1

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

92.9%

Communication

Services

-

6.4%

Entertainment

-

0.3%

Netflix,

Inc.

*

1,958

953,311

Playtika

Holding

Corp.

*

230,248

2,007,763

2,961,074

Interactive

Media

&

Services

-

5.7%

Alphabet,

Inc.,

Class

A

*

119,157

16,645,041

Alphabet,

Inc.,

Class

C

*

118,248

16,664,691

Meta

Platforms,

Inc.,

Class

A

*

76,193

26,969,274

60,279,006

Media

-

0.4%

Comcast

Corp.,

Class

A

102,742

4,505,237

Liberty

Media

Corp-Liberty

SiriusXM

*

12,947

372,614

4,877,851

Total

Communication

Services

68,117,931

Consumer

Discretionary

-

11.0%

Automobile

Components

-

0.0%

†

Lear

Corp.

2,115

298,659

Phinia,

Inc.

12,292

372,325

670,984

Automobiles

-

0.9%

General

Motors

Co.

170,113

6,110,459

Tesla,

Inc.

*

12,594

3,129,357

9,239,816

Broadline

Retail

-

2.4%

Amazon.com,

Inc.

*

142,306

21,621,974

Macy's,

Inc.

194,452

3,912,374

25,534,348

Diversified

Consumer

Services

-

0.6%

H&R

Block,

Inc.

132,871

6,426,970

Hotels,

Restaurants

&

Leisure

-

1.2%

Aramark

30,203

848,704

Booking

Holdings,

Inc.

*

2,089

7,410,143

Expedia

Group,

Inc.

*

27,057

4,106,982

12,365,829

Household

Durables

-

2.7%

Lennar

Corp.,

Class

A

58,694

8,747,754

PulteGroup,

Inc.

105,583

10,898,277

Toll

Brothers,

Inc.

88,635

9,110,792

28,756,823

Specialty

Retail

-

2.9%

AutoNation,

Inc.

*

55,681

8,362,172

Best

Buy

Co.,

Inc.

29,575

2,315,131

Dick's

Sporting

Goods,

Inc.

5,679

834,529

Murphy

USA,

Inc.

12,078

4,306,532

Penske

Automotive

Group,

Inc.

51,358

8,243,472

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.9%

(continued)

Williams-Sonoma,

Inc.

34,351

6,931,345

30,993,181

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Capri

Holdings

Ltd.

*

21,374

1,073,830

PVH

Corp.

14,566

1,778,800

2,852,630

Total

Consumer

Discretionary

116,840,581

Consumer

Staples

-

3.1%

Beverages

-

0.9%

Molson

Coors

Beverage

Co.,

Class

B

156,382

9,572,142

Consumer

Staples

Distribution

&

Retail

-

1.5%

Albertsons

Cos.,

Inc.,

Class

A

4,409

101,407

Kroger

Co.

(The)

147,970

6,763,709

Walmart,

Inc.

56,207

8,861,034

15,726,150

Food

Products

-

0.2%

Bunge

Global

SA

2,929

295,683

Kraft

Heinz

Co.

(The)

8,704

321,874

Seaboard

Corp.

315

1,124,581

1,742,138

Tobacco

-

0.5%

Altria

Group,

Inc.

136,459

5,504,756

Total

Consumer

Staples

32,545,186

Energy

-

4.3%

Energy

Equipment

&

Services

-

0.3%

Baker

Hughes

Co.,

Class

A

92,509

3,161,958

Oil,

Gas

&

Consumable

Fuels

-

4.0%

Chesapeake

Energy

Corp.

11,124

855,880

Chevron

Corp.

28,034

4,181,551

Exxon

Mobil

Corp.

131,804

13,177,764

HF

Sinclair

Corp.

138,675

7,706,170

Marathon

Petroleum

Corp.

41,232

6,117,179

Phillips

66

5,626

749,046

Pioneer

Natural

Resources

Co.

5,852

1,315,998

Valero

Energy

Corp.

61,803

8,034,390

42,137,978

Total

Energy

45,299,936

Financials

-

13.5%

Banks

-

3.3%

Bank

of

America

Corp.

28,617

963,534

Citigroup,

Inc.

238,947

12,291,434

First

Citizens

BancShares,

Inc.,

Class

A

1,693

2,402,316

FNB

Corp.

30,369

418,181

JPMorgan

Chase

&

Co.

42,991

7,312,769

M&T

Bank

Corp.

2,121

290,747

New

York

Community

Bancorp,

Inc.

382,634

3,914,346

Popular,

Inc.

70,053

5,749,250

2

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

3.3%

(continued)

Wells

Fargo

&

Co.

36,236

1,783,536

35,126,113

Capital

Markets

-

0.1%

State

Street

Corp.

18,423

1,427,046

Consumer

Finance

-

1.2%

Ally

Financial,

Inc.

8,516

297,379

Capital

One

Financial

Corp.

20,235

2,653,213

Synchrony

Financial

258,650

9,877,843

12,828,435

Financial

Services

-

3.7%

Berkshire

Hathaway,

Inc.,

Class

B

*

43,607

15,552,873

Corebridge

Financial,

Inc.

110,160

2,386,065

Euronet

Worldwide,

Inc.

*

10,306

1,045,956

Global

Payments,

Inc.

18,702

2,375,154

MGIC

Investment

Corp.

282,251

5,444,622

NCR

Atleos

Corp.

*

12,310

299,010

PayPal

Holdings,

Inc.

*

25,520

1,567,183

Visa,

Inc.,

Class

A

1,219

317,367

Western

Union

Co.

(The)

846,759

10,093,367

39,081,597

Insurance

-

5.2%

American

International

Group,

Inc.

105,669

7,159,075

Assurant,

Inc.

6,937

1,168,815

Assured

Guaranty

Ltd.

21,550

1,612,586

Axis

Capital

Holdings

Ltd.

88,153

4,881,032

CNA

Financial

Corp.

26,305

1,112,964

Everest

Group

Ltd.

30,124

10,651,244

First

American

Financial

Corp.

7,215

464,935

MetLife,

Inc.

10,090

667,252

Old

Republic

International

Corp.

145,486

4,277,288

Reinsurance

Group

of

America,

Inc.

36,930

5,974,535

RenaissanceRe

Holdings

Ltd.

17,453

3,420,788

Travelers

Cos.,

Inc.

(The)

1,930

367,646

Unum

Group

297,942

13,472,937

55,231,097

Total

Financials

143,694,288

Health

Care

-

7.3%

Biotechnology

-

2.0%

AbbVie,

Inc.

30,675

4,753,705

Amgen,

Inc.

10,707

3,083,830

Gilead

Sciences,

Inc.

87,240

7,067,312

United

Therapeutics

Corp.

*

29,190

6,418,589

Vertex

Pharmaceuticals,

Inc.

*

764

310,864

21,634,300

Health

Care

Providers

&

Services

-

4.5%

Cardinal

Health,

Inc.

56,264

5,671,411

Centene

Corp.

*

10,308

764,957

Cigna

Group

(The)

20,894

6,256,708

CVS

Health

Corp.

57,251

4,520,539

Elevance

Health,

Inc.

24,456

11,532,471

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

4.5%

(continued)

Humana,

Inc.

3,442

1,575,782

McKesson

Corp.

9,346

4,327,011

Molina

Healthcare,

Inc.

*

25,826

9,331,192

UnitedHealth

Group,

Inc.

5,781

3,043,523

Universal

Health

Services,

Inc.,

Class

B

2,188

333,539

47,357,133

Pharmaceuticals

-

0.8%

Johnson

&

Johnson

20,007

3,135,897

Viatris,

Inc.

497,786

5,391,023

8,526,920

Total

Health

Care

77,518,353

Industrials

-

13.6%

Aerospace

&

Defense

-

1.6%

Curtiss-Wright

Corp.

6,990

1,557,302

Howmet

Aerospace,

Inc.

40,076

2,168,913

Huntington

Ingalls

Industries,

Inc.

16,268

4,223,824

Lockheed

Martin

Corp.

1,270

575,615

Textron,

Inc.

107,934

8,680,052

17,205,706

Air

Freight

&

Logistics

-

0.1%

FedEx

Corp.

3,395

858,833

Building

Products

-

1.9%

Builders

FirstSource,

Inc.

*

47,950

8,004,773

Owens

Corning

76,630

11,358,865

Trane

Technologies

plc

1,767

430,971

19,794,609

Construction

&

Engineering

-

0.5%

EMCOR

Group,

Inc.

19,228

4,142,288

MDU

Resources

Group,

Inc.

37,533

743,154

4,885,442

Electrical

Equipment

-

0.9%

Acuity

Brands,

Inc.

41,785

8,558,822

Vertiv

Holdings

Co.,

Class

A

10,015

481,020

9,039,842

Ground

Transportation

-

0.9%

Ryder

System,

Inc.

53,612

6,168,597

Schneider

National,

Inc.,

Class

B

126,122

3,209,805

U-Haul

Holding

Co.

*

1,585

113,803

9,492,205

Industrial

Conglomerates

-

1.3%

General

Electric

Co.

112,210

14,321,362

Machinery

-

4.3%

AGCO

Corp.

59,159

7,182,494

Allison

Transmission

Holdings,

Inc.

156,584

9,105,360

Crane

Co.

17,447

2,061,189

Cummins,

Inc.

5,311

1,272,356

Esab

Corp.

6,989

605,387

Gates

Industrial

Corp.

plc

*

153,914

2,065,526

3

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

4.3%

(continued)

Oshkosh

Corp.

52,083

5,646,318

PACCAR,

Inc.

116,356

11,362,163

Snap-on,

Inc.

16,004

4,622,595

Timken

Co.

(The)

23,364

1,872,625

45,796,013

Passenger

Airlines

-

0.0%

†

United

Airlines

Holdings,

Inc.

*

6,996

288,655

Professional

Services

-

0.9%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,592

3,145,563

Concentrix

Corp.

23,672

2,324,827

ManpowerGroup,

Inc.

55,730

4,428,863

9,899,253

Trading

Companies

&

Distributors

-

1.2%

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

41,875

4,240,263

United

Rentals,

Inc.

11,203

6,424,024

WESCO

International,

Inc.

11,138

1,936,675

12,600,962

Total

Industrials

144,182,882

Information

Technology

-

31.2%

Communications

Equipment

-

1.2%

Cisco

Systems,

Inc.

246,843

12,470,509

Electronic

Equipment,

Instruments

&

Components

-

2.7%

Arrow

Electronics,

Inc.

*

106,950

13,074,637

Avnet,

Inc.

89,077

4,489,481

Jabil,

Inc.

68,160

8,683,584

TD

SYNNEX

Corp.

16,360

1,760,500

28,008,202

IT

Services

-

0.7%

Accenture

plc,

Class

A

3,932

1,379,778

Cognizant

Technology

Solutions

Corp.,

Class

A

9,464

714,816

DXC

Technology

Co.

*

147,536

3,374,148

VeriSign,

Inc.

*

9,225

1,899,981

7,368,723

Semiconductors

&

Semiconductor

Equipment

-

7.5%

Applied

Materials,

Inc.

50,413

8,170,435

Broadcom,

Inc.

13,365

14,918,681

Cirrus

Logic,

Inc.

*

8,446

702,623

Intel

Corp.

65,655

3,299,164

Lam

Research

Corp.

13,813

10,819,170

Microchip

Technology,

Inc.

9,095

820,187

NVIDIA

Corp.

58,596

29,017,911

ON

Semiconductor

Corp.

*

33,318

2,783,053

QUALCOMM,

Inc.

19,055

2,755,925

Skyworks

Solutions,

Inc.

54,977

6,180,514

Texas

Instruments,

Inc.

2,520

429,559

79,897,222

INVESTMENTS

SHARES

VALUE

($)

Software

-

11.1%

Adobe,

Inc.

*

22,171

13,227,219

AppLovin

Corp.,

Class

A

*

74,936

2,986,200

Cadence

Design

Systems,

Inc.

*

32,005

8,717,202

Dropbox,

Inc.,

Class

A

*

14,790

436,009

Fortinet,

Inc.

*

7,915

463,265

Intuit,

Inc.

600

375,018

Manhattan

Associates,

Inc.

*

4,944

1,064,542

Microsoft

Corp.

200,601

75,434,000

NCR

Voyix

Corp.

*

113,149

1,913,349

Palo

Alto

Networks,

Inc.

*

2,899

854,857

RingCentral,

Inc.,

Class

A

*

39,505

1,341,195

Salesforce,

Inc.

*

17,509

4,607,318

Teradata

Corp.

*

71,518

3,111,748

Zoom

Video

Communications,

Inc.,

Class

A

*

49,788

3,580,255

118,112,177

Technology

Hardware,

Storage

&

Peripherals

-

8.0%

Apple,

Inc.

355,085

68,364,515

Hewlett

Packard

Enterprise

Co.

557,311

9,463,141

HP,

Inc.

214,628

6,458,157

Pure

Storage,

Inc.,

Class

A

*

9,723

346,722

84,632,535

Total

Information

Technology

330,489,368

Materials

-

2.1%

Chemicals

-

1.1%

CF

Industries

Holdings,

Inc.

44,560

3,542,520

LyondellBasell

Industries

NV,

Class

A

51,253

4,873,135

Mosaic

Co.

(The)

39,898

1,425,555

NewMarket

Corp.

2,761

1,507,037

11,348,247

Construction

Materials

-

0.1%

Eagle

Materials,

Inc.

6,222

1,262,071

Containers

&

Packaging

-

0.4%

Berry

Global

Group,

Inc.

50,242

3,385,808

International

Paper

Co.

33,430

1,208,495

4,594,303

Metals

&

Mining

-

0.5%

Cleveland-Cliffs,

Inc.

*

13,891

283,654

Reliance

Steel

&

Aluminum

Co.

17,715

4,954,531

United

States

Steel

Corp.

5,123

249,234

5,487,419

Total

Materials

22,692,040

Utilities

-

0.4%

Electric

Utilities

-

0.4%

Hawaiian

Electric

Industries,

Inc.

289,197

4,103,705

TOTAL

COMMON

STOCKS

(Cost

$569,796,843)

985,484,270

4

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

6.6%

INVESTMENT

COMPANIES

-

6.6%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(a)

(Cost

$70,076,001)

70,104,042

70,076,001

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.5%

(Cost

$639,872,844)

1,055,560,271

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.5%

‡

4,905,621

NET

ASSETS

-

100.0%

1,060,465,892

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

68,117,931

6.4

%

Consumer

Discretionary

116,840,581

11.0

Consumer

Staples

32,545,186

3.1

Energy

45,299,936

4.3

Financials

143,694,288

13.5

Health

Care

77,518,353

7.3

Industrials

144,182,882

13.6

Information

Technology

330,489,368

31.2

Materials

22,692,040

2.1

Utilities

4,103,705

0.4

Investment

Companies

70,076,001

6.6

Total

Investments

In

Securities

At

Value

1,055,560,271

99.5

Other

Assets

in

Excess

of

Liabilities

‡

4,905,621

0.5

Net

Assets

$

1,060,465,892

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

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

261

3/2024

USD

$

62,901,000

$

128,819

Net

value

$

128,819

5

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.6%

Communication

Services

-

1.4%

Diversified

Telecommunication

Services

-

0.1%

EchoStar

Corp.,

Class

A

*

4,671

77,398

IDT

Corp.,

Class

B

*

1,366

46,567

123,965

Entertainment

-

0.1%

Sphere

Entertainment

Co.

*

3,188

108,265

Interactive

Media

&

Services

-

0.7%

Cargurus,

Inc.,

Class

A

*

11,002

265,808

Cars.com,

Inc.

*

2,019

38,300

Eventbrite,

Inc.,

Class

A

*

4,571

38,214

EverQuote,

Inc.,

Class

A

*

3,199

39,156

Shutterstock,

Inc.

1,061

51,225

Yelp,

Inc.,

Class

A

*

5,558

263,116

695,819

Media

-

0.5%

AMC

Networks,

Inc.,

Class

A

*

3,251

61,086

Gannett

Co.,

Inc.

*

78,280

180,044

Gray

Television,

Inc.

22,081

197,846

Sinclair,

Inc.

4,005

52,185

TEGNA,

Inc.

2,041

31,228

522,389

Wireless

Telecommunication

Services

-

0.0%

†

Telephone

and

Data

Systems,

Inc.

2,107

38,663

Total

Communication

Services

1,489,101

Consumer

Discretionary

-

13.3%

Automobile

Components

-

1.3%

Adient

plc

*

2,404

87,409

American

Axle

&

Manufacturing

Holdings,

Inc.

*

18,802

165,646

Dana,

Inc.

7,492

109,458

Goodyear

Tire

&

Rubber

Co.

(The)

*

4,509

64,569

Holley,

Inc.

*

15,384

74,920

Modine

Manufacturing

Co.

*

5,213

311,216

Patrick

Industries,

Inc.

5,106

512,387

1,325,605

Automobiles

-

0.1%

Winnebago

Industries,

Inc.

1,070

77,982

Diversified

Consumer

Services

-

1.9%

2U,

Inc.

*

155,372

191,108

Adtalem

Global

Education,

Inc.

*

1,456

85,831

Chegg,

Inc.

*

19,071

216,647

Coursera,

Inc.

*

3,117

60,376

Duolingo,

Inc.,

Class

A

*

1,707

387,233

Frontdoor,

Inc.

*

805

28,352

Perdoceo

Education

Corp.

40,792

716,308

Stride,

Inc.

*

3,904

231,780

WW

International,

Inc.

*

9,362

81,917

1,999,552

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

0.9%

Bally's

Corp.

*

3,366

46,922

Bloomin'

Brands,

Inc.

11,605

326,681

Brinker

International,

Inc.

*

2,169

93,657

Carrols

Restaurant

Group,

Inc.

23,815

187,662

El

Pollo

Loco

Holdings,

Inc.

*

6,054

53,396

International

Game

Technology

plc

1,324

36,291

Monarch

Casino

&

Resort,

Inc.

906

62,650

RCI

Hospitality

Holdings,

Inc.

2,387

158,163

965,422

Household

Durables

-

3.9%

Beazer

Homes

USA,

Inc.

*

16,838

568,956

Cavco

Industries,

Inc.

*

174

60,312

Century

Communities,

Inc.

659

60,061

Ethan

Allen

Interiors,

Inc.

1,406

44,880

Green

Brick

Partners,

Inc.

*

3,118

161,949

Hovnanian

Enterprises,

Inc.,

Class

A

*

3,412

530,975

KB

Home

7,991

499,118

Landsea

Homes

Corp.

*

5,783

75,989

Lovesac

Co.

(The)

*

3,873

98,955

M/I

Homes,

Inc.

*

3,649

502,613

MDC

Holdings,

Inc.

4,307

237,962

Meritage

Homes

Corp.

1,424

248,061

Taylor

Morrison

Home

Corp.,

Class

A

*

14,483

772,668

Tri

Pointe

Homes,

Inc.

*

6,166

218,276

Worthington

Enterprises,

Inc.

778

44,774

4,125,549

Leisure

Products

-

0.5%

Acushnet

Holdings

Corp.

2,580

162,979

Johnson

Outdoors,

Inc.,

Class

A

997

53,260

MasterCraft

Boat

Holdings,

Inc.

*

9,907

224,294

Vista

Outdoor,

Inc.

*

2,472

73,097

513,630

Specialty

Retail

-

4.0%

1-800-Flowers.com,

Inc.,

Class

A

*

5,907

63,677

Abercrombie

&

Fitch

Co.,

Class

A

*

400

35,288

Academy

Sports

&

Outdoors,

Inc.

2,304

152,064

Asbury

Automotive

Group,

Inc.

*

2,406

541,278

Build-A-Bear

Workshop,

Inc.

3,682

84,649

Caleres,

Inc.

5,005

153,804

CarParts.com,

Inc.

*

14,005

44,256

Chico's

FAS,

Inc.

*

5,112

38,749

Designer

Brands,

Inc.,

Class

A

19,326

171,035

Destination

XL

Group,

Inc.

*

18,063

79,477

Foot

Locker,

Inc.

3,394

105,723

Genesco,

Inc.

*

3,420

120,418

Group

1

Automotive,

Inc.

2,771

844,435

Haverty

Furniture

Cos.,

Inc.

2,173

77,141

Hibbett,

Inc.

3,437

247,533

ODP

Corp.

(The)

*

7,955

447,867

Sally

Beauty

Holdings,

Inc.

*

6,792

90,198

Signet

Jewelers

Ltd.

4,375

469,262

6

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

4.0%

(continued)

Sonic

Automotive,

Inc.,

Class

A

1,192

67,002

Stitch

Fix,

Inc.,

Class

A

*

49,935

178,268

Upbound

Group,

Inc.

4,183

142,097

Urban

Outfitters,

Inc.

*

2,394

85,442

4,239,663

Textiles,

Apparel

&

Luxury

Goods

-

0.7%

Figs,

Inc.,

Class

A

*

17,561

122,049

G-III

Apparel

Group

Ltd.

*

12,955

440,211

Vera

Bradley,

Inc.

*

20,949

161,307

723,567

Total

Consumer

Discretionary

13,970,970

Consumer

Staples

-

3.5%

Beverages

-

1.0%

Coca-Cola

Consolidated,

Inc.

913

847,629

Vita

Coco

Co.,

Inc.

(The)

*

8,955

229,696

1,077,325

Consumer

Staples

Distribution

&

Retail

-

0.8%

Ingles

Markets,

Inc.,

Class

A

7,717

666,517

SpartanNash

Co.

1,939

44,500

United

Natural

Foods,

Inc.

*

5,348

86,798

797,815

Food

Products

-

0.8%

Cal-Maine

Foods,

Inc.

2,928

168,038

Fresh

Del

Monte

Produce,

Inc.

1,162

30,503

John

B

Sanfilippo

&

Son,

Inc.

6,083

626,792

825,333

Personal

Care

Products

-

0.7%

BellRing

Brands,

Inc.

*

1,124

62,303

Edgewell

Personal

Care

Co.

808

29,597

elf

Beauty,

Inc.

*

3,813

550,369

Herbalife

Ltd.

*

4,065

62,032

Medifast,

Inc.

536

36,030

740,331

Tobacco

-

0.2%

Universal

Corp.

2,375

159,885

Vector

Group

Ltd.

6,859

77,369

237,254

Total

Consumer

Staples

3,678,058

Energy

-

7.3%

Energy

Equipment

&

Services

-

2.2%

Helmerich

&

Payne,

Inc.

2,561

92,760

KLX

Energy

Services

Holdings,

Inc.

*

7,443

83,808

Liberty

Energy,

Inc.,

Class

A

38,022

689,719

Noble

Corp.

plc

3,503

168,705

ProPetro

Holding

Corp.

*

61,537

515,680

Ranger

Energy

Services,

Inc.

22,206

227,167

RPC,

Inc.

16,125

117,390

INVESTMENTS

SHARES

VALUE

($)

Energy

Equipment

&

Services

-

2.2%

(continued)

Select

Water

Solutions,

Inc.,

Class

A

10,120

76,811

US

Silica

Holdings,

Inc.

*

3,740

42,299

Weatherford

International

plc

*

3,127

305,914

2,320,253

Oil,

Gas

&

Consumable

Fuels

-

5.1%

Amplify

Energy

Corp.

*

5,150

30,539

Ardmore

Shipping

Corp.

(Ireland)

28,879

406,905

California

Resources

Corp.

1,663

90,933

Callon

Petroleum

Co.

*

3,249

105,268

Centrus

Energy

Corp.,

Class

A

*

1,603

87,219

Chord

Energy

Corp.

2,175

361,550

CONSOL

Energy,

Inc.

4,905

493,100

Dorian

LPG

Ltd.

7,568

332,008

FutureFuel

Corp.

21,645

131,602

Granite

Ridge

Resources,

Inc.

4,788

28,824

Gulfport

Energy

Corp.

*

2,596

345,787

Hallador

Energy

Co.

*

6,837

60,439

International

Seaways,

Inc.

5,076

230,856

Nordic

American

Tankers

Ltd.

12,270

51,534

Par

Pacific

Holdings,

Inc.

*

1,930

70,194

PBF

Energy,

Inc.,

Class

A

16,062

706,086

Peabody

Energy

Corp.

13,029

316,865

REX

American

Resources

Corp.

*

1,748

82,680

Ring

Energy,

Inc.

*

18,998

27,737

Scorpio

Tankers,

Inc.

(Monaco)

2,747

167,018

Sitio

Royalties

Corp.,

Class

A

3,114

73,210

SM

Energy

Co.

7,503

290,516

Teekay

Corp.

*

22,100

158,015

Teekay

Tankers

Ltd.,

Class

A

(Canada)

11,272

563,262

Uranium

Energy

Corp.

*

15,619

99,962

Vital

Energy,

Inc.

*

1,048

47,674

World

Kinect

Corp.

1,769

40,298

5,400,081

Total

Energy

7,720,334

Financials

-

13.7%

Banks

-

6.8%

1st

Source

Corp.

4,426

243,209

Amalgamated

Financial

Corp.

2,488

67,027

Associated

Banc-Corp.

15,697

335,759

Axos

Financial,

Inc.

*

3,329

181,763

Bancorp,

Inc.

(The)

*

7,871

303,506

Cathay

General

Bancorp

9,115

406,256

Central

Pacific

Financial

Corp.

2,127

41,859

Community

Trust

Bancorp,

Inc.

984

43,158

CrossFirst

Bankshares,

Inc.

*

10,893

147,927

Customers

Bancorp,

Inc.

*

6,801

391,874

Eagle

Bancorp,

Inc.

7,676

231,355

First

Financial

Corp.

4,928

212,052

First

Merchants

Corp.

4,786

177,465

Fulton

Financial

Corp.

5,753

94,694

Great

Southern

Bancorp,

Inc.

7,773

461,328

7

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

6.8%

(continued)

Hancock

Whitney

Corp.

1,620

78,716

Hanmi

Financial

Corp.

5,324

103,286

Heartland

Financial

USA,

Inc.

9,631

362,222

Hope

Bancorp,

Inc.

20,831

251,638

Horizon

Bancorp,

Inc.

3,764

53,863

Independent

Bank

Corp.

4,928

128,227

International

Bancshares

Corp.

10,172

552,543

Lakeland

Bancorp,

Inc.

1,943

28,737

Mercantile

Bank

Corp.

3,684

148,760

Metropolitan

Bank

Holding

Corp.

*

918

50,839

Midland

States

Bancorp,

Inc.

10,124

279,017

NBT

Bancorp,

Inc.

4,087

171,286

Northfield

Bancorp,

Inc.

4,079

51,314

OceanFirst

Financial

Corp.

15,775

273,854

OFG

Bancorp

3,824

143,323

Provident

Financial

Services,

Inc.

13,062

235,508

Renasant

Corp.

2,620

88,242

S&T

Bancorp,

Inc.

3,710

123,988

Sandy

Spring

Bancorp,

Inc.

2,759

75,155

Simmons

First

National

Corp.,

Class

A

2,300

45,632

TrustCo

Bank

Corp.

7,027

218,188

Univest

Financial

Corp.

2,541

55,978

Valley

National

Bancorp

14,039

152,463

Veritex

Holdings,

Inc.

1,642

38,209

WesBanco,

Inc.

1,938

60,795

WSFS

Financial

Corp.

725

33,299

7,144,314

Capital

Markets

-

0.6%

Brightsphere

Investment

Group,

Inc.

4,263

81,679

Diamond

Hill

Investment

Group,

Inc.

180

29,806

Donnelley

Financial

Solutions,

Inc.

*

4,172

260,208

StoneX

Group,

Inc.

*

2,985

220,383

Virtus

Investment

Partners,

Inc.

373

90,176

682,252

Consumer

Finance

-

0.5%

Bread

Financial

Holdings,

Inc.

9,868

325,052

Enova

International,

Inc.

*

2,754

152,461

Navient

Corp.

2,234

41,597

PROG

Holdings,

Inc.

*

946

29,241

548,351

Financial

Services

-

2.3%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

7,806

193,120

Jackson

Financial,

Inc.,

Class

A

8,666

443,699

Mr

Cooper

Group,

Inc.

*

16,899

1,100,463

Pagseguro

Digital

Ltd.,

Class

A

(Brazil)

*

12,937

161,324

Paysafe

Ltd.

*

2,512

32,129

Radian

Group,

Inc.

1,781

50,848

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

2.3%

(continued)

StoneCo

Ltd.,

Class

A

(Brazil)

*

26,379

475,613

2,457,196

Insurance

-

2.9%

Ambac

Financial

Group,

Inc.

*

20,900

344,432

American

Equity

Investment

Life

Holding

Co.

*

928

51,782

eHealth,

Inc.

*

9,917

86,476

Employers

Holdings,

Inc.

13,872

546,557

Genworth

Financial,

Inc.,

Class

A

*

104,211

696,129

HCI

Group,

Inc.

790

69,046

James

River

Group

Holdings

Ltd.

32,853

303,562

Selective

Insurance

Group,

Inc.

4,313

429,057

Stewart

Information

Services

Corp.

3,042

178,718

Universal

Insurance

Holdings,

Inc.

19,214

307,040

3,012,799

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Apollo

Commercial

Real

Estate

Finance,

Inc.

10,665

125,207

Arbor

Realty

Trust,

Inc.

6,322

95,968

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

194,897

Chimera

Investment

Corp.

12,242

61,088

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,604

126,978

604,138

Total

Financials

14,449,050

Health

Care

-

10.6%

Biotechnology

-

5.7%

ACADIA

Pharmaceuticals,

Inc.

*

4,832

151,290

ADMA

Biologics,

Inc.

*

30,828

139,342

Alkermes

plc

*

4,981

138,173

Amicus

Therapeutics,

Inc.

*

15,837

224,727

Arcellx,

Inc.

*

2,501

138,805

Arcturus

Therapeutics

Holdings,

Inc.

*

12,206

384,855

Ardelyx,

Inc.

*

6,541

40,554

CareDx,

Inc.

*

6,304

75,648

Catalyst

Pharmaceuticals,

Inc.

*

50,181

843,542

Cerevel

Therapeutics

Holdings,

Inc.

*

2,765

117,236

Cytokinetics,

Inc.

*

3,638

303,737

Eagle

Pharmaceuticals,

Inc.

*

68,942

360,567

Halozyme

Therapeutics,

Inc.

*

6,000

221,760

ImmunoGen,

Inc.

*

8,591

254,723

Immunovant,

Inc.

*

1,491

62,816

Insmed,

Inc.

*

6,637

205,681

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

8,824

154,773

MacroGenics,

Inc.

*

25,295

243,338

Madrigal

Pharmaceuticals,

Inc.

*

595

137,671

Organogenesis

Holdings,

Inc.,

Class

A

*

106,474

435,479

PDL

BioPharma,

Inc.

(3)*

32,677

2,663

8

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

5.7%

(continued)

Prothena

Corp.

plc

(Ireland)

*

1,573

57,163

Veracyte,

Inc.

*

1,045

28,748

Vericel

Corp.

*

3,087

109,928

Voyager

Therapeutics,

Inc.

*

53,272

449,616

Zymeworks,

Inc.

*

68,728

714,084

5,996,919

Health

Care

Equipment

&

Supplies

-

1.1%

Integer

Holdings

Corp.

*

343

33,984

Lantheus

Holdings,

Inc.

*

1,776

110,112

LeMaitre

Vascular,

Inc.

1,143

64,877

OraSure

Technologies,

Inc.

*

46,484

381,169

Semler

Scientific,

Inc.

*

3,992

176,806

Sight

Sciences,

Inc.

*

8,927

46,063

Tactile

Systems

Technology,

Inc.

*

11,134

159,216

Zimvie,

Inc.

*

8,274

146,863

Zynex,

Inc.

*

4,657

50,715

1,169,805

Health

Care

Providers

&

Services

-

2.2%

AdaptHealth

Corp.,

Class

A

*

19,830

144,561

AMN

Healthcare

Services,

Inc.

*

2,494

186,751

Community

Health

Systems,

Inc.

*

68,325

213,857

CorVel

Corp.

*

2,516

621,980

Cross

Country

Healthcare,

Inc.

*

9,047

204,824

Ensign

Group,

Inc.

(The)

3,518

394,755

Owens

&

Minor,

Inc.

*

14,150

272,671

Patterson

Cos.,

Inc.

5,749

163,559

PetIQ,

Inc.,

Class

A

*

4,719

93,200

Select

Medical

Holdings

Corp.

1,235

29,022

2,325,180

Life

Sciences

Tools

&

Services

-

0.0%

†

Singular

Genomics

Systems,

Inc.

*

7,564

3,480

Pharmaceuticals

-

1.6%

Amneal

Pharmaceuticals,

Inc.

*

62,528

379,545

Amphastar

Pharmaceuticals,

Inc.

*

3,631

224,577

Corcept

Therapeutics,

Inc.

*

15,077

489,701

EyePoint

Pharmaceuticals,

Inc.

*

10,169

235,006

Harmony

Biosciences

Holdings,

Inc.

*

1,411

45,575

Innoviva,

Inc.

*

10,365

166,255

Prestige

Consumer

Healthcare,

Inc.

*

488

29,876

Supernus

Pharmaceuticals,

Inc.

*

1,044

30,213

1,600,748

Total

Health

Care

11,096,132

Industrials

-

21.1%

Aerospace

&

Defense

-

0.5%

AAR

Corp.

*

1,965

122,616

Ducommun,

Inc.

*

1,921

100,007

Moog,

Inc.,

Class

A

1,353

195,887

National

Presto

Industries,

Inc.

997

80,039

INVESTMENTS

SHARES

VALUE

($)

Aerospace

&

Defense

-

0.5%

(continued)

V2X,

Inc.

*

644

29,908

528,457

Air

Freight

&

Logistics

-

0.6%

Hub

Group,

Inc.,

Class

A

*

6,311

580,233

Building

Products

-

2.7%

American

Woodmark

Corp.

*

591

54,874

Apogee

Enterprises,

Inc.

12,449

664,901

Insteel

Industries,

Inc.

7,233

276,952

JELD-WEN

Holding,

Inc.

*

3,580

67,591

Masterbrand,

Inc.

*

13,246

196,703

PGT

Innovations,

Inc.

*

2,652

107,936

Quanex

Building

Products

Corp.

5,172

158,108

UFP

Industries,

Inc.

10,652

1,337,359

2,864,424

Commercial

Services

&

Supplies

-

1.0%

ACCO

Brands

Corp.

52,646

320,088

Cimpress

plc

(Ireland)

*

404

32,340

Deluxe

Corp.

2,272

48,734

Ennis,

Inc.

6,061

132,796

Interface,

Inc.,

Class

A

14,577

183,962

MillerKnoll,

Inc.

1,845

49,225

Steelcase,

Inc.,

Class

A

20,405

275,876

1,043,021

Construction

&

Engineering

-

3.4%

API

Group

Corp.

*

6,084

210,506

Arcosa,

Inc.

3,429

283,373

Argan,

Inc.

4,208

196,892

Comfort

Systems

USA,

Inc.

2,375

488,466

Fluor

Corp.

*

4,504

176,422

IES

Holdings,

Inc.

*

1,107

87,697

Limbach

Holdings,

Inc.

*

7,962

362,032

MYR

Group,

Inc.

*

6,675

965,405

Sterling

Infrastructure,

Inc.

*

7,551

663,960

Tutor

Perini

Corp.

*

16,212

147,529

3,582,282

Electrical

Equipment

-

2.2%

Array

Technologies,

Inc.

*

3,293

55,322

Atkore,

Inc.

*

5,281

844,960

Babcock

&

Wilcox

Enterprises,

Inc.

*

28,790

42,034

Encore

Wire

Corp.

4,761

1,016,950

Energy

Vault

Holdings,

Inc.

*

35,210

82,039

FTC

Solar,

Inc.

*

174,669

121,011

Powell

Industries,

Inc.

725

64,090

Preformed

Line

Products

Co.

677

90,623

TPI

Composites,

Inc.

*

8,480

35,107

2,352,136

9

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0.7%

ArcBest

Corp.

4,002

481,080

Covenant

Logistics

Group,

Inc.,

Class

A

5,641

259,712

740,792

Machinery

-

4.2%

Blue

Bird

Corp.

*

10,787

290,818

Commercial

Vehicle

Group,

Inc.

*

35,809

251,021

Federal

Signal

Corp.

2,937

225,385

Hyster-Yale

Materials

Handling,

Inc.

3,997

248,573

Kennametal,

Inc.

1,320

34,043

Manitowoc

Co.,

Inc.

(The)

*

31,390

523,899

Mueller

Industries,

Inc.

24,918

1,174,884

Proto

Labs,

Inc.

*

3,501

136,399

REV

Group,

Inc.

13,034

236,828

Shyft

Group,

Inc.

(The)

4,035

49,308

Standex

International

Corp.

367

58,125

Terex

Corp.

6,014

345,564

Titan

International,

Inc.

*

20,295

301,990

Wabash

National

Corp.

21,457

549,728

4,426,565

Marine

Transportation

-

0.6%

Costamare,

Inc.

(Monaco)

22,753

236,859

Genco

Shipping

&

Trading

Ltd.

5,937

98,495

Safe

Bulkers,

Inc.

(Greece)

63,810

250,773

586,127

Passenger

Airlines

-

0.3%

Allegiant

Travel

Co.

806

66,584

Blade

Air

Mobility,

Inc.

*

21,963

77,529

SkyWest,

Inc.

*

1,956

102,103

Spirit

Airlines,

Inc.

4,469

73,247

319,463

Professional

Services

-

1.5%

Barrett

Business

Services,

Inc.

2,223

257,423

CSG

Systems

International,

Inc.

749

39,854

Heidrick

&

Struggles

International,

Inc.

1,022

30,180

IBEX

Holdings

Ltd.

*

5,269

100,164

Insperity,

Inc.

1,101

129,059

Kelly

Services,

Inc.,

Class

A

16,237

351,044

Kforce,

Inc.

5,911

399,347

Legalzoom.com,

Inc.

*

16,265

183,794

Resources

Connection,

Inc.

8,239

116,747

1,607,612

Trading

Companies

&

Distributors

-

3.4%

BlueLinx

Holdings,

Inc.

*

4,333

490,972

Boise

Cascade

Co.

11,094

1,435,120

DXP

Enterprises,

Inc.

*

878

29,589

GMS,

Inc.

*

7,975

657,379

Karat

Packaging,

Inc.

1,239

30,789

Rush

Enterprises,

Inc.,

Class

A

16,082

808,925

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

3.4%

(continued)

Textainer

Group

Holdings

Ltd.

(China)

1,804

88,757

Titan

Machinery,

Inc.

*

1,037

29,948

3,571,479

Total

Industrials

22,202,591

Information

Technology

-

18.0%

Communications

Equipment

-

0.5%

Aviat

Networks,

Inc.

*

1,159

37,853

CommScope

Holding

Co.,

Inc.

*

92,374

260,494

Extreme

Networks,

Inc.

*

13,834

244,032

542,379

Electronic

Equipment,

Instruments

&

Components

-

4.4%

Arlo

Technologies,

Inc.

*

52,218

497,115

Bel

Fuse,

Inc.,

Class

B

2,091

139,616

Benchmark

Electronics,

Inc.

3,100

85,684

Daktronics,

Inc.

*

19,732

167,327

ePlus,

Inc.

*

6,394

510,497

Fabrinet

(Thailand)

*

2,518

479,251

Insight

Enterprises,

Inc.

*

7,835

1,388,284

Kimball

Electronics,

Inc.

*

3,423

92,250

PC

Connection,

Inc.

6,496

436,596

Sanmina

Corp.

*

10,765

552,998

ScanSource,

Inc.

*

3,773

149,449

TTM

Technologies,

Inc.

*

5,015

79,287

Vishay

Intertechnology,

Inc.

3,204

76,800

4,655,154

IT

Services

-

0.4%

Hackett

Group,

Inc.

(The)

9,556

217,590

Perficient,

Inc.

*

680

44,757

Squarespace,

Inc.,

Class

A

*

3,885

128,244

Unisys

Corp.

*

5,619

31,579

422,170

Semiconductors

&

Semiconductor

Equipment

-

4.1%

ACM

Research,

Inc.,

Class

A

*

10,401

203,236

Amkor

Technology,

Inc.

24,882

827,824

Axcelis

Technologies,

Inc.

*

2,645

343,030

Diodes,

Inc.

*

6,933

558,245

FormFactor,

Inc.

*

6,297

262,648

inTEST

Corp.

*

11,659

158,562

Kulicke

&

Soffa

Industries,

Inc.

(Singapore)

539

29,494

NVE

Corp.

409

32,078

Onto

Innovation,

Inc.

*

1,983

303,201

Photronics,

Inc.

*

24,229

760,064

Power

Integrations,

Inc.

411

33,747

Rambus,

Inc.

*

2,088

142,506

SMART

Global

Holdings,

Inc.

*

8,317

157,441

Synaptics,

Inc.

*

2,174

248,010

Ultra

Clean

Holdings,

Inc.

*

6,607

225,563

4,285,649

10

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.0%

8x8,

Inc.

*

104,856

396,356

A10

Networks,

Inc.

2,244

29,554

ACI

Worldwide,

Inc.

*

1,023

31,304

Adeia,

Inc.

10,616

131,532

Amplitude,

Inc.,

Class

A

*

13,225

168,222

Appfolio,

Inc.,

Class

A

*

624

108,102

Box,

Inc.,

Class

A

*

1,137

29,119

C3.ai,

Inc.,

Class

A

*

1,764

50,644

Cleanspark,

Inc.

*

17,245

190,212

Clear

Secure,

Inc.,

Class

A

4,887

100,917

CommVault

Systems,

Inc.

*

2,162

172,636

Consensus

Cloud

Solutions,

Inc.

*

18,548

486,143

CS

Disco,

Inc.

*

6,088

46,208

Digital

Turbine,

Inc.

*

15,462

106,069

Everbridge,

Inc.

*

2,042

49,641

EverCommerce,

Inc.

*

4,888

53,915

Freshworks,

Inc.,

Class

A

*

10,162

238,705

InterDigital,

Inc.

4,829

524,140

LiveRamp

Holdings,

Inc.

*

5,159

195,423

Marathon

Digital

Holdings,

Inc.

*

5,800

136,242

MicroStrategy,

Inc.,

Class

A

*

318

200,855

Mitek

Systems,

Inc.

*

11,157

145,487

ON24,

Inc.

10,400

81,952

Progress

Software

Corp.

5,680

308,424

Qualys,

Inc.

*

3,442

675,596

Riot

Platforms,

Inc.

*

2,135

33,028

Sapiens

International

Corp.

NV

(Israel)

1,145

33,136

SolarWinds

Corp.

*

9,958

124,375

SPS

Commerce,

Inc.

*

3,897

755,395

Tenable

Holdings,

Inc.

*

1,568

72,222

Verint

Systems,

Inc.

*

3,278

88,604

Weave

Communications,

Inc.

*

3,228

37,025

Workiva,

Inc.

*

2,630

267,024

Xperi,

Inc.

*

6,882

75,840

Yext,

Inc.

*

8,324

49,028

Zeta

Global

Holdings

Corp.,

Class

A

*

8,754

77,210

Zuora,

Inc.,

Class

A

*

3,394

31,904

6,302,189

Technology

Hardware,

Storage

&

Peripherals

-

2.6%

Eastman

Kodak

Co.

*

82,019

319,874

Immersion

Corp.

59,893

422,845

IonQ,

Inc.

*

32,356

400,891

Super

Micro

Computer,

Inc.

*

3,547

1,008,270

Turtle

Beach

Corp.

*

13,826

151,395

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

2.6%

(continued)

Xerox

Holdings

Corp.

22,525

412,883

2,716,158

Total

Information

Technology

18,923,699

Materials

-

4.8%

Chemicals

-

0.7%

Core

Molding

Technologies,

Inc.

*

15,827

293,274

Koppers

Holdings,

Inc.

3,235

165,697

Livent

Corp.

*

7,025

126,310

Orion

SA

(Germany)

2,359

65,415

Rayonier

Advanced

Materials,

Inc.

*

25,200

102,060

752,756

Construction

Materials

-

0.1%

Knife

River

Corp.

*

2,158

142,816

Containers

&

Packaging

-

0.1%

O-I

Glass,

Inc.

*

5,499

90,074

Metals

&

Mining

-

3.9%

Alpha

Metallurgical

Resources,

Inc.

1,403

475,505

Arch

Resources,

Inc.

1,759

291,888

Commercial

Metals

Co.

18,692

935,348

Constellium

SE,

Class

A

*

16,738

334,090

Olympic

Steel,

Inc.

9,392

626,446

Ramaco

Resources,

Inc.,

Class

A

4,615

79,286

Ryerson

Holding

Corp.

10,496

364,001

SunCoke

Energy,

Inc.

15,698

168,597

TimkenSteel

Corp.

*

16,364

383,736

Warrior

Met

Coal,

Inc.

6,886

419,839

4,078,736

Total

Materials

5,064,382

Real

Estate

-

0.7%

Diversified

REITs

-

0.0%

†

American

Assets

Trust,

Inc.,

REIT

1,543

34,733

Health

Care

REITs

-

0.1%

Physicians

Realty

Trust,

REIT

10,265

136,627

Hotel

&

Resort

REITs

-

0.0%

†

Service

Properties

Trust,

REIT

3,524

30,095

Office

REITs

-

0.2%

Brandywine

Realty

Trust,

REIT

7,825

42,255

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

13,987

99,448

141,703

11

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Real

Estate

Management

&

Development

-

0.4%

Forestar

Group,

Inc.

*

10,063

332,783

Opendoor

Technologies,

Inc.

*

6,941

31,096

363,879

Total

Real

Estate

707,037

Utilities

-

0.2%

Electric

Utilities

-

0.2%

Genie

Energy

Ltd.,

Class

B

2,458

69,144

PNM

Resources,

Inc.

4,384

182,374

Total

Utilities

251,518

TOTAL

COMMON

STOCKS

(Cost

$56,565,843)

99,552,872

SHORT-TERM

INVESTMENTS

-

5.2%

INVESTMENT

COMPANIES

-

5.2%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(a)

(Cost

$5,466,345)

5,468,645

5,466,457

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$62,032,188)

105,019,329

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

‡

243,544

NET

ASSETS

-

100.0%

105,262,873

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

1,489,101

1.4

%

Consumer

Discretionary

13,970,970

13.3

Consumer

Staples

3,678,058

3.5

Energy

7,720,334

7.3

Financials

14,449,050

13.7

Health

Care

11,096,132

10.6

Industrials

22,202,591

21.1

Information

Technology

18,923,699

18.0

Materials

5,064,382

4.8

Real

Estate

707,037

0.7

Utilities

251,518

0.2

Investment

Companies

5,466,457

5.2

Total

Investments

In

Securities

At

Value

105,019,329

99.8

Other

Assets

in

Excess

of

Liabilities

‡

243,544

0.2

Net

Assets

$

105,262,873

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

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

47

3/2024

USD

$

4,812,095

$

21,532

Net

value

$

21,532

12

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.2%

Australia

-

5.5%

ANZ

Group

Holdings

Ltd.

40,586

717,075

Aristocrat

Leisure

Ltd.

31,262

868,569

BHP

Group

Ltd.

263,054

8,987,138

BlueScope

Steel

Ltd.

302,816

4,827,635

Brambles

Ltd.

190,221

1,763,137

Fortescue

Ltd.

370,175

7,298,867

Orica

Ltd.

57,404

623,996

Origin

Energy

Ltd.

25,703

148,324

Rio

Tinto

Ltd.

8,995

832,917

Rio

Tinto

plc

5,194

386,336

Santos

Ltd.

210,305

1,093,482

South32

Ltd.

66,182

149,680

Tabcorp

Holdings

Ltd.

57,040

32,480

WiseTech

Global

Ltd.

18,202

932,935

Woodside

Energy

Group

Ltd.

17,156

362,277

29,024,848

—

Belgium

-

0.4%

Ageas

SA/NV

39,977

1,737,821

Groupe

Bruxelles

Lambert

NV

1,467

115,531

1,853,352

—

Canada

-

10.1%

Agnico

Eagle

Mines

Ltd.

(1)

11,423

626,302

Air

Canada

(1)*

25,354

357,621

Alimentation

Couche-Tard,

Inc.

(1)

21,067

1,240,601

ARC

Resources

Ltd.

(1)

169,106

2,510,332

Bank

of

Montreal

(1)

9,286

918,824

Canadian

Apartment

Properties,

REIT

(1)

3,482

128,238

Canadian

Imperial

Bank

of

Commerce

(1)

3,612

173,915

Canadian

Pacific

Kansas

City

Ltd.

(1)

8,837

699,197

Canadian

Tire

Corp.

Ltd.,

Class

A

(1)

8,795

934,027

CCL

Industries,

Inc.,

Class

B

(1)

4,615

207,545

CGI,

Inc.

(1)*

27,366

2,931,666

Fairfax

Financial

Holdings

Ltd.

(1)

6,953

6,414,936

Great-West

Lifeco,

Inc.

(1)

6,006

198,802

iA

Financial

Corp.,

Inc.

(1)

13,966

952,076

Imperial

Oil

Ltd.

(1)

72,342

4,120,882

Intact

Financial

Corp.

(1)

3,695

568,479

Loblaw

Cos.

Ltd.

(1)

9,400

910,028

Manulife

Financial

Corp.

(1)

213,943

4,727,557

National

Bank

of

Canada

(1)

4,864

370,751

Nutrien

Ltd.

(1)

38,136

2,148,487

Onex

Corp.

(1)

2,123

148,252

Open

Text

Corp.

(1)

33,252

1,397,535

Parkland

Corp.

(1)

19,869

640,432

Power

Corp.

of

Canada

(1)

5,259

150,382

Restaurant

Brands

International,

Inc.

(1)

36,126

2,822,629

Royal

Bank

of

Canada

(1)

23,203

2,346,479

Shopify,

Inc.,

Class

A

(1)*

49,854

3,881,317

Suncor

Energy,

Inc.

(1)

42,777

1,370,427

Teck

Resources

Ltd.,

Class

B

(1)

4,499

190,173

TFI

International,

Inc.

(1)

32,739

4,453,324

INVESTMENTS

SHARES

VALUE

($)

Canada

-

10.1%

(continued)

Thomson

Reuters

Corp.

(1)

10,563

1,544,372

Toronto-Dominion

Bank

(The)

(1)

9,710

627,426

West

Fraser

Timber

Co.

Ltd.

(1)

24,359

2,083,949

52,796,963

—

China

-

1.0%

BOC

Hong

Kong

Holdings

Ltd.

1,300,500

3,532,843

SITC

International

Holdings

Co.

Ltd.

878,000

1,515,454

Wilmar

International

Ltd.

72,100

194,769

5,243,066

—

Denmark

-

3.3%

AP

Moller

-

Maersk

A/S,

Class

B

530

954,013

Genmab

A/S

*

5,651

1,801,839

Novo

Nordisk

A/S,

Class

B

86,044

8,916,841

Pandora

A/S

31,882

4,407,850

ROCKWOOL

A/S,

Class

B

4,115

1,203,936

17,284,479

—

Finland

-

0.4%

Nokia

OYJ

124,892

425,374

Wartsila

OYJ

Abp

107,581

1,563,518

1,988,892

—

France

-

9.2%

AXA

SA

118,661

3,875,048

BNP

Paribas

SA

65,235

4,530,291

Carrefour

SA

139,187

2,549,161

Cie

de

Saint-Gobain

SA

96,024

7,081,512

Dassault

Aviation

SA

19,796

3,922,185

Eiffage

SA

1,538

165,105

Ipsen

SA

17,335

2,067,880

LVMH

Moet

Hennessy

Louis

Vuitton

SE

179

145,444

Orange

SA

156,041

1,778,501

Publicis

Groupe

SA

55,405

5,147,781

Societe

Generale

SA

56,392

1,500,328

Sodexo

SA

26,059

2,868,794

Thales

SA

3,672

543,723

TotalEnergies

SE

148,521

10,099,283

Unibail-Rodamco-Westfield,

REIT

*

4,856

359,167

Worldline

SA

*(a)

77,396

1,345,916

47,980,119

—

Germany

-

7.6%

Allianz

SE

(Registered)

3,857

1,030,750

Bayerische

Motoren

Werke

AG

23,709

2,638,140

Bechtle

AG

4,250

212,872

Brenntag

SE

37,884

3,481,824

Commerzbank

AG

258,208

3,069,007

Daimler

Truck

Holding

AG

92,688

3,481,738

Deutsche

Bank

AG

(Registered)

503,667

6,875,605

Deutsche

Boerse

AG

5,597

1,152,617

Deutsche

Lufthansa

AG

(Registered)

*

23,147

205,783

Deutsche

Post

AG

35,957

1,779,730

Fresenius

SE

&

Co.

KGaA

12,270

380,315

GEA

Group

AG

9,793

407,136

Hannover

Rueck

SE

2,264

541,331

13

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.6%

(continued)

HelloFresh

SE

*

54,017

851,661

Infineon

Technologies

AG

6,802

284,069

Knorr-Bremse

AG

11,293

729,363

Mercedes-Benz

Group

AG

4,990

344,299

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

11,461

4,754,181

Rational

AG

692

533,986

Rheinmetall

AG

1,633

517,884

SAP

SE

33,966

5,228,101

Siemens

Energy

AG

*

3,772

49,852

Talanx

AG

19,619

1,402,077

39,952,321

—

Hong

Kong

-

1.3%

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,107,898

Link,

REIT

39,000

218,987

Swire

Pacific

Ltd.,

Class

A

122,000

1,033,297

WH

Group

Ltd.

(a)

7,272,000

4,696,254

7,056,436

—

Italy

-

1.9%

Coca-Cola

HBC

AG

45,952

1,349,287

Eni

SpA

66,286

1,124,303

Prysmian

SpA

31,294

1,426,539

UniCredit

SpA

229,344

6,244,966

10,145,095

—

Japan

-

19.5%

Aisin

Corp.

43,800

1,526,923

Bandai

Namco

Holdings,

Inc.

7,500

149,987

Chubu

Electric

Power

Co.,

Inc.

67,900

876,681

Dai-ichi

Life

Holdings,

Inc.

206,600

4,382,591

Daito

Trust

Construction

Co.

Ltd.

9,500

1,099,591

Disco

Corp.

6,100

1,506,498

Fuji

Electric

Co.

Ltd.

3,500

150,017

Fujitsu

Ltd.

12,400

1,866,122

Hakuhodo

DY

Holdings,

Inc.

82,600

631,231

Hikari

Tsushin,

Inc.

1,400

231,377

Honda

Motor

Co.

Ltd.

15,000

154,728

Idemitsu

Kosan

Co.

Ltd.

152,500

828,145

Iida

Group

Holdings

Co.

Ltd.

86,300

1,289,012

ITOCHU

Corp.

105,100

4,281,758

Japan

Post

Holdings

Co.

Ltd.

562,100

5,018,128

Japan

Post

Insurance

Co.

Ltd.

300,900

5,341,165

Japan

Tobacco,

Inc.

35,000

903,883

Kajima

Corp.

9,300

155,070

Koito

Manufacturing

Co.

Ltd.

47,400

736,537

M3,

Inc.

12,400

204,629

Marubeni

Corp.

171,700

2,703,338

Mazda

Motor

Corp.

353,500

3,778,592

McDonald's

Holdings

Co.

Japan

Ltd.

22,400

970,304

MEIJI

Holdings

Co.

Ltd.

6,900

163,900

Mitsui

&

Co.

Ltd.

70,800

2,652,448

Mitsui

OSK

Lines

Ltd.

5,800

185,428

Mizuho

Financial

Group,

Inc.

78,620

1,341,085

MS&AD

Insurance

Group

Holdings,

Inc.

148,300

5,830,984

INVESTMENTS

SHARES

VALUE

($)

Japan

-

19.5%

(continued)

Nexon

Co.

Ltd.

92,200

1,677,035

NGK

Insulators

Ltd.

10,400

124,029

Nippon

Steel

Corp.

42,100

961,723

Nippon

Yusen

KK

11,900

367,514

Nissin

Foods

Holdings

Co.

Ltd.

13,800

481,894

Nitto

Denko

Corp.

5,800

432,826

Obayashi

Corp.

297,800

2,572,520

Oji

Holdings

Corp.

39,600

152,219

Ono

Pharmaceutical

Co.

Ltd.

138,800

2,469,184

Oracle

Corp.

Japan

19,100

1,470,301

Osaka

Gas

Co.

Ltd.

35,100

732,694

Otsuka

Corp.

28,900

1,189,378

Otsuka

Holdings

Co.

Ltd.

24,200

905,008

Panasonic

Holdings

Corp.

93,400

919,764

Renesas

Electronics

Corp.

*

8,200

146,624

Resona

Holdings,

Inc.

44,900

227,613

Shimizu

Corp.

219,100

1,453,362

Shionogi

&

Co.

Ltd.

69,200

3,330,457

Sompo

Holdings,

Inc.

92,000

4,501,410

Square

Enix

Holdings

Co.

Ltd.

73,300

2,627,804

Subaru

Corp.

156,100

2,847,172

SUMCO

Corp.

165,000

2,468,264

Sumitomo

Corp.

52,500

1,142,487

Sumitomo

Mitsui

Financial

Group,

Inc.

41,200

2,004,786

Sumitomo

Mitsui

Trust

Holdings,

Inc.

105,800

2,026,269

Suntory

Beverage

&

Food

Ltd.

6,600

217,007

Taisei

Corp.

22,500

768,327

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

479,700

2,510,328

Tokyo

Electron

Ltd.

7,800

1,386,371

Tokyo

Gas

Co.

Ltd.

96,100

2,204,406

TOPPAN

Holdings,

Inc.

104,300

2,904,716

Tosoh

Corp.

231,200

2,947,344

Toyota

Tsusho

Corp.

63,500

3,726,319

102,857,307

—

Luxembourg

-

0.6%

ArcelorMittal

SA

103,586

2,939,773

Netherlands

-

6.1%

ABN

AMRO

Bank

NV,

CVA

(a)

256,652

3,859,658

ASM

International

NV

5,337

2,777,773

ASML

Holding

NV

3,480

2,627,008

BE

Semiconductor

Industries

NV

25,176

3,800,972

ING

Groep

NV

109,319

1,639,189

Koninklijke

Ahold

Delhaize

NV

162,056

4,662,587

NN

Group

NV

16,388

647,668

Randstad

NV

6,084

381,832

Shell

plc

191,540

6,269,887

Wolters

Kluwer

NV

35,973

5,117,861

31,784,435

—

Singapore

-

1.0%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

243,321

Oversea-Chinese

Banking

Corp.

Ltd.

18,800

184,981

Singapore

Airlines

Ltd.

77,400

384,317

14

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

1.0%

(continued)

STMicroelectronics

NV

90,317

4,530,209

5,342,828

—

Spain

-

3.2%

Banco

Bilbao

Vizcaya

Argentaria

SA

500,247

4,559,381

Banco

Santander

SA

810,622

3,390,576

Industria

de

Diseno

Textil

SA

52,218

2,278,483

Repsol

SA

424,676

6,299,614

16,528,054

—

Sweden

-

3.5%

Alfa

Laval

AB

5,091

203,813

Atlas

Copco

AB,

Class

B

42,828

635,402

Evolution

AB

(a)

44,798

5,335,910

Hexagon

AB,

Class

B

16,342

196,289

Investor

AB,

Class

B

44,280

1,026,841

Saab

AB,

Class

B

18,111

1,091,435

SKF

AB,

Class

B

266,097

5,332,733

Swedish

Orphan

Biovitrum

AB

(1)*

20,465

541,754

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

427,861

Volvo

AB,

Class

B

128,723

3,349,373

18,141,411

—

Switzerland

-

5.6%

ABB

Ltd.

(Registered)

130,891

5,811,320

BKW

AG

9,641

1,714,818

Logitech

International

SA

(Registered)

1,565

148,813

Novartis

AG

(Registered)

107,454

10,853,981

Sandoz

Group

AG

(1)*

21,490

691,421

Schindler

Holding

AG

7,784

1,948,762

Swatch

Group

AG

(The)

10,610

2,886,876

Temenos

AG

(Registered)

9,207

857,984

UBS

Group

AG

(Registered)

134,980

4,192,693

29,106,668

—

United

Kingdom

-

11.0%

3i

Group

plc

30,804

948,132

Associated

British

Foods

plc

30,849

929,759

BAE

Systems

plc

(1)

517,067

7,319,077

Barclays

plc

2,994,792

5,864,006

Barratt

Developments

plc

66,145

473,830

BP

plc

1,447,060

8,578,276

British

American

Tobacco

plc

52,898

1,547,752

BT

Group

plc

2,348,595

3,700,413

Bunzl

plc

3,963

161,039

Centrica

plc

3,517,868

6,306,493

CK

Hutchison

Holdings

Ltd.

166,500

894,539

Compass

Group

plc

69,600

1,904,488

DCC

plc

10,514

773,631

Entain

plc

50,256

633,782

HSBC

Holdings

plc

462,892

3,744,780

Imperial

Brands

plc

24,800

571,089

Kingfisher

plc

52,609

163,003

Lloyds

Banking

Group

plc

751,673

455,918

London

Stock

Exchange

Group

plc

9,002

1,064,140

Melrose

Industries

plc

60,232

435,380

NatWest

Group

plc

59,815

166,609

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

11.0%

(continued)

Next

plc

4,263

440,687

Rolls-Royce

Holdings

plc

*

1,830,653

6,982,788

Standard

Chartered

plc

68,720

583,168

Tesco

plc

805,457

2,983,998

57,626,777

—

United

States

-

3.0%

Holcim

AG

14,221

1,116,938

James

Hardie

Industries

plc,

CHESS

*

3,970

153,067

Nestle

SA

(Registered)

18,867

2,187,060

Roche

Holding

AG

20,484

5,954,568

Stellantis

NV

237,316

5,560,468

Swiss

Re

AG

8,487

955,046

15,927,147

—

TOTAL

COMMON

STOCKS

(Cost

$378,504,210)

493,579,971

SHORT-TERM

INVESTMENTS

-

5.4%

INVESTMENT

COMPANIES

-

5.4%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(1)(b)

(Cost

$28,563,547)

28,575,978

28,564,548

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$407,067,757)

522,144,519

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

‡

2,111,520

NET

ASSETS

-

100.0%

524,256,039

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

15,562,765

3.0

%

Consumer

Discretionary

47,112,780

9.0

Consumer

Staples

26,440,688

5.0

Energy

43,297,339

8.2

Financials

125,087,983

23.8

Health

Care

38,117,876

7.3

Industrials

102,622,944

19.6

Information

Technology

40,694,336

7.8

Materials

37,066,915

7.1

Real

Estate

3,082,601

0.6

Utilities

14,493,744

2.8

Investment

Companies

28,564,548

5.4

Total

Investments

In

Securities

At

Value

522,144,519

99.6

Other

Assets

in

Excess

of

Liabilities

‡

2,111,520

0.4

Net

Assets

$

524,256,039

100.0%

15

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2023

amounted

to

$15,237,738,

which

represents

2.91%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

Futures

contracts

outstanding

as

of

December

31,

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

216

3/2024

USD

$

24,325,920

$

506,766

Net

value

$

506,766

16

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

92.7%

Brazil

-

3.4%

Banco

do

Brasil

SA

563,400

6,422,442

BB

Seguridade

Participacoes

SA

295,900

2,055,093

Gerdau

SA,

ADR

(1)

1,151,731

5,585,894

PRIO

SA

45,600

431,361

TIM

SA

38,200

140,678

Ultrapar

Participacoes

SA

109,600

594,554

Vibra

Energia

SA

*

263,700

1,235,179

16,465,201

—

Chile

-

0.7%

Cencosud

SA

(1)

1,365,272

2,564,699

Enel

Chile

SA,

ADR

(1)

180,527

584,907

3,149,606

—

China

-

25.5%

3SBio,

Inc.

*(a)

984,000

948,897

Agricultural

Bank

of

China

Ltd.,

Class

A

577,700

295,104

Alibaba

Group

Holding

Ltd.

754,004

7,262,976

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

48,323

152,994

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

18,000

56,989

Baidu,

Inc.,

Class

A

*

414,950

6,176,911

Bank

of

Beijing

Co.

Ltd.,

Class

A

163,700

104,054

Bank

of

Beijing

Co.

Ltd.,

Class

A

371,578

236,190

Bank

of

China

Ltd.,

Class

A

573,300

321,024

Bank

of

Communications

Co.

Ltd.,

Class

A

366,400

295,222

Bank

of

Ningbo

Co.

Ltd.,

Class

A

55,900

157,894

Bank

of

Shanghai

Co.

Ltd.,

Class

A

214,111

179,376

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

697,722

580,811

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,508,900

825,865

BOE

Technology

Group

Co.

Ltd.,

Class

A

75,000

41,050

BYD

Co.

Ltd.,

Class

A

30,400

844,811

China

CITIC

Bank

Corp.

Ltd.,

Class

H

4,306,000

2,030,826

China

Communications

Services

Corp.

Ltd.,

Class

H

1,630,000

675,932

China

Construction

Bank

Corp.,

Class

H

15,755,000

9,371,871

China

Everbright

Bank

Co.

Ltd.,

Class

A

505,900

205,915

China

Feihe

Ltd.

(a)

1,129,000

617,718

China

Literature

Ltd.

*(a)

35,200

131,267

China

Medical

System

Holdings

Ltd.

774,000

1,371,628

China

Merchants

Bank

Co.

Ltd.,

Class

A

9,600

37,492

China

Merchants

Bank

Co.

Ltd.,

Class

A

93,558

365,387

China

Merchants

Securities

Co.

Ltd.,

Class

A

225,800

432,351

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

98,100

131,370

INVESTMENTS

SHARES

VALUE

($)

China

-

25.5%

(continued)

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

333,155

174,844

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

405,000

137,491

China

National

Building

Material

Co.

Ltd.,

Class

H

322,000

137,891

China

Overseas

Land

&

Investment

Ltd.

287,500

507,231

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

59,300

198,179

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

550,200

1,113,002

China

Petroleum

&

Chemical

Corp.,

Class

A

446,400

349,539

China

Resources

Land

Ltd.

558,000

2,002,117

China

Resources

Pharmaceutical

Group

Ltd.

(a)

329,000

216,269

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,076,500

726,925

China

Taiping

Insurance

Holdings

Co.

Ltd.

1,339,200

1,154,862

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

33,292

391,137

China

Vanke

Co.

Ltd.,

Class

A

89,500

131,524

China

Yangtze

Power

Co.

Ltd.,

Class

A

93,300

305,631

CITIC

Ltd.

5,064,000

5,063,258

CITIC

Securities

Co.

Ltd.,

Class

A

143,965

411,773

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

874,000

878,778

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

756,000

376,729

Dongyue

Group

Ltd.

2,343,000

1,696,568

East

Buy

Holding

Ltd.

*(a)

434,500

1,548,092

Far

East

Horizon

Ltd.

1,598,000

1,257,723

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

53,567

285,385

GCL

Technology

Holdings

Ltd.

9,420,000

1,495,887

Geely

Automobile

Holdings

Ltd.

1,212,000

1,335,153

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

88,600

185,045

H

World

Group

Ltd.,

ADR

(1)

14,632

489,294

Haidilao

International

Holding

Ltd.

(a)

224,000

417,868

Haier

Smart

Home

Co.

Ltd.,

Class

A

212,400

626,294

Haitong

Securities

Co.

Ltd.,

Class

A

175,200

230,420

Horizon

Construction

Development

Ltd.

(1)*

61,074

35,901

Hua

Hong

Semiconductor

Ltd.

*(a)

56,000

135,334

Huatai

Securities

Co.

Ltd.,

Class

A

128,200

251,096

Huaxia

Bank

Co.

Ltd.,

Class

A

273,900

216,009

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

329,800

221,226

Industrial

Bank

Co.

Ltd.,

Class

A

145,390

330,778

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

148,900

559,202

JD.com,

Inc.,

Class

A

87,350

1,261,604

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

222,238

1,411,512

17

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

China

-

25.5%

(continued)

Jiangsu

Yanghe

Brewery

Joint-

Stock

Co.

Ltd.,

Class

A

27,100

418,406

KE

Holdings,

Inc.,

ADR

(1)

55,797

904,469

Kingsoft

Corp.

Ltd.

339,000

1,047,993

Kuaishou

Technology

*(a)

34,000

231,344

Kunlun

Energy

Co.

Ltd.

2,470,000

2,229,090

Kweichow

Moutai

Co.

Ltd.,

Class

A

6,700

1,623,272

Kweichow

Moutai

Co.

Ltd.,

Class

A

700

169,596

Lenovo

Group

Ltd.

2,824,000

3,952,020

Li

Auto,

Inc.,

Class

A

*

122,000

2,285,807

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

259,907

1,256,168

Luzhou

Laojiao

Co.

Ltd.,

Class

A

27,900

703,860

Luzhou

Laojiao

Co.

Ltd.,

Class

A

8,000

201,824

Meituan,

Class

B

*(a)

74,080

777,750

NARI

Technology

Co.

Ltd.,

Class

A

369,149

1,155,981

NetEase,

Inc.

137,800

2,486,132

New

China

Life

Insurance

Co.

Ltd.,

Class

A

36,300

158,710

New

China

Life

Insurance

Co.

Ltd.,

Class

H

740,200

1,444,173

New

Oriental

Education

&

Technology

Group,

Inc.

*

590,100

4,301,619

NIO,

Inc.,

ADR

(1)*

88,757

805,026

PDD

Holdings,

Inc.,

ADR

(1)*

38,287

5,601,771

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

515,000

158,407

PetroChina

Co.

Ltd.,

Class

A

421,600

417,591

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,460,000

2,927,442

Ping

An

Bank

Co.

Ltd.,

Class

A

151,385

199,514

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

48,800

276,321

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

94,000

130,698

SAIC

Motor

Corp.

Ltd.,

Class

A

157,800

299,627

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

57,800

111,704

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

238,100

460,152

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

140,963

130,998

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

2,200

2,044

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

354,200

220,773

Sinopharm

Group

Co.

Ltd.,

Class

H

864,400

2,265,417

Sinotruk

Hong

Kong

Ltd.

335,000

657,613

Tencent

Holdings

Ltd.

387,400

14,626,239

Tencent

Music

Entertainment

Group,

ADR

(1)*

50,183

452,149

Topsports

International

Holdings

Ltd.

(a)

1,043,000

813,339

Wuliangye

Yibin

Co.

Ltd.,

Class

A

9,082

178,938

Wuliangye

Yibin

Co.

Ltd.,

Class

A

30,100

593,043

Xiaomi

Corp.,

Class

B

*(a)

573,600

1,148,602

Yadea

Group

Holdings

Ltd.

(a)

78,000

137,387

Yihai

International

Holding

Ltd.

110,000

174,803

Yum

China

Holdings,

Inc.

(1)

31,605

1,341,000

Zhongsheng

Group

Holdings

Ltd.

185,500

444,315

INVESTMENTS

SHARES

VALUE

($)

China

-

25.5%

(continued)

ZTO

Express

Cayman,

Inc.,

ADR

(1)

32,175

684,684

122,727,307

—

Hong

Kong

-

0.6%

Orient

Overseas

International

Ltd.

219,000

3,058,553

Hungary

-

0.1%

OTP

Bank

Nyrt.

7,468

340,185

India

-

15.0%

ABB

India

Ltd.

25,009

1,404,518

Aurobindo

Pharma

Ltd.

92,065

1,198,791

Axis

Bank

Ltd.,

GDR

(1)(b)

13,056

860,390

Bajaj

Auto

Ltd.

46,755

3,817,997

Bank

of

Baroda

270,221

749,760

Bharat

Electronics

Ltd.

672,420

1,487,568

Bharat

Petroleum

Corp.

Ltd.

65,665

355,616

CG

Power

&

Industrial

Solutions

Ltd.

120,075

655,442

Cipla

Ltd.

46,893

702,033

Coal

India

Ltd.

1,419,336

6,409,151

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

41,512

2,888,405

HCL

Technologies

Ltd.

160,859

2,830,919

HDFC

Asset

Management

Co.

Ltd.

(a)

13,049

502,369

Hero

MotoCorp

Ltd.

8,133

404,272

Hindalco

Industries

Ltd.

219,078

1,615,924

Hindustan

Aeronautics

Ltd.

(b)

106,814

3,598,016

Hindustan

Petroleum

Corp.

Ltd.

*

221,229

1,060,518

Indian

Oil

Corp.

Ltd.

1,106,330

1,725,483

Info

Edge

India

Ltd.

21,956

1,355,169

ITC

Ltd.

899,196

4,991,215

Jindal

Steel

&

Power

Ltd.

23,187

208,190

Jio

Financial

Services

Ltd.

*

203,618

569,269

Larsen

&

Toubro

Ltd.,

GDR

(1)(b)

17,611

750,229

NTPC

Ltd.

1,587,392

5,930,561

Oil

&

Natural

Gas

Corp.

Ltd.

2,509,506

6,178,450

Petronet

LNG

Ltd.

141,393

378,084

Power

Finance

Corp.

Ltd.

844,277

3,879,219

Power

Grid

Corp.

of

India

Ltd.

752,122

2,142,304

REC

Ltd.

744,235

3,689,545

Reliance

Industries

Ltd.,

GDR

(1)(a)

5,457

341,063

Samvardhana

Motherson

International

Ltd.

139,692

171,035

State

Bank

of

India,

GDR

(1)(b)

3,799

293,283

Tata

Consultancy

Services

Ltd.

78,562

3,578,020

Tata

Motors

Ltd.

71,726

671,973

Varun

Beverages

Ltd.

66,688

990,676

Vedanta

Ltd.

1,062,345

3,298,211

71,683,668

—

Indonesia

-

2.8%

Adaro

Energy

Indonesia

Tbk.

PT

32,598,400

5,034,779

Aneka

Tambang

Tbk.

5,636,500

624,184

Astra

International

Tbk.

PT

3,049,300

1,118,243

Bank

Negara

Indonesia

Persero

Tbk.

PT

411,200

143,484

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

267,900

144,798

Indofood

Sukses

Makmur

Tbk.

PT

1,811,100

758,749

18

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Indonesia

-

2.8%

(continued)

Sumber

Alfaria

Trijaya

Tbk.

PT

(1)

971,300

184,835

United

Tractors

Tbk.

PT

3,542,700

5,205,530

13,214,602

—

Malaysia

-

0.4%

AMMB

Holdings

Bhd.

175,028

152,664

Genting

Bhd.

628,860

632,062

RHB

Bank

Bhd.

784,054

929,756

Sime

Darby

Plantation

Bhd.

3,290

3,189

1,717,671

—

Mexico

-

3.1%

Alfa

SAB

de

CV,

Class

A

(1)

2,336,909

1,877,124

Arca

Continental

SAB

de

CV

(1)

238,478

2,603,862

Banco

del

Bajio

SA

(1)(a)

499,328

1,670,210

Cemex

SAB

de

CV,

ADR

(1)*

164,561

1,275,348

Coca-Cola

Femsa

SAB

de

CV,

ADR

(1)

16,220

1,535,061

Fibra

Uno

Administracion

SA

de

CV,

REIT

(1)

189,128

340,477

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

(1)

9,096

1,185,664

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

3,706

1,090,565

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)

35,908

361,089

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

347,518

1,927,404

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(1)

73,288

792,914

14,659,718

—

Philippines

-

0.3%

BDO

Unibank,

Inc.

260,294

613,232

International

Container

Terminal

Services,

Inc.

124,804

556,289

SM

Prime

Holdings,

Inc.

(1)

596,524

354,413

1,523,934

—

Poland

-

1.9%

Bank

Polska

Kasa

Opieki

SA

27,086

1,047,233

Budimex

SA

1,054

167,708

ORLEN

SA

215,725

3,591,825

PGE

Polska

Grupa

Energetyczna

SA

*

1,309,103

2,887,953

Powszechny

Zaklad

Ubezpieczen

SA

117,214

1,407,943

9,102,662

—

Qatar

-

0.1%

Commercial

Bank

PSQC

(The)

(1)

94,075

153,734

Qatar

Islamic

Bank

SAQ

(1)

25,579

146,828

Qatar

National

Bank

QPSC

37,322

164,445

465,007

—

Russia

-

0.0%

Gazprom

PJSC

(3)*

863,552

—

LUKOIL

PJSC

(3)*

29,987

—

Magnit

PJSC

(3)*

6,681

—

MMC

Norilsk

Nickel

PJSC

(3)*

6,790

—

INVESTMENTS

SHARES

VALUE

($)

Russia

-

0.0%

(continued)

MMC

Norilsk

Nickel

PJSC,

ADR

(3)*

2

—

Mobile

TeleSystems

PJSC

(3)*

306,032

—

Novatek

PJSC

(3)*

71,760

—

Novolipetsk

Steel

PJSC

(3)*

326,680

—

PhosAgro

PJSC

(3)*

3,717

—

PhosAgro

PJSC,

GDR

(3)*(b)

72

—

Polyus

PJSC

(3)*

1,291

—

Rosneft

Oil

Co.

PJSC

(3)*

106,000

—

Severstal

PAO,

GDR

(3)*(b)

54,062

—

Surgutneftegas

PJSC

(3)*

1,249,260

—

Tatneft

PJSC

(3)*

134,766

—

—

—

Saudi

Arabia

-

2.9%

Arab

National

Bank

(1)

139,898

945,710

Banque

Saudi

Fransi

34,820

371,258

Bupa

Arabia

for

Cooperative

Insurance

Co.

(1)

3,266

185,683

Elm

Co.

24,078

5,230,581

Etihad

Etisalat

Co.

(1)

187,834

2,474,400

Jarir

Marketing

Co.

73,352

305,873

Mobile

Telecommunications

Co.

Saudi

Arabia

(1)

67,478

254,077

Mouwasat

Medical

Services

Co.

5,092

151,728

Riyad

Bank

221,477

1,685,119

SABIC

Agri-Nutrients

Co.

23,687

872,455

Sahara

International

Petrochemical

Co.

30,926

280,508

Saudi

Arabian

Oil

Co.

(a)

22,973

202,258

Saudi

Electricity

Co.

180,388

911,829

13,871,479

—

South

Africa

-

3.8%

Absa

Group

Ltd.

132,522

1,182,714

African

Rainbow

Minerals

Ltd.

(1)

181,785

1,987,536

Exxaro

Resources

Ltd.

347,436

3,900,649

Gold

Fields

Ltd.,

ADR

(1)

21,592

312,220

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(1)

22,315

137,237

Impala

Platinum

Holdings

Ltd.

161,181

800,421

Kumba

Iron

Ore

Ltd.

13,386

448,687

Nedbank

Group

Ltd.

171,057

2,019,258

Old

Mutual

Ltd.

(1)

416,991

297,712

Sanlam

Ltd.

(1)

140,504

559,174

Sasol

Ltd.

190,781

1,922,632

Sibanye

Stillwater

Ltd.

1,444,447

1,936,611

Standard

Bank

Group

Ltd.

(1)

147,831

1,681,762

Woolworths

Holdings

Ltd.

(1)

205,510

811,142

17,997,755

—

South

Korea

-

13.3%

DB

Insurance

Co.

Ltd.

*

44,321

2,870,368

Doosan

Bobcat,

Inc.

37,352

1,454,984

GS

Holdings

Corp.

33,504

1,060,723

Hana

Financial

Group,

Inc.

154,514

5,183,108

Hankook

Tire

&

Technology

Co.

Ltd.

*

8,572

301,279

Hanmi

Semiconductor

Co.

Ltd.

*

58,286

2,769,461

HMM

Co.

Ltd.

*

214,216

3,249,925

19

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

South

Korea

-

13.3%

(continued)

Hyundai

Glovis

Co.

Ltd.

*

4,747

703,381

Hyundai

Mobis

Co.

Ltd.

8,944

1,638,657

Hyundai

Steel

Co.

*

27,632

778,723

Industrial

Bank

of

Korea

*

265,406

2,439,481

KB

Financial

Group,

Inc.

28,888

1,205,259

Kia

Corp.

*

97,306

7,524,995

Korea

Investment

Holdings

Co.

Ltd.

*

8,695

411,826

LG

Electronics,

Inc.

24,065

1,892,422

LG

Uplus

Corp.

11,488

91,109

POSCO

Holdings,

Inc.

9,251

3,556,924

Posco

International

Corp.

*

94,861

4,560,204

Samsung

Electronics

Co.

Ltd.

253,068

15,360,429

Shinhan

Financial

Group

Co.

Ltd.

42,337

1,312,599

Woori

Financial

Group,

Inc.

545,894

5,494,435

63,860,292

—

Taiwan

-

15.2%

Accton

Technology

Corp.

78,960

1,342,067

ASE

Technology

Holding

Co.

Ltd.

879,840

3,855,669

Catcher

Technology

Co.

Ltd.

258,500

1,632,293

Compal

Electronics,

Inc.

398,560

516,258

eMemory

Technology,

Inc.

6,580

523,205

Gigabyte

Technology

Co.

Ltd.

181,420

1,565,040

Global

Unichip

Corp.

10,340

584,461

Hon

Hai

Precision

Industry

Co.

Ltd.

896,760

3,050,990

Inventec

Corp.

399,500

684,123

Lite-On

Technology

Corp.

1,450,420

5,507,509

MediaTek,

Inc.

156,980

5,183,464

Novatek

Microelectronics

Corp.

301,740

5,075,043

Pegatron

Corp.

173,900

494,127

Pou

Chen

Corp.

1,760,620

1,771,668

Quanta

Computer,

Inc.

500,080

3,640,795

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(1)

286,857

29,833,128

United

Microelectronics

Corp.

2,356,580

4,015,206

Wistron

Corp.

1,286,860

4,116,792

73,391,838

—

Thailand

-

2.6%

Bumrungrad

Hospital

PCL,

NVDR

81,100

526,952

Kasikornbank

PCL,

NVDR

147,400

582,296

Krung

Thai

Bank

PCL,

NVDR

6,818,100

3,671,311

PTT

Exploration

&

Production

PCL,

NVDR

1,056,700

4,602,978

SCB

X

PCL,

NVDR

799,400

2,480,077

TMBThanachart

Bank

PCL,

NVDR

9,572,900

467,902

12,331,516

—

Turkey

-

0.5%

Akbank

TAS

932,926

1,153,803

Yapi

ve

Kredi

Bankasi

A/S

2,110,847

1,395,218

2,549,021

—

United

Arab

Emirates

-

0.5%

Aldar

Properties

PJSC

(1)

158,981

231,584

Emaar

Properties

PJSC

293,170

632,227

Emirates

NBD

Bank

PJSC

(1)

200,465

944,263

INVESTMENTS

SHARES

VALUE

($)

United

Arab

Emirates

-

0.5%

(continued)

Emirates

Telecommunications

Group

Co.

PJSC

(1)

86,897

464,681

2,272,755

—

TOTAL

COMMON

STOCKS

(Cost

$364,243,699)

444,382,770

PREFERRED

STOCKS

-

2.2%

Brazil

-

2.2%

Petroleo

Brasileiro

SA

(Preference)

(Cost

$7,577,734)

1,354,400

10,333,816

SHORT-TERM

INVESTMENTS

-

1.6%

INVESTMENT

COMPANIES

-

1.6%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(1)(c)

(Cost

$7,490,251)

7,493,248

7,490,251

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

96.5%

(Cost

$379,311,684)

462,206,837

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

3.5%

‡

16,736,370

NET

ASSETS

-

100.0%

478,943,207

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

29,932,145

6.3

%

Consumer

Discretionary

52,540,152

11.0

Consumer

Staples

20,343,996

4.3

Energy

51,113,243

10.7

Financials

90,126,054

18.8

Health

Care

11,681,633

2.4

Industrials

38,037,313

7.9

Information

Technology

110,244,504

23.0

Materials

30,339,160

6.3

Real

Estate

5,366,110

1.1

Utilities

14,992,276

3.1

Investment

Companies

7,490,251

1.6

Total

Investments

In

Securities

At

Value

462,206,837

96.5

Other

Assets

in

Excess

of

Liabilities

‡

16,736,370

3.5

Net

Assets

$

478,943,207

100.0%

20

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2023

amounted

to

$9,839,767,

which

represents

2.05%

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

December

31,

2023

amounted

to

$5,501,918,

which

represents

1.15%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

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

372

3/2024

USD

$

19,226,820

$

(23,268)

Net

value

$

(23,268)

21

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.9%

Communication

Services

-

10.6%

Entertainment

-

1.2%

Electronic

Arts,

Inc.

6,096

833,994

Netflix,

Inc.

*

9,127

4,443,754

Roku,

Inc.,

Class

A

*

8,365

766,736

Spotify

Technology

SA

*

6,873

1,291,505

7,335,989

Interactive

Media

&

Services

-

8.9%

Alphabet,

Inc.,

Class

A

*

281,772

39,360,731

Meta

Platforms,

Inc.,

Class

A

*

47,891

16,951,498

56,312,229

Media

-

0.1%

Trade

Desk,

Inc.

(The),

Class

A

*

12,059

867,765

Wireless

Telecommunication

Services

-

0.4%

T-Mobile

US,

Inc.

17,442

2,796,476

Total

Communication

Services

67,312,459

Consumer

Discretionary

-

10.4%

Automobiles

-

0.6%

Tesla,

Inc.

*

16,442

4,085,508

Broadline

Retail

-

2.5%

Amazon.com,

Inc.

*

105,261

15,993,356

Distributors

-

0.0%

†

LKQ

Corp.

4,476

213,908

Hotels,

Restaurants

&

Leisure

-

2.7%

Aramark

9,846

276,673

Booking

Holdings,

Inc.

*

943

3,345,028

Carnival

Corp.

*

44,678

828,330

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

2,068

4,729,433

Domino's

Pizza,

Inc.

1,642

676,882

DoorDash,

Inc.,

Class

A

*

11,280

1,115,479

DraftKings,

Inc.,

Class

A

*

43,355

1,528,264

McDonald's

Corp.

1,705

505,549

Royal

Caribbean

Cruises

Ltd.

*

16,044

2,077,538

Starbucks

Corp.

9,912

951,651

Wingstop,

Inc.

5,151

1,321,644

17,356,471

Household

Durables

-

1.2%

DR

Horton,

Inc.

2,027

308,063

Garmin

Ltd.

12,279

1,578,343

Lennar

Corp.,

Class

A

1,798

267,974

PulteGroup,

Inc.

15,848

1,635,830

Tempur

Sealy

International,

Inc.

26,961

1,374,202

Toll

Brothers,

Inc.

19,559

2,010,470

TopBuild

Corp.

*

1,207

451,732

7,626,614

Leisure

Products

-

0.1%

YETI

Holdings,

Inc.

*

6,084

315,030

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.5%

AutoNation,

Inc.

*

15,844

2,379,452

Best

Buy

Co.,

Inc.

3,192

249,870

Dick's

Sporting

Goods,

Inc.

13,366

1,964,134

Home

Depot,

Inc.

(The)

6,141

2,128,164

Lowe's

Cos.,

Inc.

5,244

1,167,052

O'Reilly

Automotive,

Inc.

*

1,264

1,200,901

Penske

Automotive

Group,

Inc.

6,151

987,297

Ross

Stores,

Inc.

6,658

921,401

TJX

Cos.,

Inc.

(The)

19,271

1,807,812

Tractor

Supply

Co.

4,465

960,109

Ulta

Beauty,

Inc.

*

1,053

515,959

Wayfair,

Inc.,

Class

A

*

11,613

716,522

Williams-Sonoma,

Inc.

2,811

567,204

15,565,877

Textiles,

Apparel

&

Luxury

Goods

-

0.8%

Deckers

Outdoor

Corp.

*

2,195

1,467,204

Lululemon

Athletica,

Inc.

*

4,260

2,178,095

NIKE,

Inc.,

Class

B

4,315

468,479

PVH

Corp.

6,355

776,073

4,889,851

Total

Consumer

Discretionary

66,046,615

Consumer

Staples

-

1.9%

Beverages

-

0.6%

Celsius

Holdings,

Inc.

*

13,219

720,700

Constellation

Brands,

Inc.,

Class

A

4,147

1,002,537

Molson

Coors

Beverage

Co.,

Class

B

11,574

708,445

Monster

Beverage

Corp.

*

23,264

1,340,239

3,771,921

Consumer

Staples

Distribution

&

Retail

-

1.1%

Casey's

General

Stores,

Inc.

5,748

1,579,205

Costco

Wholesale

Corp.

6,245

4,122,200

Target

Corp.

6,260

891,549

Walmart,

Inc.

3,001

473,108

7,066,062

Food

Products

-

0.1%

Archer-Daniels-Midland

Co.

6,286

453,975

Bunge

Global

SA

2,175

219,566

Lamb

Weston

Holdings,

Inc.

2,091

226,016

899,557

Household

Products

-

0.0%

†

Spectrum

Brands

Holdings,

Inc.

3,690

294,351

Personal

Care

Products

-

0.1%

Coty,

Inc.,

Class

A

*

29,128

361,770

Total

Consumer

Staples

12,393,661

Energy

-

1.6%

Energy

Equipment

&

Services

-

0.2%

TechnipFMC

plc

(United

Kingdom)

68,272

1,374,998

22

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

1.4%

Cheniere

Energy,

Inc.

4,455

760,513

Diamondback

Energy,

Inc.

3,302

512,074

Exxon

Mobil

Corp.

16,049

1,604,579

Marathon

Oil

Corp.

42,078

1,016,605

Marathon

Petroleum

Corp.

10,789

1,600,656

Occidental

Petroleum

Corp.

5,855

349,602

Targa

Resources

Corp.

32,374

2,812,329

8,656,358

Total

Energy

10,031,356

Financials

-

10.7%

Banks

-

1.8%

Commerce

Bancshares,

Inc.

7,169

382,896

JPMorgan

Chase

&

Co.

56,147

9,550,605

New

York

Community

Bancorp,

Inc.

56,356

576,522

NU

Holdings

Ltd.,

Class

A

(Brazil)

*

115,443

961,640

11,471,663

Capital

Markets

-

3.2%

Ameriprise

Financial,

Inc.

7,144

2,713,506

BlackRock,

Inc.

365

296,307

CME

Group,

Inc.

4,233

891,470

Coinbase

Global,

Inc.,

Class

A

*

5,085

884,383

FactSet

Research

Systems,

Inc.

1,562

745,152

Goldman

Sachs

Group,

Inc.

(The)

1,046

403,515

Intercontinental

Exchange,

Inc.

4,335

556,744

Jefferies

Financial

Group,

Inc.

24,961

1,008,674

LPL

Financial

Holdings,

Inc.

11,275

2,566,416

MarketAxess

Holdings,

Inc.

2,251

659,205

Moody's

Corp.

2,295

896,335

Morgan

Stanley

39,144

3,650,178

MSCI,

Inc.,

Class

A

5,391

3,049,419

Nasdaq,

Inc.

11,442

665,238

S&P

Global,

Inc.

3,044

1,340,943

20,327,485

Consumer

Finance

-

0.3%

Capital

One

Financial

Corp.

3,365

441,219

OneMain

Holdings,

Inc.

11,245

553,254

SoFi

Technologies,

Inc.

*

95,821

953,419

1,947,892

Financial

Services

-

3.8%

Affirm

Holdings,

Inc.,

Class

A

*

14,922

733,267

Berkshire

Hathaway,

Inc.,

Class

B

*

31,762

11,328,235

Fiserv,

Inc.

*

6,637

881,659

Mastercard,

Inc.,

Class

A

11,061

4,717,627

Rocket

Cos.,

Inc.,

Class

A

*

16,236

235,097

Shift4

Payments,

Inc.,

Class

A

*

7,443

553,313

UWM

Holdings

Corp.,

Class

A

78,335

560,095

Visa,

Inc.,

Class

A

20,234

5,267,922

24,277,215

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

1.6%

American

International

Group,

Inc.

17,195

1,164,961

Arch

Capital

Group

Ltd.

*

16,853

1,251,672

Arthur

J

Gallagher

&

Co.

7,060

1,587,653

Assured

Guaranty

Ltd.

21,907

1,639,301

Everest

Group

Ltd.

5,939

2,099,912

Progressive

Corp.

(The)

14,432

2,298,729

Unum

Group

8,882

401,644

10,443,872

Total

Financials

68,468,127

Health

Care

-

8.8%

Biotechnology

-

0.8%

AbbVie,

Inc.

4,217

653,508

Regeneron

Pharmaceuticals,

Inc.

*

216

189,711

Roivant

Sciences

Ltd.

*

86,150

967,465

United

Therapeutics

Corp.

*

4,751

1,044,697

Vertex

Pharmaceuticals,

Inc.

*

4,725

1,922,555

4,777,936

Health

Care

Equipment

&

Supplies

-

1.7%

Abbott

Laboratories

6,204

682,874

Boston

Scientific

Corp.

*

17,375

1,004,449

Dexcom,

Inc.

*

20,414

2,533,173

Edwards

Lifesciences

Corp.

*

9,810

748,012

Hologic,

Inc.

*

8,007

572,100

IDEXX

Laboratories,

Inc.

*

5,192

2,881,820

Insulet

Corp.

*

4,004

868,788

Intuitive

Surgical,

Inc.

*

3,924

1,323,801

Stryker

Corp.

1,647

493,211

11,108,228

Health

Care

Providers

&

Services

-

2.4%

Cardinal

Health,

Inc.

30,794

3,104,035

Elevance

Health,

Inc.

3,564

1,680,640

HCA

Healthcare,

Inc.

6,262

1,694,998

McKesson

Corp.

2,935

1,358,846

Molina

Healthcare,

Inc.

*

2,619

946,271

UnitedHealth

Group,

Inc.

11,735

6,178,126

14,962,916

Health

Care

Technology

-

0.3%

Veeva

Systems,

Inc.,

Class

A

*

10,531

2,027,428

Life

Sciences

Tools

&

Services

-

1.3%

Agilent

Technologies,

Inc.

4,263

592,685

Danaher

Corp.

5,035

1,164,797

IQVIA

Holdings,

Inc.

*

2,990

691,826

Revvity,

Inc.

3,225

352,525

Sotera

Health

Co.

*

19,010

320,318

Thermo

Fisher

Scientific,

Inc.

9,619

5,105,669

8,227,820

Pharmaceuticals

-

2.3%

Eli

Lilly

&

Co.

22,959

13,383,260

23

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2.3%

(continued)

Zoetis,

Inc.,

Class

A

6,713

1,324,945

14,708,205

Total

Health

Care

55,812,533

Industrials

-

15.7%

Aerospace

&

Defense

-

2.0%

Axon

Enterprise,

Inc.

*

3,080

795,657

Boeing

Co.

(The)

*

7,206

1,878,316

BWX

Technologies,

Inc.

26,100

2,002,653

Curtiss-Wright

Corp.

6,128

1,365,257

Howmet

Aerospace,

Inc.

17,600

952,512

Lockheed

Martin

Corp.

5,283

2,394,467

Northrop

Grumman

Corp.

5,286

2,474,588

TransDigm

Group,

Inc.

887

897,289

12,760,739

Air

Freight

&

Logistics

-

0.0%

†

FedEx

Corp.

1,282

324,308

Building

Products

-

1.5%

A

O

Smith

Corp.

4,045

333,470

AZEK

Co.,

Inc.

(The),

Class

A

*

16,051

613,950

Builders

FirstSource,

Inc.

*

15,066

2,515,118

Fortune

Brands

Innovations,

Inc.

5,250

399,735

Hayward

Holdings,

Inc.

*

15,458

210,229

Lennox

International,

Inc.

2,414

1,080,313

Trane

Technologies

plc

17,060

4,160,934

Trex

Co.,

Inc.

*

3,320

274,863

9,588,612

Commercial

Services

&

Supplies

-

1.1%

Cintas

Corp.

5,774

3,479,759

Clean

Harbors,

Inc.

*

5,043

880,054

Copart,

Inc.

*

34,720

1,701,280

Rollins,

Inc.

14,763

644,700

6,705,793

Construction

&

Engineering

-

1.0%

AECOM

8,308

767,909

EMCOR

Group,

Inc.

3,996

860,858

Quanta

Services,

Inc.

22,005

4,748,679

6,377,446

Electrical

Equipment

-

1.9%

AMETEK,

Inc.

5,345

881,337

Eaton

Corp.

plc

20,081

4,835,906

Hubbell,

Inc.,

Class

B

5,747

1,890,361

nVent

Electric

plc

17,295

1,021,962

Vertiv

Holdings

Co.,

Class

A

73,899

3,549,369

12,178,935

Ground

Transportation

-

2.2%

CSX

Corp.

31,383

1,088,049

JB

Hunt

Transport

Services,

Inc.

2,681

535,503

Norfolk

Southern

Corp.

2,114

499,707

Old

Dominion

Freight

Line,

Inc.

11,852

4,803,971

Saia,

Inc.

*

1,667

730,513

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

2.2%

(continued)

Uber

Technologies,

Inc.

*

67,239

4,139,905

Union

Pacific

Corp.

5,640

1,385,297

XPO,

Inc.

*

8,105

709,917

13,892,862

Industrial

Conglomerates

-

0.7%

General

Electric

Co.

28,239

3,604,144

Honeywell

International,

Inc.

5,345

1,120,900

4,725,044

Machinery

-

2.8%

Allison

Transmission

Holdings,

Inc.

42,541

2,473,759

Caterpillar,

Inc.

6,264

1,852,077

Cummins,

Inc.

1,241

297,306

Deere

&

Co.

4,898

1,958,563

Esab

Corp.

4,268

369,694

Illinois

Tool

Works,

Inc.

7,323

1,918,187

Ingersoll

Rand,

Inc.

10,860

839,912

Lincoln

Electric

Holdings,

Inc.

6,369

1,385,003

PACCAR,

Inc.

33,987

3,318,831

Parker-Hannifin

Corp.

4,198

1,934,019

Westinghouse

Air

Brake

Technologies

Corp.

6,146

779,927

Xylem,

Inc.

6,645

759,922

17,887,200

Passenger

Airlines

-

0.2%

Delta

Air

Lines,

Inc.

24,324

978,554

Professional

Services

-

0.8%

Automatic

Data

Processing,

Inc.

3,597

837,993

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

18,188

2,326,427

Paycom

Software,

Inc.

2,225

459,952

Paylocity

Holding

Corp.

*

1,926

317,501

Verisk

Analytics,

Inc.,

Class

A

4,134

987,447

4,929,320

Trading

Companies

&

Distributors

-

1.5%

Fastenal

Co.

25,858

1,674,823

Ferguson

plc

1,306

252,150

United

Rentals,

Inc.

6,146

3,524,239

Watsco,

Inc.

3,619

1,550,633

WESCO

International,

Inc.

1,764

306,724

WW

Grainger,

Inc.

2,686

2,225,861

9,534,430

Total

Industrials

99,883,243

Information

Technology

-

32.9%

Communications

Equipment

-

0.9%

Arista

Networks,

Inc.

*

15,718

3,701,746

Cisco

Systems,

Inc.

18,696

944,522

Motorola

Solutions,

Inc.

1,522

476,523

Ubiquiti,

Inc.

3,793

529,351

5,652,142

24

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

0.9%

Amphenol

Corp.,

Class

A

13,224

1,310,895

Corning,

Inc.

7,200

219,240

Crane

NXT

Co.

3,641

207,064

Jabil,

Inc.

13,375

1,703,975

Keysight

Technologies,

Inc.

*

1,638

260,589

TD

SYNNEX

Corp.

8,953

963,432

Zebra

Technologies

Corp.,

Class

A

*

3,165

865,090

5,530,285

IT

Services

-

1.5%

Accenture

plc,

Class

A

16,271

5,709,657

Cloudflare,

Inc.,

Class

A

*

3,196

266,099

EPAM

Systems,

Inc.

*

1,145

340,454

Gartner,

Inc.

*

1,255

566,143

Kyndryl

Holdings,

Inc.

*

34,881

724,827

MongoDB,

Inc.,

Class

A

*

2,508

1,025,396

Okta,

Inc.,

Class

A

*

9,939

899,778

9,532,354

Semiconductors

&

Semiconductor

Equipment

-

10.0%

Advanced

Micro

Devices,

Inc.

*

31,152

4,592,116

Analog

Devices,

Inc.

3,373

669,743

Applied

Materials,

Inc.

3,868

626,887

Broadcom,

Inc.

10,808

12,064,430

Intel

Corp.

54,622

2,744,756

KLA

Corp.

9,827

5,712,435

Lam

Research

Corp.

2,853

2,234,641

Marvell

Technology,

Inc.

3,349

201,978

Microchip

Technology,

Inc.

15,696

1,415,465

Monolithic

Power

Systems,

Inc.

3,021

1,905,586

NVIDIA

Corp.

54,932

27,203,425

ON

Semiconductor

Corp.

*

9,007

752,355

Skyworks

Solutions,

Inc.

3,632

408,309

Teradyne,

Inc.

9,768

1,060,023

Texas

Instruments,

Inc.

12,751

2,173,536

Universal

Display

Corp.

1,062

203,118

63,968,803

Software

-

15.0%

Adobe,

Inc.

*

7,915

4,722,089

AppLovin

Corp.,

Class

A

*

17,741

706,979

Atlassian

Corp.,

Class

A

*

2,114

502,836

Autodesk,

Inc.

*

3,076

748,945

Cadence

Design

Systems,

Inc.

*

15,781

4,298,271

Datadog,

Inc.,

Class

A

*

1,816

220,426

Dynatrace,

Inc.

*

6,517

356,415

Elastic

NV

*

3,094

348,694

Fair

Isaac

Corp.

*

2,362

2,749,392

Fortinet,

Inc.

*

14,380

841,661

Guidewire

Software,

Inc.

*

1,911

208,375

HubSpot,

Inc.

*

1,382

802,306

Intuit,

Inc.

2,897

1,810,712

Manhattan

Associates,

Inc.

*

6,816

1,467,621

Microsoft

Corp.

122,635

46,115,665

Nutanix,

Inc.,

Class

A

*

35,692

1,702,152

INVESTMENTS

SHARES

VALUE

($)

Software

-

15.0%

(continued)

Oracle

Corp.

60,145

6,341,087

Palantir

Technologies,

Inc.,

Class

A

*

50,507

867,205

Palo

Alto

Networks,

Inc.

*

8,197

2,417,131

Salesforce,

Inc.

*

24,942

6,563,238

ServiceNow,

Inc.

*

4,361

3,081,003

Smartsheet,

Inc.,

Class

A

*

14,973

716,009

Synopsys,

Inc.

*

9,326

4,802,051

UiPath,

Inc.,

Class

A

*

32,005

795,004

Workday,

Inc.,

Class

A

*

8,190

2,260,931

95,446,198

Technology

Hardware,

Storage

&

Peripherals

-

4.6%

Apple,

Inc.

149,439

28,771,491

HP,

Inc.

17,380

522,964

29,294,455

Total

Information

Technology

209,424,237

Materials

-

2.3%

Chemicals

-

0.9%

Air

Products

and

Chemicals,

Inc.

1,700

465,460

Albemarle

Corp.

1,467

211,952

Chemours

Co.

(The)

9,696

305,812

Element

Solutions,

Inc.

38,953

901,373

Olin

Corp.

20,966

1,131,116

Sherwin-Williams

Co.

(The)

7,860

2,451,534

Westlake

Corp.

2,018

282,439

5,749,686

Containers

&

Packaging

-

0.2%

Avery

Dennison

Corp.

4,365

882,428

Packaging

Corp.

of

America

3,115

507,465

1,389,893

Metals

&

Mining

-

1.2%

Freeport-McMoRan,

Inc.

36,034

1,533,967

Nucor

Corp.

15,627

2,719,723

Reliance

Steel

&

Aluminum

Co.

3,454

966,015

Steel

Dynamics,

Inc.

12,307

1,453,457

United

States

Steel

Corp.

15,393

748,869

7,422,031

Total

Materials

14,561,610

Real

Estate

-

0.7%

Real

Estate

Management

&

Development

-

0.4%

CoStar

Group,

Inc.

*

29,300

2,560,527

25

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Specialized

REITs

-

0.3%

American

Tower

Corp.,

REIT

4,094

883,813

Digital

Realty

Trust,

Inc.,

REIT

3,200

430,656

Iron

Mountain,

Inc.,

REIT

5,659

396,017

1,710,486

Total

Real

Estate

4,271,013

Utilities

-

0.3%

Electric

Utilities

-

0.3%

Constellation

Energy

Corp.

16,274

1,902,268

TOTAL

COMMON

STOCKS

(Cost

$339,781,956)

610,107,122

SHORT-TERM

INVESTMENTS

-

3.9%

INVESTMENT

COMPANIES

-

3.9%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(a)

(Cost

$25,095,884)

25,105,927

25,095,884

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$364,877,840)

635,203,006

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

‡

1,200,160

NET

ASSETS

-

100.0%

636,403,166

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

67,312,459

10.6

%

Consumer

Discretionary

66,046,615

10.4

Consumer

Staples

12,393,661

1.9

Energy

10,031,356

1.6

Financials

68,468,127

10.7

Health

Care

55,812,533

8.8

Industrials

99,883,243

15.7

Information

Technology

209,424,237

32.9

Materials

14,561,610

2.3

Real

Estate

4,271,013

0.7

Utilities

1,902,268

0.3

Investment

Companies

25,095,884

3.9

Total

Investments

In

Securities

At

Value

635,203,006

99.8

Other

Assets

in

Excess

of

Liabilities

‡

1,200,160

0.2

Net

Assets

$

636,403,166

100.0%

26

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

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

92

3/2024

USD

$

22,172,000

$

48,642

Net

value

$

48,642

27

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

97.4%

Communication

Services

-

1.4%

Diversified

Telecommunication

Services

-

0.3%

Cogent

Communications

Holdings,

Inc.

796

60,544

Globalstar,

Inc.

*

39,750

77,115

IDT

Corp.,

Class

B

*

4,799

163,598

Liberty

Latin

America

Ltd.,

Class

C

*

6,283

46,117

Ooma,

Inc.

*

4,361

46,793

394,167

Entertainment

-

0.3%

Atlanta

Braves

Holdings,

Inc.,

Class

C

*

5,746

227,427

Cinemark

Holdings,

Inc.

*

4,980

70,168

Lions

Gate

Entertainment

Corp.,

Class

B

*

5,436

55,393

Sphere

Entertainment

Co.

*

3,135

106,464

459,452

Interactive

Media

&

Services

-

0.2%

Cargurus,

Inc.,

Class

A

*

5,653

136,577

Cars.com,

Inc.

*

6,963

132,088

Eventbrite,

Inc.,

Class

A

*

7,073

59,130

fuboTV,

Inc.

*

13,159

41,846

369,641

Media

-

0.4%

Advantage

Solutions,

Inc.

*

11,521

41,706

Cardlytics,

Inc.

*

8,866

81,656

Entravision

Communications

Corp.,

Class

A

10,565

44,056

Integral

Ad

Science

Holding

Corp.

*

17,451

251,120

Magnite,

Inc.

*

5,733

53,546

TechTarget,

Inc.

*

3,688

128,564

600,648

Wireless

Telecommunication

Services

-

0.2%

Telephone

and

Data

Systems,

Inc.

12,524

229,816

Tingo

Group,

Inc.

(3)*

82,067

56,626

286,442

Total

Communication

Services

2,110,350

Consumer

Discretionary

-

14.3%

Automobile

Components

-

1.1%

Adient

plc

*

1,241

45,123

American

Axle

&

Manufacturing

Holdings,

Inc.

*

6,221

54,807

Cooper-Standard

Holdings,

Inc.

*

8,844

172,812

Gentherm,

Inc.

*

3,209

168,023

Holley,

Inc.

*

9,576

46,635

LCI

Industries

483

60,718

Modine

Manufacturing

Co.

*

11,750

701,475

Patrick

Industries,

Inc.

1,211

121,524

Visteon

Corp.

*

1,390

173,611

INVESTMENTS

SHARES

VALUE

($)

Automobile

Components

-

1.1%

(continued)

XPEL,

Inc.

*(a)

1,500

80,775

1,625,503

Broadline

Retail

-

0.2%

Dillard's,

Inc.,

Class

A

723

291,839

Diversified

Consumer

Services

-

1.8%

Adtalem

Global

Education,

Inc.

*

2,947

173,726

Carriage

Services,

Inc.,

Class

A

4,475

111,920

Coursera,

Inc.

*

10,703

207,317

Duolingo,

Inc.,

Class

A

*

4,625

1,049,181

Frontdoor,

Inc.

*

4,186

147,431

Graham

Holdings

Co.,

Class

B

81

56,418

Laureate

Education,

Inc.,

Class

A

31,213

427,930

Nerdy,

Inc.

*

32,570

111,715

OneSpaWorld

Holdings

Ltd.

(Bahamas)

*

4,500

63,450

Strategic

Education,

Inc.

1,580

145,945

Stride,

Inc.

*

2,399

142,429

Universal

Technical

Institute,

Inc.

*

6,703

83,921

WW

International,

Inc.

*

13,814

120,872

2,842,255

Hotels,

Restaurants

&

Leisure

-

2.4%

BJ's

Restaurants,

Inc.

*

1,346

48,469

Bloomin'

Brands,

Inc.

4,401

123,888

Brinker

International,

Inc.

*

1,072

46,289

Carrols

Restaurant

Group,

Inc.

31,347

247,014

Chuy's

Holdings,

Inc.

*

3,194

122,107

Dave

&

Buster's

Entertainment,

Inc.

*

1,077

57,996

Golden

Entertainment,

Inc.

6,518

260,264

Inspired

Entertainment,

Inc.

*

8,746

86,411

International

Game

Technology

plc

14,201

389,249

Krispy

Kreme,

Inc.

6,768

102,129

Kura

Sushi

USA,

Inc.,

Class

A

*

2,209

167,884

Life

Time

Group

Holdings,

Inc.

*

12,772

192,602

Light

&

Wonder,

Inc.

*

7,102

583,145

Lindblad

Expeditions

Holdings,

Inc.

*

7,209

81,245

Monarch

Casino

&

Resort,

Inc.

1,222

84,501

Papa

John's

International,

Inc.

1,098

83,701

Potbelly

Corp.

*

8,999

93,770

Red

Robin

Gourmet

Burgers,

Inc.

*

10,651

132,818

Red

Rock

Resorts,

Inc.,

Class

A

7,426

396,029

Shake

Shack,

Inc.,

Class

A

*

3,897

288,846

Target

Hospitality

Corp.

*

18,878

183,683

3,772,040

Household

Durables

-

4.3%

Beazer

Homes

USA,

Inc.

*

8,454

285,661

Cavco

Industries,

Inc.

*

504

174,696

Century

Communities,

Inc.

1,803

164,325

Cricut,

Inc.,

Class

A

6,342

41,794

Dream

Finders

Homes,

Inc.,

Class

A

*

10,518

373,705

Ethan

Allen

Interiors,

Inc.

5,356

170,964

28

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

4.3%

(continued)

Green

Brick

Partners,

Inc.

*

9,406

488,548

Helen

of

Troy

Ltd.

*

581

70,191

Hovnanian

Enterprises,

Inc.,

Class

A

*

2,053

319,488

Installed

Building

Products,

Inc.

3,931

718,665

KB

Home

8,040

502,178

Landsea

Homes

Corp.

*

3,618

47,541

La-Z-Boy,

Inc.

2,370

87,500

Legacy

Housing

Corp.

*

2,748

69,305

LGI

Homes,

Inc.

*

1,325

176,437

M/I

Homes,

Inc.

*

4,284

590,078

MDC

Holdings,

Inc.

2,075

114,644

Meritage

Homes

Corp.

4,556

793,655

Skyline

Champion

Corp.

*

2,287

169,833

Taylor

Morrison

Home

Corp.,

Class

A

*

13,284

708,701

Tri

Pointe

Homes,

Inc.

*

8,943

316,582

Worthington

Enterprises,

Inc.

3,857

221,970

6,606,461

Leisure

Products

-

0.6%

Acushnet

Holdings

Corp.

11,106

701,566

Malibu

Boats,

Inc.,

Class

A

*

1,757

96,319

MasterCraft

Boat

Holdings,

Inc.

*

3,495

79,127

Solo

Brands,

Inc.,

Class

A

*

12,415

76,476

953,488

Specialty

Retail

-

3.5%

Abercrombie

&

Fitch

Co.,

Class

A

*

6,859

605,101

Academy

Sports

&

Outdoors,

Inc.

4,215

278,190

American

Eagle

Outfitters,

Inc.

8,513

180,135

Asbury

Automotive

Group,

Inc.

*

1,523

342,629

Boot

Barn

Holdings,

Inc.

*

1,438

110,381

Buckle,

Inc.

(The)

5,074

241,116

Build-A-Bear

Workshop,

Inc.

6,434

147,918

Caleres,

Inc.

6,268

192,616

Carvana

Co.,

Class

A

*

17,666

935,238

Destination

XL

Group,

Inc.

*

26,625

117,150

Group

1

Automotive,

Inc.

884

269,390

Guess?,

Inc.

1,874

43,214

ODP

Corp.

(The)

*

8,720

490,936

Shoe

Carnival,

Inc.

5,985

180,807

Signet

Jewelers

Ltd.

2,892

310,196

Sonic

Automotive,

Inc.,

Class

A

5,124

288,020

ThredUp,

Inc.,

Class

A

*

27,470

61,808

Upbound

Group,

Inc.

4,081

138,632

Urban

Outfitters,

Inc.

*

7,941

283,414

Winmark

Corp.

586

244,684

5,461,575

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

G-III

Apparel

Group

Ltd.

*

2,705

91,916

Kontoor

Brands,

Inc.

4,214

263,038

Movado

Group,

Inc.

3,198

96,419

INVESTMENTS

SHARES

VALUE

($)

Textiles,

Apparel

&

Luxury

Goods

-

0.4%

(continued)

Oxford

Industries,

Inc.

1,028

102,800

554,173

Total

Consumer

Discretionary

22,107,334

Consumer

Staples

-

3.8%

Beverages

-

1.1%

Coca-Cola

Consolidated,

Inc.

1,052

976,677

MGP

Ingredients,

Inc.

2,452

241,571

National

Beverage

Corp.

*

4,442

220,856

Vita

Coco

Co.,

Inc.

(The)

*

11,325

290,486

1,729,590

Consumer

Staples

Distribution

&

Retail

-

0.6%

Andersons,

Inc.

(The)

2,418

139,132

Ingles

Markets,

Inc.,

Class

A

542

46,812

Sprouts

Farmers

Market,

Inc.

*

13,578

653,238

United

Natural

Foods,

Inc.

*

2,666

43,269

882,451

Food

Products

-

0.4%

Alico,

Inc.

2,355

68,483

J

&

J

Snack

Foods

Corp.

1,886

315,226

John

B

Sanfilippo

&

Son,

Inc.

1,812

186,709

570,418

Household

Products

-

0.1%

Central

Garden

&

Pet

Co.,

Class

A

*

3,209

141,324

WD-40

Co.

365

87,261

228,585

Personal

Care

Products

-

1.5%

BellRing

Brands,

Inc.

*

11,177

619,541

elf

Beauty,

Inc.

*

7,953

1,147,936

Inter

Parfums,

Inc.

3,572

514,404

2,281,881

Tobacco

-

0.1%

Vector

Group

Ltd.

16,348

184,405

Total

Consumer

Staples

5,877,330

Energy

-

8.2%

Energy

Equipment

&

Services

-

3.3%

Archrock,

Inc.

16,883

259,998

Borr

Drilling

Ltd.

(Mexico)

*

25,590

188,342

ChampionX

Corp.

13,106

382,826

Diamond

Offshore

Drilling,

Inc.

*

25,133

326,729

Helix

Energy

Solutions

Group,

Inc.

*

27,624

283,975

KLX

Energy

Services

Holdings,

Inc.

*

8,674

97,669

Liberty

Energy,

Inc.,

Class

A

2,386

43,282

Newpark

Resources,

Inc.

*

6,208

41,221

Noble

Corp.

plc

13,479

649,149

Oceaneering

International,

Inc.

*

7,804

166,069

RPC,

Inc.

16,753

121,962

29

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Energy

Equipment

&

Services

-

3.3%

(continued)

Seadrill

Ltd.

(Norway)

*

2,875

135,930

TETRA

Technologies,

Inc.

*

26,845

121,339

Tidewater,

Inc.

*

10,690

770,856

US

Silica

Holdings,

Inc.

*

6,449

72,938

Valaris

Ltd.

*

4,013

275,172

Weatherford

International

plc

*

11,990

1,172,982

5,110,439

Oil,

Gas

&

Consumable

Fuels

-

4.9%

Amplify

Energy

Corp.

*

17,984

106,645

Ardmore

Shipping

Corp.

(Ireland)

4,059

57,191

California

Resources

Corp.

918

50,196

Centrus

Energy

Corp.,

Class

A

*

1,532

83,356

Chord

Energy

Corp.

2,469

410,422

Civitas

Resources,

Inc.

8,480

579,862

CONSOL

Energy,

Inc.

5,691

572,116

CVR

Energy,

Inc.

1,474

44,662

DHT

Holdings,

Inc.

7,678

75,321

Dorian

LPG

Ltd.

15,248

668,930

Equitrans

Midstream

Corp.

21,228

216,101

Green

Plains,

Inc.

*

4,795

120,930

Gulfport

Energy

Corp.

*

1,424

189,677

Hallador

Energy

Co.

*

6,304

55,727

International

Seaways,

Inc.

9,428

428,785

Kinetik

Holdings,

Inc.,

Class

A

3,497

116,800

Kosmos

Energy

Ltd.

(Ghana)

*

35,645

239,178

Matador

Resources

Co.

3,324

189,003

Murphy

Oil

Corp.

2,133

90,994

NACCO

Industries,

Inc.,

Class

A

309

11,278

Nordic

American

Tankers

Ltd.

30,958

130,024

Northern

Oil

and

Gas,

Inc.

7,827

290,147

Overseas

Shipholding

Group,

Inc.,

Class

A

13,183

69,474

Par

Pacific

Holdings,

Inc.

*

5,432

197,562

PBF

Energy,

Inc.,

Class

A

11,684

513,629

Peabody

Energy

Corp.

2,631

63,986

Permian

Resources

Corp.,

Class

A

63,774

867,326

SandRidge

Energy,

Inc.

3,965

54,202

Scorpio

Tankers,

Inc.

(Monaco)

6,335

385,168

Teekay

Corp.

*

20,671

147,798

Teekay

Tankers

Ltd.,

Class

A

(Canada)

4,906

245,153

Uranium

Energy

Corp.

*

35,529

227,386

7,499,029

Total

Energy

12,609,468

Financials

-

8.2%

Banks

-

1.3%

Amerant

Bancorp,

Inc.,

Class

A

1,823

44,791

Bancorp,

Inc.

(The)

*

9,159

353,171

Byline

Bancorp,

Inc.

1,878

44,246

City

Holding

Co.

419

46,199

Coastal

Financial

Corp.

*

4,755

211,170

Esquire

Financial

Holdings,

Inc.

5,327

266,137

First

BanCorp

7,504

123,441

INVESTMENTS

SHARES

VALUE

($)

Banks

-

1.3%

(continued)

First

Business

Financial

Services,

Inc.

810

32,481

Greene

County

Bancorp,

Inc.

2,642

74,504

HomeTrust

Bancshares,

Inc.

1,765

47,514

Lakeland

Financial

Corp.

3,172

206,687

Northeast

Bank

3,013

166,287

OFG

Bancorp

1,958

73,386

ServisFirst

Bancshares,

Inc.

1,141

76,025

Triumph

Financial,

Inc.

*

2,953

236,771

2,002,810

Capital

Markets

-

1.4%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

82,705

AssetMark

Financial

Holdings,

Inc.

*

2,106

63,075

B

Riley

Financial,

Inc.

3,712

77,915

BGC

Group,

Inc.,

Class

A

34,506

249,133

Brightsphere

Investment

Group,

Inc.

8,653

165,791

Diamond

Hill

Investment

Group,

Inc.

260

43,053

Donnelley

Financial

Solutions,

Inc.

*

8,190

510,810

Hamilton

Lane,

Inc.,

Class

A

1,672

189,672

Piper

Sandler

Cos.

573

100,201

PJT

Partners,

Inc.,

Class

A

3,670

373,863

StoneX

Group,

Inc.

*

2,761

203,845

Virtus

Investment

Partners,

Inc.

748

180,836

2,240,899

Consumer

Finance

-

0.8%

Enova

International,

Inc.

*

1,584

87,690

FirstCash

Holdings,

Inc.

3,046

330,156

Nelnet,

Inc.,

Class

A

3,116

274,894

NerdWallet,

Inc.,

Class

A

*

3,949

58,129

PROG

Holdings,

Inc.

*

5,257

162,494

Upstart

Holdings,

Inc.

*

6,910

282,343

World

Acceptance

Corp.

*

325

42,422

1,238,128

Financial

Services

-

2.6%

A-Mark

Precious

Metals,

Inc.

6,483

196,111

AvidXchange

Holdings,

Inc.

*

6,165

76,384

Cantaloupe,

Inc.

*

8,991

66,623

Enact

Holdings,

Inc.

5,583

161,293

EVERTEC,

Inc.

3,192

130,681

Federal

Agricultural

Mortgage

Corp.,

Class

C

502

95,993

Flywire

Corp.

*

4,774

110,518

International

Money

Express,

Inc.

*

2,926

64,635

Merchants

Bancorp

7,075

301,254

Mr

Cooper

Group,

Inc.

*

14,627

952,510

Payoneer

Global,

Inc.

*

8,951

46,635

PennyMac

Financial

Services,

Inc.

9,017

796,832

Remitly

Global,

Inc.

*

18,370

356,745

StoneCo

Ltd.,

Class

A

(Brazil)

*

12,296

221,697

30

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

2.6%

(continued)

Walker

&

Dunlop,

Inc.

2,583

286,739

Waterstone

Financial,

Inc.

6,106

86,705

3,951,355

Insurance

-

2.1%

Ambac

Financial

Group,

Inc.

*

4,428

72,973

American

Coastal

Insurance

Corp.

*

18,221

172,371

American

Equity

Investment

Life

Holding

Co.

*

4,446

248,087

CNO

Financial

Group,

Inc.

18,395

513,221

eHealth,

Inc.

*

7,555

65,880

Employers

Holdings,

Inc.

1,132

44,601

Genworth

Financial,

Inc.,

Class

A

*

45,856

306,318

Goosehead

Insurance,

Inc.,

Class

A

*

4,226

320,331

HCI

Group,

Inc.

1,445

126,293

MBIA,

Inc.

*

5,809

35,551

Oscar

Health,

Inc.,

Class

A

*

33,107

302,929

Safety

Insurance

Group,

Inc.

570

43,314

Selective

Insurance

Group,

Inc.

8,457

841,302

SiriusPoint

Ltd.

*

14,255

165,358

3,258,529

Total

Financials

12,691,721

Health

Care

-

15.7%

Biotechnology

-

8.8%

4D

Molecular

Therapeutics,

Inc.

*

6,982

141,455

ACADIA

Pharmaceuticals,

Inc.

*

14,222

445,291

ADMA

Biologics,

Inc.

*

73,115

330,480

Akero

Therapeutics,

Inc.

*

1,970

46,000

Alkermes

plc

*

7,393

205,082

Alpine

Immune

Sciences,

Inc.

*

8,074

153,890

Amicus

Therapeutics,

Inc.

*

13,248

187,989

Anavex

Life

Sciences

Corp.

*

8,290

77,180

Arcellx,

Inc.

*

8,448

468,864

Arcturus

Therapeutics

Holdings,

Inc.

*

1,916

60,412

Ardelyx,

Inc.

*

52,042

322,660

Arrowhead

Pharmaceuticals,

Inc.

*

2,624

80,294

Astria

Therapeutics,

Inc.

*

8,052

61,839

Aurinia

Pharmaceuticals,

Inc.

(Canada)

*

4,731

42,532

Avita

Medical,

Inc.

*

8,742

119,940

BioCryst

Pharmaceuticals,

Inc.

*

7,753

46,441

Biohaven

Ltd.

*

8,881

380,107

Biomea

Fusion,

Inc.

*

8,443

122,592

Blueprint

Medicines

Corp.

*

2,796

257,903

Bridgebio

Pharma,

Inc.

*

19,985

806,795

Cabaletta

Bio,

Inc.

*

13,743

311,966

Catalyst

Pharmaceuticals,

Inc.

*

11,276

189,550

Celldex

Therapeutics,

Inc.

*

3,170

125,722

Crinetics

Pharmaceuticals,

Inc.

*

6,525

232,160

Cue

Biopharma,

Inc.

*

21,858

57,705

Cytokinetics,

Inc.

*

3,192

266,500

Deciphera

Pharmaceuticals,

Inc.

*

3,579

57,729

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

8.8%

(continued)

Dynavax

Technologies

Corp.

*

4,748

66,377

Dyne

Therapeutics,

Inc.

*

6,067

80,691

Entrada

Therapeutics,

Inc.

*

3,983

60,104

Geron

Corp.

*

26,833

56,618

Halozyme

Therapeutics,

Inc.

*

4,118

152,201

Ideaya

Biosciences,

Inc.

*

10,043

357,330

Immunovant,

Inc.

*

17,388

732,556

Inhibrx,

Inc.

*

3,419

129,922

Inozyme

Pharma,

Inc.

*

22,305

95,019

Insmed,

Inc.

*

7,914

245,255

KalVista

Pharmaceuticals,

Inc.

*

4,129

50,580

Kiniksa

Pharmaceuticals

Ltd.,

Class

A

*

9,694

170,033

Krystal

Biotech,

Inc.

*

3,869

479,988

MacroGenics,

Inc.

*

22,755

218,903

Madrigal

Pharmaceuticals,

Inc.

*

1,981

458,364

MannKind

Corp.

*

38,031

138,433

MiMedx

Group,

Inc.

*

21,807

191,247

Mirum

Pharmaceuticals,

Inc.

*

6,637

195,924

Morphic

Holding,

Inc.

*

1,471

42,483

Nuvalent,

Inc.,

Class

A

*

7,968

586,365

Olema

Pharmaceuticals,

Inc.

*

10,738

150,654

ORIC

Pharmaceuticals,

Inc.

*

14,081

129,545

PDL

BioPharma,

Inc.

(3)*

34,242

2,791

PDS

Biotechnology

Corp.

*

18,983

94,346

Protagonist

Therapeutics,

Inc.

*

9,041

207,310

Prothena

Corp.

plc

(Ireland)

*

2,153

78,240

REVOLUTION

Medicines,

Inc.

*

9,608

275,557

Rhythm

Pharmaceuticals,

Inc.

*

3,441

158,183

Rocket

Pharmaceuticals,

Inc.

*

7,832

234,725

Savara,

Inc.

*

9,596

45,101

Scholar

Rock

Holding

Corp.

*

8,185

153,878

Syndax

Pharmaceuticals,

Inc.

*

5,386

116,392

Tango

Therapeutics,

Inc.

*

11,693

115,761

Tenaya

Therapeutics,

Inc.

*

21,953

71,128

TG

Therapeutics,

Inc.

*

17,842

304,741

UroGen

Pharma

Ltd.

*

4,831

72,465

Vaxcyte,

Inc.

*

10,709

672,525

Veracyte,

Inc.

*

4,620

127,096

Vericel

Corp.

*

2,236

79,624

Viking

Therapeutics,

Inc.

*

16,825

313,113

Viridian

Therapeutics,

Inc.

*

2,546

55,452

Voyager

Therapeutics,

Inc.

*

6,112

51,585

13,617,683

Health

Care

Equipment

&

Supplies

-

2.4%

Accuray,

Inc.

*

19,917

56,365

Alphatec

Holdings,

Inc.

*

19,838

299,752

AtriCure,

Inc.

*

3,525

125,807

CVRx,

Inc.

*

7,109

223,507

Glaukos

Corp.

*

2,925

232,508

Haemonetics

Corp.

*

6,312

539,739

Integer

Holdings

Corp.

*

896

88,776

iRadimed

Corp.

2,133

101,254

Lantheus

Holdings,

Inc.

*

3,933

243,846

31

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.4%

(continued)

LeMaitre

Vascular,

Inc.

1,424

80,826

Merit

Medical

Systems,

Inc.

*

2,719

206,535

Neogen

Corp.

*

2,802

56,348

OraSure

Technologies,

Inc.

*

18,884

154,849

Pulse

Biosciences,

Inc.

*

1,927

23,587

RxSight,

Inc.

*

7,048

284,175

SI-BONE,

Inc.

*

4,900

102,851

Tactile

Systems

Technology,

Inc.

*

4,022

57,515

TransMedics

Group,

Inc.

*

3,567

281,543

UFP

Technologies,

Inc.

*

2,205

379,348

Zynex,

Inc.

*

6,665

72,582

3,611,713

Health

Care

Providers

&

Services

-

1.7%

Accolade,

Inc.

*

4,804

57,696

Addus

HomeCare

Corp.

*

3,686

342,245

Brookdale

Senior

Living,

Inc.

*

9,069

52,781

CorVel

Corp.

*

1,613

398,750

Cross

Country

Healthcare,

Inc.

*

2,622

59,362

Ensign

Group,

Inc.

(The)

1,791

200,968

Fulgent

Genetics,

Inc.

*

1,812

52,385

HealthEquity,

Inc.

*

2,332

154,612

Hims

&

Hers

Health,

Inc.

*

24,322

216,466

LifeStance

Health

Group,

Inc.

*

20,518

160,656

NeoGenomics,

Inc.

*

19,278

311,918

Option

Care

Health,

Inc.

*

1,401

47,200

Owens

&

Minor,

Inc.

*

6,334

122,056

Patterson

Cos.,

Inc.

2,949

83,899

PetIQ,

Inc.,

Class

A

*

3,127

61,758

Progyny,

Inc.

*

1,248

46,401

RadNet,

Inc.

*

3,526

122,599

Select

Medical

Holdings

Corp.

5,751

135,148

2,626,900

Health

Care

Technology

-

0.3%

Evolent

Health,

Inc.,

Class

A

*

6,265

206,933

Schrodinger,

Inc.

*

6,120

219,096

426,029

Life

Sciences

Tools

&

Services

-

0.2%

Harvard

Bioscience,

Inc.

*

1,803

9,646

Pacific

Biosciences

of

California,

Inc.

*

13,350

130,963

Quanterix

Corp.

*

6,050

165,407

306,016

Pharmaceuticals

-

2.3%

Amneal

Pharmaceuticals,

Inc.

*

25,531

154,973

Amphastar

Pharmaceuticals,

Inc.

*

6,080

376,048

ANI

Pharmaceuticals,

Inc.

*

853

47,034

Axsome

Therapeutics,

Inc.

*

4,645

369,696

Corcept

Therapeutics,

Inc.

*

7,667

249,024

CorMedix,

Inc.

*

14,753

55,471

Cymabay

Therapeutics,

Inc.

*

21,337

503,980

Enliven

Therapeutics,

Inc.

*

5,284

73,131

EyePoint

Pharmaceuticals,

Inc.

*

11,395

263,338

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2.3%

(continued)

Intra-Cellular

Therapies,

Inc.

*

7,414

530,991

Liquidia

Corp.

*

30,998

372,906

Marinus

Pharmaceuticals,

Inc.

*

8,007

87,036

Prestige

Consumer

Healthcare,

Inc.

*

1,227

75,117

scPharmaceuticals,

Inc.

*

10,244

64,230

Terns

Pharmaceuticals,

Inc.

*

9,638

62,551

Verrica

Pharmaceuticals,

Inc.

*

21,956

160,718

WaVe

Life

Sciences

Ltd.

*

10,905

55,070

Xeris

Biopharma

Holdings,

Inc.

*

28,468

66,900

3,568,214

Total

Health

Care

24,156,555

Industrials

-

21.3%

Aerospace

&

Defense

-

1.2%

AeroVironment,

Inc.

*

2,608

328,712

AerSale

Corp.

*

3,438

43,645

Archer

Aviation,

Inc.,

Class

A

*

37,083

227,690

Astronics

Corp.

*

6,613

115,198

Kratos

Defense

&

Security

Solutions,

Inc.

*

9,165

185,958

Moog,

Inc.,

Class

A

1,118

161,864

Parsons

Corp.

*

11,101

696,144

V2X,

Inc.

*

1,198

55,635

1,814,846

Building

Products

-

3.2%

AAON,

Inc.

11,395

841,749

American

Woodmark

Corp.

*

1,240

115,134

CSW

Industrials,

Inc.

2,599

539,058

Gibraltar

Industries,

Inc.

*

4,314

340,720

Griffon

Corp.

12,175

742,066

Janus

International

Group,

Inc.

*

7,069

92,250

JELD-WEN

Holding,

Inc.

*

5,811

109,712

Masonite

International

Corp.

*

517

43,769

PGT

Innovations,

Inc.

*

3,898

158,649

Simpson

Manufacturing

Co.,

Inc.

4,998

989,504

UFP

Industries,

Inc.

7,524

944,638

4,917,249

Commercial

Services

&

Supplies

-

1.1%

ACV

Auctions,

Inc.,

Class

A

*

21,893

331,679

Casella

Waste

Systems,

Inc.,

Class

A

*

2,553

218,179

CECO

Environmental

Corp.

*

7,836

158,914

Cimpress

plc

(Ireland)

*

3,584

286,899

CoreCivic,

Inc.

*

6,129

89,054

Ennis,

Inc.

3,807

83,411

Enviri

Corp.

*

11,369

102,321

GEO

Group,

Inc.

(The)

*

10,472

113,412

MillerKnoll,

Inc.

1,523

40,634

Quad/Graphics,

Inc.

*

13,145

71,246

Steelcase,

Inc.,

Class

A

3,507

47,415

VSE

Corp.

1,242

80,246

1,623,410

32

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

3.1%

Ameresco,

Inc.,

Class

A

*

3,440

108,945

API

Group

Corp.

*

10,971

379,597

Arcosa,

Inc.

4,266

352,542

Bowman

Consulting

Group

Ltd.

*

2,648

94,057

Comfort

Systems

USA,

Inc.

5,613

1,154,426

Construction

Partners,

Inc.,

Class

A

*

7,244

315,259

Dycom

Industries,

Inc.

*

1,453

167,226

Fluor

Corp.

*

18,159

711,288

IES

Holdings,

Inc.

*

1,664

131,822

Limbach

Holdings,

Inc.

*

8,216

373,581

MYR

Group,

Inc.

*

3,261

471,638

Primoris

Services

Corp.

1,982

65,822

Sterling

Infrastructure,

Inc.

*

5,513

484,758

4,810,961

Electrical

Equipment

-

1.7%

Array

Technologies,

Inc.

*

9,263

155,618

Atkore,

Inc.

*

5,855

936,800

Encore

Wire

Corp.

2,076

443,434

EnerSys

1,064

107,421

Fluence

Energy,

Inc.,

Class

A

*

19,989

476,738

LSI

Industries,

Inc.

6,007

84,579

Powell

Industries,

Inc.

2,542

224,713

Preformed

Line

Products

Co.

865

115,789

Vicor

Corp.

*

1,025

46,063

2,591,155

Ground

Transportation

-

0.5%

ArcBest

Corp.

1,589

191,014

Covenant

Logistics

Group,

Inc.,

Class

A

5,720

263,349

Daseke,

Inc.

*

9,628

77,987

Marten

Transport

Ltd.

11,175

234,451

766,801

Machinery

-

3.7%

Alamo

Group,

Inc.

1,547

325,164

Blue

Bird

Corp.

*

8,629

232,638

Columbus

McKinnon

Corp.

2,230

87,015

Commercial

Vehicle

Group,

Inc.

*

7,859

55,092

Energy

Recovery,

Inc.

*

2,402

45,254

Enerpac

Tool

Group

Corp.,

Class

A

2,323

72,222

Enpro,

Inc.

801

125,549

ESCO

Technologies,

Inc.

800

93,624

Federal

Signal

Corp.

4,712

361,599

Franklin

Electric

Co.,

Inc.

2,799

270,523

Greenbrier

Cos.,

Inc.

(The)

3,860

170,535

Hyster-Yale

Materials

Handling,

Inc.

2,704

168,162

Kadant,

Inc.

1,701

476,807

Lindsay

Corp.

1,162

150,084

Manitowoc

Co.,

Inc.

(The)

*

10,426

174,010

Mayville

Engineering

Co.,

Inc.

*

6,260

90,269

Mueller

Industries,

Inc.

15,777

743,885

Shyft

Group,

Inc.

(The)

3,574

43,674

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

3.7%

(continued)

SPX

Technologies,

Inc.

*

5,276

532,929

Standex

International

Corp.

738

116,884

Terex

Corp.

8,010

460,255

Titan

International,

Inc.

*

19,442

289,297

Wabash

National

Corp.

4,621

118,390

Watts

Water

Technologies,

Inc.,

Class

A

2,134

444,597

5,648,458

Marine

Transportation

-

0.0%

†

Matson,

Inc.

423

46,361

Passenger

Airlines

-

0.6%

Allegiant

Travel

Co.

529

43,701

Joby

Aviation,

Inc.

*

71,376

474,650

SkyWest,

Inc.

*

7,121

371,716

890,067

Professional

Services

-

2.6%

ASGN,

Inc.

*

2,774

266,776

Asure

Software,

Inc.

*

5,277

50,237

Barrett

Business

Services,

Inc.

1,083

125,411

CBIZ,

Inc.

*

10,722

671,090

CRA

International,

Inc.

1,487

146,990

ExlService

Holdings,

Inc.

*

6,770

208,854

Exponent,

Inc.

1,356

119,382

Franklin

Covey

Co.

*

2,162

94,112

Huron

Consulting

Group,

Inc.

*

5,212

535,794

ICF

International,

Inc.

3,106

416,483

Innodata,

Inc.

*

13,266

107,985

Insperity,

Inc.

638

74,786

Kforce,

Inc.

1,251

84,518

Legalzoom.com,

Inc.

*

11,483

129,758

Maximus,

Inc.

5,765

483,453

NV5

Global,

Inc.

*

505

56,116

TriNet

Group,

Inc.

*

2,606

309,932

Verra

Mobility

Corp.,

Class

A

*

7,464

171,896

4,053,573

Trading

Companies

&

Distributors

-

3.6%

Applied

Industrial

Technologies,

Inc.

5,007

864,659

Beacon

Roofing

Supply,

Inc.

*

4,120

358,522

BlueLinx

Holdings,

Inc.

*

3,429

388,540

Boise

Cascade

Co.

6,317

817,167

Custom

Truck

One

Source,

Inc.

*

9,104

56,263

GATX

Corp.

4,281

514,662

Global

Industrial

Co.

7,153

277,823

GMS,

Inc.

*

2,232

183,984

H&E

Equipment

Services,

Inc.

1,976

103,384

Herc

Holdings,

Inc.

1,696

252,517

Hudson

Technologies,

Inc.

*

22,549

304,186

McGrath

RentCorp

2,831

338,644

MRC

Global,

Inc.

*

7,193

79,195

NOW,

Inc.

*

6,590

74,599

Rush

Enterprises,

Inc.,

Class

A

15,144

761,743

Titan

Machinery,

Inc.

*

2,242

64,749

33

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

3.6%

(continued)

Transcat,

Inc.

*

1,499

163,886

5,604,523

Total

Industrials

32,767,404

Information

Technology

-

17.4%

Communications

Equipment

-

0.7%

Aviat

Networks,

Inc.

*

3,685

120,352

Calix,

Inc.

*

5,862

256,111

Digi

International,

Inc.

*

5,998

155,948

Extreme

Networks,

Inc.

*

23,769

419,285

Harmonic,

Inc.

*

4,387

57,207

1,008,903

Electronic

Equipment,

Instruments

&

Components

-

3.0%

Advanced

Energy

Industries,

Inc.

2,479

270,013

Arlo

Technologies,

Inc.

*

16,833

160,250

Badger

Meter,

Inc.

3,899

601,889

Bel

Fuse,

Inc.,

Class

B

3,458

230,891

Belden,

Inc.

3,229

249,440

Daktronics,

Inc.

*

13,834

117,312

ePlus,

Inc.

*

2,840

226,746

Evolv

Technologies

Holdings,

Inc.

*

32,940

155,477

Fabrinet

(Thailand)

*

3,497

665,584

Insight

Enterprises,

Inc.

*

4,801

850,689

Itron,

Inc.

*

2,907

219,508

Mirion

Technologies,

Inc.

*

6,265

64,216

Napco

Security

Technologies,

Inc.

3,249

111,278

Novanta,

Inc.

*

1,513

254,804

OSI

Systems,

Inc.

*

1,508

194,607

PC

Connection,

Inc.

2,599

174,679

Sanmina

Corp.

*

844

43,356

ScanSource,

Inc.

*

2,464

97,599

4,688,338

IT

Services

-

0.9%

Applied

Digital

Corp.

*

29,034

195,689

Couchbase,

Inc.

*

1,842

41,482

Fastly,

Inc.,

Class

A

*

16,301

290,158

Hackett

Group,

Inc.

(The)

7,639

173,940

Perficient,

Inc.

*

1,780

117,159

Squarespace,

Inc.,

Class

A

*

15,400

508,354

1,326,782

Semiconductors

&

Semiconductor

Equipment

-

4.2%

ACM

Research,

Inc.,

Class

A

*

6,051

118,237

Aehr

Test

Systems

*

2,294

60,860

Alpha

&

Omega

Semiconductor

Ltd.

*

4,769

124,280

Amkor

Technology,

Inc.

23,308

775,457

Axcelis

Technologies,

Inc.

*

5,666

734,824

Cohu,

Inc.

*

3,568

126,271

Credo

Technology

Group

Holding

Ltd.

*

14,554

283,366

Diodes,

Inc.

*

3,066

246,874

FormFactor,

Inc.

*

3,422

142,732

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

4.2%

(continued)

indie

Semiconductor,

Inc.,

Class

A

(China)

*

5,214

42,286

inTEST

Corp.

*

3,597

48,919

MACOM

Technology

Solutions

Holdings,

Inc.

*

12,353

1,148,211

Navitas

Semiconductor

Corp.

*

24,565

198,240

Onto

Innovation,

Inc.

*

2,156

329,652

PDF

Solutions,

Inc.

*

9,173

294,820

Photronics,

Inc.

*

8,478

265,955

Power

Integrations,

Inc.

928

76,198

Rambus,

Inc.

*

15,435

1,053,439

SiTime

Corp.

*

343

41,873

Ultra

Clean

Holdings,

Inc.

*

3,122

106,585

Veeco

Instruments,

Inc.

*

8,355

259,256

6,478,335

Software

-

7.5%

A10

Networks,

Inc.

16,745

220,532

Agilysys,

Inc.

*

4,488

380,672

Altair

Engineering,

Inc.,

Class

A

*

8,172

687,674

Appfolio,

Inc.,

Class

A

*

5,314

920,597

Asana,

Inc.,

Class

A

*

4,876

92,693

Aurora

Innovation,

Inc.

*

138,253

604,166

AvePoint,

Inc.

*

5,186

42,577

Bit

Digital,

Inc.

(China)

*

34,220

144,751

Blackbaud,

Inc.

*

2,688

233,050

BlackLine,

Inc.

*

2,075

129,563

Braze,

Inc.,

Class

A

*

6,956

369,572

C3.ai,

Inc.,

Class

A

*

13,915

399,500

Cipher

Mining,

Inc.

*

55,866

230,727

Cleanspark,

Inc.

*

23,694

261,345

CommVault

Systems,

Inc.

*

980

78,253

Digimarc

Corp.

*

2,988

107,927

EverCommerce,

Inc.

*

5,179

57,124

Freshworks,

Inc.,

Class

A

*

24,302

570,854

Instructure

Holdings,

Inc.

*

10,378

280,310

Intapp,

Inc.

*

10,817

411,262

InterDigital,

Inc.

2,630

285,460

LiveRamp

Holdings,

Inc.

*

4,189

158,679

Marathon

Digital

Holdings,

Inc.

*

6,637

155,903

MicroStrategy,

Inc.,

Class

A

*

1,509

953,115

N-able,

Inc.

*

17,966

238,049

NextNav,

Inc.

*

10,452

46,511

PagerDuty,

Inc.

*

1,850

42,827

PowerSchool

Holdings,

Inc.,

Class

A

*

12,564

296,008

Progress

Software

Corp.

927

50,336

PROS

Holdings,

Inc.

*

2,402

93,174

Q2

Holdings,

Inc.

*

1,022

44,365

Qualys,

Inc.

*

1,004

197,065

Rapid7,

Inc.

*

2,623

149,773

Riot

Platforms,

Inc.

*

20,571

318,233

Sprinklr,

Inc.,

Class

A

*

15,824

190,521

Sprout

Social,

Inc.,

Class

A

*

844

51,855

SPS

Commerce,

Inc.

*

4,145

803,467

Tenable

Holdings,

Inc.

*

4,827

222,332

34

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Software

-

7.5%

(continued)

Terawulf,

Inc.

*

46,923

112,615

Varonis

Systems,

Inc.,

Class

B

*

4,482

202,945

Weave

Communications,

Inc.

*

19,123

219,341

Workiva,

Inc.

*

2,940

298,498

Yext,

Inc.

*

9,731

57,316

Zeta

Global

Holdings

Corp.,

Class

A

*

18,614

164,175

11,575,712

Technology

Hardware,

Storage

&

Peripherals

-

1.1%

IonQ,

Inc.

*

22,665

280,820

Super

Micro

Computer,

Inc.

*

5,259

1,494,923

1,775,743

Total

Information

Technology

26,853,813

Materials

-

3.7%

Chemicals

-

0.9%

AdvanSix,

Inc.

3,135

93,925

Core

Molding

Technologies,

Inc.

*

3,503

64,910

Hawkins,

Inc.

8,372

589,556

HB

Fuller

Co.

2,017

164,204

Innospec,

Inc.

2,133

262,871

Orion

SA

(Germany)

2,575

71,405

Quaker

Chemical

Corp.

213

45,458

Rayonier

Advanced

Materials,

Inc.

*

12,213

49,463

1,341,792

Construction

Materials

-

0.2%

Summit

Materials,

Inc.,

Class

A

*

6,749

259,567

United

States

Lime

&

Minerals,

Inc.

344

79,240

338,807

Containers

&

Packaging

-

0.1%

Greif,

Inc.,

Class

A

769

50,439

O-I

Glass,

Inc.

*

6,220

101,883

152,322

Metals

&

Mining

-

2.5%

Alpha

Metallurgical

Resources,

Inc.

1,343

455,169

Arch

Resources,

Inc.

275

45,633

ATI,

Inc.

*

14,204

645,856

Carpenter

Technology

Corp.

4,501

318,671

Commercial

Metals

Co.

6,716

336,069

Constellium

SE,

Class

A

*

6,285

125,448

Haynes

International,

Inc.

5,636

321,534

Hecla

Mining

Co.

14,091

67,778

Ivanhoe

Electric,

Inc.

*

4,574

46,106

Materion

Corp.

1,695

220,570

Ramaco

Resources,

Inc.,

Class

A

2,821

48,465

Ryerson

Holding

Corp.

8,791

304,872

SunCoke

Energy,

Inc.

12,255

131,619

TimkenSteel

Corp.

*

13,705

321,382

Warrior

Met

Coal,

Inc.

6,274

382,526

3,771,698

INVESTMENTS

SHARES

VALUE

($)

Paper

&

Forest

Products

-

0.0%

†

Clearwater

Paper

Corp.

*

1,536

55,481

Total

Materials

5,660,100

Real

Estate

-

2.9%

Diversified

REITs

-

0.1%

Armada

Hoffler

Properties,

Inc.,

REIT

7,464

92,329

CTO

Realty

Growth,

Inc.,

REIT

4,842

83,912

176,241

Health

Care

REITs

-

0.1%

Diversified

Healthcare

Trust,

REIT

56,362

210,794

Hotel

&

Resort

REITs

-

0.5%

Apple

Hospitality

REIT,

Inc.,

REIT

3,766

62,553

Chatham

Lodging

Trust,

REIT

11,414

122,358

Ryman

Hospitality

Properties,

Inc.,

REIT

3,230

355,494

Service

Properties

Trust,

REIT

23,010

196,505

736,910

Industrial

REITs

-

0.1%

Terreno

Realty

Corp.,

REIT

2,183

136,809

Real

Estate

Management

&

Development

-

0.9%

Compass,

Inc.,

Class

A

*

29,313

110,217

DigitalBridge

Group,

Inc.

2,631

46,148

eXp

World

Holdings,

Inc.

7,838

121,646

Forestar

Group,

Inc.

*

5,354

177,057

Opendoor

Technologies,

Inc.

*

37,739

169,071

Redfin

Corp.

*

15,905

164,139

St

Joe

Co.

(The)

10,523

633,274

1,421,552

Residential

REITs

-

0.2%

Apartment

Investment

and

Management

Co.,

Class

A,

REIT

*

14,213

111,288

BRT

Apartments

Corp.,

REIT

8,388

155,933

Veris

Residential,

Inc.,

REIT

3,033

47,709

314,930

Retail

REITs

-

0.9%

Kite

Realty

Group

Trust,

REIT

10,352

236,647

Phillips

Edison

&

Co.,

Inc.,

REIT

6,333

231,028

Saul

Centers,

Inc.,

REIT

1,110

43,590

Tanger,

Inc.,

REIT

19,764

547,858

Whitestone,

REIT

23,732

291,666

1,350,789

35

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Specialized

REITs

-

0.1%

Farmland

Partners,

Inc.,

REIT

9,873

123,215

PotlatchDeltic

Corp.,

REIT

933

45,810

169,025

Total

Real

Estate

4,517,050

Utilities

-

0.5%

Electric

Utilities

-

0.3%

Genie

Energy

Ltd.,

Class

B

1,533

43,123

MGE

Energy,

Inc.

610

44,109

Otter

Tail

Corp.

4,914

417,543

504,775

Multi-Utilities

-

0.1%

Unitil

Corp.

970

50,993

Water

Utilities

-

0.1%

Artesian

Resources

Corp.,

Class

A

1,055

43,730

Cadiz,

Inc.

*

10,859

30,405

Consolidated

Water

Co.

Ltd.

(Cayman

Islands)

3,099

110,324

184,459

Total

Utilities

740,227

TOTAL

COMMON

STOCKS

(Cost

$94,599,514)

150,091,352

SHORT-TERM

INVESTMENTS

-

2.5%

INVESTMENT

COMPANIES

-

2.5%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(b)

(Cost

$3,820,419)

3,821,948

3,820,420

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.9%

(Cost

$98,419,933)

153,911,772

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.1%

‡

126,888

NET

ASSETS

-

100.0%

154,038,660

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

2,110,350

1.4

%

Consumer

Discretionary

22,107,334

14.3

Consumer

Staples

5,877,330

3.8

Energy

12,609,468

8.2

Financials

12,691,721

8.2

Health

Care

24,156,555

15.7

Industrials

32,767,404

21.3

Information

Technology

26,853,813

17.4

Materials

5,660,100

3.7

Real

Estate

4,517,050

2.9

Utilities

740,227

0.5

Investment

Companies

3,820,420

2.5

Total

Investments

In

Securities

At

Value

153,911,772

99.9

Other

Assets

in

Excess

of

Liabilities

‡

126,888

0.1

Net

Assets

$

154,038,660

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(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

December

31,

2023

amounted

to

$80,775,

which

represents

0.05%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

36

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

Futures

contracts

outstanding

as

of

December

31,

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

31

3/2024

USD

$

3,173,935

$

31,039

Net

value

$

31,039

37

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.1%

Australia

-

2.0%

Brambles

Ltd.

57,889

536,567

Fortescue

Ltd.

46,858

923,915

Goodman

Group,

REIT

81,956

1,411,025

Origin

Energy

Ltd.

12,293

70,939

REA

Group

Ltd.

5,051

622,836

Suncorp

Group

Ltd.

25,015

236,876

Wesfarmers

Ltd.

2,036

79,178

WiseTech

Global

Ltd.

7,229

370,519

4,251,855

—

Austria

-

0.1%

Erste

Group

Bank

AG

5,234

212,003

Belgium

-

0.1%

Lotus

Bakeries

NV

(1)

32

290,736

Brazil

-

0.2%

Wheaton

Precious

Metals

Corp.

(1)

7,921

390,775

Canada

-

7.2%

Alimentation

Couche-Tard,

Inc.

(1)

9,630

567,095

AltaGas

Ltd.

(1)

6,848

143,777

Cameco

Corp.

(1)

17,505

754,734

Canadian

Pacific

Kansas

City

Ltd.

(1)

15,181

1,201,144

Cenovus

Energy,

Inc.

(1)

12,482

207,994

CGI,

Inc.

(1)*

727

77,882

Constellation

Software,

Inc.

(1)

758

1,879,351

Dollarama,

Inc.

(1)

8,369

603,114

Fairfax

Financial

Holdings

Ltd.

(1)

781

720,562

Franco-Nevada

Corp.

(1)

2,057

227,845

Hydro

One

Ltd.

(1)(a)

7,477

224,019

Imperial

Oil

Ltd.

(1)

6,438

366,734

Intact

Financial

Corp.

(1)

5,158

793,562

Kinross

Gold

Corp.

(1)

14,799

89,572

Lumine

Group,

Inc.

(1)*(b)

2,271

51,246

Manulife

Financial

Corp.

(1)

11,369

251,224

Open

Text

Corp.

(1)

8,000

336,229

Parkland

Corp.

(1)

3,683

118,713

Restaurant

Brands

International,

Inc.

(1)

3,282

256,432

Shopify,

Inc.,

Class

A

(1)*

32,210

2,507,667

Teck

Resources

Ltd.,

Class

B

(1)

6,010

254,043

Thomson

Reuters

Corp.

(1)

15,397

2,251,131

WSP

Global,

Inc.

(1)

10,904

1,528,477

15,412,547

—

Denmark

-

5.6%

Danske

Bank

A/S

51,880

1,386,820

Demant

A/S

*

6,793

297,942

DSV

A/S

6,083

1,068,824

Novo

Nordisk

A/S,

Class

B

80,437

8,335,782

Pandora

A/S

6,841

945,803

12,035,171

—

INVESTMENTS

SHARES

VALUE

($)

Finland

-

0.6%

Nordea

Bank

Abp

37,682

467,799

UPM-Kymmene

OYJ

9,463

356,951

Wartsila

OYJ

Abp

25,817

375,209

1,199,959

—

France

-

9.5%

Accor

SA

32,662

1,250,173

Adevinta

ASA

*

8,826

97,508

Air

Liquide

SA

5,291

1,030,133

Airbus

SE

5,620

868,225

AXA

SA

2,030

66,293

BNP

Paribas

SA

10,756

746,958

Capgemini

SE

1,728

361,138

Cie

de

Saint-Gobain

SA

1,598

117,848

Credit

Agricole

SA

70,888

1,007,790

Dassault

Aviation

SA

2,282

452,133

Dassault

Systemes

SE

9,102

445,518

Engie

SA

26,275

462,868

Hermes

International

SCA

1,698

3,609,125

Klepierre

SA,

REIT

7,922

216,276

Legrand

SA

2,537

264,194

L'Oreal

SA

5,748

2,865,382

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,564

2,083,345

Orange

SA

91,867

1,047,068

Publicis

Groupe

SA

8,705

808,798

Renault

SA

5,903

241,432

Safran

SA

6,749

1,189,919

SEB

SA

3,026

378,933

Sodexo

SA

4,846

533,489

Vivendi

SE

6,869

73,533

20,218,079

—

Germany

-

7.1%

adidas

AG

2,683

545,204

Allianz

SE

(Registered)

3,576

955,655

Bechtle

AG

1,223

61,257

Commerzbank

AG

81,696

971,022

Continental

AG

8,716

740,262

Covestro

AG

*(a)

1,282

74,705

Deutsche

Lufthansa

AG

(Registered)

*

18,929

168,284

E.ON

SE

24,643

331,080

Fresenius

Medical

Care

AG

2,792

116,729

Hannover

Rueck

SE

2,949

705,117

Heidelberg

Materials

AG

7,894

705,630

Knorr-Bremse

AG

939

60,646

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,870

2,849,770

Nemetschek

SE

1,487

128,380

Rational

AG

103

79,481

Rheinmetall

AG

2,751

872,442

RWE

AG

25,172

1,145,650

SAP

SE

17,506

2,694,551

Scout24

SE

(a)

3,886

274,784

Siemens

AG

(Registered)

2,892

542,566

Siemens

Energy

AG

*

20,262

267,788

Symrise

AG,

Class

A

675

74,180

38

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.1%

(continued)

Talanx

AG

11,488

820,993

15,186,176

—

Hong

Kong

-

0.1%

Techtronic

Industries

Co.

Ltd.

25,361

302,179

Italy

-

3.5%

Enel

SpA

61,491

457,482

Ferrari

NV

8,665

2,925,362

Infrastrutture

Wireless

Italiane

SpA

(a)

5,492

69,534

Intesa

Sanpaolo

SpA

425,117

1,244,060

Prysmian

SpA

8,551

389,798

UniCredit

SpA

89,054

2,424,913

7,511,149

—

Japan

-

29.9%

Advantest

Corp.

23,732

799,663

Aisin

Corp.

8,400

292,835

Ajinomoto

Co.,

Inc.

14,088

542,301

Asahi

Group

Holdings

Ltd.

5,800

215,971

Bandai

Namco

Holdings,

Inc.

24,677

493,497

Brother

Industries

Ltd.

7,300

116,253

Canon,

Inc.

2,500

64,134

Capcom

Co.

Ltd.

6,330

204,274

Chiba

Bank

Ltd.

(The)

71,223

513,134

Chubu

Electric

Power

Co.,

Inc.

36,800

475,138

Chugai

Pharmaceutical

Co.

Ltd.

39,569

1,494,852

Concordia

Financial

Group

Ltd.

17,000

77,489

Dai

Nippon

Printing

Co.

Ltd.

11,986

353,959

Dai-ichi

Life

Holdings,

Inc.

13,600

288,496

Daiichi

Sankyo

Co.

Ltd.

13,806

377,963

Daikin

Industries

Ltd.

2,674

433,776

Daiwa

House

Industry

Co.

Ltd.

18,600

562,285

Disco

Corp.

4,052

1,000,710

Fast

Retailing

Co.

Ltd.

4,556

1,126,603

Fuji

Electric

Co.

Ltd.

1,600

68,579

FUJIFILM

Holdings

Corp.

2,700

161,810

Fujitsu

Ltd.

4,108

618,228

Hankyu

Hanshin

Holdings,

Inc.

6,365

202,279

Hikari

Tsushin,

Inc.

995

164,443

Hitachi

Ltd.

18,161

1,306,316

Honda

Motor

Co.

Ltd.

59,319

611,888

Hoya

Corp.

6,387

795,432

Hulic

Co.

Ltd.

25,000

261,153

Ibiden

Co.

Ltd.

3,500

193,080

Inpex

Corp.

21,254

284,416

ITOCHU

Corp.

76,629

3,121,854

Japan

Post

Bank

Co.

Ltd.

20,300

206,592

Japan

Post

Holdings

Co.

Ltd.

100,300

895,425

Japan

Post

Insurance

Co.

Ltd.

8,700

154,431

Japan

Tobacco,

Inc.

65,198

1,683,753

JFE

Holdings,

Inc.

19,900

307,877

Kajima

Corp.

12,500

208,427

Kansai

Electric

Power

Co.,

Inc.

(The)

21,200

281,368

Kawasaki

Kisen

Kaisha

Ltd.

3,900

166,906

Keisei

Electric

Railway

Co.

Ltd.

4,600

217,077

Keyence

Corp.

1,010

443,750

Kikkoman

Corp.

3,395

207,458

INVESTMENTS

SHARES

VALUE

($)

Japan

-

29.9%

(continued)

Komatsu

Ltd.

4,400

114,503

Konami

Group

Corp.

2,207

115,290

Makita

Corp.

15,000

412,581

Marubeni

Corp.

81,042

1,275,969

Mazda

Motor

Corp.

68,992

737,461

Mitsubishi

Chemical

Group

Corp.

39,600

242,080

Mitsubishi

Corp.

133,656

2,129,042

Mitsubishi

Electric

Corp.

36,900

521,917

Mitsubishi

HC

Capital,

Inc.

325,515

2,180,887

Mitsubishi

Heavy

Industries

Ltd.

14,172

825,152

Mitsubishi

UFJ

Financial

Group,

Inc.

140,000

1,201,499

Mitsui

&

Co.

Ltd.

32,926

1,233,538

Mitsui

Chemicals,

Inc.

4,700

138,988

Mitsui

Fudosan

Co.

Ltd.

13,400

327,626

Mitsui

OSK

Lines

Ltd.

3,936

125,835

Mizuho

Financial

Group,

Inc.

39,461

673,118

MS&AD

Insurance

Group

Holdings,

Inc.

14,800

581,919

Nippon

Sanso

Holdings

Corp.

18,600

496,669

Nippon

Steel

Corp.

37,339

852,964

Nippon

Yusen

KK

48,601

1,500,970

Nissan

Chemical

Corp.

4,338

168,916

Nissan

Motor

Co.

Ltd.

79,800

312,012

Nissin

Foods

Holdings

Co.

Ltd.

24,045

839,647

Nitori

Holdings

Co.

Ltd.

2,207

296,348

Nomura

Real

Estate

Holdings,

Inc.

5,800

152,195

Nomura

Research

Institute

Ltd.

24,422

709,282

Obic

Co.

Ltd.

7,723

1,328,781

Oriental

Land

Co.

Ltd.

11,881

441,597

ORIX

Corp.

7,900

148,371

Osaka

Gas

Co.

Ltd.

11,100

231,707

Pan

Pacific

International

Holdings

Corp.

3,500

83,316

Recruit

Holdings

Co.

Ltd.

13,918

581,927

Renesas

Electronics

Corp.

*

54,651

977,213

Resona

Holdings,

Inc.

97,250

492,993

Rohm

Co.

Ltd.

3,760

71,781

Secom

Co.

Ltd.

2,000

143,881

Shimadzu

Corp.

10,609

295,811

Shin-Etsu

Chemical

Co.

Ltd.

33,209

1,388,905

Shionogi

&

Co.

Ltd.

1,811

87,160

Shiseido

Co.

Ltd.

3,056

92,115

Shizuoka

Financial

Group,

Inc.

62,736

530,494

Sony

Group

Corp.

9,732

920,968

Subaru

Corp.

18,400

335,605

Sumitomo

Corp.

18,451

401,524

Sumitomo

Mitsui

Financial

Group,

Inc.

80,121

3,898,674

Sumitomo

Realty

&

Development

Co.

Ltd.

3,400

100,756

Suzuki

Motor

Corp.

11,209

477,689

T&D

Holdings,

Inc.

28,500

452,451

Taisei

Corp.

6,322

215,883

Terumo

Corp.

8,657

283,093

Tobu

Railway

Co.

Ltd.

9,663

259,252

Tokio

Marine

Holdings,

Inc.

24,300

605,094

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

87,000

455,282

Tokyo

Electron

Ltd.

8,929

1,587,039

39

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

29.9%

(continued)

Tokyo

Gas

Co.

Ltd.

11,627

266,708

TOPPAN

Holdings,

Inc.

19,200

534,713

Toyota

Industries

Corp.

4,400

357,677

Toyota

Motor

Corp.

228,300

4,183,304

Toyota

Tsusho

Corp.

7,378

432,957

Unicharm

Corp.

3,957

143,114

USS

Co.

Ltd.

3,762

75,527

Yamaha

Corp.

2,844

65,510

Yamato

Holdings

Co.

Ltd.

4,300

79,350

Yaskawa

Electric

Corp.

5,000

208,109

Yokogawa

Electric

Corp.

6,700

127,353

Zensho

Holdings

Co.

Ltd.

7,900

413,363

63,939,330

—

Netherlands

-

8.0%

Argenx

SE

*

451

171,546

ASM

International

NV

2,275

1,184,080

ASML

Holding

NV

1,252

945,119

BE

Semiconductor

Industries

NV

7,618

1,150,135

ING

Groep

NV

89,038

1,335,084

Koninklijke

KPN

NV

184,399

635,278

Koninklijke

Philips

NV

*

22,603

528,961

Shell

plc

256,683

8,402,285

Universal

Music

Group

NV

5,112

145,933

Wolters

Kluwer

NV

17,543

2,495,834

16,994,255

—

New

Zealand

-

0.1%

Xero

Ltd.

*

2,004

152,882

Norway

-

0.6%

Kongsberg

Gruppen

ASA

7,733

354,024

Salmar

ASA

4,461

249,838

Telenor

ASA

(1)

51,978

596,525

1,200,387

—

Singapore

-

0.5%

DBS

Group

Holdings

Ltd.

7,312

184,912

Keppel

Corp.

Ltd.

11,800

63,140

Singapore

Exchange

Ltd.

43,175

321,196

STMicroelectronics

NV

10,182

510,718

1,079,966

—

Spain

-

2.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

18,525

822,785

Aena

SME

SA

(a)

692

125,606

Banco

Bilbao

Vizcaya

Argentaria

SA

162,242

1,478,716

Banco

Santander

SA

274,367

1,147,590

Iberdrola

SA

68,748

901,753

Industria

de

Diseno

Textil

SA

16,997

741,648

5,218,098

—

Sweden

-

2.6%

Atlas

Copco

AB,

Class

A

57,417

989,359

H

&

M

Hennes

&

Mauritz

AB,

Class

B

34,494

605,026

Hexagon

AB,

Class

B

96,475

1,158,790

Investor

AB,

Class

B

39,247

910,127

Saab

AB,

Class

B

6,227

375,262

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

2.6%

(continued)

Sandvik

AB

10,002

217,297

SKF

AB,

Class

B

7,636

153,030

Swedbank

AB,

Class

A

7,802

157,738

Volvo

AB,

Class

B

38,151

992,689

5,559,318

—

Switzerland

-

5.2%

ABB

Ltd.

(Registered)

15,847

703,578

Adecco

Group

AG

(Registered)

8,196

402,534

BKW

AG

1,241

220,733

Chocoladefabriken

Lindt

&

Spruengli

AG

14

168,051

EMS-Chemie

Holding

AG

(Registered)

698

565,958

Geberit

AG

(Registered)

251

161,122

Givaudan

SA

(Registered)

101

418,818

Helvetia

Holding

AG

(Registered)

696

95,969

Kuehne

+

Nagel

International

AG

(Registered)

1,898

654,994

Logitech

International

SA

(Registered)

4,236

402,794

Lonza

Group

AG

(Registered)

1,246

525,297

Novartis

AG

(Registered)

13,212

1,334,551

Partners

Group

Holding

AG

1,321

1,910,101

Sika

AG

(Registered)

3,604

1,175,179

UBS

Group

AG

(Registered)

62,937

1,954,922

VAT

Group

AG

(a)

786

394,775

11,089,376

—

United

Kingdom

-

6.3%

3i

Group

plc

19,506

600,385

Admiral

Group

plc

4,522

154,600

Ashtead

Group

plc

15,045

1,045,735

Associated

British

Foods

plc

19,347

583,100

AstraZeneca

plc

1,346

181,562

BAE

Systems

plc

(1)

103,894

1,470,618

Bunzl

plc

7,883

320,330

Centrica

plc

101,748

182,404

Compass

Group

plc

19,222

525,978

Croda

International

plc

2,982

191,814

HSBC

Holdings

plc

419,734

3,395,634

Informa

plc

14,356

142,791

InterContinental

Hotels

Group

plc

4,832

435,730

J

Sainsbury

plc

19,355

74,622

JD

Sports

Fashion

plc

171,867

362,697

Melrose

Industries

plc

104,471

755,157

Ocado

Group

plc

*

10,653

102,907

Rolls-Royce

Holdings

plc

*

367,997

1,403,677

SSE

plc

9,787

231,032

Standard

Chartered

plc

38,341

325,367

Whitbread

plc

16,935

788,448

Wise

plc,

Class

A

*

19,082

212,220

13,486,808

—

United

States

-

3.5%

CRH

plc

13,249

911,787

CSL

Ltd.

2,954

575,880

Experian

plc

4,463

182,070

Ferguson

plc

6,233

1,193,792

Ferrovial

SE

5,819

212,399

40

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

3.5%

(continued)

Holcim

AG

8,082

634,772

Jackson

Financial,

Inc.,

Class

A

(1)

223

11,418

Sanofi

SA

4,426

439,824

Schneider

Electric

SE

8,827

1,776,928

Stellantis

NV

56,141

1,315,420

Swiss

Re

AG

2,106

236,989

7,491,279

—

TOTAL

COMMON

STOCKS

(Cost

$127,362,416)

203,222,328

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

758

–

SHARES

SHORT-TERM

INVESTMENTS

-

4.3%

INVESTMENT

COMPANIES

-

4.3%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(1)(c)

(Cost

$9,229,046)

9,232,739

9,229,046

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$136,591,462)

212,451,374

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

‡

1,216,326

NET

ASSETS

-

100.0%

213,667,700

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,834,150

2.3

%

Consumer

Discretionary

29,834,325

14.0

Consumer

Staples

8,626,089

4.0

Energy

10,134,875

4.7

Financials

43,195,457

20.2

Health

Care

15,546,571

7.3

Industrials

47,401,984

22.2

Information

Technology

22,913,147

10.7

Materials

11,622,475

5.4

Real

Estate

3,031,315

1.4

Utilities

6,081,940

2.9

Investment

Companies

9,229,046

4.3

Total

Investments

In

Securities

At

Value

212,451,374

99.4

Other

Assets

in

Excess

of

Liabilities

‡

1,216,326

0.6

Net

Assets

$

213,667,700

100.0%

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2023

amounted

to

$1,163,423,

which

represents

0.54%

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

December

31,

2023

amounted

to

$51,246,

which

represents

0.02%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

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

86

3/2024

USD

$

9,685,320

$

143,317

Net

value

$

143,317

41

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

97.3%

Communication

Services

-

4.9%

Diversified

Telecommunication

Services

-

0.5%

AT&T,

Inc.

744,706

12,496,167

Verizon

Communications,

Inc.

41,746

1,573,824

14,069,991

Entertainment

-

1.3%

Electronic

Arts,

Inc.

258,944

35,426,129

Interactive

Media

&

Services

-

1.6%

Alphabet,

Inc.,

Class

A

*

264,300

36,920,067

Meta

Platforms,

Inc.,

Class

A

*

23,135

8,188,864

45,108,931

Wireless

Telecommunication

Services

-

1.5%

T-Mobile

US,

Inc.

253,946

40,715,162

Total

Communication

Services

135,320,213

Consumer

Discretionary

-

6.3%

Diversified

Consumer

Services

-

0.2%

Grand

Canyon

Education,

Inc.

*

47,960

6,332,638

Hotels,

Restaurants

&

Leisure

-

1.7%

Booking

Holdings,

Inc.

*

594

2,107,049

McDonald's

Corp.

137,933

40,898,514

Texas

Roadhouse,

Inc.,

Class

A

30,901

3,777,029

46,782,592

Household

Durables

-

1.1%

Garmin

Ltd.

75,680

9,727,907

NVR,

Inc.

*

1,373

9,611,618

PulteGroup,

Inc.

60,836

6,279,492

Toll

Brothers,

Inc.

39,437

4,053,729

29,672,746

Specialty

Retail

-

2.4%

AutoZone,

Inc.

*

7,988

20,653,853

Murphy

USA,

Inc.

19,244

6,861,641

O'Reilly

Automotive,

Inc.

*

41,344

39,280,107

66,795,601

Textiles,

Apparel

&

Luxury

Goods

-

0.9%

Deckers

Outdoor

Corp.

*

22,097

14,770,298

Lululemon

Athletica,

Inc.

*

20,250

10,353,622

25,123,920

Total

Consumer

Discretionary

174,707,497

Consumer

Staples

-

18.7%

Beverages

-

4.1%

Coca-Cola

Co.

(The)

675,147

39,786,413

Keurig

Dr

Pepper,

Inc.

52,654

1,754,431

Molson

Coors

Beverage

Co.,

Class

B

231,871

14,192,824

Monster

Beverage

Corp.

*

329,169

18,963,426

PepsiCo,

Inc.

233,120

39,593,101

114,290,195

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

4.6%

Casey's

General

Stores,

Inc.

55,660

15,292,028

Costco

Wholesale

Corp.

61,479

40,581,058

Kroger

Co.

(The)

660,102

30,173,263

Walmart,

Inc.

260,066

40,999,405

127,045,754

Food

Products

-

5.7%

Archer-Daniels-Midland

Co.

49,290

3,559,724

Flowers

Foods,

Inc.

225,071

5,066,348

General

Mills,

Inc.

258,276

16,824,099

Hershey

Co.

(The)

134,455

25,067,790

Hormel

Foods

Corp.

24,844

797,741

J

M

Smucker

Co.

(The)

309,028

39,054,959

Kraft

Heinz

Co.

(The)

1,083,699

40,075,189

Mondelez

International,

Inc.,

Class

A

401,242

29,061,958

159,507,808

Household

Products

-

3.9%

Church

&

Dwight

Co.,

Inc.

324,742

30,707,604

Colgate-Palmolive

Co.

464,288

37,008,396

Kimberly-Clark

Corp.

18,581

2,257,777

Procter

&

Gamble

Co.

(The)

270,096

39,579,868

109,553,645

Tobacco

-

0.4%

Altria

Group,

Inc.

253,168

10,212,797

Total

Consumer

Staples

520,610,199

Energy

-

3.3%

Oil,

Gas

&

Consumable

Fuels

-

3.3%

Chesapeake

Energy

Corp.

11,444

880,501

Chevron

Corp.

238,524

35,578,240

ConocoPhillips

38,925

4,518,025

EOG

Resources,

Inc.

115,569

13,978,070

Exxon

Mobil

Corp.

278,010

27,795,440

Kinder

Morgan,

Inc.

103,131

1,819,231

Marathon

Petroleum

Corp.

29,977

4,447,388

Phillips

66

17,945

2,389,197

Total

Energy

91,406,092

Financials

-

12.7%

Capital

Markets

-

2.6%

Cboe

Global

Markets,

Inc.

124,358

22,205,364

CME

Group,

Inc.

188,218

39,638,711

Intercontinental

Exchange,

Inc.

61,543

7,903,967

Invesco

Ltd.

60,846

1,085,493

70,833,535

Financial

Services

-

3.0%

Jack

Henry

&

Associates,

Inc.

4,818

787,309

Mastercard,

Inc.,

Class

A

82,297

35,100,494

MGIC

Investment

Corp.

429,651

8,287,968

Visa,

Inc.,

Class

A

155,411

40,461,254

84,637,025

42

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

7.1%

Aon

plc,

Class

A

38,899

11,320,387

Arch

Capital

Group

Ltd.

*

72,482

5,383,238

Arthur

J

Gallagher

&

Co.

96,160

21,624,461

Assurant,

Inc.

42,856

7,220,807

Assured

Guaranty

Ltd.

58,597

4,384,814

Chubb

Ltd.

73,105

16,521,730

CNA

Financial

Corp.

28,962

1,225,382

Everest

Group

Ltd.

55,003

19,447,961

Loews

Corp.

14,461

1,006,341

Markel

Group,

Inc.

*

3,840

5,452,416

Marsh

&

McLennan

Cos.,

Inc.

122,101

23,134,477

Progressive

Corp.

(The)

167,133

26,620,944

Reinsurance

Group

of

America,

Inc.

43,559

7,046,975

RenaissanceRe

Holdings

Ltd.

43,553

8,536,388

Travelers

Cos.,

Inc.

(The)

134,792

25,676,528

Unum

Group

72,252

3,267,235

W

R

Berkley

Corp.

59,131

4,181,744

White

Mountains

Insurance

Group

Ltd.

2,779

4,182,423

196,234,251

Total

Financials

351,704,811

Health

Care

-

18.5%

Biotechnology

-

4.9%

AbbVie,

Inc.

60,818

9,424,965

Amgen,

Inc.

41,330

11,903,867

Gilead

Sciences,

Inc.

279,132

22,612,483

Regeneron

Pharmaceuticals,

Inc.

*

36,501

32,058,463

United

Therapeutics

Corp.

*

70,441

15,489,272

Vertex

Pharmaceuticals,

Inc.

*

112,245

45,671,368

137,160,418

Health

Care

Equipment

&

Supplies

-

1.9%

Abbott

Laboratories

163,950

18,045,976

Becton

Dickinson

&

Co.

92,507

22,555,982

Medtronic

plc

41,707

3,435,823

Stryker

Corp.

29,476

8,826,883

52,864,664

Health

Care

Providers

&

Services

-

5.6%

Cencora,

Inc.

27,972

5,744,889

Centene

Corp.

*

98,819

7,333,358

Chemed

Corp.

23,276

13,610,641

Cigna

Group

(The)

81,602

24,435,719

Elevance

Health,

Inc.

15,053

7,098,393

Humana,

Inc.

82,039

37,558,274

McKesson

Corp.

47,818

22,138,778

UnitedHealth

Group,

Inc.

72,605

38,224,354

156,144,406

Health

Care

Technology

-

0.2%

Veeva

Systems,

Inc.,

Class

A

*

26,644

5,129,503

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

1.5%

Danaher

Corp.

106,482

24,633,546

Thermo

Fisher

Scientific,

Inc.

12,978

6,888,593

West

Pharmaceutical

Services,

Inc.

24,959

8,788,563

40,310,702

Pharmaceuticals

-

4.4%

Eli

Lilly

&

Co.

67,754

39,495,162

Johnson

&

Johnson

254,581

39,903,026

Merck

&

Co.,

Inc.

373,198

40,686,046

Viatris,

Inc.

148,814

1,611,655

121,695,889

Total

Health

Care

513,305,582

Industrials

-

15.7%

Aerospace

&

Defense

-

2.7%

General

Dynamics

Corp.

49,641

12,890,278

Lockheed

Martin

Corp.

88,669

40,188,338

Northrop

Grumman

Corp.

47,472

22,223,542

75,302,158

Air

Freight

&

Logistics

-

1.7%

CH

Robinson

Worldwide,

Inc.

91,949

7,943,474

Expeditors

International

of

Washington,

Inc.

314,687

40,028,186

47,971,660

Commercial

Services

&

Supplies

-

4.2%

Cintas

Corp.

43,038

25,937,281

Copart,

Inc.

*

109,016

5,341,784

Republic

Services,

Inc.,

Class

A

244,112

40,256,510

Rollins,

Inc.

100,865

4,404,775

Waste

Management,

Inc.

228,902

40,996,348

116,936,698

Electrical

Equipment

-

0.0%

†

Eaton

Corp.

plc

4,793

1,154,250

Ground

Transportation

-

1.6%

Landstar

System,

Inc.

104,730

20,280,965

Old

Dominion

Freight

Line,

Inc.

46,848

18,988,900

U-Haul

Holding

Co.

*

2,125

152,575

Union

Pacific

Corp.

19,257

4,729,904

44,152,344

Industrial

Conglomerates

-

1.1%

General

Electric

Co.

238,436

30,431,587

Machinery

-

0.9%

Crane

Co.

17,585

2,077,492

Cummins,

Inc.

9,380

2,247,167

IDEX

Corp.

3,856

837,176

Illinois

Tool

Works,

Inc.

38,005

9,955,030

Lincoln

Electric

Holdings,

Inc.

14,790

3,216,233

PACCAR,

Inc.

38,468

3,756,400

Snap-on,

Inc.

6,452

1,863,596

23,953,094

43

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

2.8%

Automatic

Data

Processing,

Inc.

62,555

14,573,438

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

15,816

2,023,024

CACI

International,

Inc.,

Class

A

*

54,349

17,601,467

FTI

Consulting,

Inc.

*

127,265

25,344,825

Leidos

Holdings,

Inc.

21,905

2,370,997

Paychex,

Inc.

39,389

4,691,624

Science

Applications

International

Corp.

11,649

1,448,204

Verisk

Analytics,

Inc.,

Class

A

37,929

9,059,721

77,113,300

Trading

Companies

&

Distributors

-

0.7%

Fastenal

Co.

80,827

5,235,165

WW

Grainger,

Inc.

17,520

14,518,649

19,753,814

Total

Industrials

436,768,905

Information

Technology

-

12.7%

Communications

Equipment

-

1.5%

Cisco

Systems,

Inc.

821,517

41,503,039

Ubiquiti,

Inc.

6,590

919,700

42,422,739

Electronic

Equipment,

Instruments

&

Components

-

0.7%

Amphenol

Corp.,

Class

A

145,779

14,451,072

Arrow

Electronics,

Inc.

*

27,145

3,318,476

Avnet,

Inc.

17,004

857,002

TD

SYNNEX

Corp.

8,057

867,014

19,493,564

IT

Services

-

1.9%

Accenture

plc,

Class

A

35,337

12,400,107

Akamai

Technologies,

Inc.

*

60,052

7,107,154

Amdocs

Ltd.

126,058

11,079,238

International

Business

Machines

Corp.

127,217

20,806,340

VeriSign,

Inc.

*

11,716

2,413,027

53,805,866

Semiconductors

&

Semiconductor

Equipment

-

1.2%

Analog

Devices,

Inc.

25,044

4,972,737

Broadcom,

Inc.

25,034

27,944,202

32,916,939

Software

-

5.8%

Adobe,

Inc.

*

43,974

26,234,888

Cadence

Design

Systems,

Inc.

*

142,727

38,874,553

Dolby

Laboratories,

Inc.,

Class

A

115,857

9,984,556

Manhattan

Associates,

Inc.

*

33,515

7,216,450

Microsoft

Corp.

80,203

30,159,536

Roper

Technologies,

Inc.

74,064

40,377,471

Synopsys,

Inc.

*

16,359

8,423,413

161,270,867

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

1.6%

Apple,

Inc.

204,233

39,320,980

Hewlett

Packard

Enterprise

Co.

257,547

4,373,148

43,694,128

Total

Information

Technology

353,604,103

Materials

-

0.9%

Chemicals

-

0.7%

Air

Products

and

Chemicals,

Inc.

16,947

4,640,089

CF

Industries

Holdings,

Inc.

27,074

2,152,383

Corteva,

Inc.

60,804

2,913,728

Linde

plc

18,086

7,428,101

NewMarket

Corp.

5,040

2,750,983

19,885,284

Metals

&

Mining

-

0.2%

Reliance

Steel

&

Aluminum

Co.

3,518

983,914

Royal

Gold,

Inc.

25,078

3,033,435

4,017,349

Total

Materials

23,902,633

Utilities

-

3.6%

Electric

Utilities

-

2.2%

American

Electric

Power

Co.,

Inc.

15,522

1,260,697

Avangrid,

Inc.

96,100

3,114,601

Duke

Energy

Corp.

309,037

29,988,950

Exelon

Corp.

40,444

1,451,940

Hawaiian

Electric

Industries,

Inc.

314,638

4,464,713

IDACORP,

Inc.

46,618

4,583,482

Pinnacle

West

Capital

Corp.

70,197

5,042,952

Xcel

Energy,

Inc.

181,027

11,207,382

61,114,717

Gas

Utilities

-

0.2%

Atmos

Energy

Corp.

38,449

4,456,239

Multi-Utilities

-

1.2%

Ameren

Corp.

78,578

5,684,333

Consolidated

Edison,

Inc.

244,269

22,221,151

DTE

Energy

Co.

25,471

2,808,432

Public

Service

Enterprise

Group,

Inc.

23,473

1,435,374

WEC

Energy

Group,

Inc.

24,510

2,063,007

34,212,297

Water

Utilities

-

0.0%

†

American

Water

Works

Co.,

Inc.

5,975

788,640

Total

Utilities

100,571,893

TOTAL

COMMON

STOCKS

(Cost

$1,710,198,693)

2,701,901,928

44

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

2.8%

INVESTMENT

COMPANIES

-

2.8%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(a)

(Cost

$77,057,758)

77,088,593

77,057,758

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.1%

(Cost

$1,787,256,451)

2,778,959,686

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.1)%

‡

(3,020,145)

NET

ASSETS

-

100.0%

2,775,939,541

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

135,320,213

4.9

%

Consumer

Discretionary

174,707,497

6.3

Consumer

Staples

520,610,199

18.7

Energy

91,406,092

3.3

Financials

351,704,811

12.7

Health

Care

513,305,582

18.5

Industrials

436,768,905

15.7

Information

Technology

353,604,103

12.7

Materials

23,902,633

0.9

Utilities

100,571,893

3.6

Investment

Companies

77,057,758

2.8

Total

Investments

In

Securities

At

Value

2,778,959,686

100.1

Liabilities

in

Excess

of

Other

Assets

‡

(3,020,145)

(0.1)

Net

Assets

$

2,775,939,541

100.0%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

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

259

3/2024

USD

$

62,419,000

$

2,278,164

Net

value

$

2,278,164

45

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.0%

Australia

-

7.7%

Ampol

Ltd.

7,682

189,324

ANZ

Group

Holdings

Ltd.

53,331

942,254

Aurizon

Holdings

Ltd.

372,207

963,620

BHP

Group

Ltd.

38,878

1,328,252

Brambles

Ltd.

12,311

114,109

Cochlear

Ltd.

13,993

2,846,818

Coles

Group

Ltd.

64,049

703,582

Computershare

Ltd.

14,961

249,181

Fortescue

Ltd.

29,644

584,501

Goodman

Group,

REIT

26,881

462,806

IGO

Ltd.

15,989

98,542

Medibank

Pvt

Ltd.

149,829

363,750

QBE

Insurance

Group

Ltd.

31,119

315,316

REA

Group

Ltd.

14,678

1,809,935

Santos

Ltd.

109,455

569,112

Sonic

Healthcare

Ltd.

49,762

1,087,336

Telstra

Group

Ltd.

1,370,154

3,702,542

Vicinity

Ltd.,

REIT

67,580

93,876

Washington

H

Soul

Pattinson

&

Co.

Ltd.

23,778

531,194

Wesfarmers

Ltd.

29,562

1,149,634

WiseTech

Global

Ltd.

5,636

288,871

Woolworths

Group

Ltd.

85,111

2,159,262

20,553,817

—

Belgium

-

1.2%

Anheuser-Busch

InBev

SA/NV

15,325

989,200

Groupe

Bruxelles

Lambert

NV

354

27,879

KBC

Group

NV

10,505

681,768

Syensqo

SA

(1)*

12,281

1,277,939

UCB

SA

2,856

248,962

3,225,748

—

Brazil

-

1.1%

Wheaton

Precious

Metals

Corp.

(1)

46,991

2,318,253

Yara

International

ASA

20,186

717,141

3,035,394

—

Canada

-

10.9%

Alimentation

Couche-Tard,

Inc.

(1)

23,303

1,372,275

Bank

of

Montreal

(1)

1,972

195,124

Bank

of

Nova

Scotia

(The)

(1)

7,201

350,526

Barrick

Gold

Corp.

(1)

5,864

105,946

BCE,

Inc.

(1)

36,079

1,420,506

Canadian

National

Railway

Co.

(1)

8,555

1,075,307

Canadian

Pacific

Kansas

City

Ltd.

(1)

12,615

998,118

Canadian

Utilities

Ltd.,

Class

A

(1)

7,603

182,982

CGI,

Inc.

(1)*

24,307

2,603,962

Constellation

Software,

Inc.

(1)

883

2,189,271

Descartes

Systems

Group,

Inc.

(The)

(1)*

1,837

154,344

Fairfax

Financial

Holdings

Ltd.

(1)

779

718,716

Fortis,

Inc.

(1)

42,088

1,731,419

Franco-Nevada

Corp.

(1)

12,505

1,385,124

George

Weston

Ltd.

(1)

1,315

163,252

Hydro

One

Ltd.

(1)(a)

78,273

2,345,148

Imperial

Oil

Ltd.

(1)

18,089

1,030,420

Intact

Financial

Corp.

(1)

11,764

1,809,901

INVESTMENTS

SHARES

VALUE

($)

Canada

-

10.9%

(continued)

Loblaw

Cos.

Ltd.

(1)

37,753

3,654,923

Lumine

Group,

Inc.

(1)*(b)

2,895

65,326

Manulife

Financial

Corp.

(1)

6,431

142,108

Metro,

Inc.,

Class

A

(1)

43,531

2,253,342

Royal

Bank

of

Canada

(1)

10,211

1,032,621

Saputo,

Inc.

(1)

15,712

318,141

Shopify,

Inc.,

Class

A

(1)*

4,674

363,888

Sun

Life

Financial,

Inc.

(1)

3,828

198,528

Thomson

Reuters

Corp.

(1)

5,716

835,712

Toronto-Dominion

Bank

(The)

(1)

2,713

175,304

West

Fraser

Timber

Co.

Ltd.

(1)

3,988

341,179

29,213,413

—

China

-

1.0%

BOC

Hong

Kong

Holdings

Ltd.

481,500

1,308,008

Budweiser

Brewing

Co.

APAC

Ltd.

(a)

402,300

754,192

SITC

International

Holdings

Co.

Ltd.

106,000

182,959

Wilmar

International

Ltd.

155,300

419,524

2,664,683

—

Denmark

-

2.8%

Carlsberg

A/S,

Class

B

10,858

1,362,507

Genmab

A/S

*

8,882

2,832,053

Novo

Nordisk

A/S,

Class

B

25,144

2,605,703

Pandora

A/S

1,478

204,341

ROCKWOOL

A/S,

Class

B

1,674

489,766

7,494,370

—

Finland

-

0.7%

Elisa

OYJ

(1)

13,736

634,911

Kone

OYJ,

Class

B

4,446

222,394

Nokia

OYJ

79,413

270,475

Nordea

Bank

Abp

32,418

402,450

Orion

OYJ,

Class

B

6,052

262,241

1,792,471

—

France

-

8.2%

Air

Liquide

SA

8,312

1,618,308

AXA

SA

2,954

96,467

BioMerieux

2,933

326,324

BNP

Paribas

SA

1,870

129,863

Bouygues

SA

10,793

407,212

Carrefour

SA

16,595

303,932

Danone

SA

28,355

1,839,632

Dassault

Aviation

SA

10,529

2,086,113

Dassault

Systemes

SE

20,125

985,065

Engie

SA

76,966

1,355,856

EssilorLuxottica

SA

1,091

219,071

Hermes

International

SCA

810

1,721,667

Ipsen

SA

8,896

1,061,198

L'Oreal

SA

7,635

3,806,054

Orange

SA

84,827

966,828

Pernod

Ricard

SA

3,852

680,732

Societe

Generale

SA

28,921

769,453

Thales

SA

4,719

698,755

TotalEnergies

SE

37,989

2,583,215

46

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

France

-

8.2%

(continued)

Vivendi

SE

27,657

296,068

21,951,813

—

Germany

-

3.8%

Beiersdorf

AG

25,655

3,841,959

Commerzbank

AG

12,214

145,173

Deutsche

Boerse

AG

1,426

293,663

Hannover

Rueck

SE

2,193

524,355

Nemetschek

SE

2,793

241,133

Rational

AG

1,109

855,767

RWE

AG

13,646

621,069

SAP

SE

18,659

2,872,023

Scout24

SE

(a)

7,776

549,851

Talanx

AG

2,084

148,934

10,093,927

—

Hong

Kong

-

2.8%

CK

Asset

Holdings

Ltd.

106,500

534,534

CLP

Holdings

Ltd.

175,000

1,445,871

HKT

Trust

&

HKT

Ltd.

74,000

88,351

MTR

Corp.

Ltd.

221,000

857,777

Power

Assets

Holdings

Ltd.

566,500

3,284,399

Sino

Land

Co.

Ltd.

125,866

136,877

Sun

Hung

Kai

Properties

Ltd.

52,000

562,711

Swire

Pacific

Ltd.,

Class

A

20,500

173,628

Swire

Properties

Ltd.

144,000

291,493

WH

Group

Ltd.

(a)

192,000

123,993

7,499,634

—

Italy

-

0.8%

Assicurazioni

Generali

SpA

13,836

292,320

Coca-Cola

HBC

AG

37,799

1,109,890

Enel

SpA

25,117

186,866

Infrastrutture

Wireless

Italiane

SpA

(a)

6,477

82,005

Intesa

Sanpaolo

SpA

56,717

165,976

Snam

SpA

40,524

208,493

Terna

-

Rete

Elettrica

Nazionale

11,355

94,731

2,140,281

—

Japan

-

21.0%

Astellas

Pharma,

Inc.

29,900

355,609

Brother

Industries

Ltd.

50,800

808,990

Canon,

Inc.

125,800

3,227,240

Capcom

Co.

Ltd.

15,500

500,196

Chugai

Pharmaceutical

Co.

Ltd.

22,900

865,124

Daito

Trust

Construction

Co.

Ltd.

7,900

914,397

Disco

Corp.

5,100

1,259,531

FUJIFILM

Holdings

Corp.

20,000

1,198,596

Fujitsu

Ltd.

4,700

707,320

Hirose

Electric

Co.

Ltd.

2,400

271,052

Hoya

Corp.

25,000

3,113,481

Inpex

Corp.

65,900

881,857

Japan

Post

Bank

Co.

Ltd.

189,900

1,932,599

Japan

Post

Holdings

Co.

Ltd.

25,500

227,650

Japan

Tobacco,

Inc.

137,300

3,545,803

Kao

Corp.

4,000

164,423

KDDI

Corp.

116,100

3,682,519

Keyence

Corp.

2,300

1,010,520

Kikkoman

Corp.

1,400

85,550

INVESTMENTS

SHARES

VALUE

($)

Japan

-

21.0%

(continued)

Kirin

Holdings

Co.

Ltd.

84,300

1,234,163

Kobayashi

Pharmaceutical

Co.

Ltd.

7,600

365,605

Kyocera

Corp.

47,200

687,235

MatsukiyoCocokara

&

Co.

5,600

98,974

McDonald's

Holdings

Co.

Japan

Ltd.

4,400

190,595

MEIJI

Holdings

Co.

Ltd.

14,400

342,052

Mitsubishi

UFJ

Financial

Group,

Inc.

215,300

1,847,734

Murata

Manufacturing

Co.

Ltd.

4,000

84,528

Nexon

Co.

Ltd.

59,500

1,082,252

Nintendo

Co.

Ltd.

46,100

2,398,762

Nippon

Telegraph

&

Telephone

Corp.

1,537,600

1,877,539

Nippon

Yusen

KK

26,800

827,678

Nissin

Foods

Holdings

Co.

Ltd.

29,400

1,026,643

Nitto

Denko

Corp.

8,300

619,389

Nomura

Research

Institute

Ltd.

7,461

216,688

Obic

Co.

Ltd.

16,800

2,890,525

Ono

Pharmaceutical

Co.

Ltd.

10,700

190,348

Oracle

Corp.

Japan

15,500

1,193,177

Osaka

Gas

Co.

Ltd.

3,800

79,323

Otsuka

Corp.

34,000

1,399,269

Otsuka

Holdings

Co.

Ltd.

19,600

732,981

Recruit

Holdings

Co.

Ltd.

18,900

790,230

Renesas

Electronics

Corp.

*

7,200

128,743

SCSK

Corp.

41,600

823,614

Secom

Co.

Ltd.

18,300

1,316,507

Seiko

Epson

Corp.

28,900

431,504

SG

Holdings

Co.

Ltd.

27,000

387,069

Shin-Etsu

Chemical

Co.

Ltd.

8,800

368,044

Shionogi

&

Co.

Ltd.

4,500

216,576

Shizuoka

Financial

Group,

Inc.

9,600

81,177

SoftBank

Corp.

55,700

694,118

Square

Enix

Holdings

Co.

Ltd.

5,500

197,175

Subaru

Corp.

19,600

357,492

Sumitomo

Mitsui

Financial

Group,

Inc.

2,100

102,186

Sumitomo

Mitsui

Trust

Holdings,

Inc.

49,000

938,442

Suntory

Beverage

&

Food

Ltd.

42,500

1,397,395

Sysmex

Corp.

1,400

77,827

Tokyo

Electron

Ltd.

2,400

426,576

TOPPAN

Holdings,

Inc.

17,200

479,014

Tosoh

Corp.

12,600

160,625

Trend

Micro,

Inc.

*

2,600

138,762

Unicharm

Corp.

14,500

524,427

USS

Co.

Ltd.

31,600

634,408

Yakult

Honsha

Co.

Ltd.

72,000

1,616,229

Yamato

Holdings

Co.

Ltd.

4,600

84,886

56,510,943

—

Netherlands

-

4.2%

Argenx

SE

*

2,612

993,523

ASM

International

NV

554

288,343

ASML

Holding

NV

778

587,302

BE

Semiconductor

Industries

NV

8,300

1,253,101

Heineken

NV

14,089

1,431,435

JDE

Peet's

NV

(1)

27,402

736,901

Koninklijke

Ahold

Delhaize

NV

86,462

2,487,637

47

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

4.2%

(continued)

Koninklijke

KPN

NV

175,922

606,074

Shell

plc

64,890

2,124,115

Wolters

Kluwer

NV

6,013

855,467

11,363,898

—

Norway

-

2.2%

DNB

Bank

ASA

17,442

370,839

Equinor

ASA

91,258

2,892,146

Gjensidige

Forsikring

ASA

34,383

634,497

Orkla

ASA

222,227

1,725,757

Telenor

ASA

(1)

32,478

372,733

5,995,972

—

Portugal

-

0.2%

Jeronimo

Martins

SGPS

SA

25,702

654,129

Singapore

-

3.0%

DBS

Group

Holdings

Ltd.

56,200

1,421,232

Jardine

Cycle

&

Carriage

Ltd.

4,800

108,180

Oversea-Chinese

Banking

Corp.

Ltd.

332,900

3,275,541

Singapore

Telecommunications

Ltd.

865,300

1,619,846

United

Overseas

Bank

Ltd.

73,900

1,594,999

8,019,798

—

Spain

-

1.1%

Banco

Santander

SA

23,265

97,310

Endesa

SA

8,628

176,021

Iberdrola

SA

72,838

955,400

Industria

de

Diseno

Textil

SA

37,696

1,644,829

Redeia

Corp.

SA

4,865

80,169

2,953,729

—

Sweden

-

1.4%

Essity

AB,

Class

B

30,372

752,684

Evolution

AB

(a)

1,381

164,492

Holmen

AB,

Class

B

1,848

78,054

Industrivarden

AB,

Class

A

7,802

255,077

Investor

AB,

Class

B

6,228

144,426

L

E

Lundbergforetagen

AB,

Class

B

1,645

89,582

Swedish

Orphan

Biovitrum

AB

(1)*

63,125

1,671,057

Tele2

AB,

Class

B

64,296

552,668

3,708,040

—

Switzerland

-

5.5%

Baloise

Holding

AG

(Registered)

5,430

851,361

BKW

AG

7,438

1,322,976

Chocoladefabriken

Lindt

&

Spruengli

AG

127

1,524,460

EMS-

Chemie

Holding

AG

(Registered)

741

600,824

Kuehne

+

Nagel

International

AG

(Registered)

4,123

1,422,835

Logitech

International

SA

(Registered)

4,467

424,760

Novartis

AG

(Registered)

29,656

2,995,567

Schindler

Holding

AG

957

239,590

Sonova

Holding

AG

(Registered)

1,089

356,155

Swisscom

AG

(Registered)

5,920

3,563,067

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

5.5%

(continued)

Zurich

Insurance

Group

AG

2,614

1,366,670

14,668,265

—

United

Kingdom

-

10.1%

Associated

British

Foods

plc

37,789

1,138,923

AstraZeneca

plc

12,430

1,676,682

Auto

Trader

Group

plc

(a)

275,178

2,527,964

BAE

Systems

plc

(1)

107,149

1,516,693

BP

plc

92,756

549,864

British

American

Tobacco

plc

112,722

3,298,154

Centrica

plc

961,939

1,724,471

CK

Hutchison

Holdings

Ltd.

95,000

510,397

Diageo

plc

61,975

2,249,394

HSBC

Holdings

plc

80,167

648,548

Imperial

Brands

plc

78,477

1,807,152

J

Sainsbury

plc

178,188

686,990

National

Grid

plc

52,766

710,828

Next

plc

1,031

106,579

Reckitt

Benckiser

Group

plc

33,113

2,284,910

Rolls-Royce

Holdings

plc

*

20,132

76,791

Sage

Group

plc

(The)

125,322

1,870,909

Tesco

plc

274,835

1,018,189

Unilever

plc

41,111

1,990,226

Vodafone

Group

plc

691,568

603,974

26,997,638

—

United

States

-

4.2%

CSL

Ltd.

10,693

2,084,591

Ferguson

plc

3,146

602,546

GSK

plc

20,352

375,885

Holcim

AG

1,641

128,886

Nestle

SA

(Registered)

27,753

3,217,125

QIAGEN

NV

*

24,210

1,052,562

Roche

Holding

AG

7,793

2,265,375

Sanofi

SA

10,579

1,051,264

Swiss

Re

AG

4,603

517,978

11,296,212

—

Zambia

-

0.1%

First

Quantum

Minerals

Ltd.

(1)

34,886

285,659

TOTAL

COMMON

STOCKS

(Cost

$209,335,985)

252,119,834

PREFERRED

STOCKS

-

1.4%

Germany

-

1.4%

Henkel

AG

&

Co.

KGaA

(Preference)

(Cost

$3,488,076)

46,595

3,748,197

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

883

–

48

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.0%

INVESTMENT

COMPANIES

-

4.0%

Limited

Purpose

Cash

Investment

Fund,

5.37%

(1)(c)

(Cost

$10,617,164)

10,622,008

10,617,760

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$223,441,225)

266,485,791

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

‡

1,711,284

NET

ASSETS

-

100.0%

268,197,075

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

29,829,884

11.1

%

Consumer

Discretionary

6,174,039

2.3

Consumer

Staples

67,009,919

25.0

Energy

10,820,053

4.0

Financials

28,159,498

10.5

Health

Care

31,564,314

11.8

Industrials

19,254,673

7.2

Information

Technology

31,362,640

11.7

Materials

12,016,669

4.5

Real

Estate

3,170,322

1.2

Utilities

16,506,020

6.1

Investment

Companies

10,617,760

4.0

Total

Investments

In

Securities

At

Value

266,485,791

99.4

Other

Assets

in

Excess

of

Liabilities

‡

1,711,284

0.6

Net

Assets

$

268,197,075

100.0%

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2023

amounted

to

$6,547,645,

which

represents

2.44%

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

December

31,

2023

amounted

to

$65,326,

which

represents

0.02%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

December

31,

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

83

3/2024

USD

$

9,347,460

$

155,717

Net

value

$

155,717

49

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

85.5%

Australia

-

1.6%

ASX

Ltd.

(2)

891

38,280

BHP

Group

Ltd.

(2)

6,527

222,992

BlueScope

Steel

Ltd.

(2)

163,467

2,606,067

Dexus,

REIT

(2)

18,827

98,393

Goodman

Group,

REIT

(2)

25,367

436,740

GPT

Group

(The),

REIT

(2)

42,925

135,470

Lendlease

Corp.

Ltd.

(2)

2,927

14,900

Mirvac

Group,

REIT

(2)

95,677

136,113

Qantas

Airways

Ltd.

(2)*

117,508

430,434

Scentre

Group,

REIT

(2)

90,560

184,417

Sonic

Healthcare

Ltd.

(2)

4,799

104,862

South32

Ltd.

(2)

294,468

665,981

Stockland,

REIT

(2)

49,658

150,595

Vicinity

Ltd.,

REIT

(2)

97,628

135,616

5,360,860

—

Belgium

-

0.5%

Ageas

SA/NV

(2)

35,175

1,529,076

Solvay

SA

(2)

1,728

52,961

1,582,037

—

Canada

-

1.9%

Agnico

Eagle

Mines

Ltd.

7,604

416,913

Air

Canada

*

86,460

1,219,529

ARC

Resources

Ltd.

14,002

207,856

Empire

Co.

Ltd.,

Class

A

3,329

88,058

Fairfax

Financial

Holdings

Ltd.

234

215,892

Great-West

Lifeco,

Inc.

1,345

44,520

Imperial

Oil

Ltd.

14,274

813,103

Manulife

Financial

Corp.

4,443

98,178

Nutrien

Ltd.

6,424

361,912

Parkland

Corp.

8,745

281,875

Power

Corp.

of

Canada

7,139

204,141

RioCan,

REIT

11,451

160,913

Shopify,

Inc.,

Class

A

*

16,340

1,272,130

Suncor

Energy,

Inc.

18,324

587,037

West

Fraser

Timber

Co.

Ltd.

1,368

117,034

6,089,091

—

China

-

0.1%

BOC

Hong

Kong

Holdings

Ltd.

(2)

141,000

383,030

SITC

International

Holdings

Co.

Ltd.

(2)

57,000

98,384

481,414

—

Denmark

-

0.8%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

591

1,063,814

Danske

Bank

A/S

(2)

49,198

1,315,127

Novo

Nordisk

A/S,

Class

B

(2)

2,142

221,978

2,600,919

—

Finland

-

0.0%

†

Nokia

OYJ

(2)

28,755

97,938

France

-

1.8%

BNP

Paribas

SA

(2)

7,460

518,065

Carrefour

SA

(2)

4,987

91,335

Cie

de

Saint-Gobain

SA

(2)

33,762

2,489,857

Credit

Agricole

SA

(2)

11,418

162,326

INVESTMENTS

SHARES

VALUE

($)

France

-

1.8%

(continued)

Dassault

Aviation

SA

(2)

2,388

473,135

Engie

SA

(2)

32,404

570,839

Societe

Generale

SA

(2)

40,140

1,067,938

TotalEnergies

SE

(2)

2,062

140,214

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

256,875

Worldline

SA

(2)*(a)

8,709

151,449

5,922,033

—

Germany

-

2.5%

Allianz

SE

(Registered)

(2)

2,018

539,293

Bayerische

Motoren

Werke

AG

(2)

21,328

2,373,203

Commerzbank

AG

(2)

27,929

331,958

Daimler

Truck

Holding

AG

(2)

3,635

136,545

Deutsche

Bank

AG

(Registered)

(2)

153,322

2,093,014

Deutsche

Lufthansa

AG

(Registered)

(2)*

27,854

247,629

E.ON

SE

(2)

10,502

141,095

Fresenius

SE

&

Co.

KGaA

(2)

1,365

42,309

Heidelberg

Materials

AG

(2)

1,176

105,120

Mercedes-Benz

Group

AG

(2)

26,073

1,798,981

SAP

SE

(2)

671

103,281

Talanx

AG

(2)

1,284

91,761

Telefonica

Deutschland

Holding

AG

(2)

85,350

221,731

8,225,920

—

Hong

Kong

-

0.2%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

15,213

Hang

Lung

Properties

Ltd.

(2)

67,000

93,151

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

180,728

Link,

REIT

(2)

18,329

102,918

New

World

Development

Co.

Ltd.

(2)

95,000

147,299

WH

Group

Ltd.

(2)(a)

384,000

247,988

787,297

—

Italy

-

0.8%

Assicurazioni

Generali

SpA

(2)

24,047

508,054

Eni

SpA

(2)

10,470

177,586

Intesa

Sanpaolo

SpA

(2)

114,325

334,560

UniCredit

SpA

(2)

61,507

1,674,816

2,695,016

—

Japan

-

6.0%

Dai-ichi

Life

Holdings,

Inc.

(2)

28,000

593,962

Daito

Trust

Construction

Co.

Ltd.

(2)

486

56,253

Daiwa

House

Industry

Co.

Ltd.

(2)

2,451

74,095

Hikari

Tsushin,

Inc.

(2)

600

99,161

Hitachi

Construction

Machinery

Co.

Ltd.

(2)

3,300

86,869

Hulic

Co.

Ltd.

(2)

1,500

15,669

Iida

Group

Holdings

Co.

Ltd.

(2)

52,800

788,642

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

214

154,466

Japan

Post

Bank

Co.

Ltd.

(2)

51,000

519,023

Japan

Post

Insurance

Co.

Ltd.

(2)

100,000

1,775,063

50

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

6.0%

(continued)

Japan

Real

Estate

Investment

Corp.,

REIT

(2)

30

124,109

JFE

Holdings,

Inc.

(2)

165,900

2,566,674

Kawasaki

Kisen

Kaisha

Ltd.

(2)

4,000

171,186

M3,

Inc.

(2)

7,200

118,817

Mazda

Motor

Corp.

(2)

122,800

1,312,620

McDonald's

Holdings

Co.

Japan

Ltd.

(2)

2,000

86,634

Mitsubishi

Estate

Co.

Ltd.

(2)

5,764

79,013

Mitsui

Fudosan

Co.

Ltd.

(2)

4,598

112,420

Mitsui

OSK

Lines

Ltd.

(2)

18,200

581,859

Mizuho

Financial

Group,

Inc.

(2)

164,600

2,807,716

Nippon

Building

Fund,

Inc.,

REIT

(2)

22

95,235

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)

5,000

283,700

Nippon

Steel

Corp.

(2)

86,900

1,985,124

Nippon

Yusen

KK

(2)

29,700

917,240

Nomura

Real

Estate

Holdings,

Inc.

(2)

1,000

26,240

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)

117

136,836

Obayashi

Corp.

(2)

27,700

239,284

Oji

Holdings

Corp.

(2)

48,500

186,430

Renesas

Electronics

Corp.

(2)*

39,300

702,722

Subaru

Corp.

(2)

27,900

508,880

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

2,624

77,760

Tokyo

Electron

Ltd.

(2)

5,000

888,699

Tokyo

Gas

Co.

Ltd.

(2)

16,500

378,488

Tosoh

Corp.

(2)

51,200

652,699

19,203,588

—

Luxembourg

-

0.1%

ArcelorMittal

SA

(2)

15,942

452,434

Netherlands

-

1.7%

ABN

AMRO

Bank

NV,

CVA

(2)(a)

51,564

775,445

Aegon

Ltd.

(2)

46,815

272,185

Argenx

SE

(2)*

184

69,988

ASML

Holding

NV

(2)

768

579,754

BE

Semiconductor

Industries

NV

(2)

810

122,291

ING

Groep

NV

(2)

19,668

294,913

Koninklijke

Philips

NV

(2)*

8,702

203,646

NN

Group

NV

(2)

47,151

1,863,447

Shell

plc

(2)

38,971

1,275,680

Wolters

Kluwer

NV

(2)

672

95,605

5,552,954

—

Russia

-

0.0%

Evraz

plc

(3)*

77,212

–

Singapore

-

0.2%

Grab

Holdings

Ltd.,

Class

A

*

49,406

166,498

Sea

Ltd.,

ADR

*

10,467

423,913

Singapore

Airlines

Ltd.

(2)

18,500

91,859

Singapore

Exchange

Ltd.

(2)

4,067

30,256

712,526

—

INVESTMENTS

SHARES

VALUE

($)

Spain

-

1.0%

Banco

Santander

SA

(2)

100,074

418,578

Repsol

SA

(2)

179,869

2,668,164

Telefonica

SA

(2)

51,752

202,344

3,289,086

—

Sweden

-

0.6%

Investor

AB,

Class

B

(2)

8,816

204,441

Skanska

AB,

Class

B

(2)

22,936

415,545

SKF

AB,

Class

B

(2)

47,673

955,393

Swedbank

AB,

Class

A

(2)

15,246

308,238

Volvo

Car

AB,

Class

B

(2)*

42,004

136,227

2,019,844

—

Switzerland

-

0.6%

ABB

Ltd.

(Registered)

(2)

12,654

561,814

Baloise

Holding

AG

(Registered)

(2)

3,444

539,979

Novartis

AG

(Registered)

(2)

7,394

746,872

Sandoz

Group

AG

*

2,715

87,353

1,936,018

—

United

Kingdom

-

4.3%

3i

Group

plc

(2)

9,545

293,791

Aviva

plc

(2)

38,723

214,271

Barclays

plc

(2)

506,046

990,872

Barratt

Developments

plc

(2)

46,558

333,519

BP

plc

(2)

249,982

1,481,911

British

American

Tobacco

plc

(2)

15,725

460,101

Centrica

plc

(2)

1,484,997

2,662,159

CK

Hutchison

Holdings

Ltd.

(2)

276,500

1,485,525

DCC

plc

(2)

2,856

210,147

HSBC

Holdings

plc

(2)

364,934

2,952,304

Rolls-Royce

Holdings

plc

(2)*

443,760

1,692,665

Vodafone

Group

plc

(2)

959,588

838,047

Whitbread

plc

(2)

5,929

276,038

13,891,350

—

United

States

-

60.7%

3M

Co.

16,520

1,805,966

AbbVie,

Inc.

1,130

175,116

Adobe,

Inc.

*

4,471

2,667,399

Advanced

Micro

Devices,

Inc.

*

1,164

171,585

Align

Technology,

Inc.

*

811

222,214

Alphabet,

Inc.,

Class

A

*

28,048

3,918,025

Alphabet,

Inc.,

Class

C

*

24,147

3,403,037

Altria

Group,

Inc.

87,824

3,542,820

Amazon.com,

Inc.

*

46,213

7,021,603

American

International

Group,

Inc.

8,723

590,983

American

Tower

Corp.,

REIT

4,396

949,008

Amgen,

Inc.

1,278

368,090

Apple,

Inc.

56,399

10,858,498

Applied

Materials,

Inc.

3,995

647,470

Archer-Daniels-Midland

Co.

22,822

1,648,205

AT&T,

Inc.

210,771

3,536,737

AvalonBay

Communities,

Inc.,

REIT

811

151,835

Bank

of

America

Corp.

73,672

2,480,536

Berkshire

Hathaway,

Inc.,

Class

B

*

6,057

2,160,290

Boeing

Co.

(The)

*

6,579

1,714,882

Booking

Holdings,

Inc.

*

529

1,876,479

Bristol-Myers

Squibb

Co.

4,123

211,551

Broadcom,

Inc.

923

1,030,299

51

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

60.7%

(continued)

Builders

FirstSource,

Inc.

*

1,367

228,207

Caesars

Entertainment,

Inc.

*

14,250

668,040

Cardinal

Health,

Inc.

12,191

1,228,853

Caterpillar,

Inc.

581

171,784

Centene

Corp.

*

23,960

1,778,072

Chevron

Corp.

5,878

876,762

Chubb

Ltd.

1,019

230,294

Cigna

Group

(The)

10,029

3,003,184

Cincinnati

Financial

Corp.

8,362

865,133

Cisco

Systems,

Inc.

86,993

4,394,886

Citigroup,

Inc.

52,372

2,694,016

Citizens

Financial

Group,

Inc.

19,191

635,990

Cleveland-Cliffs,

Inc.

*

15,857

323,800

Coca-Cola

Co.

(The)

32,696

1,926,775

Cognizant

Technology

Solutions

Corp.,

Class

A

8,837

667,459

Comcast

Corp.,

Class

A

36,448

1,598,245

Coterra

Energy,

Inc.

30,214

771,061

Crowdstrike

Holdings,

Inc.,

Class

A

*

4,387

1,120,089

Crown

Castle,

Inc.,

REIT

1,970

226,924

CVS

Health

Corp.

52,180

4,120,133

Datadog,

Inc.,

Class

A

*

5,397

655,088

Dell

Technologies,

Inc.,

Class

C

34,704

2,654,856

Delta

Air

Lines,

Inc.

36,204

1,456,487

Digital

Realty

Trust,

Inc.,

REIT

910

122,468

Discover

Financial

Services

21,630

2,431,212

DocuSign,

Inc.,

Class

A

*

56,611

3,365,524

Elevance

Health,

Inc.

908

428,176

EOG

Resources,

Inc.

5,383

651,074

Equinix,

Inc.,

REIT

222

178,797

Equity

Residential,

REIT

2,048

125,256

Everest

Group

Ltd.

3,079

1,088,673

Exact

Sciences

Corp.

*

6,221

460,230

Fidelity

National

Information

Services,

Inc.

21,214

1,274,325

First

Citizens

BancShares,

Inc.,

Class

A

134

190,142

Fortinet,

Inc.

*

17,732

1,037,854

General

Dynamics

Corp.

5,063

1,314,709

General

Electric

Co.

14,730

1,879,990

General

Motors

Co.

58,278

2,093,346

Genuine

Parts

Co.

4,280

592,780

Gilead

Sciences,

Inc.

5,790

469,048

Global

Payments,

Inc.

1,829

232,283

GoDaddy,

Inc.,

Class

A

*

11,461

1,216,700

Hewlett

Packard

Enterprise

Co.

72,292

1,227,518

Holcim

AG

(2)

6,161

483,894

Home

Depot,

Inc.

(The)

976

338,233

HubSpot,

Inc.

*

146

84,759

Humana,

Inc.

6,222

2,848,494

Huntington

Ingalls

Industries,

Inc.

4,786

1,242,637

Incyte

Corp.

*

9,170

575,784

Intel

Corp.

1,998

100,400

International

Paper

Co.

20,479

740,316

Johnson

&

Johnson

6,787

1,063,794

Johnson

Controls

International

plc

11,157

643,089

JPMorgan

Chase

&

Co.

4,993

849,309

Keurig

Dr

Pepper,

Inc.

14,873

495,568

Kimberly-Clark

Corp.

10,773

1,309,027

INVESTMENTS

SHARES

VALUE

($)

United

States

-

60.7%

(continued)

KLA

Corp.

1,227

713,255

Kraft

Heinz

Co.

(The)

52,316

1,934,646

Lam

Research

Corp.

446

349,334

Las

Vegas

Sands

Corp.

54,005

2,657,586

Lennar

Corp.,

Class

A

16,090

2,398,054

Lockheed

Martin

Corp.

3,296

1,493,879

LyondellBasell

Industries

NV,

Class

A

924

87,854

Marathon

Petroleum

Corp.

8,373

1,242,218

Match

Group,

Inc.

*

3,866

141,109

McKesson

Corp.

1,654

765,769

Meta

Platforms,

Inc.,

Class

A

*

11,301

4,000,102

MetLife,

Inc.

6,890

455,636

Microsoft

Corp.

24,646

9,267,881

Molson

Coors

Beverage

Co.,

Class

B

56,467

3,456,345

Mosaic

Co.

(The)

32,202

1,150,577

Nestle

SA

(Registered)

(2)

3,388

392,737

Netflix,

Inc.

*

869

423,099

Neurocrine

Biosciences,

Inc.

*

9,271

1,221,547

NVIDIA

Corp.

16,596

8,218,671

Okta,

Inc.,

Class

A

*

6,335

573,508

Oracle

Corp.

11,546

1,217,295

Owens

Corning

12,360

1,832,123

PACCAR,

Inc.

12,842

1,254,021

Paycom

Software,

Inc.

402

83,101

PayPal

Holdings,

Inc.

*

30,446

1,869,689

Pfizer,

Inc.

15,843

456,120

Pioneer

Natural

Resources

Co.

1,196

268,956

PPG

Industries,

Inc.

709

106,031

Prologis,

Inc.,

REIT

2,980

397,234

Public

Storage,

REIT

2,484

757,620

PulteGroup,

Inc.

21,982

2,268,982

QUALCOMM,

Inc.

9,011

1,303,261

Roche

Holding

AG

(2)

524

152,323

Roku,

Inc.,

Class

A

*

17,876

1,638,514

Salesforce,

Inc.

*

5,647

1,485,952

ServiceNow,

Inc.

*

188

132,820

Simon

Property

Group,

Inc.,

REIT

1,723

245,769

Sirius

XM

Holdings,

Inc.

43,248

236,567

Snowflake,

Inc.,

Class

A

*

9,596

1,909,604

Splunk,

Inc.

*

803

122,337

SS&C

Technologies

Holdings,

Inc.

4,109

251,101

Starbucks

Corp.

12,093

1,161,049

Stellantis

NV

(2)

10,244

239,906

Stellantis

NV

(2)

46,854

1,097,820

Super

Micro

Computer,

Inc.

*

4,465

1,269,221

Swiss

Re

AG

(2)

22,579

2,540,826

Synchrony

Financial

58,728

2,242,822

Sysco

Corp.

1,148

83,953

Tesla,

Inc.

*

13,140

3,265,027

Truist

Financial

Corp.

2,778

102,564

Uber

Technologies,

Inc.

*

5,080

312,776

Ulta

Beauty,

Inc.

*

4,277

2,095,687

Valero

Energy

Corp.

8,151

1,059,630

Veeva

Systems,

Inc.,

Class

A

*

538

103,576

VeriSign,

Inc.

*

1,832

377,319

Verizon

Communications,

Inc.

60,448

2,278,890

Vertex

Pharmaceuticals,

Inc.

*

743

302,319

Viatris,

Inc.

52,733

571,098

52

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

60.7%

(continued)

Vistra

Corp.

19,545

752,873

Walmart,

Inc.

11,612

1,830,632

Walt

Disney

Co.

(The)

*

970

87,581

Wells

Fargo

&

Co.

9,300

457,746

Welltower,

Inc.,

REIT

3,001

270,600

Workday,

Inc.,

Class

A

*

2,107

581,658

Zoom

Video

Communications,

Inc.,

Class

A

*

4,536

326,184

Zscaler,

Inc.

*

3,326

736,909

197,686,068

—

Zambia

-

0.1%

First

Quantum

Minerals

Ltd.

26,645

218,179

TOTAL

COMMON

STOCKS

(Cost

$217,210,058)

278,804,572

PREFERRED

STOCKS

-

0.1%

Germany

-

0.1%

Porsche

Automobil

Holding

SE

(Preference)

(2)

865

44,203

Volkswagen

AG

(Preference)

(2)

1,549

190,924

TOTAL

PREFERRED

STOCKS

(Cost

$270,804)

235,127

SHORT-TERM

INVESTMENTS

-

9.5%

INVESTMENT

COMPANIES

-

9.5%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

5.19%

(b)(c)

6,912,908

6,912,908

Limited

Purpose

Cash

Investment

Fund,

5.37%

(b)

24,167,718

24,158,051

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$31,068,580)

31,070,959

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

95.1%

(Cost

$248,549,442)

310,110,658

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

4.9%

‡

16,076,079

NET

ASSETS

-

100.0%

326,186,737

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

22,947,940

7.0

%

Consumer

Discretionary

35,624,462

10.9

Consumer

Staples

17,508,189

5.4

Energy

12,503,129

3.8

Financials

49,729,159

15.3

Health

Care

22,121,315

6.8

Industrials

29,898,432

9.2

Information

Technology

64,252,405

19.7

Materials

13,502,995

4.1

Real

Estate

6,431,006

2.0

Utilities

4,520,667

1.4

Investment

Companies

31,070,959

9.5

Total

Investments

In

Securities

At

Value

310,110,658

95.1

Other

Assets

in

Excess

of

Liabilities

‡

16,076,079

4.9

Net

Assets

$

326,186,737

100.0%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation/(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2),

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

December

31,

2023

amounted

to

$1,174,882,

which

represents

0.36%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

return

swap

contracts

outstanding

as

of

December

31,

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)

Amsterdam

Exchange

Index

January

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

01/19/2024

EUR

(16,096,008)

$

83,546

53

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

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

(0.15%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/21/2024

JPY

643,424,593

$

21,996

MSCI

Spain

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(-0.44%)

Monthly

JPMC

03/20/2024

EUR

(1,898,851)

4,854

MSCI

United

Kingdom

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SONIA

plus

or

minus

a

specified

spread

(0.20%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/20/2024

GBP

1,263,745

37,589

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(-0.15%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

03/20/2024

ILS

2,141,424

22,120

Total

unrealized

appreciation

170,105

Swiss

Market

Index

March

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

03/15/2024

CHF

(13,740,440)

(11,814)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.05%)

Monthly

JPMC

03/20/2024

AUD

(3,489,338)

(106,689)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.04%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/20/2024

EUR

7,402,092

(15,203)

54

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

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

Sweden

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

STIBOR

plus

or

minus

a

specified

spread

(-0.29%)

Monthly

JPMC

03/20/2024

SEK

(35,434,066)

$

(130,787)

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

(-0.51%)

Monthly

JPMC

03/20/2024

CHF

(5,702,645)

(10,754)

Total

unrealized

depreciation

(275,247)

Net

unrealized

depreciation

$

(105,142)

Futures

contracts

outstanding

as

of

December

31,

2023:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Hang

Seng

Index

17

1/2024

HKD

$

1,864,916

$

56,319

MSCI

Singapore

Index

23

1/2024

SGD

501,390

17,701

FTSE

100

Index

262

3/2024

GBP

25,903,476

232,474

FTSE/MIB

Index

176

3/2024

EUR

29,650,419

(137,579)

S&P

500

E-Mini

Index

168

3/2024

USD

40,488,001

1,362,000

S&P/TSX

60

Index

8

3/2024

CAD

1,534,010

(2,209)

TOPIX

Index

213

3/2024

JPY

35,741,702

193,184

Total

of

long

contracts

1,721,890

Short

Contracts

CAC

40

10

Euro

Index

(71)

1/2024

EUR

(5,921,643)

25,762

IBEX

35

Index

(1)

1/2024

EUR

(111,347)

387

OMXS30

Index

(332)

1/2024

SEK

(7,904,135)

(177,843)

DAX

Index

(38)

3/2024

EUR

(17,737,551)

95,295

SPI

200

Index

(215)

3/2024

AUD

(27,782,291)

(516,537)

Total

of

short

contracts

(572,936)

Net

value

$

1,148,954

Forward

foreign

currency

exchange

contracts

outstanding

as

of

December

31,

2023:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

5,150,999

USD

3,394,540

CITG

3/20/2024

$

123,822

AUD

5,151,001

USD

3,394,524

JPMC

3/20/2024

123,838

CAD

48,528,699

USD

35,849,845

CITG

3/20/2024

813,024

CAD

48,528,699

USD

35,848,958

JPMC

3/20/2024

813,914

DKK

3,057,000

USD

452,899

CITG

3/20/2024

1,614

55

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

DKK

3,057,000

USD

452,897

JPMC

3/20/2024

$

1,616

EUR

26,153,813

USD

28,508,991

CITG

3/20/2024

453,498

EUR

26,153,814

USD

28,508,850

JPMC

3/20/2024

453,641

GBP

13,676,497

USD

17,308,418

CITG

3/20/2024

130,990

GBP

13,676,500

USD

17,308,335

JPMC

3/20/2024

131,076

HKD

491,500

USD

63,017

CITG

3/20/2024

40

HKD

491,500

USD

63,017

JPMC

3/20/2024

40

ILS

1,103,499

USD

298,557

CITG

3/20/2024

6,944

ILS

1,103,500

USD

298,556

JPMC

3/20/2024

6,946

NOK

231,635,000

USD

21,637,921

CITG

3/20/2024

1,200,272

NOK

231,635,001

USD

21,637,813

JPMC

3/20/2024

1,200,379

NZD

1,282,001

USD

800,186

CITG

3/20/2024

10,392

NZD

1,281,999

USD

800,181

JPMC

3/20/2024

10,396

SGD

590,746

USD

444,721

CITG

3/20/2024

4,502

SGD

590,746

USD

444,719

JPMC

3/20/2024

4,503

USD

9,880,558

CHF

8,202,500

CITG

3/20/2024

49,577

USD

9,880,607

CHF

8,202,500

JPMC

3/20/2024

49,626

USD

675

DKK

4,500

CITG

3/20/2024

6

USD

675

DKK

4,500

JPMC

3/20/2024

6

USD

703,123

EUR

634,500

CITG

3/20/2024

483

USD

703,126

EUR

634,500

JPMC

3/20/2024

487

USD

9,976,277

GBP

7,800,500

CITG

3/20/2024

29,570

USD

9,976,327

GBP

7,800,500

JPMC

3/20/2024

29,621

USD

430,286

HKD

3,352,000

CITG

3/20/2024

249

USD

430,288

HKD

3,352,000

JPMC

3/20/2024

252

USD

6,106

ILS

22,000

CITG

3/20/2024

16

USD

6,106

ILS

22,000

JPMC

3/20/2024

16

JPY

3,615,564,500

USD

25,309,281

CITG

3/21/2024

650,169

JPY

3,615,564,500

USD

25,309,154

JPMC

3/21/2024

650,295

Total

unrealized

appreciation

6,951,820

AUD

1,987,000

USD

1,365,038

CITG

3/20/2024

(7,829)

AUD

1,987,000

USD

1,365,032

JPMC

3/20/2024

(7,822)

DKK

151,000

USD

22,471

CITG

3/20/2024

(20)

DKK

151,000

USD

22,471

JPMC

3/20/2024

(20)

GBP

2,739,501

USD

3,502,873

CITG

3/20/2024

(9,633)

GBP

2,739,499

USD

3,502,852

JPMC

3/20/2024

(9,616)

HKD

80,500

USD

10,328

CITG

3/20/2024

–

HKD

80,500

USD

10,328

JPMC

3/20/2024

–

ILS

12,000

USD

3,331

CITG

3/20/2024

(9)

ILS

12,000

USD

3,331

JPMC

3/20/2024

(9)

SGD

16,500

USD

12,560

CITG

3/20/2024

(12)

SGD

16,500

USD

12,560

JPMC

3/20/2024

(12)

USD

8,528,109

AUD

12,810,468

CITG

3/20/2024

(222,011)

USD

8,528,152

AUD

12,810,469

JPMC

3/20/2024

(221,968)

USD

23,324,332

CHF

20,181,500

CITG

3/20/2024

(863,895)

USD

23,324,449

CHF

20,181,500

JPMC

3/20/2024

(863,778)

USD

301,383

DKK

2,051,500

CITG

3/20/2024

(3,633)

USD

301,385

DKK

2,051,500

JPMC

3/20/2024

(3,631)

USD

23,330,433

EUR

21,460,999

CITG

3/20/2024

(435,277)

USD

23,330,552

EUR

21,461,001

JPMC

3/20/2024

(435,161)

USD

7,122,528

GBP

5,669,500

CITG

3/20/2024

(106,861)

USD

7,122,563

GBP

5,669,500

JPMC

3/20/2024

(106,826)

USD

69,508

HKD

542,000

CITG

3/20/2024

(26)

USD

69,509

HKD

542,000

JPMC

3/20/2024

(26)

USD

1,625

ILS

6,000

CITG

3/20/2024

(36)

USD

1,625

ILS

6,000

JPMC

3/20/2024

(36)

USD

1,876,151

NOK

19,500,000

CITG

3/20/2024

(46,463)

USD

1,876,161

NOK

19,500,000

JPMC

3/20/2024

(46,454)

56

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

25,683,028

NZD

41,738,500

CITG

3/20/2024

$

(707,212)

USD

25,683,156

NZD

41,738,499

JPMC

3/20/2024

(707,084)

USD

12,416,608

SEK

128,356,501

CITG

3/20/2024

(348,489)

USD

12,416,670

SEK

128,356,500

JPMC

3/20/2024

(348,427)

USD

211,417

SGD

280,000

CITG

3/20/2024

(1,504)

USD

211,418

SGD

280,000

JPMC

3/20/2024

(1,503)

USD

1,001,691

JPY

140,000,000

CITG

3/21/2024

(3,498)

USD

1,001,696

JPY

140,000,000

JPMC

3/21/2024

(3,493)

Total

unrealized

depreciation

(5,512,274)

Net

unrealized

appreciation

$

1,439,546

57

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2023

See

notes

to

Schedule

of

Investments.

December

31,

2023

(Unaudited)

Abbreviations

ADR

-

American

Depositary

Receipt

CHESS

-

Clearing

House

Electronic

Subregister

System Depository

Interest

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

SCA

-

Limited

partnership

with

share

capital

Currencies

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

ILS

-

Israeli

shekel

JPY

-

Japanese

yen

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

USD

-

United

States

dollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

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:

1

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

4.02%

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.31%

Euro

Short-Term

Rate

("ESTR"):

3.88%

Sterling

Overnight

Index

Average

(“SONIA”):

5.19%

Swiss

Average

Rate

Overnight

(“SARON”):

1.70%

Tel

Aviv

Interbank

Offer

Rate

("TELBOR"):

4.60%

Tokyo

Overnight

Average

Rate

(“TONAR”): -0.04%

58

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2023

December

31,

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 as

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

is

generally

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

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

$

985,484,270

$

–

$

–

$

985,484,270

Short-Term

Investments

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

70,076,001

–

–

70,076,001

Futures

Contracts*

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

128,819

–

–

128,819

Total

Assets

$

1,055,689,090

$

–

$

–

$

1,055,689,090

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

99,550,209

$

–

$

2,663

$

99,552,872

Short-Term

Investments

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

5,466,457

–

–

5,466,457

Futures

Contracts*

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

21,532

–

–

21,532

Total

Assets

$

105,038,198

$

–

$

2,663

$

105,040,861

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

61,349,215

$

432,230,756

$

–

$

493,579,971

Short-Term

Investments

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

28,564,548

–

–

28,564,548

Futures

Contracts*

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

506,766

–

–

506,766

Total

Assets

$

90,420,529

$

432,230,756

$

–

$

522,651,285

59

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2023

December

31,

2023

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

80,803,001

$

363,579,769

$

–

(a)

$

444,382,770

Preferred

Stocks

†

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

–

10,333,816

–

10,333,816

Short-Term

Investments

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

7,490,251

–

–

7,490,251

Total

Assets

$

88,293,252

$

373,913,585

$

–

(a)

$

462,206,837

LIABILITIES

Futures

Contracts*

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

$

(23,268)

$

–

$

–

$

(23,268)

Total

Liabilities

$

(23,268)

$

–

$

–

$

(23,268)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

610,107,122

$

–

$

–

$

610,107,122

Short-Term

Investments

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

25,095,884

–

–

25,095,884

Futures

Contracts*

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

48,642

–

–

48,642

Total

Assets

$

635,251,648

$

–

$

–

$

635,251,648

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

150,031,935

$

–

$

59,417

$

150,091,352

Short-Term

Investments

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

3,820,420

–

–

3,820,420

Futures

Contracts*

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

31,039

–

–

31,039

Total

Assets

$

153,883,394

$

–

$

59,417

$

153,942,811

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

18,172,619

$

185,049,709

$

–

$

203,222,328

Warrants

†

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

–

–

–

(a)

–

(a)

Short-Term

Investments

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

9,229,046

–

–

9,229,046

Futures

Contracts*

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

143,317

–

–

143,317

Total

Assets

$

27,544,982

$

185,049,709

$

–

(a)

$

212,594,691

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

2,701,901,928

$

–

$

–

$

2,701,901,928

Short-Term

Investments

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

77,057,758

–

–

77,057,758

Futures

Contracts*

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

2,278,164

–

–

2,278,164

Total

Assets

$

2,781,237,850

$

–

$

–

$

2,781,237,850

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

38,027,559

$

214,092,275

$

–

$

252,119,834

Preferred

Stocks

†

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

–

3,748,197

–

3,748,197

Warrants

†

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

–

–

–

(a)

–

(a)

Short-Term

Investments

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

10,617,760

–

–

10,617,760

Futures

Contracts*

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

155,717

–

–

155,717

Total

Assets

$

48,801,036

$

217,840,472

$

–

(a)

$

266,641,508

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

199,763,596

$

79,040,976

$

–

(a)

$

278,804,572

Preferred

Stocks

†

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

–

235,127

–

235,127

Short-Term

Investments

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

31,070,959

–

–

31,070,959

Total

Return

Swap

Contracts*

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

–

170,105

–

170,105

Futures

Contracts*

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

1,983,122

–

–

1,983,122

Forward

Foreign

Currency

Exchange

Contracts*

........

–

6,951,820

–

6,951,820

Total

Assets

$

232,817,677

$

86,398,028

$

–

(a)

$

319,215,705

60

Notes

to

Schedules

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2023

December

31,

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

Total

Return

Swap

Contracts*

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

$

–

$

(275,247)

$

–

$

(275,247)

Futures

Contracts*

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

(834,168)

–

–

$

(834,168)

Forward

Foreign

Currency

Exchange

Contracts*

........

$

–

$

(5,512,274)

$

–

(5,512,274)

Total

Liabilities

$

(834,168)

$

(5,787,521)

$

–

$

(6,621,689)

*

Derivative

instruments,

including

total

return

swap,

futures

and

forward

foreign

currency

exchange

contracts,

are

reported

at

the

cumulative

unrealized

appreciation/(depreciation)

of

the

instrument

on

the

Funds’

Schedules

of

Investments.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Security

has

zero

value.