

Semi

1.00%

Semi

6/12/2031

AUD

200,000

–

(1,036)

(1,036)

Pay

6M

LIBOR

Semi

0.00%

Semi

3/19/2031

JPY

839,400,000

(21,527)

(23,877)

(45,404)

Pay

6M

LIBOR

Semi

0.00%

Semi

6/18/2031

JPY

846,300,000

(20,748)

(32,507)

(53,255)

Pay

6M

NIBOR

Semi

0.50%

Annual

3/15/2023

NOK

209,200,000

–

(57,255)

(57,255)

Pay

6M

NIBOR

Semi

0.50%

Annual

6/21/2023

NOK

49,800,000

–

(19,965)

(19,965)

Pay

6M

NIBOR

Semi

1.00%

Annual

6/17/2026

NOK

38,300,000

27,928

(39,510)

(11,582)

Pay

6M

PRIBOR

Semi

0.50%

Annual

3/15/2023

CZK

46,900,000

–

(12,051)

(12,051)

Pay

6M

PRIBOR

Semi

0.50%

Annual

6/21/2023

CZK

36,700,000

–

(13,078)

(13,078)

Receive

1M

TIIE

Monthly

4.50%

Monthly

3/15/2023

MXN

26,500,000

–

(5,202)

(5,202)

Receive

1M

TIIE

Monthly

4.50%

Monthly

6/14/2023

MXN

48,100,000

–

(7,341)

(7,341)

Receive

3M

BA

Qtrly

0.75%

Semi

3/15/2023

CAD

23,300,000

(23,019)

(65,463)

(88,482)

Receive

3M

BA

Qtrly

0.75%

Semi

6/14/2023

CAD

10,300,000

(16,145)

(16,848)

(32,993)

Receive

3M

HIBOR

Qtrly

0.50%

Qtrly

3/15/2023

HKD

1,300,000

–

(560)

(560)

Receive

3M

HIBOR

Qtrly

0.50%

Qtrly

6/21/2023

HKD

4,000,000

(764)

(891)

(1,655)

Receive

3M

LIBOR

Qtrly

0.25%

Semi

3/17/2023

USD

35,200,000

(1,426)

(41,246)

(42,672)

Receive

3M

LIBOR

Qtrly

0.25%

Semi

6/16/2023

USD

88,000,000

15,095

(94,716)

(79,621)

Receive

3M

STIBOR

Qtrly

0.50%

Annual

3/19/2031

SEK

21,800,000

–

(23,743)

(23,743)

Receive

3M

STIBOR

Qtrly

0.50%

Annual

6/18/2031

SEK

37,500,000

–

(30,216)

(30,216)

Receive

6M

BUBOR

Semi

1.00%

Annual

3/16/2023

HUF

1,912,700,000

–

(27,702)

(27,702)

Receive

6M

BUBOR

Semi

1.00%

Annual

6/21/2023

HUF

707,800,000

–

(8,847)

(8,847)

Receive

6M

EURIBOR

Semi

0.00%

Annual

3/17/2031

EUR

11,400,000

(104,938)

(261,894)

(366,832)

Receive

6M

EURIBOR

Semi

0.00%

Annual

6/16/2031

EUR

700,000

–

(20,957)

(20,957)

Receive

6M

LIBOR

Semi

0.5%

Annual

3/15/2023

CHF

10,000,000

(27,582)

(19,501)

(47,083)

Receive

6M

LIBOR

Semi

0.00%

Semi

3/15/2023

JPY

1,062,800,000

–

(10,375)

(10,375)

Receive

6M

LIBOR

Semi

0.25%

Semi

6/16/2023

GBP

700,000

(2,012)

(1,450)

(3,462)

Receive

6M

LIBOR

Semi

0.00%

Semi

6/21/2023

JPY

476,300,000

–

(4,612)

(4,612)

Receive

6M

LIBOR

Semi

0.5%

Annual

6/21/2023

CHF

1,200,000

(5,837)

560

(5,277)

Receive

6M

LIBOR

Semi

0.00%

Semi

3/18/2026

JPY

1,242,600,000

(13,962)

(8,652)

(22,614)

Receive

6M

LIBOR

Semi

0.00%

Semi

6/17/2026

JPY

1,488,900,000

(24,554)

(60)

(24,614)

Receive

6M

LIBOR

Semi

0.50%

Semi

3/17/2031

GBP

8,400,000

(10,518)

(92,715)

(103,233)

Receive

6M

LIBOR

Semi

0.00%

Annual

3/19/2031

CHF

900,000

(19,392)

(8,858)

(28,250)

Receive

6M

LIBOR

Semi

0.50%

Semi

6/16/2031

GBP

100,000

881

(1,865)

(984)

Receive

6M

LIBOR

Semi

0.00%

Annual

6/18/2031

CHF

1,400,000

(22,409)

(17,924)

(40,333)

Receive

6M

SOR

Semi

0.50%

Semi

6/21/2023

SGD

3,800,000

(9,364)

(6,416)

(15,780)

Receive

6M

WIBOR

Semi

0.50%

Annual

3/15/2023

PLN

11,500,000

–

(16,939)

(16,939)

Receive

6M

WIBOR

Semi

0.50%

Annual

6/21/2023

PLN

9,100,000

–

(12,292)

(12,292)

(431,473)

(1,152,459)

(1,583,932)

$

(47,453)

$

(343,715)

$

(391,168)

Abbreviations:

1M:

1

Month

3M:

3

Month

6M:

6

Month

Qtrly

:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

119

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

(a)

Floating

rate

indices

at

December

31,

2020

were

as

follows:

1

Month

Mexico

Equilibrium

Interbank

Interest

Rate

(''TIIE''):

4.48%

3

Month

Australian

Bank-Bill

Reference

Rate

(''BBR''):

0.01%

3

Month

Canadian

Bankers’

Acceptance

Rate

(''BA''):

0.48%

3

Month

Hong

Kong

Interbank

Offered

Rate

(''HIBOR''):

0.35%

3

Month

Johannesburg

Interbank

Agreed

Rate

(''JIBAR''):

3.64%

3

Month

Korean

Certificate

of

Deposit

(''CD_KSDA''):

0.66%

3

Month

London

Interbank

Offered

Rate

(''LIBOR''):

0.24%

3

Month

Stockholm

Interbank

Offered

Rate

(''STIBOR''):

(0.05)%

6

Month

Australian

Bank-Bill

Reference

Rate

(''BBR''):

0.02%

6

Month

Budapest

Interbank

Offered

Rate

(''BUBOR''):

0.76%

6

Month

Euro

Interbank

Offered

Rate

(''EURIBOR''):

(0.53)%

6

Month

London

Interbank

Offered

Rate

(''LIBOR''):

0.26%

6

Month

Norwegian

Interbank

Offered

Rate

(''NIBOR''):

0.55%

6

Month

Prague

Interbank

Offered

Rate

(''PRIBOR''):

0.41%

6

Month

Singapore

Swap

Offered

Rate

(''SOR''):

0.19%

6

Month

Warsaw

Interbank

Offered

Rate

(''WIBOR''):

0.15%

Futures

contracts

outstanding

as

of

December

31,

2020:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Japan

10

Year

Bond

3

3/2021

JPY

$

4,413,927

$

(3,413)

U.S.

Treasury

10

Year

Note

148

3/2021

USD

20,435,563

29,748

U.S.

Treasury

2

Year

Note

166

3/2021

USD

36,682,109

33,941

60,276

Short

Contracts

Euro-Bund

(58)

3/2021

EUR

(12,586,807)

(51,726)

Euro-OAT

(47)

3/2021

EUR

(9,638,110)

(27,604)

Long

Gilt

(72)

3/2021

GBP

(13,345,269)

(120,229)

(199,559)

$

(139,283)

Forward

foreign

currency

contracts

outstanding

as

of

December

31,

2020:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

4,841,339

USD

3,614,963

CITI

3/17/2021

$

119,688

AUD

3,205,337

USD

2,369,858

JPMC

3/17/2021

102,766

BRL

2,714,500

USD

507,007

CITI

**

3/17/2021

14,781

BRL

2,714,500

USD

507,007

JPMC

**

3/17/2021

14,780

CAD

278,500

USD

217,588

CITI

3/17/2021

1,247

CAD

278,500

USD

217,588

JPMC

3/17/2021

1,247

CLP

390,000,002

USD

521,846

CITI

**

3/17/2021

27,093

CLP

389,999,998

USD

521,847

JPMC

**

3/17/2021

27,092

COP

940,000,000

USD

270,865

CITI

**

3/17/2021

3,881

COP

940,000,000

USD

270,865

JPMC

**

3/17/2021

3,881

EUR

1,986,479

USD

2,387,322

CITI

3/17/2021

43,390

EUR

1,862,469

USD

2,235,926

JPMC

3/17/2021

43,044

GBP

477,000

USD

637,393

CITI

3/17/2021

15,196

GBP

477,000

USD

637,394

JPMC

3/17/2021

15,195

HUF

44,083,500

USD

145,467

CITI

3/17/2021

3,022

120

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

HUF

44,083,500

USD

145,467

JPMC

3/17/2021

$

3,022

ILS

680,000

USD

210,178

CITI

3/17/2021

1,699

ILS

680,000

USD

210,178

JPMC

3/17/2021

1,699

INR

50,015,500

USD

671,051

CITI

**

3/17/2021

8,726

INR

50,015,500

USD

671,052

JPMC

**

3/17/2021

8,726

JPY

320,428,500

USD

3,088,237

CITI

3/17/2021

17,574

JPY

229,902,500

USD

2,214,802

JPMC

3/17/2021

13,569

KRW

1,291,264,505

USD

1,163,785

CITI

**

3/17/2021

22,917

KRW

1,291,264,495

USD

1,163,787

JPMC

**

3/17/2021

22,916

MXN

9,196,500

USD

452,183

CITI

3/17/2021

6,255

MXN

9,196,500

USD

452,183

JPMC

3/17/2021

6,254

NOK

678,000

USD

77,766

CITI

3/17/2021

1,288

NOK

678,000

USD

77,766

JPMC

3/17/2021

1,288

NZD

3,290,004

USD

2,302,566

CITI

3/17/2021

65,331

NZD

3,289,996

USD

2,302,563

JPMC

3/17/2021

65,328

PLN

515,250

USD

136,949

CITI

3/17/2021

1,022

PLN

515,248

USD

136,948

JPMC

3/17/2021

1,022

RUB

3,000,000

USD

39,013

CITI

**

3/17/2021

1,204

RUB

3,000,000

USD

39,013

JPMC

**

3/17/2021

1,204

SEK

4,031,000

USD

475,425

CITI

3/17/2021

14,891

SEK

4,031,000

USD

475,426

JPMC

3/17/2021

14,890

TWD

6,650,000

USD

237,255

CITI

**

3/17/2021

2,317

TWD

6,650,000

USD

237,255

JPMC

**

3/17/2021

2,316

USD

326,708

BRL

1,674,500

CITI

**

3/17/2021

4,832

USD

326,708

BRL

1,674,500

JPMC

**

3/17/2021

4,831

USD

1,528,907

CAD

1,944,000

CITI

3/17/2021

1,382

USD

180,029

CHF

159,000

CITI

3/17/2021

50

USD

180,028

CHF

159,000

JPMC

3/17/2021

50

USD

174,243

EUR

142,000

CITI

3/17/2021

487

USD

174,242

EUR

142,000

JPMC

3/17/2021

487

USD

32,784

HUF

9,708,500

CITI

3/17/2021

82

USD

32,784

HUF

9,708,500

JPMC

3/17/2021

82

USD

4,601

KRW

5,000,000

CITI

**

3/17/2021

6

USD

4,601

KRW

5,000,000

JPMC

**

3/17/2021

6

USD

52,526

MXN

1,050,000

CITI

3/17/2021

184

USD

52,526

MXN

1,050,000

JPMC

3/17/2021

184

USD

139,932

NZD

193,500

CITI

3/17/2021

666

USD

139,932

NZD

193,500

JPMC

3/17/2021

665

USD

72,639

PHP

3,500,000

CITI

**

3/17/2021

16

USD

72,639

PHP

3,500,000

JPMC

**

3/17/2021

16

USD

138,724

PLN

511,002

CITI

3/17/2021

1,891

USD

138,723

PLN

510,998

JPMC

3/17/2021

1,891

ZAR

6,230,004

USD

403,332

CITI

3/17/2021

16,789

ZAR

6,229,996

USD

403,332

JPMC

3/17/2021

16,788

Total

unrealized

appreciation

773,146

BRL

131,000

USD

25,366

CITI

**

3/17/2021

(185)

BRL

131,000

USD

25,366

JPMC

**

3/17/2021

(185)

CAD

19,500

USD

15,326

CITI

3/17/2021

(3)

CAD

19,500

USD

15,326

JPMC

3/17/2021

(3)

CLP

15,000,000

USD

21,194

CITI

**

3/17/2021

(81)

CLP

15,000,000

USD

21,194

JPMC

**

3/17/2021

(81)

COP

30,000,000

USD

8,777

CITI

**

3/17/2021

(8)

COP

30,000,000

USD

8,777

JPMC

**

3/17/2021

(8)

EUR

74,000

USD

91,180

CITI

3/17/2021

(631)

EUR

74,000

USD

91,180

JPMC

3/17/2021

(631)

HUF

479,500

USD

1,628

CITI

3/17/2021

(13)

HUF

479,500

USD

1,628

JPMC

3/17/2021

(13)

KRW

98,013,500

USD

90,332

CITI

**

3/17/2021

(255)

121

AQR

Funds

|

N-PORT

Part

F

|

December

2020

See

notes

to

Schedule

of

Investments.

AQR

CORE

PLUS

BOND

FUND

Schedule

of

Investments

December

31,

2020

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

KRW

98,013,500

USD

90,337

JPMC

**

3/17/2021

$

(260)

MXN

31,000

USD

1,548

CITI

3/17/2021

(3)

MXN

31,000

USD

1,548

JPMC

3/17/2021

(3)

PLN

297,252

USD

80,454

CITI

3/17/2021

(857)

PLN

297,250

USD

80,453

JPMC

3/17/2021

(857)

RUB

7,000,000

USD

94,545

CITI

**

3/17/2021

(705)

RUB

7,000,000

USD

94,545

JPMC

**

3/17/2021

(705)

USD

2,267,674

AUD

3,094,666

CITI

3/17/2021

(119,578)

USD

2,267,670

AUD

3,094,665

JPMC

3/17/2021

(119,581)

USD

172,580

BRL

915,000

CITI

**

3/17/2021

(3,303)

USD

172,580

BRL

915,000

JPMC

**

3/17/2021

(3,303)

USD

6,785,441

CAD

8,809,003

CITI

3/17/2021

(136,355)

USD

4,367,100

CAD

5,697,997

JPMC

3/17/2021

(110,180)

USD

561,573

CHF

509,000

CITI

3/17/2021

(14,585)

USD

561,572

CHF

509,000

JPMC

3/17/2021

(14,585)

USD

311,404

CLP

235,000,000

CITI

**

3/17/2021

(19,367)

USD

311,404

CLP

235,000,000

JPMC

**

3/17/2021

(19,367)

USD

422,158

COP

1,530,000,000

CITI

**

3/17/2021

(25,035)

USD

422,158

COP

1,530,000,000

JPMC

**

3/17/2021

(25,035)

USD

562,869

CZK

12,400,000

CITI

3/17/2021

(14,700)

USD

562,868

CZK

12,400,000

JPMC

3/17/2021

(14,701)

USD

1,793,142

EUR

1,502,527

CITI

3/17/2021

(45,393)

USD

1,793,137

EUR

1,502,525

JPMC

3/17/2021

(45,396)

USD

1,612,931

GBP

1,206,000

CITI

3/17/2021

(37,012)

USD

1,612,929

GBP

1,206,000

JPMC

3/17/2021

(37,014)

USD

171,012

HUF

52,000,000

CITI

3/17/2021

(4,142)

USD

171,012

HUF

52,000,000

JPMC

3/17/2021

(4,142)

USD

251,814

IDR

3,600,000,000

CITI

**

3/17/2021

(5,568)

USD

251,814

IDR

3,600,000,000

JPMC

**

3/17/2021

(5,568)

USD

263,434

ILS

875,000

CITI

3/17/2021

(9,202)

USD

263,434

ILS

875,000

JPMC

3/17/2021

(9,202)

USD

3,519,540

JPY

365,121,449

CITI

3/17/2021

(19,465)

USD

3,519,536

JPY

365,121,448

JPMC

3/17/2021

(19,469)

USD

203,329

KRW

223,186,500

CITI

**

3/17/2021

(1,785)

USD

203,329

KRW

223,186,500

JPMC

**

3/17/2021

(1,785)

USD

102,328

MXN

2,066,000

CITI

3/17/2021

(660)

USD

102,328

MXN

2,066,000

JPMC

3/17/2021

(660)

USD

1,140,197

NOK

10,264,501

CITI

3/17/2021

(56,640)

USD

1,140,195

NOK

10,264,499

JPMC

3/17/2021

(56,641)

USD

345,814

NZD

485,500

CITI

3/17/2021

(3,613)

USD

345,813

NZD

485,500

JPMC

3/17/2021

(3,613)

USD

103,264

PHP

5,000,000

CITI

**

3/17/2021

(482)

USD

103,264

PHP

5,000,000

JPMC

**

3/17/2021

(482)

USD

6,536

RUB

500,000

CITI

**

3/17/2021

(166)

USD

6,536

RUB

500,000

JPMC

**

3/17/2021

(166)

USD

844,024

SGD

1,130,000

CITI

3/17/2021

(11,061)

USD

844,023

SGD

1,130,000

JPMC

3/17/2021

(11,062)

USD

122,238

ZAR

1,891,000

CITI

3/17/2021

(5,281)

USD

122,238

ZAR

1,891,000

JPMC

3/17/2021

(5,281)

ZAR

1,114,000

USD

75,411

CITI

3/17/2021

(289)

ZAR

1,114,000

USD

75,411

JPMC

3/17/2021

(289)

Total

unrealized

depreciation

(1,046,691)

Net

unrealized

depreciation

$

(273,545)

**

Non-deliverable

forward.

122

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2020

December

31,

2020

(Unaudited)

See

notes

to

Schedule

of

Investments.

Abbreviations

ADR

-

American

Depositary

Receipt

FDR

-

Fiduciary

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

TBA

-

To

Be

Announced;

Security

is

subject

to

delayed

delivery.

UMBS

-

Uniform

Mortgage-Backed

Securities

Currencies

AUD

-

Australian

Dollar

BRL

-

Brazilian

Real

CAD

-

Canadian

Dollar

CHF

-

Swiss

Franc

CLP

-

Chilean

Peso

COP

-

Colombian

Peso

CZK

-

Czech

Republic

Koruna

DKK

-

Danish

Krone

EUR

-

Euro

GBP

-

British

Pound

HKD

-

Hong

Kong

Dollar

HUF

-

Hungarian

Forint

IDR

-

Indonesian

Rupiah

ILS

-

Israeli

Shekel

INR

-

Indian

Rupee

JPY

-

Japanese

Yen

KRW

-

Korean

Won

MXN

-

Mexican

Peso

NOK

-

Norwegian

Krone

NZD

-

New

Zealand

Dollar

PHP

-

Philippine

Peso

PLN

-

Poland

Zloty

RUB

-

Russian

Ruble

SEK

-

Swedish

Krona

SGD

-

Singapore

Dollar

TWD

-

New

Taiwan

Dollar

USD

-

United

States

Dollar

ZAR

-

South

African

Rand

The

following

abbreviations

are

used

for

counterparty

descriptions:

CITG

-

Citigroup

Global

Markets,

Inc.

CITI

-

Citibank

NA

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

The

following

reference

rates,

and

their

values

as

of

period-end,

are

used

for

security

descriptions:

1

Month

London

Interbank

Offered

Rate

(“LIBOR”):

0.14%

3

Month

London

Interbank

Offered

Rate

(“LIBOR”)

-

USD:

0.24%

6

Month

London

Interbank

Offered

Rate

(“LIBOR”)

-

CHF:

(0.72)%

6

Month

London

Interbank

Offered

Rate

(“LIBOR”)

-

GBP:

0.03%

6

Month

London

Interbank

Offered

Rate

(“LIBOR”)

-

JPY:

(0.06)%

Euro

Interbank

Offered

Rate

(“EURIBOR”):

(0.55)%

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

(0.07)%

123

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2020

December

31,

2020

(Unaudited)

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

These

inputs

are

summarized

in

the

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.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities. Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

assigned

level

within

the

hierarchy.

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.

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.

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.

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

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

$

1,058,634,890

$

–

$

–

$

1,058,634,890

Preferred

Stocks

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

379,368

–

–

379,368

Securities

Lending

Collateral

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

2,059,764

–

–

2,059,764

Short-Term

Investments

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

50,673,926

–

–

50,673,926

Futures

Contracts*

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

618,910

–

–

618,910

Total

Assets

$

1,112,366,858

$

–

$

–

$

1,112,366,858

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

110,134,341

$

56,694

$

–

$

110,191,035

Preferred

Stocks

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

163,637

–

–

163,637

Securities

Lending

Collateral

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

3,416,750

–

–

3,416,750

Short-Term

Investments

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

5,547,838

–

–

5,547,838

Futures

Contracts*

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

153,766

–

–

153,766

Total

Assets

$

119,416,332

$

56,694

$

–

$

119,473,026

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

26,538,122

$

233,569,513

$

–

$

260,107,635

Short-Term

Investments

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

13,084,528

–

–

13,084,528

Futures

Contracts*

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

133,685

–

–

133,685

Total

Assets

$

39,756,335

$

233,569,513

$

–

$

273,325,848

124

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2020

December

31,

2020

(Unaudited)

AQR

EMERGING

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

61,070,301

$

189,243,097

$

–

$

250,313,398

Securities

Lending

Collateral

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

616,217

–

–

616,217

Short-Term

Investments

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

14,185,590

–

–

14,185,590

Futures

Contracts*

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

341,898

–

–

341,898

Total

Assets

$

76,214,006

$

189,243,097

$

–

$

265,457,103

AQR

TM

LARGE

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

289,120,774

$

–

$

–

$

289,120,774

Preferred

Stocks

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

102,267

–

–

102,267

Short-Term

Investments

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

13,686,096

–

–

13,686,096

Futures

Contracts*

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

293,958

–

–

293,958

Total

Assets

$

303,203,095

$

–

$

–

$

303,203,095

AQR

TM

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

21,649,202

$

24,018

$

–

$

21,673,220

Preferred

Stocks

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

10,708

–

–

10,708

Securities

Lending

Collateral

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

491,622

–

–

491,622

Short-Term

Investments

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

930,793

–

–

930,793

Futures

Contracts*

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

24,807

–

–

24,807

Total

Assets

$

23,107,132

$

24,018

$

–

$

23,131,150

AQR

TM

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

19,674,748

$

178,917,818

$

–

$

198,592,566

Short-Term

Investments

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

11,124,350

–

–

11,124,350

Futures

Contracts*

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

98,401

–

–

98,401

Total

Assets

$

30,897,499

$

178,917,818

$

–

$

209,815,317

AQR

TM

EMERGING

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

92,735,521

$

275,681,764

$

–

$

368,417,285

Securities

Lending

Collateral

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

1,025,895

–

–

1,025,895

Short-Term

Investments

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

16,916,373

–

–

16,916,373

Futures

Contracts*

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

506,128

–

–

506,128

Total

Assets

$

111,183,917

$

275,681,764

$

–

$

386,865,681

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

771,864,605

$

–

$

–

$

771,864,605

Securities

Lending

Collateral

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

2,023,770

–

–

2,023,770

Short-Term

Investments

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

36,883,150

–

–

36,883,150

Futures

Contracts*

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

562,587

–

–

562,587

Total

Assets

$

811,334,112

$

–

$

–

$

811,334,112

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

219,836,735

$

84,578

$

–

(a)

$

219,921,313

Securities

Lending

Collateral

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

11,404,899

–

–

11,404,899

Short-Term

Investments

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

9,477,099

–

–

9,477,099

Total

Assets

$

240,718,733

$

84,578

$

–

(a)

$

240,803,311

LIABILITIES

Futures

Contracts*

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

$

(118,396)

$

–

$

–

$

(118,396)

Total

Liabilities

$

(118,396)

$

–

$

–

$

(118,396)

125

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2020

December

31,

2020

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

51,073,148

$

391,331,313

$

–

(a)

$

442,404,461

Securities

Lending

Collateral

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

589,945

–

–

589,945

Short-Term

Investments

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

15,276,140

–

–

15,276,140

Futures

Contracts*

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

20,713

–

–

20,713

Total

Assets

$

66,959,946

$

391,331,313

$

–

(a)

$

458,291,259

AQR

TM

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

277,163,865

$

–

$

–

$

277,163,865

Securities

Lending

Collateral

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

294,206

–

–

294,206

Short-Term

Investments

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

13,544,303

–

–

13,544,303

Futures

Contracts*

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

293,131

–

–

293,131

Total

Assets

$

291,295,505

$

–

$

–

$

291,295,505

AQR

TM

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

54,615,651

$

–

$

–

$

54,615,651

Securities

Lending

Collateral

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

3,603,153

–

–

3,603,153

Short-Term

Investments

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

2,737,792

–

–

2,737,792

Futures

Contracts*

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

32,689

–

–

32,689

Total

Assets

$

60,989,285

$

–

$

–

$

60,989,285

AQR

TM

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

12,984,761

$

104,486,626

$

–

$

117,471,387

Securities

Lending

Collateral

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

113,080

–

–

113,080

Short-Term

Investments

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

5,908,700

–

–

5,908,700

Futures

Contracts*

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

47,367

–

–

47,367

Total

Assets

$

19,053,908

$

104,486,626

$

–

$

123,540,534

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

6,084,965,660

$

–

$

–

$

6,084,965,660

Securities

Lending

Collateral

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

10,927,958

–

–

10,927,958

Short-Term

Investments

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

309,729,856

–

–

309,729,856

Futures

Contracts*

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

5,276,250

–

–

5,276,250

Total

Assets

$

6,410,899,724

$

–

$

–

$

6,410,899,724

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

18,299,904

$

200,222,219

$

–

$

218,522,123

Short-Term

Investments

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

23,221,230

–

–

23,221,230

Total

Assets

$

41,521,134

$

200,222,219

$

–

$

241,743,353

LIABILITIES

Futures

Contracts*

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

$

(138,335)

$

–

$

–

$

(138,335)

Total

Liabilities

$

(138,335)

$

–

$

–

$

(138,335)

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

203,212,920

$

93,328,085

$

–

(a)

$

296,541,005

Short-Term

Investments

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

28,420,175

–

–

28,420,175

Futures

Contracts*

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

1,774,915

–

–

1,774,915

Forward

Foreign

Currency

Exchange

Contracts*

........

–

4,036,183

–

4,036,183

Total

Return

Swaps

Contracts*

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

–

628,387

–

628,387

Total

Assets

$

233,408,010

$

97,992,655

$

–

(a)

$

331,400,665

126

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2020

December

31,

2020

(Unaudited)

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. 

During

the

period

ended

December

31,

2020,

there

were

no

transfers

to

or

from

level

3

for

any

of

the

Funds.

There

were

no

other

Level

3

securities

held

at

period

end,

except

those

securities

classified

as

Level

3

in

the

Schedules

of

Investments

that

are

considered

quantitatively

insignificant

in

the

aggregate

for

the

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

Global

Equity

Fund

and

AQR

International

Equity

Fund.

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.

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Futures

Contracts*

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

$

(95,384)

$

–

$

–

$

(95,384)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(3,448,285)

–

(3,448,285)

Total

Return

Swaps

Contracts*

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

–

(377,791)

–

(377,791)

Total

Liabilities

$

(95,384)

$

(3,826,076)

$

–

$

(3,921,460)

AQR

INTERNATIONAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

–

$

105,032,136

$

–

(a)

$

105,032,136

Short-Term

Investments

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

10,963,332

–

–

10,963,332

Futures

Contracts*

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

938,118

–

–

938,118

Forward

Foreign

Currency

Exchange

Contracts*

........

–

1,378,541

–

1,378,541

Total

Return

Swaps

Contracts*

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

–

246,550

–

246,550

Total

Assets

$

11,901,450

$

106,657,227

$

–

(a)

$

118,558,677

LIABILITIES

Futures

Contracts*

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

$

(10,770)

$

–

$

–

$

(10,770)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(1,029,769)

–

(1,029,769)

Total

Return

Swaps

Contracts*

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

–

(237,409)

–

(237,409)

Total

Liabilities

$

(10,770)

$

(1,267,178)

$

–

$

(1,277,948)

AQR

CORE

PLUS

BOND

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Corporate

Bonds

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

$

–

$

33,964,299

$

–

$

33,964,299

Foreign

Government

Securities

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

–

20,151,125

–

20,151,125

Mortgage-Backed

Securities

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

–

44,226,071

–

44,226,071

U.S.

Treasury

Obligations

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

–

53,420,687

–

53,420,687

Short-Term

Investments

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

11,266,153

–

–

11,266,153

Futures

Contracts*

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

63,689

–

–

63,689

Forward

Foreign

Currency

Exchange

Contracts*

........

–

773,146

–

773,146

Interest

Rate

Swap

Contracts*

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

–

1,192,764

–

1,192,764

Credit

Default

Swap

Contracts*

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

–

1,056,368

–

1,056,368

Total

Assets

$

11,329,842

$

154,784,460

$

–

$

166,114,302

LIABILITIES

TBA

Sale

Commitments

(Sold

Short)

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

$

–

$

(4,837,422)

$

–

$

(4,837,422)

Futures

Contracts*

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

(202,972)

–

–

(202,972)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(1,046,691)

–

(1,046,691)

Interest

Rate

Swap

Contracts*

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

–

(1,583,932)

–

(1,583,932)

Credit

Default

Swap

Contracts*

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

–

(451,868)

–

(451,868)

Total

Liabilities

$

(202,972)

$

(7,919,913)

$

–

$

(8,122,885)

*

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.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Security

has

zero

value.

127

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2020

December

31,

2020

(Unaudited)

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

a

Fund’s

investments

in

common

stocks,

corporate

bonds,

convertible

bonds,

convertible

preferred

stocks

and

warrants

potentially

include

credit

spread,

liquidity

discount,

earnings

multiples

and

volatility.

Significant

increases

in

the

credit

spread

or

liquidity

discount

inputs

in

isolation

would

potentially

result

in

a

significantly

lower

fair

value

measurement,

whereas

an

increase

in

volatility

generally

results

in

a

higher

fair

value

measurement.

Generally,

a

change

in

the

assumption

used

for

the

credit

spread

would

be

accompanied

by

a

directionally-similar

change

in

the

assumptions

used

for

the

volatility

and

liquidity

discount.

Investments

in

common

stocks

potentially

include

liquidity

discounts,

theoretical

values,

book

to

value

analysis

and/or

broker

quotes.

Significant

changes

in

any

of

these

inputs

would

significantly

change

the

fair

value

measurement

of

the

position.

For

more

information

on

the

Funds’

policy

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

notes

to

the

financial

statements

as

disclosed

in

the

most

recent

semi-annual

and

annual

report.