Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

1

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.7%

Communication

Services

-

10.0%

Diversified

Telecommunication

Services

-

2.1%

AT&T,

Inc.

826,241

18,813,508

Verizon

Communications,

Inc.

137,346

5,492,466

24,305,974

Entertainment

-

1.1%

Netflix,

Inc.

*

636

566,880

Playtika

Holding

Corp.

129,816

900,923

Spotify

Technology

SA

*

23,551

10,536,246

12,004,049

Interactive

Media

&

Services

-

6.2%

Alphabet,

Inc.,

Class

A

103,646

19,620,188

Alphabet,

Inc.,

Class

C

102,545

19,528,670

Meta

Platforms,

Inc.,

Class

A

56,268

32,945,476

72,094,334

Media

-

0.5%

Comcast

Corp.,

Class

A

164,006

6,155,145

Wireless

Telecommunication

Services

-

0.1%

T-Mobile

US,

Inc.

4,810

1,061,712

Total

Communication

Services

115,621,214

Consumer

Discretionary

-

11.3%

Automobiles

-

1.4%

General

Motors

Co.

120,314

6,409,127

Tesla,

Inc.

*

24,985

10,089,942

16,499,069

Broadline

Retail

-

2.5%

Amazon.com,

Inc.

*

129,842

28,486,036

Dillard's,

Inc.,

Class

A

2,824

1,219,234

29,705,270

Diversified

Consumer

Services

-

0.5%

ADT,

Inc.

151,545

1,047,176

H&R

Block,

Inc.

93,888

4,961,042

6,008,218

Hotels,

Restaurants

&

Leisure

-

1.3%

Aramark

69,159

2,580,322

Booking

Holdings,

Inc.

1,323

6,573,220

Cava

Group,

Inc.

*

15,288

1,724,486

Expedia

Group,

Inc.

*

22,069

4,112,117

14,990,145

Household

Durables

-

1.8%

Lennar

Corp.,

Class

A

47,030

6,413,481

Mohawk

Industries,

Inc.

*

5,190

618,285

PulteGroup,

Inc.

77,305

8,418,514

Toll

Brothers,

Inc.

43,944

5,534,747

20,985,027

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

3.7%

AutoNation,

Inc.

*

46,364

7,874,462

Best

Buy

Co.,

Inc.

45,346

3,890,687

Dick's

Sporting

Goods,

Inc.

5,679

1,299,582

Gap,

Inc.

(The)

253,373

5,987,204

Murphy

USA,

Inc.

12,078

6,060,136

Penske

Automotive

Group,

Inc.

51,358

7,829,014

Williams-Sonoma,

Inc.

51,883

9,607,694

42,548,779

Textiles,

Apparel

&

Luxury

Goods

-

0.1%

PVH

Corp.

7,773

821,995

Total

Consumer

Discretionary

131,558,503

Consumer

Staples

-

3.8%

Beverages

-

0.6%

Coca-Cola

Consolidated,

Inc.

3,677

4,632,983

Molson

Coors

Beverage

Co.,

Class

B

44,050

2,524,946

7,157,929

Consumer

Staples

Distribution

&

Retail

-

1.1%

Albertsons

Cos.,

Inc.,

Class

A

4,409

86,593

Kroger

Co.

(The)

147,970

9,048,365

Walmart,

Inc.

37,537

3,391,468

12,526,426

Food

Products

-

0.7%

Pilgrim's

Pride

Corp.

*

184,957

8,395,198

Seaboard

Corp.

166

403,324

8,798,522

Tobacco

-

1.4%

Altria

Group,

Inc.

302,877

15,837,438

Total

Consumer

Staples

44,320,315

Energy

-

0.4%

Oil,

Gas

&

Consumable

Fuels

-

0.4%

DT

Midstream,

Inc.

23,227

2,309,461

EOG

Resources,

Inc.

21,673

2,656,676

Total

Energy

4,966,137

Financials

-

19.5%

Banks

-

3.2%

Bank

OZK

41,249

1,836,818

Citigroup,

Inc.

128,282

9,029,770

Citizens

Financial

Group,

Inc.

96,738

4,233,255

Fifth

Third

Bancorp

61,110

2,583,731

FNB

Corp.

24,394

360,543

JPMorgan

Chase

&

Co.

27,075

6,490,148

M&T

Bank

Corp.

9,378

1,763,158

PNC

Financial

Services

Group,

Inc.

(The)

5,106

984,692

Popular,

Inc.

64,511

6,067,905

Regions

Financial

Corp.

38,931

915,657

2

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

3.2%

(continued)

Wells

Fargo

&

Co.

34,956

2,455,309

36,720,986

Capital

Markets

-

2.6%

Ameriprise

Financial,

Inc.

6,796

3,618,394

Bank

of

New

York

Mellon

Corp.

(The)

138,868

10,669,229

Janus

Henderson

Group

plc

132,170

5,621,190

Northern

Trust

Corp.

14,991

1,536,578

State

Street

Corp.

60,776

5,965,164

Stifel

Financial

Corp.

4,146

439,808

Virtu

Financial,

Inc.,

Class

A

52,540

1,874,627

29,724,990

Consumer

Finance

-

1.7%

Capital

One

Financial

Corp.

32,536

5,801,820

Synchrony

Financial

220,566

14,336,790

20,138,610

Financial

Services

-

3.4%

Berkshire

Hathaway,

Inc.,

Class

B

*

37,908

17,182,938

Corebridge

Financial,

Inc.

254,501

7,617,215

Global

Payments,

Inc.

24,253

2,717,791

MGIC

Investment

Corp.

282,035

6,687,050

Western

Union

Co.

(The)

462,348

4,900,889

39,105,883

Insurance

-

8.6%

Allstate

Corp.

(The)

74,689

14,399,292

Arch

Capital

Group

Ltd.

3,810

351,853

Assurant,

Inc.

46,102

9,829,868

Assured

Guaranty

Ltd.

34,859

3,137,659

Axis

Capital

Holdings

Ltd.

131,842

11,683,838

CNA

Financial

Corp.

113,280

5,479,354

Everest

Group

Ltd.

30,124

10,918,745

Hanover

Insurance

Group,

Inc.

(The)

2,765

427,635

Hartford

Financial

Services

Group,

Inc.

(The)

72,765

7,960,491

MetLife,

Inc.

9,641

789,405

Old

Republic

International

Corp.

145,087

5,250,699

Progressive

Corp.

(The)

15,357

3,679,691

Reinsurance

Group

of

America,

Inc.

17,149

3,663,541

RenaissanceRe

Holdings

Ltd.

29,835

7,423,246

Travelers

Cos.,

Inc.

(The)

2,517

606,320

Unum

Group

199,505

14,569,850

100,171,487

Total

Financials

225,861,956

Health

Care

-

5.8%

Biotechnology

-

1.9%

AbbVie,

Inc.

20,841

3,703,446

Incyte

Corp.

*

16,848

1,163,691

United

Therapeutics

Corp.

*

40,803

14,396,930

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

1.9%

(continued)

Viking

Therapeutics,

Inc.

*

77,832

3,131,960

22,396,027

Health

Care

Equipment

&

Supplies

-

0.2%

Solventum

Corp.

*

27,369

1,807,996

Health

Care

Providers

&

Services

-

3.1%

Cardinal

Health,

Inc.

3,649

431,567

Cencora,

Inc.

26,301

5,909,309

Centene

Corp.

*

7,132

432,057

Cigna

Group

(The)

20,894

5,769,669

Elevance

Health,

Inc.

24,456

9,021,818

McKesson

Corp.

9,346

5,326,379

Tenet

Healthcare

Corp.

*

53,020

6,692,715

UnitedHealth

Group,

Inc.

664

335,891

Universal

Health

Services,

Inc.,

Class

B

7,484

1,342,779

35,262,184

Pharmaceuticals

-

0.6%

Jazz

Pharmaceuticals

plc

*

7,361

906,507

Merck

&

Co.,

Inc.

49,568

4,931,025

Viatris,

Inc.

110,976

1,381,651

7,219,183

Total

Health

Care

66,685,390

Industrials

-

14.4%

Aerospace

&

Defense

-

4.9%

Curtiss-Wright

Corp.

13,747

4,878,398

GE

Aerospace

107,834

17,985,633

Howmet

Aerospace,

Inc.

40,076

4,383,112

Huntington

Ingalls

Industries,

Inc.

16,119

3,046,007

L3Harris

Technologies,

Inc.

5,453

1,146,657

Lockheed

Martin

Corp.

13,254

6,440,649

RTX

Corp.

96,738

11,194,521

Textron,

Inc.

93,665

7,164,436

Woodward,

Inc.

4,244

706,287

56,945,700

Building

Products

-

1.1%

Builders

FirstSource,

Inc.

*

25,802

3,687,880

Owens

Corning

44,969

7,659,120

Trane

Technologies

plc

4,705

1,737,792

13,084,792

Construction

&

Engineering

-

1.2%

EMCOR

Group,

Inc.

23,748

10,779,217

MasTec,

Inc.

*

22,127

3,012,370

13,791,587

Electrical

Equipment

-

1.2%

Acuity

Brands,

Inc.

41,644

12,165,462

Vertiv

Holdings

Co.,

Class

A

16,177

1,837,869

14,003,331

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

3

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0.6%

Ryder

System,

Inc.

44,976

7,054,935

U-Haul

Holding

Co.

*

1,585

109,508

7,164,443

Industrial

Conglomerates

-

0.2%

3M

Co.

15,918

2,054,855

Machinery

-

3.3%

Allison

Transmission

Holdings,

Inc.

119,730

12,938,024

Crane

Co.

16,917

2,567,155

Cummins,

Inc.

17,733

6,181,724

Esab

Corp.

6,546

785,127

Gates

Industrial

Corp.

plc

*

149,436

3,073,898

Oshkosh

Corp.

28,905

2,747,998

PACCAR,

Inc.

42,903

4,462,770

Snap-on,

Inc.

16,004

5,433,038

38,189,734

Passenger

Airlines

-

0.9%

Delta

Air

Lines,

Inc.

52,281

3,163,000

United

Airlines

Holdings,

Inc.

*

68,360

6,637,756

9,800,756

Professional

Services

-

0.6%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,592

3,164,990

Concentrix

Corp.

12,022

520,192

Leidos

Holdings,

Inc.

21,504

3,097,866

6,783,048

Trading

Companies

&

Distributors

-

0.4%

United

Rentals,

Inc.

5,280

3,719,443

WESCO

International,

Inc.

7,100

1,284,816

5,004,259

Total

Industrials

166,822,505

Information

Technology

-

30.3%

Communications

Equipment

-

1.4%

Arista

Networks,

Inc.

*

71,307

7,881,563

Cisco

Systems,

Inc.

54,245

3,211,304

F5,

Inc.

*

8,105

2,038,164

Ubiquiti,

Inc.

8,350

2,771,616

15,902,647

Electronic

Equipment,

Instruments

&

Components

-

1.8%

Arrow

Electronics,

Inc.

*

60,216

6,811,634

Avnet,

Inc.

34,160

1,787,251

Jabil,

Inc.

60,562

8,714,872

TD

SYNNEX

Corp.

29,356

3,442,872

20,756,629

IT

Services

-

0.6%

Cognizant

Technology

Solutions

Corp.,

Class

A

9,464

727,782

DXC

Technology

Co.

*

127,454

2,546,531

GoDaddy,

Inc.,

Class

A

*

7,973

1,573,631

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

0.6%

(continued)

International

Business

Machines

Corp.

10,732

2,359,215

7,207,159

Semiconductors

&

Semiconductor

Equipment

-

8.2%

Amkor

Technology,

Inc.

15,667

402,485

Applied

Materials,

Inc.

18,190

2,958,240

Broadcom,

Inc.

77,814

18,040,398

Cirrus

Logic,

Inc.

*

3,716

370,039

NVIDIA

Corp.

524,135

70,386,089

QUALCOMM,

Inc.

19,055

2,927,229

95,084,480

Software

-

10.8%

Adobe,

Inc.

*

7,362

3,273,734

AppLovin

Corp.,

Class

A

*

27,708

8,972,682

DocuSign,

Inc.,

Class

A

*

27,687

2,490,169

Dropbox,

Inc.,

Class

A

*

185,432

5,570,377

Fair

Isaac

Corp.

*

540

1,075,102

Fortinet,

Inc.

*

7,915

747,809

Gen

Digital,

Inc.

12,851

351,860

Intuit,

Inc.

600

377,100

Manhattan

Associates,

Inc.

*

4,944

1,336,067

Microsoft

Corp.

177,109

74,651,444

Nutanix,

Inc.,

Class

A

*

5,472

334,777

Palantir

Technologies,

Inc.,

Class

A

*

50,675

3,832,550

RingCentral,

Inc.,

Class

A

*

62,302

2,181,193

ServiceNow,

Inc.

*

4,282

4,539,434

Teradata

Corp.

*

19,382

603,749

Zoom

Communications,

Inc.,

Class

A

*

176,812

14,429,627

124,767,674

Technology

Hardware,

Storage

&

Peripherals

-

7.5%

Apple,

Inc.

298,472

74,743,358

Hewlett

Packard

Enterprise

Co.

260,285

5,557,085

HP,

Inc.

224,814

7,335,681

87,636,124

Total

Information

Technology

351,354,713

Materials

-

0.2%

Construction

Materials

-

0.2%

CRH

plc

21,054

1,947,916

Metals

&

Mining

-

0.0%

†

United

States

Steel

Corp.

5,123

174,131

Total

Materials

2,122,047

Real

Estate

-

0.3%

Real

Estate

Management

&

Development

-

0.3%

Jones

Lang

LaSalle,

Inc.

*

12,897

3,264,747

Utilities

-

0.7%

Electric

Utilities

-

0.6%

NRG

Energy,

Inc.

80,668

7,277,867

4

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Gas

Utilities

-

0.1%

MDU

Resources

Group,

Inc.

77,869

1,403,199

Total

Utilities

8,681,066

TOTAL

COMMON

STOCKS

(Cost

$604,334,885)

1,121,258,593

SHORT-TERM

INVESTMENTS

-

2.7%

INVESTMENT

COMPANIES

-

2.7%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(a)

(Cost

$31,842,658)

31,855,893

31,849,522

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$636,177,543)

1,153,108,115

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

‡

6,671,356

NET

ASSETS

-

100.0%

1,159,779,471

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

115,621,214

10.0

%

Consumer

Discretionary

131,558,503

11.3

Consumer

Staples

44,320,315

3.8

Energy

4,966,137

0.4

Financials

225,861,956

19.5

Health

Care

66,685,390

5.8

Industrials

166,822,505

14.4

Information

Technology

351,354,713

30.3

Materials

2,122,047

0.2

Real

Estate

3,264,747

0.3

Utilities

8,681,066

0.7

Investment

Companies

31,849,522

2.7

Total

Investments

In

Securities

At

Value

1,153,108,115

99.4

Other

Assets

in

Excess

of

Liabilities

‡

6,671,356

0.6

Net

Assets

$

1,159,779,471

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,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

77

3/2025

USD

$

22,852,638

$

(542,032)

Net

unrealized

depreciation

$

(542,032)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

5

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.2%

Communication

Services

-

3

.5

%

Diversified

Telecommunication

Services

-

1

.3

%

AST

SpaceMobile,

Inc.

*

5,180

109,298

Bandwidth,

Inc.,

Class

A

*

3,367

57,306

IDT

Corp.,

Class

B

15,644

743,403

Lumen

Technologies,

Inc.

*

94,000

499,140

1,409,147

Entertainment

-

0

.4

%

Cinemark

Holdings,

Inc.

*

14,986

464,266

Interactive

Media

&

Services

-

1

.2

%

Cargurus,

Inc.,

Class

A

*

6,208

226,840

EverQuote,

Inc.,

Class

A

*

25,353

506,807

MediaAlpha,

Inc.,

Class

A

*

2,900

32,741

Yelp,

Inc.,

Class

A

*

13,240

512,388

1,278,776

Media

-

0

.5

%

AMC

Networks,

Inc.,

Class

A

*

41,764

413,464

Gannett

Co.,

Inc.

*

18,446

93,337

TEGNA,

Inc.

2,263

41,390

548,191

Wireless

Telecommunication

Services

-

0

.1

%

Telephone

and

Data

Systems,

Inc.

4,883

166,559

Total

Communication

Services

3,866,939

Consumer

Discretionary

-

9

.8

%

Automobile

Components

-

0

.3

%

Modine

Manufacturing

Co.

*

266

30,837

Patrick

Industries,

Inc.

3,194

265,358

296,195

Diversified

Consumer

Services

-

2

.3

%

Adtalem

Global

Education,

Inc.

*

2,445

222,128

American

Public

Education,

Inc.

*

33,363

719,640

Frontdoor,

Inc.

*

1,007

55,053

Perdoceo

Education

Corp.

40,792

1,079,764

Strategic

Education,

Inc.

714

66,702

Stride,

Inc.

*

3,999

415,616

2,558,903

Hotels,

Restaurants

&

Leisure

-

0

.8

%

Brinker

International,

Inc.

*

2,169

286,937

El

Pollo

Loco

Holdings,

Inc.

*

19,125

220,702

Monarch

Casino

&

Resort,

Inc.

646

50,969

RCI

Hospitality

Holdings,

Inc.

2,387

137,181

Rush

Street

Interactive,

Inc.

*

9,991

137,077

Target

Hospitality

Corp.

*

3,105

30,010

862,876

Household

Durables

-

2

.6

%

Beazer

Homes

USA,

Inc.

*

3,464

95,121

Century

Communities,

Inc.

659

48,344

Ethan

Allen

Interiors,

Inc.

1,393

39,157

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

2.6%

(continued)

Hamilton

Beach

Brands

Holding

Co.,

Class

A

5,812

97,816

Hovnanian

Enterprises,

Inc.,

Class

A

*

2,038

272,725

KB

Home

7,294

479,362

Landsea

Homes

Corp.

*

4,749

40,319

M/I

Homes,

Inc.

*

3,649

485,135

Meritage

Homes

Corp.

1,424

219,040

Taylor

Morrison

Home

Corp.,

Class

A

*

14,096

862,816

Tri

Pointe

Homes,

Inc.

*

6,166

223,579

2,863,414

Leisure

Products

-

0

.5

%

Acushnet

Holdings

Corp.

1,421

101,005

JAKKS

Pacific,

Inc.

*

14,374

404,628

Revelyst,

Inc.

*

2,472

47,536

553,169

Specialty

Retail

-

2

.6

%

Abercrombie

&

Fitch

Co.,

Class

A

*

787

117,633

Academy

Sports

&

Outdoors,

Inc.

719

41,364

Asbury

Automotive

Group,

Inc.

*

1,971

479,012

Build-A-Bear

Workshop,

Inc.

5,092

234,436

Caleres,

Inc.

5,005

115,916

Genesco,

Inc.

*

4,268

182,457

Group

1

Automotive,

Inc.

2,122

894,381

Haverty

Furniture

Cos.,

Inc.

1,521

33,857

J

Jill,

Inc.

1,346

37,176

Lands'

End,

Inc.

*

3,874

50,904

ODP

Corp.

(The)

*

3,698

84,093

Sally

Beauty

Holdings,

Inc.

*

2,924

30,556

Signet

Jewelers

Ltd.

4,375

353,106

Sonic

Automotive,

Inc.,

Class

A

626

39,657

Upbound

Group,

Inc.

3,070

89,552

Urban

Outfitters,

Inc.

*

2,394

131,383

2,915,483

Textiles,

Apparel

&

Luxury

Goods

-

0

.7

%

Figs,

Inc.,

Class

A

*

17,561

108,703

G-III

Apparel

Group

Ltd.

*

19,332

630,610

739,313

Total

Consumer

Discretionary

10,789,353

Consumer

Staples

-

4

.0

%

Beverages

-

0

.5

%

Primo

Brands

Corp.,

Class

A

6,351

195,420

Vita

Coco

Co.,

Inc.

(The)

*

8,955

330,529

525,949

Consumer

Staples

Distribution

&

Retail

-

1

.3

%

Ingles

Markets,

Inc.,

Class

A

7,717

497,284

SpartanNash

Co.

3,579

65,567

Sprouts

Farmers

Market,

Inc.

*

5,354

680,333

United

Natural

Foods,

Inc.

*

4,313

117,788

6

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

1.3%

(continued)

Weis

Markets,

Inc.

824

55,801

1,416,773

Food

Products

-

1

.5

%

Cal-Maine

Foods,

Inc.

5,206

535,802

Dole

plc

4,245

57,477

Fresh

Del

Monte

Produce,

Inc.

5,792

192,352

John

B

Sanfilippo

&

Son,

Inc.

6,083

529,890

Lifeway

Foods,

Inc.

*

4,232

104,954

Vital

Farms,

Inc.

*

835

31,471

WK

Kellogg

Co.

11,120

200,049

1,651,995

Household

Products

-

0

.0

%

†

WD-40

Co.

125

30,335

Tobacco

-

0

.7

%

Turning

Point

Brands,

Inc.

12,130

729,013

Universal

Corp.

645

35,372

764,385

Total

Consumer

Staples

4,389,437

Energy

-

2

.8

%

Energy

Equipment

&

Services

-

0

.4

%

ChampionX

Corp.

7,665

208,412

ProPetro

Holding

Corp.

*

26,795

249,997

458,409

Oil,

Gas

&

Consumable

Fuels

-

2

.4

%

Ardmore

Shipping

Corp.

(Ireland)

36,334

441,458

CONSOL

Energy,

Inc.

2,096

223,601

Dorian

LPG

Ltd.

7,568

184,432

FutureFuel

Corp.

55,457

293,368

International

Seaways,

Inc.

5,076

182,431

REX

American

Resources

Corp.

*

1,748

72,874

Scorpio

Tankers,

Inc.

(Monaco)

5,964

296,351

Sitio

Royalties

Corp.,

Class

A

3,114

59,727

Teekay

Corp.

Ltd.

21,949

152,107

Teekay

Tankers

Ltd.,

Class

A

(Canada)

16,238

646,110

Uranium

Energy

Corp.

*

15,619

104,491

2,656,950

Total

Energy

3,115,359

Financials

-

23

.2

%

Banks

-

10

.6

%

1st

Source

Corp.

4,426

258,390

Amalgamated

Financial

Corp.

13,665

457,368

Ameris

Bancorp

1,812

113,377

Associated

Banc-Corp.

2,189

52,317

Axos

Financial,

Inc.

*

2,197

153,460

Bancorp,

Inc.

(The)

*

3,304

173,889

BankUnited,

Inc.

2,616

99,853

Brookline

Bancorp,

Inc.

2,851

33,642

Carter

Bankshares,

Inc.

*

1,935

34,037

Cathay

General

Bancorp

6,118

291,278

INVESTMENTS

SHARES

VALUE

($)

Banks

-

10.6%

(continued)

Central

Pacific

Financial

Corp.

15,736

457,131

Community

Trust

Bancorp,

Inc.

5,113

271,142

CrossFirst

Bankshares,

Inc.

*

1,876

28,421

Customers

Bancorp,

Inc.

*

12,308

599,153

Eagle

Bancorp,

Inc.

1,964

51,123

Enterprise

Financial

Services

Corp.

1,345

75,858

Farmers

National

Banc

Corp.

2,280

32,422

First

Busey

Corp.

8,695

204,941

First

Community

Bankshares,

Inc.

2,312

96,272

First

Financial

Corp.

13,265

612,710

First

Merchants

Corp.

4,786

190,913

First

Mid

Bancshares,

Inc.

2,209

81,335

First

of

Long

Island

Corp.

(The)

5,460

63,773

Flushing

Financial

Corp.

4,751

67,844

Fulton

Financial

Corp.

5,753

110,918

Great

Southern

Bancorp,

Inc.

7,773

464,048

Hancock

Whitney

Corp.

1,620

88,646

Hanmi

Financial

Corp.

21,357

504,452

Heartland

Financial

USA,

Inc.

1,655

101,460

Heritage

Commerce

Corp.

17,381

163,034

Heritage

Financial

Corp.

1,745

42,752

HomeStreet,

Inc.

*

8,572

97,892

HomeTrust

Bancshares,

Inc.

2,200

74,096

Hope

Bancorp,

Inc.

20,831

256,013

Horizon

Bancorp,

Inc.

3,764

60,638

Independent

Bank

Corp.

7,972

277,665

International

Bancshares

Corp.

10,172

642,463

Mercantile

Bank

Corp.

4,280

190,417

Metropolitan

Bank

Holding

Corp.

*

6,357

371,249

Midland

States

Bancorp,

Inc.

18,192

443,885

NBT

Bancorp,

Inc.

2,515

120,116

Northfield

Bancorp,

Inc.

5,801

67,408

Northrim

Bancorp,

Inc.

1,668

130,004

OceanFirst

Financial

Corp.

17,440

315,664

OFG

Bancorp

3,824

161,832

Orrstown

Financial

Services,

Inc.

3,271

119,751

Pathward

Financial,

Inc.

2,767

203,596

Peapack-Gladstone

Financial

Corp.

1,615

51,761

Premier

Financial

Corp.

4,073

104,147

Provident

Financial

Services,

Inc.

4,829

91,123

QCR

Holdings,

Inc.

427

34,433

Renasant

Corp.

5,100

182,325

S&T

Bancorp,

Inc.

4,944

188,960

Sandy

Spring

Bancorp,

Inc.

1,756

59,195

Simmons

First

National

Corp.,

Class

A

2,726

60,463

SmartFinancial,

Inc.

2,466

76,397

South

Plains

Financial,

Inc.

1,369

47,573

Third

Coast

Bancshares,

Inc.

*

7,037

238,906

TrustCo

Bank

Corp.

5,633

187,635

UMB

Financial

Corp.

458

51,690

Univest

Financial

Corp.

12,927

381,476

Valley

National

Bancorp

4,521

40,960

Veritex

Holdings,

Inc.

3,360

91,258

WesBanco,

Inc.

5,329

173,406

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

7

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

10.6%

(continued)

Westamerica

Bancorp

1,618

84,880

11,655,236

Capital

Markets

-

0

.9

%

Brightsphere

Investment

Group,

Inc.

4,263

112,287

Diamond

Hill

Investment

Group,

Inc.

656

101,746

Donnelley

Financial

Solutions,

Inc.

*

4,172

261,710

StoneX

Group,

Inc.

*

2,985

292,441

Victory

Capital

Holdings,

Inc.,

Class

A

1,931

126,403

Virtus

Investment

Partners,

Inc.

373

82,276

976,863

Consumer

Finance

-

1

.7

%

Bread

Financial

Holdings,

Inc.

12,187

744,138

Dave,

Inc.

*

3,365

292,486

Enova

International,

Inc.

*

2,754

264,054

Green

Dot

Corp.,

Class

A

*

20,562

218,780

Moneylion,

Inc.

*

317

27,265

Navient

Corp.

2,380

31,630

OppFi,

Inc.

28,278

216,609

PROG

Holdings,

Inc.

978

41,330

World

Acceptance

Corp.

*

506

56,895

1,893,187

Financial

Services

-

3

.5

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

8,338

296,583

Burford

Capital

Ltd.

4,157

53,002

HA

Sustainable

Infrastructure

Capital,

Inc.

6,376

171,068

International

Money

Express,

Inc.

*

1,828

38,077

Jackson

Financial,

Inc.,

Class

A

14,340

1,248,727

Mr

Cooper

Group,

Inc.

*

16,250

1,560,163

NCR

Atleos

Corp.

*

7,988

270,953

Paysafe

Ltd.

*

2,067

35,346

Radian

Group,

Inc.

1,781

56,493

Sezzle,

Inc.

*

279

71,368

3,801,780

Insurance

-

6

.3

%

American

Coastal

Insurance

Corp.

*

17,742

238,807

Employers

Holdings,

Inc.

15,588

798,573

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

32,828

595,172

Genworth

Financial,

Inc.,

Class

A

*

80,234

560,836

Hamilton

Insurance

Group

Ltd.,

Class

B

*

7,630

145,199

HCI

Group,

Inc.

2,400

279,672

Heritage

Insurance

Holdings,

Inc.

*

48,052

581,429

Horace

Mann

Educators

Corp.

6,336

248,561

Investors

Title

Co.

580

137,321

Mercury

General

Corp.

20,264

1,347,151

ProAssurance

Corp.

*

2,603

41,414

Safety

Insurance

Group,

Inc.

3,884

320,041

Selective

Insurance

Group,

Inc.

4,313

403,352

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

6.3%

(continued)

SiriusPoint

Ltd.

(Sweden)

*

7,840

128,498

Skyward

Specialty

Insurance

Group,

Inc.

*

2,744

138,682

Stewart

Information

Services

Corp.

3,042

205,304

United

Fire

Group,

Inc.

3,449

98,124

Universal

Insurance

Holdings,

Inc.

30,690

646,331

6,914,467

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.2

%

Arbor

Realty

Trust,

Inc.

6,322

87,559

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

159,528

247,087

Total

Financials

25,488,620

Health

Care

-

13

.0

%

Biotechnology

-

7

.0

%

ACADIA

Pharmaceuticals,

Inc.

*

4,832

88,667

ADMA

Biologics,

Inc.

*

41,907

718,705

Agios

Pharmaceuticals,

Inc.

*

4,706

154,639

Alkermes

plc

*

49,495

1,423,476

Amicus

Therapeutics,

Inc.

*

15,837

149,185

Arcellx,

Inc.

*

2,501

191,802

Avidity

Biosciences,

Inc.

*

1,016

29,545

CareDx,

Inc.

*

12,490

267,411

Catalyst

Pharmaceuticals,

Inc.

*

52,445

1,094,527

Celldex

Therapeutics,

Inc.

*

2,744

69,341

Coherus

Biosciences,

Inc.

*

62,143

85,757

Cytokinetics,

Inc.

*

3,638

171,132

Eagle

Pharmaceuticals,

Inc.

*

48,302

24,151

Entrada

Therapeutics,

Inc.

*

2,999

51,853

Geron

Corp.

*

22,558

79,855

Halozyme

Therapeutics,

Inc.

*

6,000

286,860

Insmed,

Inc.

*

6,637

458,219

Kiniksa

Pharmaceuticals

International

plc

*

8,824

174,539

Krystal

Biotech,

Inc.

*

841

131,751

Madrigal

Pharmaceuticals,

Inc.

*

595

183,599

Nurix

Therapeutics,

Inc.

*

4,491

84,611

Organogenesis

Holdings,

Inc.,

Class

A

*

90,275

288,880

PDL

BioPharma,

Inc.

(3)*

32,677

2,663

Praxis

Precision

Medicines,

Inc.

*

744

57,258

Protagonist

Therapeutics,

Inc.

*

28,460

1,098,556

PTC

Therapeutics,

Inc.

*

968

43,696

TG

Therapeutics,

Inc.

*

5,673

170,757

Vericel

Corp.

*

1,151

63,201

7,644,636

Health

Care

Equipment

&

Supplies

-

0

.9

%

Bioventus,

Inc.,

Class

A

*

14,633

153,646

Inogen,

Inc.

*

24,050

220,538

Integer

Holdings

Corp.

*

268

35,515

Lantheus

Holdings,

Inc.

*

2,060

184,288

LeMaitre

Vascular,

Inc.

1,143

105,316

OraSure

Technologies,

Inc.

*

30,116

108,719

8

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

0.9%

(continued)

Tactile

Systems

Technology,

Inc.

*

10,159

174,024

982,046

Health

Care

Providers

&

Services

-

2

.8

%

AdaptHealth

Corp.,

Class

A

*

20,545

195,588

Addus

HomeCare

Corp.

*

305

38,232

Community

Health

Systems,

Inc.

*

29,250

87,457

CorVel

Corp.

*

7,230

804,410

Cross

Country

Healthcare,

Inc.

*

1,198

21,756

Ensign

Group,

Inc.

(The)

3,439

456,906

Hims

&

Hers

Health,

Inc.

*

9,263

223,979

National

HealthCare

Corp.

1,005

108,098

Owens

&

Minor,

Inc.

*

29,839

389,996

Patterson

Cos.,

Inc.

5,749

177,414

Pediatrix

Medical

Group,

Inc.

*

43,760

574,131

Select

Medical

Holdings

Corp.

1,727

32,554

3,110,521

Pharmaceuticals

-

2

.3

%

Amneal

Pharmaceuticals,

Inc.

*

61,522

487,254

Amphastar

Pharmaceuticals,

Inc.

*

1,224

45,447

Collegium

Pharmaceutical,

Inc.

*

9,822

281,400

Corcept

Therapeutics,

Inc.

*

15,077

759,730

Fulcrum

Therapeutics,

Inc.

*

10,595

49,796

Harmony

Biosciences

Holdings,

Inc.

*

1,411

48,553

Innoviva,

Inc.

*

11,553

200,445

Pacira

BioSciences,

Inc.

*

24,331

458,396

Phibro

Animal

Health

Corp.,

Class

A

6,843

143,703

Prestige

Consumer

Healthcare,

Inc.

*

488

38,108

Supernus

Pharmaceuticals,

Inc.

*

1,151

41,620

2,554,452

Total

Health

Care

14,291,655

Industrials

-

18

.2

%

Aerospace

&

Defense

-

1

.5

%

AAR

Corp.

*

1,965

120,415

Byrna

Technologies,

Inc.

*

16,841

485,189

Ducommun,

Inc.

*

1,921

122,291

Moog,

Inc.,

Class

A

1,353

266,324

National

Presto

Industries,

Inc.

997

98,125

Rocket

Lab

USA,

Inc.

*

16,806

428,049

V2X,

Inc.

*

732

35,012

VirTra,

Inc.

*

7,287

49,187

1,604,592

Air

Freight

&

Logistics

-

0

.2

%

Hub

Group,

Inc.,

Class

A

4,758

212,016

Building

Products

-

2

.1

%

Apogee

Enterprises,

Inc.

12,449

888,983

Insteel

Industries,

Inc.

4,546

122,788

Masterbrand,

Inc.

*

15,036

219,676

UFP

Industries,

Inc.

9,697

1,092,367

2,323,814

INVESTMENTS

SHARES

VALUE

($)

Commercial

Services

&

Supplies

-

1

.5

%

ABM

Industries,

Inc.

3,515

179,898

ACCO

Brands

Corp.

30,248

158,802

Deluxe

Corp.

2,272

51,324

Ennis,

Inc.

8,125

171,356

GEO

Group,

Inc.

(The)

*

5,381

150,560

Interface,

Inc.,

Class

A

14,577

354,950

Steelcase,

Inc.,

Class

A

24,007

283,763

Virco

Mfg.

Corp.

31,540

323,285

1,673,938

Construction

&

Engineering

-

4

.0

%

Arcosa,

Inc.

2,629

254,329

Argan,

Inc.

8,824

1,209,241

Fluor

Corp.

*

5,608

276,587

IES

Holdings,

Inc.

*

2,835

569,722

Limbach

Holdings,

Inc.

*

3,218

275,268

Matrix

Service

Co.

*

2,908

34,809

MYR

Group,

Inc.

*

2,123

315,839

Orion

Group

Holdings,

Inc.

*

4,104

30,082

Primoris

Services

Corp.

751

57,376

Sterling

Infrastructure,

Inc.

*

5,085

856,568

Tutor

Perini

Corp.

*

23,146

560,133

4,439,954

Electrical

Equipment

-

0

.8

%

Atkore,

Inc.

4,053

338,223

LSI

Industries,

Inc.

2,101

40,801

NuScale

Power

Corp.

*

3,844

68,923

Powell

Industries,

Inc.

1,517

336,243

Preformed

Line

Products

Co.

548

70,029

854,219

Ground

Transportation

-

0

.4

%

ArcBest

Corp.

1,552

144,833

Covenant

Logistics

Group,

Inc.,

Class

A

5,641

307,491

452,324

Machinery

-

3

.2

%

Blue

Bird

Corp.

*

9,145

353,271

Federal

Signal

Corp.

2,937

271,350

Hyster-Yale,

Inc.

3,117

158,749

Mayville

Engineering

Co.,

Inc.

*

2,788

43,827

Mueller

Industries,

Inc.

19,616

1,556,726

Proto

Labs,

Inc.

*

756

29,552

REV

Group,

Inc.

23,058

734,859

Standex

International

Corp.

367

68,625

Terex

Corp.

4,626

213,814

Wabash

National

Corp.

3,541

60,657

3,491,430

Marine

Transportation

-

0

.5

%

Costamare,

Inc.

(Monaco)

31,263

401,729

Safe

Bulkers,

Inc.

(Monaco)

29,498

105,308

507,037

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

9

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Passenger

Airlines

-

0

.3

%

SkyWest,

Inc.

*

2,974

297,787

Professional

Services

-

1

.4

%

Barrett

Business

Services,

Inc.

8,892

386,268

CSG

Systems

International,

Inc.

749

38,281

Heidrick

&

Struggles

International,

Inc.

8,548

378,762

Kelly

Services,

Inc.,

Class

A

12,463

173,734

Kforce,

Inc.

5,911

335,154

Resources

Connection,

Inc.

21,420

182,713

Willdan

Group,

Inc.

*

1,584

60,335

WNS

Holdings

Ltd.

(India)

*

690

32,699

1,587,946

Trading

Companies

&

Distributors

-

2

.3

%

BlueLinx

Holdings,

Inc.

*

3,579

365,631

Boise

Cascade

Co.

7,362

875,047

DNOW,

Inc.

*

8,573

111,535

DXP

Enterprises,

Inc.

*

1,041

86,008

GMS,

Inc.

*

7,975

676,519

Rush

Enterprises,

Inc.,

Class

A

5,480

300,249

Willis

Lease

Finance

Corp.

275

57,076

2,472,065

Total

Industrials

19,917,122

Information

Technology

-

16

.0

%

Communications

Equipment

-

0

.3

%

NETGEAR,

Inc.

*

12,838

357,795

Electronic

Equipment,

Instruments

&

Components

-

4

.4

%

Arlo

Technologies,

Inc.

*

34,280

383,593

Bel

Fuse,

Inc.,

Class

B

1,392

114,798

Benchmark

Electronics,

Inc.

5,586

253,604

Climb

Global

Solutions,

Inc.

311

39,419

Daktronics,

Inc.

*

22,394

377,563

ePlus,

Inc.

*

6,394

472,389

Fabrinet

(Thailand)

*

2,096

460,869

Insight

Enterprises,

Inc.

*

5,484

834,117

Kimball

Electronics,

Inc.

*

2,556

47,874

PC

Connection,

Inc.

6,496

449,978

Sanmina

Corp.

*

10,460

791,508

ScanSource,

Inc.

*

10,363

491,724

TTM

Technologies,

Inc.

*

2,115

52,346

4,769,782

IT

Services

-

0

.4

%

Hackett

Group,

Inc.

(The)

9,556

293,560

Unisys

Corp.

*

29,193

184,792

478,352

Semiconductors

&

Semiconductor

Equipment

-

1

.6

%

ACM

Research,

Inc.,

Class

A

*

8,519

128,637

Axcelis

Technologies,

Inc.

*

2,277

159,094

Credo

Technology

Group

Holding

Ltd.

*

1,423

95,640

FormFactor,

Inc.

*

5,148

226,512

Impinj,

Inc.

*

266

38,639

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

1.6%

(continued)

NVE

Corp.

1,097

89,329

Penguin

Solutions,

Inc.

*

7,592

145,690

Photronics,

Inc.

*

23,311

549,207

Rambus,

Inc.

*

787

41,601

Semtech

Corp.

*

881

54,490

Ultra

Clean

Holdings,

Inc.

*

6,059

217,821

1,746,660

Software

-

7

.7

%

8x8,

Inc.

*

144,876

386,819

ACI

Worldwide,

Inc.

*

10,070

522,734

Adeia,

Inc.

11,411

159,526

Airship

AI

Holdings,

Inc.

*

42,547

266,344

Altair

Engineering,

Inc.,

Class

A

*

2,373

258,918

Aurora

Innovation,

Inc.

*

7,862

49,531

Blackbaud,

Inc.

*

413

30,529

Blend

Labs,

Inc.,

Class

A

*

22,695

95,546

Cleanspark,

Inc.

*

13,483

124,178

Clear

Secure,

Inc.,

Class

A

23,855

635,497

Commvault

Systems,

Inc.

*

4,979

751,381

Consensus

Cloud

Solutions,

Inc.

*

34,704

828,037

Daily

Journal

Corp.

*

500

283,995

Digital

Turbine,

Inc.

*

34,383

58,107

InterDigital,

Inc.

4,625

895,955

LiveRamp

Holdings,

Inc.

*

4,067

123,515

MARA

Holdings,

Inc.

*

1,430

23,981

Mitek

Systems,

Inc.

*

6,033

67,147

OneSpan,

Inc.

*

15,038

278,805

Porch

Group,

Inc.

*

18,678

91,896

Progress

Software

Corp.

5,680

370,052

Qualys,

Inc.

*

4,572

641,086

Sapiens

International

Corp.

NV

(Israel)

1,145

30,766

SolarWinds

Corp.

12,078

172,111

SPS

Commerce,

Inc.

*

3,897

717,009

Terawulf,

Inc.

*

11,636

65,860

Varonis

Systems,

Inc.,

Class

B

*

686

30,479

Verint

Systems,

Inc.

*

3,278

89,981

Yext,

Inc.

*

10,270

65,317

Zeta

Global

Holdings

Corp.,

Class

A

*

19,008

341,954

8,457,056

Technology

Hardware,

Storage

&

Peripherals

-

1

.6

%

CompoSecure,

Inc.,

Class

A

37,240

570,889

Diebold

Nixdorf,

Inc.

*

5,985

257,594

Eastman

Kodak

Co.

*

62,804

412,622

Immersion

Corp.

9,075

79,225

IonQ,

Inc.

*

9,361

391,009

Turtle

Beach

Corp.

*

4,808

83,227

1,794,566

Total

Information

Technology

17,604,211

10

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Materials

-

2

.4

%

Chemicals

-

0

.4

%

Arcadium

Lithium

plc

(Argentina)

*

43,846

224,930

Koppers

Holdings,

Inc.

998

32,335

Rayonier

Advanced

Materials,

Inc.

*

16,797

138,575

395,840

Construction

Materials

-

0

.5

%

Knife

River

Corp.

*

2,158

219,339

Summit

Materials,

Inc.,

Class

A

*

5,047

255,378

United

States

Lime

&

Minerals,

Inc.

421

55,884

530,601

Metals

&

Mining

-

1

.5

%

Alpha

Metallurgical

Resources,

Inc.

*

873

174,705

Arch

Resources,

Inc.

872

123,144

Commercial

Metals

Co.

16,408

813,837

Constellium

SE,

Class

A

*

3,014

30,954

Metallus,

Inc.

*

6,794

95,999

Olympic

Steel,

Inc.

3,229

105,943

Ramaco

Resources,

Inc.,

Class

B

59

583

Ryerson

Holding

Corp.

7,379

136,585

SunCoke

Energy,

Inc.

15,698

167,969

1,649,719

Total

Materials

2,576,160

Real

Estate

-

1

.3

%

Office

REITs

-

0

.3

%

NET

Lease

Office

Properties,

REIT

*

6,972

217,596

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

13,987

127,981

345,577

Real

Estate

Management

&

Development

-

0

.3

%

Compass,

Inc.,

Class

A

*

8,682

50,790

Forestar

Group,

Inc.

*

10,063

260,833

Real

Brokerage,

Inc.

(The)

(Canada)

*

6,700

30,820

342,443

Retail

REITs

-

0

.7

%

SITE

Centers

Corp.,

REIT

44,201

675,833

Total

Real

Estate

1,363,853

TOTAL

COMMON

STOCKS

(Cost

$64,609,973)

103,402,709

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

5.2%

INVESTMENT

COMPANIES

-

5

.2

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(a)

(Cost

$5,706,970)

5,708,497

5,707,356

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.4%

(Cost

$70,316,943)

109,110,065

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

‡

663,329

NET

ASSETS

-

100.0%

109,773,394

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

3,866,939

3

.5

%

Consumer

Discretionary

10,789,353

9

.8

Consumer

Staples

4,389,437

4

.0

Energy

3,115,359

2

.8

Financials

25,488,620

23

.2

Health

Care

14,291,655

13

.0

Industrials

19,917,122

18

.2

Information

Technology

17,604,211

16

.0

Materials

2,576,160

2

.4

Real

Estate

1,363,853

1

.3

Investment

Companies

5,707,356

5

.2

Total

Investments

In

Securities

At

Value

109,110,065

99

.4

Other

Assets

in

Excess

of

Liabilities

‡

663,329

0

.6

Net

Assets

$

109,773,394

100

.0

%

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

11

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,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

48

3/2025

USD

$

5,399,520

$

18,367

Net

unrealized

appreciation

$

18,367

12

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

92.4%

Australia

-

5

.8

%

ANZ

Group

Holdings

Ltd.

8,697

153,239

Aristocrat

Leisure

Ltd.

143,478

6,059,157

BHP

Group

Ltd.

242,444

5,914,364

BlueScope

Steel

Ltd.

442,908

5,121,393

Brambles

Ltd.

190,221

2,262,328

Cochlear

Ltd.

858

153,649

Fortescue

Ltd.

578,713

6,516,635

Orica

Ltd.

57,404

588,474

REA

Group

Ltd.

1,782

256,365

Rio

Tinto

Ltd.

8,995

652,254

Tabcorp

Holdings

Ltd.

57,040

19,883

Telstra

Group

Ltd.

339,441

841,237

Wesfarmers

Ltd.

75,906

3,353,341

WiseTech

Global

Ltd.

9,273

692,259

32,584,578

Belgium

-

1

.1

%

Ageas

SA/NV

56,758

2,759,583

Groupe

Bruxelles

Lambert

NV

1,467

100,307

UCB

SA

17,106

3,405,186

6,265,076

Canada

-

11

.4

%

Air

Canada

(1)*

147,796

2,288,733

Bank

of

Montreal

(1)

8,976

871,405

Bank

of

Nova

Scotia

(The)

(1)

25,211

1,353,812

Canadian

Apartment

Properties,

REIT

(1)

3,482

103,265

Canadian

Imperial

Bank

of

Commerce

(1)

3,612

228,487

CCL

Industries,

Inc.,

Class

B

(1)

4,615

237,420

Cenovus

Energy,

Inc.

(1)

65,098

986,807

CGI,

Inc.

(1)

27,366

2,994,278

Constellation

Software,

Inc.

(1)

143

442,187

Descartes

Systems

Group,

Inc.

(The)

(1)*

2,110

239,851

Empire

Co.

Ltd.,

Class

A

(1)

49,105

1,499,335

Fairfax

Financial

Holdings

Ltd.

(1)

5,329

7,414,518

George

Weston

Ltd.

(1)

15,469

2,405,607

Great-West

Lifeco,

Inc.

(1)

6,006

199,176

iA

Financial

Corp.,

Inc.

(1)

12,987

1,204,513

Imperial

Oil

Ltd.

(1)

62,085

3,826,297

Intact

Financial

Corp.

(1)

7,051

1,283,842

Loblaw

Cos.

Ltd.

(1)

25,641

3,374,384

Manulife

Financial

Corp.

(1)

213,943

6,572,557

MEG

Energy

Corp.

(1)

153,542

2,520,847

National

Bank

of

Canada

(1)

4,864

443,409

Onex

Corp.

(1)

33,261

2,598,035

Open

Text

Corp.

(1)

47,503

1,344,340

Parkland

Corp.

(1)

87,439

1,977,559

Pembina

Pipeline

Corp.

(1)

38,816

1,434,149

Power

Corp.

of

Canada

(1)

5,259

164,050

Royal

Bank

of

Canada

(1)

23,203

2,797,693

Shopify,

Inc.,

Class

A

(1)*

7,833

833,678

Suncor

Energy,

Inc.

(1)

147,521

5,265,785

TFI

International,

Inc.

(1)

16,487

2,227,858

Thomson

Reuters

Corp.

(1)

10,563

1,696,165

Toronto-Dominion

Bank

(The)

(1)

9,710

516,961

INVESTMENTS

SHARES

VALUE

($)

Canada

-

11.4%

(continued)

West

Fraser

Timber

Co.

Ltd.

(1)

18,411

1,595,249

62,942,252

China

-

0

.9

%

BOC

Hong

Kong

Holdings

Ltd.

1,296,000

4,138,305

SITC

International

Holdings

Co.

Ltd.

269,000

713,316

Wilmar

International

Ltd.

82,400

187,026

5,038,647

Denmark

-

2

.9

%

AP

Moller

-

Maersk

A/S,

Class

B

1,474

2,452,382

Novo

Nordisk

A/S,

Class

B

86,044

7,424,034

Pandora

A/S

16,222

2,967,904

ROCKWOOL

A/S,

Class

B

7,138

2,539,961

Zealand

Pharma

A/S

*

8,632

858,668

16,242,949

Finland

-

0

.7

%

Fortum

OYJ

(1)

56,481

790,706

Nokia

OYJ

124,892

552,450

Wartsila

OYJ

Abp

146,693

2,599,796

3,942,952

France

-

9

.0

%

Amundi

SA

(a)

2,522

167,841

AXA

SA

118,661

4,223,103

BNP

Paribas

SA

64,665

3,970,226

Carrefour

SA

37,322

531,197

Cie

de

Saint-Gobain

SA

84,281

7,489,352

Credit

Agricole

SA

415,215

5,713,163

Dassault

Aviation

SA

10,755

2,197,632

Eiffage

SA

1,840

161,352

Ipsen

SA

15,556

1,783,041

La

Francaise

des

Jeux

SACA

(a)

7,323

282,013

Publicis

Groupe

SA

58,208

6,196,805

Safran

SA

3,595

787,692

Societe

Generale

SA

280,766

7,879,843

Sodexo

SA

(1)

26,059

2,147,310

TotalEnergies

SE

116,805

6,507,776

Unibail-Rodamco-Westfield,

REIT

*

4,856

365,728

50,404,074

Germany

-

7

.2

%

Allianz

SE

(Registered)

4,847

1,489,789

Bechtle

AG

14,908

478,132

Commerzbank

AG

428,716

7,040,576

Deutsche

Bank

AG

(Registered)

425,377

7,340,689

Deutsche

Boerse

AG

5,597

1,289,304

Fresenius

SE

&

Co.

KGaA

*

12,270

425,904

Hannover

Rueck

SE

2,264

566,950

Heidelberg

Materials

AG

3,572

441,368

Knorr-Bremse

AG

10,969

796,146

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(1)

6,521

3,290,252

Rational

AG

364

311,769

Rheinmetall

AG

2,944

1,880,945

RWE

AG

(1)

18,330

547,399

SAP

SE

44,250

10,884,362

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

13

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7.2%

(continued)

Siemens

Energy

AG

*

3,772

200,186

Talanx

AG

40,087

3,409,460

40,393,231

Hong

Kong

-

1

.4

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,208,949

Link,

REIT

39,000

164,015

Swire

Pacific

Ltd.,

Class

A

110,000

994,795

WH

Group

Ltd.

(a)

7,203,000

5,550,882

7,918,641

Italy

-

2

.8

%

Intesa

Sanpaolo

SpA

100,331

402,409

Leonardo

SpA

254,431

6,845,165

Prysmian

SpA

18,597

1,190,141

UniCredit

SpA

172,537

6,909,825

15,347,540

Japan

-

19

.6

%

Advantest

Corp.

64,100

3,644,652

Asics

Corp.

21,200

413,565

Brother

Industries

Ltd.

101,500

1,716,977

Dai-ichi

Life

Holdings,

Inc.

127,900

3,408,068

Daito

Trust

Construction

Co.

Ltd.

20,700

2,314,148

Disco

Corp.

6,100

1,618,192

ENEOS

Holdings,

Inc.

143,400

752,299

Fujitsu

Ltd.

124,000

2,178,256

Hikari

Tsushin,

Inc.

5,400

1,172,071

Hitachi

Ltd.

70,800

1,733,896

Idemitsu

Kosan

Co.

Ltd.

23,900

157,430

Inpex

Corp.

53,800

676,883

ITOCHU

Corp.

105,100

5,168,227

Japan

Post

Insurance

Co.

Ltd.

116,600

2,141,716

Japan

Tobacco,

Inc.

35,000

897,850

KDDI

Corp.

261,900

8,341,673

Keyence

Corp.

14,400

5,853,192

Koito

Manufacturing

Co.

Ltd.

145,200

1,837,892

Konami

Group

Corp.

27,100

2,535,755

M3,

Inc.

12,400

107,444

Makita

Corp.

27,500

836,247

Marubeni

Corp.

68,100

1,022,084

Mitsubishi

Electric

Corp.

26,800

452,538

MonotaRO

Co.

Ltd.

158,200

2,688,421

MS&AD

Insurance

Group

Holdings,

Inc.

174,900

3,777,405

Nexon

Co.

Ltd.

88,200

1,312,007

Nintendo

Co.

Ltd.

98,000

5,707,696

Nippon

Yusen

KK

46,600

1,551,012

Nitto

Denko

Corp.

45,000

752,347

Nomura

Holdings,

Inc.

175,200

1,016,482

Obayashi

Corp.

120,600

1,587,968

Ono

Pharmaceutical

Co.

Ltd.

78,700

819,384

Oracle

Corp.

Japan

29,300

2,804,199

Osaka

Gas

Co.

Ltd.

66,900

1,463,210

Otsuka

Corp.

241,600

5,525,335

Panasonic

Holdings

Corp.

20,400

208,500

Recruit

Holdings

Co.

Ltd.

62,400

4,337,294

SCREEN

Holdings

Co.

Ltd.

29,900

1,765,215

SCSK

Corp.

27,800

581,851

INVESTMENTS

SHARES

VALUE

($)

Japan

-

19.6%

(continued)

Shionogi

&

Co.

Ltd.

31,600

443,195

Sompo

Holdings,

Inc.

130,100

3,370,925

Sumitomo

Corp.

11,300

244,545

Tokyo

Electric

Power

Co.

Holdings,

Inc.

*

713,700

2,133,334

Tokyo

Electron

Ltd.

55,000

8,267,566

TOPPAN

Holdings,

Inc.

110,300

2,926,059

Toyota

Tsusho

Corp.

190,500

3,368,903

Trend

Micro,

Inc.

*

21,100

1,137,566

ZOZO,

Inc.

73,700

2,269,808

109,041,282

Luxembourg

-

0

.3

%

ArcelorMittal

SA

76,641

1,780,701

Netherlands

-

4

.7

%

ABN

AMRO

Bank

NV,

CVA

(a)

94,826

1,463,315

Adyen

NV

*(a)

4,799

7,131,693

ASM

International

NV

1,759

1,017,028

ASML

Holding

NV

2,366

1,657,228

ING

Groep

NV

109,319

1,713,202

Koninklijke

Ahold

Delhaize

NV

(1)

96,946

3,162,273

NN

Group

NV

55,763

2,431,745

Wolters

Kluwer

NV

45,166

7,504,079

26,080,563

Singapore

-

0

.4

%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

220,128

Genting

Singapore

Ltd.

500,900

281,006

Oversea-Chinese

Banking

Corp.

Ltd.

75,000

915,981

Singapore

Airlines

Ltd.

54,400

256,466

Singapore

Technologies

Engineering

Ltd.

208,700

712,117

2,385,698

Spain

-

2

.6

%

ACS

Actividades

de

Construccion

y

Servicios

SA

8,135

407,665

Banco

Bilbao

Vizcaya

Argentaria

SA

481,232

4,708,585

Banco

Santander

SA

1,095,273

5,067,009

CaixaBank

SA

29,642

160,932

Industria

de

Diseno

Textil

SA

10,867

556,651

Repsol

SA

284,233

3,458,537

14,359,379

Sweden

-

2

.9

%

Alfa

Laval

AB

3,846

160,975

Atlas

Copco

AB,

Class

B

42,828

578,649

Evolution

AB

(a)

21,897

1,688,606

Getinge

AB,

Class

B

9,927

162,839

Hexagon

AB,

Class

B

17,354

165,686

Investor

AB,

Class

B

44,280

1,172,841

Saab

AB,

Class

B

124,049

2,620,816

SKF

AB,

Class

B

266,097

4,994,510

Swedish

Orphan

Biovitrum

AB

(1)*

35,773

1,026,257

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

550,598

14

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

2.9%

(continued)

Volvo

AB,

Class

B

120,441

2,926,979

16,048,756

Switzerland

-

6

.3

%

ABB

Ltd.

(Registered)

155,585

8,401,359

BKW

AG

1,953

323,573

Logitech

International

SA

(Registered)

68,953

5,691,808

Lonza

Group

AG

(Registered)

6,245

3,686,041

Novartis

AG

(Registered)

120,869

11,767,480

Sandoz

Group

AG

21,490

880,931

Schindler

Holding

AG

7,093

1,959,681

UBS

Group

AG

(Registered)

54,807

1,678,012

Zurich

Insurance

Group

AG

959

570,380

34,959,265

United

Kingdom

-

10

.1

%

3i

Group

plc

30,804

1,371,186

Auto

Trader

Group

plc

(a)

152,511

1,509,075

BAE

Systems

plc

481,355

6,905,173

Barclays

plc

2,351,160

7,865,096

British

American

Tobacco

plc

52,898

1,908,810

BT

Group

plc

1,750,605

3,155,439

Centrica

plc

3,110,483

5,189,453

DCC

plc

4,832

309,616

Hargreaves

Lansdown

plc

58,199

798,617

HSBC

Holdings

plc

390,049

3,831,491

Imperial

Brands

plc

24,800

793,076

Kingfisher

plc

52,609

163,528

Lloyds

Banking

Group

plc

751,673

513,339

London

Stock

Exchange

Group

plc

14,143

1,996,355

NatWest

Group

plc

915,889

4,589,753

Next

plc

4,263

505,687

Rolls-Royce

Holdings

plc

*

1,123,032

7,963,861

Standard

Chartered

plc

277,493

3,416,274

Tesco

plc

805,457

3,704,581

56,490,410

United

States

-

2

.3

%

GSK

plc

102,282

1,725,219

Holcim

AG

14,221

1,369,269

James

Hardie

Industries

plc,

CHESS

*

12,915

398,050

Roche

Holding

AG

11,358

3,175,773

Shell

plc

191,540

5,970,494

Stellantis

NV

12,509

162,722

Swiss

Re

AG

2,040

295,463

13,096,990

TOTAL

COMMON

STOCKS

(Cost

$408,793,104)

515,322,984

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

7.1%

INVESTMENT

COMPANIES

-

7

.1

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(1)(b)

(Cost

$39,777,905)

39,791,864

39,783,906

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.5%

(Cost

$448,571,009)

555,106,890

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.5%

‡

2,913,231

NET

ASSETS

-

100.0%

558,020,121

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

29,856,051

5

.3

%

Consumer

Discretionary

22,917,572

4

.1

Consumer

Staples

24,015,022

4

.3

Energy

33,534,862

6

.0

Financials

153,108,137

27

.4

Health

Care

37,845,045

6

.8

Industrials

112,426,925

20

.2

Information

Technology

62,636,888

11

.2

Materials

25,367,522

4

.6

Real

Estate

3,167,284

0

.6

Utilities

10,447,676

1

.9

Investment

Companies

39,783,906

7

.1

Total

Investments

In

Securities

At

Value

555,106,890

99

.5

Other

Assets

in

Excess

of

Liabilities

‡

2,913,231

0

.5

Net

Assets

$

558,020,121

100

.0

%

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

15

*

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,

2024

amounted

to

$17,793,425,

which

represents

3.19%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

303

3/2025

USD

$

34,352,625

$

(

89,127

)

Net

unrealized

depreciation

$

(

89,127

)

16

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.6%

Brazil

-

2

.3

%

Banco

do

Brasil

SA

1,392,300

5,398,915

BB

Seguridade

Participacoes

SA

84,400

494,820

Caixa

Seguridade

Participacoes

S/A

119,500

275,448

Embraer

SA,

ADR

(1)*

24,697

905,886

Pagseguro

Digital

Ltd.,

Class

A

(1)*

177,668

1,112,202

Telefonica

Brasil

SA

*

147,100

1,121,265

TIM

SA

281,100

662,587

Vibra

Energia

SA

538,600

1,553,733

11,524,856

Chile

-

0

.7

%

Cencosud

SA

1,257,991

2,781,645

Cia

Sud

Americana

de

Vapores

SA

(1)

716,597

38,693

Enel

Chile

SA,

ADR

(1)

182,786

526,424

Falabella

SA

*

85,523

302,128

3,648,890

China

-

28

.4

%

Agricultural

Bank

of

China

Ltd.,

Class

A

577,700

420,448

Alibaba

Group

Holding

Ltd.

634,904

6,719,416

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

41,623

134,937

Autohome,

Inc.,

ADR

(1)

91,869

2,384,001

Baidu,

Inc.,

Class

A

*

196,900

2,076,628

Bank

of

Beijing

Co.

Ltd.,

Class

A

535,278

448,699

Bank

of

China

Ltd.,

Class

A

573,300

430,541

Bank

of

China

Ltd.,

Class

H

3,488,000

1,774,908

Bank

of

Communications

Co.

Ltd.,

Class

A

366,400

388,034

Bank

of

Communications

Co.

Ltd.,

Class

H

563,000

461,424

Bank

of

Ningbo

Co.

Ltd.,

Class

A

55,900

185,236

Bank

of

Shanghai

Co.

Ltd.,

Class

A

214,111

266,991

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

688,322

656,462

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,583,900

947,685

Bosideng

International

Holdings

Ltd.

1,380,000

681,925

BYD

Co.

Ltd.,

Class

A

23,200

892,696

China

CITIC

Bank

Corp.

Ltd.,

Class

H

6,779,000

4,675,997

China

Communications

Services

Corp.

Ltd.,

Class

H

1,878,000

1,096,618

China

Construction

Bank

Corp.,

Class

H

13,915,000

11,528,230

China

Everbright

Bank

Co.

Ltd.,

Class

A

505,900

266,827

China

Everbright

Bank

Co.

Ltd.,

Class

H

702,000

271,832

China

Galaxy

Securities

Co.

Ltd.,

Class

H

175,000

158,113

China

Hongqiao

Group

Ltd.

2,290,000

3,436,807

China

Life

Insurance

Co.

Ltd.,

Class

H

155,000

290,103

INVESTMENTS

SHARES

VALUE

($)

China

-

28.4%

(continued)

China

Medical

System

Holdings

Ltd.

124,000

120,222

China

Merchants

Bank

Co.

Ltd.,

Class

A

103,158

552,523

China

Merchants

Securities

Co.

Ltd.,

Class

A

225,800

589,611

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

122,100

170,531

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

333,155

187,503

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

1,363,000

601,531

China

Overseas

Land

&

Investment

Ltd.

287,500

454,191

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

59,300

275,453

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

432,400

1,391,072

China

Petroleum

&

Chemical

Corp.,

Class

A

446,400

406,375

China

Resources

Land

Ltd.

558,000

1,601,889

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

1,076,500

880,288

China

Taiping

Insurance

Holdings

Co.

Ltd.

2,338,600

3,473,992

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

28,792

262,912

China

Tower

Corp.

Ltd.,

Class

H

(a)

1,330,000

191,009

China

Vanke

Co.

Ltd.,

Class

A

*

165,400

163,819

China

Yangtze

Power

Co.

Ltd.,

Class

A

93,300

375,808

CITIC

Ltd.

4,493,000

5,273,388

CITIC

Securities

Co.

Ltd.,

Class

A

143,965

572,448

Far

East

Horizon

Ltd.

(1)

1,455,000

1,062,215

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

34,567

216,243

Geely

Automobile

Holdings

Ltd.

1,732,000

3,261,875

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

88,600

225,255

Haidilao

International

Holding

Ltd.

(a)

418,000

843,869

Haier

Smart

Home

Co.

Ltd.,

Class

A

212,400

824,105

Haitong

Securities

Co.

Ltd.,

Class

A

175,200

265,445

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(a)

114,000

252,400

Hisense

Home

Appliances

Group

Co.

Ltd.

111,000

349,142

Huatai

Securities

Co.

Ltd.,

Class

A

128,200

307,352

Huaxia

Bank

Co.

Ltd.,

Class

A

273,900

298,998

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

329,800

311,072

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

546,000

364,009

Industrial

Bank

Co.

Ltd.,

Class

A

145,390

379,627

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

148,900

612,644

JD.com,

Inc.,

Class

A

395,800

6,872,360

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

17

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

28.4%

(continued)

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

137,638

861,269

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

11,900

135,488

KE

Holdings,

Inc.,

ADR

(1)

55,797

1,027,781

Kuaishou

Technology

*(a)

322,500

1,691,694

Kunlun

Energy

Co.

Ltd.

3,476,000

3,746,038

Kweichow

Moutai

Co.

Ltd.,

Class

A

6,000

1,246,238

Lenovo

Group

Ltd.

1,736,000

2,231,737

Li

Auto,

Inc.,

Class

A

*

46,800

559,007

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

167,407

929,111

Luzhou

Laojiao

Co.

Ltd.,

Class

A

17,500

298,595

Meituan,

Class

B

*(a)

322,780

6,275,931

NARI

Technology

Co.

Ltd.,

Class

A

336,349

1,156,305

New

China

Life

Insurance

Co.

Ltd.,

Class

A

36,300

245,995

New

Oriental

Education

&

Technology

Group,

Inc.

281,700

1,796,686

PDD

Holdings,

Inc.,

ADR

(1)*

43,294

4,199,085

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

2,578,000

1,277,354

PetroChina

Co.

Ltd.,

Class

A

421,600

514,593

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,368,000

3,724,395

Ping

An

Bank

Co.

Ltd.,

Class

A

151,385

241,413

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

48,800

350,272

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

133,700

161,552

Qifu

Technology,

Inc.,

ADR

(1)

73,048

2,803,582

SAIC

Motor

Corp.

Ltd.,

Class

A

130,000

366,886

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

166,900

374,837

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

145,263

203,763

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

354,200

258,239

Sinopharm

Group

Co.

Ltd.,

Class

H

324,000

883,707

Sinotruk

Hong

Kong

Ltd.

1,599,000

4,674,648

Tencent

Holdings

Ltd.

324,400

17,314,144

Topsports

International

Holdings

Ltd.

(a)

1,106,000

421,189

Wuliangye

Yibin

Co.

Ltd.,

Class

A

22,782

434,838

Xiaomi

Corp.,

Class

B

*(a)

542,200

2,377,989

Yum

China

Holdings,

Inc.

(1)

31,605

1,522,413

138,892,508

Hungary

-

0

.1

%

OTP

Bank

Nyrt.

7,468

408,143

India

-

17

.0

%

ABB

India

Ltd.

37,898

3,053,638

Axis

Bank

Ltd.,

GDR

(b)

9,780

606,698

Bajaj

Auto

Ltd.

49,275

5,055,231

Bharat

Electronics

Ltd.

1,172,298

4,000,479

Bharat

Petroleum

Corp.

Ltd.

1,177,832

4,004,911

Cipla

Ltd.

46,893

835,710

Coal

India

Ltd.

1,050,448

4,701,608

Colgate-Palmolive

India

Ltd.

10,661

333,483

INVESTMENTS

SHARES

VALUE

($)

India

-

17.0%

(continued)

Cummins

India

Ltd.

12,062

460,027

DLF

Ltd.

18,871

181,280

Dr

Reddy's

Laboratories

Ltd.,

ADR

(1)

54,900

866,871

HCL

Technologies

Ltd.

123,200

2,750,983

HDFC

Asset

Management

Co.

Ltd.

(a)

34,629

1,695,189

Hero

MotoCorp

Ltd.

57,022

2,765,017

Hindustan

Aeronautics

Ltd.

(b)

106,814

5,198,660

Hindustan

Petroleum

Corp.

Ltd.

407,506

1,937,318

Indian

Oil

Corp.

Ltd.

1,668,250

2,643,735

Info

Edge

India

Ltd.

20,051

2,027,489

Infosys

Ltd.,

ADR

(1)

75,176

1,647,858

Jio

Financial

Services

Ltd.

*

203,618

708,425

Larsen

&

Toubro

Ltd.,

GDR

(1)(b)

14,876

624,792

Lupin

Ltd.

11,161

306,613

NHPC

Ltd.

416,678

391,323

NTPC

Ltd.

1,493,689

5,802,535

Oil

&

Natural

Gas

Corp.

Ltd.

1,740,141

4,857,089

Oil

India

Ltd.

98,281

493,963

Oracle

Financial

Services

Software

Ltd.

7,199

1,071,495

Petronet

LNG

Ltd.

206,881

834,950

Power

Finance

Corp.

Ltd.

379,357

1,981,773

Power

Grid

Corp.

of

India

Ltd.

812,575

2,924,711

REC

Ltd.

359,742

2,097,498

Reliance

Industries

Ltd.,

GDR

(1)

(a)

8,092

459,626

State

Bank

of

India,

GDR

(1)(b)

3,533

327,156

Suzlon

Energy

Ltd.

*

1,018,375

737,438

Tata

Consultancy

Services

Ltd.

60,516

2,887,913

Torrent

Pharmaceuticals

Ltd.

10,076

394,944

Trent

Ltd.

64,789

5,375,556

Varun

Beverages

Ltd.

(1)

166,720

1,243,383

Vedanta

Ltd.

558,760

2,895,470

Zomato

Ltd.

*

609,913

1,975,729

Zydus

Lifesciences

Ltd.

19,197

217,456

83,376,023

Indonesia

-

2

.1

%

Alamtri

Resources

Indonesia

Tbk.

PT

22,989,200

3,461,864

Astra

International

Tbk.

PT

6,554,600

1,992,496

Indah

Kiat

Pulp

&

Paper

Tbk.

PT

316,800

133,504

Indofood

Sukses

Makmur

Tbk.

PT

(1)

292,100

139,743

United

Tractors

Tbk.

PT

(1)

2,693,600

4,480,966

10,208,573

Malaysia

-

0

.5

%

CIMB

Group

Holdings

Bhd.

205,100

375,761

Genting

Bhd.

212,500

183,351

RHB

Bank

Bhd.

944,654

1,368,635

Tenaga

Nasional

Bhd.

52,700

176,005

YTL

Corp.

Bhd.

314,000

187,125

2,290,877

18

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Mexico

-

2

.5

%

Alfa

SAB

de

CV,

Class

A

(1)

2,551,490

1,846,529

Arca

Continental

SAB

de

CV

(1)

183,978

1,524,165

Banco

del

Bajio

SA

(1)(a)

697,628

1,396,862

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

(1)

2,163

148,468

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

8,412

2,167,184

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)

356,308

2,289,319

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(1)*

65,600

136,511

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

562,618

2,669,406

12,178,444

Philippines

-

0

.4

%

BDO

Unibank,

Inc.

68,424

169,265

International

Container

Terminal

Services,

Inc.

(1)

201,044

1,341,568

Metropolitan

Bank

&

Trust

Co.

118,090

146,233

SM

Prime

Holdings,

Inc.

596,524

257,630

1,914,696

Poland

-

1

.7

%

Alior

Bank

SA

9,094

189,380

Bank

Polska

Kasa

Opieki

SA

69,600

2,326,505

Budimex

SA

1,862

210,470

ORLEN

SA

16,800

192,573

PGE

Polska

Grupa

Energetyczna

SA

*

780,605

1,149,499

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

92,816

1,343,664

Powszechny

Zaklad

Ubezpieczen

SA

286,447

3,181,847

8,593,938

Russia

-

0

.0

%

Gazprom

PJSC

(3)*

863,552

–

GMK

Norilskiy

Nickel

PAO,

ADR

(3)*

2

–

GMK

Norilskiy

Nickel

PAO

(3)*

679,000

–

LUKOIL

PJSC

(3)*

29,987

–

Magnit

PJSC

(3)*

6,681

–

Mobile

TeleSystems

PJSC

(3)*

306,032

–

Novatek

PJSC

(3)*

71,760

–

Novolipetsk

Steel

PJSC

(3)*

326,680

–

PhosAgro

PJSC,

GDR

(3)*(b)

72

–

PhosAgro

PJSC

(3)*

3,717

–

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

.8

%

ACWA

Power

Co.

26,415

2,825,456

Arab

National

Bank

178,216

998,294

Bupa

Arabia

for

Cooperative

Insurance

Co.

(1)

5,712

314,681

INVESTMENTS

SHARES

VALUE

($)

Saudi

Arabia

-

2.8%

(continued)

Co.

for

Cooperative

Insurance

(The)

8,581

337,189

Elm

Co.

(1)

16,709

4,958,359

Etihad

Etisalat

Co.

228,560

3,244,718

Jarir

Marketing

Co.

44,673

150,331

Riyad

Bank

48,875

371,513

Saudi

Electricity

Co.

134,687

605,156

13,805,697

South

Africa

-

3

.2

%

Absa

Group

Ltd.

(1)

119,663

1,203,209

Exxaro

Resources

Ltd.

(1)

296,087

2,478,211

FirstRand

Ltd.

94,492

379,026

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(1)

196,645

1,614,455

Naspers

Ltd.,

Class

N

2,836

628,053

Nedbank

Group

Ltd.

(1)

235,721

3,518,843

Old

Mutual

Ltd.

522,695

347,581

Sanlam

Ltd.

(1)

160,986

741,152

Sasol

Ltd.

117,254

516,355

Sibanye

Stillwater

Ltd.

*

1,444,447

1,152,975

Standard

Bank

Group

Ltd.

(1)

252,076

2,962,198

15,542,058

South

Korea

-

9

.5

%

Alteogen,

Inc.

*

1,635

339,653

DB

Insurance

Co.

Ltd.

70,643

4,908,298

Doosan

Bobcat,

Inc.

25,278

709,043

GS

Holdings

Corp.

*

27,230

722,295

Hana

Financial

Group,

Inc.

103,042

3,942,726

Hanmi

Semiconductor

Co.

Ltd.

6,084

333,513

HMM

Co.

Ltd.

*

46,314

553,241

Hyundai

Glovis

Co.

Ltd.

9,248

737,720

Industrial

Bank

of

Korea

352,941

3,421,522

KB

Financial

Group,

Inc.

39,375

2,217,244

Kia

Corp.

76,621

5,184,910

Korea

Investment

Holdings

Co.

Ltd.

*

13,474

646,108

LG

Uplus

Corp.

11,488

80,326

Posco

International

Corp.

21,701

576,463

Samsung

Electronics

Co.

Ltd.

261,438

9,329,888

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

1,487

359,997

Samsung

Life

Insurance

Co.

Ltd.

*

9,230

590,638

Shinhan

Financial

Group

Co.

Ltd.

65,842

2,135,047

SK

Hynix,

Inc.

39,368

4,511,192

Woori

Financial

Group,

Inc.

536,476

5,589,701

46,889,525

Taiwan

-

18

.7

%

Accton

Technology

Corp.

78,960

1,855,859

ASE

Technology

Holding

Co.

Ltd.

464,840

2,282,567

Catcher

Technology

Co.

Ltd.

57,500

339,659

Cathay

Financial

Holding

Co.

Ltd.

557,000

1,158,489

Compal

Electronics,

Inc.

398,560

456,316

Evergreen

Marine

Corp.

Taiwan

Ltd.

22,000

150,913

Fortune

Electric

Co.

Ltd.

61,000

1,044,338

Fubon

Financial

Holding

Co.

Ltd.

457,000

1,256,755

Hon

Hai

Precision

Industry

Co.

Ltd.

1,271,760

7,109,966

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

19

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

18.7%

(continued)

MediaTek,

Inc.

189,980

8,167,190

Novatek

Microelectronics

Corp.

233,740

3,570,694

Pegatron

Corp.

711,900

1,990,706

PharmaEssentia

Corp.

*

19,000

355,954

Pou

Chen

Corp.

1,130,620

1,270,437

Quanta

Computer,

Inc.

19,080

166,062

Realtek

Semiconductor

Corp.

89,000

1,538,138

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,585,900

51,541,832

United

Microelectronics

Corp.

2,331,580

3,037,110

Wistron

Corp.

517,860

1,636,059

Yang

Ming

Marine

Transport

Corp.

1,286,000

2,967,441

91,896,485

Thailand

-

2

.6

%

Kasikornbank

PCL,

NVDR

837,600

3,812,433

Krung

Thai

Bank

PCL,

NVDR

6,566,900

4,040,394

PTT

Exploration

&

Production

PCL,

NVDR

86,100

302,640

PTT

PCL,

NVDR

426,100

397,269

SCB

X

PCL,

NVDR

993,300

3,419,556

TMBThanachart

Bank

PCL,

NVDR

11,453,400

624,167

12,596,459

Turkiye

-

0

.5

%

Akbank

TAS

(1)

107,162

196,470

Turk

Hava

Yollari

AO

*

74,050

587,627

Yapi

ve

Kredi

Bankasi

A/S

(1)

2,107,603

1,824,486

2,608,583

United

Arab

Emirates

-

0

.7

%

Aldar

Properties

PJSC

158,981

332,283

Emaar

Properties

PJSC

293,170

1,026,987

Emirates

NBD

Bank

PJSC

(1)

362,761

2,118,464

3,477,734

United

States

-

0

.9

%

JBS

SA

750,000

4,427,223

TOTAL

COMMON

STOCKS

(Cost

$379,882,807)

464,280,712

PREFERRED

STOCKS

-

1.0%

Brazil

-

1

.0

%

Cia

Energetica

de

Minas

Gerais

(Preference)

696,320

1,242,163

Itau

Unibanco

Holding

SA

24,100

119,221

Petroleo

Brasileiro

SA

(Preference)

638,300

3,775,214

TOTAL

PREFERRED

STOCKS

(Cost

$4,796,460)

5,136,598

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.7%

INVESTMENT

COMPANIES

-

4

.7

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(1)(c)

(Cost

$23,320,893)

23,331,999

23,327,333

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.3%

(Cost

$408,000,160)

492,744,643

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

-

(0.3)%

‡

(1,365,418)

NET

ASSETS

-

100.0%

491,379,225

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

30,793,863

6

.3

%

Consumer

Discretionary

60,293,972

12

.3

Consumer

Staples

13,393,690

2

.7

Energy

35,942,905

7

.3

Financials

123,116,152

25

.1

Health

Care

5,434,800

1

.1

Industrials

44,231,492

9

.0

Information

Technology

117,669,881

23

.9

Materials

13,210,372

2

.7

Real

Estate

5,377,943

1

.1

Utilities

19,952,240

4

.1

Investment

Companies

23,327,333

4

.7

Total

Investments

In

Securities

At

Value

492,744,643

100

.3

Liabilities

in

Excess

of

Other

Assets

‡

(

1,365,418

)

(

0

.3

)

Net

Assets

$

491,379,225

100

.0

%

20

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

December

31,

2024

(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,

2024

amounted

to

$15,605,758,

which

represents

3.18%

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,

2024

amounted

to

$6,757,306,

which

represents

1.38%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

Emerging

Markets

Index

258

3/2025

USD

$

13,852,020

$

(

513,286

)

Net

unrealized

depreciation

$

(

513,286

)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

21

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.5%

Communication

Services

-

8

.8

%

Diversified

Telecommunication

Services

-

0

.9

%

AT&T,

Inc.

251,196

5,719,733

Entertainment

-

1

.9

%

Electronic

Arts,

Inc.

6,096

891,845

Netflix,

Inc.

*

9,127

8,135,077

Spotify

Technology

SA

*

7,010

3,136,134

12,163,056

Interactive

Media

&

Services

-

5

.1

%

Alphabet,

Inc.,

Class

A

19,965

3,779,375

Meta

Platforms,

Inc.,

Class

A

48,733

28,533,659

32,313,034

Media

-

0

.1

%

Trade

Desk,

Inc.

(The),

Class

A

*

6,887

809,429

Wireless

Telecommunication

Services

-

0

.8

%

T-Mobile

US,

Inc.

24,111

5,322,021

Total

Communication

Services

56,327,273

Consumer

Discretionary

-

9

.9

%

Automobiles

-

1

.3

%

General

Motors

Co.

16,844

897,280

Tesla,

Inc.

*

19,071

7,701,633

8,598,913

Broadline

Retail

-

1

.6

%

Amazon.com,

Inc.

*

45,822

10,052,889

Diversified

Consumer

Services

-

0

.1

%

Duolingo,

Inc.,

Class

A

*

1,629

528,171

Hotels,

Restaurants

&

Leisure

-

2

.4

%

Aramark

9,846

367,354

Booking

Holdings,

Inc.

432

2,146,357

Cava

Group,

Inc.

*

13,100

1,477,680

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

87,715

5,289,215

Domino's

Pizza,

Inc.

1,642

689,246

DoorDash,

Inc.,

Class

A

*

6,138

1,029,650

McDonald's

Corp.

1,564

453,388

Royal

Caribbean

Cruises

Ltd.

14,740

3,400,371

Starbucks

Corp.

2,633

240,261

Wingstop,

Inc.

1,842

523,496

15,617,018

Household

Durables

-

1

.4

%

Garmin

Ltd.

12,279

2,532,666

PulteGroup,

Inc.

9,834

1,070,923

SharkNinja,

Inc.

*

20,695

2,014,865

Tempur

Sealy

International,

Inc.

14,032

795,474

Toll

Brothers,

Inc.

19,559

2,463,456

8,877,384

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2

.6

%

AutoNation,

Inc.

*

11,403

1,936,686

Burlington

Stores,

Inc.

*

1,014

289,051

Carvana

Co.,

Class

A

*

9,085

1,847,526

Dick's

Sporting

Goods,

Inc.

12,079

2,764,158

Gap,

Inc.

(The)

23,168

547,460

Home

Depot,

Inc.

(The)

6,141

2,388,788

Lowe's

Cos.,

Inc.

5,244

1,294,219

O'Reilly

Automotive,

Inc.

*

1,264

1,498,851

Penske

Automotive

Group,

Inc.

5,891

898,024

Ross

Stores,

Inc.

2,920

441,708

TJX

Cos.,

Inc.

(The)

5,956

719,544

Tractor

Supply

Co.

22,325

1,184,564

Williams-Sonoma,

Inc.

5,622

1,041,082

16,851,661

Textiles,

Apparel

&

Luxury

Goods

-

0

.5

%

Deckers

Outdoor

Corp.

*

12,876

2,614,987

Tapestry,

Inc.

5,302

346,379

2,961,366

Total

Consumer

Discretionary

63,487,402

Consumer

Staples

-

5

.5

%

Beverages

-

0

.4

%

Coca-Cola

Consolidated,

Inc.

624

786,234

Constellation

Brands,

Inc.,

Class

A

4,147

916,487

Monster

Beverage

Corp.

*

21,254

1,117,110

2,819,831

Consumer

Staples

Distribution

&

Retail

-

3

.7

%

Casey's

General

Stores,

Inc.

2,884

1,142,727

Costco

Wholesale

Corp.

6,831

6,259,040

Target

Corp.

5,171

699,016

Walmart,

Inc.

173,803

15,703,101

23,803,884

Food

Products

-

0

.4

%

Freshpet,

Inc.

*

6,792

1,005,963

Pilgrim's

Pride

Corp.

*

35,233

1,599,226

2,605,189

Household

Products

-

0

.1

%

Spectrum

Brands

Holdings,

Inc.

3,690

311,768

Tobacco

-

0

.9

%

Altria

Group,

Inc.

36,134

1,889,447

Philip

Morris

International,

Inc.

31,148

3,748,662

5,638,109

Total

Consumer

Staples

35,178,781

Energy

-

1

.9

%

Energy

Equipment

&

Services

-

0

.3

%

TechnipFMC

plc

(United

Kingdom)

67,787

1,961,756

Oil,

Gas

&

Consumable

Fuels

-

1

.6

%

Cheniere

Energy,

Inc.

4,455

957,246

Diamondback

Energy,

Inc.

3,302

540,967

DT

Midstream,

Inc.

5,809

577,589

22

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

1.6%

(continued)

Exxon

Mobil

Corp.

1,918

206,319

Marathon

Petroleum

Corp.

10,789

1,505,065

Occidental

Petroleum

Corp.

4,478

221,258

Targa

Resources

Corp.

32,374

5,778,759

Texas

Pacific

Land

Corp.

540

597,218

10,384,421

Total

Energy

12,346,177

Financials

-

19

.2

%

Banks

-

6

.7

%

Bank

of

America

Corp.

129,024

5,670,605

Citigroup,

Inc.

27,927

1,965,782

Citizens

Financial

Group,

Inc.

52,027

2,276,702

Commerce

Bancshares,

Inc.

7,527

469,007

East

West

Bancorp,

Inc.

8,433

807,544

Fifth

Third

Bancorp

39,899

1,686,930

First

Citizens

BancShares,

Inc.,

Class

A

530

1,119,901

First

Horizon

Corp.

63,769

1,284,308

JPMorgan

Chase

&

Co.

53,419

12,805,068

KeyCorp

97,493

1,671,030

M&T

Bank

Corp.

11,294

2,123,385

NU

Holdings

Ltd.,

Class

A

(Brazil)

*

115,443

1,195,989

Synovus

Financial

Corp.

22,438

1,149,499

Truist

Financial

Corp.

23,808

1,032,791

Wells

Fargo

&

Co.

51,468

3,615,112

Western

Alliance

Bancorp

17,190

1,436,053

Wintrust

Financial

Corp.

8,530

1,063,776

Zions

Bancorp

NA

27,202

1,475,708

42,849,190

Capital

Markets

-

6

.3

%

Ameriprise

Financial,

Inc.

6,911

3,679,624

Bank

of

New

York

Mellon

Corp.

(The)

28,744

2,208,402

Blackrock,

Inc.

365

374,165

Blackstone,

Inc.

14,559

2,510,263

Blue

Owl

Capital,

Inc.,

Class

A

13,867

322,546

Cboe

Global

Markets,

Inc.

3,811

744,669

CME

Group,

Inc.

4,233

983,030

Coinbase

Global,

Inc.,

Class

A

*

8,051

1,999,063

FactSet

Research

Systems,

Inc.

1,562

750,197

Goldman

Sachs

Group,

Inc.

(The)

3,640

2,084,337

Interactive

Brokers

Group,

Inc.,

Class

A

7,544

1,332,798

Intercontinental

Exchange,

Inc.

4,335

645,958

Jefferies

Financial

Group,

Inc.

29,185

2,288,104

KKR

&

Co.,

Inc.

19,614

2,901,107

LPL

Financial

Holdings,

Inc.

10,982

3,585,733

Moody's

Corp.

2,295

1,086,384

Morgan

Stanley

31,752

3,991,861

MSCI,

Inc.,

Class

A

3,987

2,392,240

Nasdaq,

Inc.

11,442

884,581

Robinhood

Markets,

Inc.,

Class

A

*

46,183

1,720,779

S&P

Global,

Inc.

3,044

1,516,003

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

6.3%

(continued)

Tradeweb

Markets,

Inc.,

Class

A

1,915

250,712

Virtu

Financial,

Inc.,

Class

A

47,398

1,691,161

39,943,717

Consumer

Finance

-

1

.0

%

American

Express

Co.

9,695

2,877,379

Capital

One

Financial

Corp.

3,365

600,047

OneMain

Holdings,

Inc.

11,245

586,202

SLM

Corp.

10,516

290,031

Synchrony

Financial

26,583

1,727,895

6,081,554

Financial

Services

-

2

.7

%

Affirm

Holdings,

Inc.,

Class

A

*

21,866

1,331,639

Apollo

Global

Management,

Inc.

11,795

1,948,062

Berkshire

Hathaway,

Inc.,

Class

B

*

4,305

1,951,370

Corebridge

Financial,

Inc.

13,774

412,256

Equitable

Holdings,

Inc.

18,138

855,570

Fiserv,

Inc.

*

6,637

1,363,373

Mastercard,

Inc.,

Class

A

9,549

5,028,217

Rocket

Cos.,

Inc.,

Class

A

*

19,937

224,491

Toast,

Inc.,

Class

A

*

25,427

926,814

Visa,

Inc.,

Class

A

10,947

3,459,690

17,501,482

Insurance

-

2

.5

%

Allstate

Corp.

(The)

18,827

3,629,657

American

International

Group,

Inc.

17,195

1,251,796

Arch

Capital

Group

Ltd.

13,460

1,243,031

Arthur

J

Gallagher

&

Co.

7,060

2,003,981

Assured

Guaranty

Ltd.

21,907

1,971,849

Axis

Capital

Holdings

Ltd.

5,500

487,410

Progressive

Corp.

(The)

19,802

4,744,757

Unum

Group

9,987

729,351

16,061,832

Total

Financials

122,437,775

Health

Care

-

7

.4

%

Biotechnology

-

1

.0

%

AbbVie,

Inc.

11,756

2,089,041

Natera,

Inc.

*

10,864

1,719,771

United

Therapeutics

Corp.

*

4,751

1,676,343

Viking

Therapeutics,

Inc.

*

22,446

903,227

6,388,382

Health

Care

Equipment

&

Supplies

-

1

.2

%

Boston

Scientific

Corp.

*

17,375

1,551,935

Dexcom,

Inc.

*

5,221

406,037

Edwards

Lifesciences

Corp.

*

5,726

423,896

Hologic,

Inc.

*

7,993

576,216

IDEXX

Laboratories,

Inc.

*

3,637

1,503,681

Intuitive

Surgical,

Inc.

*

3,924

2,048,171

ResMed,

Inc.

1,852

423,534

Stryker

Corp.

1,647

593,002

7,526,472

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

23

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

1

.3

%

Cardinal

Health,

Inc.

4,302

508,798

DaVita,

Inc.

*

1,450

216,847

Elevance

Health,

Inc.

3,564

1,314,760

HCA

Healthcare,

Inc.

3,101

930,765

McKesson

Corp.

2,935

1,672,686

Molina

Healthcare,

Inc.

*

2,268

660,101

Tenet

Healthcare

Corp.

*

3,283

414,413

UnitedHealth

Group,

Inc.

4,871

2,464,044

8,182,414

Health

Care

Technology

-

0

.3

%

Doximity,

Inc.,

Class

A

*

7,292

389,320

Veeva

Systems,

Inc.,

Class

A

*

9,078

1,908,650

2,297,970

Life

Sciences

Tools

&

Services

-

1

.0

%

Agilent

Technologies,

Inc.

3,865

519,224

Danaher

Corp.

5,035

1,155,784

Thermo

Fisher

Scientific,

Inc.

8,568

4,457,331

6,132,339

Pharmaceuticals

-

2

.6

%

Eli

Lilly

&

Co.

20,660

15,949,520

Zoetis,

Inc.,

Class

A

5,483

893,345

16,842,865

Total

Health

Care

47,370,442

Industrials

-

14

.2

%

Aerospace

&

Defense

-

3

.2

%

Axon

Enterprise,

Inc.

*

3,092

1,837,637

BWX

Technologies,

Inc.

23,568

2,625,240

Curtiss-Wright

Corp.

6,128

2,174,643

GE

Aerospace

28,239

4,709,983

Howmet

Aerospace,

Inc.

17,600

1,924,912

Lockheed

Martin

Corp.

5,283

2,567,221

Northrop

Grumman

Corp.

5,286

2,480,667

RTX

Corp.

7,640

884,101

TransDigm

Group,

Inc.

887

1,124,077

20,328,481

Building

Products

-

1

.3

%

A

O

Smith

Corp.

4,045

275,909

AZEK

Co.,

Inc.

(The),

Class

A

*

8,146

386,691

Fortune

Brands

Innovations,

Inc.

5,250

358,733

Lennox

International,

Inc.

2,152

1,311,214

Trane

Technologies

plc

16,727

6,178,117

8,510,664

Commercial

Services

&

Supplies

-

1

.3

%

Cintas

Corp.

23,096

4,219,639

Clean

Harbors,

Inc.

*

5,033

1,158,295

Copart,

Inc.

*

34,720

1,992,581

Rollins,

Inc.

14,763

684,265

8,054,780

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

1

.2

%

AECOM

8,308

887,461

Comfort

Systems

USA,

Inc.

810

343,489

EMCOR

Group,

Inc.

2,495

1,132,480

Quanta

Services,

Inc.

17,027

5,381,383

7,744,813

Electrical

Equipment

-

1

.4

%

Eaton

Corp.

plc

17,403

5,775,534

Vertiv

Holdings

Co.,

Class

A

29,648

3,368,309

9,143,843

Ground

Transportation

-

1

.0

%

CSX

Corp.

16,902

545,428

JB

Hunt

Transport

Services,

Inc.

2,681

457,539

Old

Dominion

Freight

Line,

Inc.

9,440

1,665,216

Uber

Technologies,

Inc.

*

43,089

2,599,128

XPO,

Inc.

*

8,104

1,062,840

6,330,151

Industrial

Conglomerates

-

0

.2

%

Honeywell

International,

Inc.

5,345

1,207,382

Machinery

-

2

.3

%

Allison

Transmission

Holdings,

Inc.

31,149

3,365,961

Caterpillar,

Inc.

4,750

1,723,110

Deere

&

Co.

4,046

1,714,290

Esab

Corp.

4,219

506,027

Illinois

Tool

Works,

Inc.

6,540

1,658,282

Ingersoll

Rand,

Inc.

2,169

196,208

PACCAR,

Inc.

6,399

665,624

Parker-Hannifin

Corp.

4,198

2,670,054

Westinghouse

Air

Brake

Technologies

Corp.

6,146

1,165,220

Xylem,

Inc.

6,645

770,953

14,435,729

Passenger

Airlines

-

0

.2

%

United

Airlines

Holdings,

Inc.

*

14,810

1,438,051

Professional

Services

-

0

.5

%

Automatic

Data

Processing,

Inc.

3,597

1,052,950

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

8,867

1,141,183

Verisk

Analytics,

Inc.,

Class

A

4,134

1,138,627

3,332,760

Trading

Companies

&

Distributors

-

1

.6

%

Fastenal

Co.

25,858

1,859,449

United

Rentals,

Inc.

5,477

3,858,218

Watsco,

Inc.

3,619

1,715,008

WW

Grainger,

Inc.

2,510

2,645,665

10,078,340

Total

Industrials

90,604,994

24

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Information

Technology

-

22

.4

%

Communications

Equipment

-

1

.0

%

Arista

Networks,

Inc.

*

44,852

4,957,492

Motorola

Solutions,

Inc.

425

196,448

Ubiquiti,

Inc.

3,940

1,307,804

6,461,744

Electronic

Equipment,

Instruments

&

Components

-

1

.1

%

Amphenol

Corp.,

Class

A

26,448

1,836,814

Coherent

Corp.

*

8,967

849,444

Corning,

Inc.

15,145

719,690

Jabil,

Inc.

8,553

1,230,777

TD

SYNNEX

Corp.

8,911

1,045,082

Zebra

Technologies

Corp.,

Class

A

*

3,161

1,220,841

6,902,648

IT

Services

-

0

.6

%

Accenture

plc,

Class

A

(Ireland)

1,073

377,471

GoDaddy,

Inc.,

Class

A

*

3,994

788,296

International

Business

Machines

Corp.

5,940

1,305,790

Kyndryl

Holdings,

Inc.

*

34,881

1,206,882

3,678,439

Semiconductors

&

Semiconductor

Equipment

-

12

.9

%

Analog

Devices,

Inc.

3,373

716,628

Applied

Materials,

Inc.

3,864

628,402

Broadcom,

Inc.

101,640

23,564,218

KLA

Corp.

7,775

4,899,183

Lam

Research

Corp.

14,190

1,024,944

Micron

Technology,

Inc.

5,170

435,107

Monolithic

Power

Systems,

Inc.

624

369,221

NVIDIA

Corp.

348,926

46,857,272

Skyworks

Solutions,

Inc.

3,632

322,086

Teradyne,

Inc.

9,768

1,229,986

Texas

Instruments,

Inc.

12,583

2,359,438

82,406,485

Software

-

6

.3

%

Adobe,

Inc.

*

969

430,895

AppLovin

Corp.,

Class

A

*

13,015

4,214,647

Autodesk,

Inc.

*

3,076

909,173

Cadence

Design

Systems,

Inc.

*

4,122

1,238,496

Crowdstrike

Holdings,

Inc.,

Class

A

*

2,902

992,948

Fair

Isaac

Corp.

*

1,449

2,884,858

Fortinet,

Inc.

*

13,258

1,252,616

Guidewire

Software,

Inc.

*

1,911

322,156

Intuit,

Inc.

2,897

1,820,765

Microsoft

Corp.

6,033

2,542,910

MicroStrategy,

Inc.,

Class

A

*

7,282

2,109,013

Nutanix,

Inc.,

Class

A

*

20,624

1,261,776

Oracle

Corp.

46,664

7,776,089

Palantir

Technologies,

Inc.,

Class

A

*

63,687

4,816,648

Palo

Alto

Networks,

Inc.

*

6,438

1,171,458

Salesforce,

Inc.

2,432

813,091

ServiceNow,

Inc.

*

4,353

4,614,702

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.3%

(continued)

Synopsys,

Inc.

*

2,591

1,257,568

40,429,809

Technology

Hardware,

Storage

&

Peripherals

-

0

.5

%

Apple,

Inc.

8,006

2,004,863

Dell

Technologies,

Inc.,

Class

C

7,936

914,545

HP,

Inc.

17,380

567,109

3,486,517

Total

Information

Technology

143,365,642

Materials

-

1

.3

%

Chemicals

-

0

.6

%

Element

Solutions,

Inc.

38,953

990,575

Sherwin-Williams

Co.

(The)

7,860

2,671,850

3,662,425

Containers

&

Packaging

-

0

.3

%

Avery

Dennison

Corp.

4,365

816,822

International

Paper

Co.

9,629

518,233

Packaging

Corp.

of

America

3,115

701,280

2,036,335

Metals

&

Mining

-

0

.4

%

Freeport-McMoRan,

Inc.

21,243

808,933

Reliance,

Inc.

3,454

930,024

Steel

Dynamics,

Inc.

6,772

772,482

2,511,439

Total

Materials

8,210,199

Real

Estate

-

1

.8

%

Health

Care

REITs

-

0

.9

%

Omega

Healthcare

Investors,

Inc.,

REIT

24,881

941,746

Ventas,

Inc.,

REIT

23,346

1,374,846

Welltower,

Inc.,

REIT

24,988

3,149,237

5,465,829

Office

REITs

-

0

.4

%

Cousins

Properties,

Inc.,

REIT

18,718

573,520

Highwoods

Properties,

Inc.,

REIT

51,125

1,563,402

Vornado

Realty

Trust,

REIT

11,342

476,818

2,613,740

Real

Estate

Management

&

Development

-

0

.3

%

CoStar

Group,

Inc.

*

20,700

1,481,913

Zillow

Group,

Inc.,

Class

C

*

2,948

218,299

1,700,212

Specialized

REITs

-

0

.2

%

American

Tower

Corp.,

REIT

2,010

368,654

Digital

Realty

Trust,

Inc.,

REIT

3,200

567,456

Iron

Mountain,

Inc.,

REIT

5,659

594,818

1,530,928

Total

Real

Estate

11,310,709

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

25

INVESTMENTS

SHARES

VALUE

($)

Utilities

-

2

.1

%

Electric

Utilities

-

1

.1

%

Constellation

Energy

Corp.

16,078

3,596,809

Entergy

Corp.

7,859

595,869

NextEra

Energy,

Inc.

2,612

187,254

NRG

Energy,

Inc.

15,793

1,424,845

PPL

Corp.

43,647

1,416,782

7,221,559

Gas

Utilities

-

0

.1

%

MDU

Resources

Group,

Inc.

27,946

503,587

Independent

Power

and

Renewable

Electricity

Producers

-

0

.5

%

Vistra

Corp.

21,917

3,021,697

Multi-Utilities

-

0

.4

%

Dominion

Energy,

Inc.

34,969

1,883,431

NiSource,

Inc.

14,920

548,459

2,431,890

Total

Utilities

13,178,733

TOTAL

COMMON

STOCKS

(Cost

$277,889,469)

603,818,127

SHORT-TERM

INVESTMENTS

-

5.3%

INVESTMENT

COMPANIES

-

5

.3

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(a)

(Cost

$33,689,818)

33,691,335

33,684,596

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$311,579,287)

637,502,723

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

‡

1,449,282

NET

ASSETS

-

100.0%

638,952,005

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

56,327,273

8

.8

%

Consumer

Discretionary

63,487,402

9

.9

Consumer

Staples

35,178,781

5

.5

Energy

12,346,177

1

.9

Financials

122,437,775

19

.2

Health

Care

47,370,442

7

.4

Industrials

90,604,994

14

.2

Information

Technology

143,365,642

22

.4

Materials

8,210,199

1

.3

Real

Estate

11,310,709

1

.8

Utilities

13,178,733

2

.1

Investment

Companies

33,684,596

5

.3

Total

Investments

In

Securities

At

Value

637,502,723

99

.8

Other

Assets

in

Excess

of

Liabilities

‡

1,449,282

0

.2

Net

Assets

$

638,952,005

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

102

3/2025

USD

$

30,272,325

$

(

220,827

)

Net

unrealized

depreciation

$

(

220,827

)

26

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.8%

Communication

Services

-

2

.9

%

Diversified

Telecommunication

Services

-

0

.9

%

AST

SpaceMobile,

Inc.

*

24,439

515,663

Bandwidth,

Inc.,

Class

A

*

4,183

71,195

IDT

Corp.,

Class

B

4,799

228,048

Lumen

Technologies,

Inc.

*

82,367

437,369

1,252,275

Entertainment

-

0

.4

%

Cinemark

Holdings,

Inc.

*

12,216

378,452

IMAX

Corp.

*

2,917

74,675

Marcus

Corp.

(The)

1,878

40,377

Sphere

Entertainment

Co.

*

1,262

50,884

544,388

Interactive

Media

&

Services

-

0

.7

%

Cargurus,

Inc.,

Class

A

*

5,831

213,065

EverQuote,

Inc.,

Class

A

*

4,851

96,971

Grindr,

Inc.

(Singapore)

*

19,618

349,985

MediaAlpha,

Inc.,

Class

A

*

3,409

38,488

QuinStreet,

Inc.

*

8,084

186,498

Vimeo,

Inc.

*

18,230

116,672

1,001,679

Media

-

0

.8

%

EchoStar

Corp.,

Class

A

*

21,129

483,854

Gannett

Co.,

Inc.

*

22,470

113,698

John

Wiley

&

Sons,

Inc.,

Class

A

1,205

52,671

Magnite,

Inc.

*

12,681

201,882

National

CineMedia,

Inc.

*

15,253

101,280

Sinclair,

Inc.

3,860

62,300

1,015,685

Wireless

Telecommunication

Services

-

0

.1

%

Telephone

and

Data

Systems,

Inc.

4,021

137,156

Total

Communication

Services

3,951,183

Consumer

Discretionary

-

9

.8

%

Automobile

Components

-

0

.9

%

Dorman

Products,

Inc.

*

1,514

196,139

Modine

Manufacturing

Co.

*

7,334

850,231

Patrick

Industries,

Inc.

1,816

150,873

Phinia,

Inc.

944

45,472

1,242,715

Distributors

-

0

.1

%

A-Mark

Precious

Metals,

Inc.

4,153

113,792

Diversified

Consumer

Services

-

1

.5

%

Adtalem

Global

Education,

Inc.

*

3,082

280,000

American

Public

Education,

Inc.

*

7,690

165,873

Carriage

Services,

Inc.,

Class

A

4,474

178,289

Frontdoor,

Inc.

*

4,100

224,147

Graham

Holdings

Co.,

Class

B

81

70,625

Laureate

Education,

Inc.,

Class

A

*

10,072

184,217

Lincoln

Educational

Services

Corp.

*

4,585

72,535

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

1.5%

(continued)

OneSpaWorld

Holdings

Ltd.

(Bahamas)

5,840

116,216

Perdoceo

Education

Corp.

1,863

49,314

Strategic

Education,

Inc.

650

60,723

Stride,

Inc.

*

3,602

374,356

Universal

Technical

Institute,

Inc.

*

6,821

175,368

1,951,663

Hotels,

Restaurants

&

Leisure

-

1

.7

%

Brinker

International,

Inc.

*

3,844

508,523

Kura

Sushi

USA,

Inc.,

Class

A

*

1,362

123,370

Life

Time

Group

Holdings,

Inc.

*

11,038

244,161

Lindblad

Expeditions

Holdings,

Inc.

*

3,182

37,738

Red

Rock

Resorts,

Inc.,

Class

A

2,406

111,253

Rush

Street

Interactive,

Inc.

*

27,028

370,824

Shake

Shack,

Inc.,

Class

A

*

3,720

482,856

Super

Group

SGHC

Ltd.

(Guernsey)

11,990

74,698

Sweetgreen,

Inc.,

Class

A

*

10,303

330,314

2,283,737

Household

Durables

-

1

.8

%

Cavco

Industries,

Inc.

*

215

95,939

Flexsteel

Industries,

Inc.

1,643

89,281

Green

Brick

Partners,

Inc.

*

6,031

340,691

Hamilton

Beach

Brands

Holding

Co.,

Class

A

2,323

39,096

Hovnanian

Enterprises,

Inc.,

Class

A

*

762

101,971

Installed

Building

Products,

Inc.

1,916

335,779

KB

Home

5,882

386,565

La-Z-Boy,

Inc.

2,368

103,174

M/I

Homes,

Inc.

*

3,606

479,418

Meritage

Homes

Corp.

852

131,055

Taylor

Morrison

Home

Corp.,

Class

A

*

4,031

246,737

Tri

Pointe

Homes,

Inc.

*

2,893

104,900

2,454,606

Leisure

Products

-

0

.6

%

Acushnet

Holdings

Corp.

8,140

578,591

Funko,

Inc.,

Class

A

*

4,441

59,465

Latham

Group,

Inc.

*

18,250

127,020

Peloton

Interactive,

Inc.,

Class

A

*

7,189

62,545

827,621

Specialty

Retail

-

2

.5

%

Abercrombie

&

Fitch

Co.,

Class

A

*

5,535

827,316

Asbury

Automotive

Group,

Inc.

*

1,031

250,564

Boot

Barn

Holdings,

Inc.

*

2,008

304,855

Buckle,

Inc.

(The)

5,074

257,810

Build-A-Bear

Workshop,

Inc.

5,712

262,981

EVgo,

Inc.

*

26,477

107,232

Group

1

Automotive,

Inc.

778

327,911

Lands'

End,

Inc.

*

2,898

38,080

RealReal,

Inc.

(The)

*

17,127

187,198

Revolve

Group,

Inc.

*

5,370

179,841

Shoe

Carnival,

Inc.

5,985

197,984

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

27

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.5%

(continued)

Signet

Jewelers

Ltd.

1,657

133,736

Sonic

Automotive,

Inc.,

Class

A

4,482

283,935

Torrid

Holdings,

Inc.

*

11,488

60,082

3,419,525

Textiles,

Apparel

&

Luxury

Goods

-

0

.7

%

Hanesbrands,

Inc.

*

26,589

216,434

Kontoor

Brands,

Inc.

5,278

450,794

Superior

Group

of

Cos.,

Inc.

2,369

39,160

Wolverine

World

Wide,

Inc.

9,241

205,150

911,538

Total

Consumer

Discretionary

13,205,197

Consumer

Staples

-

3

.0

%

Beverages

-

0

.1

%

National

Beverage

Corp.

4,442

189,540

Consumer

Staples

Distribution

&

Retail

-

1

.6

%

Chefs'

Warehouse,

Inc.

(The)

*

993

48,975

Natural

Grocers

by

Vitamin

Cottage,

Inc.

5,902

234,427

Sprouts

Farmers

Market,

Inc.

*

13,578

1,725,357

United

Natural

Foods,

Inc.

*

2,942

80,346

2,089,105

Food

Products

-

0

.9

%

Cal-Maine

Foods,

Inc.

3,939

405,402

Fresh

Del

Monte

Produce,

Inc.

3,094

102,752

Lifeway

Foods,

Inc.

*

3,951

97,985

Mama's

Creations,

Inc.

*

9,087

72,332

SunOpta,

Inc.

(Canada)

*

13,185

101,524

Utz

Brands,

Inc.

5,796

90,765

Vital

Farms,

Inc.

*

4,588

172,922

WK

Kellogg

Co.

8,138

146,403

1,190,085

Household

Products

-

0

.1

%

Central

Garden

&

Pet

Co.,

Class

A

*

1,915

63,291

WD-40

Co.

181

43,925

107,216

Personal

Care

Products

-

0

.1

%

Honest

Co.,

Inc.

(The)

*

27,250

188,842

Tobacco

-

0

.2

%

Turning

Point

Brands,

Inc.

4,220

253,622

Total

Consumer

Staples

4,018,410

Energy

-

3

.6

%

Energy

Equipment

&

Services

-

1

.2

%

Archrock,

Inc.

16,883

420,218

Helix

Energy

Solutions

Group,

Inc.

*

12,009

111,924

Kodiak

Gas

Services,

Inc.

5,929

242,081

RPC,

Inc.

7,057

41,918

Select

Water

Solutions,

Inc.,

Class

A

6,364

84,259

Solaris

Energy

Infrastructure,

Inc.

6,811

196,021

INVESTMENTS

SHARES

VALUE

($)

Energy

Equipment

&

Services

-

1.2%

(continued)

Tidewater,

Inc.

*

7,969

435,984

1,532,405

Oil,

Gas

&

Consumable

Fuels

-

2

.4

%

Centrus

Energy

Corp.,

Class

A

*

914

60,882

CNX

Resources

Corp.

*

5,854

214,666

CONSOL

Energy,

Inc.

3,499

373,273

Dorian

LPG

Ltd.

5,148

125,457

Excelerate

Energy,

Inc.,

Class

A

3,407

103,062

Golar

LNG

Ltd.

(Cameroon)

5,566

235,553

Gulfport

Energy

Corp.

*

1,193

219,751

International

Seaways,

Inc.

5,301

190,518

Kinetik

Holdings,

Inc.,

Class

A

9,743

552,525

Northern

Oil

&

Gas,

Inc.

7,827

290,851

PBF

Energy,

Inc.,

Class

A

8,275

219,701

Peabody

Energy

Corp.

2,631

55,093

PrimeEnergy

Resources

Corp.

*

200

43,918

Sable

Offshore

Corp.

*

9,941

227,649

Scorpio

Tankers,

Inc.

(Monaco)

4,256

211,481

Uranium

Energy

Corp.

*

19,529

130,649

3,255,029

Total

Energy

4,787,434

Financials

-

18

.5

%

Banks

-

7

.8

%

Amalgamated

Financial

Corp.

6,332

211,932

Ameris

Bancorp

2,787

174,383

Arrow

Financial

Corp.

1,649

47,343

Associated

Banc-Corp.

3,991

95,385

Axos

Financial,

Inc.

*

4,778

333,743

Bancorp,

Inc.

(The)

*

8,913

469,091

Bank7

Corp.

2,098

97,893

BankUnited,

Inc.

6,352

242,456

Berkshire

Hills

Bancorp,

Inc.

3,885

110,451

Business

First

Bancshares,

Inc.

5,430

139,551

Byline

Bancorp,

Inc.

1,761

51,069

Cadence

Bank

9,521

327,998

Carter

Bankshares,

Inc.

*

3,900

68,601

Central

Pacific

Financial

Corp.

8,995

261,305

ChoiceOne

Financial

Services,

Inc.

1,075

38,313

Coastal

Financial

Corp.

*

4,390

372,755

Community

Trust

Bancorp,

Inc.

1,329

70,477

Customers

Bancorp,

Inc.

*

781

38,019

CVB

Financial

Corp.

4,313

92,341

Equity

Bancshares,

Inc.,

Class

A

4,207

178,461

Esquire

Financial

Holdings,

Inc.

4,882

388,119

FB

Financial

Corp.

2,404

123,830

Financial

Institutions,

Inc.

2,274

62,057

First

Bancorp

866

38,078

First

BanCorp

7,972

148,199

First

Commonwealth

Financial

Corp.

3,176

53,738

First

Community

Bankshares,

Inc.

3,807

158,524

First

Financial

Northwest,

Inc.

5,639

122,366

First

Foundation,

Inc.

10,534

65,416

First

Internet

Bancorp

4,559

164,078

28

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

7.8%

(continued)

First

Mid

Bancshares,

Inc.

4,762

175,337

Fulton

Financial

Corp.

14,174

273,275

German

American

Bancorp,

Inc.

1,509

60,692

Glacier

Bancorp,

Inc.

5,801

291,326

Heritage

Financial

Corp.

2,672

65,464

HomeTrust

Bancshares,

Inc.

3,715

125,121

Horizon

Bancorp,

Inc.

14,228

229,213

Independent

Bank

Corp.

8,427

293,512

Lakeland

Financial

Corp.

3,172

218,107

Live

Oak

Bancshares,

Inc.

1,136

44,929

Mercantile

Bank

Corp.

5,027

223,651

Metrocity

Bankshares,

Inc.

2,025

64,699

Metropolitan

Bank

Holding

Corp.

*

1,239

72,358

Mid

Penn

Bancorp,

Inc.

1,329

38,328

NBT

Bancorp,

Inc.

878

41,933

Northeast

Bank

3,013

276,383

Northeast

Community

Bancorp,

Inc.

3,010

73,625

Northrim

Bancorp,

Inc.

1,694

132,030

Northwest

Bancshares,

Inc.

3,390

44,714

OFG

Bancorp

2,870

121,458

Old

National

Bancorp

7,703

167,194

Orrstown

Financial

Services,

Inc.

6,401

234,341

Park

National

Corp.

1,420

243,431

Pathward

Financial,

Inc.

957

70,416

Peoples

Bancorp,

Inc.

4,139

131,165

QCR

Holdings,

Inc.

1,824

147,087

RBB

Bancorp

6,035

123,657

S&T

Bancorp,

Inc.

1,000

38,220

ServisFirst

Bancshares,

Inc.

3,640

308,454

Sierra

Bancorp

3,884

112,325

SmartFinancial,

Inc.

2,741

84,916

Stock

Yards

Bancorp,

Inc.

1,486

106,412

Third

Coast

Bancshares,

Inc.

*

4,422

150,127

Triumph

Financial,

Inc.

*

2,953

268,369

Trustmark

Corp.

3,389

119,869

UMB

Financial

Corp.

2,784

314,202

Unity

Bancorp,

Inc.

2,759

120,320

Univest

Financial

Corp.

4,769

140,733

10,493,365

Capital

Markets

-

3

.1

%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

80,590

BGC

Group,

Inc.,

Class

A

34,506

312,624

Brightsphere

Investment

Group,

Inc.

8,653

227,920

Cohen

&

Steers,

Inc.

1,094

101,020

Donnelley

Financial

Solutions,

Inc.

*

7,648

479,759

Hamilton

Lane,

Inc.,

Class

A

4,191

620,478

Moelis

&

Co.,

Class

A

2,456

181,449

Perella

Weinberg

Partners

8,820

210,269

Piper

Sandler

Cos.

1,024

307,149

PJT

Partners,

Inc.,

Class

A

3,670

579,163

StepStone

Group,

Inc.,

Class

A

9,239

534,753

StoneX

Group,

Inc.

*

2,082

203,973

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

3.1%

(continued)

Victory

Capital

Holdings,

Inc.,

Class

A

3,126

204,628

Virtus

Investment

Partners,

Inc.

748

164,994

4,208,769

Consumer

Finance

-

1

.3

%

Bread

Financial

Holdings,

Inc.

3,238

197,712

Dave,

Inc.

*

3,224

280,230

Enova

International,

Inc.

*

1,584

151,874

FirstCash

Holdings,

Inc.

371

38,436

LendingClub

Corp.

*

8,631

139,736

LendingTree,

Inc.

*

2,362

91,527

Nelnet,

Inc.,

Class

A

1,414

151,029

NerdWallet,

Inc.,

Class

A

*

2,882

38,331

OppFi,

Inc.

25,163

192,749

PROG

Holdings,

Inc.

2,176

91,958

Upstart

Holdings,

Inc.

*

4,990

307,234

1,680,816

Financial

Services

-

3

.0

%

Alerus

Financial

Corp.

2,002

38,519

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

3,204

113,966

Enact

Holdings,

Inc.

2,348

76,028

EVERTEC,

Inc.

1,379

47,617

HA

Sustainable

Infrastructure

Capital,

Inc.

4,817

129,240

Jackson

Financial,

Inc.,

Class

A

6,443

561,056

Merchants

Bancorp

2,665

97,193

Mr

Cooper

Group,

Inc.

*

14,627

1,404,338

Payoneer

Global,

Inc.

*

20,642

207,246

Paysafe

Ltd.

*

2,226

38,065

PennyMac

Financial

Services,

Inc.

9,017

920,996

Sezzle,

Inc.

*

553

141,457

Walker

&

Dunlop,

Inc.

2,134

207,446

3,983,167

Insurance

-

3

.3

%

American

Coastal

Insurance

Corp.

*

13,496

181,656

Baldwin

Insurance

Group,

Inc.

(The)

*

10,326

400,236

CNO

Financial

Group,

Inc.

18,395

684,478

Genworth

Financial,

Inc.,

Class

A

*

37,888

264,837

Goosehead

Insurance,

Inc.,

Class

A

*

1,787

191,602

HCI

Group,

Inc.

1,524

177,592

Heritage

Insurance

Holdings,

Inc.

*

11,536

139,586

Hippo

Holdings,

Inc.

*

4,754

127,265

Lemonade,

Inc.

*

2,147

78,752

Mercury

General

Corp.

5,472

363,779

Oscar

Health,

Inc.,

Class

A

*

27,402

368,283

Palomar

Holdings,

Inc.

*

2,753

290,689

Root,

Inc.,

Class

A

*

3,227

234,248

Selective

Insurance

Group,

Inc.

676

63,219

Selectquote,

Inc.

*

21,239

79,009

SiriusPoint

Ltd.

(Sweden)

*

14,255

233,639

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

29

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

3.3%

(continued)

Skyward

Specialty

Insurance

Group,

Inc.

*

3,275

165,518

Stewart

Information

Services

Corp.

1,552

104,744

Tiptree,

Inc.

2,089

43,577

Trupanion,

Inc.

*

3,943

190,053

Universal

Insurance

Holdings,

Inc.

3,968

83,566

4,466,328

Total

Financials

24,832,445

Health

Care

-

20

.2

%

Biotechnology

-

11

.9

%

Absci

Corp.

*

14,388

37,696

ADC

Therapeutics

SA

(Switzerland)

*

38,221

76,060

ADMA

Biologics,

Inc.

*

35,549

609,665

Agios

Pharmaceuticals,

Inc.

*

1,307

42,948

Akebia

Therapeutics,

Inc.

*

41,810

79,439

Akero

Therapeutics,

Inc.

*

3,492

97,147

Aldeyra

Therapeutics,

Inc.

*

9,430

47,056

Alkermes

plc

*

2,060

59,246

Altimmune,

Inc.

*

12,180

87,818

Annexon,

Inc.

*

16,510

84,696

Apogee

Therapeutics,

Inc.

*

5,153

233,431

Arbutus

Biopharma

Corp.

*

16,360

53,497

Arcellx,

Inc.

*

6,395

490,432

Arcutis

Biotherapeutics,

Inc.

*

18,931

263,709

Ardelyx,

Inc.

*

18,474

93,663

Arrowhead

Pharmaceuticals,

Inc.

*

2,339

43,973

Astria

Therapeutics,

Inc.

*

4,606

41,178

Avid

Bioservices,

Inc.

*

9,483

117,115

Avidity

Biosciences,

Inc.

*

9,181

266,983

Biohaven

Ltd.

*

6,076

226,939

Blueprint

Medicines

Corp.

*

1,431

124,812

Bridgebio

Pharma,

Inc.

*

3,214

88,192

C4

Therapeutics,

Inc.

*

13,123

47,243

Candel

Therapeutics,

Inc.

*

21,766

188,929

Capricor

Therapeutics,

Inc.

*

8,693

119,963

Cardiff

Oncology,

Inc.

*

40,384

175,266

CareDx,

Inc.

*

7,663

164,065

Catalyst

Pharmaceuticals,

Inc.

*

11,276

235,330

Celcuity,

Inc.

*

2,863

37,477

Corbus

Pharmaceuticals

Holdings,

Inc.

*

3,186

37,595

Crinetics

Pharmaceuticals,

Inc.

*

6,851

350,292

Cytokinetics,

Inc.

*

5,150

242,256

Design

Therapeutics,

Inc.

*

18,758

115,737

Dianthus

Therapeutics,

Inc.

*

5,081

110,766

Dyne

Therapeutics,

Inc.

*

7,930

186,831

Geron

Corp.

*

54,595

193,266

Halozyme

Therapeutics,

Inc.

*

8,118

388,122

Heron

Therapeutics,

Inc.

*

25,696

39,315

Humacyte,

Inc.

*

11,772

59,449

Ideaya

Biosciences,

Inc.

*

1,542

39,629

IGM

Biosciences,

Inc.

*

6,360

38,860

ImmunityBio,

Inc.

*

14,149

36,221

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

11.9%

(continued)

Immunovant,

Inc.

*

2,510

62,173

Insmed,

Inc.

*

13,685

944,812

Iovance

Biotherapeutics,

Inc.

*

12,433

92,004

Janux

Therapeutics,

Inc.

*

5,275

282,423

Jasper

Therapeutics,

Inc.

*

6,049

129,328

Kiniksa

Pharmaceuticals

International

plc

*

6,887

136,225

Korro

Bio,

Inc.

*

1,577

60,036

Krystal

Biotech,

Inc.

*

3,118

488,466

Kymera

Therapeutics,

Inc.

*

4,485

180,431

Madrigal

Pharmaceuticals,

Inc.

*

1,286

396,821

MannKind

Corp.

*

38,031

244,539

Mirum

Pharmaceuticals,

Inc.

*

4,280

176,978

Monte

Rosa

Therapeutics,

Inc.

*

5,457

37,872

Neurogene,

Inc.

*

2,877

65,768

Novavax,

Inc.

*

20,067

161,339

Nurix

Therapeutics,

Inc.

*

9,479

178,584

Nuvalent,

Inc.,

Class

A

*

4,156

325,332

PDL

BioPharma,

Inc.

(3)*

34,242

2,791

Praxis

Precision

Medicines,

Inc.

*

3,797

292,217

Protagonist

Therapeutics,

Inc.

*

5,285

204,001

PTC

Therapeutics,

Inc.

*

6,313

284,969

Pyxis

Oncology,

Inc.

*

26,286

41,006

REVOLUTION

Medicines,

Inc.

*

13,743

601,119

Rhythm

Pharmaceuticals,

Inc.

*

4,709

263,610

Scholar

Rock

Holding

Corp.

*

5,781

249,855

Skye

Bioscience,

Inc.

*

21,190

59,968

Soleno

Therapeutics,

Inc.

*

3,184

143,121

Solid

Biosciences,

Inc.

*

9,393

37,572

Spyre

Therapeutics,

Inc.

*

5,290

123,151

Stoke

Therapeutics,

Inc.

*

9,843

108,568

Summit

Therapeutics,

Inc.

*

61,106

1,090,436

Syndax

Pharmaceuticals,

Inc.

*

5,386

71,203

TG

Therapeutics,

Inc.

*

14,358

432,176

Tourmaline

Bio,

Inc.

*

4,256

86,312

Travere

Therapeutics,

Inc.

*

11,347

197,665

Twist

Bioscience

Corp.

*

5,409

251,356

Vaxcyte,

Inc.

*

10,035

821,465

Vera

Therapeutics,

Inc.

*

5,825

246,339

Veracyte,

Inc.

*

2,129

84,308

Vericel

Corp.

*

1,558

85,550

XOMA

Royalty

Corp.

*

2,346

61,653

Zymeworks,

Inc.

*

4,026

58,941

15,934,790

Health

Care

Equipment

&

Supplies

-

2

.9

%

Artivion,

Inc.

*

5,280

150,955

Axogen,

Inc.

*

10,975

180,868

Bioventus,

Inc.,

Class

A

*

19,124

200,802

Glaukos

Corp.

*

4,061

608,906

ICU

Medical,

Inc.

*

1,399

217,083

Inogen,

Inc.

*

6,824

62,576

Integer

Holdings

Corp.

*

1,332

176,517

iRadimed

Corp.

1,331

73,205

Lantheus

Holdings,

Inc.

*

3,291

294,413

30

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2.9%

(continued)

LeMaitre

Vascular,

Inc.

1,428

131,576

Merit

Medical

Systems,

Inc.

*

2,783

269,172

Novocure

Ltd.

*

1,522

45,355

Omnicell,

Inc.

*

886

39,445

PROCEPT

BioRobotics

Corp.

*

4,761

383,356

Pulse

Biosciences,

Inc.

*

10,381

180,733

RxSight,

Inc.

*

4,852

166,812

Tandem

Diabetes

Care,

Inc.

*

3,606

129,888

TransMedics

Group,

Inc.

*

2,487

155,064

UFP

Technologies,

Inc.

*

1,496

365,787

Zimvie,

Inc.

*

2,740

38,223

3,870,736

Health

Care

Providers

&

Services

-

2

.8

%

Addus

HomeCare

Corp.

*

3,686

462,040

Alignment

Healthcare,

Inc.

*

18,579

209,014

Aveanna

Healthcare

Holdings,

Inc.

*

18,165

83,014

Castle

Biosciences,

Inc.

*

1,667

44,426

CorVel

Corp.

*

4,782

532,045

Ensign

Group,

Inc.

(The)

3,828

508,588

GeneDx

Holdings

Corp.

*

4,296

330,191

HealthEquity,

Inc.

*

1,944

186,527

Hims

&

Hers

Health,

Inc.

*

19,914

481,520

OPKO

Health,

Inc.

*

66,111

97,183

Owens

&

Minor,

Inc.

*

6,334

82,785

Pediatrix

Medical

Group,

Inc.

*

2,923

38,350

Pennant

Group,

Inc.

(The)

*

3,934

104,330

RadNet,

Inc.

*

5,707

398,577

Select

Medical

Holdings

Corp.

5,751

108,406

Sonida

Senior

Living,

Inc.

*

2,632

60,747

Talkspace,

Inc.

*

15,368

47,487

3,775,230

Life

Sciences

Tools

&

Services

-

0

.2

%

BioLife

Solutions,

Inc.

*

3,266

84,785

ChromaDex

Corp.

*

20,264

107,501

Codexis,

Inc.

*

23,876

113,888

306,174

Pharmaceuticals

-

2

.4

%

Amneal

Pharmaceuticals,

Inc.

*

37,562

297,491

Amphastar

Pharmaceuticals,

Inc.

*

1,041

38,652

Aquestive

Therapeutics,

Inc.

*

18,113

64,482

Axsome

Therapeutics,

Inc.

*

1,087

91,971

Corcept

Therapeutics,

Inc.

*

8,023

404,279

CorMedix,

Inc.

*

7,899

63,982

Edgewise

Therapeutics,

Inc.

*

8,658

231,169

Enliven

Therapeutics,

Inc.

*

4,156

93,510

Evolus,

Inc.

*

4,429

48,896

Harrow,

Inc.

*

2,542

85,284

Ligand

Pharmaceuticals,

Inc.

*

839

89,899

Liquidia

Corp.

*

20,109

236,482

MediWound

Ltd.

(Israel)

*

2,568

45,710

Mind

Medicine

MindMed,

Inc.

*

15,406

107,226

Nektar

Therapeutics,

Class

A

*

122,875

114,274

Nuvation

Bio,

Inc.

*

44,909

119,458

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

2.4%

(continued)

Ocular

Therapeutix,

Inc.

*

13,344

113,958

Omeros

Corp.

*

15,272

150,887

Phathom

Pharmaceuticals,

Inc.

*

7,390

60,007

Phibro

Animal

Health

Corp.,

Class

A

3,878

81,438

Prestige

Consumer

Healthcare,

Inc.

*

1,173

91,600

Tarsus

Pharmaceuticals,

Inc.

*

5,039

279,009

Third

Harmonic

Bio,

Inc.

*

5,370

55,257

Trevi

Therapeutics,

Inc.

*

21,463

88,428

WaVe

Life

Sciences

Ltd.

*

11,619

143,727

Zevra

Therapeutics,

Inc.

*

9,646

80,448

3,277,524

Total

Health

Care

27,164,454

Industrials

-

17

.7

%

Aerospace

&

Defense

-

2

.5

%

AeroVironment,

Inc.

*

2,608

401,345

Byrna

Technologies,

Inc.

*

7,698

221,779

Intuitive

Machines,

Inc.

*

14,905

270,675

Kratos

Defense

&

Security

Solutions,

Inc.

*

9,874

260,476

Leonardo

DRS,

Inc.

*

20,508

662,613

Moog,

Inc.,

Class

A

1,614

317,700

Redwire

Corp.

*

12,941

213,009

Rocket

Lab

USA,

Inc.

*

40,102

1,021,398

Triumph

Group,

Inc.

*

2,782

51,912

3,420,907

Building

Products

-

1

.9

%

CSW

Industrials,

Inc.

2,599

916,927

Gibraltar

Industries,

Inc.

*

4,161

245,083

Griffon

Corp.

6,903

491,977

Tecnoglass,

Inc.

2,135

169,348

UFP

Industries,

Inc.

6,188

697,078

2,520,413

Commercial

Services

&

Supplies

-

1

.4

%

Aris

Water

Solutions,

Inc.,

Class

A

7,305

174,955

BrightView

Holdings,

Inc.

*

8,995

143,830

Brink's

Co.

(The)

417

38,685

Casella

Waste

Systems,

Inc.,

Class

A

*

2,553

270,133

CECO

Environmental

Corp.

*

7,578

229,083

CoreCivic,

Inc.

*

6,129

133,244

GEO

Group,

Inc.

(The)

*

11,129

311,389

HNI

Corp.

1,727

86,989

Interface,

Inc.,

Class

A

7,081

172,422

Pitney

Bowes,

Inc.

25,919

187,654

Virco

Mfg.

Corp.

3,759

38,530

VSE

Corp.

1,395

132,665

1,919,579

Construction

&

Engineering

-

2

.9

%

Ameresco,

Inc.,

Class

A

*

2,594

60,907

Arcosa,

Inc.

426

41,211

Argan,

Inc.

1,042

142,796

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

31

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

2.9%

(continued)

Construction

Partners,

Inc.,

Class

A

*

7,244

640,804

Dycom

Industries,

Inc.

*

1,697

295,380

Fluor

Corp.

*

4,650

229,338

Granite

Construction,

Inc.

2,052

179,981

IES

Holdings,

Inc.

*

1,718

345,249

Limbach

Holdings,

Inc.

*

4,470

382,364

Matrix

Service

Co.

*

3,238

38,759

MYR

Group,

Inc.

*

1,717

255,438

Primoris

Services

Corp.

1,962

149,897

Sterling

Infrastructure,

Inc.

*

5,513

928,665

Tutor

Perini

Corp.

*

6,413

155,194

3,845,983

Electrical

Equipment

-

0

.9

%

American

Superconductor

Corp.

*

4,915

121,056

Atkore,

Inc.

1,098

91,628

Bloom

Energy

Corp.,

Class

A

*

4,485

99,612

NuScale

Power

Corp.

*

20,741

371,886

Powell

Industries,

Inc.

1,695

375,697

Sunrun,

Inc.

*

4,042

37,389

TPI

Composites,

Inc.

*

23,283

44,005

1,141,273

Ground

Transportation

-

0

.7

%

ArcBest

Corp.

1,360

126,915

Covenant

Logistics

Group,

Inc.,

Class

A

5,720

311,797

FTAI

Infrastructure,

Inc.

27,883

202,431

Marten

Transport

Ltd.

10,920

170,461

Universal

Logistics

Holdings,

Inc.

1,659

76,215

887,819

Machinery

-

3

.3

%

Alamo

Group,

Inc.

919

170,851

Blue

Bird

Corp.

*

6,025

232,746

Enerpac

Tool

Group

Corp.,

Class

A

2,323

95,452

Enpro,

Inc.

240

41,388

Federal

Signal

Corp.

4,236

391,364

Franklin

Electric

Co.,

Inc.

2,799

272,763

Graham

Corp.

*

1,403

62,391

Greenbrier

Cos.,

Inc.

(The)

3,458

210,903

Hyliion

Holdings

Corp.

*

31,534

82,304

Kadant,

Inc.

1,653

570,268

Mueller

Industries,

Inc.

13,875

1,101,120

REV

Group,

Inc.

1,461

46,562

SPX

Technologies,

Inc.

*

5,276

767,764

Standex

International

Corp.

731

136,690

Taylor

Devices,

Inc.

*

937

38,998

Trinity

Industries,

Inc.

1,370

48,087

Watts

Water

Technologies,

Inc.,

Class

A

1,024

208,179

4,477,830

INVESTMENTS

SHARES

VALUE

($)

Marine

Transportation

-

0

.2

%

Costamare,

Inc.

(Monaco)

4,515

58,018

Matson,

Inc.

1,590

214,395

272,413

Passenger

Airlines

-

0

.5

%

SkyWest,

Inc.

*

7,121

713,026

Professional

Services

-

1

.4

%

Barrett

Business

Services,

Inc.

4,332

188,182

CBIZ,

Inc.

*

4,588

375,436

CRA

International,

Inc.

1,390

260,208

ExlService

Holdings,

Inc.

*

3,925

174,191

Exponent,

Inc.

1,356

120,820

Huron

Consulting

Group,

Inc.

*

1,868

232,118

ICF

International,

Inc.

675

80,467

Innodata,

Inc.

*

4,967

196,296

Verra

Mobility

Corp.,

Class

A

*

7,464

180,479

Willdan

Group,

Inc.

*

2,687

102,348

1,910,545

Trading

Companies

&

Distributors

-

2

.0

%

Applied

Industrial

Technologies,

Inc.

3,908

935,849

Beacon

Roofing

Supply,

Inc.

*

424

43,070

BlueLinx

Holdings,

Inc.

*

1,980

202,277

Boise

Cascade

Co.

3,712

441,208

DXP

Enterprises,

Inc.

*

466

38,501

GMS,

Inc.

*

1,563

132,589

Herc

Holdings,

Inc.

657

124,390

MRC

Global,

Inc.

*

3,117

39,835

Rush

Enterprises,

Inc.,

Class

A

7,715

422,705

Transcat,

Inc.

*

770

81,420

Willis

Lease

Finance

Corp.

769

159,606

2,621,450

Transportation

Infrastructure

-

0

.0

%

†

Sky

Harbour

Group

Corp.

*

3,204

38,224

Total

Industrials

23,769,462

Information

Technology

-

12

.3

%

Communications

Equipment

-

0

.4

%

Applied

Optoelectronics,

Inc.

*

3,720

137,119

Calix,

Inc.

*

5,862

204,408

Digi

International,

Inc.

*

1,856

56,107

Extreme

Networks,

Inc.

*

4,602

77,038

Harmonic,

Inc.

*

4,387

58,040

NETGEAR,

Inc.

*

1,805

50,305

583,017

Electronic

Equipment,

Instruments

&

Components

-

2

.5

%

Arlo

Technologies,

Inc.

*

8,873

99,289

Badger

Meter,

Inc.

3,605

764,693

Belden,

Inc.

885

99,660

Benchmark

Electronics,

Inc.

1,551

70,415

Climb

Global

Solutions,

Inc.

437

55,390

Daktronics,

Inc.

*

11,010

185,629

ePlus,

Inc.

*

524

38,713

Fabrinet

(Thailand)

*

2,255

495,829

32

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

2.5%

(continued)

Insight

Enterprises,

Inc.

*

1,123

170,808

Itron,

Inc.

*

2,870

311,625

Mirion

Technologies,

Inc.

*

6,265

109,324

Napco

Security

Technologies,

Inc.

3,249

115,534

Novanta,

Inc.

*

1,513

231,141

Ouster,

Inc.

*

4,735

57,862

PAR

Technology

Corp.

*

1,441

104,717

PC

Connection,

Inc.

2,082

144,220

Powerfleet,

Inc.

NJ

*

23,089

153,773

ScanSource,

Inc.

*

2,464

116,917

TTM

Technologies,

Inc.

*

2,044

50,589

3,376,128

IT

Services

-

0

.2

%

Applied

Digital

Corp.

*

7,076

54,061

ASGN,

Inc.

*

637

53,088

DigitalOcean

Holdings,

Inc.

*

1,117

38,056

Hackett

Group,

Inc.

(The)

1,917

58,890

Rackspace

Technology,

Inc.

*

32,459

71,734

275,829

Semiconductors

&

Semiconductor

Equipment

-

2

.0

%

Axcelis

Technologies,

Inc.

*

1,917

133,941

Credo

Technology

Group

Holding

Ltd.

*

11,755

790,053

Diodes,

Inc.

*

1,140

70,304

FormFactor,

Inc.

*

3,422

150,568

Impinj,

Inc.

*

1,741

252,898

PDF

Solutions,

Inc.

*

4,200

113,736

Rambus,

Inc.

*

3,205

169,416

Rigetti

Computing,

Inc.

*

5,023

76,651

Semtech

Corp.

*

6,099

377,223

SiTime

Corp.

*

1,143

245,208

Ultra

Clean

Holdings,

Inc.

*

1,073

38,574

Veeco

Instruments,

Inc.

*

6,929

185,697

2,604,269

Software

-

6

.8

%

A10

Networks,

Inc.

14,183

260,967

ACI

Worldwide,

Inc.

*

9,591

497,869

Agilysys,

Inc.

*

1,885

248,273

Alkami

Technology,

Inc.

*

7,297

267,654

AudioEye,

Inc.

*

2,541

38,649

Aurora

Innovation,

Inc.

*

137,917

868,877

AvePoint,

Inc.

*

13,854

228,730

Bit

Digital,

Inc.

*

14,444

42,321

Blend

Labs,

Inc.,

Class

A

*

47,459

199,802

Box,

Inc.,

Class

A

*

3,963

125,231

Cipher

Mining,

Inc.

*

18,085

83,914

Cleanspark,

Inc.

*

22,052

203,099

Clear

Secure,

Inc.,

Class

A

4,115

109,624

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

7,313

201,254

Commvault

Systems,

Inc.

*

3,955

596,849

D-Wave

Quantum,

Inc.

(Canada)

*

16,589

139,348

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.8%

(continued)

Hut

8

Corp.

(Canada)

*

4,886

100,114

Intapp,

Inc.

*

4,368

279,945

InterDigital,

Inc.

2,370

459,116

MARA

Holdings,

Inc.

*

2,187

36,676

NextNav,

Inc.

*

17,489

272,129

OneSpan,

Inc.

*

3,624

67,189

Porch

Group,

Inc.

*

45,919

225,921

Q2

Holdings,

Inc.

*

5,448

548,341

ReposiTrak,

Inc.

2,469

54,639

SolarWinds

Corp.

3,228

45,999

SoundHound

AI,

Inc.

*

36,969

733,465

SPS

Commerce,

Inc.

*

3,287

604,775

Tenable

Holdings,

Inc.

*

975

38,396

Terawulf,

Inc.

*

47,237

267,361

Varonis

Systems,

Inc.,

Class

B

*

2,062

91,615

Vertex,

Inc.,

Class

A

*

12,257

653,911

Viant

Technology,

Inc.,

Class

A

*

8,287

157,370

Zeta

Global

Holdings

Corp.,

Class

A

*

19,682

354,079

9,103,502

Technology

Hardware,

Storage

&

Peripherals

-

0

.4

%

CompoSecure,

Inc.,

Class

A

12,018

184,236

Diebold

Nixdorf,

Inc.

*

2,356

101,402

IonQ,

Inc.

*

4,701

196,361

Turtle

Beach

Corp.

*

4,438

76,822

558,821

Total

Information

Technology

16,501,566

Materials

-

3

.0

%

Chemicals

-

1

.2

%

Arq,

Inc.

*

18,265

138,266

ASP

Isotopes,

Inc.

*

29,734

134,695

Aspen

Aerogels,

Inc.

*

3,162

37,565

Cabot

Corp.

422

38,533

Hawkins,

Inc.

6,309

773,925

HB

Fuller

Co.

572

38,599

Perimeter

Solutions,

Inc.

*

15,949

203,828

PureCycle

Technologies,

Inc.

*

10,434

106,948

Rayonier

Advanced

Materials,

Inc.

*

14,614

120,566

Valhi,

Inc.

3,242

75,830

1,668,755

Construction

Materials

-

0

.4

%

Knife

River

Corp.

*

1,729

175,735

United

States

Lime

&

Minerals,

Inc.

2,551

338,620

514,355

Containers

&

Packaging

-

0

.1

%

Ranpak

Holdings

Corp.

*

10,814

74,400

Metals

&

Mining

-

1

.1

%

Alpha

Metallurgical

Resources,

Inc.

*

339

67,841

Carpenter

Technology

Corp.

4,828

819,360

Century

Aluminum

Co.

*

6,789

123,696

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

33

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

1.1%

(continued)

Coeur

Mining,

Inc.

*

27,141

155,246

Hecla

Mining

Co.

14,091

69,187

Perpetua

Resources

Corp.

*

11,875

126,706

Ryerson

Holding

Corp.

2,111

39,075

Warrior

Met

Coal,

Inc.

1,734

94,052

1,495,163

Paper

&

Forest

Products

-

0

.2

%

Sylvamo

Corp.

2,745

216,910

Total

Materials

3,969,583

Real

Estate

-

3

.8

%

Diversified

REITs

-

0

.1

%

Essential

Properties

Realty

Trust,

Inc.,

REIT

3,165

99,001

Gladstone

Commercial

Corp.,

REIT

5,746

93,315

192,316

Health

Care

REITs

-

0

.6

%

CareTrust

REIT,

Inc.,

REIT

12,674

342,832

Diversified

Healthcare

Trust,

REIT

42,496

97,741

National

Health

Investors,

Inc.,

REIT

590

40,887

Sabra

Health

Care

REIT,

Inc.,

REIT

15,427

267,195

748,655

Hotel

&

Resort

REITs

-

0

.1

%

Ryman

Hospitality

Properties,

Inc.,

REIT

1,687

176,022

Industrial

REITs

-

0

.1

%

Industrial

Logistics

Properties

Trust,

REIT

17,557

64,083

Terreno

Realty

Corp.,

REIT

2,183

129,103

193,186

Office

REITs

-

0

.6

%

COPT

Defense

Properties,

REIT

5,310

164,344

NET

Lease

Office

Properties,

REIT

*

2,482

77,463

Piedmont

Office

Realty

Trust,

Inc.,

Class

A,

REIT

4,371

39,995

SL

Green

Realty

Corp.,

REIT

7,343

498,737

780,539

Real

Estate

Management

&

Development

-

0

.7

%

Compass,

Inc.,

Class

A

*

51,761

302,802

Newmark

Group,

Inc.,

Class

A

2,991

38,314

Real

Brokerage,

Inc.

(The)

(Canada)

*

20,283

93,302

St

Joe

Co.

(The)

10,404

467,452

901,870

Residential

REITs

-

0

.4

%

Centerspace,

REIT

1,277

84,474

Independence

Realty

Trust,

Inc.,

REIT

12,161

241,274

UMH

Properties,

Inc.,

REIT

7,889

148,944

474,692

INVESTMENTS

SHARES

VALUE

($)

Retail

REITs

-

1

.0

%

Acadia

Realty

Trust,

REIT

12,835

310,094

Macerich

Co.

(The),

REIT

13,647

271,848

Tanger,

Inc.,

REIT

19,764

674,545

Urban

Edge

Properties,

REIT

4,372

93,998

1,350,485

Specialized

REITs

-

0

.2

%

Outfront

Media,

Inc.,

REIT

6,110

108,391

Uniti

Group,

Inc.,

REIT

23,994

131,967

240,358

Total

Real

Estate

5,058,123

TOTAL

COMMON

STOCKS

(Cost

$75,685,887)

127,257,857

SHORT-TERM

INVESTMENTS

-

2.9%

INVESTMENT

COMPANIES

-

2

.9

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(a)

(Cost

$3,967,970)

3,969,404

3,968,610

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

97.7%

(Cost

$79,653,857)

131,226,467

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.3%

‡

3,025,360

NET

ASSETS

-

100.0%

134,251,827

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

3,951,183

2

.9

%

Consumer

Discretionary

13,205,197

9

.8

Consumer

Staples

4,018,410

3

.0

Energy

4,787,434

3

.6

Financials

24,832,445

18

.5

Health

Care

27,164,454

20

.2

Industrials

23,769,462

17

.7

Information

Technology

16,501,566

12

.3

Materials

3,969,583

3

.0

Real

Estate

5,058,123

3

.8

Investment

Companies

3,968,610

2

.9

Total

Investments

In

Securities

At

Value

131,226,467

97

.7

Other

Assets

in

Excess

of

Liabilities

‡

3,025,360

2

.3

Net

Assets

$

134,251,827

100

.0

%

34

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(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,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

49

3/2025

USD

$

5,512,010

$

(

153,438

)

Net

unrealized

depreciation

$

(

153,438

)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

35

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.0%

Australia

-

6.9%

ANZ

Group

Holdings

Ltd.

13,407

236,229

Aristocrat

Leisure

Ltd.

11,453

483,667

Brambles

Ltd.

33,444

397,755

CAR

Group

Ltd.

5,908

131,476

Commonwealth

Bank

of

Australia

25,958

2,456,176

Fortescue

Ltd.

26,203

295,061

Goodman

Group,

REIT

81,956

1,801,553

Macquarie

Group

Ltd.

7,500

1,025,723

National

Australia

Bank

Ltd.

28,270

647,731

Northern

Star

Resources

Ltd.

9,150

86,936

Pro

Medicus

Ltd.

1,740

268,782

REA

Group

Ltd.

5,051

726,655

SGH

Ltd.

6,415

182,490

Suncorp

Group

Ltd.

57,965

681,021

Wesfarmers

Ltd.

8,207

362,565

Westpac

Banking

Corp.

68,245

1,362,238

WiseTech

Global

Ltd.

7,229

539,668

11,685,726

Austria

-

0.2%

Erste

Group

Bank

AG

6,270

388,089

Belgium

-

0.9%

Lotus

Bakeries

NV

69

772,324

UCB

SA

3,520

700,705

1,473,029

Brazil

-

0.3%

Wheaton

Precious

Metals

Corp.

(1)

7,921

445,851

Canada

-

15.2%

Agnico

Eagle

Mines

Ltd.

(1)

10,374

811,618

AltaGas

Ltd.

(1)

6,848

159,498

Bank

of

Nova

Scotia

(The)

(1)

10,442

560,728

Brookfield

Asset

Management

Ltd.,

Class

A

(1)

3,963

214,933

Brookfield

Corp.,

Class

A

(1)

26,835

1,542,389

Brookfield

Renewable

Corp.

(1)

2,744

75,937

Cameco

Corp.

(1)

4,257

218,884

Canadian

Imperial

Bank

of

Commerce

(1)

22,290

1,410,018

Canadian

Pacific

Kansas

City

Ltd.

(1)

7,685

556,440

Canadian

Utilities

Ltd.,

Class

A

(1)

41,625

1,009,170

CCL

Industries,

Inc.,

Class

B

(1)

5,614

288,814

Cenovus

Energy,

Inc.

(1)

4,870

73,823

Constellation

Software,

Inc.

(1)

758

2,343,902

Dollarama,

Inc.

(1)

8,369

816,726

Element

Fleet

Management

Corp.

(1)

3,594

72,658

Fairfax

Financial

Holdings

Ltd.

(1)

781

1,086,646

George

Weston

Ltd.

(1)

3,195

496,859

Gildan

Activewear,

Inc.

(1)

3,977

187,168

Hydro

One

Ltd.

(1)(a)

7,477

230,274

iA

Financial

Corp.,

Inc.

(1)

2,860

265,258

Imperial

Oil

Ltd.

(1)

6,438

396,774

Intact

Financial

Corp.

(1)

5,158

939,165

Ivanhoe

Mines

Ltd.,

Class

A

(1)*

22,304

264,709

Kinross

Gold

Corp.

(1)

55,895

519,112

Lumine

Group,

Inc.

(1)*(b)

2,271

64,996

INVESTMENTS

SHARES

VALUE

($)

Canada

-

15.2%

(continued)

Manulife

Financial

Corp.

(1)

19,149

588,278

National

Bank

of

Canada

(1)

3,584

326,723

Pan

American

Silver

Corp.

(1)

4,791

96,923

Power

Corp.

of

Canada

(1)

1,781

55,557

RB

Global,

Inc.

(1)

542

48,919

Royal

Bank

of

Canada

(1)

21,204

2,556,665

Shopify,

Inc.,

Class

A

(1)*

22,921

2,439,517

TC

Energy

Corp.

(1)

10,024

467,152

Teck

Resources

Ltd.,

Class

B

(1)

6,010

243,670

Thomson

Reuters

Corp.

(1)

15,397

2,472,389

TMX

Group

Ltd.

(1)

4,232

130,365

West

Fraser

Timber

Co.

Ltd.

(1)

1,670

144,700

WSP

Global,

Inc.

(1)

9,304

1,637,302

25,814,659

Chile

-

0.0%

†

Lundin

Mining

Corp.

(1)

8,888

76,486

China

-

0.9%

BOC

Hong

Kong

Holdings

Ltd.

93,500

298,558

Prosus

NV

(1)

17,542

696,853

SITC

International

Holdings

Co.

Ltd.

75,000

198,880

Yangzijiang

Shipbuilding

Holdings

Ltd.

142,500

311,483

1,505,774

Denmark

-

1.8%

Danske

Bank

A/S

41,446

1,175,106

DSV

A/S

2,590

551,581

Novo

Nordisk

A/S,

Class

B

1,661

143,314

Pandora

A/S

4,159

760,912

ROCKWOOL

A/S,

Class

B

481

171,157

Zealand

Pharma

A/S

*

3,221

320,409

3,122,479

Finland

-

0.3%

Wartsila

OYJ

Abp

25,817

457,547

France

-

5.4%

Accor

SA

17,221

837,589

Air

Liquide

SA

3,379

549,289

Alstom

SA

*

9,912

221,167

AXA

SA

5,415

192,718

Bureau

Veritas

SA

16,146

490,519

Cie

de

Saint-Gobain

SA

866

76,954

Covivio

SA,

REIT

3,291

166,800

Credit

Agricole

SA

19,138

263,330

Dassault

Systemes

SE

5,515

190,841

EssilorLuxottica

SA

1,847

450,538

Hermes

International

SCA

617

1,480,413

Klepierre

SA,

REIT

5,935

170,925

Legrand

SA

2,537

246,778

L'Oreal

SA

1,984

702,342

LVMH

Moet

Hennessy

Louis

Vuitton

SE

305

200,627

Publicis

Groupe

SA

8,705

926,731

Safran

SA

6,749

1,478,757

Sodexo

SA

(1)

4,430

365,040

36

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

France

-

5.4%

(continued)

Unibail-Rodamco-Westfield,

REIT

*

3,637

273,920

9,285,278

Germany

-

10.7%

adidas

AG

1,181

290,484

Allianz

SE

(Registered)

3,447

1,059,481

Commerzbank

AG

42,785

702,635

Deutsche

Bank

AG

(Registered)

41,263

712,071

Deutsche

Boerse

AG

1,056

243,256

Deutsche

Telekom

AG

(Registered)

76,639

2,296,342

Hannover

Rueck

SE

2,710

678,637

Heidelberg

Materials

AG

2,087

257,876

LEG

Immobilien

SE

2,268

192,369

MTU

Aero

Engines

AG

1,846

616,556

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(1)

6,168

3,112,142

Nemetschek

SE

942

91,508

Rational

AG

103

88,220

Rheinmetall

AG

1,897

1,212,009

RWE

AG

(1)

8,084

241,417

SAP

SE

14,549

3,578,681

Scout24

SE

(a)

5,345

471,637

Siemens

AG

(Registered)

367

71,563

Siemens

Energy

AG

*

20,262

1,075,337

Symrise

AG,

Class

A

675

72,004

Talanx

AG

9,912

843,031

Vonovia

SE

8,775

267,136

Zalando

SE

*(a)

2,734

91,461

18,265,853

Hong

Kong

-

0.3%

Power

Assets

Holdings

Ltd.

8,000

55,715

Techtronic

Industries

Co.

Ltd.

25,361

333,394

WH

Group

Ltd.

(a)

247,000

190,347

579,456

Italy

-

5.4%

Banco

BPM

SpA

72,918

590,388

BPER

Banca

SpA

37,500

239,169

Ferrari

NV

4,492

1,916,732

Generali

21,586

610,709

Intesa

Sanpaolo

SpA

425,117

1,705,067

Leonardo

SpA

24,727

665,251

Poste

Italiane

SpA

(a)

20,898

295,562

Prysmian

SpA

8,551

547,233

UniCredit

SpA

58,787

2,354,322

Unipol

Gruppo

SpA

26,966

336,765

9,261,198

Japan

-

15.8%

Advantest

Corp.

11,732

667,068

Asics

Corp.

21,300

415,516

Bandai

Namco

Holdings,

Inc.

12,277

292,748

Canon,

Inc.

8,800

285,839

Chugai

Pharmaceutical

Co.

Ltd.

26,369

1,162,375

Dai

Nippon

Printing

Co.

Ltd.

5,272

73,775

Daiichi

Sankyo

Co.

Ltd.

13,806

377,777

Daikin

Industries

Ltd.

874

101,979

Disco

Corp.

452

119,905

INVESTMENTS

SHARES

VALUE

($)

Japan

-

15.8%

(continued)

ENEOS

Holdings,

Inc.

32,200

168,926

Fast

Retailing

Co.

Ltd.

2,556

862,246

Fuji

Electric

Co.

Ltd.

1,000

53,462

Fujikura

Ltd.

7,100

289,863

Fujitsu

Ltd.

41,080

721,635

Hikari

Tsushin,

Inc.

595

129,145

Hitachi

Ltd.

90,805

2,223,819

Hoya

Corp.

6,387

792,667

ITOCHU

Corp.

23,029

1,132,436

Japan

Tobacco,

Inc.

22,498

577,138

Keyence

Corp.

310

126,006

Kikkoman

Corp.

11,475

127,420

Konami

Group

Corp.

2,207

206,510

Marubeni

Corp.

3,442

51,660

Mitsubishi

Corp.

8,956

146,536

Mitsubishi

Electric

Corp.

3,200

54,034

Mitsubishi

HC

Capital,

Inc.

42,915

282,820

Mitsubishi

Heavy

Industries

Ltd.

97,120

1,354,236

Mitsui

OSK

Lines

Ltd.

3,936

136,966

Mizuho

Financial

Group,

Inc.

38,561

941,372

MonotaRO

Co.

Ltd.

17,600

299,091

MS&AD

Insurance

Group

Holdings,

Inc.

44,400

958,930

Nippon

Sanso

Holdings

Corp.

4,100

113,767

Nippon

Yusen

KK

13,801

459,346

Nitori

Holdings

Co.

Ltd.

2,107

249,664

Nomura

Research

Institute

Ltd.

15,822

464,559

NTT

Data

Group

Corp.

2,600

49,439

Obayashi

Corp.

17,900

235,693

Obic

Co.

Ltd.

19,115

568,831

Oracle

Corp.

Japan

2,800

267,978

Osaka

Gas

Co.

Ltd.

11,700

255,898

Otsuka

Holdings

Co.

Ltd.

3,800

206,720

Pan

Pacific

International

Holdings

Corp.

3,500

95,084

Rakuten

Group,

Inc.

*

46,000

247,824

Recruit

Holdings

Co.

Ltd.

30,518

2,121,242

Renesas

Electronics

Corp.

4,151

52,531

Resona

Holdings,

Inc.

94,450

680,869

Ricoh

Co.

Ltd.

4,400

49,969

Shimadzu

Corp.

10,609

296,928

Shionogi

&

Co.

Ltd.

4,033

56,564

SoftBank

Group

Corp.

14,900

851,472

Sompo

Holdings,

Inc.

18,900

489,704

Sony

Group

Corp.

7,160

150,901

Sumitomo

Electric

Industries

Ltd.

2,900

51,845

Sumitomo

Mitsui

Financial

Group,

Inc.

51,363

1,232,724

TDK

Corp.

28,000

360,601

Terumo

Corp.

17,314

334,259

Tokio

Marine

Holdings,

Inc.

25,900

929,503

Tokyo

Electron

Ltd.

729

109,583

TOPPAN

Holdings,

Inc.

7,600

201,614

Yokogawa

Electric

Corp.

6,200

131,870

ZOZO,

Inc.

8,600

264,862

26,715,744

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

37

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

4.0%

Adyen

NV

*(a)

592

879,759

Euronext

NV

(a)

6,180

693,316

Koninklijke

Ahold

Delhaize

NV

(1)

20,892

681,474

Koninklijke

KPN

NV

230,279

839,699

Koninklijke

Philips

NV

*

15,337

388,506

NN

Group

NV

10,665

465,085

Wolters

Kluwer

NV

17,543

2,914,671

6,862,510

New

Zealand

-

0.2%

Xero

Ltd.

*

3,309

344,345

Norway

-

0.9%

Kongsberg

Gruppen

ASA

7,733

870,015

Orkla

ASA

52,797

456,755

Telenor

ASA

11,309

126,176

1,452,946

Poland

-

0.2%

InPost

SA

*

21,499

367,034

Singapore

-

2.1%

DBS

Group

Holdings

Ltd.

62,843

2,013,833

Oversea-Chinese

Banking

Corp.

Ltd.

58,400

713,244

Singapore

Technologies

Engineering

Ltd.

72,500

247,381

Singapore

Telecommunications

Ltd.

282,600

636,649

3,611,107

South

Korea

-

0.1%

Delivery

Hero

SE

(1)*(a)

7,437

208,922

Spain

-

1.8%

ACS

Actividades

de

Construccion

y

Servicios

SA

16,964

850,108

Aena

SME

SA

(a)

692

141,236

CaixaBank

SA

79,725

432,841

Iberdrola

SA

56,280

775,551

Industria

de

Diseno

Textil

SA

16,997

870,653

3,070,389

Sweden

-

2.2%

AddTech

AB,

Class

B

1,712

46,648

Atlas

Copco

AB,

Class

A

11,373

173,571

Beijer

Ref

AB,

Class

B

4,191

61,851

Fastighets

AB

Balder,

Class

B

*

18,313

127,454

Hexagon

AB,

Class

B

96,475

921,089

Investor

AB,

Class

B

39,247

1,039,533

Saab

AB,

Class

B

24,908

526,238

Sandvik

AB

3,788

67,924

Securitas

AB,

Class

B

21,389

264,453

Tele2

AB,

Class

B

(1)

27,221

268,794

Telefonaktiebolaget

LM

Ericsson,

Class

B

22,355

181,041

Telia

Co.

AB

25,235

70,140

3,748,736

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

4.6%

ABB

Ltd.

(Registered)

15,847

855,714

Baloise

Holding

AG

(Registered)

1,633

295,905

Chocoladefabriken

Lindt

&

Spruengli

AG

14

155,300

EMS-Chemie

Holding

AG

(Registered)

524

353,580

Geberit

AG

(Registered)

251

142,348

Givaudan

SA

(Registered)

101

441,510

Lonza

Group

AG

(Registered)

1,272

750,784

Partners

Group

Holding

AG

1,321

1,794,306

Sandoz

Group

AG

2,080

85,265

Sika

AG

(Registered)

3,492

833,216

Sonova

Holding

AG

(Registered)

1,083

354,151

Swiss

Life

Holding

AG

(Registered)

151

116,582

UBS

Group

AG

(Registered)

38,766

1,186,890

Zurich

Insurance

Group

AG

809

481,165

7,846,716

United

Kingdom

-

7.6%

3i

Group

plc

19,506

868,275

Ashtead

Group

plc

12,646

782,384

Auto

Trader

Group

plc

(a)

7,351

72,737

BAE

Systems

plc

53,899

773,196

Barclays

plc

241,087

806,484

British

American

Tobacco

plc

28,670

1,034,549

BT

Group

plc

182,544

329,033

Bunzl

plc

7,883

324,584

Compass

Group

plc

13,795

459,007

Halma

plc

8,900

298,586

Hargreaves

Lansdown

plc

17,005

233,346

Imperial

Brands

plc

18,326

586,045

Informa

plc

14,356

143,181

InterContinental

Hotels

Group

plc

4,832

601,215

JD

Sports

Fashion

plc

54,318

64,923

Kingfisher

plc

37,162

115,513

London

Stock

Exchange

Group

plc

7,495

1,057,956

Marks

&

Spencer

Group

plc

31,762

148,748

NatWest

Group

plc

140,892

706,046

Next

plc

4,617

547,679

Pearson

plc

8,890

142,555

Rolls-Royce

Holdings

plc

*

256,846

1,821,396

SSE

plc

3,616

72,481

Standard

Chartered

plc

19,358

238,320

Tesco

plc

159,612

734,112

12,962,351

United

States

-

7.2%

Alcon

AG

1,337

113,361

CSL

Ltd.

2,954

515,328

Experian

plc

4,463

191,819

Ferrovial

SE

5,819

244,250

GFL

Environmental,

Inc.

(1)

4,091

182,372

Holcim

AG

7,913

761,903

Jackson

Financial,

Inc.,

Class

A

(1)

223

19,419

Schneider

Electric

SE

8,827

2,197,536

Shell

plc

256,683

8,001,067

Swiss

Re

AG

421

60,975

12,288,030

38

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

Zambia

-

0.0%

†

First

Quantum

Minerals

Ltd.

(1)*

4,742

61,129

TOTAL

COMMON

STOCKS

(Cost

$104,395,443)

161,901,384

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0.0%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

758

–

SHARES

SHORT-TERM

INVESTMENTS

-

4.6%

INVESTMENT

COMPANIES

-

4.6%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(1)(c)

(Cost

$7,898,838)

7,901,217

7,899,637

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$112,294,281)

169,801,021

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

‡

747,513

NET

ASSETS

-

100.0%

170,548,534

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

8,097,233

4.7

%

Consumer

Discretionary

14,131,393

8.3

Consumer

Staples

6,663,414

3.9

Energy

9,326,626

5.5

Financials

51,506,079

30.2

Health

Care

7,021,505

4.1

Industrials

37,293,970

21.9

Information

Technology

15,266,913

9.0

Materials

6,718,153

3.9

Real

Estate

3,000,157

1.8

Utilities

2,875,941

1.7

Investment

Companies

7,899,637

4.6

Total

Investments

In

Securities

At

Value

169,801,021

99.6

Other

Assets

in

Excess

of

Liabilities

‡

747,513

0.4

Net

Assets

$

170,548,534

100.0%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

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,

2024

amounted

to

$3,275,251,

which

represents

1.92%

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,

2024

amounted

to

$64,996,

which

represents

0.04%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

62

3/2025

USD

$

7,029,250

$

(45,147)

Net

unrealized

depreciation

$

(45,147)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

39

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.7%

Communication

Services

-

7

.8

%

Diversified

Telecommunication

Services

-

1

.7

%

AT&T,

Inc.

1,396,089

31,788,947

Verizon

Communications,

Inc.

134,966

5,397,290

37,186,237

Entertainment

-

2

.9

%

Electronic

Arts,

Inc.

209,234

30,610,934

Netflix,

Inc.

*

3,092

2,755,961

Spotify

Technology

SA

*

67,562

30,225,888

63,592,783

Interactive

Media

&

Services

-

2

.3

%

Alphabet,

Inc.,

Class

A

172,312

32,618,661

Meta

Platforms,

Inc.,

Class

A

31,521

18,455,861

51,074,522

Wireless

Telecommunication

Services

-

0

.9

%

T-Mobile

US,

Inc.

88,666

19,571,246

Total

Communication

Services

171,424,788

Consumer

Discretionary

-

5

.4

%

Diversified

Consumer

Services

-

0

.2

%

Grand

Canyon

Education,

Inc.

*

23,045

3,774,771

Hotels,

Restaurants

&

Leisure

-

1

.3

%

Airbnb,

Inc.,

Class

A

*

80,822

10,620,819

Booking

Holdings,

Inc.

792

3,934,989

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

12,912

778,594

DoorDash,

Inc.,

Class

A

*

13,914

2,334,073

McDonald's

Corp.

15,980

4,632,442

Texas

Roadhouse,

Inc.,

Class

A

30,901

5,575,467

27,876,384

Household

Durables

-

0

.5

%

Garmin

Ltd.

48,248

9,951,633

Specialty

Retail

-

2

.7

%

AutoZone,

Inc.

*

5,947

19,042,294

Murphy

USA,

Inc.

20,554

10,312,970

O'Reilly

Automotive,

Inc.

*

25,833

30,632,771

59,988,035

Textiles,

Apparel

&

Luxury

Goods

-

0

.7

%

Deckers

Outdoor

Corp.

*

79,492

16,144,030

Total

Consumer

Discretionary

117,734,853

Consumer

Staples

-

16

.0

%

Beverages

-

3

.8

%

Coca-Cola

Co.

(The)

496,081

30,886,003

Coca-Cola

Consolidated,

Inc.

626

788,754

Molson

Coors

Beverage

Co.,

Class

B

42,932

2,460,862

Monster

Beverage

Corp.

*

323,670

17,012,095

PepsiCo,

Inc.

201,319

30,612,567

81,760,281

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

4

.2

%

Casey's

General

Stores,

Inc.

7,942

3,146,859

Costco

Wholesale

Corp.

33,080

30,310,212

Kroger

Co.

(The)

453,894

27,755,618

Walmart,

Inc.

348,561

31,492,486

92,705,175

Food

Products

-

3

.8

%

Flowers

Foods,

Inc.

31,126

643,063

General

Mills,

Inc.

265,921

16,957,782

Hershey

Co.

(The)

112,712

19,087,777

Hormel

Foods

Corp.

23,920

750,370

Kraft

Heinz

Co.

(The)

376,071

11,549,141

Mondelez

International,

Inc.,

Class

A

401,242

23,966,185

Pilgrim's

Pride

Corp.

*

159,856

7,255,864

Tyson

Foods,

Inc.,

Class

A

65,070

3,737,621

83,947,803

Household

Products

-

4

.0

%

Church

&

Dwight

Co.,

Inc.

269,235

28,191,597

Colgate-Palmolive

Co.

295,725

26,884,360

Kimberly-Clark

Corp.

6,432

842,849

Procter

&

Gamble

Co.

(The)

192,477

32,268,769

88,187,575

Tobacco

-

0

.2

%

Philip

Morris

International,

Inc.

26,914

3,239,100

Total

Consumer

Staples

349,839,934

Energy

-

6

.5

%

Oil,

Gas

&

Consumable

Fuels

-

6

.5

%

Chevron

Corp.

99,294

14,381,743

ConocoPhillips

241,193

23,919,110

Coterra

Energy,

Inc.

160,843

4,107,930

DT

Midstream,

Inc.

113,040

11,239,567

EOG

Resources,

Inc.

236,618

29,004,634

Expand

Energy

Corp.

11,444

1,139,250

Exxon

Mobil

Corp.

278,010

29,905,536

Kinder

Morgan,

Inc.

76,595

2,098,703

Marathon

Petroleum

Corp.

21,924

3,058,398

Permian

Resources

Corp.,

Class

A

60,481

869,717

Phillips

66

6,108

695,885

Texas

Pacific

Land

Corp.

19,845

21,947,776

Total

Energy

142,368,249

Financials

-

14

.7

%

Banks

-

0

.4

%

First

Citizens

BancShares,

Inc.,

Class

A

877

1,853,119

JPMorgan

Chase

&

Co.

20,168

4,834,471

M&T

Bank

Corp.

4,065

764,261

Wells

Fargo

&

Co.

12,748

895,419

8,347,270

40

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

3

.4

%

Bank

of

New

York

Mellon

Corp.

(The)

21,528

1,653,996

Cboe

Global

Markets,

Inc.

165,627

32,363,516

CME

Group,

Inc.

139,279

32,344,762

Intercontinental

Exchange,

Inc.

61,543

9,170,523

75,532,797

Financial

Services

-

3

.2

%

Jack

Henry

&

Associates,

Inc.

4,818

844,595

Mastercard,

Inc.,

Class

A

62,078

32,688,413

MGIC

Investment

Corp.

140,873

3,340,099

Visa,

Inc.,

Class

A

104,504

33,027,444

69,900,551

Insurance

-

7

.7

%

Arch

Capital

Group

Ltd.

72,482

6,693,713

Arthur

J

Gallagher

&

Co.

80,338

22,803,941

Assurant,

Inc.

16,701

3,560,987

Chubb

Ltd.

80,361

22,203,744

CNA

Financial

Corp.

18,586

899,005

Everest

Group

Ltd.

28,618

10,372,880

Markel

Group,

Inc.

*

2,100

3,625,083

Marsh

&

McLennan

Cos.,

Inc.

96,962

20,595,698

Progressive

Corp.

(The)

130,361

31,235,799

Reinsurance

Group

of

America,

Inc.

20,761

4,435,173

RenaissanceRe

Holdings

Ltd.

10,758

2,676,698

Travelers

Cos.,

Inc.

(The)

107,380

25,866,768

Unum

Group

59,918

4,375,812

W

R

Berkley

Corp.

88,696

5,190,490

White

Mountains

Insurance

Group

Ltd.

1,903

3,701,449

168,237,240

Total

Financials

322,017,858

Health

Care

-

16

.9

%

Biotechnology

-

3

.8

%

AbbVie,

Inc.

29,913

5,315,540

Exelixis,

Inc.

*

83,675

2,786,378

Neurocrine

Biosciences,

Inc.

*

38,837

5,301,250

Regeneron

Pharmaceuticals,

Inc.

*

13,728

9,778,866

United

Therapeutics

Corp.

*

79,788

28,152,398

Vertex

Pharmaceuticals,

Inc.

*

70,870

28,539,349

Viking

Therapeutics,

Inc.

*

85,386

3,435,933

83,309,714

Health

Care

Equipment

&

Supplies

-

2

.1

%

Abbott

Laboratories

163,950

18,544,385

Becton

Dickinson

&

Co.

50,578

11,474,631

Boston

Scientific

Corp.

*

53,254

4,756,647

Stryker

Corp.

29,476

10,612,834

45,388,497

Health

Care

Providers

&

Services

-

5

.2

%

Cardinal

Health,

Inc.

93,452

11,052,568

Cencora,

Inc.

111,833

25,126,638

Chemed

Corp.

7,580

4,015,884

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

5.2%

(continued)

Cigna

Group

(The)

26,171

7,226,860

Elevance

Health,

Inc.

10,042

3,704,494

McKesson

Corp.

56,914

32,435,858

UnitedHealth

Group,

Inc.

59,306

30,000,533

113,562,835

Health

Care

Technology

-

0

.6

%

Veeva

Systems,

Inc.,

Class

A

*

69,031

14,513,768

Life

Sciences

Tools

&

Services

-

1

.2

%

Danaher

Corp.

100,099

22,977,725

Medpace

Holdings,

Inc.

*

1,913

635,556

Thermo

Fisher

Scientific,

Inc.

4,717

2,453,925

West

Pharmaceutical

Services,

Inc.

2,043

669,205

26,736,411

Pharmaceuticals

-

4

.0

%

Eli

Lilly

&

Co.

38,795

29,949,740

Johnson

&

Johnson

217,646

31,475,964

Merck

&

Co.,

Inc.

264,920

26,354,242

87,779,946

Total

Health

Care

371,291,171

Industrials

-

15

.4

%

Aerospace

&

Defense

-

3

.9

%

GE

Aerospace

129,977

21,678,864

General

Dynamics

Corp.

2,500

658,725

Lockheed

Martin

Corp.

57,713

28,045,055

Northrop

Grumman

Corp.

65,011

30,509,012

RTX

Corp.

34,713

4,016,989

84,908,645

Air

Freight

&

Logistics

-

0

.5

%

Expeditors

International

of

Washington,

Inc.

109,878

12,171,186

Commercial

Services

&

Supplies

-

4

.1

%

Cintas

Corp.

141,483

25,848,944

Republic

Services,

Inc.,

Class

A

157,726

31,731,317

Rollins,

Inc.

42,615

1,975,205

Waste

Management,

Inc.

151,431

30,557,261

90,112,727

Ground

Transportation

-

0

.9

%

Landstar

System,

Inc.

66,003

11,343,276

Old

Dominion

Freight

Line,

Inc.

36,979

6,523,096

U-Haul

Holding

Co.

*

2,125

146,816

Union

Pacific

Corp.

10,338

2,357,477

20,370,665

Machinery

-

0

.9

%

Cummins,

Inc.

28,462

9,921,853

Illinois

Tool

Works,

Inc.

36,712

9,308,695

19,230,548

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

41

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

4

.1

%

Automatic

Data

Processing,

Inc.

104,256

30,518,859

CACI

International,

Inc.,

Class

A

*

40,721

16,453,727

FTI

Consulting,

Inc.

*

93,008

17,776,619

Leidos

Holdings,

Inc.

67,741

9,758,769

Paychex,

Inc.

39,389

5,523,126

Verisk

Analytics,

Inc.,

Class

A

32,852

9,048,426

89,079,526

Trading

Companies

&

Distributors

-

1

.0

%

Fastenal

Co.

48,978

3,522,008

WW

Grainger,

Inc.

17,520

18,466,956

21,988,964

Total

Industrials

337,862,261

Information

Technology

-

12

.4

%

Communications

Equipment

-

1

.6

%

Arista

Networks,

Inc.

*

174,464

19,283,506

Cisco

Systems,

Inc.

200,316

11,858,707

F5,

Inc.

*

4,201

1,056,426

Motorola

Solutions,

Inc.

3,196

1,477,287

Ubiquiti,

Inc.

5,639

1,871,753

35,547,679

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

TD

SYNNEX

Corp.

8,326

976,473

Teledyne

Technologies,

Inc.

*

2,956

1,371,968

2,348,441

IT

Services

-

1

.6

%

Accenture

plc,

Class

A

(Ireland)

35,337

12,431,203

Akamai

Technologies,

Inc.

*

10,272

982,517

Amdocs

Ltd.

58,617

4,990,652

International

Business

Machines

Corp.

70,192

15,430,307

33,834,679

Semiconductors

&

Semiconductor

Equipment

-

0

.7

%

Analog

Devices,

Inc.

11,256

2,391,450

NVIDIA

Corp.

101,505

13,631,106

16,022,556

Software

-

6

.9

%

Adobe,

Inc.

*

43,974

19,554,358

AppLovin

Corp.,

Class

A

*

3,807

1,232,821

Cadence

Design

Systems,

Inc.

*

13,004

3,907,182

Datadog,

Inc.,

Class

A

*

49,106

7,016,756

Dolby

Laboratories,

Inc.,

Class

A

78,664

6,143,658

Fair

Isaac

Corp.

*

1,434

2,854,994

Fortinet,

Inc.

*

34,362

3,246,522

Manhattan

Associates,

Inc.

*

33,515

9,057,094

Microsoft

Corp.

73,674

31,053,591

MicroStrategy,

Inc.,

Class

A

*

2,081

602,699

Nutanix,

Inc.,

Class

A

*

34,387

2,103,797

Roper

Technologies,

Inc.

33,981

17,665,023

ServiceNow,

Inc.

*

15,079

15,985,549

Synopsys,

Inc.

*

12,060

5,853,442

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.9%

(continued)

Tyler

Technologies,

Inc.

*

10,721

6,182,157

Zoom

Communications,

Inc.,

Class

A

*

230,402

18,803,107

151,262,750

Technology

Hardware,

Storage

&

Peripherals

-

1

.5

%

Apple,

Inc.

133,345

33,392,255

Total

Information

Technology

272,408,360

Materials

-

0

.3

%

Chemicals

-

0

.3

%

Linde

plc

11,810

4,944,493

NewMarket

Corp.

1,483

783,543

Total

Materials

5,728,036

Utilities

-

1

.3

%

Electric

Utilities

-

0

.5

%

Duke

Energy

Corp.

86,232

9,290,636

Xcel

Energy,

Inc.

13,804

932,046

10,222,682

Gas

Utilities

-

0

.2

%

Atmos

Energy

Corp.

32,664

4,549,115

Multi-Utilities

-

0

.6

%

Consolidated

Edison,

Inc.

158,515

14,144,293

Total

Utilities

28,916,090

TOTAL

COMMON

STOCKS

(Cost

$1,224,793,282)

2,119,591,600

SHORT-TERM

INVESTMENTS

-

3.0%

INVESTMENT

COMPANIES

-

3

.0

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(a)

(Cost

$66,335,053)

66,359,759

66,346,487

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$1,291,128,335)

2,185,938,087

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

‡

5,652,663

NET

ASSETS

-

100.0%

2,191,590,750

42

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

171,424,788

7

.8

%

Consumer

Discretionary

117,734,853

5

.4

Consumer

Staples

349,839,934

16

.0

Energy

142,368,249

6

.5

Financials

322,017,858

14

.7

Health

Care

371,291,171

16

.9

Industrials

337,862,261

15

.4

Information

Technology

272,408,360

12

.4

Materials

5,728,036

0

.3

Utilities

28,916,090

1

.3

Investment

Companies

66,346,487

3

.0

Total

Investments

In

Securities

At

Value

2,185,938,087

99

.7

Other

Assets

in

Excess

of

Liabilities

‡

5,652,663

0

.3

Net

Assets

$

2,191,590,750

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation/(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

December

31,

2024.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

December

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

185

3/2025

USD

$

54,905,688

$

(

1,937,593

)

Net

unrealized

depreciation

$

(

1,937,593

)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

43

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.7%

Australia

-

7

.6

%

ANZ

Group

Holdings

Ltd.

53,331

939,682

Aristocrat

Leisure

Ltd.

19,834

837,601

BHP

Group

Ltd.

38,878

948,420

Brambles

Ltd.

31,891

379,285

Cochlear

Ltd.

10,954

1,961,626

Coles

Group

Ltd.

42,828

499,955

Fortescue

Ltd.

96,041

1,081,476

Goodman

Group,

REIT

3,093

67,990

Medibank

Pvt

Ltd.

149,829

351,184

Pro

Medicus

Ltd.

3,321

513,003

QBE

Insurance

Group

Ltd.

21,446

254,690

REA

Group

Ltd.

14,545

2,092,495

Santos

Ltd.

164,803

682,433

Sonic

Healthcare

Ltd.

22,349

372,756

Suncorp

Group

Ltd.

5,492

64,525

Telstra

Group

Ltd.

1,330,073

3,296,322

Washington

H

Soul

Pattinson

&

Co.

Ltd.

19,037

402,405

Wesfarmers

Ltd.

29,562

1,305,977

Woolworths

Group

Ltd.

71,828

1,354,007

17,405,832

Austria

-

0

.1

%

OMV

AG

6,426

249,211

Belgium

-

1

.4

%

Anheuser-Busch

InBev

SA/NV

15,325

767,230

Groupe

Bruxelles

Lambert

NV

354

24,205

KBC

Group

NV

3,106

239,812

Lotus

Bakeries

NV

84

940,221

UCB

SA

6,645

1,322,780

3,294,248

Brazil

-

1

.0

%

Wheaton

Precious

Metals

Corp.

(1)

39,789

2,239,610

Canada

-

12

.3

%

Alimentation

Couche-Tard,

Inc.

(1)

13,232

733,838

Bank

of

Montreal

(1)

1,972

191,445

Bank

of

Nova

Scotia

(The)

(1)

6,502

349,153

BCE,

Inc.

(1)

30,209

700,243

Canadian

National

Railway

Co.

(1)

14,914

1,514,485

Canadian

Natural

Resources

Ltd.

(1)

11,389

351,625

Canadian

Pacific

Kansas

City

Ltd.

(1)

12,615

913,402

Cenovus

Energy,

Inc.

(1)

15,538

235,537

CGI,

Inc.

(1)

23,023

2,519,083

Constellation

Software,

Inc.

(1)

655

2,025,403

Descartes

Systems

Group,

Inc.

(The)

(1)*

7,817

888,586

Dollarama,

Inc.

(1)

2,576

251,391

Enbridge,

Inc.

(1)

28,663

1,216,550

Fairfax

Financial

Holdings

Ltd.

(1)

452

628,891

Fortis,

Inc.

(1)

1,804

74,961

Franco-Nevada

Corp.

(1)

1,054

123,859

George

Weston

Ltd.

(1)

1,420

220,826

Hydro

One

Ltd.

(1)(a)

45,825

1,411,300

Imperial

Oil

Ltd.

(1)

18,089

1,114,825

Intact

Financial

Corp.

(1)

11,764

2,141,982

INVESTMENTS

SHARES

VALUE

($)

Canada

-

12.3%

(continued)

Loblaw

Cos.

Ltd.

(1)

25,672

3,378,462

Lumine

Group,

Inc.

(1)*(b)

2,895

82,855

Metro,

Inc.,

Class

A

(1)

37,620

2,359,347

Parkland

Corp.

(1)

2,834

64,095

Pembina

Pipeline

Corp.

(1)

6,613

244,333

Royal

Bank

of

Canada

(1)

10,211

1,231,188

Saputo,

Inc.

(1)

12,510

217,486

Sun

Life

Financial,

Inc.

(1)

3,828

227,291

Thomson

Reuters

Corp.

(1)

15,214

2,443,004

Tourmaline

Oil

Corp.

(1)

1,547

71,590

West

Fraser

Timber

Co.

Ltd.

(1)

4,448

385,404

28,312,440

China

-

1

.0

%

BOC

Hong

Kong

Holdings

Ltd.

595,500

1,901,512

SITC

International

Holdings

Co.

Ltd.

39,000

103,418

Wilmar

International

Ltd.

95,300

216,306

2,221,236

Denmark

-

2

.6

%

Carlsberg

A/S,

Class

B

2,178

209,181

Genmab

A/S

*

5,805

1,212,332

Novo

Nordisk

A/S,

Class

B

25,144

2,169,470

Pandora

A/S

3,324

608,144

ROCKWOOL

A/S,

Class

B

1,674

595,670

Zealand

Pharma

A/S

*

11,404

1,134,413

5,929,210

Finland

-

0

.6

%

Elisa

OYJ

(1)

17,983

778,637

Fortum

OYJ

(1)

4,733

66,260

Kone

OYJ,

Class

B

4,446

216,743

Nokia

OYJ

79,412

351,273

1,412,913

France

-

7

.3

%

Air

Liquide

SA

9,143

1,486,284

AXA

SA

2,954

105,132

Bouygues

SA

9,854

291,783

Danone

SA

28,355

1,916,224

Dassault

Aviation

SA

9,603

1,962,237

Dassault

Systemes

SE

10,831

374,795

Engie

SA

4,374

69,369

EssilorLuxottica

SA

1,091

266,127

Hermes

International

SCA

810

1,943,491

Ipsen

SA

6,323

724,747

L'Oreal

SA

7,066

2,501,387

Orange

SA

84,827

846,389

Societe

Generale

SA

57,003

1,599,818

Thales

SA

3,711

532,883

TotalEnergies

SE

37,989

2,116,553

16,737,219

Germany

-

4

.7

%

Allianz

SE

(Registered)

938

288,307

Beiersdorf

AG

(1)

25,457

3,269,834

Commerzbank

AG

51,766

850,126

CTS

Eventim

AG

&

Co.

KGaA

1,483

125,366

Deutsche

Boerse

AG

1,426

328,488

44

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

4.7%

(continued)

Deutsche

Telekom

AG

(Registered)

6,110

183,075

Hannover

Rueck

SE

1,504

376,631

Rational

AG

1,109

949,866

Rheinmetall

AG

135

86,253

SAP

SE

14,158

3,482,503

Scout24

SE

(a)

6,394

564,200

Zalando

SE

*(a)

11,077

370,562

10,875,211

Hong

Kong

-

2

.9

%

CK

Asset

Holdings

Ltd.

253,000

1,032,587

MTR

Corp.

Ltd.

20,000

69,477

Power

Assets

Holdings

Ltd.

525,500

3,659,779

Sino

Land

Co.

Ltd.

385,866

389,355

Sun

Hung

Kai

Properties

Ltd.

117,000

1,113,295

WH

Group

Ltd.

(a)

352,500

271,649

Wharf

Real

Estate

Investment

Co.

Ltd.

26,000

66,132

6,602,274

Italy

-

1

.1

%

Coca-Cola

HBC

AG

37,799

1,291,288

Eni

SpA

15,770

215,707

Ferrari

NV

804

343,066

Generali

13,836

391,447

Infrastrutture

Wireless

Italiane

SpA

(a)

6,745

68,517

Leonardo

SpA

8,618

231,857

2,541,882

Japan

-

20

.4

%

Advantest

Corp.

3,800

216,064

Brother

Industries

Ltd.

50,800

859,334

Canon,

Inc.

72,500

2,354,921

Capcom

Co.

Ltd.

31,000

674,359

Chugai

Pharmaceutical

Co.

Ltd.

22,900

1,009,458

Daiichi

Sankyo

Co.

Ltd.

2,800

76,617

Daito

Trust

Construction

Co.

Ltd.

15,200

1,699,278

Disco

Corp.

4,100

1,087,637

FUJIFILM

Holdings

Corp.

30,400

628,964

Fujitsu

Ltd.

9,000

158,099

Hoya

Corp.

18,700

2,320,788

Inpex

Corp.

12,000

150,978

Japan

Post

Bank

Co.

Ltd.

231,200

2,185,221

Japan

Post

Holdings

Co.

Ltd.

7,400

69,691

Japan

Tobacco,

Inc.

117,800

3,021,905

Kao

Corp.

3,700

149,708

KDDI

Corp.

104,400

3,325,204

Keyence

Corp.

5,900

2,398,183

Konami

Group

Corp.

2,300

215,212

McDonald's

Holdings

Co.

Japan

Ltd.

4,000

157,128

MEIJI

Holdings

Co.

Ltd.

(1)

24,400

496,389

MonotaRO

Co.

Ltd.

70,000

1,189,567

Murata

Manufacturing

Co.

Ltd.

4,200

66,632

Nexon

Co.

Ltd.

21,300

316,845

Nintendo

Co.

Ltd.

56,300

3,279,013

Nippon

Telegraph

&

Telephone

Corp.

1,270,300

1,268,857

Nippon

Yusen

KK

12,800

426,029

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.4%

(continued)

Nissin

Foods

Holdings

Co.

Ltd.

25,300

611,210

Nitto

Denko

Corp.

35,000

585,159

Obic

Co.

Ltd.

77,500

2,306,273

Oracle

Corp.

Japan

12,600

1,205,901

Osaka

Gas

Co.

Ltd.

3,200

69,989

Otsuka

Corp.

86,200

1,971,374

Otsuka

Holdings

Co.

Ltd.

8,200

446,079

Recruit

Holdings

Co.

Ltd.

18,900

1,313,700

SCSK

Corp.

19,800

414,412

Secom

Co.

Ltd.

34,400

1,168,220

Seiko

Epson

Corp.

26,700

481,749

Shin-Etsu

Chemical

Co.

Ltd.

1,900

62,581

Shionogi

&

Co.

Ltd.

57,500

806,447

Shizuoka

Financial

Group,

Inc.

9,600

77,857

SoftBank

Corp.

557,000

703,123

Sumitomo

Mitsui

Trust

Group,

Inc.

48,800

1,139,945

Suntory

Beverage

&

Food

Ltd.

30,100

956,337

Takeda

Pharmaceutical

Co.

Ltd.

2,600

68,828

Toho

Co.

Ltd.

6,600

257,924

Tokyo

Electron

Ltd.

5,000

751,597

TOPPAN

Holdings,

Inc.

14,900

395,270

Trend

Micro,

Inc.

*

2,600

140,174

Unicharm

Corp.

15,000

123,660

Yakult

Honsha

Co.

Ltd.

66,700

1,263,450

ZOZO,

Inc.

5,200

160,149

47,283,489

Netherlands

-

3

.5

%

Adyen

NV

*(a)

772

1,147,253

Argenx

SE

*

1,232

761,021

ASM

International

NV

954

551,589

Heineken

NV

2,119

151,019

JDE

Peet's

NV

12,966

222,768

Koninklijke

Ahold

Delhaize

NV

(1)

78,225

2,551,616

Koninklijke

KPN

NV

65,374

238,382

Universal

Music

Group

NV

34,208

875,011

Wolters

Kluwer

NV

9,661

1,605,121

8,103,780

Norway

-

2

.4

%

DNB

Bank

ASA

17,397

347,321

Equinor

ASA

52,673

1,249,354

Gjensidige

Forsikring

ASA

(1)

13,772

243,176

Kongsberg

Gruppen

ASA

13,365

1,503,653

Orkla

ASA

221,563

1,916,776

Telenor

ASA

26,500

295,665

5,555,945

Portugal

-

0

.4

%

Galp

Energia

SGPS

SA

27,330

452,986

Jeronimo

Martins

SGPS

SA

(1)

22,671

433,275

886,261

Singapore

-

3

.4

%

DBS

Group

Holdings

Ltd.

48,420

1,551,641

Genting

Singapore

Ltd.

1,266,500

710,508

Oversea-Chinese

Banking

Corp.

Ltd.

275,400

3,363,482

Singapore

Telecommunications

Ltd.

52,300

117,823

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

45

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

3.4%

(continued)

United

Overseas

Bank

Ltd.

76,700

2,036,835

7,780,289

South

Korea

-

0

.1

%

Delivery

Hero

SE

(1)*(a)

6,602

185,465

Spain

-

1

.3

%

CaixaBank

SA

16,973

92,149

Iberdrola

SA

72,838

1,003,724

Industria

de

Diseno

Textil

SA

37,696

1,930,939

3,026,812

Sweden

-

2

.3

%

Essity

AB,

Class

B

(1)

40,052

1,070,457

Evolution

AB

(a)

1,878

144,824

Holmen

AB,

Class

B

3,328

122,073

Investor

AB,

Class

B

43,818

1,160,604

L

E

Lundbergforetagen

AB,

Class

B

1,464

66,337

Saab

AB,

Class

B

3,114

65,790

Skandinaviska

Enskilda

Banken

AB,

Class

A

4,928

67,534

Swedish

Orphan

Biovitrum

AB

(1)*

47,127

1,351,980

Tele2

AB,

Class

B

(1)

6,560

64,777

Telefonaktiebolaget

LM

Ericsson,

Class

B

103,744

840,166

Telia

Co.

AB

100,783

280,125

5,234,667

Switzerland

-

5

.5

%

BKW

AG

1,240

205,443

Chocoladefabriken

Lindt

&

Spruengli

AG

127

1,408,790

EMS-Chemie

Holding

AG

(Registered)

1,213

818,498

Kuehne

+

Nagel

International

AG

(Registered)

5,334

1,223,852

Logitech

International

SA

(Registered)

12,950

1,068,973

Novartis

AG

(Registered)

29,656

2,887,228

Schindler

Holding

AG

957

264,404

Sonova

Holding

AG

(Registered)

872

285,152

Swisscom

AG

(Registered)

5,486

3,053,253

Zurich

Insurance

Group

AG

2,614

1,554,717

12,770,310

United

Kingdom

-

9

.2

%

Associated

British

Foods

plc

37,789

963,937

AstraZeneca

plc

12,430

1,620,620

Auto

Trader

Group

plc

(a)

275,178

2,722,848

BAE

Systems

plc

154,799

2,220,635

British

American

Tobacco

plc

90,553

3,267,580

CK

Hutchison

Holdings

Ltd.

46,500

247,215

Diageo

plc

2,390

75,949

Hargreaves

Lansdown

plc

29,507

404,900

HSBC

Holdings

plc

80,167

787,489

Imperial

Brands

plc

49,225

1,574,160

J

Sainsbury

plc

142,828

488,062

Next

plc

1,031

122,300

Reckitt

Benckiser

Group

plc

9,660

584,727

Rolls-Royce

Holdings

plc

*

86,757

615,228

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.2%

(continued)

Sage

Group

plc

(The)

120,786

1,919,106

Tesco

plc

274,835

1,264,063

Unilever

plc

41,111

2,335,953

21,214,772

United

States

-

3

.6

%

BP

plc

85,171

420,998

CSL

Ltd.

10,096

1,761,256

GSK

plc

20,352

343,283

Holcim

AG

1,641

158,004

Nestle

SA

(Registered)

18,834

1,545,202

Roche

Holding

AG

4,030

1,126,815

Sanofi

SA

10,579

1,028,393

Shell

plc

64,890

2,022,685

8,406,636

TOTAL

COMMON

STOCKS

(Cost

$175,199,468)

218,269,712

PREFERRED

STOCKS

-

1.3%

Germany

-

1

.3

%

Henkel

AG

&

Co.

KGaA

(Preference)

(1)

(Cost

$2,165,041)

32,905

2,886,969

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

883

–

SHARES

SHORT-TERM

INVESTMENTS

-

3.5%

INVESTMENT

COMPANIES

-

3

.5

%

Limited

Purpose

Cash

Investment

Fund,

4.47%

(1)(c)

(Cost

$8,178,606)

8,182,172

8,180,535

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.5%

(Cost

$185,543,115)

229,337,216

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.5%

‡

1,147,718

NET

ASSETS

-

100.0%

230,484,934

46

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

26,343,664

11

.4

%

Consumer

Discretionary

9,071,544

3

.9

Consumer

Staples

49,511,204

21

.5

Energy

10,859,460

4

.7

Financials

29,184,067

12

.7

Health

Care

25,571,221

11

.1

Industrials

22,529,045

9

.8

Information

Technology

29,145,648

12

.6

Materials

8,011,366

3

.5

Real

Estate

4,368,636

1

.9

Utilities

6,560,826

2

.9

Investment

Companies

8,180,535

3

.5

Total

Investments

In

Securities

At

Value

229,337,216

99

.5

Other

Assets

in

Excess

of

Liabilities

‡

1,147,718

0

.5

Net

Assets

$

230,484,934

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,

2024

amounted

to

$6,886,618,

which

represents

2.99%

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,

2024

amounted

to

$82,855,

which

represents

0.04%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2024.

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,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

55

3/2025

USD

$

6,235,625

$

(

90,179

)

Net

unrealized

depreciation

$

(

90,179

)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

December

2024

47

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

86.6%

Australia

-

0

.5

%

ASX

Ltd.

(2)

891

35,830

BlueScope

Steel

Ltd.

(2)

16,712

193,243

Goodman

Group,

REIT

(2)

25,367

557,616

GPT

Group

(The),

REIT

(2)

42,925

115,635

Mirvac

Group,

REIT

(2)

95,677

110,651

Pro

Medicus

Ltd.

(2)

682

105,350

Qantas

Airways

Ltd.

(2)*

23,972

132,707

QBE

Insurance

Group

Ltd.

(2)

9,458

112,322

Scentre

Group,

REIT

(2)

90,560

191,702

Stockland,

REIT

(2)

49,658

147,288

Vicinity

Ltd.,

REIT

(2)

97,628

126,529

Westpac

Banking

Corp.

(2)

17,106

341,453

2,170,326

Belgium

-

0

.4

%

Ageas

SA/NV

(2)

31,055

1,509,899

Solvay

SA

(2)

1,728

55,865

1,565,764

Canada

-

1

.7

%

Barrick

Gold

Corp.

11,585

179,644

Canadian

Natural

Resources

Ltd.

11,166

344,740

Cenovus

Energy,

Inc.

100,185

1,518,684

Empire

Co.

Ltd.,

Class

A

3,402

103,874

Enbridge,

Inc.

2,469

104,792

Fairfax

Financial

Holdings

Ltd.

77

107,134

George

Weston

Ltd.

1,664

258,771

Great-West

Lifeco,

Inc.

1,345

44,604

Manulife

Financial

Corp.

3,774

115,941

Open

Text

Corp.

8,307

235,089

Power

Corp.

of

Canada

7,139

222,695

Royal

Bank

of

Canada

860

103,694

Shopify,

Inc.,

Class

A

*

11,757

1,251,316

Suncor

Energy,

Inc.

51,229

1,828,628

Thomson

Reuters

Corp.

1,990

319,546

Toronto-Dominion

Bank

(The)

1,953

103,978

6,843,130

China

-

0

.1

%

BOC

Hong

Kong

Holdings

Ltd.

(2)

34,000

108,567

Prosus

NV

5,238

208,078

316,645

Denmark

-

0

.5

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

65

108,144

Danske

Bank

A/S

(2)

55,982

1,587,239

Vestas

Wind

Systems

A/S

(2)*

11,842

162,436

1,857,819

Finland

-

0

.1

%

Nordea

Bank

Abp

(2)

33,152

361,713

Wartsila

OYJ

Abp

(2)

5,701

101,037

462,750

France

-

2

.4

%

Alstom

SA

(2)*

37,589

838,726

BNP

Paribas

SA

(2)

7,460

458,020

Carrefour

SA

(2)

21,185

301,522

INVESTMENTS

SHARES

VALUE

($)

France

-

2.4%

(continued)

Credit

Agricole

SA

(2)

51,889

713,968

Engie

SA

(2)

32,404

513,908

Orange

SA

(2)

48,929

488,205

Renault

SA

(2)

2,463

119,908

Safran

SA

(2)

486

106,486

Societe

Generale

SA

(2)

129,917

3,646,188

TotalEnergies

SE

(2)

38,984

2,171,990

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

261,568

9,620,489

Germany

-

2

.6

%

Allianz

SE

(Registered)

(2)

2,018

620,259

Commerzbank

AG

(2)

80,085

1,315,194

Daimler

Truck

Holding

AG

(2)

2,736

104,795

Deutsche

Bank

AG

(Registered)

(2)

186,874

3,224,865

Deutsche

Telekom

AG

(Registered)

(2)

17,838

534,482

Fresenius

SE

&

Co.

KGaA

(2)*

1,365

47,380

Mercedes-Benz

Group

AG

(2)

32,615

1,818,344

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

472

238,154

Rheinmetall

AG

(2)

1,651

1,054,837

Talanx

AG

(2)

1,335

113,544

Zalando

SE

(2)*(a)

34,937

1,168,757

10,240,611

Hong

Kong

-

0

.1

%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

20,407

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

197,212

Link,

REIT

(2)

26,229

110,306

327,925

Italy

-

1

.4

%

Banco

BPM

SpA

(2)

191,328

1,549,106

Intesa

Sanpaolo

SpA

(2)

308,600

1,237,739

Poste

Italiane

SpA

(2)(a)

29,947

423,543

UniCredit

SpA

(2)

62,175

2,490,007

5,700,395

Japan

-

5

.6

%

Asics

Corp.

(2)

5,500

107,293

Chubu

Electric

Power

Co.,

Inc.

(2)

40,900

429,084

Daiichi

Sankyo

Co.

Ltd.

(2)

26,000

711,444

Fast

Retailing

Co.

Ltd.

(2)

3,100

1,045,759

Fujitsu

Ltd.

(2)

40,800

716,716

Hitachi

Construction

Machinery

Co.

Ltd.

(2)

4,900

108,600

Japan

Post

Bank

Co.

Ltd.

(2)

92,600

875,223

Japan

Post

Insurance

Co.

Ltd.

(2)

33,700

619,004

Japan

Real

Estate

Investment

Corp.,

REIT

(2)

165

113,217

JFE

Holdings,

Inc.

(2)

23,200

261,234

KDDI

Corp.

(2)

63,900

2,035,253

LY

Corp.

(2)

310,600

821,255

Makita

Corp.

(2)

8,600

261,517

48

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

5.6%

(continued)

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)

202,000

2,358,291

Mizuho

Financial

Group,

Inc.

(2)

4,300

104,974

MS&AD

Insurance

Group

Holdings,

Inc.

(2)

6,000

129,585

Nexon

Co.

Ltd.

(2)

14,000

208,255

Nintendo

Co.

Ltd.

(2)

6,600

384,396

Nippon

Building

Fund,

Inc.,

REIT

150

116,686

Nippon

Steel

Corp.

(2)

25,500

512,439

Nippon

Telegraph

&

Telephone

Corp.

(2)

1,348,400

1,346,868

Nomura

Holdings,

Inc.

(2)

246,000

1,427,252

ORIX

Corp.

(2)

6,700

143,942

Otsuka

Corp.

(2)

18,500

423,091

SoftBank

Corp.

(2)

716,000

903,834

SoftBank

Group

Corp.

(2)

27,600

1,577,224

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

24,600

590,406

Tokio

Marine

Holdings,

Inc.

(2)

9,900

355,292

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*

359,600

1,074,887

Toyota

Tsusho

Corp.

(2)

35,800

633,106

Trend

Micro,

Inc.

(2)*

7,400

398,957

ZOZO,

Inc.

(2)

25,900

797,667

21,592,751

Luxembourg

-

0

.0

%

†

ArcelorMittal

SA

(2)

4,493

104,392

Netherlands

-

1

.0

%

ABN

AMRO

Bank

NV,

CVA

(2)(a)

51,564

795,714

Argenx

SE

(2)*

198

122,307

ASML

Holding

NV

(2)

148

103,664

ING

Groep

NV

(2)

19,668

308,229

NN

Group

NV

(2)

62,255

2,714,852

4,044,766

New

Zealand

-

0

.1

%

Xero

Ltd.

(2)*

3,069

319,369

Russia

-

0

.0

%

Evraz

plc

(3)*

77,212

–

Singapore

-

0

.0

%

†

Singapore

Exchange

Ltd.

(2)

4,067

37,911

STMicroelectronics

NV

(2)

4,133

103,519

141,430

Spain

-

1

.0

%

Banco

Santander

SA

(2)

512,926

2,372,925

CaixaBank

SA

(2)

19,633

106,591

Repsol

SA

(2)

121,023

1,472,604

3,952,120

Sweden

-

0

.1

%

Investor

AB,

Class

B

(2)

8,816

233,509

Swedbank

AB,

Class

A

(2)

15,246

301,047

534,556

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

1

.2

%

ABB

Ltd.

(Registered)

(2)

11,332

611,911

Novartis

AG

(Registered)

(2)

39,980

3,892,345

Sandoz

Group

AG

(2)

2,715

111,295

Zurich

Insurance

Group

AG

(2)

363

215,900

4,831,451

United

Kingdom

-

3

.6

%

3i

Group

plc

(2)

9,545

424,879

Aviva

plc

(2)

38,723

226,960

Barclays

plc

(2)

991,428

3,316,523

CK

Hutchison

Holdings

Ltd.

(2)

215,500

1,145,694

Flutter

Entertainment

plc

*

537

138,788

HSBC

Holdings

plc

(2)

246,090

2,417,367

NatWest

Group

plc

(2)

298,072

1,493,715

Rolls-Royce

Holdings

plc

(2)*

468,669

3,323,515

Vodafone

Group

plc

(2)

1,572,395

1,341,378

13,828,819

United

States

-

64

.2

%

3M

Co.

28,075

3,624,202

Abbott

Laboratories

940

106,323

AbbVie,

Inc.

587

104,310

Adobe,

Inc.

*

6,351

2,824,163

Advanced

Micro

Devices,

Inc.

*

2,554

308,498

Airbnb,

Inc.,

Class

A

*

31,731

4,169,771

Allstate

Corp.

(The)

10,321

1,989,786

Alnylam

Pharmaceuticals,

Inc.

*

15,743

3,704,485

Alphabet,

Inc.,

Class

A

6,221

1,177,635

Alphabet,

Inc.,

Class

C

24,056

4,581,225

Altria

Group,

Inc.

83,457

4,363,967

Amazon.com,

Inc.

*

47,837

10,494,959

American

International

Group,

Inc.

1,466

106,725

American

Tower

Corp.,

REIT

4,396

806,270

Amphenol

Corp.,

Class

A

1,479

102,717

Apple,

Inc.

64,660

16,192,156

Applied

Materials,

Inc.

6,092

990,742

Arista

Networks,

Inc.

*

2,022

223,492

AT&T,

Inc.

4,555

103,717

Atlassian

Corp.,

Class

A

*

13,926

3,389,310

AvalonBay

Communities,

Inc.,

REIT

811

178,396

Baker

Hughes

Co.,

Class

A

94,638

3,882,051

Bank

of

America

Corp.

37,082

1,629,754

Berkshire

Hathaway,

Inc.,

Class

B

*

6,057

2,745,517

BioMarin

Pharmaceutical,

Inc.

*

1,573

103,393

Booking

Holdings,

Inc.

854

4,243,031

BP

plc

(2)

86,715

428,630

Bristol-Myers

Squibb

Co.

43,428

2,456,288

Broadcom,

Inc.

21,171

4,908,285

Capital

One

Financial

Corp.

2,372

422,975

Carnival

Corp.

*

29,742

741,171

Centene

Corp.

*

73,759

4,468,320

Chubb

Ltd.

3,238

894,659

Cigna

Group

(The)

5,933

1,638,339

Cincinnati

Financial

Corp.

721

103,608

Cisco

Systems,

Inc.

1,746

103,363

Citigroup,

Inc.

38,662

2,721,418

Citizens

Financial

Group,

Inc.

17,152

750,572

CME

Group,

Inc.

20,292

4,712,411

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

49

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

64.2%

(continued)

Coca-Cola

Co.

(The)

1,720

107,087

Colgate-Palmolive

Co.

2,765

251,366

Comcast

Corp.,

Class

A

106,834

4,009,480

ConocoPhillips

7,738

767,377

Corebridge

Financial,

Inc.

3,440

102,959

Corning,

Inc.

2,178

103,499

Coterra

Energy,

Inc.

19,540

499,052

Crown

Castle,

Inc.,

REIT

1,970

178,797

Crown

Holdings,

Inc.

1,259

104,107

CVS

Health

Corp.

2,356

105,761

Dell

Technologies,

Inc.,

Class

C

1,323

152,463

Delta

Air

Lines,

Inc.

1,702

102,971

Devon

Energy

Corp.

3,232

105,783

Digital

Realty

Trust,

Inc.,

REIT

910

161,370

Discover

Financial

Services

1,227

212,553

Eaton

Corp.

plc

311

103,212

Eli

Lilly

&

Co.

5,921

4,571,012

EOG

Resources,

Inc.

859

105,296

Equinix,

Inc.,

REIT

222

209,322

Expedia

Group,

Inc.

*

905

168,629

Exxon

Mobil

Corp.

26,441

2,844,258

Fair

Isaac

Corp.

*

52

103,528

FedEx

Corp.

369

103,811

Fidelity

National

Information

Services,

Inc.

1,278

103,224

Fortinet,

Inc.

*

48,321

4,565,368

Garmin

Ltd.

503

103,749

GE

Aerospace

29,810

4,972,010

GE

Vernova,

Inc.

4,937

1,623,927

General

Motors

Co.

76,731

4,087,460

Global

Payments,

Inc.

1,490

166,969

GSK

plc

(2)

57,028

961,907

Halliburton

Co.

3,836

104,301

Hewlett

Packard

Enterprise

Co.

4,902

104,658

Howmet

Aerospace,

Inc.

10,176

1,112,949

HubSpot,

Inc.

*

149

103,819

Intel

Corp.

96,442

1,933,662

Johnson

&

Johnson

30,152

4,360,582

JPMorgan

Chase

&

Co.

2,862

686,050

Keurig

Dr

Pepper,

Inc.

14,873

477,721

Kraft

Heinz

Co.

(The)

3,407

104,629

Marathon

Petroleum

Corp.

7,657

1,068,152

Mastercard,

Inc.,

Class

A

196

103,208

McKesson

Corp.

4,970

2,832,453

Medtronic

plc

2,043

163,195

Merck

&

Co.,

Inc.

23,661

2,353,796

Meta

Platforms,

Inc.,

Class

A

15,362

8,994,605

Micron

Technology,

Inc.

4,240

356,838

Microsoft

Corp.

33,621

14,171,252

Molina

Healthcare,

Inc.

*

3,452

1,004,705

NetApp,

Inc.

888

103,079

Netflix,

Inc.

*

5,326

4,747,170

Neurocrine

Biosciences,

Inc.

*

15,935

2,175,128

NVIDIA

Corp.

117,492

15,778,000

Okta,

Inc.,

Class

A

*

1,294

101,967

Oracle

Corp.

19,721

3,286,307

Ovintiv,

Inc.

53,751

2,176,916

Palantir

Technologies,

Inc.,

Class

A

*

46,741

3,535,022

Palo

Alto

Networks,

Inc.

*

21,518

3,915,415

INVESTMENTS

SHARES

VALUE

($)

United

States

-

64.2%

(continued)

PayPal

Holdings,

Inc.

*

55,040

4,697,664

PepsiCo,

Inc.

4,202

638,956

Pfizer,

Inc.

37,938

1,006,495

PG&E

Corp.

5,443

109,840

Philip

Morris

International,

Inc.

4,194

504,748

Pinterest,

Inc.,

Class

A

*

91,386

2,650,194

Procter

&

Gamble

Co.

(The)

628

105,284

Progressive

Corp.

(The)

17,398

4,168,735

Prologis,

Inc.,

REIT

2,980

314,986

Public

Storage,

REIT

2,484

743,809

QUALCOMM,

Inc.

674

103,540

ResMed,

Inc.

3,454

789,895

Robinhood

Markets,

Inc.,

Class

A

*

41,637

1,551,395

ROBLOX

Corp.,

Class

A

*

29,214

1,690,322

Roche

Holding

AG

(2)

371

103,734

RTX

Corp.

1,196

138,401

Samsara,

Inc.,

Class

A

*

15,989

698,559

Schlumberger

NV

42,020

1,611,047

Seagate

Technology

Holdings

plc

15,181

1,310,272

ServiceNow,

Inc.

*

97

102,832

Shell

plc

(2)

38,971

1,214,765

Simon

Property

Group,

Inc.,

REIT

1,723

296,718

Snap,

Inc.,

Class

A

*

38,142

410,789

Snowflake,

Inc.,

Class

A

*

6,957

1,074,230

SS&C

Technologies

Holdings,

Inc.

1,813

137,389

Swiss

Re

AG

(2)

5,861

848,875

Synchrony

Financial

1,582

102,830

Target

Corp.

6,608

893,269

Tesla,

Inc.

*

11,851

4,785,908

T-Mobile

US,

Inc.

3,076

678,965

Uber

Technologies,

Inc.

*

40,804

2,461,297

United

Parcel

Service,

Inc.,

Class

B

833

105,041

United

Therapeutics

Corp.

*

292

103,029

VeriSign,

Inc.

*

503

104,101

Vertiv

Holdings

Co.,

Class

A

14,716

1,671,885

Visa,

Inc.,

Class

A

343

108,402

Walmart,

Inc.

46,337

4,186,548

Wells

Fargo

&

Co.

1,464

102,831

Welltower,

Inc.,

REIT

3,001

378,216

Western

Digital

Corp.

*

1,725

102,862

Westinghouse

Air

Brake

Technologies

Corp.

541

102,568

Workday,

Inc.,

Class

A

*

2,494

643,527

Zoom

Communications,

Inc.,

Class

A

*

53,077

4,331,614

Zscaler,

Inc.

*

6,014

1,084,986

253,081,873

TOTAL

COMMON

STOCKS

(Cost

$260,622,872)

341,537,381

PREFERRED

STOCKS

-

0.2%

Germany

-

0

.2

%

Porsche

Automobil

Holding

SE

(Preference)

(2)

865

32,594

Volkswagen

AG

(Preference)

(2)

7,006

646,410

TOTAL

PREFERRED

STOCKS

(Cost

$932,330)

679,004

50

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

7.4%

INVESTMENT

COMPANIES

-

7

.4

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.26%

(b)(c)

9,196,115

9,196,115

Limited

Purpose

Cash

Investment

Fund,

4.47%

(b)

20,182,610

20,178,573

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$29,368,014)

29,374,688

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

94.2%

(Cost

$290,923,216)

371,591,073

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

5.8%

‡

23,068,683

NET

ASSETS

-

100.0%

394,659,756

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

38,685,254

9

.8

%

Consumer

Discretionary

34,878,276

8

.9

Consumer

Staples

12,297,743

3

.1

Energy

22,249,063

5

.7

Financials

71,586,077

18

.1

Health

Care

38,103,272

9

.7

Industrials

25,272,722

6

.4

Information

Technology

90,465,846

22

.9

Materials

1,410,923

0

.4

Real

Estate

5,119,083

1

.3

Utilities

2,148,126

0

.5

Investment

Companies

29,374,688

7

.4

Total

Investments

In

Securities

At

Value

371,591,073

94

.2

Other

Assets

in

Excess

of

Liabilities

‡

23,068,683

5

.8

Net

Assets

$

394,659,756

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,

2024

amounted

to

$2,388,014,

which

represents

0.61%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

December

31,

2024.

(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.

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

51

(Continued)

Total

return

swap

contracts

outstanding

as

of

December

31,

2024

:

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)

MSCI

Canada

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.35%)

Monthly

JPMC

03/19/2025

CAD

(1,345,347)

$

16,256

MSCI

France

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.20%)

Monthly

JPMC

03/19/2025

EUR

(3,574,190)

27,557

MSCI

United

Kingdom

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.10%)

Monthly

JPMC

03/19/2025

GBP

(909,050)

18,173

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(0.45%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

03/19/2025

ILS

3,260,205

19,149

Total

unrealized

appreciation

81,135

Amsterdam

Exchange

Index

January

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

01/17/2025

EUR

3,874,376

(

64,039

)

Swiss

Market

Index

March

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

03/21/2025

CHF

26,946,450

(

176,934

)

MSCI

Hong

Kong

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(1.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

HKD

26,950,831

(

103,548

)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.69%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

EUR

7,995,042

(

143,788

)

52

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

(Continued)

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

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TONAR

plus

or

minus

a

specified

spread

(0.30%)

Monthly

JPMC

03/19/2025

JPY

(22,010,482)

$

(

2,005

)

MSCI

Netherlands

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.79%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

EUR

346,682

(

7,577

)

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(0.90%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

SGD

197,923

(

2,378

)

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.63%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

EUR

3,783,066

(

62,919

)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(0.73%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

SEK

56,896,095

(

225,232

)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.79%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

03/19/2025

CHF

431,810

(

4,622

)

Total

unrealized

depreciation

(

793,042

)

Net

unrealized

depreciation

$

(

711,907

)

Schedule

of

Investments

December

31,

2024

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

December

2024

53

(Continued)

Futures

contracts

outstanding

as

of

December

31,

2024:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

IBEX

35

Index

245

1/2025

EUR

$

29,404,850

$

(

116,348

)

MSCI

Singapore

Index

49

1/2025

SGD

1,339,952

(

1,695

)

OMXS30

Index

977

1/2025

SEK

21,926,282

(

589,109

)

FTSE/MIB

Index

203

3/2025

EUR

36,062,599

(

544,046

)

S&P

500

E-Mini

Index

65

3/2025

USD

19,291,188

(

673,930

)

Total

of

long

contracts

(

1,925,128

)

Short

Contracts

CAC

40

10

Euro

Index

(

351

)

1/2025

EUR

(

26,848,812

)

40,193

DAX

Index

(

30

)

3/2025

EUR

(

15,578,148

)

321,061

FTSE

100

Index

(

232

)

3/2025

GBP

(

23,759,510

)

252,977

S&P/TSX

60

Index

(

89

)

3/2025

CAD

(

18,390,052

)

353,516

SPI

200

Index

(

210

)

3/2025

AUD

(

26,476,824

)

510,468

TOPIX

Index

(

24

)

3/2025

JPY

(

4,250,278

)

(

67,830

)

Total

of

short

contracts

1,410,385

Net

unrealized

depreciation

$

(

514,743

)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

December

31,

2024:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

GBP

1,073,000

USD

1,342,089

CITG

3/19/2025

$

437

GBP

1,073,000

USD

1,342,082

JPMC

3/19/2025

444

HKD

659,000

USD

84,862

CITG

3/19/2025

71

HKD

659,000

USD

84,862

JPMC

3/19/2025

71

ILS

860,000

USD

235,632

CITG

3/19/2025

1,387

ILS

859,999

USD

235,630

JPMC

3/19/2025

1,387

JPY

355,000,000

USD

2,268,827

CITG

3/19/2025

7,203

JPY

355,000,000

USD

2,268,816

JPMC

3/19/2025

7,215

USD

2,349,463

AUD

3,715,500

CITG

3/19/2025

49,501

USD

2,349,474

AUD

3,715,500

JPMC

3/19/2025

49,513

USD

42,725,378

CAD

60,068,600

CITG

3/19/2025

820,331

USD

42,725,592

CAD

60,068,600

JPMC

3/19/2025

820,545

USD

43,426,850

CHF

37,954,500

CITG

3/19/2025

1,252,489

USD

43,427,067

CHF

37,954,500

JPMC

3/19/2025

1,252,706

USD

365,319

DKK

2,594,500

CITG

3/19/2025

3,434

USD

365,321

DKK

2,594,500

JPMC

3/19/2025

3,436

USD

26,082,164

EUR

24,770,000

CITG

3/19/2025

339,421

USD

26,082,294

EUR

24,770,000

JPMC

3/19/2025

339,552

USD

17,854,415

GBP

14,197,500

CITG

3/19/2025

90,652

USD

17,854,504

GBP

14,197,500

JPMC

3/19/2025

90,741

USD

4,453

ILS

16,000

CITG

3/19/2025

43

USD

4,453

ILS

16,000

JPMC

3/19/2025

43

USD

4,472,824

JPY

685,000,000

CITG

3/19/2025

81,047

USD

4,472,846

JPY

685,000,000

JPMC

3/19/2025

81,069

USD

39,170,476

NZD

66,671,999

CITG

3/19/2025

1,836,556

USD

39,174,887

NZD

66,672,000

JPMC

3/19/2025

1,840,967

USD

11,492,868

SEK

125,145,271

CITG

3/19/2025

135,402

USD

11,492,925

SEK

125,145,272

JPMC

3/19/2025

135,459

USD

33,980

SGD

46,000

CITG

3/19/2025

194

USD

33,980

SGD

46,000

JPMC

3/19/2025

194

Total

unrealized

appreciation

9,241,510

54

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

December

31,

2024

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

24,246,531

USD

15,280,789

CITG

3/19/2025

$

(

271,749

)

AUD

24,246,532

USD

15,283,504

JPMC

3/19/2025

(

274,464

)

CAD

24,951,000

USD

17,824,002

CITG

3/19/2025

(

417,690

)

CAD

24,951,000

USD

17,823,913

JPMC

3/19/2025

(

417,602

)

CHF

1,333,000

USD

1,500,667

CITG

3/19/2025

(

19,460

)

CHF

1,333,000

USD

1,500,659

JPMC

3/19/2025

(

19,453

)

DKK

5,404,500

USD

766,055

CITG

3/19/2025

(

12,226

)

DKK

5,404,500

USD

766,051

JPMC

3/19/2025

(

12,223

)

EUR

5,759,000

USD

6,078,685

CITG

3/19/2025

(

93,522

)

EUR

5,759,000

USD

6,078,654

JPMC

3/19/2025

(

93,493

)

GBP

36,809,999

USD

46,713,114

CITG

3/19/2025

(

656,831

)

GBP

36,809,998

USD

46,712,879

JPMC

3/19/2025

(

656,597

)

HKD

814,000

USD

104,938

CITG

3/19/2025

(

29

)

HKD

814,000

USD

104,938

JPMC

3/19/2025

(

28

)

ILS

748,499

USD

208,258

CITG

3/19/2025

(

1,970

)

ILS

748,501

USD

208,257

JPMC

3/19/2025

(

1,969

)

JPY

5,618,785,281

USD

37,345,236

CITG

3/19/2025

(

1,321,219

)

JPY

5,618,785,281

USD

37,345,049

JPMC

3/19/2025

(

1,321,024

)

NOK

420,635,000

USD

37,815,151

CITG

3/19/2025

(

870,478

)

NOK

420,635,001

USD

37,814,962

JPMC

3/19/2025

(

870,291

)

NZD

19,242,500

USD

10,878,577

CITG

3/19/2025

(

103,471

)

NZD

19,242,500

USD

10,878,523

JPMC

3/19/2025

(

103,416

)

SGD

1,061,862

USD

793,464

CITG

3/19/2025

(

13,558

)

SGD

1,061,862

USD

793,441

JPMC

3/19/2025

(

13,537

)

USD

6,429,445

CAD

9,230,000

CITG

3/19/2025

(

9,585

)

USD

6,429,477

CAD

9,230,000

JPMC

3/19/2025

(

9,553

)

USD

81,747

HKD

635,000

CITG

3/19/2025

(

92

)

USD

81,747

HKD

635,000

JPMC

3/19/2025

(

92

)

Total

unrealized

depreciation

(

7,585,622

)

Net

unrealized

appreciation

$

1,655,888

55

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2024

See

notes

to

Schedule

of

Investments.

December

31,

2024

(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”):

2.59%

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

3.32%

Euro

Short-Term

Rate

(“ESTR”):

2.91%

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

4.58%

Singapore

Overnight

Rate

Average

(“SORA”):

2.11%

Sterling

Overnight

Index

Average

(“SONIA”):

4.70%

Swiss

Average

Rate

Overnight

(“SARON”):

0.45%

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.51%

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.23%

56

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2024

December

31,

2024

(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 or

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

lack

of

marketability,

with

the

amount

of

such

discount

estimated

by

the

Adviser

in

the

absence

of

market

information.

Assumptions

used

by

the

Funds

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

fair

value

of

the

investment.

The

following

tables

represent

each

Fund’s

valuation

inputs

as

presented

on

the

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

1,121,258,593

$

–

$

–

$

1,121,258,593

Investment

Companies

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

31,849,522

–

–

31,849,522

Total

Assets

$

1,153,108,115

$

–

$

–

$

1,153,108,115

LIABILITIES

Futures

Contracts

*

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

$

(

542,032

)

$

–

$

–

$

(

542,032

)

Total

Liabilities

$

(

542,032

)

$

–

$

–

$

(

542,032

)

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

103,400,046

$

–

$

2,663

$

103,402,709

Investment

Companies

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

5,707,356

–

–

5,707,356

Futures

Contracts

*

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

18,367

–

–

18,367

Total

Assets

$

109,125,769

$

–

$

2,663

$

109,128,432

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

73,906,449

$

441,416,535

$

–

$

515,322,984

Investment

Companies

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

39,783,906

–

–

39,783,906

Total

Assets

$

113,690,355

$

441,416,535

$

–

$

555,106,890

LIABILITIES

Futures

Contracts

*

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

$

(

89,127

)

$

–

$

–

$

(

89,127

)

Total

Liabilities

$

(

89,127

)

$

–

$

–

$

(

89,127

)

57

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2024

December

31,

2024

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

60,823,217

$

403,457,495

$

–

(a)

$

464,280,712

Preferred

Stocks

†

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

–

5,136,598

–

5,136,598

Investment

Companies

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

23,327,333

–

–

23,327,333

Total

Assets

$

84,150,550

$

408,594,093

$

–

(a)

$

492,744,643

LIABILITIES

Futures

Contracts

*

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

$

(

513,286

)

$

–

$

–

$

(

513,286

)

Total

Liabilities

$

(

513,286

)

$

–

$

–

$

(

513,286

)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

603,818,127

$

–

$

–

$

603,818,127

Investment

Companies

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

33,684,596

–

–

33,684,596

Total

Assets

$

637,502,723

$

–

$

–

$

637,502,723

LIABILITIES

Futures

Contracts

*

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

$

(

220,827

)

$

–

$

–

$

(

220,827

)

Total

Liabilities

$

(

220,827

)

$

–

$

–

$

(

220,827

)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

127,255,066

$

–

$

2,791

$

127,257,857

Investment

Companies

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

3,968,610

–

–

3,968,610

Total

Assets

$

131,223,676

$

–

$

2,791

$

131,226,467

LIABILITIES

Futures

Contracts

*

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

$

(

153,438

)

$

–

$

–

$

(

153,438

)

Total

Liabilities

$

(

153,438

)

$

–

$

–

$

(

153,438

)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

32,174,558

$

129,726,826

$

–

$

161,901,384

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

7,899,637

–

–

7,899,637

Total

Assets

$

40,074,195

$

129,726,826

$

–

(a)

$

169,801,021

LIABILITIES

Futures

Contracts

*

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

$

(

45,147

)

$

–

$

–

$

(

45,147

)

Total

Liabilities

$

(

45,147

)

$

–

$

–

$

(

45,147

)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

2,119,591,600

$

–

$

–

$

2,119,591,600

Investment

Companies

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

66,346,487

–

–

66,346,487

Total

Assets

$

2,185,938,087

$

–

$

–

$

2,185,938,087

LIABILITIES

Futures

Contracts

*

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

$

(

1,937,593

)

$

–

$

–

$

(

1,937,593

)

Total

Liabilities

$

(

1,937,593

)

$

–

$

–

$

(

1,937,593

)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

41,063,916

$

177,205,796

$

–

$

218,269,712

Preferred

Stocks

†

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

2,886,969

–

–

2,886,969

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

8,180,535

–

–

8,180,535

Total

Assets

$

52,131,420

$

177,205,796

$

–

(a)

$

229,337,216

LIABILITIES

Futures

Contracts

*

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

$

(

90,179

)

$

–

$

–

$

(

90,179

)

Total

Liabilities

$

(

90,179

)

$

–

$

–

$

(

90,179

)

58

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

December

2024

December

31,

2024

(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.

Securities

classified

as

Level

3

in

the

Schedules

of

Investments

of AQR

Small

Cap

Multi-Style

Fund,

 AQR

Emerging

Multi-Style

II

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

International

Defensive

Style

Fund

and

AQR

Global

Equity

Fund

are

considered

quantitatively

insignificant

for

additional

disclosure.

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

ASSETS

Common

Stocks

†

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

$

257,068,798

$

84,468,583

$

–

(a)

$

341,537,381

Preferred

Stocks

†

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

–

679,004

–

679,004

Investment

Companies

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

29,374,688

–

–

29,374,688

Total

Return

Swap

Contracts

*

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

–

81,135

–

81,135

Futures

Contracts

*

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

1,478,215

–

–

1,478,215

Forward

Foreign

Currency

Exchange

Contracts

*

........

–

9,241,510

–

9,241,510

Total

Assets

$

287,921,701

$

94,470,232

$

–

(a)

$

382,391,933

LIABILITIES

Total

Return

Swap

Contracts

*

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

$

–

$

(

793,042

)

$

–

$

(

793,042

)

Futures

Contracts

*

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

(

1,992,958

)

–

–

(

1,992,958

)

Forward

Foreign

Currency

Exchange

Contracts

*

........

–

(

7,585,622

)

–

(

7,585,622

)

Total

Liabilities

$

(

1,992,958

)

$

(

8,378,664

)

$

–

$

(

10,371,622

)

*

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)

Securities

have

zero

value.