1

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.1%

Aerospace

&

Defense

-

2.6%

Curtiss-Wright

Corp.

7,365

1,352,656

General

Dynamics

Corp.

23,924

5,147,249

Howmet

Aerospace,

Inc.

40,076

1,986,166

Huntington

Ingalls

Industries,

Inc.

17,346

3,947,950

Lockheed

Martin

Corp.

15,213

7,003,761

Textron,

Inc.

107,934

7,299,576

26,737,358

Automobile

Components

-

0.5%

BorgWarner,

Inc.

87,097

4,259,914

Lear

Corp.

7,986

1,146,391

5,406,305

Automobiles

-

1.6%

General

Motors

Co.

303,788

11,714,065

Tesla,

Inc.

*

17,062

4,466,320

16,180,385

Banks

-

1.6%

Citigroup,

Inc.

157,119

7,233,759

FNB

Corp.

30,369

347,421

JPMorgan

Chase

&

Co.

14,700

2,137,968

Popular,

Inc.

107,169

6,485,868

16,205,016

Biotechnology

-

2.7%

AbbVie,

Inc.

3,580

482,334

Amgen,

Inc.

10,707

2,377,168

Biogen,

Inc.

*

12,413

3,535,843

Gilead

Sciences,

Inc.

122,946

9,475,448

Horizon

Therapeutics

plc

*

5,383

553,642

Regeneron

Pharmaceuticals,

Inc.

*

895

643,093

United

Therapeutics

Corp.

*

48,351

10,673,483

27,741,011

Broadline

Retail

-

2.2%

Amazon.com,

Inc.

*

120,539

15,713,464

Macy's,

Inc.

378,033

6,067,430

Nordstrom,

Inc.

28,182

576,885

22,357,779

Building

Products

-

2.4%

Builders

FirstSource,

Inc.

*

90,957

12,370,152

Masterbrand,

Inc.

*

137,860

1,603,312

Owens

Corning

77,276

10,084,518

Trane

Technologies

plc

1,767

337,956

24,395,938

Capital

Markets

-

0.1%

Ameriprise

Financial,

Inc.

2,618

869,595

Chemicals

-

2.4%

CF

Industries

Holdings,

Inc.

144,901

10,059,027

Chemours

Co.

(The)

14,639

540,033

INVESTMENTS

SHARES

VALUE

($)

Chemicals

-

2.4%

(continued)

Huntsman

Corp.

104,010

2,810,350

LyondellBasell

Industries

NV,

Class

A

63,603

5,840,664

Mosaic

Co.

(The)

157,558

5,514,530

24,764,604

Commercial

Services

&

Supplies

-

0.8%

Cintas

Corp.

1,315

653,660

Copart,

Inc.

*

10,142

925,052

Waste

Management,

Inc.

38,312

6,644,067

8,222,779

Communications

Equipment

-

1.7%

Cisco

Systems,

Inc.

332,159

17,185,907

Construction

&

Engineering

-

0.4%

EMCOR

Group,

Inc.

19,228

3,552,950

Valmont

Industries,

Inc.

1,059

308,222

3,861,172

Construction

Materials

-

0.1%

Eagle

Materials,

Inc.

6,584

1,227,389

Consumer

Finance

-

0.4%

SLM

Corp.

75,578

1,233,433

Synchrony

Financial

91,332

3,097,981

4,331,414

Consumer

Staples

Distribution

&

Retail

-

1.9%

Albertsons

Cos.,

Inc.,

Class

A

4,409

96,205

Costco

Wholesale

Corp.

5,737

3,088,686

Kroger

Co.

(The)

147,970

6,954,590

Target

Corp.

6,109

805,777

Walmart,

Inc.

56,207

8,834,616

19,779,874

Containers

&

Packaging

-

0.6%

Berry

Global

Group,

Inc.

60,902

3,918,435

International

Paper

Co.

68,969

2,193,904

6,112,339

Distributors

-

0.0%

(a)

LKQ

Corp.

8,234

479,795

Diversified

Consumer

Services

-

0.7%

H&R

Block,

Inc.

226,171

7,208,070

Diversified

Telecommunication

Services

-

0.4%

AT&T,

Inc.

243,287

3,880,428

Electrical

Equipment

-

0.7%

Acuity

Brands,

Inc.

41,785

6,814,298

Electronic

Equipment,

Instruments

&

Components

-

2.8%

Arrow

Electronics,

Inc.

*

88,166

12,628,016

Avnet,

Inc.

72,326

3,648,847

CDW

Corp.

1,804

331,034

Jabil,

Inc.

104,568

11,286,024

2

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

2.8%

(continued)

TD

SYNNEX

Corp.

11,568

1,087,392

28,981,313

Entertainment

-

0.4%

Activision

Blizzard,

Inc.

*

21,255

1,791,796

Playtika

Holding

Corp.

*

228,968

2,656,029

4,447,825

Financial

Services

-

2.2%

Berkshire

Hathaway,

Inc.,

Class

B

*

43,607

14,869,987

MGIC

Investment

Corp.

96,191

1,518,856

Visa,

Inc.,

Class

A

8,619

2,046,840

Western

Union

Co.

(The)

327,839

3,845,552

22,281,235

Food

Products

-

0.6%

Archer-Daniels-Midland

Co.

35,067

2,649,662

Post

Holdings,

Inc.

*

16,648

1,442,549

Tyson

Foods,

Inc.,

Class

A

48,469

2,473,858

6,566,069

Ground

Transportation

-

1.3%

Avis

Budget

Group,

Inc.

*

10,410

2,380,455

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

9,438

524,375

Landstar

System,

Inc.

2,004

385,850

Ryder

System,

Inc.

53,612

4,545,762

Schneider

National,

Inc.,

Class

B

126,122

3,622,224

U-Haul

Holding

Co.

1,585

87,682

XPO,

Inc.

*

33,627

1,983,993

13,530,341

Health

Care

Equipment

&

Supplies

-

0.2%

Abbott

Laboratories

5,900

643,218

QuidelOrtho

Corp.

*

16,675

1,381,691

2,024,909

Health

Care

Providers

&

Services

-

3.9%

Cardinal

Health,

Inc.

22,127

2,092,551

Cigna

Group

(The)

5,449

1,528,990

CVS

Health

Corp.

66,540

4,599,910

Elevance

Health,

Inc.

24,456

10,865,556

McKesson

Corp.

9,346

3,993,639

Molina

Healthcare,

Inc.

*

25,826

7,779,824

UnitedHealth

Group,

Inc.

5,781

2,778,580

Universal

Health

Services,

Inc.,

Class

B

41,817

6,597,468

40,236,518

Hotels,

Restaurants

&

Leisure

-

2.1%

Booking

Holdings,

Inc.

*

2,089

5,640,989

Darden

Restaurants,

Inc.

21,313

3,560,976

Expedia

Group,

Inc.

*

32,514

3,556,706

Marriott

Vacations

Worldwide

Corp.

10,580

1,298,378

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

2.1%

(continued)

Penn

Entertainment,

Inc.

*

180,406

4,335,156

Texas

Roadhouse,

Inc.,

Class

A

3,198

359,071

Travel

+

Leisure

Co.

14,175

571,820

Wendy's

Co.

(The)

103,169

2,243,926

21,567,022

Household

Durables

-

2.9%

Lennar

Corp.,

Class

A

44,728

5,604,866

NVR,

Inc.

*

58

368,336

PulteGroup,

Inc.

144,808

11,248,685

Toll

Brothers,

Inc.

154,135

12,187,455

29,409,342

Household

Products

-

1.0%

Procter

&

Gamble

Co.

(The)

70,506

10,698,580

Industrial

Conglomerates

-

0.1%

3M

Co.

7,270

727,654

Insurance

-

3.1%

Allstate

Corp.

(The)

3,653

398,323

American

International

Group,

Inc.

105,669

6,080,194

Assurant,

Inc.

2,455

308,643

Assured

Guaranty

Ltd.

8,238

459,680

Axis

Capital

Holdings

Ltd.

5,479

294,934

Everest

Re

Group

Ltd.

30,124

10,298,191

First

American

Financial

Corp.

8,007

456,559

MetLife,

Inc.

10,090

570,388

Old

Republic

International

Corp.

38,754

975,438

Reinsurance

Group

of

America,

Inc.

21,987

3,049,377

Travelers

Cos.,

Inc.

(The)

1,930

335,164

Unum

Group

173,200

8,261,640

31,488,531

Interactive

Media

&

Services

-

3.8%

Alphabet,

Inc.,

Class

A

*

103,646

12,406,426

Alphabet,

Inc.,

Class

C

*

118,248

14,304,461

Meta

Platforms,

Inc.,

Class

A

*

41,098

11,794,304

38,505,191

IT

Services

-

0.4%

Accenture

plc,

Class

A

4,736

1,461,435

Cognizant

Technology

Solutions

Corp.,

Class

A

9,464

617,810

VeriSign,

Inc.

*

9,225

2,084,573

4,163,818

Life

Sciences

Tools

&

Services

-

0.2%

Syneos

Health,

Inc.

*

42,956

1,810,166

Machinery

-

4.2%

AGCO

Corp.

45,464

5,974,879

Allison

Transmission

Holdings,

Inc.

215,643

12,175,204

Caterpillar,

Inc.

1,663

409,181

Crane

NXT

Co.

17,290

975,848

Cummins,

Inc.

5,311

1,302,045

3

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

4.2%

(continued)

Donaldson

Co.,

Inc.

11,100

693,861

Oshkosh

Corp.

28,905

2,502,884

PACCAR,

Inc.

132,207

11,059,115

Snap-on,

Inc.

16,004

4,612,193

Timken

Co.

(The)

36,576

3,347,801

43,053,011

Metals

&

Mining

-

2.6%

Nucor

Corp.

17,924

2,939,177

Reliance

Steel

&

Aluminum

Co.

27,179

7,381,545

Steel

Dynamics,

Inc.

78,678

8,570,394

United

States

Steel

Corp.

293,678

7,344,887

26,236,003

Oil,

Gas

&

Consumable

Fuels

-

4.8%

Chevron

Corp.

43,295

6,812,468

Coterra

Energy,

Inc.

84,626

2,141,038

EOG

Resources,

Inc.

8,269

946,304

Exxon

Mobil

Corp.

159,567

17,113,561

HF

Sinclair

Corp.

188,611

8,413,937

Marathon

Petroleum

Corp.

41,232

4,807,651

PDC

Energy,

Inc.

8,917

634,355

Pioneer

Natural

Resources

Co.

5,852

1,212,417

Valero

Energy

Corp.

55,588

6,520,473

48,602,204

Paper

&

Forest

Products

-

0.5%

Louisiana-Pacific

Corp.

66,584

4,992,468

Passenger

Airlines

-

0.0%

(a)

United

Airlines

Holdings,

Inc.

*

5,100

279,837

Pharmaceuticals

-

1.6%

Johnson

&

Johnson

19,883

3,291,034

Pfizer,

Inc.

188,999

6,932,483

Viatris,

Inc.

636,834

6,355,604

16,579,121

Professional

Services

-

1.3%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

39,385

4,395,366

Concentrix

Corp.

25,395

2,050,646

ManpowerGroup,

Inc.

54,035

4,290,379

Robert

Half

International,

Inc.

30,759

2,313,692

13,050,083

Semiconductors

&

Semiconductor

Equipment

-

6.8%

Allegro

MicroSystems,

Inc.

(Japan)

*

9,292

419,441

Applied

Materials,

Inc.

50,413

7,286,695

Broadcom,

Inc.

12,487

10,831,598

Cirrus

Logic,

Inc.

*

46,190

3,741,852

Lam

Research

Corp.

14,075

9,048,254

Lattice

Semiconductor

Corp.

*

4,606

442,498

Microchip

Technology,

Inc.

51,379

4,603,045

Micron

Technology,

Inc.

36,208

2,285,087

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

6.8%

(continued)

NVIDIA

Corp.

36,275

15,345,051

ON

Semiconductor

Corp.

*

75,415

7,132,751

QUALCOMM,

Inc.

19,055

2,268,307

Skyworks

Solutions,

Inc.

11,140

1,233,087

Teradyne,

Inc.

12,312

1,370,695

Texas

Instruments,

Inc.

20,600

3,708,412

69,716,773

Software

-

10.0%

Adobe,

Inc.

*

25,341

12,391,496

AppLovin

Corp.,

Class

A

*

59,085

1,520,257

Cadence

Design

Systems,

Inc.

*

32,463

7,613,223

DocuSign,

Inc.,

Class

A

*

8,483

433,396

Dropbox,

Inc.,

Class

A

*

14,790

394,449

Fortinet,

Inc.

*

7,915

598,295

Intuit,

Inc.

672

307,904

Manhattan

Associates,

Inc.

*

4,944

988,207

Microsoft

Corp.

207,875

70,789,752

NCR

Corp.

*

113,149

2,851,355

RingCentral,

Inc.,

Class

A

*

22,248

728,177

Teradata

Corp.

*

33,618

1,795,537

VMware,

Inc.,

Class

A

*

6,693

961,717

Zoom

Video

Communications,

Inc.,

Class

A

*

16,500

1,120,020

102,493,785

Specialty

Retail

-

4.2%

Advance

Auto

Parts,

Inc.

13,146

924,164

AutoNation,

Inc.

*

73,895

12,163,856

Bath

&

Body

Works,

Inc.

52,120

1,954,500

Best

Buy

Co.,

Inc.

50,422

4,132,083

Dick's

Sporting

Goods,

Inc.

5,679

750,707

Home

Depot,

Inc.

(The)

1,055

327,725

Murphy

USA,

Inc.

12,078

3,757,587

Penske

Automotive

Group,

Inc.

57,670

9,609,552

Ulta

Beauty,

Inc.

*

3,876

1,824,026

Williams-Sonoma,

Inc.

61,380

7,681,093

43,125,293

Technology

Hardware,

Storage

&

Peripherals

-

9.0%

Apple,

Inc.

414,271

80,356,146

Hewlett

Packard

Enterprise

Co.

294,450

4,946,760

HP,

Inc.

214,628

6,591,226

91,894,132

Textiles,

Apparel

&

Luxury

Goods

-

0.2%

Capri

Holdings

Ltd.

*

48,789

1,751,037

Trading

Companies

&

Distributors

-

1.1%

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

36,601

3,487,343

United

Rentals,

Inc.

14,863

6,619,534

4

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

1.1%

(continued)

Univar

Solutions,

Inc.

*

28,451

1,019,684

11,126,561

TOTAL

COMMON

STOCKS

(Cost

$582,862,833)

973,100,278

SHORT-TERM

INVESTMENTS

-

4.5%

INVESTMENT

COMPANIES

-

4.5%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(b)

(Cost

$46,136,135)

46,155,198

46,136,736

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$628,998,968)

1,019,237,014

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

(c)

4,218,796

NET

ASSETS

-

100.0%

1,023,455,810

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

46,833,444

4.6

%

Consumer

Discretionary

147,485,028

14.4

Consumer

Staples

37,044,524

3.6

Energy

48,602,204

4.8

Financials

75,175,791

7.4

Health

Care

88,391,724

8.6

Industrials

151,799,032

14.8

Information

Technology

314,435,728

30.7

Materials

63,332,803

6.2

Investment

Companies

46,136,736

4.5

Total

Investments

In

Securities

At

Value

1,019,237,014

99.6

Other

Assets

in

Excess

of

Liabilities

(c)

4,218,796

0.4

Net

Assets

$

1,023,455,810

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

June

30,

2023:

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

197

9/2023

USD

$

44,209,263

$

1,403,234

$

1,403,234

5

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.5%

Aerospace

&

Defense

-

0.7%

AAR

Corp.

*

1,965

113,498

Aerojet

Rocketdyne

Holdings,

Inc.

*

3,839

210,646

AerSale

Corp.

*

9,147

134,461

Ducommun,

Inc.

*

1,921

83,698

Moog,

Inc.,

Class

A

1,353

146,706

National

Presto

Industries,

Inc.

468

34,257

V2X,

Inc.

*

673

33,354

756,620

Air

Freight

&

Logistics

-

0.5%

Hub

Group,

Inc.,

Class

A

*

6,511

522,964

Automobile

Components

-

1.7%

Adient

plc

*

2,404

92,121

American

Axle

&

Manufacturing

Holdings,

Inc.

*

4,946

40,903

Dana,

Inc.

16,488

280,296

Goodyear

Tire

&

Rubber

Co.

(The)

*

27,709

379,059

LCI

Industries

1,718

217,087

Modine

Manufacturing

Co.

*

8,285

273,571

Patrick

Industries,

Inc.

5,106

408,480

XPEL,

Inc.

*(a)

738

62,154

1,753,671

Automobiles

-

0.1%

Cenntro

Electric

Group

Ltd.

(Australia)

*

74,364

21,506

Winnebago

Industries,

Inc.

1,070

71,358

92,864

Banks

-

4.6%

1st

Source

Corp.

4,426

185,582

Axos

Financial,

Inc.

*

5,587

220,351

Bancorp,

Inc.

(The)

*

7,871

256,988

Bridgewater

Bancshares,

Inc.

*

12,387

122,012

Cathay

General

Bancorp

9,115

293,412

Community

Trust

Bancorp,

Inc.

984

35,001

CrossFirst

Bankshares,

Inc.

*

10,893

108,930

Customers

Bancorp,

Inc.

*

17,043

515,721

First

Financial

Corp.

3,792

123,126

First

Merchants

Corp.

4,786

135,109

Fulton

Financial

Corp.

5,753

68,576

Great

Southern

Bancorp,

Inc.

7,773

394,324

Hancock

Whitney

Corp.

1,620

62,176

Hanmi

Financial

Corp.

5,324

79,487

Heartland

Financial

USA,

Inc.

9,631

268,416

Independent

Bank

Corp.

4,928

83,579

International

Bancshares

Corp.

10,172

449,602

Lakeland

Bancorp,

Inc.

1,943

26,017

Mercantile

Bank

Corp.

3,684

101,752

Midland

States

Bancorp,

Inc.

7,733

153,964

NBT

Bancorp,

Inc.

4,174

132,942

OceanFirst

Financial

Corp.

8,560

133,707

OFG

Bancorp

3,824

99,730

INVESTMENTS

SHARES

VALUE

($)

Banks

-

4.6%

(continued)

Provident

Financial

Services,

Inc.

13,062

213,433

S&T

Bancorp,

Inc.

4,271

116,129

Southern

Missouri

Bancorp,

Inc.

2,777

106,776

TrustCo

Bank

Corp.

9,243

264,442

WSFS

Financial

Corp.

3,787

142,846

4,894,130

Beverages

-

1.2%

Coca-Cola

Consolidated,

Inc.

971

617,575

MGP

Ingredients,

Inc.

2,225

236,473

National

Beverage

Corp.

*

2,361

114,154

Primo

Water

Corp.

2,336

29,294

Vita

Coco

Co.,

Inc.

(The)

*

8,955

240,621

1,238,117

Biotechnology

-

6.6%

ACADIA

Pharmaceuticals,

Inc.

*

4,832

115,726

ADMA

Biologics,

Inc.

*

38,552

142,257

Alkermes

plc

*

11,207

350,779

Amicus

Therapeutics,

Inc.

*

15,837

198,913

Anika

Therapeutics,

Inc.

*

3,291

85,500

Arcellx,

Inc.

*

3,740

118,259

Arcturus

Therapeutics

Holdings,

Inc.

*

2,393

68,631

Atara

Biotherapeutics,

Inc.

*

47,288

76,134

C4

Therapeutics,

Inc.

*

8,171

22,470

CareDx,

Inc.

*

4,842

41,157

Catalyst

Pharmaceuticals,

Inc.

*

51,087

686,609

Chimerix,

Inc.

*

105,224

127,321

Cullinan

Oncology,

Inc.

*

10,917

117,467

Cytokinetics,

Inc.

*

3,638

118,672

Eagle

Pharmaceuticals,

Inc.

*

26,368

512,594

Halozyme

Therapeutics,

Inc.

*

6,000

216,420

Heron

Therapeutics,

Inc.

*

46,608

54,065

ImmunoGen,

Inc.

*

1,719

32,438

Insmed,

Inc.

*

6,637

140,041

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

52,444

558,004

IVERIC

bio,

Inc.

*

5,593

220,029

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

27,564

388,101

Kodiak

Sciences,

Inc.

*

4,381

30,229

MacroGenics,

Inc.

*

40,305

215,632

Madrigal

Pharmaceuticals,

Inc.

*

595

137,445

Organogenesis

Holdings,

Inc.,

Class

A

*

127,898

424,621

PDL

BioPharma,

Inc.

(3)*(b)

32,677

6,904

Point

Biopharma

Global,

Inc.

*

34,206

309,906

Poseida

Therapeutics,

Inc.

*

26,426

46,510

Prothena

Corp.

plc

(Ireland)

*

1,573

107,404

PTC

Therapeutics,

Inc.

*

768

31,235

Sutro

Biopharma,

Inc.

*

6,231

28,974

TG

Therapeutics,

Inc.

*

5,550

137,862

Vaxcyte,

Inc.

*

1,106

55,234

Veracyte,

Inc.

*

6,150

156,641

6

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

6.6%

(continued)

Vericel

Corp.

*

4,139

155,502

Vir

Biotechnology,

Inc.

*

23,412

574,296

Zymeworks,

Inc.

*

12,932

111,732

6,921,714

Building

Products

-

2.3%

Apogee

Enterprises,

Inc.

12,449

590,954

Insteel

Industries,

Inc.

7,233

225,091

JELD-WEN

Holding,

Inc.

*

2,571

45,095

PGT

Innovations,

Inc.

*

3,778

110,129

Quanex

Building

Products

Corp.

5,172

138,868

UFP

Industries,

Inc.

13,298

1,290,571

2,400,708

Capital

Markets

-

0.7%

Brightsphere

Investment

Group,

Inc.

4,263

89,310

Diamond

Hill

Investment

Group,

Inc.

178

30,492

Donnelley

Financial

Solutions,

Inc.

*

4,172

189,951

Oppenheimer

Holdings,

Inc.,

Class

A

5,140

206,525

StoneX

Group,

Inc.

*

1,990

165,329

Virtus

Investment

Partners,

Inc.

373

73,656

755,263

Chemicals

-

2.2%

AdvanSix,

Inc.

8,910

311,672

American

Vanguard

Corp.

5,009

89,511

FutureFuel

Corp.

57,094

505,282

Intrepid

Potash,

Inc.

*

2,845

64,553

Koppers

Holdings,

Inc.

3,235

110,313

Livent

Corp.

*

7,025

192,696

LSB

Industries,

Inc.

*

29,444

290,023

Rayonier

Advanced

Materials,

Inc.

*

104,521

447,350

Stepan

Co.

2,573

245,876

Tronox

Holdings

plc

3,520

44,739

2,302,015

Commercial

Services

&

Supplies

-

0.6%

ACCO

Brands

Corp.

35,378

184,319

Deluxe

Corp.

2,272

39,715

Ennis,

Inc.

9,779

199,296

Interface,

Inc.,

Class

A

14,577

128,132

Steelcase,

Inc.,

Class

A

8,010

61,757

VSE

Corp.

1,051

57,479

670,698

Communications

Equipment

-

1.0%

Aviat

Networks,

Inc.

*

1,159

38,676

Calix,

Inc.

*

4,311

215,162

CommScope

Holding

Co.,

Inc.

*

16,624

93,593

Digi

International,

Inc.

*

3,152

124,157

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

1.0%

(continued)

Extreme

Networks,

Inc.

*

18,579

483,983

NetScout

Systems,

Inc.

*

3,078

95,264

1,050,835

Construction

&

Engineering

-

2.4%

API

Group

Corp.

*

6,084

165,850

Arcosa,

Inc.

3,429

259,815

Comfort

Systems

USA,

Inc.

2,375

389,975

Fluor

Corp.

*

2,573

76,161

MYR

Group,

Inc.

*

6,743

932,826

Northwest

Pipe

Co.

*

5,417

163,810

Sterling

Infrastructure,

Inc.

*

7,551

421,346

Tutor

Perini

Corp.

*

23,226

166,066

2,575,849

Construction

Materials

-

0.1%

Knife

River

Corp.

*

2,158

93,873

Consumer

Finance

-

0.4%

Bread

Financial

Holdings,

Inc.

4,915

154,282

Enova

International,

Inc.

*

2,470

131,206

Navient

Corp.

2,234

41,508

Oportun

Financial

Corp.

*

7,665

45,760

372,756

Consumer

Staples

Distribution

&

Retail

-

1.1%

Fresh

Market,

Inc.

(The)

Escrow

(3)*(b)

199

–

Ingles

Markets,

Inc.,

Class

A

7,717

637,810

SpartanNash

Co.

1,939

43,647

Sprouts

Farmers

Market,

Inc.

*

5,381

197,644

United

Natural

Foods,

Inc.

*

10,349

202,323

Weis

Markets,

Inc.

2,014

129,319

1,210,743

Containers

&

Packaging

-

0.2%

O-I

Glass,

Inc.

*

6,568

140,095

Pactiv

Evergreen,

Inc.

3,933

29,773

169,868

Diversified

Consumer

Services

-

1.0%

2U,

Inc.

*

26,273

105,880

Adtalem

Global

Education,

Inc.

*

1,456

49,999

American

Public

Education,

Inc.

*

15,329

72,659

Duolingo,

Inc.,

Class

A

*

574

82,048

Perdoceo

Education

Corp.

*

46,677

572,727

Stride,

Inc.

*

3,904

145,346

WW

International,

Inc.

*

9,362

62,913

1,091,572

Diversified

REITs

-

0.0%

(c)

American

Assets

Trust,

Inc.,

REIT

1,543

29,626

7

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Diversified

Telecommunication

Services

-

0.1%

EchoStar

Corp.,

Class

A

*

6,781

117,583

IDT

Corp.,

Class

B

*

1,305

33,734

151,317

Electric

Utilities

-

0.2%

ALLETE,

Inc.

1,018

59,014

PNM

Resources,

Inc.

4,384

197,718

256,732

Electrical

Equipment

-

2.4%

Array

Technologies,

Inc.

*

9,929

224,395

Atkore,

Inc.

*

7,306

1,139,298

Encore

Wire

Corp.

5,463

1,015,736

Energy

Vault

Holdings,

Inc.

*

28,501

77,808

Shoals

Technologies

Group,

Inc.,

Class

A

*

4,051

103,543

2,560,780

Electronic

Equipment,

Instruments

&

Components

-

4.1%

Advanced

Energy

Industries,

Inc.

496

55,279

Belden,

Inc.

917

87,711

Benchmark

Electronics,

Inc.

5,152

133,076

ePlus,

Inc.

*

6,394

359,982

Fabrinet

(Thailand)

*

4,922

639,269

Insight

Enterprises,

Inc.

*

8,323

1,217,988

Kimball

Electronics,

Inc.

*

3,423

94,578

Methode

Electronics,

Inc.

8,233

275,970

PC

Connection,

Inc.

6,519

294,007

Sanmina

Corp.

*

10,765

648,807

ScanSource,

Inc.

*

1,900

56,164

TTM

Technologies,

Inc.

*

7,610

105,779

Vishay

Intertechnology,

Inc.

13,050

383,670

4,352,280

Energy

Equipment

&

Services

-

1.5%

ChampionX

Corp.

1,346

41,780

Helmerich

&

Payne,

Inc.

2,561

90,787

Liberty

Energy,

Inc.,

Class

A

37,068

495,599

NexTier

Oilfield

Solutions,

Inc.

*

8,198

73,290

Noble

Corp.

plc

*

3,503

144,709

Patterson-UTI

Energy,

Inc.

21,416

256,350

ProPetro

Holding

Corp.

*

37,186

306,413

RPC,

Inc.

7,931

56,707

Weatherford

International

plc

*

2,091

138,884

1,604,519

Financial

Services

-

1.7%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

5,279

116,455

Cass

Information

Systems,

Inc.

864

33,506

Jackson

Financial,

Inc.,

Class

A

5,646

172,824

Mr

Cooper

Group,

Inc.

*

16,899

855,765

Radian

Group,

Inc.

1,181

29,856

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

1.7%

(continued)

StoneCo

Ltd.,

Class

A

(Brazil)

*

44,398

565,630

1,774,036

Food

Products

-

1.8%

Benson

Hill,

Inc.

*

6,647

8,641

Calavo

Growers,

Inc.

2,110

61,232

Cal-Maine

Foods,

Inc.

12,686

570,870

Fresh

Del

Monte

Produce,

Inc.

3,900

100,269

John

B

Sanfilippo

&

Son,

Inc.

6,589

772,692

Lancaster

Colony

Corp.

517

103,964

Seneca

Foods

Corp.,

Class

A

*

1,860

60,785

Vital

Farms,

Inc.

*

2,466

29,567

Whole

Earth

Brands,

Inc.

*

41,384

166,364

1,874,384

Gas

Utilities

-

0.3%

ONE

Gas,

Inc.

3,759

288,729

Ground

Transportation

-

1.2%

ArcBest

Corp.

7,399

731,021

Covenant

Logistics

Group,

Inc.,

Class

A

8,766

384,214

Universal

Logistics

Holdings,

Inc.

5,905

170,123

1,285,358

Health

Care

Equipment

&

Supplies

-

2.5%

Avanos

Medical,

Inc.

*

5,091

130,126

Axonics,

Inc.

*

912

46,029

Embecta

Corp.

6,056

130,810

Figs,

Inc.,

Class

A

*

17,561

145,229

Haemonetics

Corp.

*

2,309

196,588

Inogen,

Inc.

*

6,378

73,666

Integer

Holdings

Corp.

*

343

30,393

iRhythm

Technologies,

Inc.

*

510

53,203

Lantheus

Holdings,

Inc.

*

4,655

390,648

LeMaitre

Vascular,

Inc.

1,376

92,577

Merit

Medical

Systems,

Inc.

*

3,172

265,306

OraSure

Technologies,

Inc.

*

38,439

192,579

Tactile

Systems

Technology,

Inc.

*

10,052

250,596

TransMedics

Group,

Inc.

*

463

38,883

Zimvie,

Inc.

*

30,224

339,416

Zynex,

Inc.

*

25,562

245,140

2,621,189

Health

Care

Providers

&

Services

-

3.0%

AdaptHealth

Corp.,

Class

A

*

11,281

137,290

Addus

HomeCare

Corp.

*

875

81,112

AMN

Healthcare

Services,

Inc.

*

4,359

475,654

Community

Health

Systems,

Inc.

*

5,081

22,356

CorVel

Corp.

*

2,593

501,745

Cross

Country

Healthcare,

Inc.

*

16,372

459,726

Ensign

Group,

Inc.

(The)

4,930

470,618

Hims

&

Hers

Health,

Inc.

*

3,556

33,426

Invitae

Corp.

*

59,274

66,980

Joint

Corp.

(The)

*

2,254

30,429

National

Research

Corp.

2,904

126,353

8

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

3.0%

(continued)

Owens

&

Minor,

Inc.

*

18,023

343,158

Patterson

Cos.,

Inc.

5,749

191,212

Pediatrix

Medical

Group,

Inc.

*

4,709

66,915

PetIQ,

Inc.,

Class

A

*

2,653

40,246

Select

Medical

Holdings

Corp.

5,422

172,745

3,219,965

Health

Care

REITs

-

0.1%

Diversified

Healthcare

Trust,

REIT

11,069

24,905

National

Health

Investors,

Inc.,

REIT

561

29,408

Physicians

Realty

Trust,

REIT

2,250

31,477

85,790

Health

Care

Technology

-

0.3%

Simulations

Plus,

Inc.

1,686

73,054

Veradigm,

Inc.

*

18,230

229,698

302,752

Hotel

&

Resort

REITs

-

0.2%

DiamondRock

Hospitality

Co.,

REIT

5,516

44,183

Service

Properties

Trust,

REIT

16,808

146,062

190,245

Hotels,

Restaurants

&

Leisure

-

1.5%

Bloomin'

Brands,

Inc.

11,605

312,059

Brinker

International,

Inc.

*

2,169

79,385

Hilton

Grand

Vacations,

Inc.

*

2,439

110,828

Inspired

Entertainment,

Inc.

*

8,406

123,652

International

Game

Technology

plc

1,324

42,222

Monarch

Casino

&

Resort,

Inc.

2,244

158,090

RCI

Hospitality

Holdings,

Inc.

2,387

181,388

Red

Rock

Resorts,

Inc.,

Class

A

2,270

106,191

Target

Hospitality

Corp.

*

31,465

422,260

Vacasa,

Inc.,

Class

A

*

21,157

14,355

1,550,430

Household

Durables

-

3.4%

Beazer

Homes

USA,

Inc.

*

21,116

597,372

Cavco

Industries,

Inc.

*

459

135,405

Century

Communities,

Inc.

659

50,493

Ethan

Allen

Interiors,

Inc.

2,815

79,608

Green

Brick

Partners,

Inc.

*

3,118

177,102

Hovnanian

Enterprises,

Inc.,

Class

A

*

2,806

278,383

KB

Home

7,991

413,215

M/I

Homes,

Inc.

*

3,649

318,156

MDC

Holdings,

Inc.

4,307

201,438

Meritage

Homes

Corp.

1,424

202,592

Taylor

Morrison

Home

Corp.,

Class

A

*

14,483

706,336

Tri

Pointe

Homes,

Inc.

*

6,166

202,615

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

3.4%

(continued)

Tupperware

Brands

Corp.

*

255,862

204,690

3,567,405

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

(c)

Ormat

Technologies,

Inc.

438

35,241

Industrial

REITs

-

0.1%

Innovative

Industrial

Properties,

Inc.,

REIT

1,034

75,492

Insurance

-

2.2%

Ambac

Financial

Group,

Inc.

*

48,629

692,477

American

Equity

Investment

Life

Holding

Co.

702

36,581

Argo

Group

International

Holdings

Ltd.

1,247

36,924

eHealth,

Inc.

*

5,312

42,708

Employers

Holdings,

Inc.

13,872

518,952

Genworth

Financial,

Inc.,

Class

A

*

80,234

401,170

Oscar

Health,

Inc.,

Class

A

*

5,831

46,998

Selective

Insurance

Group,

Inc.

4,313

413,832

Stewart

Information

Services

Corp.

3,125

128,563

United

Fire

Group,

Inc.

1,323

29,979

2,348,184

Interactive

Media

&

Services

-

0.7%

Cargurus,

Inc.,

Class

A

*

11,002

248,975

EverQuote,

Inc.,

Class

A

*

19,870

129,155

fuboTV,

Inc.

*

34,825

72,436

Yelp,

Inc.,

Class

A

*

5,558

202,367

Ziff

Davis,

Inc.

*

469

32,858

685,791

IT

Services

-

0.4%

Hackett

Group,

Inc.

(The)

9,556

213,577

Perficient,

Inc.

*

680

56,664

Squarespace,

Inc.,

Class

A

*

3,885

122,533

Unisys

Corp.

*

7,349

29,249

422,023

Leisure

Products

-

1.3%

Acushnet

Holdings

Corp.

2,580

141,074

Johnson

Outdoors,

Inc.,

Class

A

997

61,266

Malibu

Boats,

Inc.,

Class

A

*

4,386

257,283

MasterCraft

Boat

Holdings,

Inc.

*

15,328

469,803

Sturm

Ruger

&

Co.,

Inc.

563

29,817

Vista

Outdoor,

Inc.

*

14,324

396,345

1,355,588

Life

Sciences

Tools

&

Services

-

0.1%

Codexis,

Inc.

*

15,520

43,456

Singular

Genomics

Systems,

Inc.

*

7,564

6,278

49,734

9

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

4.1%

Blue

Bird

Corp.

*

4,506

101,295

CIRCOR

International,

Inc.

*

722

40,757

Federal

Signal

Corp.

2,937

188,056

Kennametal,

Inc.

4,258

120,885

Manitowoc

Co.,

Inc.

(The)

*

31,390

591,074

Mueller

Industries,

Inc.

16,679

1,455,743

Proto

Labs,

Inc.

*

3,501

122,395

REV

Group,

Inc.

13,034

172,831

Standex

International

Corp.

367

51,919

Terex

Corp.

4,626

276,774

Titan

International,

Inc.

*

39,779

456,663

Wabash

National

Corp.

28,796

738,329

4,316,721

Marine

Transportation

-

0.1%

Eagle

Bulk

Shipping,

Inc.

748

35,934

Safe

Bulkers,

Inc.

(Greece)

33,241

108,366

144,300

Media

-

0.3%

AMC

Networks,

Inc.,

Class

A

*

9,881

118,078

Gray

Television,

Inc.

3,972

31,299

TEGNA,

Inc.

6,510

105,723

Thryv

Holdings,

Inc.

*

3,467

85,288

340,388

Metals

&

Mining

-

3.7%

Alpha

Metallurgical

Resources,

Inc.

2,861

470,234

Arconic

Corp.

*

8,857

261,990

Commercial

Metals

Co.

18,692

984,321

Constellium

SE,

Class

A

*

11,805

203,046

Olympic

Steel,

Inc.

9,392

460,208

Ramaco

Resources,

Inc.,

Class

A

8,315

70,179

Ramaco

Resources,

Inc.,

Class

B

*

1,663

17,644

Ryerson

Holding

Corp.

10,496

455,316

Schnitzer

Steel

Industries,

Inc.,

Class

A

1,790

53,682

SunCoke

Energy,

Inc.

15,698

123,543

TimkenSteel

Corp.

*

18,757

404,588

Warrior

Met

Coal,

Inc.

9,207

358,613

Worthington

Industries,

Inc.

778

54,048

3,917,412

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,665

120,728

Arbor

Realty

Trust,

Inc.

6,322

93,692

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

190,682

Chimera

Investment

Corp.

12,242

70,636

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,604

115,100

590,838

INVESTMENTS

SHARES

VALUE

($)

Multi-Utilities

-

0.1%

Black

Hills

Corp.

1,078

64,960

NorthWestern

Corp.

1,316

74,696

139,656

Office

REITs

-

0.2%

Brandywine

Realty

Trust,

REIT

6,383

29,681

Equity

Commonwealth,

REIT

8,265

167,449

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

6,312

45,888

243,018

Oil,

Gas

&

Consumable

Fuels

-

4.3%

Arch

Resources,

Inc.

1,759

198,345

Ardmore

Shipping

Corp.

(Ireland)

11,222

138,592

California

Resources

Corp.

1,663

75,317

Centrus

Energy

Corp.,

Class

A

*

1,603

52,194

Chord

Energy

Corp.

2,175

334,515

Civitas

Resources,

Inc.

6,310

437,725

CONSOL

Energy,

Inc.

5,560

377,024

Dorian

LPG

Ltd.

7,586

194,581

Gulfport

Energy

Corp.

*

2,017

211,926

International

Seaways,

Inc.

5,076

194,106

Matador

Resources

Co.

1,065

55,721

Murphy

Oil

Corp.

948

36,308

Par

Pacific

Holdings,

Inc.

*

1,930

51,357

PBF

Energy,

Inc.,

Class

A

23,215

950,422

Peabody

Energy

Corp.

17,827

386,133

REX

American

Resources

Corp.

*

1,748

60,848

Scorpio

Tankers,

Inc.

(Monaco)

2,747

129,741

Sitio

Royalties

Corp.,

Class

A

3,114

81,805

Teekay

Tankers

Ltd.,

Class

A

(Canada)

11,041

422,097

Vertex

Energy,

Inc.

*

30,494

190,587

4,579,344

Paper

&

Forest

Products

-

0.1%

Clearwater

Paper

Corp.

*

2,937

91,987

Passenger

Airlines

-

0.4%

Allegiant

Travel

Co.

*

806

101,781

JetBlue

Airways

Corp.

*

4,166

36,911

SkyWest,

Inc.

*

4,026

163,939

Spirit

Airlines,

Inc.

4,469

76,688

379,319

Personal

Care

Products

-

1.8%

BellRing

Brands,

Inc.

*

1,124

41,138

Edgewell

Personal

Care

Co.

2,995

123,724

elf

Beauty,

Inc.

*

4,500

514,035

Herbalife

Ltd.

*

4,065

53,821

Medifast,

Inc.

5,939

547,338

Nu

Skin

Enterprises,

Inc.,

Class

A

8,737

290,068

USANA

Health

Sciences,

Inc.

*

5,612

353,781

1,923,905

10

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2.1%

Amneal

Pharmaceuticals,

Inc.

*

115,798

358,974

Amphastar

Pharmaceuticals,

Inc.

*

4,194

241,029

Axsome

Therapeutics,

Inc.

*

356

25,582

Corcept

Therapeutics,

Inc.

*

15,134

336,732

Harmony

Biosciences

Holdings,

Inc.

*

1,998

70,310

Innoviva,

Inc.

*

33,853

430,949

Intra-Cellular

Therapies,

Inc.

*

2,214

140,190

Ligand

Pharmaceuticals,

Inc.

*

1,036

74,696

Nektar

Therapeutics,

Class

A

*

127,097

73,106

Phibro

Animal

Health

Corp.,

Class

A

8,567

117,368

Prestige

Consumer

Healthcare,

Inc.

*

2,551

151,606

Supernus

Pharmaceuticals,

Inc.

*

5,371

161,452

Xeris

Biopharma

Holdings,

Inc.

*

12,736

33,368

2,215,362

Professional

Services

-

1.6%

Barrett

Business

Services,

Inc.

2,851

248,607

CSG

Systems

International,

Inc.

749

39,502

ExlService

Holdings,

Inc.

*

372

56,194

Heidrick

&

Struggles

International,

Inc.

5,806

153,685

IBEX

Holdings

Ltd.

*

2,303

48,893

Insperity,

Inc.

1,101

130,975

Kelly

Services,

Inc.,

Class

A

5,182

91,255

Kforce,

Inc.

6,692

419,321

Maximus,

Inc.

1,417

119,750

Resources

Connection,

Inc.

13,735

215,777

TrueBlue,

Inc.

*

8,666

153,475

1,677,434

Real

Estate

Management

&

Development

-

0.2%

Forestar

Group,

Inc.

*

10,063

226,921

Residential

REITs

-

0.1%

BRT

Apartments

Corp.,

REIT

3,812

75,478

Retail

REITs

-

0.1%

Necessity

Retail

REIT,

Inc.

(The),

Class

A,

REIT

5,454

36,869

Urstadt

Biddle

Properties,

Inc.,

Class

A,

REIT

1,158

24,619

61,488

Semiconductors

&

Semiconductor

Equipment

-

5.2%

ACM

Research,

Inc.,

Class

A

*

20,803

272,103

Alpha

&

Omega

Semiconductor

Ltd.

*

3,246

106,469

Amkor

Technology,

Inc.

30,674

912,551

Axcelis

Technologies,

Inc.

*

2,645

484,908

Diodes,

Inc.

*

6,970

644,655

FormFactor,

Inc.

*

6,297

215,483

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

5,752

341,956

MaxLinear,

Inc.,

Class

A

*

5,896

186,078

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

5.2%

(continued)

Onto

Innovation,

Inc.

*

1,983

230,960

Photronics,

Inc.

*

24,229

624,866

Power

Integrations,

Inc.

6,519

617,154

Rambus,

Inc.

*

1,513

97,089

SMART

Global

Holdings,

Inc.

*

7,592

220,244

Synaptics,

Inc.

*

3,549

303,014

Ultra

Clean

Holdings,

Inc.

*

7,195

276,720

5,534,250

Software

-

4.1%

8x8,

Inc.

*

87,109

368,471

A10

Networks,

Inc.

4,144

60,461

Adeia,

Inc.

20,180

222,182

Appfolio,

Inc.,

Class

A

*

397

68,339

Blend

Labs,

Inc.,

Class

A

*

55,026

52,121

Box,

Inc.,

Class

A

*

3,183

93,516

Cleanspark,

Inc.

*

69,161

296,701

Clear

Secure,

Inc.,

Class

A

1,470

34,060

CommVault

Systems,

Inc.

*

899

65,285

Digital

Turbine,

Inc.

*

18,946

175,819

Ebix,

Inc.

19,068

480,514

LiveRamp

Holdings,

Inc.

*

4,067

116,153

Mitek

Systems,

Inc.

*

6,033

65,398

PagerDuty,

Inc.

*

1,695

38,104

Progress

Software

Corp.

5,680

330,008

Qualys,

Inc.

*

2,190

282,882

Rimini

Street,

Inc.

*

35,862

171,779

Riot

Platforms,

Inc.

*

6,303

74,501

Sprinklr,

Inc.,

Class

A

*

3,448

47,686

SPS

Commerce,

Inc.

*

3,897

748,458

Telos

Corp.

*

114,603

293,384

Upland

Software,

Inc.

*

37,118

133,625

Veritone,

Inc.

*

7,345

28,792

Xperi,

Inc.

*

2,766

36,373

Zeta

Global

Holdings

Corp.,

Class

A

*

8,754

74,759

4,359,371

Specialized

REITs

-

0.0%

(c)

PotlatchDeltic

Corp.,

REIT

819

43,284

Specialty

Retail

-

3.9%

Academy

Sports

&

Outdoors,

Inc.

4,166

225,172

Asbury

Automotive

Group,

Inc.

*

2,406

578,451

Buckle,

Inc.

(The)

1,724

59,650

Build-A-Bear

Workshop,

Inc.

3,563

76,319

Caleres,

Inc.

5,005

119,770

Chico's

FAS,

Inc.

*

30,796

164,759

Citi

Trends,

Inc.

*

49

865

Container

Store

Group,

Inc.

(The)

*

22,721

71,344

Designer

Brands,

Inc.,

Class

A

36,481

368,458

Destination

XL

Group,

Inc.

*

48,753

238,890

Foot

Locker,

Inc.

1,160

31,448

Genesco,

Inc.

*

3,420

85,637

Group

1

Automotive,

Inc.

2,771

715,195

Haverty

Furniture

Cos.,

Inc.

2,403

72,619

11

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

3.9%

(continued)

Hibbett,

Inc.

2,973

107,890

ODP

Corp.

(The)

*

7,955

372,453

Sally

Beauty

Holdings,

Inc.

*

9,403

116,127

Signet

Jewelers

Ltd.

4,375

285,512

Sonic

Automotive,

Inc.,

Class

A

4,105

195,685

Sportsman's

Warehouse

Holdings,

Inc.

*

5,495

31,322

Upbound

Group,

Inc.

4,183

130,217

Urban

Outfitters,

Inc.

*

2,394

79,313

4,127,096

Technology

Hardware,

Storage

&

Peripherals

-

1.5%

Avid

Technology,

Inc.

*

6,235

158,992

Eastman

Kodak

Co.

*

25,993

120,088

IonQ,

Inc.

*

5,681

76,864

Super

Micro

Computer,

Inc.

*

4,986

1,242,761

1,598,705

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

G-III

Apparel

Group

Ltd.

*

12,955

249,643

Movado

Group,

Inc.

5,139

137,879

Oxford

Industries,

Inc.

361

35,530

423,052

Tobacco

-

0.2%

Universal

Corp.

2,848

142,229

Vector

Group

Ltd.

6,859

87,864

230,093

Trading

Companies

&

Distributors

-

3.9%

BlueLinx

Holdings,

Inc.

*

4,333

406,349

Boise

Cascade

Co.

13,096

1,183,223

GMS,

Inc.

*

7,975

551,870

Hudson

Technologies,

Inc.

*

3,976

38,249

Rush

Enterprises,

Inc.,

Class

A

11,626

706,163

Textainer

Group

Holdings

Ltd.

(China)

7,363

289,955

Titan

Machinery,

Inc.

*

3,784

111,628

Triton

International

Ltd.

3,107

258,689

Veritiv

Corp.

4,357

547,283

4,093,409

Water

Utilities

-

0.0%

(c)

Artesian

Resources

Corp.,

Class

A

704

33,243

TOTAL

COMMON

STOCKS

(Cost

$65,397,581)

100,927,924

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

5.0%

INVESTMENT

COMPANIES

-

5.0%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(d)

(Cost

$5,278,591)

5,280,816

5,278,704

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.5%

(Cost

$70,676,172)

106,206,628

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.5)%

(e)

(521,236)

NET

ASSETS

-

100.0%

105,685,392

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,177,496

1.1

%

Consumer

Discretionary

13,961,678

13.2

Consumer

Staples

6,477,241

6.1

Energy

6,183,863

5.9

Financials

10,735,207

10.2

Health

Care

15,330,716

14.5

Industrials

21,384,160

20.2

Information

Technology

17,317,464

16.4

Materials

6,575,156

6.2

Real

Estate

1,031,342

1.0

Utilities

753,601

0.7

Investment

Companies

5,278,704

5.0

Total

Investments

In

Securities

At

Value

106,206,628

100.5

Liabilities

in

Excess

of

Other

Assets

(e)

(521,236)

(0.5)

Net

Assets

$

105,685,392

100.0%

12

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

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.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$62,154,

which

represents

0.06%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

June

30,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$6,904,

which

represents

0.01%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Level

3

security.

Futures

contracts

outstanding

as

of

June

30,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

45

9/2023

USD

$

4,283,325

$

13,081

$

13,081

13

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.7%

Australia

-

6.5%

Aristocrat

Leisure

Ltd.

5,384

139,299

Aurizon

Holdings

Ltd.

675,710

1,767,796

BHP

Group

Ltd.

287,262

8,635,659

BlueScope

Steel

Ltd.

134,477

1,850,783

Brambles

Ltd.

197,006

1,894,326

Coles

Group

Ltd.

87,792

1,077,988

Fortescue

Metals

Group

Ltd.

221,376

3,284,937

Lottery

Corp.

Ltd.

(The)

57,040

195,548

Pilbara

Minerals

Ltd.

903,696

2,970,145

Ramsay

Health

Care

Ltd.

3,473

130,481

Rio

Tinto

Ltd.

8,995

688,834

Rio

Tinto

plc

22,683

1,441,498

Santos

Ltd.

210,305

1,052,259

South32

Ltd.

51,665

130,072

Tabcorp

Holdings

Ltd.

57,040

42,310

Telstra

Group

Ltd.

74,159

212,740

Transurban

Group

29,539

281,252

Washington

H

Soul

Pattinson

&

Co.

Ltd.

32,513

690,220

WiseTech

Global

Ltd.

82,047

4,400,859

Woodside

Energy

Group

Ltd.

17,156

396,845

31,283,851

—

Belgium

-

0.2%

Ageas

SA/NV

24,366

987,779

Groupe

Bruxelles

Lambert

NV

1,467

115,649

1,103,428

—

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

(1)

11,328

489,890

Canada

-

9.8%

Agnico

Eagle

Mines

Ltd.

(1)

20,342

1,015,756

Alimentation

Couche-Tard,

Inc.

(1)

21,067

1,080,265

Bank

of

Montreal

(1)

12,049

1,088,162

Canadian

Apartment

Properties,

REIT

(1)

3,482

133,681

Canadian

Imperial

Bank

of

Commerce

(1)

3,169

135,300

Canadian

National

Railway

Co.

(1)

1,804

218,455

Canadian

Pacific

Kansas

City

Ltd.

(1)

10,275

829,911

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

8,795

1,202,454

CCL

Industries,

Inc.,

Class

B

(1)

4,615

226,857

CGI,

Inc.

(1)*

27,366

2,885,850

Element

Fleet

Management

Corp.

(1)

19,142

291,591

Empire

Co.

Ltd.,

Class

A

(1)

5,288

150,208

Fairfax

Financial

Holdings

Ltd.

(1)

7,929

5,939,135

Franco-Nevada

Corp.

(1)

1,593

227,042

George

Weston

Ltd.

(1)

10,696

1,264,546

Great-West

Lifeco,

Inc.

(1)

6,006

174,411

iA

Financial

Corp.,

Inc.

(1)

13,966

951,449

Imperial

Oil

Ltd.

(1)

52,502

2,686,232

Intact

Financial

Corp.

(1)

11,447

1,767,405

Loblaw

Cos.

Ltd.

(1)

10,805

989,191

Manulife

Financial

Corp.

(1)

28,526

539,189

National

Bank

of

Canada

(1)

4,864

362,390

INVESTMENTS

SHARES

VALUE

($)

Canada

-

9.8%

(continued)

Nutrien

Ltd.

(1)

28,822

1,701,580

Nuvei

Corp.

(1)*(a)

40,855

1,206,452

Open

Text

Corp.

(1)

10,900

453,361

Power

Corp.

of

Canada

(1)

5,259

141,563

RB

Global,

Inc.

(1)

43,395

2,604,191

Restaurant

Brands

International,

Inc.

(1)

83,229

6,452,879

Royal

Bank

of

Canada

(1)

23,203

2,215,998

Saputo,

Inc.

(1)

6,296

141,057

Teck

Resources

Ltd.,

Class

B

(1)

58,926

2,479,362

TFI

International,

Inc.

(1)

7,358

838,304

Thomson

Reuters

Corp.

(1)

12,243

1,653,008

Toronto-Dominion

Bank

(The)

(1)

9,710

601,840

West

Fraser

Timber

Co.

Ltd.

(1)

35,466

3,046,904

47,695,979

—

China

-

1.3%

BOC

Hong

Kong

Holdings

Ltd.

1,077,500

3,300,734

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

295,800

765,430

Prosus

NV

8,437

617,877

SITC

International

Holdings

Co.

Ltd.

795,000

1,455,781

Wilmar

International

Ltd.

94,500

266,227

6,406,049

—

Denmark

-

3.0%

Carlsberg

A/S,

Class

B

2,133

341,560

Genmab

A/S

*

11,178

4,235,989

Novo

Nordisk

A/S,

Class

B

43,022

6,949,767

Pandora

A/S

31,882

2,849,666

14,376,982

—

Finland

-

0.4%

Nokia

OYJ

124,892

523,280

Wartsila

OYJ

Abp

107,581

1,213,081

1,736,361

—

France

-

9.5%

AXA

SA

118,661

3,506,589

BNP

Paribas

SA

65,235

4,116,717

Carrefour

SA

139,187

2,637,695

Cie

de

Saint-Gobain

73,096

4,450,552

Dassault

Aviation

SA

17,160

3,438,025

Eiffage

SA

1,538

160,580

Hermes

International

1,050

2,282,405

Ipsen

SA

19,499

2,347,217

L'Oreal

SA

2,880

1,343,451

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,244

1,172,983

Orange

SA

297,691

3,478,949

Publicis

Groupe

SA

45,751

3,671,804

Renault

SA

6,785

286,283

Societe

Generale

SA

27,498

715,120

Sodexo

SA

25,922

2,854,462

Thales

SA

3,672

550,172

TotalEnergies

SE

148,957

8,550,823

Unibail-Rodamco-Westfield,

REIT

*

4,856

256,126

45,819,953

—

14

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.2%

Allianz

SE

(Registered)

3,857

898,387

Bayerische

Motoren

Werke

AG

24,349

2,995,099

Brenntag

SE

37,884

2,955,638

Commerzbank

AG

260,427

2,887,055

Daimler

Truck

Holding

AG

32,664

1,177,281

Deutsche

Bank

AG

(Registered)

476,350

5,007,757

Deutsche

Boerse

AG

5,597

1,033,288

Deutsche

Lufthansa

AG

(Registered)

*

23,147

237,339

Deutsche

Post

AG

(Registered)

81,981

4,005,776

Fresenius

SE

&

Co.

KGaA

12,270

340,330

GEA

Group

AG

15,986

669,271

Hannover

Rueck

SE

2,264

480,644

Infineon

Technologies

AG

6,802

280,122

Knorr-Bremse

AG

11,293

863,278

MTU

Aero

Engines

AG

6,246

1,620,020

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

11,461

4,302,603

Rational

AG

1,155

836,337

Rheinmetall

AG

10,914

2,989,914

RWE

AG

16,289

709,815

Siemens

AG

(Registered)

1,815

302,562

Siemens

Energy

AG

*

3,772

66,696

34,659,212

—

Hong

Kong

-

1.6%

CK

Asset

Holdings

Ltd.

333,439

1,852,841

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,223,815

Link,

REIT

39,000

217,118

Sun

Hung

Kai

Properties

Ltd.

11,000

138,981

Swire

Pacific

Ltd.,

Class

A

123,000

944,969

WH

Group

Ltd.

(a)

6,426,500

3,422,586

7,800,310

—

Italy

-

2.2%

Coca-Cola

HBC

AG

79,015

2,357,008

Eni

SpA

66,286

954,279

Prysmian

SpA

47,973

2,006,408

UniCredit

SpA

232,501

5,406,479

10,724,174

—

Japan

-

20.0%

Bandai

Namco

Holdings,

Inc.

16,500

382,096

Dai-ichi

Life

Holdings,

Inc.

57,800

1,099,350

Daito

Trust

Construction

Co.

Ltd.

9,500

962,404

Daiwa

House

REIT

Investment

Corp.,

REIT

127

243,503

Dentsu

Group,

Inc.

18,600

611,701

Fuji

Electric

Co.

Ltd.

7,100

312,578

Fujitsu

Ltd.

12,400

1,605,588

Hakuhodo

DY

Holdings,

Inc.

114,300

1,206,537

Ibiden

Co.

Ltd.

24,800

1,411,057

Iida

Group

Holdings

Co.

Ltd.

115,400

1,950,126

ITOCHU

Corp.

105,100

4,174,736

Japan

Post

Holdings

Co.

Ltd.

654,000

4,700,461

Japan

Post

Insurance

Co.

Ltd.

260,200

3,910,527

Japan

Real

Estate

Investment

Corp.,

REIT

84

319,668

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.0%

(continued)

Japan

Tobacco,

Inc.

35,000

766,710

Kajima

Corp.

9,300

140,417

Kao

Corp.

77,100

2,797,952

Kobayashi

Pharmaceutical

Co.

Ltd.

13,100

712,295

M3,

Inc.

12,400

270,377

Marubeni

Corp.

171,700

2,926,456

Mazda

Motor

Corp.

105,100

1,015,706

McDonald's

Holdings

Co.

Japan

Ltd.

(1)

48,100

1,870,065

MEIJI

Holdings

Co.

Ltd.

6,900

154,083

Mitsui

&

Co.

Ltd.

70,800

2,679,626

Mitsui

OSK

Lines

Ltd.

5,800

139,543

Mizuho

Financial

Group,

Inc.

93,520

1,429,497

MS&AD

Insurance

Group

Holdings,

Inc.

148,300

5,251,645

Nexon

Co.

Ltd.

55,200

1,058,553

NGK

Insulators

Ltd.

92,900

1,109,926

Nippon

Shinyaku

Co.

Ltd.

6,200

253,665

Nippon

Steel

Corp.

152,200

3,185,437

Nissin

Foods

Holdings

Co.

Ltd.

4,600

380,351

Nitori

Holdings

Co.

Ltd.

27,600

3,099,322

Nitto

Denko

Corp.

5,800

430,509

Nomura

Real

Estate

Holdings,

Inc.

10,700

254,388

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

317

365,623

Obayashi

Corp.

276,800

2,393,860

Oji

Holdings

Corp.

34,800

130,120

Ono

Pharmaceutical

Co.

Ltd.

51,400

927,432

Oracle

Corp.

Japan

6,500

483,429

Osaka

Gas

Co.

Ltd.

35,100

538,006

Otsuka

Corp.

13,400

521,952

Otsuka

Holdings

Co.

Ltd.

24,200

887,696

Panasonic

Holdings

Corp.

372,300

4,565,117

Renesas

Electronics

Corp.

*

71,700

1,353,145

Resona

Holdings,

Inc.

44,900

214,980

Sekisui

Chemical

Co.

Ltd.

9,500

137,248

Sekisui

House

Ltd.

100,600

2,032,080

Shimizu

Corp.

229,100

1,450,518

Sompo

Holdings,

Inc.

47,900

2,149,237

Square

Enix

Holdings

Co.

Ltd.

30,700

1,428,406

Subaru

Corp.

16,300

306,991

SUMCO

Corp.

330,200

4,684,610

Sumitomo

Corp.

52,500

1,113,786

Sumitomo

Mitsui

Financial

Group,

Inc.

54,900

2,352,984

Sumitomo

Mitsui

Trust

Holdings,

Inc.

52,900

1,876,658

Suntory

Beverage

&

Food

Ltd.

17,900

648,906

Taisei

Corp.

22,500

786,113

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

152,000

557,509

Tokyo

Gas

Co.

Ltd.

134,600

2,936,652

TOPPAN,

Inc.

104,300

2,254,098

Tosoh

Corp.

248,800

2,942,838

Toyota

Tsusho

Corp.

63,500

3,173,483

Unicharm

Corp.

24,100

896,156

96,926,488

—

15

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Luxembourg

-

0.4%

ArcelorMittal

SA

64,136

1,749,896

Netherlands

-

5.7%

ABN

AMRO

Bank

NV,

CVA

(a)

166,252

2,584,096

ASM

International

NV

2,182

926,486

ASML

Holding

NV

2,977

2,159,303

Heineken

NV

9,117

937,561

ING

Groep

NV

109,319

1,473,795

Koninklijke

Ahold

Delhaize

NV

186,570

6,360,736

NN

Group

NV

17,591

651,178

OCI

NV

56,121

1,347,971

Randstad

NV

11,367

599,492

Shell

plc

191,540

5,713,961

Wolters

Kluwer

NV

35,973

4,567,617

27,322,196

—

Singapore

-

1.4%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

221,210

Genting

Singapore

Ltd.

349,600

243,767

Jardine

Cycle

&

Carriage

Ltd.

9,300

239,810

Oversea-Chinese

Banking

Corp.

Ltd.

18,800

171,023

Singapore

Airlines

Ltd.

77,400

410,067

STMicroelectronics

NV

90,317

4,504,417

Venture

Corp.

Ltd.

111,300

1,215,150

7,005,444

—

Spain

-

2.7%

Banco

Bilbao

Vizcaya

Argentaria

SA

500,247

3,843,249

Banco

Santander

SA

311,306

1,152,498

Industria

de

Diseno

Textil

SA

52,218

2,025,422

Redeia

Corp.

SA

14,437

242,787

Repsol

SA

384,220

5,588,094

12,852,050

—

Sweden

-

3.6%

Alfa

Laval

AB

5,091

185,708

Atlas

Copco

AB,

Class

B

42,828

534,000

Evolution

AB

(a)

38,694

4,903,451

Hexagon

AB,

Class

B

13,741

169,019

Investor

AB,

Class

B

44,280

885,825

Sandvik

AB

47,783

932,925

Securitas

AB,

Class

B

146,931

1,206,855

Skandinaviska

Enskilda

Banken

AB,

Class

A

17,456

193,068

SKF

AB,

Class

B

149,082

2,597,828

Svenska

Handelsbanken

AB,

Class

A

47,501

397,690

Swedbank

AB,

Class

A

25,129

424,080

Swedish

Orphan

Biovitrum

AB

*

93,506

1,827,600

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

369,399

Volvo

AB,

Class

B

128,723

2,663,926

17,291,374

—

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

5.3%

ABB

Ltd.

(Registered)

47,425

1,865,740

Banque

Cantonale

Vaudoise

(Registered)

1,792

189,280

BKW

AG

5,405

955,604

Cie

Financiere

Richemont

SA

(Registered)

9,476

1,609,669

Geberit

AG

(Registered)

1,227

643,051

Lonza

Group

AG

(Registered)

1,739

1,039,423

Novartis

AG

(Registered)

107,454

10,833,452

Sonova

Holding

AG

(Registered)

5,051

1,347,796

Swatch

Group

AG

(The)

17,175

5,021,837

Temenos

AG

(Registered)

9,207

733,113

UBS

Group

AG

(Registered)

8,620

174,716

Zurich

Insurance

Group

AG

2,922

1,389,962

25,803,643

—

United

Kingdom

-

9.7%

3i

Group

plc

30,804

763,537

Associated

British

Foods

plc

159,101

4,028,895

AstraZeneca

plc

2,462

352,938

Aviva

plc

205,010

1,031,457

BAE

Systems

plc

560,030

6,603,454

Barclays

plc

2,868,946

5,604,750

Barratt

Developments

plc

66,145

347,640

BP

plc

515,230

2,999,864

British

American

Tobacco

plc

52,898

1,757,560

BT

Group

plc

2,848,245

4,432,250

Bunzl

plc

15,676

597,382

Burberry

Group

plc

110,087

2,970,532

CK

Hutchison

Holdings

Ltd.

188,500

1,150,480

Compass

Group

plc

69,600

1,949,019

Entain

plc

50,256

812,629

Imperial

Brands

plc

24,800

548,935

JD

Sports

Fashion

plc

292,180

542,753

Kingfisher

plc

52,609

155,051

Legal

&

General

Group

plc

558,654

1,617,472

Lloyds

Banking

Group

plc

1,237,857

686,204

London

Stock

Exchange

Group

plc

9,002

958,113

Next

plc

4,263

373,806

Reckitt

Benckiser

Group

plc

11,653

875,733

Rolls-Royce

Holdings

plc

*

768,090

1,477,039

Standard

Chartered

plc

33,267

289,426

Tesco

plc

1,302,007

4,107,242

47,034,161

—

United

States

-

4.1%

CSL

Ltd.

13,789

2,553,430

Haleon

plc

130,925

537,378

Holcim

AG

14,221

958,598

Nestle

SA

(Registered)

26,527

3,190,975

Roche

Holding

AG

27,669

8,452,052

Stellantis

NV

223,507

3,929,431

19,621,864

—

TOTAL

COMMON

STOCKS

(Cost

$374,150,055)

457,703,305

16

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

PREFERRED

STOCKS

-

0.1%

Germany

-

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$525,569)

8,101

647,888

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4.6%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(1)(b)

(Cost

$22,313,027)

22,327,584

22,318,653

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$396,988,651)

480,669,846

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

(c)

2,673,289

NET

ASSETS

-

100.0%

483,343,135

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

16,100,941

3.3

%

Consumer

Discretionary

61,335,023

12.7

Consumer

Staples

45,186,566

9.4

Energy

27,942,356

5.8

Financials

97,554,482

20.2

Health

Care

42,749,646

8.8

Industrials

88,016,465

18.2

Information

Technology

28,680,140

5.9

Materials

38,934,689

8.1

Real

Estate

5,910,513

1.2

Utilities

5,940,372

1.2

Investment

Companies

22,318,653

4.6

Total

Investments

In

Securities

At

Value

480,669,846

99.4

Other

Assets

in

Excess

of

Liabilities

(c)

2,673,289

0.6

Net

Assets

$

483,343,135

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

June

30,

2023

amounted

to

$12,882,015,

which

represents

2.67%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(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

June

30,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

183

9/2023

USD

$

19,722,825

$

129,825

$

129,825

17

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

92.4%

Brazil

-

4.1%

Ambev

SA,

ADR

(1)

1,111,995

3,536,144

Banco

do

Brasil

SA

(1)

718,500

7,412,786

BB

Seguridade

Participacoes

SA

(1)

160,000

1,028,194

Gerdau

SA,

ADR

(1)

577,790

3,016,064

Hapvida

Participacoes

e

Investimentos

SA

(1)*(a)

448,200

409,990

Lojas

Renner

SA

(1)*

101,300

423,124

Magazine

Luiza

SA

(1)*

947,700

667,004

PRIO

SA

(1)*

226,600

1,754,799

Ultrapar

Participacoes

SA

(1)

141,600

558,628

Vibra

Energia

SA

(1)

573,300

2,161,160

20,967,893

—

Chile

-

1.2%

Cencosud

SA

(1)

1,443,273

2,797,241

Empresas

Copec

SA

(1)

19,251

142,866

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(1)

43,162

3,134,424

6,074,531

—

China

-

28.0%

3SBio,

Inc.

*(a)

2,026,500

2,039,221

AAC

Technologies

Holdings,

Inc.

514,000

1,214,856

Agricultural

Bank

of

China

Ltd.,

Class

A

614,500

298,563

Alibaba

Group

Holding

Ltd.

*

971,604

10,114,233

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

22,200

72,598

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

48,323

158,025

Baidu,

Inc.,

Class

A

*

204,600

3,489,613

Bank

of

Beijing

Co.

Ltd.,

Class

A

371,578

236,854

Bank

of

Beijing

Co.

Ltd.,

Class

A

197,800

126,083

Bank

of

China

Ltd.,

Class

A

609,800

328,049

Bank

of

Communications

Co.

Ltd.,

Class

A

389,700

311,228

Bank

of

Communications

Co.

Ltd.,

Class

H

267,000

177,152

Bank

of

Ningbo

Co.

Ltd.,

Class

A

59,400

207,118

Bank

of

Shanghai

Co.

Ltd.,

Class

A

227,711

180,257

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

742,222

574,242

BOE

Technology

Group

Co.

Ltd.,

Class

A

176,100

99,288

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,508,900

850,738

Bosideng

International

Holdings

Ltd.

336,000

141,934

BYD

Co.

Ltd.,

Class

A

32,300

1,151,035

BYD

Electronic

International

Co.

Ltd.

105,500

320,929

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,677,000

2,198,927

China

Communications

Services

Corp.

Ltd.,

Class

H

1,988,000

981,530

China

Construction

Bank

Corp.,

Class

H

*

10,075,000

6,522,793

INVESTMENTS

SHARES

VALUE

($)

China

-

28.0%

(continued)

China

Everbright

Bank

Co.

Ltd.,

Class

A

*

538,100

227,360

China

Feihe

Ltd.

(a)

1,644,000

917,634

China

Hongqiao

Group

Ltd.

2,761,000

2,255,147

China

Lesso

Group

Holdings

Ltd.

891,000

587,184

China

Medical

System

Holdings

Ltd.

972,000

1,585,973

China

Merchants

Bank

Co.

Ltd.,

Class

A

16,100

72,728

China

Merchants

Bank

Co.

Ltd.,

Class

A

1

93,558

422,628

China

Merchants

Securities

Co.

Ltd.,

Class

A

240,200

449,282

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

79,400

142,439

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

354,355

182,935

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

651,500

241,201

China

National

Building

Material

Co.

Ltd.,

Class

H

2,462,000

1,521,372

China

Overseas

Land

&

Investment

Ltd.

305,500

668,326

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

63,000

225,512

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

159,800

414,867

China

Petroleum

&

Chemical

Corp.,

Class

A

474,800

415,740

China

Resources

Beer

Holdings

Co.

Ltd.

432,000

2,854,752

China

Resources

Land

Ltd.

592,000

2,519,353

China

Resources

Pharmaceutical

Group

Ltd.

(a)

1,283,500

1,120,360

China

Resources

Power

Holdings

Co.

Ltd.

366,000

828,977

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,145,200

904,771

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,411,600

1,470,563

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

35,392

539,761

China

Vanke

Co.

Ltd.,

Class

A

71,400

137,743

China

Yangtze

Power

Co.

Ltd.,

Class

A

99,200

301,082

Chinasoft

International

Ltd.

570,000

359,475

CITIC

Ltd.

4,123,000

4,936,636

CITIC

Securities

Co.

Ltd.,

Class

A

153,065

417,349

Country

Garden

Services

Holdings

Co.

Ltd.

511,000

663,104

CSPC

Pharmaceutical

Group

Ltd.

1,486,000

1,293,234

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

1,650,000

756,321

Dongyue

Group

Ltd.

2,777,000

2,085,816

East

Buy

Holding

Ltd.

*(a)

1,157,500

3,782,401

Far

East

Horizon

Ltd.

861,000

682,987

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

56,967

367,774

GCL

Technology

Holdings

Ltd.

13,235,000

3,072,576

Geely

Automobile

Holdings

Ltd.

2,002,000

2,458,148

18

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

China

-

28.0%

(continued)

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

94,200

181,646

H

World

Group

Ltd.,

ADR

(1)*

15,565

603,611

Haidilao

International

Holding

Ltd.

(a)

1,834,000

4,055,727

Haier

Smart

Home

Co.

Ltd.,

Class

A

225,900

730,528

Haitong

Securities

Co.

Ltd.,

Class

A

186,300

236,669

Hua

Hong

Semiconductor

Ltd.

*(a)

806,000

2,652,133

Huatai

Securities

Co.

Ltd.,

Class

A

136,300

258,797

Huaxia

Bank

Co.

Ltd.,

Class

A

291,300

217,013

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

350,800

232,777

Industrial

Bank

Co.

Ltd.,

Class

A

154,590

333,532

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

158,400

617,597

JD.com,

Inc.,

Class

A

40,338

687,947

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

236,338

1,559,011

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

28,800

520,989

Jiangxi

Copper

Co.

Ltd.,

Class

H

253,000

391,085

Jiumaojiu

International

Holdings

Ltd.

(a)

525,000

863,374

KE

Holdings,

Inc.,

ADR

(1)*

59,358

881,466

Kingboard

Holdings

Ltd.

227,000

620,883

Kunlun

Energy

Co.

Ltd.

2,958,000

2,330,190

Kweichow

Moutai

Co.

Ltd.,

Class

A

1

6,700

1,560,563

Kweichow

Moutai

Co.

Ltd.,

Class

A

1,100

256,212

Longfor

Group

Holdings

Ltd.

(a)

152,500

372,396

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

276,407

1,239,644

Luzhou

Laojiao

Co.

Ltd.,

Class

A

2

27,900

805,431

Luzhou

Laojiao

Co.

Ltd.,

Class

A

10,200

294,459

Meituan,

Class

B

*(a)

16,480

258,422

NARI

Technology

Co.

Ltd.,

Class

A

392,649

1,249,337

New

China

Life

Insurance

Co.

Ltd.,

Class

A

38,600

195,629

New

China

Life

Insurance

Co.

Ltd.,

Class

H

529,700

1,399,760

New

Oriental

Education

&

Technology

Group,

Inc.

*

983,900

3,878,298

NIO,

Inc.,

ADR

(1)*

94,422

914,949

PDD

Holdings,

Inc.,

ADR

(1)*

33,748

2,333,337

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

547,000

198,682

PetroChina

Co.

Ltd.,

Class

A

448,500

461,523

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,674,000

2,977,384

Ping

An

Bank

Co.

Ltd.,

Class

A

2

160,985

249,330

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

1

51,900

331,581

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

78,100

140,040

SAIC

Motor

Corp.

Ltd.,

Class

A

167,800

327,582

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

238,100

545,441

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

76,600

175,476

INVESTMENTS

SHARES

VALUE

($)

China

-

28.0%

(continued)

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

140,963

140,558

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

1,000

997

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

376,800

239,899

Sinopharm

Group

Co.

Ltd.,

Class

H

1,508,400

4,722,038

Tencent

Holdings

Ltd.

395,200

16,756,946

Tencent

Music

Entertainment

Group,

ADR

(1)*

53,386

393,989

Tongcheng

Travel

Holdings

Ltd.

*(b)

70,000

147,032

Topsports

International

Holdings

Ltd.

(a)

1,196,000

1,040,548

Wuliangye

Yibin

Co.

Ltd.,

Class

A

11,582

261,262

Wuliangye

Yibin

Co.

Ltd.,

Class

A

1

30,100

678,983

Xiaomi

Corp.,

Class

B

*(a)

885,400

1,217,367

Yihai

International

Holding

Ltd.

*

714,000

1,537,892

Yum

China

Holdings,

Inc.

(1)

33,622

1,899,643

Zhongsheng

Group

Holdings

Ltd.

39,000

149,717

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

93,100

347,757

ZTO

Express

Cayman,

Inc.,

ADR

(1)

34,228

858,438

142,212,294

—

Hong

Kong

-

0.2%

Orient

Overseas

International

Ltd.

86,500

1,161,927

Hungary

-

0.1%

OTP

Bank

Nyrt.

7,944

282,413

India

-

13.0%

ABB

India

Ltd.

34,510

1,864,003

Aurobindo

Pharma

Ltd.

312,091

2,771,677

Axis

Bank

Ltd.,

GDR

(1)(b)

14,131

843,621

Bajaj

Auto

Ltd.

13,107

751,009

Bharat

Electronics

Ltd.

1,244,693

1,911,520

Cipla

Ltd.

122,687

1,520,131

Coal

India

Ltd.

2,201,028

6,209,270

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

43,227

2,728,056

GAIL

India

Ltd.

1,459,727

1,872,324

Hero

MotoCorp

Ltd.

11,046

392,652

Hindalco

Industries

Ltd.

383,806

1,979,207

Housing

Development

Finance

Corp.

Ltd.

132,676

4,577,360

Indian

Hotels

Co.

Ltd.,

Class

A

59,169

283,700

ITC

Ltd.

1,308,502

7,215,107

Jindal

Steel

&

Power

Ltd.

210,747

1,497,772

Larsen

&

Toubro

Ltd.,

GDR

(b)

16,111

485,152

NTPC

Ltd.

2,728,344

6,301,352

Oil

&

Natural

Gas

Corp.

Ltd.

3,353,651

6,564,345

Petronet

LNG

Ltd.

150,418

409,117

Power

Grid

Corp.

of

India

Ltd.

489,155

1,524,912

Reliance

Industries

Ltd.,

GDR

(a)

13,590

846,315

Samvardhana

Motherson

International

Ltd.

717,546

751,993

State

Bank

of

India,

GDR

(b)

4,653

326,032

Tata

Consultancy

Services

Ltd.

27,275

1,102,110

Tata

Steel

Ltd.

2,282,307

3,127,032

United

Spirits

Ltd.

*

104,893

1,168,988

19

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

India

-

13.0%

(continued)

Varun

Beverages

Ltd.

66,688

653,938

Vedanta

Ltd.

1,446,175

4,925,682

Zomato

Ltd.

*

1,921,685

1,763,196

66,367,573

—

Indonesia

-

2.2%

Adaro

Energy

Indonesia

Tbk.

PT

28,385,600

4,224,557

Aneka

Tambang

Tbk.

5,084,700

663,419

Bank

Negara

Indonesia

Persero

Tbk.

PT

222,200

136,331

Indofood

Sukses

Makmur

Tbk.

PT

1,686,400

826,924

Sumber

Alfaria

Trijaya

Tbk.

PT

4,393,400

757,035

Unilever

Indonesia

Tbk.

PT

1,711,600

487,293

United

Tractors

Tbk.

PT

2,583,300

4,006,435

Vale

Indonesia

Tbk.

PT

319,000

134,628

11,236,622

—

Malaysia

-

0.4%

AMMB

Holdings

Bhd.

176,800

137,361

Genting

Bhd.

830,000

723,319

Malaysia

Airports

Holdings

Bhd.

92,900

137,053

RHB

Bank

Bhd.

419,300

488,295

Sime

Darby

Bhd.

315,500

138,681

Sime

Darby

Plantation

Bhd.

497,000

442,649

2,067,358

—

Mexico

-

2.6%

Alfa

SAB

de

CV,

Class

A

(1)

1,844,200

1,147,440

Arca

Continental

SAB

de

CV

(1)

253,700

2,607,699

Banco

del

Bajio

SA

(1)(a)

385,400

1,171,263

Cemex

SAB

de

CV,

ADR

(1)*

88,200

624,456

Coca-Cola

Femsa

SAB

de

CV,

ADR

(1)

20,280

1,689,527

Controladora

AXTEL

SAB

de

CV

(1)*

1,844,200

23,918

Fibra

Uno

Administracion

SA

de

CV,

REIT

(1)

170,900

249,606

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

(1)

12,432

1,377,963

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

4,736

1,315,140

Grupo

Bimbo

SAB

de

CV,

Series

A

(1)

343,600

1,839,746

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)

31,800

262,340

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

51,600

248,429

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(1)

63,005

631,191

13,188,718

—

Philippines

-

0.3%

BDO

Unibank,

Inc.

238,478

597,168

International

Container

Terminal

Services,

Inc.

132,770

490,378

PLDT,

Inc.

6,500

153,982

SM

Prime

Holdings,

Inc.

634,600

378,721

1,620,249

—

INVESTMENTS

SHARES

VALUE

($)

Poland

-

1.6%

Bank

Polska

Kasa

Opieki

SA

16,551

451,456

KGHM

Polska

Miedz

SA

7,430

205,731

LPP

SA

*

59

203,381

PGE

Polska

Grupa

Energetyczna

SA

*

1,407,873

2,513,838

Polski

Koncern

Naftowy

ORLEN

SA

288,498

4,572,605

7,947,011

—

Qatar

-

0.5%

Commercial

Bank

PSQC

(The)

117,149

188,051

Industries

Qatar

QSC

29,520

91,847

Masraf

Al

Rayan

QSC

395,209

279,980

Qatar

Islamic

Bank

SAQ

115,043

562,953

Qatar

National

Bank

QPSC

351,624

1,495,606

2,618,437

—

Russia

-

0.0%

Gazprom

PJSC

(3)(c)

863,552

—

LUKOIL

PJSC

(3)(c)

29,987

—

Magnit

PJSC,

GDR

(3)*(b)(c)

1

—

Magnit

PJSC

(3)*(c)

6,681

—

MMC

Norilsk

Nickel

PJSC

(3)*(c)

6,790

—

MMC

Norilsk

Nickel

PJSC,

ADR

(3)*(c)

2

—

Mobile

TeleSystems

PJSC

(3)(c)

306,032

—

Novatek

PJSC

(3)(c)

71,760

—

Novolipetsk

Steel

PJSC

(3)*(c)

326,680

—

PhosAgro

PJSC,

GDR

(3)*(b)(c)

72

—

PhosAgro

PJSC

(3)(c)

3,717

—

Polyus

PJSC

(3)*(c)

1,291

—

Rosneft

Oil

Co.

PJSC

(3)(c)

106,000

—

Severstal

PAO,

GDR

(3)*(b)(c)

54,062

—

Surgutneftegas

PJSC

(3)(c)

1,249,260

—

Tatneft

PJSC

(3)(c)

134,766

—

—

—

Saudi

Arabia

-

2.9%

Almarai

Co.

JSC

10,472

169,633

Arab

National

Bank

109,690

773,475

Bank

Al-Jazira

27,413

134,217

Banque

Saudi

Fransi

30,968

345,946

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

20,913

1,600,053

Etihad

Etisalat

Co.

184,063

2,361,215

Jarir

Marketing

Co.

84,030

371,414

Mobile

Telecommunications

Co.

Saudi

Arabia

*

99,548

375,823

Mouwasat

Medical

Services

Co.

2,189

141,921

Riyad

Bank

168,742

1,523,676

SABIC

Agri-Nutrients

Co.

57,087

1,982,852

Sahara

International

Petrochemical

Co.

122,498

1,223,366

Saudi

Arabian

Mining

Co.

*

125,637

1,419,349

Saudi

Basic

Industries

Corp.

28,921

684,612

Saudi

Electricity

Co.

245,192

1,483,569

Saudi

Research

&

Media

Group

*

8,676

437,952

15,029,073

—

20

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

South

Africa

-

2.5%

Absa

Group

Ltd.

131,886

1,177,125

African

Rainbow

Minerals

Ltd.

167,428

1,766,405

Exxaro

Resources

Ltd.

(1)

302,826

2,643,034

Foschini

Group

Ltd.

(The)

96,121

480,851

Impala

Platinum

Holdings

Ltd.

215,140

1,433,266

Mr

Price

Group

Ltd.

21,605

164,803

Nedbank

Group

Ltd.

(1)

37,973

461,174

Sanlam

Ltd.

(1)

149,472

463,396

Sasol

Ltd.

48,262

597,929

Sibanye

Stillwater

Ltd.

1,444,447

2,227,815

SPAR

Group

Ltd.

(The)

(1)

364

2,031

Standard

Bank

Group

Ltd.

67,234

634,792

Woolworths

Holdings

Ltd.

(1)

224,212

849,972

12,902,593

—

South

Korea

-

12.7%

CJ

Corp.

2,570

133,357

DB

Insurance

Co.

Ltd.

38,029

2,159,952

Doosan

Bobcat,

Inc.

39,736

1,776,201

Ecopro

BM

Co.

Ltd.

13,359

2,541,270

GS

Holdings

Corp.

35,642

993,432

Hana

Financial

Group,

Inc.

148,657

4,437,785

Hankook

Tire

&

Technology

Co.

Ltd.

15,084

395,741

HD

Hyundai

Co.

Ltd.

5,799

264,672

HMM

Co.

Ltd.

221,763

3,188,769

Hyundai

Engineering

&

Construction

Co.

Ltd.

39,152

1,138,107

Hyundai

Glovis

Co.

Ltd.

5,422

816,310

Hyundai

Mobis

Co.

Ltd.

9,816

1,737,893

Hyundai

Steel

Co.

45,236

1,165,669

Industrial

Bank

of

Korea

282,346

2,221,060

KB

Financial

Group,

Inc.

33,645

1,221,135

Kia

Corp.

110,501

7,443,462

Korea

Investment

Holdings

Co.

Ltd.

9,250

364,819

Kumho

Petrochemical

Co.

Ltd.

13,045

1,319,089

LG

Electronics,

Inc.

44,838

4,339,802

LG

Innotek

Co.

Ltd.

1,216

288,059

LG

Uplus

Corp.

12,221

99,716

Meritz

Financial

Group,

Inc.

9,762

309,514

POSCO

Holdings,

Inc.

10,885

3,221,437

Samsung

Electronics

Co.

Ltd.

284,231

15,650,692

Samsung

Engineering

Co.

Ltd.

*

8,229

177,461

SD

Biosensor,

Inc.

106,029

987,218

Shinhan

Financial

Group

Co.

Ltd.

45,039

1,164,359

Woori

Financial

Group,

Inc.

580,738

5,216,695

64,773,676

—

Taiwan

-

15.4%

Accton

Technology

Corp.

243,000

2,733,314

ASE

Technology

Holding

Co.

Ltd.

738,000

2,624,437

Catcher

Technology

Co.

Ltd.

396,000

2,234,285

Compal

Electronics,

Inc.

297,000

279,339

CTBC

Financial

Holding

Co.

Ltd.

835,480

668,108

eMemory

Technology,

Inc.

31,000

2,218,812

Evergreen

Marine

Corp.

Taiwan

Ltd.

579,000

1,745,402

Hon

Hai

Precision

Industry

Co.

Ltd.

1,748,000

6,355,273

Largan

Precision

Co.

Ltd.

27,000

1,852,134

Lite-On

Technology

Corp.

478,000

1,591,712

MediaTek,

Inc.

51,000

1,128,929

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

15.4%

(continued)

Micro-Star

International

Co.

Ltd.

233,000

1,324,890

Nien

Made

Enterprise

Co.

Ltd.

77,000

848,756

Novatek

Microelectronics

Corp.

234,000

3,212,860

Pou

Chen

Corp.

2,240,000

2,270,486

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

305,167

30,797,453

Uni-President

Enterprises

Corp.

687,000

1,684,401

United

Microelectronics

Corp.

2,507,000

3,939,029

Voltronic

Power

Technology

Corp.

14,000

885,388

Walsin

Lihwa

Corp.

1,711,000

2,261,196

Winbond

Electronics

Corp.

*

279,000

246,772

Wiwynn

Corp.

82,000

3,747,603

Yang

Ming

Marine

Transport

Corp.

*

881,000

1,789,163

Zhen

Ding

Technology

Holding

Ltd.

613,000

2,072,879

78,512,621

—

Thailand

-

2.7%

Bangkok

Dusit

Medical

Services

PCL,

NVDR

2,026,700

1,589,290

Bumrungrad

Hospital

PCL,

NVDR

371,200

2,368,820

Delta

Electronics

Thailand

PCL,

NVDR

333,900

869,206

Electricity

Generating

PCL,

NVDR

45,700

168,392

Kasikornbank

PCL,

NVDR

109,500

400,784

Krung

Thai

Bank

PCL,

NVDR

5,814,400

3,186,585

PTT

Exploration

&

Production

PCL,

NVDR

908,300

3,848,620

Ratch

Group

PCL,

NVDR

135,400

136,653

SCB

X

PCL,

NVDR

359,000

1,080,908

Thai

Oil

PCL,

NVDR

297,300

371,983

14,021,241

—

Turkey

-

0.5%

Akbank

TAS

1,394,590

1,083,806

Turkiye

Petrol

Rafinerileri

A/S

42,712

131,334

Yapi

ve

Kredi

Bankasi

A/S

2,562,700

1,280,487

2,495,627

—

United

Arab

Emirates

-

0.9%

Abu

Dhabi

Commercial

Bank

PJSC

101,495

224,101

Aldar

Properties

PJSC

169,128

236,540

Emaar

Properties

PJSC

264,055

464,136

Emirates

NBD

Bank

PJSC

198,616

808,512

Emirates

Telecommunications

Group

Co.

PJSC

285,825

1,753,925

First

Abu

Dhabi

Bank

PJSC

328,386

1,223,895

4,711,109

—

United

States

-

0.6%

JBS

SA

(1)

864,500

3,152,368

TOTAL

COMMON

STOCKS

(Cost

$422,038,211)

471,343,334

PREFERRED

STOCKS

-

1.4%

Brazil

-

1.4%

Petroleo

Brasileiro

SA

(Preference)

(1)

(Cost

$6,696,597)

1,170,000

7,215,676

21

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

5.4%

INVESTMENT

COMPANIES

-

5.4%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(1)(d)

(Cost

$27,814,729)

27,828,769

27,817,637

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.2%

(Cost

$456,549,537)

506,376,647

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.8%

(e)

4,243,405

NET

ASSETS

-

100.0%

510,620,052

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

25,847,079

5.1

%

Consumer

Discretionary

63,858,265

12.5

Consumer

Staples

41,082,232

8.1

Energy

44,641,523

8.7

Financials

75,396,208

14.8

Health

Care

26,436,992

5.2

Industrials

37,406,958

7.3

Information

Technology

95,917,678

18.8

Materials

43,656,919

8.6

Real

Estate

6,853,869

1.3

Utilities

17,461,287

3.4

Investment

Companies

27,817,637

5.4

Total

Investments

In

Securities

At

Value

506,376,647

99.2

Other

Assets

in

Excess

of

Liabilities

(e

)

4,243,405

0.8

Net

Assets

$

510,620,052

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

June

30,

2023

amounted

to

$20,747,151,

which

represents

4.06%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$1,801,837,

which

represents

0.35%

of

net

assets

of

the

Fund.

(c)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

June

30,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$0,

which

represents

0.00%

of

net

assets

of

the

Fund.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(e)

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

June

30,

2023:

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

525

9/2023

USD

$

26,194,875

$

(188,797)

$

(188,797)

22

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.5%

Aerospace

&

Defense

-

2.1%

Axon

Enterprise,

Inc.

*

6,763

1,319,597

Boeing

Co.

(The)

*

18,554

3,917,863

BWX

Technologies,

Inc.

26,608

1,904,335

Curtiss-Wright

Corp.

6,128

1,125,468

Hexcel

Corp.

4,221

320,880

Howmet

Aerospace,

Inc.

17,600

872,256

Lockheed

Martin

Corp.

5,622

2,588,256

Northrop

Grumman

Corp.

5,286

2,409,359

TransDigm

Group,

Inc.

887

793,129

15,251,143

Automobiles

-

0.2%

Harley-Davidson,

Inc.

15,870

558,782

Tesla,

Inc.

*

3,523

922,216

1,480,998

Banks

-

1.7%

Commerce

Bancshares,

Inc.

6,828

332,524

JPMorgan

Chase

&

Co.

81,721

11,885,502

12,218,026

Beverages

-

1.4%

Celsius

Holdings,

Inc.

*

7,889

1,176,960

Constellation

Brands,

Inc.,

Class

A

4,147

1,020,701

Molson

Coors

Beverage

Co.,

Class

B

17,732

1,167,475

Monster

Beverage

Corp.

*

23,264

1,336,284

PepsiCo,

Inc.

29,615

5,485,290

10,186,710

Biotechnology

-

1.9%

AbbVie,

Inc.

5,082

684,698

Alnylam

Pharmaceuticals,

Inc.

*

4,472

849,412

Apellis

Pharmaceuticals,

Inc.

*

10,891

992,170

Biogen,

Inc.

*

6,813

1,940,683

BioMarin

Pharmaceutical,

Inc.

*

2,192

190,002

Exact

Sciences

Corp.

*

10,551

990,739

Gilead

Sciences,

Inc.

5,139

396,063

Karuna

Therapeutics,

Inc.

*

4,846

1,050,855

Natera,

Inc.

*

5,482

266,754

Regeneron

Pharmaceuticals,

Inc.

*

1,644

1,181,280

Roivant

Sciences

Ltd.

*

106,750

1,076,040

Sarepta

Therapeutics,

Inc.

*

6,676

764,535

United

Therapeutics

Corp.

*

4,772

1,053,419

Vertex

Pharmaceuticals,

Inc.

*

6,713

2,362,372

13,799,022

Broadline

Retail

-

0.0%

(a)

Etsy,

Inc.

*

2,466

208,648

Building

Products

-

1.0%

A

O

Smith

Corp.

4,045

294,395

AZEK

Co.,

Inc.

(The),

Class

A

*

8,145

246,712

Builders

FirstSource,

Inc.

*

15,066

2,048,976

INVESTMENTS

SHARES

VALUE

($)

Building

Products

-

1.0%

(continued)

Fortune

Brands

Innovations,

Inc.

5,581

401,553

Lennox

International,

Inc.

2,285

745,070

Trane

Technologies

plc

17,060

3,262,896

6,999,602

Capital

Markets

-

2.7%

Ameriprise

Financial,

Inc.

7,144

2,372,951

BlackRock,

Inc.

365

252,266

CME

Group,

Inc.

4,233

784,333

FactSet

Research

Systems,

Inc.

1,562

625,815

Goldman

Sachs

Group,

Inc.

(The)

1,046

337,377

Intercontinental

Exchange,

Inc.

4,335

490,202

Jefferies

Financial

Group,

Inc.

24,961

827,956

LPL

Financial

Holdings,

Inc.

13,803

3,001,186

MarketAxess

Holdings,

Inc.

2,251

588,457

Moody's

Corp.

2,295

798,017

Morgan

Stanley

57,494

4,909,988

MSCI,

Inc.,

Class

A

5,391

2,529,942

Nasdaq,

Inc.

11,442

570,384

S&P

Global,

Inc.

3,044

1,220,309

19,309,183

Chemicals

-

1.2%

Air

Products

and

Chemicals,

Inc.

2,583

773,686

Albemarle

Corp.

6,927

1,545,344

Chemours

Co.

(The)

17,225

635,430

Corteva,

Inc.

3,506

200,894

Element

Solutions,

Inc.

38,953

747,898

FMC

Corp.

5,265

549,350

Olin

Corp.

28,898

1,485,068

Sherwin-Williams

Co.

(The)

7,860

2,086,987

Westlake

Corp.

2,018

241,091

8,265,748

Commercial

Services

&

Supplies

-

0.9%

Cintas

Corp.

5,774

2,870,140

Clean

Harbors,

Inc.

*

5,043

829,220

Copart,

Inc.

*

17,360

1,583,406

Rollins,

Inc.

20,084

860,198

6,142,964

Communications

Equipment

-

1.7%

Arista

Networks,

Inc.

*

16,813

2,724,715

Cisco

Systems,

Inc.

110,905

5,738,224

Motorola

Solutions,

Inc.

8,382

2,458,273

Ubiquiti,

Inc.

5,924

1,041,143

11,962,355

Construction

&

Engineering

-

1.2%

AECOM

10,247

867,819

EMCOR

Group,

Inc.

4,817

890,085

MasTec,

Inc.

*

3,090

364,527

MDU

Resources

Group,

Inc.

19,994

418,674

Quanta

Services,

Inc.

22,005

4,322,882

23

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

1.2%

(continued)

Valmont

Industries,

Inc.

4,315

1,255,881

WillScot

Mobile

Mini

Holdings

Corp.

*

14,186

677,949

8,797,817

Construction

Materials

-

0.1%

Eagle

Materials,

Inc.

2,281

425,224

Consumer

Finance

-

0.1%

Capital

One

Financial

Corp.

3,365

368,030

OneMain

Holdings,

Inc.

11,245

491,294

859,324

Consumer

Staples

Distribution

&

Retail

-

1.3%

Casey's

General

Stores,

Inc.

5,748

1,401,822

Costco

Wholesale

Corp.

6,245

3,362,183

Dollar

General

Corp.

11,842

2,010,535

Target

Corp.

8,184

1,079,470

Walmart,

Inc.

10,783

1,694,872

9,548,882

Containers

&

Packaging

-

0.2%

Avery

Dennison

Corp.

4,365

749,907

Graphic

Packaging

Holding

Co.

8,299

199,425

Packaging

Corp.

of

America

3,115

411,678

1,361,010

Distributors

-

0.3%

Genuine

Parts

Co.

8,042

1,360,947

LKQ

Corp.

10,484

610,903

1,971,850

Diversified

Consumer

Services

-

0.0%

(a)

Grand

Canyon

Education,

Inc.

*

2,261

233,358

Diversified

Telecommunication

Services

-

0.1%

Iridium

Communications,

Inc.

6,065

376,758

Electric

Utilities

-

0.8%

Constellation

Energy

Corp.

16,274

1,489,885

IDACORP,

Inc.

6,519

668,849

NextEra

Energy,

Inc.

30,591

2,269,852

PG&E

Corp.

*

78,189

1,351,106

5,779,692

Electrical

Equipment

-

1.6%

AMETEK,

Inc.

5,400

874,152

Eaton

Corp.

plc

20,081

4,038,289

Emerson

Electric

Co.

6,730

608,325

Hubbell,

Inc.,

Class

B

5,747

1,905,475

nVent

Electric

plc

17,295

893,633

Rockwell

Automation,

Inc.

3,341

1,100,693

Vertiv

Holdings

Co.,

Class

A

73,990

1,832,732

11,253,299

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

0.8%

Amphenol

Corp.,

Class

A

13,224

1,123,379

Avnet,

Inc.

8,017

404,458

Corning,

Inc.

11,812

413,892

Jabil,

Inc.

15,290

1,650,250

Keysight

Technologies,

Inc.

*

1,638

274,283

TD

SYNNEX

Corp.

9,191

863,954

Zebra

Technologies

Corp.,

Class

A

*

3,165

936,302

5,666,518

Energy

Equipment

&

Services

-

0.2%

TechnipFMC

plc

(United

Kingdom)

*

68,272

1,134,681

Entertainment

-

1.3%

Electronic

Arts,

Inc.

6,096

790,651

Madison

Square

Garden

Sports

Corp.,

Class

A

1,868

351,278

Netflix,

Inc.

*

14,486

6,380,938

ROBLOX

Corp.,

Class

A

*

19,247

775,654

Spotify

Technology

SA

*

5,644

906,144

9,204,665

Financial

Services

-

2.9%

Berkshire

Hathaway,

Inc.,

Class

B

*

10,917

3,722,697

Fiserv,

Inc.

*

6,637

837,258

Mastercard,

Inc.,

Class

A

11,061

4,350,291

Shift4

Payments,

Inc.,

Class

A

*

13,129

891,590

Toast,

Inc.,

Class

A

*

16,212

365,905

UWM

Holdings

Corp.,

Class

A

78,335

438,676

Visa,

Inc.,

Class

A

41,805

9,927,852

WEX,

Inc.

*

1,419

258,357

20,792,626

Food

Products

-

1.7%

Archer-Daniels-Midland

Co.

12,929

976,915

Bunge

Ltd.

2,175

205,211

Campbell

Soup

Co.

7,770

355,167

General

Mills,

Inc.

51,382

3,940,999

Hershey

Co.

(The)

14,267

3,562,470

Lamb

Weston

Holdings,

Inc.

14,547

1,672,178

Post

Holdings,

Inc.

*

12,265

1,062,762

11,775,702

Ground

Transportation

-

1.6%

CSX

Corp.

31,383

1,070,160

JB

Hunt

Transport

Services,

Inc.

2,681

485,341

Norfolk

Southern

Corp.

2,500

566,900

Old

Dominion

Freight

Line,

Inc.

11,852

4,382,277

Saia,

Inc.

*

1,667

570,798

Uber

Technologies,

Inc.

*

76,718

3,311,916

Union

Pacific

Corp.

5,640

1,154,057

XPO,

Inc.

*

3,558

209,922

11,751,371

24

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.0%

Abbott

Laboratories

12,437

1,355,882

Boston

Scientific

Corp.

*

17,375

939,814

Dexcom,

Inc.

*

25,996

3,340,746

Edwards

Lifesciences

Corp.

*

9,810

925,377

Hologic,

Inc.

*

8,007

648,327

IDEXX

Laboratories,

Inc.

*

5,192

2,607,578

Inspire

Medical

Systems,

Inc.

*

830

269,451

Insulet

Corp.

*

4,343

1,252,261

Intuitive

Surgical,

Inc.

*

3,924

1,341,772

Penumbra,

Inc.

*

2,200

756,932

Shockwave

Medical,

Inc.

*

1,460

416,699

Stryker

Corp.

1,647

502,483

14,357,322

Health

Care

Providers

&

Services

-

2.7%

AmerisourceBergen

Corp.

13,268

2,553,161

Cardinal

Health,

Inc.

33,833

3,199,587

Elevance

Health,

Inc.

3,564

1,583,449

HCA

Healthcare,

Inc.

6,500

1,972,620

McKesson

Corp.

8,377

3,579,576

Molina

Healthcare,

Inc.

*

3,419

1,029,940

UnitedHealth

Group,

Inc.

11,735

5,640,310

19,558,643

Health

Care

Technology

-

0.3%

Veeva

Systems,

Inc.,

Class

A

*

10,531

2,082,295

Hotels,

Restaurants

&

Leisure

-

4.2%

Aramark

9,846

423,870

Booking

Holdings,

Inc.

*

594

1,603,996

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

2,068

4,423,452

Domino's

Pizza,

Inc.

1,642

553,338

DraftKings,

Inc.,

Class

A

*

42,448

1,127,844

Las

Vegas

Sands

Corp.

*

47,828

2,774,024

McDonald's

Corp.

32,135

9,589,405

MGM

Resorts

International

4,924

216,262

Royal

Caribbean

Cruises

Ltd.

*

7,404

768,091

Starbucks

Corp.

40,413

4,003,312

Wendy's

Co.

(The)

9,672

210,366

Wingstop,

Inc.

9,602

1,921,936

Wynn

Resorts

Ltd.

10,205

1,077,750

Yum!

Brands,

Inc.

10,778

1,493,292

30,186,938

Household

Durables

-

0.9%

DR

Horton,

Inc.

3,966

482,623

Garmin

Ltd.

12,279

1,280,577

Lennar

Corp.,

Class

A

1,798

225,307

PulteGroup,

Inc.

15,848

1,231,073

Tempur

Sealy

International,

Inc.

26,961

1,080,327

Toll

Brothers,

Inc.

19,559

1,546,530

TopBuild

Corp.

*

954

253,783

6,100,220

INVESTMENTS

SHARES

VALUE

($)

Household

Products

-

0.0%

(a)

Reynolds

Consumer

Products,

Inc.

1,132

31,979

Industrial

Conglomerates

-

1.1%

General

Electric

Co.

46,877

5,149,438

Honeywell

International,

Inc.

11,213

2,326,698

7,476,136

Insurance

-

3.1%

American

Financial

Group,

Inc.

3,425

406,719

American

International

Group,

Inc.

17,195

989,400

Arch

Capital

Group

Ltd.

*

31,556

2,361,967

Arthur

J

Gallagher

&

Co.

7,060

1,550,164

Assured

Guaranty

Ltd.

32,958

1,839,056

Axis

Capital

Holdings

Ltd.

23,468

1,263,282

Erie

Indemnity

Co.,

Class

A

2,110

443,121

Everest

Re

Group

Ltd.

5,939

2,030,307

Kinsale

Capital

Group,

Inc.

1,383

517,519

Principal

Financial

Group,

Inc.

14,323

1,086,256

Progressive

Corp.

(The)

20,972

2,776,064

Reinsurance

Group

of

America,

Inc.

7,975

1,106,053

RenaissanceRe

Holdings

Ltd.

1,097

204,612

Unum

Group

75,839

3,617,520

White

Mountains

Insurance

Group

Ltd.

1,412

1,961,141

22,153,181

Interactive

Media

&

Services

-

2.3%

Alphabet,

Inc.,

Class

A

*

30,180

3,612,546

Meta

Platforms,

Inc.,

Class

A

*

43,733

12,550,497

Pinterest,

Inc.,

Class

A

*

17,577

480,555

16,643,598

IT

Services

-

1.1%

Accenture

plc,

Class

A

16,959

5,233,208

Amdocs

Ltd.

9,553

944,314

EPAM

Systems,

Inc.

*

1,273

286,107

Gartner,

Inc.

*

1,255

439,639

Kyndryl

Holdings,

Inc.

*

23,617

313,634

Snowflake,

Inc.,

Class

A

*

1,688

297,054

7,513,956

Leisure

Products

-

0.0%

(a)

Brunswick

Corp.

2,549

220,845

Life

Sciences

Tools

&

Services

-

1.7%

Agilent

Technologies,

Inc.

4,263

512,626

Bio-Rad

Laboratories,

Inc.,

Class

A

*

1,273

482,620

Danaher

Corp.

9,196

2,207,040

IQVIA

Holdings,

Inc.

*

2,990

672,062

Revvity,

Inc.

6,856

814,424

Thermo

Fisher

Scientific,

Inc.

13,828

7,214,759

11,903,531

25

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.4%

AGCO

Corp.

4,478

588,499

Allison

Transmission

Holdings,

Inc.

42,745

2,413,383

Caterpillar,

Inc.

7,159

1,761,472

Crane

NXT

Co.

4,102

231,517

Cummins,

Inc.

7,178

1,759,758

Deere

&

Co.

9,793

3,968,026

Donaldson

Co.,

Inc.

4,643

290,234

IDEX

Corp.

954

205,358

Illinois

Tool

Works,

Inc.

7,323

1,831,922

Ingersoll

Rand,

Inc.

12,974

847,980

Lincoln

Electric

Holdings,

Inc.

9,912

1,968,820

PACCAR,

Inc.

33,987

2,843,012

Parker-Hannifin

Corp.

4,198

1,637,388

Snap-on,

Inc.

1,899

547,273

Timken

Co.

(The)

13,438

1,229,980

Toro

Co.

(The)

4,643

471,961

Westinghouse

Air

Brake

Technologies

Corp.

6,146

674,032

Xylem,

Inc.

6,645

748,360

24,018,975

Media

-

0.2%

Trade

Desk,

Inc.

(The),

Class

A

*

22,419

1,731,195

Metals

&

Mining

-

0.9%

Freeport-McMoRan,

Inc.

36,034

1,441,360

Nucor

Corp.

15,627

2,562,515

Reliance

Steel

&

Aluminum

Co.

4,895

1,329,433

Steel

Dynamics,

Inc.

12,307

1,340,602

6,673,910

Oil,

Gas

&

Consumable

Fuels

-

4.0%

Cheniere

Energy,

Inc.

13,126

1,999,877

Devon

Energy

Corp.

14,128

682,948

Diamondback

Energy,

Inc.

8,658

1,137,315

Exxon

Mobil

Corp.

171,555

18,399,274

Marathon

Oil

Corp.

86,115

1,982,367

Marathon

Petroleum

Corp.

10,789

1,257,998

Occidental

Petroleum

Corp.

9,789

575,593

Targa

Resources

Corp.

37,024

2,817,526

28,852,898

Passenger

Airlines

-

0.4%

Copa

Holdings

SA,

Class

A

(Panama)

3,273

361,928

Delta

Air

Lines,

Inc.

*

24,324

1,156,363

United

Airlines

Holdings,

Inc.

*

27,653

1,517,320

3,035,611

Personal

Care

Products

-

0.5%

Coty,

Inc.,

Class

A

*

109,513

1,345,915

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,067

2,173,337

3,519,252

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

3.9%

Eli

Lilly

&

Co.

34,054

15,970,645

Merck

&

Co.,

Inc.

91,662

10,576,878

Zoetis,

Inc.,

Class

A

6,713

1,156,046

27,703,569

Professional

Services

-

1.4%

Automatic

Data

Processing,

Inc.

3,597

790,585

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

18,188

2,029,781

CACI

International,

Inc.,

Class

A

*

2,970

1,012,295

Ceridian

HCM

Holding,

Inc.

*

7,763

519,888

CoStar

Group,

Inc.

*

29,300

2,607,700

Paycom

Software,

Inc.

4,696

1,508,543

Paylocity

Holding

Corp.

*

2,792

515,208

Science

Applications

International

Corp.

2,872

323,042

Verisk

Analytics,

Inc.,

Class

A

4,134

934,408

10,241,450

Semiconductors

&

Semiconductor

Equipment

-

10.9%

Advanced

Micro

Devices,

Inc.

*

25,047

2,853,104

Allegro

MicroSystems,

Inc.

(Japan)

*

44,627

2,014,463

Analog

Devices,

Inc.

5,763

1,122,690

Applied

Materials,

Inc.

3,864

558,503

Broadcom,

Inc.

12,474

10,820,322

Enphase

Energy,

Inc.

*

3,663

613,479

First

Solar,

Inc.

*

9,977

1,896,528

GLOBALFOUNDRIES,

Inc.

*

26,409

1,705,493

KLA

Corp.

9,827

4,766,292

Lam

Research

Corp.

3,747

2,408,796

Lattice

Semiconductor

Corp.

*

36,153

3,473,219

Microchip

Technology,

Inc.

35,573

3,186,985

Monolithic

Power

Systems,

Inc.

3,700

1,998,851

NVIDIA

Corp.

78,861

33,359,780

ON

Semiconductor

Corp.

*

38,112

3,604,633

Skyworks

Solutions,

Inc.

3,632

402,026

Teradyne,

Inc.

9,768

1,087,471

Texas

Instruments,

Inc.

12,751

2,295,435

78,168,070

Software

-

8.6%

Adobe,

Inc.

*

6,121

2,993,108

Autodesk,

Inc.

*

3,076

629,380

Cadence

Design

Systems,

Inc.

*

15,781

3,700,960

Confluent,

Inc.,

Class

A

*

7,822

276,195

DoubleVerify

Holdings,

Inc.

*

15,196

591,428

Dynatrace,

Inc.

*

5,488

282,467

Fair

Isaac

Corp.

*

2,362

1,911,354

Fortinet,

Inc.

*

14,380

1,086,984

HubSpot,

Inc.

*

2,486

1,322,776

Intuit,

Inc.

3,873

1,774,570

Manhattan

Associates,

Inc.

*

4,808

961,023

Microsoft

Corp.

59,096

20,124,552

New

Relic,

Inc.

*

8,613

563,635

26

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Software

-

8.6%

(continued)

Nutanix,

Inc.,

Class

A

*

23,669

663,915

Oracle

Corp.

79,951

9,521,365

Palantir

Technologies,

Inc.,

Class

A

*

21,944

336,402

Palo

Alto

Networks,

Inc.

*

6,467

1,652,383

Salesforce,

Inc.

*

24,942

5,269,247

ServiceNow,

Inc.

*

4,353

2,446,255

Smartsheet,

Inc.,

Class

A

*

8,973

343,307

Synopsys,

Inc.

*

9,326

4,060,634

Workday,

Inc.,

Class

A

*

2,852

644,238

61,156,178

Specialized

REITs

-

0.2%

American

Tower

Corp.,

REIT

4,094

793,990

Digital

Realty

Trust,

Inc.,

REIT

3,200

364,384

Iron

Mountain,

Inc.,

REIT

5,659

321,545

1,479,919

Specialty

Retail

-

2.8%

AutoNation,

Inc.

*

16,751

2,757,382

AutoZone,

Inc.

*

725

1,807,686

Best

Buy

Co.,

Inc.

3,192

261,584

Dick's

Sporting

Goods,

Inc.

13,709

1,812,193

Floor

&

Decor

Holdings,

Inc.,

Class

A

*

3,978

413,553

Home

Depot,

Inc.

(The)

6,141

1,907,640

Lowe's

Cos.,

Inc.

8,816

1,989,771

O'Reilly

Automotive,

Inc.

*

1,456

1,390,917

Penske

Automotive

Group,

Inc.

6,522

1,086,761

Ross

Stores,

Inc.

6,515

730,527

TJX

Cos.,

Inc.

(The)

40,479

3,432,214

Tractor

Supply

Co.

7,711

1,704,902

Ulta

Beauty,

Inc.

*

1,053

495,537

Williams-Sonoma,

Inc.

2,811

351,769

20,142,436

Technology

Hardware,

Storage

&

Peripherals

-

7.3%

Apple,

Inc.

267,477

51,882,513

HP,

Inc.

17,380

533,740

52,416,253

Textiles,

Apparel

&

Luxury

Goods

-

0.7%

Crocs,

Inc.

*

11,235

1,263,263

Deckers

Outdoor

Corp.

*

2,748

1,450,010

Lululemon

Athletica,

Inc.

*

4,260

1,612,410

NIKE,

Inc.,

Class

B

4,315

476,247

PVH

Corp.

4,285

364,096

5,166,026

Trading

Companies

&

Distributors

-

1.4%

Fastenal

Co.

25,858

1,525,363

Ferguson

plc

1,306

205,447

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

3,123

297,560

United

Rentals,

Inc.

6,146

2,737,244

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

1.4%

(continued)

Watsco,

Inc.

3,619

1,380,540

WESCO

International,

Inc.

6,875

1,231,038

WW

Grainger,

Inc.

2,982

2,351,575

9,728,767

Wireless

Telecommunication

Services

-

0.5%

T-Mobile

US,

Inc.

*

26,655

3,702,380

TOTAL

COMMON

STOCKS

(Cost

$432,415,495)

682,722,709

SHORT-TERM

INVESTMENTS

-

5.1%

INVESTMENT

COMPANIES

-

5.1%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(b)

(Cost

$36,860,813)

36,879,415

36,864,664

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.6%

(Cost

$469,276,308)

719,587,373

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.6)%

(c)

(4,620,139)

NET

ASSETS

-

100.0%

714,967,234

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

31,658,595

4.4

%

Consumer

Discretionary

65,711,320

9.2

Consumer

Staples

35,062,526

4.9

Energy

29,987,578

4.2

Financials

75,332,340

10.5

Health

Care

89,404,382

12.5

Industrials

114,697,134

16.1

Information

Technology

216,883,331

30.3

Materials

16,725,892

2.4

Real

Estate

1,479,919

0.2

Utilities

5,779,692

0.8

Investment

Companies

36,864,664

5.1

Total

Investments

In

Securities

At

Value

719,587,373

100.6

Liabilities

in

Excess

of

Other

Assets

(c)

(4,620,139)

(0.6)

Net

Assets

$

714,967,234

100.0%

27

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

June

30,

2023:

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

117

9/2023

USD

$

26,256,263

$

801,752

$

801,752

28

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.4%

Aerospace

&

Defense

-

0.5%

AeroVironment,

Inc.

*

2,608

266,746

AerSale

Corp.

*

7,266

106,810

Moog,

Inc.,

Class

A

475

51,505

Parsons

Corp.

*

11,101

534,402

959,463

Air

Freight

&

Logistics

-

0.4%

Forward

Air

Corp.

2,143

227,394

Hub

Group,

Inc.,

Class

A

*

5,963

478,948

706,342

Automobile

Components

-

1.5%

Adient

plc

*

6,992

267,934

American

Axle

&

Manufacturing

Holdings,

Inc.

*

8,121

67,161

Dorman

Products,

Inc.

*

886

69,843

Fox

Factory

Holding

Corp.

*

3,694

400,836

Gentherm,

Inc.

*

6,484

366,411

LCI

Industries

633

79,986

Modine

Manufacturing

Co.

*

12,569

415,028

Patrick

Industries,

Inc.

1,211

96,880

Visteon

Corp.

*

4,053

582,051

XPEL,

Inc.

*(a)

3,456

291,064

2,637,194

Banks

-

2.4%

Amerant

Bancorp,

Inc.,

Class

A

4,120

70,823

BancFirst

Corp.

3,351

308,292

Bancorp,

Inc.

(The)

*

9,159

299,041

Berkshire

Hills

Bancorp,

Inc.

9,115

188,954

Byline

Bancorp,

Inc.

6,464

116,934

Capital

City

Bank

Group,

Inc.

2,287

70,074

City

Holding

Co.

3,340

300,566

Coastal

Financial

Corp.

*

4,969

187,083

Columbia

Financial,

Inc.

*

3,024

52,285

Equity

Bancshares,

Inc.,

Class

A

3,164

72,076

Esquire

Financial

Holdings,

Inc.

5,363

245,304

Farmers

&

Merchants

Bancorp,

Inc.

2,383

53,641

First

BanCorp

17,811

217,650

First

Business

Financial

Services,

Inc.

4,155

122,531

Greene

County

Bancorp,

Inc.

6,384

190,243

Hanmi

Financial

Corp.

3,257

48,627

Home

BancShares,

Inc.

2,530

57,684

HomeTrust

Bancshares,

Inc.

2,629

54,920

International

Bancshares

Corp.

4,167

184,181

Lakeland

Financial

Corp.

3,632

176,225

Northeast

Bank

3,746

156,096

OFG

Bancorp

1,958

51,065

PCB

Bancorp

1,318

19,388

Peapack-Gladstone

Financial

Corp.

4,070

110,216

ServisFirst

Bancshares,

Inc.

3,050

124,806

INVESTMENTS

SHARES

VALUE

($)

Banks

-

2.4%

(continued)

Southern

Missouri

Bancorp,

Inc.

1,320

50,754

Stock

Yards

Bancorp,

Inc.

3,907

177,260

TriCo

Bancshares

3,792

125,894

Triumph

Financial,

Inc.

*

2,989

181,492

United

Bankshares,

Inc.

7,318

217,125

4,231,230

Beverages

-

1.1%

Coca-Cola

Consolidated,

Inc.

1,079

686,266

MGP

Ingredients,

Inc.

4,301

457,110

National

Beverage

Corp.

*

8,845

427,656

Vita

Coco

Co.,

Inc.

(The)

*

12,796

343,828

1,914,860

Biotechnology

-

9.3%

4D

Molecular

Therapeutics,

Inc.

*

6,608

119,407

89bio,

Inc.

*

19,073

361,433

ACADIA

Pharmaceuticals,

Inc.

*

11,320

271,114

ADMA

Biologics,

Inc.

*

76,247

281,351

Aerovate

Therapeutics,

Inc.

*

4,175

71,601

Agios

Pharmaceuticals,

Inc.

*

1,894

53,638

Akero

Therapeutics,

Inc.

*

10,247

478,432

Aldeyra

Therapeutics,

Inc.

*

21,856

183,372

Alkermes

plc

*

13,875

434,287

Allakos,

Inc.

*

18,121

79,008

Amicus

Therapeutics,

Inc.

*

33,997

427,002

AnaptysBio,

Inc.

*

4,328

88,032

Anavex

Life

Sciences

Corp.

*

8,290

67,398

Arcellx,

Inc.

*

12,767

403,693

Arcturus

Therapeutics

Holdings,

Inc.

*

2,009

57,618

Arcus

Biosciences,

Inc.

*

2,999

60,910

Ardelyx,

Inc.

*

52,042

176,422

Arrowhead

Pharmaceuticals,

Inc.

*

2,624

93,572

Avid

Bioservices,

Inc.

*

9,751

136,221

Avidity

Biosciences,

Inc.

*

5,177

57,413

BioCryst

Pharmaceuticals,

Inc.

*

12,650

89,056

Biomea

Fusion,

Inc.

*

12,496

274,287

Bioxcel

Therapeutics,

Inc.

*

4,986

33,207

Bluebird

Bio,

Inc.

*

25,935

85,326

Bridgebio

Pharma,

Inc.

*

21,401

368,097

Catalyst

Pharmaceuticals,

Inc.

*

22,002

295,707

Celldex

Therapeutics,

Inc.

*

6,795

230,554

Cerevel

Therapeutics

Holdings,

Inc.

*

7,013

222,943

Cogent

Biosciences,

Inc.

*

13,071

154,761

Crinetics

Pharmaceuticals,

Inc.

*

4,991

89,938

Cytokinetics,

Inc.

*

10,135

330,604

Day

One

Biopharmaceuticals,

Inc.

*

14,401

171,948

Deciphera

Pharmaceuticals,

Inc.

*

14,061

197,979

Dynavax

Technologies

Corp.

*

5,712

73,799

Dyne

Therapeutics,

Inc.

*

15,301

172,136

Entrada

Therapeutics,

Inc.

*

2,900

43,906

Geron

Corp.

*

111,270

357,177

29

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

9.3%

(continued)

Halozyme

Therapeutics,

Inc.

*

11,629

419,458

Ideaya

Biosciences,

Inc.

*

10,259

241,086

ImmunoGen,

Inc.

*

24,144

455,597

Immunovant,

Inc.

*

27,640

524,331

Inhibrx,

Inc.

*

4,358

113,134

Insmed,

Inc.

*

5,523

116,535

Intellia

Therapeutics,

Inc.

*

1,590

64,840

Keros

Therapeutics,

Inc.

*

2,127

85,463

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

9,694

136,492

Krystal

Biotech,

Inc.

*

4,448

522,195

Kymera

Therapeutics,

Inc.

*

2,231

51,291

Lexicon

Pharmaceuticals,

Inc.

*

27,400

62,746

MacroGenics,

Inc.

*

10,407

55,677

Madrigal

Pharmaceuticals,

Inc.

*

2,405

555,555

MannKind

Corp.

*

42,233

171,888

Mersana

Therapeutics,

Inc.

*

22,866

75,229

Mirum

Pharmaceuticals,

Inc.

*

10,139

262,296

Morphic

Holding,

Inc.

*

7,687

440,696

Nuvalent,

Inc.,

Class

A

*

9,239

389,609

PDL

BioPharma,

Inc.

(3)*(b)

34,242

7,235

Point

Biopharma

Global,

Inc.

*

8,569

77,635

Protagonist

Therapeutics,

Inc.

*

10,831

299,152

Prothena

Corp.

plc

(Ireland)

*

8,068

550,883

PTC

Therapeutics,

Inc.

*

10,013

407,229

RAPT

Therapeutics,

Inc.

*

6,053

113,191

Recursion

Pharmaceuticals,

Inc.,

Class

A

*

7,293

54,479

Replimune

Group,

Inc.

*

4,304

99,939

REVOLUTION

Medicines,

Inc.

*

5,749

153,786

Rhythm

Pharmaceuticals,

Inc.

*

12,714

209,654

Rocket

Pharmaceuticals,

Inc.

*

9,725

193,236

Sage

Therapeutics,

Inc.

*

5,808

273,092

Scholar

Rock

Holding

Corp.

*

6,413

48,354

Seres

Therapeutics,

Inc.

*

19,682

94,277

Syndax

Pharmaceuticals,

Inc.

*

11,329

237,116

TG

Therapeutics,

Inc.

*

19,995

496,676

Vaxcyte,

Inc.

*

13,196

659,008

Veracyte,

Inc.

*

3,804

96,888

Viking

Therapeutics,

Inc.

*

23,137

375,051

Vir

Biotechnology,

Inc.

*

3,291

80,728

Viridian

Therapeutics,

Inc.

*

12,003

285,551

16,650,627

Broadline

Retail

-

0.5%

Dillard's,

Inc.,

Class

A

2,505

817,331

Building

Products

-

2.1%

AAON,

Inc.

8,873

841,249

American

Woodmark

Corp.

*

816

62,318

CSW

Industrials,

Inc.

2,599

431,928

Gibraltar

Industries,

Inc.

*

4,314

271,437

Griffon

Corp.

13,068

526,640

Janus

International

Group,

Inc.

*

7,069

75,355

Masonite

International

Corp.

*

549

56,240

PGT

Innovations,

Inc.

*

3,898

113,627

INVESTMENTS

SHARES

VALUE

($)

Building

Products

-

2.1%

(continued)

Simpson

Manufacturing

Co.,

Inc.

4,998

692,223

UFP

Industries,

Inc.

7,524

730,204

3,801,221

Capital

Markets

-

1.6%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

73,588

AssetMark

Financial

Holdings,

Inc.

*

2,296

68,099

B

Riley

Financial,

Inc.

5,060

232,659

BGC

Partners,

Inc.,

Class

A

23,770

105,301

Brightsphere

Investment

Group,

Inc.

8,653

181,280

Diamond

Hill

Investment

Group,

Inc.

649

111,174

Donnelley

Financial

Solutions,

Inc.

*

11,153

507,796

Focus

Financial

Partners,

Inc.,

Class

A

*

2,368

124,344

Hamilton

Lane,

Inc.,

Class

A

1,672

133,727

Houlihan

Lokey,

Inc.,

Class

A

2,782

273,498

Piper

Sandler

Cos.

573

74,066

PJT

Partners,

Inc.,

Class

A

7,991

556,493

StoneX

Group,

Inc.

*

3,284

272,835

Virtus

Investment

Partners,

Inc.

748

147,708

2,862,568

Chemicals

-

1.4%

AdvanSix,

Inc.

6,327

221,319

American

Vanguard

Corp.

9,453

168,925

Balchem

Corp.

598

80,616

Cabot

Corp.

4,735

316,724

Hawkins,

Inc.

8,373

399,308

HB

Fuller

Co.

4,356

311,498

Innospec,

Inc.

3,153

316,687

LSB

Industries,

Inc.

*

8,218

80,947

Orion

SA

(Germany)

2,548

54,069

Quaker

Chemical

Corp.

1,263

246,159

Rayonier

Advanced

Materials,

Inc.

*

16,254

69,567

Sensient

Technologies

Corp.

1,982

140,980

Stepan

Co.

1,189

113,621

2,520,420

Commercial

Services

&

Supplies

-

0.9%

ACV

Auctions,

Inc.,

Class

A

*

13,041

225,218

Aris

Water

Solutions,

Inc.,

Class

A

5,546

57,235

Casella

Waste

Systems,

Inc.,

Class

A

*

9,309

841,999

CoreCivic,

Inc.

*

10,365

97,535

Ennis,

Inc.

3,848

78,422

GEO

Group,

Inc.

(The)

*

17,538

125,572

Heritage-Crystal

Clean,

Inc.

*

3,322

125,538

1,551,519

30

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Communications

Equipment

-

1.5%

Aviat

Networks,

Inc.

*

3,954

131,945

Calix,

Inc.

*

13,749

686,213

Clearfield,

Inc.

*

2,716

128,603

Digi

International,

Inc.

*

8,396

330,718

Extreme

Networks,

Inc.

*

38,206

995,266

Harmonic,

Inc.

*

17,824

288,214

NetScout

Systems,

Inc.

*

4,141

128,164

2,689,123

Construction

&

Engineering

-

2.1%

Ameresco,

Inc.,

Class

A

*

7,672

373,089

API

Group

Corp.

*

6,122

166,886

Arcosa,

Inc.

4,266

323,235

Comfort

Systems

USA,

Inc.

5,664

930,029

Construction

Partners,

Inc.,

Class

A

*

7,244

227,389

Dycom

Industries,

Inc.

*

2,203

250,371

Fluor

Corp.

*

23,159

685,506

MYR

Group,

Inc.

*

3,261

451,127

Sterling

Infrastructure,

Inc.

*

5,513

307,625

3,715,257

Construction

Materials

-

0.1%

Summit

Materials,

Inc.,

Class

A

*

1,518

57,457

United

States

Lime

&

Minerals,

Inc.

252

52,640

110,097

Consumer

Finance

-

0.5%

Consumer

Portfolio

Services,

Inc.

*

1,748

20,399

Enova

International,

Inc.

*

1,349

71,659

FirstCash

Holdings,

Inc.

3,046

284,283

Nelnet,

Inc.,

Class

A

4,656

449,211

NerdWallet,

Inc.,

Class

A

*

9,192

86,497

912,049

Consumer

Staples

Distribution

&

Retail

-

0.8%

Andersons,

Inc.

(The)

2,418

111,591

Chefs'

Warehouse,

Inc.

(The)

*

2,407

86,074

Ingles

Markets,

Inc.,

Class

A

4,185

345,890

Natural

Grocers

by

Vitamin

Cottage,

Inc.

3,272

40,115

SpartanNash

Co.

3,677

82,769

Sprouts

Farmers

Market,

Inc.

*

13,587

499,051

United

Natural

Foods,

Inc.

*

5,102

99,744

Weis

Markets,

Inc.

3,664

235,265

1,500,499

Containers

&

Packaging

-

0.4%

Greif,

Inc.,

Class

A

5,459

376,070

O-I

Glass,

Inc.

*

19,223

410,027

786,097

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

1.1%

Adtalem

Global

Education,

Inc.

*

2,947

101,200

Carriage

Services,

Inc.,

Class

A

4,476

145,336

Duolingo,

Inc.,

Class

A

*

5,401

772,019

Graham

Holdings

Co.,

Class

B

98

56,005

Laureate

Education,

Inc.,

Class

A

31,435

380,049

Strategic

Education,

Inc.

2,256

153,047

Stride,

Inc.

*

4,872

181,384

Universal

Technical

Institute,

Inc.

*

15,000

103,650

1,892,690

Diversified

REITs

-

0.2%

Alexander

&

Baldwin,

Inc.,

REIT

3,446

64,027

Armada

Hoffler

Properties,

Inc.,

REIT

9,637

112,560

CTO

Realty

Growth,

Inc.,

REIT

6,930

118,780

295,367

Diversified

Telecommunication

Services

-

0.2%

Globalstar,

Inc.

*

124,633

134,603

IDT

Corp.,

Class

B

*

4,808

124,287

Ooma,

Inc.

*

4,778

71,527

Radius

Global

Infrastructure,

Inc.,

Class

A

*

4,762

70,954

401,371

Electric

Utilities

-

0.5%

MGE

Energy,

Inc.

5,316

420,549

Otter

Tail

Corp.

6,355

501,791

922,340

Electrical

Equipment

-

2.4%

Array

Technologies,

Inc.

*

24,077

544,140

Atkore,

Inc.

*

6,623

1,032,791

Babcock

&

Wilcox

Enterprises,

Inc.

*

21,973

129,641

Bloom

Energy

Corp.,

Class

A

*

16,213

265,082

Encore

Wire

Corp.

2,276

423,177

EnerSys

1,290

139,991

Enovix

Corp.

*

10,457

188,644

Fluence

Energy,

Inc.,

Class

A

*

24,611

655,637

Powell

Industries,

Inc.

1,704

103,245

Preformed

Line

Products

Co.

875

136,587

Shoals

Technologies

Group,

Inc.,

Class

A

*

23,669

604,980

SunPower

Corp.

*

6,047

59,261

TPI

Composites,

Inc.

*

5,491

56,942

4,340,118

Electronic

Equipment,

Instruments

&

Components

-

3.3%

Advanced

Energy

Industries,

Inc.

2,630

293,113

Arlo

Technologies,

Inc.

*

14,271

155,697

Badger

Meter,

Inc.

7,302

1,077,483

Belden,

Inc.

7,770

743,200

ePlus,

Inc.

*

2,840

159,892

Evolv

Technologies

Holdings,

Inc.

*

28,058

168,348

31

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

3.3%

(continued)

Fabrinet

(Thailand)

*

3,477

451,593

Insight

Enterprises,

Inc.

*

5,591

818,187

Itron,

Inc.

*

730

52,633

Methode

Electronics,

Inc.

3,694

123,823

Mirion

Technologies,

Inc.

*

6,441

54,426

Napco

Security

Technologies,

Inc.

7,035

243,763

Novanta,

Inc.

*

2,619

482,158

OSI

Systems,

Inc.

*

1,508

177,688

PC

Connection,

Inc.

2,797

126,145

Plexus

Corp.

*

1,021

100,303

Rogers

Corp.

*

346

56,028

Sanmina

Corp.

*

8,952

539,537

ScanSource,

Inc.

*

2,740

80,994

5,905,011

Energy

Equipment

&

Services

-

2.5%

Archrock,

Inc.

16,883

173,051

Borr

Drilling

Ltd.

(Mexico)

*

8,526

64,201

ChampionX

Corp.

13,468

418,047

Diamond

Offshore

Drilling,

Inc.

*

31,886

454,057

Helix

Energy

Solutions

Group,

Inc.

*

27,624

203,865

Nabors

Industries

Ltd.

*

884

82,238

Noble

Corp.

plc

*

13,840

571,730

Oceaneering

International,

Inc.

*

3,160

59,092

Patterson-UTI

Energy,

Inc.

9,247

110,687

RPC,

Inc.

19,789

141,491

Select

Water

Solutions,

Inc.,

Class

A

6,630

53,703

TETRA

Technologies,

Inc.

*

26,845

90,736

Tidewater,

Inc.

*

11,571

641,496

US

Silica

Holdings,

Inc.

*

6,829

82,836

Valaris

Ltd.

*

7,875

495,574

Weatherford

International

plc

*

13,308

883,917

4,526,721

Entertainment

-

0.2%

Liberty

Media

Corp-Liberty

Braves,

Class

C

*

6,768

268,148

Lions

Gate

Entertainment

Corp.,

Class

B

*

8,104

67,669

335,817

Financial

Services

-

1.9%

A-Mark

Precious

Metals,

Inc.

6,483

242,691

Enact

Holdings,

Inc.

5,553

139,547

EVERTEC,

Inc.

3,192

117,561

Federal

Agricultural

Mortgage

Corp.,

Class

C

358

51,459

Flywire

Corp.

*

4,288

133,100

International

Money

Express,

Inc.

*

9,919

243,313

Jackson

Financial,

Inc.,

Class

A

1,966

60,179

Merchants

Bancorp

7,082

181,158

Mr

Cooper

Group,

Inc.

*

14,627

740,711

Payoneer

Global,

Inc.

*

34,821

167,489

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

1.9%

(continued)

PennyMac

Financial

Services,

Inc.

9,017

633,985

Remitly

Global,

Inc.

*

18,263

343,710

StoneCo

Ltd.,

Class

A

(Brazil)

*

7,677

97,805

Walker

&

Dunlop,

Inc.

2,868

226,830

Waterstone

Financial,

Inc.

6,106

88,476

3,468,014

Food

Products

-

2.5%

Alico,

Inc.

4,280

108,969

Cal-Maine

Foods,

Inc.

1,848

83,160

Hostess

Brands,

Inc.,

Class

A

*

31,235

790,870

J

&

J

Snack

Foods

Corp.

2,002

317,037

John

B

Sanfilippo

&

Son,

Inc.

3,422

401,298

Lancaster

Colony

Corp.

8,966

1,802,973

Simply

Good

Foods

Co.

(The)

*

5,532

202,416

Sovos

Brands,

Inc.

*

12,629

247,023

TreeHouse

Foods,

Inc.

*

9,796

493,522

4,447,268

Gas

Utilities

-

0.4%

New

Jersey

Resources

Corp.

13,689

646,121

Ground

Transportation

-

0.5%

ArcBest

Corp.

1,589

156,993

Covenant

Logistics

Group,

Inc.,

Class

A

5,720

250,708

Daseke,

Inc.

*

11,915

84,954

Marten

Transport

Ltd.

13,081

281,242

PAM

Transportation

Services,

Inc.

*

3,651

97,737

Universal

Logistics

Holdings,

Inc.

3,245

93,488

965,122

Health

Care

Equipment

&

Supplies

-

2.7%

Alphatec

Holdings,

Inc.

*

19,838

356,687

AtriCure,

Inc.

*

3,525

173,994

Atrion

Corp.

177

100,129

Axonics,

Inc.

*

3,416

172,406

Glaukos

Corp.

*

1,376

97,985

Haemonetics

Corp.

*

7,701

655,663

iRadimed

Corp.

2,123

101,352

iRhythm

Technologies,

Inc.

*

663

69,164

Lantheus

Holdings,

Inc.

*

11,064

928,491

LeMaitre

Vascular,

Inc.

1,424

95,807

Merit

Medical

Systems,

Inc.

*

4,511

377,300

PROCEPT

BioRobotics

Corp.

*

4,510

159,428

RxSight,

Inc.

*

4,586

132,077

Silk

Road

Medical,

Inc.

*

3,045

98,932

STAAR

Surgical

Co.

*

1,353

71,127

Tactile

Systems

Technology,

Inc.

*

2,056

51,256

TransMedics

Group,

Inc.

*

6,455

542,091

Treace

Medical

Concepts,

Inc.

*

5,831

149,157

UFP

Technologies,

Inc.

*

2,205

427,439

4,760,485

Health

Care

Providers

&

Services

-

2.4%

Accolade,

Inc.

*

4,804

64,710

32

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

2.4%

(continued)

Addus

HomeCare

Corp.

*

4,810

445,887

Agiliti,

Inc.

*

3,909

64,498

CorVel

Corp.

*

1,624

314,244

Cross

Country

Healthcare,

Inc.

*

10,373

291,274

Ensign

Group,

Inc.

(The)

6,543

624,595

Fulgent

Genetics,

Inc.

*

1,812

67,098

HealthEquity,

Inc.

*

5,461

344,808

Hims

&

Hers

Health,

Inc.

*

29,948

281,511

LifeStance

Health

Group,

Inc.

*

5,937

54,205

National

HealthCare

Corp.

1,097

67,817

NeoGenomics,

Inc.

*

14,480

232,694

Option

Care

Health,

Inc.

*

21,849

709,874

Owens

&

Minor,

Inc.

*

6,906

131,490

Patterson

Cos.,

Inc.

2,949

98,084

Privia

Health

Group,

Inc.

*

9,077

237,000

Progyny,

Inc.

*

1,336

52,558

Select

Medical

Holdings

Corp.

6,070

193,390

4,275,737

Health

Care

REITs

-

0.0%

(c)

LTC

Properties,

Inc.,

REIT

1,515

50,025

Health

Care

Technology

-

0.6%

Computer

Programs

and

Systems,

Inc.

*

2,167

53,503

Evolent

Health,

Inc.,

Class

A

*

21,968

665,630

NextGen

Healthcare,

Inc.

*

5,893

95,585

Phreesia,

Inc.

*

5,449

168,974

Schrodinger,

Inc.

*

1,860

92,851

Veradigm,

Inc.

*

6,265

78,939

1,155,482

Hotel

&

Resort

REITs

-

0.4%

Apple

Hospitality

REIT,

Inc.,

REIT

7,764

117,314

Braemar

Hotels

&

Resorts,

Inc.,

REIT

15,502

62,318

Chatham

Lodging

Trust,

REIT

12,594

117,880

Ryman

Hospitality

Properties,

Inc.,

REIT

4,056

376,884

Service

Properties

Trust,

REIT

15,631

135,833

810,229

Hotels,

Restaurants

&

Leisure

-

3.0%

Bloomin'

Brands,

Inc.

4,823

129,691

Bowlero

Corp.

*

31,279

364,088

Chuy's

Holdings,

Inc.

*

1,404

57,311

Dave

&

Buster's

Entertainment,

Inc.

*

2,675

119,198

Everi

Holdings,

Inc.

*

12,227

176,802

Golden

Entertainment,

Inc.

*

7,165

299,497

Hilton

Grand

Vacations,

Inc.

*

6,508

295,724

Inspired

Entertainment,

Inc.

*

8,753

128,757

International

Game

Technology

plc

12,105

386,028

Jack

in

the

Box,

Inc.

2,452

239,144

Krispy

Kreme,

Inc.

14,243

209,799

Kura

Sushi

USA,

Inc.,

Class

A

*

4,154

386,114

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

3.0%

(continued)

Life

Time

Group

Holdings,

Inc.

*

17,912

352,329

Light

&

Wonder,

Inc.

*

6,913

475,338

Monarch

Casino

&

Resort,

Inc.

1,468

103,421

Papa

John's

International,

Inc.

1,834

135,404

Red

Rock

Resorts,

Inc.,

Class

A

9,007

421,347

SeaWorld

Entertainment,

Inc.

*

5,300

296,853

Shake

Shack,

Inc.,

Class

A

*

2,779

215,984

Target

Hospitality

Corp.

*

27,910

374,552

Xponential

Fitness,

Inc.,

Class

A

*

13,333

229,994

5,397,375

Household

Durables

-

2.5%

Cavco

Industries,

Inc.

*

701

206,795

Century

Communities,

Inc.

1,324

101,445

Cricut,

Inc.,

Class

A

12,809

156,270

Ethan

Allen

Interiors,

Inc.

5,356

151,468

Green

Brick

Partners,

Inc.

*

10,380

589,584

Hovnanian

Enterprises,

Inc.,

Class

A

*

574

56,946

Installed

Building

Products,

Inc.

3,931

550,969

KB

Home

7,140

369,209

La-Z-Boy,

Inc.

2,370

67,877

LGI

Homes,

Inc.

*

1,181

159,305

M/I

Homes,

Inc.

*

3,328

290,168

MDC

Holdings,

Inc.

1,201

56,171

Meritage

Homes

Corp.

4,453

633,528

Skyline

Champion

Corp.

*

4,386

287,064

Taylor

Morrison

Home

Corp.,

Class

A

*

12,669

617,867

Tri

Pointe

Homes,

Inc.

*

6,589

216,515

Vizio

Holding

Corp.,

Class

A

*

7,500

50,625

4,561,806

Household

Products

-

0.1%

Central

Garden

&

Pet

Co.,

Class

A

*

3,210

117,037

Independent

Power

and

Renewable

Electricity

Producers

-

0.4%

Altus

Power,

Inc.,

Class

A

*

8,885

47,979

Montauk

Renewables,

Inc.

*

10,784

80,233

Ormat

Technologies,

Inc.

7,488

602,484

730,696

Industrial

REITs

-

0.1%

Terreno

Realty

Corp.,

REIT

2,183

131,198

Insurance

-

1.5%

Ambac

Financial

Group,

Inc.

*

4,724

67,270

American

Equity

Investment

Life

Holding

Co.

3,308

172,380

CNO

Financial

Group,

Inc.

18,395

435,410

Donegal

Group,

Inc.,

Class

A

4,646

67,042

Employers

Holdings,

Inc.

1,463

54,731

Genworth

Financial,

Inc.,

Class

A

*

52,650

263,250

Goosehead

Insurance,

Inc.,

Class

A

*

877

55,154

HCI

Group,

Inc.

1,322

81,673

33

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

1.5%

(continued)

MBIA,

Inc.

*

10,142

87,627

Oscar

Health,

Inc.,

Class

A

*

6,825

55,009

Safety

Insurance

Group,

Inc.

4,337

311,050

Selective

Insurance

Group,

Inc.

9,693

930,043

United

Fire

Group,

Inc.

5,339

120,982

2,701,621

Interactive

Media

&

Services

-

0.1%

Cars.com,

Inc.

*

4,129

81,837

DHI

Group,

Inc.

*

28,576

109,446

191,283

IT

Services

-

0.6%

Fastly,

Inc.,

Class

A

*

8,184

129,061

Hackett

Group,

Inc.

(The)

7,662

171,246

Information

Services

Group,

Inc.

12,830

68,769

Perficient,

Inc.

*

1,821

151,744

Squarespace,

Inc.,

Class

A

*

17,682

557,690

1,078,510

Leisure

Products

-

0.6%

Acushnet

Holdings

Corp.

11,141

609,190

Malibu

Boats,

Inc.,

Class

A

*

1,757

103,065

MasterCraft

Boat

Holdings,

Inc.

*

3,572

109,482

Vista

Outdoor,

Inc.

*

8,213

227,254

1,048,991

Life

Sciences

Tools

&

Services

-

0.3%

BioLife

Solutions,

Inc.

*

4,839

106,942

CryoPort,

Inc.

*

3,165

54,596

Pacific

Biosciences

of

California,

Inc.

*

32,741

435,455

596,993

Machinery

-

3.4%

Alamo

Group,

Inc.

1,547

284,509

Blue

Bird

Corp.

*

3,155

70,924

Chart

Industries,

Inc.

*

1,484

237,128

Columbus

McKinnon

Corp.

2,229

90,609

Energy

Recovery,

Inc.

*

14,736

411,871

Enerpac

Tool

Group

Corp.,

Class

A

2,323

62,721

EnPro

Industries,

Inc.

786

104,955

ESCO

Technologies,

Inc.

800

82,904

Federal

Signal

Corp.

4,712

301,709

Franklin

Electric

Co.,

Inc.

3,328

342,451

Greenbrier

Cos.,

Inc.

(The)

3,458

149,040

Hillenbrand,

Inc.

1,004

51,485

Hyster-Yale

Materials

Handling,

Inc.

1,577

88,060

Kadant,

Inc.

1,754

389,563

Lindsay

Corp.

1,848

220,540

Manitowoc

Co.,

Inc.

(The)

*

4,561

85,884

Mueller

Industries,

Inc.

10,649

929,445

Omega

Flex,

Inc.

827

85,826

Shyft

Group,

Inc.

(The)

11,427

252,080

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.4%

(continued)

SPX

Technologies,

Inc.

*

5,276

448,302

Standex

International

Corp.

738

104,405

Terex

Corp.

9,136

546,607

Titan

International,

Inc.

*

22,526

258,598

Wabash

National

Corp.

7,574

194,197

Watts

Water

Technologies,

Inc.,

Class

A

2,134

392,080

6,185,893

Marine

Transportation

-

0.0%

(c)

Eagle

Bulk

Shipping,

Inc.

1,206

57,936

Media

-

0.2%

Entravision

Communications

Corp.,

Class

A

16,919

74,274

Integral

Ad

Science

Holding

Corp.

*

8,217

147,742

Scholastic

Corp.

2,181

84,819

TechTarget,

Inc.

*

4,019

125,112

431,947

Metals

&

Mining

-

2.3%

Alpha

Metallurgical

Resources,

Inc.

1,767

290,424

ATI,

Inc.

*

18,824

832,586

Carpenter

Technology

Corp.

1,844

103,504

Commercial

Metals

Co.

13,838

728,709

Haynes

International,

Inc.

6,093

309,646

Hecla

Mining

Co.

30,456

156,848

Materion

Corp.

1,695

193,569

Piedmont

Lithium,

Inc.

*

863

49,804

Ryerson

Holding

Corp.

11,778

510,930

SunCoke

Energy,

Inc.

12,255

96,447

TimkenSteel

Corp.

*

13,711

295,746

Warrior

Met

Coal,

Inc.

6,274

244,372

Worthington

Industries,

Inc.

3,857

267,946

4,080,531

Multi-Utilities

-

0.1%

Unitil

Corp.

2,475

125,507

Oil,

Gas

&

Consumable

Fuels

-

4.3%

Amplify

Energy

Corp.

*

23,769

160,916

Arch

Resources,

Inc.

467

52,659

Chord

Energy

Corp.

2,331

358,508

Civitas

Resources,

Inc.

8,480

588,258

CONSOL

Energy,

Inc.

7,235

490,605

CVR

Energy,

Inc.

8,045

241,028

Denbury,

Inc.

*

5,269

454,504

Dorian

LPG

Ltd.

16,781

430,433

Earthstone

Energy,

Inc.,

Class

A

*

4,030

57,589

Green

Plains,

Inc.

*

7,657

246,862

Gulfport

Energy

Corp.

*

1,193

125,348

International

Seaways,

Inc.

9,686

370,393

Kinetik

Holdings,

Inc.,

Class

A

9,469

332,741

Kosmos

Energy

Ltd.

(Ghana)

*

51,315

307,377

Matador

Resources

Co.

4,373

228,795

Murphy

Oil

Corp.

2,147

82,230

NACCO

Industries,

Inc.,

Class

A

3,986

138,155

34

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

4.3%

(continued)

NextDecade

Corp.

*

33,179

272,400

Nordic

American

Tankers

Ltd.

14,251

52,301

Northern

Oil

and

Gas,

Inc.

7,827

268,623

Par

Pacific

Holdings,

Inc.

*

3,323

88,425

PBF

Energy,

Inc.,

Class

A

15,576

637,681

Peabody

Energy

Corp.

16,294

352,928

Permian

Resources

Corp.,

Class

A

63,774

698,963

SandRidge

Energy,

Inc.

4,466

68,106

Scorpio

Tankers,

Inc.

(Monaco)

8,478

400,416

Teekay

Tankers

Ltd.,

Class

A

(Canada)

4,418

168,900

Uranium

Energy

Corp.

*

36,931

125,565

7,800,709

Paper

&

Forest

Products

-

0.2%

Clearwater

Paper

Corp.

*

4,377

137,088

Sylvamo

Corp.

5,145

208,115

345,203

Passenger

Airlines

-

0.1%

Frontier

Group

Holdings,

Inc.

*

10,277

99,379

Personal

Care

Products

-

1.5%

BellRing

Brands,

Inc.

*

15,720

575,352

Edgewell

Personal

Care

Co.

5,955

246,001

elf

Beauty,

Inc.

*

11,460

1,309,076

Inter

Parfums,

Inc.

4,510

609,887

2,740,316

Pharmaceuticals

-

3.0%

Amphastar

Pharmaceuticals,

Inc.

*

6,080

349,418

Amylyx

Pharmaceuticals,

Inc.

*

14,214

306,596

Axsome

Therapeutics,

Inc.

*

7,740

556,196

Corcept

Therapeutics,

Inc.

*

9,365

208,371

Cymabay

Therapeutics,

Inc.

*

32,180

352,371

Enliven

Therapeutics,

Inc.

*

9,481

193,507

Evolus,

Inc.

*

7,488

54,438

Harmony

Biosciences

Holdings,

Inc.

*

2,329

81,958

Harrow

Health,

Inc.

*

5,305

101,007

Intra-Cellular

Therapies,

Inc.

*

8,242

521,884

Liquidia

Corp.

*

32,899

258,257

Ocular

Therapeutix,

Inc.

*

10,208

52,673

Pliant

Therapeutics,

Inc.

*

12,432

225,268

Prestige

Consumer

Healthcare,

Inc.

*

8,785

522,093

Reata

Pharmaceuticals,

Inc.,

Class

A

*

5,746

585,862

Revance

Therapeutics,

Inc.

*

13,371

338,420

Supernus

Pharmaceuticals,

Inc.

*

3,773

113,416

Terns

Pharmaceuticals,

Inc.

*

18,063

158,051

Ventyx

Biosciences,

Inc.

*

10,138

332,526

5,312,312

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

3.2%

Alight,

Inc.,

Class

A

*

9,360

86,486

ASGN,

Inc.

*

4,902

370,738

Barrett

Business

Services,

Inc.

1,086

94,699

CBIZ,

Inc.

*

11,004

586,293

CRA

International,

Inc.

2,601

265,302

CSG

Systems

International,

Inc.

3,853

203,207

ExlService

Holdings,

Inc.

*

5,261

794,727

Exponent,

Inc.

2,475

230,967

Franklin

Covey

Co.

*

4,967

216,959

Huron

Consulting

Group,

Inc.

*

5,824

494,516

ICF

International,

Inc.

3,314

412,229

Insperity,

Inc.

4,904

583,380

Kforce,

Inc.

1,508

94,491

Maximus,

Inc.

6,251

528,272

NV5

Global,

Inc.

*

2,047

226,746

Resources

Connection,

Inc.

7,165

112,562

TriNet

Group,

Inc.

*

875

83,099

TTEC

Holdings,

Inc.

4,096

138,609

Verra

Mobility

Corp.,

Class

A

*

7,464

147,190

5,670,472

Real

Estate

Management

&

Development

-

0.3%

St

Joe

Co.

(The)

10,523

508,682

Residential

REITs

-

0.2%

Apartment

Investment

and

Management

Co.,

Class

A,

REIT

14,887

126,837

BRT

Apartments

Corp.,

REIT

8,698

172,221

299,058

Retail

REITs

-

0.7%

Kite

Realty

Group

Trust,

REIT

10,352

231,264

Phillips

Edison

&

Co.,

Inc.,

REIT

6,856

233,652

Saul

Centers,

Inc.,

REIT

2,403

88,503

Tanger

Factory

Outlet

Centers,

Inc.,

REIT

19,764

436,191

Whitestone,

REIT

23,833

231,180

1,220,790

Semiconductors

&

Semiconductor

Equipment

-

4.0%

Aehr

Test

Systems

*

3,951

162,979

Alpha

&

Omega

Semiconductor

Ltd.

*

5,537

181,614

Amkor

Technology,

Inc.

26,399

785,370

Axcelis

Technologies,

Inc.

*

5,819

1,066,797

Cohu,

Inc.

*

3,690

153,356

Diodes,

Inc.

*

3,126

289,124

FormFactor,

Inc.

*

3,422

117,101

Impinj,

Inc.

*

4,043

362,455

indie

Semiconductor,

Inc.,

Class

A

(China)

*

16,385

154,019

MACOM

Technology

Solutions

Holdings,

Inc.

*

13,053

855,363

Onto

Innovation,

Inc.

*

884

102,959

PDF

Solutions,

Inc.

*

10,306

464,801

Photronics,

Inc.

*

8,662

223,393

35

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

4.0%

(continued)

Power

Integrations,

Inc.

973

92,114

Rambus,

Inc.

*

21,751

1,395,762

Silicon

Laboratories,

Inc.

*

1,917

302,387

SkyWater

Technology,

Inc.

*

7,261

68,399

Ultra

Clean

Holdings,

Inc.

*

3,328

127,995

Veeco

Instruments,

Inc.

*

8,355

214,556

7,120,544

Software

-

5.1%

A10

Networks,

Inc.

23,567

343,843

Agilysys,

Inc.

*

7,503

515,006

Altair

Engineering,

Inc.,

Class

A

*

8,707

660,339

Appfolio,

Inc.,

Class

A

*

5,314

914,752

Applied

Digital

Corp.

*

13,244

123,831

Blackbaud,

Inc.

*

2,681

190,834

BlackLine,

Inc.

*

2,202

118,512

Box,

Inc.,

Class

A

*

12,736

374,184

C3.ai,

Inc.,

Class

A

*

15,343

558,945

Clear

Secure,

Inc.,

Class

A

12,550

290,783

CommVault

Systems,

Inc.

*

980

71,168

Instructure

Holdings,

Inc.

*

18,190

457,660

Intapp,

Inc.

*

14,150

593,026

InterDigital,

Inc.

2,627

253,637

Marathon

Digital

Holdings,

Inc.

*

5,099

70,672

MicroStrategy,

Inc.,

Class

A

*

915

313,314

Model

N,

Inc.

*

6,700

236,912

N-able,

Inc.

*

18,204

262,320

OneSpan,

Inc.

*

3,511

52,103

PagerDuty,

Inc.

*

6,901

155,134

PowerSchool

Holdings,

Inc.,

Class

A

*

31,224

597,627

Progress

Software

Corp.

927

53,859

Qualys,

Inc.

*

1,482

191,430

Riot

Platforms,

Inc.

*

9,004

106,427

Sprinklr,

Inc.,

Class

A

*

4,696

64,946

Sprout

Social,

Inc.,

Class

A

*

1,132

52,253

SPS

Commerce,

Inc.

*

4,812

924,193

Tenable

Holdings,

Inc.

*

2,534

110,356

Varonis

Systems,

Inc.,

Class

B

*

2,100

55,965

Workiva,

Inc.

*

1,781

181,056

Yext,

Inc.

*

11,326

128,097

Zeta

Global

Holdings

Corp.,

Class

A

*

15,194

129,757

9,152,941

Specialized

REITs

-

0.2%

Farmland

Partners,

Inc.,

REIT

9,873

120,549

Four

Corners

Property

Trust,

Inc.,

REIT

2,805

71,247

PotlatchDeltic

Corp.,

REIT

1,840

97,244

289,040

Specialty

Retail

-

2.0%

Academy

Sports

&

Outdoors,

Inc.

11,188

604,712

Asbury

Automotive

Group,

Inc.

*

1,970

473,627

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.0%

(continued)

Buckle,

Inc.

(The)

5,074

175,560

Build-A-Bear

Workshop,

Inc.

6,434

137,816

Caleres,

Inc.

7,483

179,068

Destination

XL

Group,

Inc.

*

26,645

130,561

Foot

Locker,

Inc.

10,230

277,335

Group

1

Automotive,

Inc.

884

228,160

ODP

Corp.

(The)

*

8,720

408,270

Shoe

Carnival,

Inc.

5,985

140,528

Signet

Jewelers

Ltd.

3,658

238,721

Sonic

Automotive,

Inc.,

Class

A

5,550

264,569

Upbound

Group,

Inc.

1,631

50,773

Urban

Outfitters,

Inc.

*

5,330

176,583

Winmark

Corp.

586

194,828

3,681,111

Technology

Hardware,

Storage

&

Peripherals

-

1.1%

Avid

Technology,

Inc.

*

9,014

229,857

IonQ,

Inc.

*

4,586

62,049

Super

Micro

Computer,

Inc.

*

7,077

1,763,942

2,055,848

Textiles,

Apparel

&

Luxury

Goods

-

0.9%

Crocs,

Inc.

*

7,720

868,037

Kontoor

Brands,

Inc.

4,214

177,409

Movado

Group,

Inc.

7,797

209,194

Oxford

Industries,

Inc.

2,986

293,882

1,548,522

Tobacco

-

0.4%

Universal

Corp.

7,011

350,130

Vector

Group

Ltd.

29,267

374,910

725,040

Trading

Companies

&

Distributors

-

3.4%

Applied

Industrial

Technologies,

Inc.

5,103

739,067

Beacon

Roofing

Supply,

Inc.

*

4,115

341,463

BlueLinx

Holdings,

Inc.

*

3,458

324,291

Boise

Cascade

Co.

6,317

570,741

Custom

Truck

One

Source,

Inc.

*

11,401

76,843

GATX

Corp.

5,118

658,891

Global

Industrial

Co.

7,404

205,609

GMS,

Inc.

*

1,844

127,605

Herc

Holdings,

Inc.

2,377

325,292

Hudson

Technologies,

Inc.

*

25,425

244,589

McGrath

RentCorp

2,877

266,065

MRC

Global,

Inc.

*

9,353

94,185

NOW,

Inc.

*

15,443

159,989

Rush

Enterprises,

Inc.,

Class

A

10,250

622,585

Textainer

Group

Holdings

Ltd.

(China)

12,271

483,232

Titan

Machinery,

Inc.

*

3,594

106,023

Transcat,

Inc.

*

1,499

127,880

36

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

3.4%

(continued)

Veritiv

Corp.

4,296

539,621

6,013,971

Water

Utilities

-

0.6%

American

States

Water

Co.

5,663

492,681

Artesian

Resources

Corp.,

Class

A

2,870

135,521

Cadiz,

Inc.

*

10,859

44,088

California

Water

Service

Group

4,557

235,278

SJW

Group

2,732

191,540

1,099,108

Wireless

Telecommunication

Services

-

0.1%

Gogo,

Inc.

*

11,638

197,962

TOTAL

COMMON

STOCKS

(Cost

$126,136,177)

170,882,147

SHORT-TERM

INVESTMENTS

-

2.7%

INVESTMENT

COMPANIES

-

2.7%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(d)

(Cost

$4,906,194)

4,908,158

4,906,194

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.1%

(Cost

$131,042,371)

175,788,341

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.9%

(e)

3,370,792

NET

ASSETS

-

100.0%

179,159,133

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,558,379

0.9

%

Consumer

Discretionary

21,585,021

12.0

Consumer

Staples

11,445,020

6.4

Energy

12,327,430

6.9

Financials

14,175,482

7.9

Health

Care

32,751,636

18.3

Industrials

34,066,693

18.9

Information

Technology

28,001,978

15.6

Materials

7,842,347

4.4

Real

Estate

3,604,389

2.1

Utilities

3,523,772

2.0

Investment

Companies

4,906,194

2.7

Total

Investments

In

Securities

At

Value

175,788,341

98.1

Other

Assets

in

Excess

of

Liabilities

(e)

3,370,792

1.9

Net

Assets

$

179,159,133

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.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$291,064,

which

represents

0.16%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

June

30,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$7,235,

which

represents

0.00%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(e)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Level

3

security.

Futures

contracts

outstanding

as

of

June

30,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

75

9/2023

USD

$

7,138,875

$

77,626

$

77,626

37

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.4%

Australia

-

4.3%

BHP

Group

Ltd.

103,622

3,115,081

Brambles

Ltd.

63,239

608,079

Fortescue

Metals

Group

Ltd.

119,202

1,768,805

Glencore

plc

112,789

639,501

Goodman

Group,

REIT

83,782

1,126,268

Origin

Energy

Ltd.

49,728

279,499

Pilbara

Minerals

Ltd.

158,496

520,923

REA

Group

Ltd.

5,051

485,216

Rio

Tinto

plc

1,840

116,931

Suncorp

Group

Ltd.

32,626

293,152

Wesfarmers

Ltd.

25,533

841,805

WiseTech

Global

Ltd.

7,564

405,720

Woodside

Energy

Group

Ltd.

45,438

1,051,053

11,252,033

—

Austria

-

0.1%

voestalpine

AG

5,181

186,186

Belgium

-

0.0%

(a)

KBC

Group

NV

1,101

76,851

Brazil

-

0.1%

Wheaton

Precious

Metals

Corp.

(1)

7,921

342,551

Canada

-

7.8%

Alimentation

Couche-Tard,

Inc.

(1)

6,837

350,585

AltaGas

Ltd.

(1)

6,848

123,029

Cameco

Corp.

(1)

18,342

574,455

Canadian

National

Railway

Co.

(1)

2,758

333,979

Canadian

Natural

Resources

Ltd.

(1)

1,752

98,501

Canadian

Pacific

Kansas

City

Ltd.

(1)

34,551

2,790,682

Cenovus

Energy,

Inc.

(1)

48,819

829,158

Constellation

Software,

Inc.

(1)

758

1,570,506

Dollarama,

Inc.

(1)

8,369

566,799

Fairfax

Financial

Holdings

Ltd.

(1)

480

359,539

Franco-Nevada

Corp.

(1)

3,210

457,505

Hydro

One

Ltd.

(1)(b)

27,458

784,514

Imperial

Oil

Ltd.

(1)

18,904

967,211

Intact

Financial

Corp.

(1)

11,224

1,732,974

Loblaw

Cos.

Ltd.

(1)

2,251

206,078

Lumine

Group,

Inc.

(1)*(c)

2,271

31,149

Manulife

Financial

Corp.

(1)

11,369

214,893

National

Bank

of

Canada

(1)

12,593

938,237

Restaurant

Brands

International,

Inc.

(1)

18,952

1,469,379

Shopify,

Inc.,

Class

A

(1)*

25,872

1,672,135

Teck

Resources

Ltd.,

Class

B

(1)

14,180

596,636

Thomson

Reuters

Corp.

(1)

18,161

2,451,985

WSP

Global,

Inc.

(1)

10,904

1,440,587

20,560,516

—

China

-

0.6%

Budweiser

Brewing

Co.

APAC

Ltd.

(b)

108,469

280,681

Prosus

NV

16,015

1,172,845

1,453,526

—

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

4.8%

Danske

Bank

A/S

*

52,781

1,285,556

DSV

A/S

9,210

1,934,483

Genmab

A/S

*

2,731

1,034,933

Novo

Nordisk

A/S,

Class

B

41,333

6,676,927

Orsted

A/S

(b)

8,319

788,661

Pandora

A/S

2,704

241,688

Tryg

A/S

8,339

180,589

Vestas

Wind

Systems

A/S

*

22,648

602,150

12,744,987

—

Finland

-

1.1%

Metso

OYJ

15,657

188,929

Neste

OYJ

13,396

515,790

Nordea

Bank

Abp

59,272

645,631

Sampo

OYJ,

Class

A

23,105

1,037,701

UPM-Kymmene

OYJ

13,209

393,586

Wartsila

OYJ

Abp

12,652

142,664

2,924,301

—

France

-

11.6%

Air

Liquide

SA

5,291

948,862

Airbus

SE

12,153

1,757,102

Alstom

SA

4,006

119,582

AXA

SA

15,112

446,579

BNP

Paribas

SA

14,930

942,172

Capgemini

SE

1,728

327,184

Dassault

Aviation

SA

2,282

457,201

Dassault

Systemes

SE

9,102

403,318

Edenred

3,783

253,402

Engie

SA

8,596

143,148

Hermes

International

2,593

5,636,455

Legrand

SA

2,537

251,680

L'Oreal

SA

5,748

2,681,305

LVMH

Moet

Hennessy

Louis

Vuitton

SE

8,859

8,353,261

Orange

SA

173,892

2,032,179

Publicis

Groupe

SA

6,627

531,858

Renault

SA

22,207

936,993

Safran

SA

10,806

1,693,405

Sartorius

Stedim

Biotech

580

144,857

Sodexo

SA

6,697

737,456

Thales

SA

8,232

1,233,392

Valeo

9,142

196,455

Vivendi

SE

39,442

362,096

30,589,942

—

Germany

-

9.5%

Bayerische

Motoren

Werke

AG

17,010

2,092,350

Beiersdorf

AG

3,147

416,737

Commerzbank

AG

115,157

1,276,614

Continental

AG

3,775

285,203

Deutsche

Boerse

AG

2,277

420,367

Deutsche

Lufthansa

AG

(Registered)

*

63,254

648,578

Deutsche

Telekom

AG

(Registered)

68,314

1,490,510

Hannover

Rueck

SE

2,710

575,329

Heidelberg

Materials

AG

2,505

206,008

Infineon

Technologies

AG

52,845

2,176,276

Mercedes-Benz

Group

AG

16,036

1,290,758

Merck

KGaA

3,909

647,056

38

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

9.5%

(continued)

MTU

Aero

Engines

AG

1,752

454,415

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,870

2,579,085

Rheinmetall

AG

3,040

832,815

RWE

AG

32,963

1,436,406

SAP

SE

20,074

2,742,257

Siemens

AG

(Registered)

29,134

4,856,663

Siemens

Energy

AG

*

20,262

358,269

Symrise

AG,

Class

A

1,462

153,294

24,938,990

—

Hong

Kong

-

0.4%

AIA

Group

Ltd.

32,652

331,630

Hong

Kong

Exchanges

&

Clearing

Ltd.

2,886

109,348

Sino

Land

Co.

Ltd.

113,701

139,978

Techtronic

Industries

Co.

Ltd.

54,361

594,471

1,175,427

—

Italy

-

3.6%

Coca-Cola

HBC

AG

12,754

380,450

Ferrari

NV

8,665

2,833,004

Intesa

Sanpaolo

SpA

916,905

2,403,896

Mediobanca

Banca

di

Credito

Finanziario

SpA

7,318

87,615

Moncler

SpA

9,045

625,803

Prysmian

SpA

8,551

357,634

UniCredit

SpA

120,674

2,806,102

9,494,504

—

Japan

-

22.3%

Advantest

Corp.

4,583

617,257

Aeon

Co.

Ltd.

3,900

79,858

Ajinomoto

Co.,

Inc.

14,088

561,222

Bandai

Namco

Holdings,

Inc.

26,477

613,136

BayCurrent

Consulting,

Inc.

8,300

312,096

Capcom

Co.

Ltd.

12,730

504,623

Chiba

Bank

Ltd.

(The)

71,223

431,907

Chugai

Pharmaceutical

Co.

Ltd.

52,869

1,505,657

Dai

Nippon

Printing

Co.

Ltd.

7,586

215,485

Daiichi

Sankyo

Co.

Ltd.

87,406

2,777,263

Daikin

Industries

Ltd.

4,074

834,784

Disco

Corp.

4,052

642,428

Eisai

Co.

Ltd.

2,800

189,767

Fast

Retailing

Co.

Ltd.

5,856

1,501,916

Fujitsu

Ltd.

5,008

648,450

Hamamatsu

Photonics

KK

2,122

104,176

Hankyu

Hanshin

Holdings,

Inc.

6,365

210,453

Hikari

Tsushin,

Inc.

1,995

286,346

Hitachi

Ltd.

18,161

1,129,188

Honda

Motor

Co.

Ltd.

19,773

599,001

Hoshizaki

Corp.

9,092

326,427

Hoya

Corp.

11,287

1,350,673

Ibiden

Co.

Ltd.

1,800

102,415

Iida

Group

Holdings

Co.

Ltd.

4,644

78,478

Inpex

Corp.

11,054

121,444

Isuzu

Motors

Ltd.

18,670

226,490

ITOCHU

Corp.

76,629

3,043,823

Japan

Post

Bank

Co.

Ltd.

48,286

376,546

INVESTMENTS

SHARES

VALUE

($)

Japan

-

22.3%

(continued)

Japan

Tobacco,

Inc.

113,798

2,492,858

Keisei

Electric

Railway

Co.

Ltd.

2,900

120,203

Keyence

Corp.

3,110

1,477,737

Kikkoman

Corp.

3,395

193,884

Kintetsu

Group

Holdings

Co.

Ltd.

12,645

437,925

Kobe

Bussan

Co.

Ltd.

3,200

83,056

Konami

Group

Corp.

2,207

115,737

Kurita

Water

Industries

Ltd.

3,960

152,034

Lasertec

Corp.

680

102,759

Marubeni

Corp.

81,042

1,381,281

MatsukiyoCocokara

&

Co.

5,200

292,090

Mazda

Motor

Corp.

68,992

666,752

Mitsubishi

Corp.

44,552

2,153,951

Mitsubishi

HC

Capital,

Inc.

328,815

1,952,309

Mitsubishi

Heavy

Industries

Ltd.

14,172

661,907

Mitsui

&

Co.

Ltd.

32,926

1,246,178

Mitsui

OSK

Lines

Ltd.

3,936

94,697

Mizuho

Financial

Group,

Inc.

39,461

603,180

MonotaRO

Co.

Ltd.

13,409

171,239

Nexon

Co.

Ltd.

7,044

135,081

Nippon

Paint

Holdings

Co.

Ltd.

43,944

363,681

Nippon

Steel

Corp.

37,339

781,478

Nippon

Yusen

KK

84,601

1,878,874

Nissan

Chemical

Corp.

4,838

208,613

Nissin

Foods

Holdings

Co.

Ltd.

15,615

1,291,127

Nitori

Holdings

Co.

Ltd.

2,207

247,833

Nomura

Research

Institute

Ltd.

24,822

685,768

NTT

Data

Group

Corp.

10,609

148,748

Obic

Co.

Ltd.

7,723

1,239,606

Olympus

Corp.

8,269

130,860

Oracle

Corp.

Japan

1,100

81,811

Oriental

Land

Co.

Ltd.

11,881

463,193

Otsuka

Corp.

2,000

77,903

Pan

Pacific

International

Holdings

Corp.

10,500

188,052

Panasonic

Holdings

Corp.

19,519

239,341

Recruit

Holdings

Co.

Ltd.

13,918

444,198

Renesas

Electronics

Corp.

*

54,651

1,031,391

Resona

Holdings,

Inc.

97,250

465,631

Rohm

Co.

Ltd.

3,565

337,692

Seven

&

i

Holdings

Co.

Ltd.

2,462

106,364

Shimadzu

Corp.

10,609

327,909

Shimano,

Inc.

934

156,358

Shin-Etsu

Chemical

Co.

Ltd.

17,509

585,115

Shionogi

&

Co.

Ltd.

3,311

139,656

Shiseido

Co.

Ltd.

3,956

179,324

Shizuoka

Financial

Group,

Inc.

62,736

453,240

Sony

Group

Corp.

5,432

490,348

Sumitomo

Corp.

10,251

217,475

Sumitomo

Electric

Industries

Ltd.

20,028

245,387

Sumitomo

Mitsui

Financial

Group,

Inc.

122,721

5,259,755

Suzuki

Motor

Corp.

16,809

609,541

T&D

Holdings,

Inc.

16,200

237,587

Taisei

Corp.

26,222

916,154

Takeda

Pharmaceutical

Co.

Ltd.

27,335

858,936

TDK

Corp.

2,100

81,910

Terumo

Corp.

8,657

275,723

Tobu

Railway

Co.

Ltd.

16,463

441,425

Tokio

Marine

Holdings,

Inc.

4,500

103,741

39

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

22.3%

(continued)

Tokyo

Electron

Ltd.

4,329

623,499

Tokyo

Gas

Co.

Ltd.

11,627

253,673

Toyota

Tsusho

Corp.

5,778

288,762

Unicharm

Corp.

8,657

321,910

USS

Co.

Ltd.

4,662

77,183

Yakult

Honsha

Co.

Ltd.

6,705

424,065

Yamaha

Corp.

4,244

163,482

Yamaha

Motor

Co.

Ltd.

15,381

442,176

Yaskawa

Electric

Corp.

4,800

221,295

58,733,960

—

Macau

-

0.2%

Galaxy

Entertainment

Group

Ltd.

*

13,311

84,801

Sands

China

Ltd.

*

92,968

318,388

403,189

—

Netherlands

-

8.0%

ABN

AMRO

Bank

NV,

CVA

(b)

25,341

393,881

ASM

International

NV

2,571

1,091,657

ASML

Holding

NV

9,948

7,215,568

Ferrovial

SE

(1)

5,734

181,264

ING

Groep

NV

115,813

1,561,344

JDE

Peet's

NV

(1)

3,058

90,964

Shell

plc

256,683

7,657,288

Wolters

Kluwer

NV

22,087

2,804,463

20,996,429

—

Norway

-

0.3%

Kongsberg

Gruppen

ASA

7,733

351,497

Norsk

Hydro

ASA

92,607

552,055

903,552

—

Singapore

-

0.7%

DBS

Group

Holdings

Ltd.

25,212

588,770

Singapore

Exchange

Ltd.

60,675

432,079

STMicroelectronics

NV

17,718

883,657

1,904,506

—

South

Africa

-

0.1%

Anglo

American

plc

9,105

259,251

South

Korea

-

0.1%

Delivery

Hero

SE

*(b)

4,791

211,379

Spain

-

1.8%

Banco

Bilbao

Vizcaya

Argentaria

SA

162,242

1,246,457

Enagas

SA

32,822

645,071

Iberdrola

SA

169,050

2,207,591

Industria

de

Diseno

Textil

SA

17,153

665,327

4,764,446

—

Sweden

-

2.8%

Alfa

Laval

AB

22,988

838,548

Atlas

Copco

AB,

Class

A

50,466

728,572

Epiroc

AB,

Class

A

5,791

109,692

Evolution

AB

(b)

7,216

914,439

Hexagon

AB,

Class

B

96,475

1,186,674

Investor

AB,

Class

B

57,517

1,150,633

Nibe

Industrier

AB,

Class

B

53,339

507,166

Saab

AB,

Class

B

5,066

274,253

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

2.8%

(continued)

Sandvik

AB

10,002

195,281

Swedbank

AB,

Class

A

4,978

84,009

Volvo

AB,

Class

B

60,885

1,260,017

7,249,284

—

Switzerland

-

3.8%

ABB

Ltd.

(Registered)

23,954

942,371

Chocoladefabriken

Lindt

&

Spruengli

AG

14

176,022

Cie

Financiere

Richemont

SA

(Registered)

11,299

1,919,338

EMS-Chemie

Holding

AG

(Registered)

698

528,952

Geberit

AG

(Registered)

251

131,545

Givaudan

SA

(Registered)

101

335,011

Kuehne

+

Nagel

International

AG

(Registered)

1,898

562,239

Lonza

Group

AG

(Registered)

2,045

1,222,323

Novartis

AG

(Registered)

5,448

549,264

Partners

Group

Holding

AG

1,321

1,245,491

SIG

Group

AG

5,681

156,947

Sika

AG

(Registered)

4,195

1,201,451

UBS

Group

AG

(Registered)

50,350

1,020,528

9,991,482

—

United

Kingdom

-

9.7%

3i

Group

plc

7,191

178,243

abrdn

plc

34,419

95,581

Ashtead

Group

plc

29,123

2,019,124

Associated

British

Foods

plc

3,595

91,036

AstraZeneca

plc

18,025

2,583,961

Aviva

plc

82,791

416,543

BAE

Systems

plc

120,683

1,423,003

BP

plc

445,279

2,592,583

Bunzl

plc

14,576

555,463

Compass

Group

plc

51,559

1,443,814

Croda

International

plc

3,835

274,143

HSBC

Holdings

plc

619,630

4,906,133

Imperial

Brands

plc

40,935

906,074

JD

Sports

Fashion

plc

171,867

319,260

London

Stock

Exchange

Group

plc

9,284

988,128

NatWest

Group

plc

351,192

1,073,415

Phoenix

Group

Holdings

plc

20,794

140,691

Reckitt

Benckiser

Group

plc

15,577

1,170,625

Rolls-Royce

Holdings

plc

*

480,555

924,109

SSE

plc

20,284

475,662

Standard

Chartered

plc

112,397

977,864

Unilever

plc

31,555

1,643,203

Whitbread

plc

5,777

248,680

Wise

plc,

Class

A

*

20,391

170,440

25,617,778

—

United

States

-

2.7%

CSL

Ltd.

9,497

1,758,644

Experian

plc

4,463

171,294

Ferguson

plc

6,233

984,512

Holcim

AG

6,023

405,994

Jackson

Financial,

Inc.,

Class

A

(1)

223

6,826

Sanofi

11,923

1,283,580

Schneider

Electric

SE

8,827

1,603,660

40

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

2.7%

(continued)

Stellantis

NV

52,532

923,554

7,138,064

—

TOTAL

COMMON

STOCKS

(Cost

$169,227,983)

253,913,134

SHORT-TERM

INVESTMENTS

-

3.0%

INVESTMENT

COMPANIES

-

3.0%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(1)(d)

(Cost

$7,932,429)

7,935,604

7,932,429

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$177,160,412)

261,845,563

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

(e)

1,498,233

NET

ASSETS

-

100.0%

263,343,796

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

5,657,300

2.1

%

Consumer

Discretionary

41,337,902

15.7

Consumer

Staples

14,419,517

5.5

Energy

14,407,482

5.5

Financials

45,558,213

17.3

Health

Care

23,130,079

8.8

Industrials

57,863,017

22.0

Information

Technology

28,037,564

10.6

Materials

15,098,560

5.7

Real

Estate

1,266,246

0.5

Utilities

7,137,254

2.7

Investment

Companies

7,932,429

3.0

Total

Investments

In

Securities

At

Value

261,845,563

99.4

Other

Assets

in

Excess

of

Liabilities

(e)

1,498,233

0.6

Net

Assets

$

263,343,796

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

June

30,

2023

amounted

to

$3,373,555,

which

represents

1.28%

of

net

assets

of

the

Fund.

(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.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$31,149,

which

represents

0.01%

of

net

assets

of

the

Fund.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(e)

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

June

30,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

66

9/2023

USD

$

7,113,150

$

(12,376)

$

(12,376)

41

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

97.4%

Aerospace

&

Defense

-

1.8%

L3Harris

Technologies,

Inc.

6,080

1,190,282

Lockheed

Martin

Corp.

93,028

42,828,231

Northrop

Grumman

Corp.

45,643

20,804,079

64,822,592

Air

Freight

&

Logistics

-

2.3%

CH

Robinson

Worldwide,

Inc.

328,540

30,997,749

Expeditors

International

of

Washington,

Inc.

407,544

49,365,805

80,363,554

Beverages

-

4.1%

Coca-Cola

Co.

(The)

827,129

49,809,708

Molson

Coors

Beverage

Co.,

Class

B

188,576

12,415,844

Monster

Beverage

Corp.

*

524,151

30,107,233

PepsiCo,

Inc.

272,726

50,514,310

142,847,095

Biotechnology

-

4.5%

AbbVie,

Inc.

43,759

5,895,650

Amgen,

Inc.

41,330

9,176,087

Gilead

Sciences,

Inc.

644,093

49,640,247

Incyte

Corp.

*

51,143

3,183,652

Regeneron

Pharmaceuticals,

Inc.

*

36,501

26,227,429

United

Therapeutics

Corp.

*

59,651

13,167,958

Vertex

Pharmaceuticals,

Inc.

*

147,673

51,967,605

159,258,628

Capital

Markets

-

1.5%

CME

Group,

Inc.

231,063

42,813,663

Intercontinental

Exchange,

Inc.

73,438

8,304,369

51,118,032

Chemicals

-

0.9%

Air

Products

and

Chemicals,

Inc.

50,037

14,987,583

CF

Industries

Holdings,

Inc.

95,520

6,630,998

Corteva,

Inc.

170,601

9,775,437

NewMarket

Corp.

3,042

1,223,249

32,617,267

Commercial

Services

&

Supplies

-

2.4%

Cintas

Corp.

43,038

21,393,329

Copart,

Inc.

*

54,508

4,971,675

Republic

Services,

Inc.,

Class

A

156,349

23,947,976

Rollins,

Inc.

108,838

4,661,532

Waste

Management,

Inc.

179,362

31,104,958

86,079,470

Communications

Equipment

-

1.5%

Cisco

Systems,

Inc.

982,561

50,837,706

Ubiquiti,

Inc.

5,596

983,497

51,821,203

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

0.0%

(a)

MDU

Resources

Group,

Inc.

67,958

1,423,041

Construction

Materials

-

0.1%

Knife

River

Corp.

*

79,180

3,444,330

Consumer

Staples

Distribution

&

Retail

-

4.7%

Casey's

General

Stores,

Inc.

82,008

20,000,111

Costco

Wholesale

Corp.

94,324

50,782,155

Dollar

General

Corp.

36,221

6,149,602

Kroger

Co.

(The)

763,798

35,898,506

Walmart,

Inc.

329,695

51,821,460

164,651,834

Diversified

Consumer

Services

-

0.1%

Grand

Canyon

Education,

Inc.

*

33,898

3,498,613

Diversified

Telecommunication

Services

-

2.7%

AT&T,

Inc.

2,781,594

44,366,424

Verizon

Communications,

Inc.

1,409,235

52,409,450

96,775,874

Electric

Utilities

-

2.8%

Alliant

Energy

Corp.

64,199

3,369,163

American

Electric

Power

Co.,

Inc.

58,682

4,941,024

Avangrid,

Inc.

237,340

8,942,971

Duke

Energy

Corp.

353,786

31,748,756

Evergy,

Inc.

39,221

2,291,291

Exelon

Corp.

40,444

1,647,689

IDACORP,

Inc.

46,618

4,783,007

NextEra

Energy,

Inc.

100,359

7,446,638

Pinnacle

West

Capital

Corp.

93,921

7,650,805

PPL

Corp.

268,683

7,109,352

Xcel

Energy,

Inc.

318,018

19,771,179

99,701,875

Electrical

Equipment

-

0.3%

Eaton

Corp.

plc

30,731

6,180,004

Hubbell,

Inc.,

Class

B

10,449

3,464,471

9,644,475

Electronic

Equipment,

Instruments

&

Components

-

0.4%

Amphenol

Corp.,

Class

A

145,780

12,384,011

Littelfuse,

Inc.

3,718

1,083,091

13,467,102

Entertainment

-

0.9%

Electronic

Arts,

Inc.

239,732

31,093,240

Financial

Services

-

3.1%

Jack

Henry

&

Associates,

Inc.

28,136

4,707,997

Mastercard,

Inc.,

Class

A

119,773

47,106,721

MGIC

Investment

Corp.

195,810

3,091,840

Visa,

Inc.,

Class

A

223,753

53,136,862

108,043,420

42

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Food

Products

-

5.7%

Archer-Daniels-Midland

Co.

49,290

3,724,352

Flowers

Foods,

Inc.

450,270

11,202,718

General

Mills,

Inc.

256,146

19,646,398

Hershey

Co.

(The)

196,100

48,966,170

Hormel

Foods

Corp.

409,287

16,461,523

Ingredion,

Inc.

9,603

1,017,438

J

M

Smucker

Co.

(The)

225,775

33,340,194

Kraft

Heinz

Co.

(The)

870,503

30,902,857

McCormick

&

Co.,

Inc.

(Non-Voting)

54,954

4,793,637

Mondelez

International,

Inc.,

Class

A

401,242

29,266,592

199,321,879

Gas

Utilities

-

0.1%

Atmos

Energy

Corp.

38,449

4,473,157

Ground

Transportation

-

1.8%

JB

Hunt

Transport

Services,

Inc.

42,894

7,765,101

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

28,781

1,599,072

Landstar

System,

Inc.

113,538

21,860,606

Old

Dominion

Freight

Line,

Inc.

66,536

24,601,686

U-Haul

Holding

Co.

2,125

117,555

Union

Pacific

Corp.

31,927

6,532,903

62,476,923

Health

Care

Equipment

&

Supplies

-

3.9%

Abbott

Laboratories

216,198

23,569,906

Becton

Dickinson

&

Co.

92,507

24,422,773

Edwards

Lifesciences

Corp.

*

185,526

17,500,668

GE

HealthCare

Technologies,

Inc.

48,058

3,904,232

Hologic,

Inc.

*

102,165

8,272,300

Intuitive

Surgical,

Inc.

*

42,721

14,608,019

Medtronic

plc

259,093

22,826,093

ResMed,

Inc.

43,011

9,397,903

Stryker

Corp.

46,469

14,177,227

138,679,121

Health

Care

Providers

&

Services

-

5.8%

Centene

Corp.

*

227,256

15,328,417

Chemed

Corp.

23,276

12,607,911

Cigna

Group

(The)

128,889

36,166,253

CVS

Health

Corp.

230,805

15,955,550

Elevance

Health,

Inc.

24,550

10,907,320

Henry

Schein,

Inc.

*

60,979

4,945,397

Humana,

Inc.

100,516

44,943,719

McKesson

Corp.

20,507

8,762,846

Premier,

Inc.,

Class

A

140,438

3,884,515

Quest

Diagnostics,

Inc.

11,436

1,607,444

UnitedHealth

Group,

Inc.

104,503

50,228,322

205,337,694

Health

Care

Technology

-

0.1%

Veeva

Systems,

Inc.,

Class

A

*

18,763

3,710,008

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

1.1%

Booking

Holdings,

Inc.

*

594

1,603,996

McDonald's

Corp.

129,349

38,599,035

40,203,031

Household

Durables

-

0.2%

Garmin

Ltd.

75,680

7,892,667

Household

Products

-

3.9%

Church

&

Dwight

Co.,

Inc.

311,938

31,265,546

Clorox

Co.

(The)

37,109

5,901,815

Colgate-Palmolive

Co.

499,480

38,479,939

Kimberly-Clark

Corp.

66,600

9,194,796

Procter

&

Gamble

Co.

(The)

341,392

51,802,822

136,644,918

Industrial

Conglomerates

-

0.8%

Honeywell

International,

Inc.

127,725

26,502,938

Insurance

-

6.7%

Allstate

Corp.

(The)

141,721

15,453,258

Aon

plc,

Class

A

88,688

30,615,098

Arch

Capital

Group

Ltd.

*

72,482

5,425,278

Arthur

J

Gallagher

&

Co.

96,160

21,113,851

Assurant,

Inc.

56,703

7,128,701

Assured

Guaranty

Ltd.

18,808

1,049,486

Chubb

Ltd.

69,000

13,286,640

CNA

Financial

Corp.

26,466

1,022,117

Erie

Indemnity

Co.,

Class

A

20,859

4,380,599

Everest

Re

Group

Ltd.

55,003

18,803,325

Markel

Group,

Inc.

*

2,100

2,904,678

Marsh

&

McLennan

Cos.,

Inc.

138,620

26,071,650

Progressive

Corp.

(The)

284,952

37,719,096

Reinsurance

Group

of

America,

Inc.

43,956

6,096,258

RenaissanceRe

Holdings

Ltd.

33,348

6,220,069

Travelers

Cos.,

Inc.

(The)

155,356

26,979,123

Unum

Group

124,806

5,953,246

W

R

Berkley

Corp.

59,131

3,521,842

White

Mountains

Insurance

Group

Ltd.

1,821

2,529,205

236,273,520

Interactive

Media

&

Services

-

1.5%

Alphabet,

Inc.,

Class

A

*

389,637

46,639,549

Meta

Platforms,

Inc.,

Class

A

*

23,135

6,639,282

53,278,831

IT

Services

-

0.9%

Accenture

plc,

Class

A

45,607

14,073,408

Akamai

Technologies,

Inc.

*

60,052

5,396,873

Amdocs

Ltd.

90,648

8,960,555

VeriSign,

Inc.

*

11,716

2,647,465

31,078,301

43

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

2.8%

Agilent

Technologies,

Inc.

25,468

3,062,527

Danaher

Corp.

141,242

33,898,080

Mettler-Toledo

International,

Inc.

*

6,964

9,134,261

QIAGEN

NV

*

75,128

3,383,014

Thermo

Fisher

Scientific,

Inc.

71,822

37,473,128

West

Pharmaceutical

Services,

Inc.

34,960

13,371,151

100,322,161

Machinery

-

0.8%

Caterpillar,

Inc.

29,977

7,375,841

Cummins,

Inc.

9,380

2,299,601

IDEX

Corp.

19,384

4,172,600

Illinois

Tool

Works,

Inc.

40,234

10,064,937

Lincoln

Electric

Holdings,

Inc.

19,883

3,949,360

Toro

Co.

(The)

10,458

1,063,056

28,925,395

Media

-

0.1%

Fox

Corp.,

Class

A

70,264

2,388,976

Metals

&

Mining

-

0.3%

Newmont

Corp.

212,083

9,047,461

Royal

Gold,

Inc.

16,946

1,945,062

10,992,523

Multi-Utilities

-

1.7%

Ameren

Corp.

137,976

11,268,500

CMS

Energy

Corp.

44,983

2,642,751

Consolidated

Edison,

Inc.

244,269

22,081,918

DTE

Energy

Co.

84,134

9,256,423

Public

Service

Enterprise

Group,

Inc.

23,476

1,469,832

WEC

Energy

Group,

Inc.

128,444

11,333,898

58,053,322

Oil,

Gas

&

Consumable

Fuels

-

2.2%

Chevron

Corp.

107,327

16,887,904

ConocoPhillips

70,324

7,286,270

EOG

Resources,

Inc.

152,710

17,476,132

Exxon

Mobil

Corp.

295,140

31,653,765

Marathon

Petroleum

Corp.

21,924

2,556,338

75,860,409

Pharmaceuticals

-

4.5%

Bristol-Myers

Squibb

Co.

151,807

9,708,058

Eli

Lilly

&

Co.

112,165

52,603,142

Johnson

&

Johnson

308,028

50,984,794

Merck

&

Co.,

Inc.

337,813

38,980,242

Pfizer,

Inc.

188,883

6,928,228

159,204,464

Professional

Services

-

3.0%

Automatic

Data

Processing,

Inc.

99,408

21,848,884

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

15,816

1,765,066

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

3.0%

(continued)

CACI

International,

Inc.,

Class

A

*

53,086

18,093,832

CoStar

Group,

Inc.

*

132,914

11,829,346

FTI

Consulting,

Inc.

*

135,009

25,678,712

Leidos

Holdings,

Inc.

32,037

2,834,634

Paychex,

Inc.

112,609

12,597,569

Robert

Half

International,

Inc.

26,932

2,025,825

Science

Applications

International

Corp.

11,171

1,256,514

Verisk

Analytics,

Inc.,

Class

A

32,852

7,425,537

105,355,919

Semiconductors

&

Semiconductor

Equipment

-

2.1%

Advanced

Micro

Devices,

Inc.

*

8,590

978,487

Analog

Devices,

Inc.

25,044

4,878,822

Broadcom,

Inc.

32,808

28,458,643

Enphase

Energy,

Inc.

*

5,955

997,343

First

Solar,

Inc.

*

31,896

6,063,111

Texas

Instruments,

Inc.

173,553

31,243,011

72,619,417

Software

-

4.8%

Adobe,

Inc.

*

69,536

34,002,409

ANSYS,

Inc.

*

11,289

3,728,418

Cadence

Design

Systems,

Inc.

*

142,727

33,472,336

Dolby

Laboratories,

Inc.,

Class

A

112,322

9,399,105

Manhattan

Associates,

Inc.

*

33,515

6,698,978

Microsoft

Corp.

124,646

42,446,949

Oracle

Corp.

61,492

7,323,082

Roper

Technologies,

Inc.

55,140

26,511,312

Synopsys,

Inc.

*

16,359

7,122,872

170,705,461

Specialized

REITs

-

0.1%

Public

Storage,

REIT

9,602

2,802,632

Specialty

Retail

-

2.8%

AutoZone,

Inc.

*

12,409

30,940,104

Home

Depot,

Inc.

(The)

10,083

3,132,183

Lowe's

Cos.,

Inc.

42,948

9,693,364

O'Reilly

Automotive,

Inc.

*

35,632

34,039,250

Ulta

Beauty,

Inc.

*

44,291

20,843,123

98,648,024

Technology

Hardware,

Storage

&

Peripherals

-

1.7%

Apple,

Inc.

273,885

53,125,473

Hewlett

Packard

Enterprise

Co.

468,772

7,875,370

61,000,843

Textiles,

Apparel

&

Luxury

Goods

-

0.5%

Deckers

Outdoor

Corp.

*

13,589

7,170,372

Lululemon

Athletica,

Inc.

*

27,866

10,547,281

17,717,653

44

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Tobacco

-

1.1%

Altria

Group,

Inc.

269,489

12,207,851

Philip

Morris

International,

Inc.

274,627

26,809,088

39,016,939

Trading

Companies

&

Distributors

-

0.5%

Fastenal

Co.

80,827

4,767,985

WW

Grainger,

Inc.

17,520

13,816,097

18,584,082

Water

Utilities

-

0.3%

American

Water

Works

Co.,

Inc.

58,709

8,380,710

Essential

Utilities,

Inc.

51,592

2,059,036

10,439,746

Wireless

Telecommunication

Services

-

1.5%

T-Mobile

US,

Inc.

*

387,556

53,831,528

TOTAL

COMMON

STOCKS

(Cost

$2,212,680,940)

3,433,014,127

SHORT-TERM

INVESTMENTS

-

3.4%

INVESTMENT

COMPANIES

-

3.4%

Limited

Purpose

Cash

Investment

Fund,

5.10%

(b)

(Cost

$118,651,816)

118,699,296

118,651,817

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.8%

(Cost

$2,331,332,756)

3,551,665,944

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.8)%

(c)

(27,175,955)

NET

ASSETS

-

100.0%

3,524,489,989

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

237,368,450

6.7

%

Consumer

Discretionary

167,959,987

4.8

Consumer

Staples

682,482,666

19.4

Energy

75,860,409

2.2

Financials

395,434,972

11.2

Health

Care

766,512,077

21.7

Industrials

484,178,387

13.7

Information

Technology

400,692,327

11.4

Materials

47,054,120

1.3

Real

Estate

2,802,632

0.1

Utilities

172,668,100

4.9

Investment

Companies

118,651,817

3.4

Total

Investments

In

Securities

At

Value

3,551,665,944

100.8

Liabilities

in

Excess

of

Other

Assets

(c)

(27,175,955)

(0.8)

Net

Assets

$

3,524,489,989

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

(a)

Represents

less

than

0.05%

of

net

assets.

(b)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(c)

Includes

appreciation/(depreciation)

on

futures

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

June

30,

2023:

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

423

9/2023

USD

$

94,926,488

$

1,541,279

$

1,541,279

45

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.0%

Australia

-

8.3%

Aurizon

Holdings

Ltd.

318,655

833,667

BHP

Group

Ltd.

99,943

3,004,483

Cochlear

Ltd.

7,214

1,105,243

Coles

Group

Ltd.

64,049

786,451

Computershare

Ltd.

24,204

377,728

Fortescue

Metals

Group

Ltd.

29,644

439,879

Glencore

plc

150,663

854,242

Medibank

Pvt

Ltd.

77,630

182,351

Northern

Star

Resources

Ltd.

31,199

254,174

Pilbara

Minerals

Ltd.

421,510

1,385,362

QBE

Insurance

Group

Ltd.

31,119

324,908

REA

Group

Ltd.

11,269

1,082,537

Rio

Tinto

plc

7,399

470,204

Santos

Ltd.

66,457

332,517

Sonic

Healthcare

Ltd.

62,675

1,490,515

Telstra

Group

Ltd.

1,371,473

3,934,344

Treasury

Wine

Estates

Ltd.

180,326

1,352,293

Vicinity

Ltd.,

REIT

105,078

129,406

Washington

H

Soul

Pattinson

&

Co.

Ltd.

37,810

802,671

Wesfarmers

Ltd.

34,228

1,128,473

WiseTech

Global

Ltd.

17,122

918,394

Woolworths

Group

Ltd.

85,111

2,255,121

23,444,963

—

Austria

-

0.1%

Mondi

plc

24,674

376,437

Belgium

-

0.7%

Ageas

SA/NV

13,886

562,927

Anheuser-Busch

InBev

SA/NV

4,779

270,862

Elia

Group

SA/NV

3,102

394,121

Groupe

Bruxelles

Lambert

NV

4,492

354,121

UCB

SA

2,856

253,209

1,835,240

—

Brazil

-

0.9%

Wheaton

Precious

Metals

Corp.

(1)

37,759

1,632,921

Yara

International

ASA

26,365

931,526

2,564,447

—

Canada

-

11.8%

Agnico

Eagle

Mines

Ltd.

(1)

2,765

138,067

Alimentation

Couche-Tard,

Inc.

(1)

19,956

1,023,296

Bank

of

Montreal

(1)

1,972

178,094

Bank

of

Nova

Scotia

(The)

(1)

11,706

585,676

BCE,

Inc.

(1)

36,079

1,644,968

Canadian

Imperial

Bank

of

Commerce

(1)

11,478

490,051

Canadian

National

Railway

Co.

(1)

8,555

1,035,964

Canadian

Pacific

Kansas

City

Ltd.

(1)

12,615

1,018,913

Canadian

Utilities

Ltd.,

Class

A

(1)

38,965

1,009,163

CGI,

Inc.

(1)*

18,980

2,001,514

Constellation

Software,

Inc.

(1)

883

1,829,495

Emera,

Inc.

(1)

14,915

614,276

Fortis,

Inc.

(1)

43,359

1,868,553

Franco-Nevada

Corp.

(1)

17,747

2,529,391

George

Weston

Ltd.

(1)

1,315

155,467

INVESTMENTS

SHARES

VALUE

($)

Canada

-

11.8%

(continued)

Hydro

One

Ltd.

(1)(a)

107,653

3,075,800

Imperial

Oil

Ltd.

(1)

18,089

925,512

Intact

Financial

Corp.

(1)

11,764

1,816,349

Loblaw

Cos.

Ltd.

(1)

37,753

3,456,264

Lumine

Group,

Inc.

(1)*(b)

2,895

39,707

Manulife

Financial

Corp.

(1)

6,431

121,557

Metro,

Inc.,

Class

A

(1)

43,531

2,458,569

RB

Global,

Inc.

(1)

13,848

831,037

Rogers

Communications,

Inc.,

Class

B

(1)

9,625

439,128

Royal

Bank

of

Canada

(1)

12,411

1,185,310

Saputo,

Inc.

(1)

3,202

71,738

Sun

Life

Financial,

Inc.

(1)

3,828

199,556

Teck

Resources

Ltd.,

Class

B

(1)

3,924

165,106

Thomson

Reuters

Corp.

(1)

1,064

143,683

Toronto-Dominion

Bank

(The)

(1)

14,183

879,084

West

Fraser

Timber

Co.

Ltd.

(1)

14,652

1,258,761

33,190,049

—

China

-

1.1%

BOC

Hong

Kong

Holdings

Ltd.

346,500

1,061,443

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

548,300

1,418,815

SITC

International

Holdings

Co.

Ltd.

169,000

309,468

Wilmar

International

Ltd.

155,300

437,513

3,227,239

—

Denmark

-

3.4%

AP

Moller

-

Maersk

A/S,

Class

B

113

198,682

Carlsberg

A/S,

Class

B

10,858

1,738,704

Coloplast

A/S,

Class

B

6,574

822,645

Genmab

A/S

*

5,896

2,234,335

Novo

Nordisk

A/S,

Class

B

24,533

3,963,058

ROCKWOOL

A/S,

Class

B

2,452

634,104

9,591,528

—

Finland

-

1.0%

Elisa

OYJ

11,296

603,030

Kone

OYJ,

Class

B

4,637

242,258

Neste

OYJ

6,625

255,084

Nokia

OYJ

79,412

332,725

Orion

OYJ,

Class

B

22,876

949,377

UPM-Kymmene

OYJ

10,003

298,058

2,680,532

—

France

-

8.8%

Air

Liquide

SA

8,312

1,490,633

AXA

SA

8,126

240,134

BioMerieux

2,933

307,958

Bouygues

SA

25,369

852,231

Capgemini

SE

1,687

319,421

Carrefour

SA

37,270

706,294

Danone

SA

17,518

1,073,563

Dassault

Aviation

SA

10,864

2,176,614

Dassault

Systemes

SE

20,125

891,758

Engie

SA

76,996

1,282,208

EssilorLuxottica

SA

1,091

205,730

Hermes

International

1,373

2,984,517

Ipsen

SA

8,896

1,070,867

46

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

France

-

8.8%

(continued)

La

Francaise

des

Jeux

SAEM

(a)

2,348

92,414

L'Oreal

SA

8,650

4,035,018

Orange

SA

84,827

991,326

Pernod

Ricard

SA

3,684

814,071

Remy

Cointreau

SA

3,386

543,523

Societe

Generale

SA

28,921

752,127

Thales

SA

4,719

707,043

TotalEnergies

SE

42,453

2,436,999

Ubisoft

Entertainment

SA

*

15,193

429,437

Vivendi

SE

38,148

350,217

24,754,103

—

Germany

-

4.0%

Allianz

SE

(Registered)

1,648

383,858

Beiersdorf

AG

27,517

3,643,898

Carl

Zeiss

Meditec

AG

628

67,915

Deutsche

Boerse

AG

1,426

263,260

Evonik

Industries

AG

7,012

133,612

Fresenius

Medical

Care

AG

&

Co.

KGaA

8,303

396,810

Hannover

Rueck

SE

2,193

465,571

MTU

Aero

Engines

AG

454

117,754

Rational

AG

544

393,911

RWE

AG

22,192

967,045

SAP

SE

14,333

1,957,994

Scout24

SE

(a)

6,891

436,653

Siemens

Healthineers

AG

(a)

13,052

739,727

Telefonica

Deutschland

Holding

AG

412,272

1,160,344

11,128,352

—

Hong

Kong

-

3.1%

CK

Asset

Holdings

Ltd.

106,500

591,795

CLP

Holdings

Ltd.

314,000

2,445,620

Hang

Seng

Bank

Ltd.

15,900

226,664

HKT

Trust

&

HKT

Ltd.

74,000

86,164

Hong

Kong

&

China

Gas

Co.

Ltd.

681,487

590,161

MTR

Corp.

Ltd.

190,500

876,980

Power

Assets

Holdings

Ltd.

516,500

2,711,357

Sino

Land

Co.

Ltd.

125,866

154,955

Sun

Hung

Kai

Properties

Ltd.

52,000

657,000

Swire

Properties

Ltd.

125,800

309,954

WH

Group

Ltd.

(a)

192,000

102,254

8,752,904

—

Italy

-

0.6%

Assicurazioni

Generali

SpA

13,836

281,369

Coca-Cola

HBC

AG

28,120

838,816

Enel

SpA

30,046

202,583

Snam

SpA

46,962

245,440

Terna

-

Rete

Elettrica

Nazionale

13,966

119,118

1,687,326

—

Japan

-

21.5%

Astellas

Pharma,

Inc.

63,400

944,183

Bandai

Namco

Holdings,

Inc.

14,700

340,413

Brother

Industries

Ltd.

50,800

743,538

Canon,

Inc.

125,900

3,309,488

Capcom

Co.

Ltd.

52,200

2,069,231

Chugai

Pharmaceutical

Co.

Ltd.

23,400

666,409

Dai

Nippon

Printing

Co.

Ltd.

4,100

116,463

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.5%

(continued)

Daito

Trust

Construction

Co.

Ltd.

5,400

547,051

Disco

Corp.

5,100

808,585

FUJIFILM

Holdings

Corp.

20,000

1,191,663

Fujitsu

Ltd.

7,500

971,122

Hamamatsu

Photonics

KK

10,300

505,662

Hoshizaki

Corp.

2,800

100,527

Hoya

Corp.

26,200

3,135,256

Inpex

Corp.

40,500

444,952

Ito

En

Ltd.

2,700

74,669

Japan

Post

Bank

Co.

Ltd.

120,000

935,789

Japan

Post

Holdings

Co.

Ltd.

68,600

493,045

Japan

Tobacco,

Inc.

137,300

3,007,693

Kajima

Corp.

20,800

314,051

Kakaku.com,

Inc.

7,400

106,597

Kao

Corp.

4,000

145,160

KDDI

Corp.

136,900

4,227,898

Keyence

Corp.

2,200

1,045,345

Kikkoman

Corp.

12,200

696,725

Kirin

Holdings

Co.

Ltd.

46,400

677,565

Kobayashi

Pharmaceutical

Co.

Ltd.

29,600

1,609,461

Koei

Tecmo

Holdings

Co.

Ltd.

31,400

543,892

Koito

Manufacturing

Co.

Ltd.

6,200

112,512

Komatsu

Ltd.

10,800

292,119

Konami

Group

Corp.

1,800

94,394

Kyocera

Corp.

11,800

641,473

Kyowa

Kirin

Co.

Ltd.

17,700

328,074

McDonald's

Holdings

Co.

Japan

Ltd.

(1)

4,400

171,066

MEIJI

Holdings

Co.

Ltd.

24,400

544,873

Mitsubishi

Electric

Corp.

10,200

144,196

Mitsui

&

Co.

Ltd.

4,100

155,176

Murata

Manufacturing

Co.

Ltd.

1,500

86,161

Nexon

Co.

Ltd.

57,100

1,094,989

Nintendo

Co.

Ltd.

46,100

2,101,622

Nippon

Telegraph

&

Telephone

Corp.

1,785,000

2,112,202

Nissan

Chemical

Corp.

2,400

103,487

Nisshin

Seifun

Group,

Inc.

23,900

295,424

Nissin

Foods

Holdings

Co.

Ltd.

9,900

818,582

Nitto

Denko

Corp.

7,000

519,580

Nomura

Research

Institute

Ltd.

7,461

206,128

Obayashi

Corp.

11,000

95,132

Obic

Co.

Ltd.

2,100

337,068

Oji

Holdings

Corp.

158,800

593,764

Ono

Pharmaceutical

Co.

Ltd.

15,000

270,651

Oracle

Corp.

Japan

13,200

981,732

Osaka

Gas

Co.

Ltd.

78,500

1,203,233

Otsuka

Corp.

23,600

919,259

Otsuka

Holdings

Co.

Ltd.

19,600

718,961

Recruit

Holdings

Co.

Ltd.

26,500

845,757

Renesas

Electronics

Corp.

*

26,000

490,680

Rohm

Co.

Ltd.

1,200

113,669

SCSK

Corp.

41,700

656,234

Secom

Co.

Ltd.

17,700

1,197,909

Seiko

Epson

Corp.

29,100

454,315

Sekisui

Chemical

Co.

Ltd.

20,900

301,946

Seven

&

i

Holdings

Co.

Ltd.

1,900

82,084

SG

Holdings

Co.

Ltd.

9,800

139,790

Shin-Etsu

Chemical

Co.

Ltd.

8,800

294,078

Shizuoka

Financial

Group,

Inc.

60,300

435,641

47

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.5%

(continued)

SoftBank

Corp.

55,700

595,171

Square

Enix

Holdings

Co.

Ltd.

5,500

255,903

Suntory

Beverage

&

Food

Ltd.

67,900

2,461,492

Sysmex

Corp.

10,200

698,669

TIS,

Inc.

28,600

716,583

Tokyo

Gas

Co.

Ltd.

52,800

1,151,970

TOPPAN,

Inc.

14,900

322,014

Tosoh

Corp.

62,300

736,892

Trend

Micro,

Inc.

14,900

721,256

Unicharm

Corp.

14,500

539,181

USS

Co.

Ltd.

24,000

397,337

Yakult

Honsha

Co.

Ltd.

36,000

2,276,858

ZOZO,

Inc.

3,800

78,830

60,678,550

—

Luxembourg

-

0.1%

ArcelorMittal

SA

3,269

89,192

Eurofins

Scientific

SE

2,841

180,539

269,731

—

Netherlands

-

3.2%

Argenx

SE

*

2,612

1,018,669

ASML

Holding

NV

1,503

1,090,169

Heineken

NV

7,100

730,140

JDE

Peet's

NV

(1)

11,060

328,992

Koninklijke

Ahold

Delhaize

NV

85,044

2,899,408

Koninklijke

KPN

NV

77,116

275,302

Randstad

NV

9,566

504,508

Shell

plc

64,890

1,935,778

Wolters

Kluwer

NV

1,717

218,013

9,000,979

—

Norway

-

2.2%

Equinor

ASA

98,805

2,877,090

Gjensidige

Forsikring

ASA

57,466

920,596

Mowi

ASA

14,995

237,911

Norsk

Hydro

ASA

35,780

213,294

Orkla

ASA

242,946

1,746,886

Telenor

ASA

6,850

69,456

6,065,233

—

Portugal

-

0.3%

Jeronimo

Martins

SGPS

SA

31,646

871,802

Singapore

-

3.0%

DBS

Group

Holdings

Ltd.

56,200

1,312,426

Oversea-Chinese

Banking

Corp.

Ltd.

332,900

3,028,388

Singapore

Telecommunications

Ltd.

942,400

1,745,486

United

Overseas

Bank

Ltd.

70,900

1,471,264

Venture

Corp.

Ltd.

71,500

780,622

8,338,186

—

Spain

-

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

47,605

365,735

Endesa

SA

8,628

185,395

Iberdrola

SA

72,838

951,177

Industria

de

Diseno

Textil

SA

37,696

1,462,145

INVESTMENTS

SHARES

VALUE

($)

Spain

-

1.3%

(continued)

Redeia

Corp.

SA

36,434

612,712

3,577,164

—

Sweden

-

1.8%

Boliden

AB

13,304

385,526

Essity

AB,

Class

B

30,372

808,857

Evolution

AB

(a)

1,381

175,006

Industrivarden

AB,

Class

A

9,177

254,517

L

E

Lundbergforetagen

AB,

Class

B

10,068

428,741

Swedish

Orphan

Biovitrum

AB

*

80,200

1,567,531

Tele2

AB,

Class

B

139,048

1,149,969

Volvo

AB,

Class

B

12,485

258,377

5,028,524

—

Switzerland

-

5.2%

Alcon,

Inc.

4,045

335,583

Baloise

Holding

AG

(Registered)

7,909

1,163,352

Barry

Callebaut

AG

(Registered)

263

508,137

BKW

AG

3,106

549,141

Chocoladefabriken

Lindt

&

Spruengli

AG

93

1,169,288

EMS-Chemie

Holding

AG

(Registered)

596

451,655

Geberit

AG

(Registered)

400

209,634

Kuehne

+

Nagel

International

AG

(Registered)

4,123

1,221,343

Lonza

Group

AG

(Registered)

644

384,927

Novartis

AG

(Registered)

29,656

2,989,901

Schindler

Holding

AG

1,336

313,702

Sonova

Holding

AG

(Registered)

3,148

840,004

Swisscom

AG

(Registered)

5,381

3,358,501

Zurich

Insurance

Group

AG

2,611

1,242,023

14,737,191

—

United

Kingdom

-

9.5%

Admiral

Group

plc

2,973

78,736

Associated

British

Foods

plc

55,315

1,400,735

AstraZeneca

plc

12,430

1,781,894

Auto

Trader

Group

plc

(a)

271,631

2,109,086

Aviva

plc

79,813

401,560

BAE

Systems

plc

69,661

821,390

BP

plc

249,852

1,454,733

British

American

Tobacco

plc

115,661

3,842,889

CK

Hutchison

Holdings

Ltd.

48,500

296,012

Diageo

plc

61,975

2,664,367

Imperial

Brands

plc

78,477

1,737,046

Intertek

Group

plc

1,716

93,021

J

Sainsbury

plc

214,882

734,570

Johnson

Matthey

plc

5,364

119,079

Kingfisher

plc

52,858

155,785

National

Grid

plc

71,175

943,665

Next

plc

1,031

90,404

Reckitt

Benckiser

Group

plc

33,113

2,488,471

Sage

Group

plc

(The)

125,322

1,472,147

Schroders

plc

20,076

111,695

Smith

&

Nephew

plc

27,031

436,100

Tesco

plc

356,617

1,124,965

Unilever

plc

26,769

1,393,975

48

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.5%

(continued)

Vodafone

Group

plc

980,970

924,887

26,677,212

—

United

States

-

4.1%

CSL

Ltd.

11,635

2,154,555

Ferguson

plc

3,146

496,916

GSK

plc

20,352

360,690

Holcim

AG

1,641

110,615

Nestle

SA

(Registered)

29,022

3,491,103

QIAGEN

NV

*

26,210

1,178,139

Roche

Holding

AG

6,779

2,070,782

Sanofi

9,982

1,074,620

Swiss

Re

AG

4,603

463,811

11,401,231

—

TOTAL

COMMON

STOCKS

(Cost

$233,693,087)

269,878,923

PREFERRED

STOCKS

-

1.3%

Germany

-

1.3%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$3,488,076)

46,595

3,726,494

SHORT-TERM

INVESTMENTS

-

2.7%

INVESTMENT

COMPANIES

-

2.7%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.02%

(1)(c)

123

123

Limited

Purpose

Cash

Investment

Fund,

5.10%

(1)(c)

7,625,445

7,622,395

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$7,620,250)

7,622,518

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.0%

(Cost

$244,801,413)

281,227,935

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

0.0%

(d)(e)

(96,329)

NET

ASSETS

-

100.0%

281,131,606

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

33,992,736

12.1

%

Consumer

Discretionary

7,490,848

2.7

Consumer

Staples

72,318,330

25.7

Energy

10,662,665

3.8

Financials

24,464,400

8.7

Health

Care

36,743,525

13.1

Industrials

18,906,088

6.7

Information

Technology

26,533,907

9.4

Materials

18,980,019

6.8

Real

Estate

2,390,160

0.8

Utilities

21,122,739

7.5

Investment

Companies

7,622,518

2.7

Total

Investments

In

Securities

At

Value

281,227,935

100.0

Liabilities

in

Excess

of

Other

Assets

(d)

(96,329)

0.0(e

)

Net

Assets

$

281,131,606

100.0%

49

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

*

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

June

30,

2023

amounted

to

$8,149,755,

which

represents

2.90%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$39,707,

which

represents

0.01%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(d)

Includes

appreciation/(depreciation)

on

futures

contracts.

(e)

Represents

less

than

0.05%

of

net

assets.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

Futures

contracts

outstanding

as

of

June

30,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

E-Mini

Index

62

9/2023

USD

$

6,682,050

$

43,984

$

43,984

50

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

87.7%

Australia

-

2.5%

ASX

Ltd.

(2)

891

37,496

BHP

Group

Ltd.

(2)

87,236

2,622,484

BlueScope

Steel

Ltd.

(2)

187,729

2,583,680

Dexus,

REIT

(2)

15,954

83,086

Goodman

Group,

REIT

(2)

25,367

341,005

GPT

Group

(The),

REIT

(2)

42,925

118,777

Lendlease

Corp.

Ltd.

(2)

2,927

15,187

Mirvac

Group,

REIT

(2)

95,677

144,482

Pilbara

Minerals

Ltd.

(2)

121,109

398,045

Scentre

Group,

REIT

(2)

90,560

160,157

Sonic

Healthcare

Ltd.

(2)

21,237

505,051

South32

Ltd.

(2)

421,914

1,062,209

Stockland,

REIT

(2)

49,658

133,495

Vicinity

Ltd.,

REIT

(2)

97,628

120,231

8,325,385

—

Belgium

-

0.4%

Ageas

SA/NV

(2)

24,640

998,887

Solvay

SA

(2)

1,728

193,225

1,192,112

—

Canada

-

1.9%

Air

Canada

*

14,486

273,263

ARC

Resources

Ltd.

100,021

1,334,116

Bank

of

Montreal

2,870

259,194

Empire

Co.

Ltd.,

Class

A

7,331

208,240

Great-West

Lifeco,

Inc.

1,345

39,058

Imperial

Oil

Ltd.

17,988

920,345

Manulife

Financial

Corp.

4,685

88,554

Nutrien

Ltd.

12,953

764,713

Parkland

Corp.

4,158

103,577

Power

Corp.

of

Canada

7,139

192,170

Restaurant

Brands

International,

Inc.

5,705

442,318

RioCan,

REIT

11,451

166,654

Shopify,

Inc.,

Class

A

*

5,642

364,648

Suncor

Energy,

Inc.

14,311

419,797

West

Fraser

Timber

Co.

Ltd.

9,921

852,319

6,428,966

—

China

-

0.5%

BOC

Hong

Kong

Holdings

Ltd.

(2)

112,500

344,624

NXP

Semiconductors

NV

3,094

633,280

SITC

International

Holdings

Co.

Ltd.

(2)

387,000

708,663

1,686,567

—

Denmark

-

0.7%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

1,262

2,218,908

Danske

Bank

A/S

(2)*

5,712

139,124

2,358,032

—

Finland

-

0.2%

Metso

OYJ

(2)

18,734

226,058

Nokia

OYJ

(2)

102,120

427,868

653,926

—

INVESTMENTS

SHARES

VALUE

($)

France

-

2.2%

BNP

Paribas

SA

(2)

9,012

568,711

Cie

de

Saint-Gobain

(2)

38,827

2,364,036

Dassault

Aviation

SA

(2)

4,828

967,295

Renault

SA

(2)

27,155

1,145,766

Societe

Generale

SA

(2)

5,908

153,645

Sodexo

SA

(2)

1,377

151,632

TotalEnergies

SE

(2)

34,123

1,958,818

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

183,181

7,493,084

—

Germany

-

2.4%

Bayerische

Motoren

Werke

AG

(2)

27,285

3,356,249

Commerzbank

AG

(2)

19,998

221,695

Daimler

Truck

Holding

AG

(2)

8,574

309,025

Deutsche

Bank

AG

(Registered)

(2)

306,825

3,225,580

Deutsche

Lufthansa

AG

(Registered)

(2)*

21,004

215,366

E.ON

SE

(2)

10,502

134,157

Fresenius

SE

&

Co.

KGaA

(2)

1,365

37,861

GEA

Group

AG

(2)

2,949

123,463

Heidelberg

Materials

AG

(2)

1,124

92,436

Mercedes-Benz

Group

AG

(2)

3,225

259,584

7,975,416

—

Hong

Kong

-

0.2%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

14,581

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

199,637

Link,

REIT

(2)

18,329

102,040

New

World

Development

Co.

Ltd.

(2)

95,000

234,797

WH

Group

Ltd.

(2)(a)

432,000

230,072

781,127

—

Italy

-

0.8%

Eni

SpA

(2)

12,904

185,771

UniCredit

SpA

(2)

107,061

2,489,551

2,675,322

—

Japan

-

6.0%

Dai-ichi

Life

Holdings,

Inc.

(2)

6,300

119,825

Daito

Trust

Construction

Co.

Ltd.

(2)

486

49,235

Daiwa

House

Industry

Co.

Ltd.

(2)

2,451

64,760

Fujitsu

Ltd.

(2)

1,300

168,328

Hulic

Co.

Ltd.

(2)

1,500

12,853

Idemitsu

Kosan

Co.

Ltd.

(2)

6,900

138,449

Iida

Group

Holdings

Co.

Ltd.

(2)

50,600

855,081

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

214

143,184

Japan

Post

Insurance

Co.

Ltd.

(2)

105,600

1,587,055

Japan

Real

Estate

Investment

Corp.,

REIT

(2)

30

114,167

JFE

Holdings,

Inc.

(2)

214,300

3,063,754

Kajima

Corp.

(2)

6,800

102,671

Kao

Corp.

(2)

33,300

1,208,454

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

10,900

592,673

Kose

Corp.

(2)

900

86,517

51

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

6.0%

(continued)

Mazda

Motor

Corp.

(2)

162,500

1,570,431

McDonald's

Holdings

Co.

Japan

Ltd.

3,800

147,739

Mitsubishi

Corp.

(2)

20,900

1,010,450

Mitsubishi

Estate

Co.

Ltd.

(2)

5,764

68,478

Mitsui

Chemicals,

Inc.

(2)

3,200

94,322

Mitsui

Fudosan

Co.

Ltd.

(2)

4,598

91,645

Mizuho

Financial

Group,

Inc.

(2)

112,500

1,719,615

Nippon

Building

Fund,

Inc.,

REIT

(2)

22

86,508

Nippon

Steel

Corp.

(2)

106,500

2,228,968

Nippon

Yusen

KK

(2)

18,100

401,977

Nomura

Real

Estate

Holdings,

Inc.

(2)

1,000

23,775

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)

117

134,946

Obayashi

Corp.

(2)

27,700

239,559

Panasonic

Holdings

Corp.

(2)

65,500

803,156

Renesas

Electronics

Corp.

(2)*

55,000

1,037,977

Shiseido

Co.

Ltd.

(2)

15,000

679,946

Subaru

Corp.

(2)

11,400

214,705

SUMCO

Corp.

(2)

6,000

85,123

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

2,624

65,025

Tosoh

Corp.

(2)

51,300

606,783

ZOZO,

Inc.

(2)

6,100

126,542

19,744,676

—

Luxembourg

-

0.1%

ArcelorMittal

SA

(2)

17,951

489,778

Macau

-

0.1%

Sands

China

Ltd.

(2)*

121,200

415,075

Netherlands

-

1.1%

ING

Groep

NV

(2)

19,668

265,156

NN

Group

NV

(2)

50,349

1,863,802

OCI

NV

(2)

19,960

479,419

Shell

plc

(2)

38,971

1,162,571

3,770,948

—

Russia

-

0.0%

Evraz

plc

(3)*(b)

77,212

–

Singapore

-

0.0%

(c)

Singapore

Exchange

Ltd.

(2)

4,067

28,962

Spain

-

1.2%

Banco

Santander

SA

(2)

97,211

359,889

Repsol

SA

(2)

253,266

3,683,499

4,043,388

—

Sweden

-

0.4%

Assa

Abloy

AB,

Class

B

(2)

11,772

282,963

Investor

AB,

Class

B

(2)

8,816

176,365

Skanska

AB,

Class

B

(2)

26,682

374,361

SKF

AB,

Class

B

(2)

19,054

332,025

Svenska

Handelsbanken

AB,

Class

A

(2)

25,525

213,702

Swedbank

AB,

Class

A

(2)

5,044

85,123

1,464,539

—

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

1.2%

ABB

Ltd.

(Registered)

(2)

11,399

448,446

Baloise

Holding

AG

(Registered)

(2)

2,765

406,710

Novartis

AG

(Registered)

(2)

28,676

2,891,099

Swatch

Group

AG

(The)

(2)

314

91,811

Swiss

Life

Holding

AG

(Registered)

(2)

271

158,721

3,996,787

—

United

Kingdom

-

4.5%

3i

Group

plc

(2)

9,545

236,592

Aviva

plc

(2)

194,782

979,998

Barclays

plc

(2)

1,691,367

3,304,240

Barratt

Developments

plc

(2)

75,435

396,465

BP

plc

(2)

283,861

1,652,746

British

American

Tobacco

plc

(2)

15,725

522,470

CK

Hutchison

Holdings

Ltd.

(2)

276,500

1,687,575

DCC

plc

(2)

1,573

87,996

HSBC

Holdings

plc

(2)

426,101

3,373,801

Imperial

Brands

plc

(2)

19,106

422,901

Just

Eat

Takeaway.com

NV

(2)*(a)

19,381

297,083

Legal

&

General

Group

plc

(2)

238,187

689,623

Pearson

plc

(2)

12,679

132,925

Rolls-Royce

Holdings

plc

(2)*

409,383

787,245

Whitbread

plc

(2)

11,293

486,125

15,057,785

—

United

States

-

61.3%

3M

Co.

28,375

2,840,054

Activision

Blizzard,

Inc.

*

3,912

329,782

Adobe,

Inc.

*

8,084

3,952,995

Advance

Auto

Parts,

Inc.

12,773

897,942

Akamai

Technologies,

Inc.

*

21,704

1,950,538

Ally

Financial,

Inc.

48,372

1,306,528

Alphabet,

Inc.,

Class

A

*

49,392

5,912,222

Alphabet,

Inc.,

Class

C

*

27,001

3,266,311

Altria

Group,

Inc.

88,206

3,995,732

Amazon.com,

Inc.

*

39,921

5,204,102

American

Express

Co.

4,364

760,209

American

International

Group,

Inc.

46,147

2,655,298

American

Tower

Corp.,

REIT

4,396

852,560

Analog

Devices,

Inc.

493

96,041

Apple,

Inc.

77,750

15,081,167

Applied

Materials,

Inc.

3,267

472,212

Archer-Daniels-Midland

Co.

3,270

247,081

Arrow

Electronics,

Inc.

*

8,314

1,190,814

AvalonBay

Communities,

Inc.,

REIT

811

153,498

Berkshire

Hathaway,

Inc.,

Class

B

*

6,896

2,351,536

Boeing

Co.

(The)

*

540

114,026

Booking

Holdings,

Inc.

*

1,470

3,969,485

Bristol-Myers

Squibb

Co.

16,364

1,046,478

Broadcom,

Inc.

1,116

968,052

Capital

One

Financial

Corp.

7,426

812,182

Cardinal

Health,

Inc.

36,733

3,473,840

Centene

Corp.

*

5,270

355,462

CF

Industries

Holdings,

Inc.

46,780

3,247,468

Cheniere

Energy,

Inc.

6,708

1,022,031

Chevron

Corp.

7,271

1,144,092

Chewy,

Inc.,

Class

A

*

17,254

681,015

Cigna

Group

(The)

14,751

4,139,131

Cisco

Systems,

Inc.

53,279

2,756,655

52

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.3%

(continued)

Citigroup,

Inc.

83,822

3,859,165

Coca-Cola

Co.

(The)

24,520

1,476,594

Cognizant

Technology

Solutions

Corp.,

Class

A

33,042

2,156,982

Crown

Castle,

Inc.,

REIT

1,970

224,462

CVS

Health

Corp.

56,124

3,879,852

Delta

Air

Lines,

Inc.

*

81,005

3,850,978

Digital

Realty

Trust,

Inc.,

REIT

910

103,622

Discover

Financial

Services

7,712

901,147

DocuSign,

Inc.,

Class

A

*

7,510

383,686

Domino's

Pizza,

Inc.

4,407

1,485,115

Dropbox,

Inc.,

Class

A

*

32,728

872,856

Enphase

Energy,

Inc.

*

2,043

342,162

EOG

Resources,

Inc.

1,866

213,545

Equinix,

Inc.,

REIT

222

174,035

Equity

Residential,

REIT

2,048

135,107

Exxon

Mobil

Corp.

11,059

1,186,078

FedEx

Corp.

2,755

682,965

Fidelity

National

Information

Services,

Inc.

2,564

140,251

Ford

Motor

Co.

49,489

748,769

Gen

Digital,

Inc.

14,213

263,651

General

Dynamics

Corp.

5,063

1,089,304

General

Motors

Co.

105,261

4,058,864

Gilead

Sciences,

Inc.

9,056

697,946

GoDaddy,

Inc.,

Class

A

*

28,751

2,160,063

Goldman

Sachs

Group,

Inc.

(The)

910

293,511

Hasbro,

Inc.

16,795

1,087,812

Hewlett

Packard

Enterprise

Co.

127,169

2,136,439

HF

Sinclair

Corp.

13,972

623,291

Horizon

Therapeutics

plc

*

799

82,177

Humana,

Inc.

2,280

1,019,456

Huntington

Ingalls

Industries,

Inc.

11,563

2,631,739

Incyte

Corp.

*

2,360

146,910

Intel

Corp.

22,701

759,121

Johnson

&

Johnson

1,837

304,060

Keurig

Dr

Pepper,

Inc.

36,029

1,126,627

KLA

Corp.

1,041

504,906

Kraft

Heinz

Co.

(The)

2,616

92,868

Kroger

Co.

(The)

37,919

1,782,193

Lam

Research

Corp.

1,016

653,146

Lennar

Corp.,

Class

A

7,967

998,345

Lockheed

Martin

Corp.

2,211

1,017,900

LyondellBasell

Industries

NV,

Class

A

3,592

329,853

Marathon

Oil

Corp.

23,318

536,780

Marathon

Petroleum

Corp.

11,280

1,315,248

McDonald's

Corp.

8,165

2,436,518

McKesson

Corp.

6,499

2,777,088

Meta

Platforms,

Inc.,

Class

A

*

24,179

6,938,889

Microchip

Technology,

Inc.

19,092

1,710,452

Microsoft

Corp.

30,264

10,306,103

Molson

Coors

Beverage

Co.,

Class

B

25,463

1,676,484

Mosaic

Co.

(The)

49,621

1,736,735

Netflix,

Inc.

*

3,915

1,724,518

NVIDIA

Corp.

7,389

3,125,695

NVR,

Inc.

*

31

196,869

Owens

Corning

18,684

2,438,262

PACCAR,

Inc.

38,488

3,219,521

INVESTMENTS

SHARES

VALUE

($)

United

States

-

61.3%

(continued)

PayPal

Holdings,

Inc.

*

8,992

600,036

PG&E

Corp.

*

109,191

1,886,820

Phillips

66

3,433

327,440

Pioneer

Natural

Resources

Co.

1,196

247,787

Prologis,

Inc.,

REIT

2,980

365,437

Public

Storage,

REIT

2,484

725,030

PulteGroup,

Inc.

49,116

3,815,331

Qorvo,

Inc.

*

2,798

285,480

QUALCOMM,

Inc.

11,873

1,413,362

Regeneron

Pharmaceuticals,

Inc.

*

113

81,195

Ross

Stores,

Inc.

4,314

483,729

Salesforce,

Inc.

*

13,865

2,929,120

Simon

Property

Group,

Inc.,

REIT

1,723

198,972

Skyworks

Solutions,

Inc.

3,563

394,388

Southwest

Airlines

Co.

43,948

1,591,357

Splunk,

Inc.

*

3,247

344,474

SS&C

Technologies

Holdings,

Inc.

1,971

119,443

Starbucks

Corp.

3,769

373,357

Stellantis

NV

(2)

10,244

180,077

Stellantis

NV

(2)

127,863

2,247,933

Swiss

Re

AG

(2)

11,277

1,136,302

Synchrony

Financial

106,900

3,626,048

Tesla,

Inc.

*

14,563

3,812,157

Tyson

Foods,

Inc.,

Class

A

37,405

1,909,151

Ulta

Beauty,

Inc.

*

906

426,359

US

Bancorp

31,004

1,024,372

Valero

Energy

Corp.

21,275

2,495,558

VeriSign,

Inc.

*

439

99,201

Verizon

Communications,

Inc.

14,946

555,842

Viatris,

Inc.

175,178

1,748,276

VMware,

Inc.,

Class

A

*

1,113

159,927

Walmart,

Inc.

31,192

4,902,759

Welltower,

Inc.,

REIT

3,001

242,751

Zoom

Video

Communications,

Inc.,

Class

A

*

1,292

87,701

204,900,426

—

TOTAL

COMMON

STOCKS

(Cost

$241,408,736)

293,482,301

PREFERRED

STOCKS

-

0.5%

Germany

-

0.5%

Porsche

Automobil

Holding

SE

(Preference)

(2)*

865

52,133

Volkswagen

AG

(Preference)

(2)

12,966

1,743,573

TOTAL

PREFERRED

STOCKS

(Cost

$1,794,317)

1,795,706

53

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

8.0%

INVESTMENT

COMPANIES

-

8.0%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.02%

(d)(e)

4,684,942

4,684,942

Limited

Purpose

Cash

Investment

Fund,

5.10%

(d)

22,211,920

22,203,036

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$26,883,631)

26,887,978

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

96.2%

(Cost

$270,086,684)

322,165,985

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

3.8%

(f)

12,853,342

NET

ASSETS

-

100.0%

335,019,327

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

18,727,565

5.6

%

Consumer

Discretionary

45,792,172

13.7

Consumer

Staples

21,160,761

6.3

Energy

20,671,539

6.2

Financials

43,993,690

13.1

Health

Care

23,185,881

6.9

Industrials

32,756,894

9.8

Information

Technology

60,274,615

18.0

Materials

20,846,193

6.2

Real

Estate

5,833,139

1.8

Utilities

2,035,558

0.6

Investment

Companies

26,887,978

8.0

Total

Investments

In

Securities

At

Value

322,165,985

96.2

Other

Assets

in

Excess

of

Liabilities

(f

)

12,853,342

3.8

Net

Assets

$

335,019,327

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

June

30,

2023

amounted

to

$527,155,

which

represents

0.16%

of

net

assets

of

the

Fund.

(b)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

as

of

June

30,

2023

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

value

of

all

such

securities

at

June

30,

2023

amounted

to

$0,

which

represents

0.00%

of

net

assets

of

the

Fund.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Represents

7-day

effective

yield

as

of

June

30,

2023.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

(3)

Level

3

security.

Total

return

swap

contracts

outstanding

as

of

June

30,

2023

:

Over

the

Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Swiss

Market

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

09/15/2023

CHF

(4,417,530)

$

19,797

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.20%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/20/2023

EUR

6,501,281

202,704

54

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(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

TONAR

plus

or

minus

a

specified

spread

(0.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/20/2023

JPY

616,206,079

$

44,129

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.21%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/20/2023

EUR

523,886

18,928

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

plus

or

minus

a

specified

spread

(-0.35%)

Monthly

JPMC

09/20/2023

CHF

(1,498,930)

8,262

293,820

Amsterdam

Exchange

Index

July

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

07/21/2023

EUR

(10,232,772)

(57,035)

MSCI

France

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.41%)

Monthly

JPMC

09/20/2023

EUR

(75,269)

(1,039)

MSCI

United

Kingdom

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SONIA

plus

or

minus

a

specified

spread

(0.22%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/20/2023

GBP

214,741

(2,951)

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(-0.10%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/20/2023

ILS

2,179,500

(22,769)

(83,794)

$

210,026

55

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

June

30,

2023:

Exchange

Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

IBEX

35

Index

19

7/2023

EUR

$

1,979,982

$

44,666

MSCI

Singapore

Index

60

7/2023

SGD

1,281,721

4,738

FTSE

100

Index

132

9/2023

GBP

12,642,571

(138,115)

FTSE/MIB

Index

199

9/2023

EUR

30,794,957

739,785

S&P

500

E-Mini

Index

53

9/2023

USD

11,893,863

306,018

TOPIX

Index

241

9/2023

JPY

38,213,936

1,060,152

2,017,244

Short

Contracts

CAC

40

10

Euro

Index

(169)

7/2023

EUR

(13,665,911)

(152,994)

Hang

Seng

Index

(39)

7/2023

HKD

(4,680,149)

40,391

OMXS30

Index

(280)

7/2023

SEK

(6,013,249)

(73,935)

DAX

Index

(32)

9/2023

EUR

(14,204,805)

(191,393)

S&P/TSX

60

Index

(67)

9/2023

CAD

(12,326,280)

(197,710)

SPI

200

Index

(5)

9/2023

AUD

(596,288)

6,840

(568,801)

$

1,448,443

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2023:

Over

the

Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

31,509,033

USD

20,727,238

CITG

9/20/2023

$

308,895

AUD

31,509,030

USD

20,727,133

JPMC

9/20/2023

308,993

CAD

10,390,500

USD

7,780,255

CITG

9/20/2023

72,754

CAD

10,390,500

USD

7,780,217

JPMC

9/20/2023

72,792

DKK

2,947,500

USD

427,987

CITG

9/20/2023

6,069

DKK

2,947,500

USD

427,985

JPMC

9/20/2023

6,071

EUR

37,551,199

USD

40,448,468

CITG

9/20/2023

688,266

EUR

37,551,193

USD

40,448,259

JPMC

9/20/2023

688,471

GBP

12,313,502

USD

15,313,158

CITG

9/20/2023

328,242

GBP

12,313,495

USD

15,313,072

JPMC

9/20/2023

328,323

HKD

274,000

USD

35,029

CITG

9/20/2023

1

HKD

274,000

USD

35,029

JPMC

9/20/2023

1

ILS

790,750

USD

213,518

CITG

9/20/2023

447

ILS

790,749

USD

213,517

JPMC

9/20/2023

449

NOK

68,298,937

USD

6,335,078

CITG

9/20/2023

45,436

NOK

68,298,937

USD

6,335,046

JPMC

9/20/2023

45,466

SEK

41,107,627

USD

3,791,766

CITG

9/20/2023

34,026

SEK

41,107,623

USD

3,791,747

JPMC

9/20/2023

34,045

SGD

1,500

USD

1,109

CITG

9/20/2023

3

SGD

1,500

USD

1,109

JPMC

9/20/2023

3

USD

1,309,565

AUD

1,954,500

CITG

9/20/2023

4,698

USD

1,309,572

AUD

1,954,500

JPMC

9/20/2023

4,704

USD

34,262

DKK

232,000

CITG

9/20/2023

98

USD

34,262

DKK

232,000

JPMC

9/20/2023

98

USD

4,657,059

EUR

4,234,500

CITG

9/20/2023

18,232

USD

4,657,083

EUR

4,234,500

JPMC

9/20/2023

18,256

USD

898,409

HKD

7,017,000

CITG

9/20/2023

1,319

USD

898,413

HKD

7,017,000

JPMC

9/20/2023

1,323

56

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2023

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

7,861

ILS

28,500

CITG

9/20/2023

$

150

USD

7,861

ILS

28,500

JPMC

9/20/2023

150

USD

23,436,634

JPY

3,234,435,502

CITG

9/20/2023

745,044

USD

23,436,751

JPY

3,234,435,498

JPMC

9/20/2023

745,162

USD

1,781,418

SEK

19,000,000

CITG

9/20/2023

13,132

USD

1,781,427

SEK

19,000,000

JPMC

9/20/2023

13,140

USD

33,496

SGD

45,000

CITG

9/20/2023

123

USD

33,496

SGD

45,000

JPMC

9/20/2023

123

Total

unrealized

appreciation

4,534,505

AUD

12,796,500

USD

8,659,475

CITG

9/20/2023

(116,247)

AUD

12,796,500

USD

8,659,432

JPMC

9/20/2023

(116,204)

CAD

7,844,501

USD

5,966,586

CITG

9/20/2023

(37,811)

CAD

7,844,499

USD

5,966,555

JPMC

9/20/2023

(37,781)

DKK

692,500

USD

102,678

CITG

9/20/2023

(698)

DKK

692,500

USD

102,678

JPMC

9/20/2023

(698)

GBP

267,000

USD

341,555

CITG

9/20/2023

(2,395)

GBP

267,000

USD

341,553

JPMC

9/20/2023

(2,393)

HKD

575,000

USD

73,604

CITG

9/20/2023

(94)

HKD

575,000

USD

73,603

JPMC

9/20/2023

(94)

ILS

299,250

USD

82,244

CITG

9/20/2023

(1,270)

ILS

299,250

USD

82,244

JPMC

9/20/2023

(1,270)

NOK

85,201,064

USD

8,037,818

CITG

9/20/2023

(78,302)

NOK

85,201,062

USD

8,037,778

JPMC

9/20/2023

(78,262)

SEK

28,535,875

USD

2,665,723

CITG

9/20/2023

(9,954)

SEK

28,535,874

USD

2,665,709

JPMC

9/20/2023

(9,941)

SGD

907,001

USD

674,093

CITG

9/20/2023

(1,439)

SGD

906,999

USD

674,088

JPMC

9/20/2023

(1,435)

USD

7,886,958

CAD

10,665,302

CITG

9/20/2023

(173,744)

USD

7,884,164

CAD

10,665,300

JPMC

9/20/2023

(176,536)

USD

26,531,164

CHF

23,808,004

CITG

9/20/2023

(289,287)

USD

26,531,287

CHF

23,807,996

JPMC

9/20/2023

(289,154)

USD

267,493

DKK

1,841,000

CITG

9/20/2023

(3,618)

USD

267,495

DKK

1,841,000

JPMC

9/20/2023

(3,616)

USD

2,586,282

EUR

2,374,000

CITG

9/20/2023

(14,397)

USD

2,586,294

EUR

2,374,000

JPMC

9/20/2023

(14,384)

USD

1,430,989

JPY

205,000,000

CITG

9/20/2023

(7,214)

USD

1,430,996

JPY

205,000,000

JPMC

9/20/2023

(7,207)

USD

10,331,351

NOK

113,865,000

CITG

9/20/2023

(305,961)

USD

10,331,403

NOK

113,864,999

JPMC

9/20/2023

(305,910)

USD

22,117,431

NZD

36,454,502

CITG

9/20/2023

(247,288)

USD

22,117,538

NZD

36,454,497

JPMC

9/20/2023

(247,178)

USD

2,321,064

SEK

25,000,000

CITG

9/20/2023

(5,629)

USD

2,321,076

SEK

25,000,000

JPMC

9/20/2023

(5,617)

Total

unrealized

depreciation

(2,593,028)

Net

unrealized

appreciation

$

1,941,477

57

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2023

See

notes

to

Schedule

of

Investments.

June

30,

2023

(Unaudited)

Abbreviations

ADR

-

American

Depositary

Receipt

CVA

-

Dutch

Certification

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

Currencies

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

ILS

-

Israeli

shekel

JPY

-

Japanese

yen

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

USD

-

United

States

dollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

CITG

-

Citigroup

Global

Markets,

Inc.

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:

Euro

Short-Term

Rate

("ESTR"):

3.40%

Sterling

Overnight

Index

Average

(“SONIA”):

4.93%

Swiss

Average

Rate

Overnight

(“SARON”):

1.71%

Tel

Aviv

Interbank

Offer

Rate

("TELBOR"):

4.79%

Tokyo

Overnight

Average

Rate

(“TONAR”): -0.08%

58

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2023

June

30,

2023

(Unaudited)

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume

and

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

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.

Within

Level

3,

the

market

approach

generally

is

based

on

the

technique

of

using

comparable

market

transactions,

while

the

use

of

the

income

approach

includes

the

estimation

of

future

cash

flows

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

durations

of

any

restrictions

on

the

disposition

of

the

investment

or

adjusted

as

appropriate

for

credit,

market,

and/or

other

risk

factors.

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

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

$

973,100,278

$

–

$

–

$

973,100,278

Short-Term

Investments

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

46,136,736

–

–

46,136,736

Futures

Contracts*

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

1,403,234

–

–

1,403,234

Total

Assets

$

1,020,640,248

$

–

$

–

$

1,020,640,248

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

100,921,020

$

–

$

6,904

$

100,927,924

Short-Term

Investments

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

5,278,704

–

–

5,278,704

Futures

Contracts*

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

13,081

–

–

13,081

Total

Assets

$

106,212,805

$

–

$

6,904

$

106,219,709

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

50,055,934

$

407,647,371

$

–

$

457,703,305

Preferred

Stocks

†

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

–

647,888

–

647,888

Short-Term

Investments

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

22,318,653

–

–

22,318,653

Futures

Contracts*

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

129,825

–

–

129,825

Total

Assets

$

72,504,412

$

408,295,259

$

–

$

480,799,671

59

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2023

June

30,

2023

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

90,057,680

$

381,285,654

$

–

(a)

$

471,343,334

Preferred

Stocks

†

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

7,215,676

–

–

7,215,676

Short-Term

Investments

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

27,817,637

–

–

27,817,637

Total

Assets

$

125,090,993

$

381,285,654

$

–

(a)

$

506,376,647

LIABILITIES

Futures

Contracts*

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

$

(188,797)

$

–

$

–

$

(188,797)

Total

Liabilities

$

(188,797)

$

–

$

–

$

(188,797)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

682,722,709

$

–

$

–

$

682,722,709

Short-Term

Investments

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

36,864,664

–

–

36,864,664

Futures

Contracts*

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

801,752

–

–

801,752

Total

Assets

$

720,389,125

$

–

$

–

$

720,389,125

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

170,874,912

$

–

$

7,235

$

170,882,147

Short-Term

Investments

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

4,906,194

–

–

4,906,194

Futures

Contracts*

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

77,626

–

–

77,626

Total

Assets

$

175,858,732

$

–

$

7,235

$

175,865,967

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

21,182,121

$

232,731,013

$

–

$

253,913,134

Short-Term

Investments

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

7,932,429

–

–

7,932,429

Total

Assets

$

29,114,550

$

232,731,013

$

–

$

261,845,563

LIABILITIES

Futures

Contracts*

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

$

(12,376)

$

–

$

–

$

(12,376)

Total

Liabilities

$

(12,376)

$

–

$

–

$

(12,376)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

3,433,014,127

$

–

$

–

$

3,433,014,127

Short-Term

Investments

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

118,651,817

–

–

118,651,817

Futures

Contracts*

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

1,541,279

–

–

1,541,279

Total

Assets

$

3,553,207,223

$

–

$

–

$

3,553,207,223

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

35,323,028

$

234,555,895

$

–

$

269,878,923

Preferred

Stocks

†

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

–

3,726,494

–

3,726,494

Short-Term

Investments

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

7,622,518

–

–

7,622,518

Futures

Contracts*

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

43,984

–

–

43,984

Total

Assets

$

42,989,530

$

238,282,389

$

–

$

281,271,919

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

208,546,099

$

84,936,202

$

–

(a)

$

293,482,301

Preferred

Stocks

†

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

–

1,795,706

–

1,795,706

Short-Term

Investments

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

26,887,978

–

–

26,887,978

Futures

Contracts*

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

2,202,590

–

–

2,202,590

Forward

Foreign

Currency

Exchange

Contracts*

........

–

4,534,505

–

4,534,505

Total

Return

Swap

Contracts*

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

–

293,820

–

293,820

Total

Assets

$

237,636,667

$

91,560,233

$

–

(a)

$

329,196,900

60

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2023

June

30,

2023

(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. 

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.

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

reports. 

Subsequent

Events 

The

Funds

have

evaluated

subsequent

events

through

the

date

of

issuance

of

this

report

and

have

determined

that

there

are

no

material

events.

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Futures

Contracts*

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

$

(754,147)

$

–

$

–

$

(754,147)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(2,593,028)

–

(2,593,028)

Total

Return

Swap

Contracts*

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

–

(83,794)

–

(83,794)

Total

Liabilities

$

(754,147)

$

(2,676,822)

$

–

$

(3,430,969)

*

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.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Security

has

zero

value.