Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

1

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

240.8%

COMMON

STOCKS

-

174.0%

Australia

-

6

.1

%

AGL

Energy

Ltd.

(2)(a)

118,109

779,593

ANZ

Group

Holdings

Ltd.

(2)(a)

56,279

1,030,416

Aristocrat

Leisure

Ltd.

(2)(a)

35,549

1,437,714

Aurizon

Holdings

Ltd.

(2)(a)

263,694

512,627

BHP

Group

Ltd.

(2)(a)

36,761

891,937

BlueScope

Steel

Ltd.

(2)(a)

66,577

891,729

Brambles

Ltd.

(2)(a)

43,327

547,360

CAR

Group

Ltd.

(2)(a)

2,137

42,592

Computershare

Ltd.

(2)(a)

5,164

127,288

Evolution

Mining

Ltd.

(2)(a)

38,792

173,570

Harvey

Norman

Holdings

Ltd.

(2)

(a)

86,715

272,737

Incitec

Pivot

Ltd.

(2)(a)

155,110

248,765

JB

Hi-Fi

Ltd.

(2)(a)

21,683

1,267,375

Lendlease

Corp.

Ltd.

(2)(a)

81,937

304,394

Medibank

Pvt

Ltd.

(2)(a)

74,848

209,188

Northern

Star

Resources

Ltd.

(2)

(a)

35,667

411,782

Orica

Ltd.

(2)(a)

8,891

95,029

Origin

Energy

Ltd.

(2)(a)

39,369

260,519

Pro

Medicus

Ltd.

(2)(a)

10,077

1,275,501

Qantas

Airways

Ltd.

(2)(a)

18,261

104,109

QBE

Insurance

Group

Ltd.

(2)(a)

71,385

986,338

Qube

Holdings

Ltd.

(2)(a)

151,669

375,528

REA

Group

Ltd.

(2)(a)

3,024

419,563

Suncorp

Group

Ltd.

(2)(a)

47,094

570,387

Tabcorp

Holdings

Ltd.

(2)

29,182

10,827

Technology

One

Ltd.

(2)(a)

12,170

214,061

Telstra

Group

Ltd.

(2)(a)

187,683

495,818

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)(a)

2,800

61,007

Wesfarmers

Ltd.

(2)(a)

24,234

1,098,623

Westpac

Banking

Corp.

(2)(a)

46,984

936,271

Worley

Ltd.

(2)(a)

52,817

480,502

Yancoal

Australia

Ltd.

(2)(a)

72,639

230,459

16,763,609

Austria

-

0

.0

%

†

Mondi

plc

(2)(a)

4,794

71,513

Belgium

-

0

.8

%

Ageas

SA/NV

(2)(a)

17,858

1,070,469

KBC

Group

NV

(2)

656

59,790

Liberty

Global

Ltd.,

Class

A

*(a)(b)

27,987

322,130

Solvay

SA

(2)(a)

9,410

334,730

Umicore

SA

(2)(a)

33,439

346,417

2,133,536

Brazil

-

0

.1

%

Yara

International

ASA

(2)

5,112

154,206

Canada

-

8

.3

%

Air

Canada

*(a)

17,002

167,415

AltaGas

Ltd.

(a)

23,558

646,145

ARC

Resources

Ltd.

(a)

24,089

484,274

Atco

Ltd.,

Class

I

(a)

6,810

237,182

Bank

of

Montreal

(a)

3,809

363,735

Bank

of

Nova

Scotia

(The)

(a)

27,094

1,284,615

INVESTMENTS

SHARES

VALUE

($)

Canada

-

8.3%

(continued)

Bombardier,

Inc.,

Class

B

*(a)

1,510

84,973

Brookfield

Renewable

Corp.

(a)

4,524

126,284

Canadian

Imperial

Bank

of

Commerce

(a)

17,351

976,035

Canadian

Tire

Corp.

Ltd.,

Class

A

(a)

6,893

715,812

Capital

Power

Corp.

(a)

22,331

742,220

CCL

Industries,

Inc.,

Class

B

(a)

4,621

225,711

Celestica,

Inc.

*(a)

4,262

336,209

Cenovus

Energy,

Inc.

(a)

3,509

48,768

CGI,

Inc.

(a)

5,268

525,903

Descartes

Systems

Group,

Inc.

(The)

*(a)

821

82,651

Emera,

Inc.

(a)

6,086

256,331

Empire

Co.

Ltd.,

Class

A

(a)

23,941

802,719

Fairfax

Financial

Holdings

Ltd.

(a)

1,051

1,518,997

Finning

International,

Inc.

(a)

12,272

345,293

Fortis,

Inc.

(a)

6,192

282,051

George

Weston

Ltd.

(a)

1,979

337,381

Hydro

One

Ltd.

(a)(c)

7,894

265,446

iA

Financial

Corp.,

Inc.

(a)

7,308

694,007

IGM

Financial,

Inc.

(a)

9,597

295,169

Imperial

Oil

Ltd.

(a)

8,317

600,780

Kinross

Gold

Corp.

(a)

53,177

669,955

Loblaw

Cos.

Ltd.

(a)

1,903

266,675

Lundin

Gold,

Inc.

(a)

1,872

57,966

Magna

International,

Inc.

(a)

24,009

816,011

Manulife

Financial

Corp.

(a)

65,293

2,034,495

MEG

Energy

Corp.

(a)

26,464

463,977

Northland

Power,

Inc.

(a)

15,090

206,261

Onex

Corp.

(a)

3,804

254,587

Open

Text

Corp.

(a)

33,928

856,304

Parkland

Corp.

(a)

9,813

245,623

Quebecor,

Inc.,

Class

B

(a)

8,458

213,412

Saputo,

Inc.

(a)

9,454

163,123

Stantec,

Inc.

(a)

3,864

320,279

Sun

Life

Financial,

Inc.

(a)

9,821

562,077

Suncor

Energy,

Inc.

(a)

17,440

675,277

TFI

International,

Inc.

(a)

3,445

266,733

TMX

Group

Ltd.

(a)

7,350

268,350

Tourmaline

Oil

Corp.

(a)

14,446

696,677

West

Fraser

Timber

Co.

Ltd.

(a)

8,796

675,600

Whitecap

Resources,

Inc.

(a)

84,251

542,138

22,701,626

China

-

0

.8

%

BOC

Hong

Kong

Holdings

Ltd.

(2)

47,000

190,299

NXP

Semiconductors

NV

(a)(b)

1,237

235,104

Wilmar

International

Ltd.

(2)

17,900

44,386

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

1,020,200

1,790,480

2,260,269

Denmark

-

2

.1

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

653

1,136,501

Carlsberg

A/S,

Class

B

(2)(a)

3,191

403,910

Danske

Bank

A/S

(2)(a)

16,206

530,445

Genmab

A/S

(2)*(a)

1,803

351,261

ISS

A/S

(2)(a)

36,217

831,637

2

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

2.1%

(continued)

Jyske

Bank

A/S

(Registered)

(2)(a)

3,740

299,701

Pandora

A/S

(2)(a)

7,272

1,114,516

ROCKWOOL

A/S,

Class

B

(2)(a)

2,104

872,125

Royal

Unibrew

A/S

(2)(a)

2,232

177,713

5,717,809

Finland

-

1

.4

%

Elisa

OYJ

(a)

3,712

180,941

Fortum

OYJ

(2)(a)

36,341

595,102

Kesko

OYJ,

Class

B

(2)(a)

8,732

178,486

Kone

OYJ,

Class

B

(2)(a)

6,055

334,089

Metso

OYJ

(2)(a)

15,856

164,399

Nokia

OYJ

(2)(a)

336,853

1,774,136

Orion

OYJ,

Class

B

(2)(a)

2,598

154,313

Valmet

OYJ

(2)(a)

7,791

211,315

Wartsila

OYJ

Abp

(2)(a)

16,191

288,904

3,881,685

France

-

5

.5

%

Amundi

SA

(2)(a)(c)

5,425

425,024

Arkema

SA

(2)(a)

3,590

274,890

BNP

Paribas

SA

(2)(a)

13,945

1,165,514

Bouygues

SA

(2)(a)

26,855

1,058,634

Carrefour

SA

(2)(a)

71,298

1,019,697

Cie

de

Saint-Gobain

SA

(2)(a)

19,907

1,983,074

Credit

Agricole

SA

(2)(a)

74,477

1,356,007

Dassault

Aviation

SA

(2)(a)

1,318

434,579

Eiffage

SA

(2)(a)

12,059

1,404,016

Engie

SA

(2)(a)

25,164

490,341

Forvia

SE

(2)(a)

10,240

84,029

Gaztransport

Et

Technigaz

SA

(2)

(a)

979

148,450

Ipsen

SA

(2)(a)

504

58,051

Orange

SA

(2)(a)

50,154

649,702

Rexel

SA

(2)(a)

32,614

878,978

Societe

Generale

SA

(2)(a)

39,226

1,769,639

Sodexo

SA

(a)

4,992

320,632

TotalEnergies

SE

(2)(a)

14,528

936,082

Ubisoft

Entertainment

SA

(2)*(a)

6,293

76,104

Veolia

Environnement

SA

(2)(a)

7,483

257,354

Vinci

SA

(2)(a)

1,017

128,203

Vivendi

SE

(2)(a)

70,538

211,451

15,130,451

Germany

-

6

.7

%

Allianz

SE

(Registered)

(2)(a)

3,444

1,318,053

Aroundtown

SA

(2)*(a)

115,398

316,181

Aurubis

AG

(2)*(a)

8,098

768,262

Bechtle

AG

(2)(a)

18,867

704,677

Brenntag

SE

(2)(a)

1,661

107,662

Commerzbank

AG

(2)(a)

53,342

1,220,731

CTS

Eventim

AG

&

Co.

KGaA

(2)

(a)

1,220

122,393

Deutsche

Bank

AG

(Registered)

(2)(a)

91,176

2,173,378

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

134,171

977,600

Deutsche

Telekom

AG

(Registered)

(2)(a)

10,972

405,086

E.ON

SE

(2)(a)

51,810

782,059

INVESTMENTS

SHARES

VALUE

($)

Germany

-

6.7%

(continued)

Evonik

Industries

AG

(2)(a)

45,873

994,481

Freenet

AG

(a)

12,474

475,322

Fresenius

Medical

Care

AG

(2)(a)

4,782

237,952

GEA

Group

AG

(2)(a)

3,540

215,193

Hannover

Rueck

SE

(2)(a)

890

265,271

Heidelberg

Materials

AG

(2)(a)

12,102

2,086,114

HUGO

BOSS

AG

(2)(a)

10,009

380,523

KION

Group

AG

(2)(a)

3,699

155,122

Knorr-Bremse

AG

(2)(a)

3,049

277,474

LANXESS

AG

(2)(a)

5,395

164,110

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

2,510

1,585,620

Talanx

AG

(2)(a)

5,196

546,496

thyssenkrupp

AG

(2)(a)

137,909

1,415,897

Zalando

SE

(2)*(a)(c)

17,545

608,554

18,304,211

Guatemala

-

0

.1

%

Millicom

International

Cellular

SA,

SDR

(3)

12,388

369,725

Hong

Kong

-

0

.5

%

Sun

Hung

Kai

Properties

Ltd.

(2)(a)

32,500

309,649

Swire

Pacific

Ltd.,

Class

A

(a)

6,000

52,895

WH

Group

Ltd.

(2)(c)

898,500

825,006

Wharf

Real

Estate

Investment

Co.

Ltd.

(2)(a)

18,000

43,706

1,231,256

Italy

-

3

.9

%

A2A

SpA

(2)(a)

266,859

643,145

Azimut

Holding

SpA

(2)(a)

17,932

502,084

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

39,794

316,491

BPER

Banca

SpA

(2)(a)

20,784

163,148

Buzzi

SpA

(2)(a)

14,551

700,185

Coca-Cola

HBC

AG

(2)(a)

5,275

238,904

Generali

(2)(a)

49,291

1,731,548

Hera

SpA

(2)(a)

136,946

593,234

Italgas

SpA

(2)(a)

19,909

142,751

Leonardo

SpA

(2)(a)

49,980

2,433,968

Pirelli

&

C

SpA

(2)(a)(c)

22,478

133,799

Poste

Italiane

SpA

(2)(a)(c)

22,704

405,047

UniCredit

SpA

(2)(a)

23,742

1,332,690

Unipol

Assicurazioni

SpA

(2)(a)

76,633

1,226,736

10,563,730

Japan

-

22

.5

%

ABC-Mart,

Inc.

(2)(a)

20,100

375,012

AGC,

Inc.

(2)(a)

6,700

203,966

Air

Water,

Inc.

(2)(a)

13,100

165,688

Amada

Co.

Ltd.

(2)(a)

57,600

561,001

ANA

Holdings,

Inc.

(2)(a)

18,100

334,103

Asahi

Group

Holdings

Ltd.

(2)(a)

36,200

462,512

Asahi

Kasei

Corp.

(2)(a)

35,800

250,982

Azbil

Corp.

(2)(a)

10,600

82,345

Bandai

Namco

Holdings,

Inc.

(2)(a)

24,100

808,494

Brother

Industries

Ltd.

(2)(a)

27,700

501,547

Canon,

Inc.

(2)(a)

3,100

96,668

Central

Japan

Railway

Co.

(2)(a)

72,800

1,388,599

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

3

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

22.5%

(continued)

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

73,000

791,482

CyberAgent,

Inc.

(2)(a)

36,900

280,794

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

30,400

432,818

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

124,800

952,914

Daito

Trust

Construction

Co.

Ltd.

(2)(a)

4,100

419,529

Daiwa

House

Industry

Co.

Ltd.

(2)

(a)

12,200

403,509

Ebara

Corp.

(2)(a)

27,100

412,478

ENEOS

Holdings,

Inc.

(2)(a)

78,400

413,482

Fuji

Electric

Co.

Ltd.

(2)(a)

6,600

282,148

Fujikura

Ltd.

(2)(a)

2,500

92,587

Fujitsu

Ltd.

(2)(a)

21,300

423,889

Hakuhodo

DY

Holdings,

Inc.

(2)(a)

37,800

274,279

Haseko

Corp.

(2)(a)

27,600

363,359

Hikari

Tsushin,

Inc.

(2)(a)

900

232,285

Hirose

Electric

Co.

Ltd.

(2)(a)

3,800

440,170

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

9,400

250,462

Honda

Motor

Co.

Ltd.

(2)(a)

7,100

64,252

Hoya

Corp.

(2)(a)

1,800

203,145

Idemitsu

Kosan

Co.

Ltd.

(2)(a)

68,100

481,691

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

18,300

279,178

Inpex

Corp.

(2)(a)

70,200

973,730

Isuzu

Motors

Ltd.

(2)(a)

8,300

112,860

ITOCHU

Corp.

(2)(a)

16,600

770,621

Japan

Post

Bank

Co.

Ltd.

(2)(a)

71,500

725,981

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

49,800

499,365

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

24,400

497,271

Japan

Tobacco,

Inc.

(2)(a)

31,300

860,316

Kajima

Corp.

(2)(a)

17,100

349,788

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)(a)

40,600

481,842

Kao

Corp.

(2)(a)

4,500

194,790

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

34,600

470,297

KDDI

Corp.

(2)(a)

45,200

713,964

Kinden

Corp.

(2)(a)

29,000

650,305

Kirin

Holdings

Co.

Ltd.

(2)(a)

9,300

128,862

Koito

Manufacturing

Co.

Ltd.

(2)(a)

3,700

45,636

Komatsu

Ltd.

(2)(a)

6,700

196,197

Konami

Group

Corp.

(2)(a)

5,200

614,028

Kuraray

Co.

Ltd.

(2)(a)

36,800

453,467

Kyocera

Corp.

(2)(a)

25,100

283,505

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

30,200

263,761

Kyushu

Railway

Co.

(2)(a)

3,800

92,791

Makita

Corp.

(2)(a)

14,400

477,122

Marubeni

Corp.

(2)(a)

34,500

553,443

Mazda

Motor

Corp.

(2)(a)

85,900

549,619

McDonald's

Holdings

Co.

Japan

Ltd.

(2)(a)

5,500

209,831

Medipal

Holdings

Corp.

(2)(a)

28,000

436,873

MEIJI

Holdings

Co.

Ltd.

(a)

4,000

86,672

MINEBEA

MITSUMI,

Inc.

(2)(a)

13,100

191,476

MISUMI

Group,

Inc.

(2)(a)

23,000

382,828

Mitsubishi

Chemical

Group

Corp.

(2)(a)

40,400

199,636

Mitsubishi

Corp.

(2)(a)

18,300

323,082

INVESTMENTS

SHARES

VALUE

($)

Japan

-

22.5%

(continued)

Mitsubishi

Electric

Corp.

(2)(a)

54,600

1,006,950

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

16,600

259,353

Mitsubishi

HC

Capital,

Inc.

(2)(a)

82,100

556,343

Mitsubishi

Motors

Corp.

(2)(a)

46,300

127,665

Mitsui

&

Co.

Ltd.

(2)(a)

17,300

326,161

Mitsui

Chemicals,

Inc.

(2)(a)

9,000

202,146

Mitsui

OSK

Lines

Ltd.

(2)(a)

7,500

261,129

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

33,500

728,553

Murata

Manufacturing

Co.

Ltd.

(2)

(a)

16,500

254,512

NGK

Insulators

Ltd.

(2)(a)

51,200

630,835

NH

Foods

Ltd.

(2)(a)

9,400

314,193

Nintendo

Co.

Ltd.

(2)(a)

7,500

509,833

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

11,900

216,757

Nippon

Steel

Corp.

(2)(a)

22,000

470,824

Nippon

Telegraph

&

Telephone

Corp.

(2)

127,700

123,418

Nippon

Yusen

KK

(2)(a)

27,600

912,127

Nisshin

Seifun

Group,

Inc.

(2)(a)

25,400

293,330

Nitto

Denko

Corp.

(2)(a)

38,700

715,817

NOF

Corp.

(2)(a)

400

5,436

Nomura

Holdings,

Inc.

(2)(a)

49,000

301,934

Nomura

Real

Estate

Holdings,

Inc.

(2)(a)

29,000

169,231

Obayashi

Corp.

(2)(a)

21,800

290,820

Oji

Holdings

Corp.

(2)(a)

170,200

713,462

Ono

Pharmaceutical

Co.

Ltd.

(2)(a)

10,000

107,586

Open

House

Group

Co.

Ltd.

(2)(a)

6,000

223,659

ORIX

Corp.

(2)(a)

4,100

85,604

Osaka

Gas

Co.

Ltd.

(2)(a)

28,200

638,091

Otsuka

Corp.

(2)(a)

31,600

684,185

Otsuka

Holdings

Co.

Ltd.

(2)(a)

15,700

818,127

Panasonic

Holdings

Corp.

(2)(a)

139,700

1,666,553

Persol

Holdings

Co.

Ltd.

(2)

257,400

428,881

Ricoh

Co.

Ltd.

(2)(a)

24,300

257,049

Rinnai

Corp.

(2)(a)

10,000

231,002

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

33,300

909,706

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

40,100

381,913

Sanwa

Holdings

Corp.

(2)(a)

11,300

362,610

SCREEN

Holdings

Co.

Ltd.

(2)(a)

5,200

339,256

SCSK

Corp.

(2)(a)

10,000

247,277

Secom

Co.

Ltd.

(2)(a)

2,800

95,365

Sega

Sammy

Holdings,

Inc.

(2)(a)

10,500

202,742

Seiko

Epson

Corp.

(2)(a)

23,000

368,473

Sekisui

Chemical

Co.

Ltd.

(2)(a)

35,700

608,893

Shimamura

Co.

Ltd.

(2)(a)

17,100

980,081

Shionogi

&

Co.

Ltd.

(2)(a)

37,000

558,505

Skylark

Holdings

Co.

Ltd.

(2)(a)

22,300

446,836

Socionext,

Inc.

(2)(a)

28,300

343,637

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

58,200

437,795

Sojitz

Corp.

(2)(a)

26,320

580,099

Sompo

Holdings,

Inc.

(2)(a)

35,600

1,084,064

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

22,300

1,035,870

Stanley

Electric

Co.

Ltd.

(2)(a)

5,200

98,084

4

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

22.5%

(continued)

Subaru

Corp.

(2)(a)

62,800

1,124,697

Sugi

Holdings

Co.

Ltd.

(2)(a)

14,300

268,064

Sumitomo

Corp.

(2)(a)

23,500

536,220

Sumitomo

Heavy

Industries

Ltd.

(2)(a)

20,700

424,031

Sumitomo

Mitsui

Trust

Group,

Inc.

(2)(a)

15,700

395,189

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

17,800

587,252

T&D

Holdings,

Inc.

(2)(a)

11,900

254,696

TBS

Holdings,

Inc.

(2)(a)

16,600

478,810

TDK

Corp.

(2)(a)

34,900

365,720

TIS,

Inc.

(2)(a)

4,400

121,761

Toei

Animation

Co.

Ltd.

(2)(a)

7,500

156,328

Toho

Co.

Ltd.

(2)(a)

4,100

203,728

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

82,000

565,805

Tokyo

Century

Corp.

(2)(a)

9,500

93,051

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

334,500

962,925

Tokyo

Gas

Co.

Ltd.

(2)(a)

16,700

531,237

Tokyu

Fudosan

Holdings

Corp.

(2)

(a)

48,500

325,413

TOPPAN

Holdings,

Inc.

(2)(a)

36,300

992,343

Toray

Industries,

Inc.

(2)(a)

39,500

269,940

Tosoh

Corp.

(2)(a)

25,700

353,646

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

10,000

591,832

Toyota

Industries

Corp.

(2)(a)

5,500

470,400

Toyota

Tsusho

Corp.

(2)(a)

53,800

906,415

Tsuruha

Holdings,

Inc.

(2)(a)

4,300

267,015

Yamazaki

Baking

Co.

Ltd.

(2)(a)

7,000

134,248

Yokogawa

Electric

Corp.

(2)(a)

17,200

335,675

Zensho

Holdings

Co.

Ltd.

(2)(a)

7,600

409,825

ZOZO,

Inc.

(2)(a)

21,000

201,134

61,455,499

Luxembourg

-

0

.2

%

ArcelorMittal

SA

(2)

20,168

582,584

Netherlands

-

2

.0

%

Aalberts

NV

(2)(a)

11,866

404,582

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(c)

45,140

951,162

ASR

Nederland

NV

(2)(a)

4,019

231,043

EXOR

NV

(2)(a)

1,781

161,738

JDE

Peet's

NV

(2)(a)

5,329

116,511

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

45,748

1,708,919

Koninklijke

KPN

NV

(2)(a)

61,722

261,433

Koninklijke

Philips

NV

(2)*(a)

9,165

233,324

NN

Group

NV

(2)(a)

18,246

1,015,313

Randstad

NV

(2)(a)

11,699

486,284

5,570,309

Nigeria

-

0

.0

%

†

Airtel

Africa

plc

(2)(c)

23,956

51,580

Norway

-

0

.7

%

Equinor

ASA

(2)(a)

14,788

390,533

Kongsberg

Gruppen

ASA

(2)(a)

5,934

870,014

Norsk

Hydro

ASA

(2)(a)

70,940

410,104

INVESTMENTS

SHARES

VALUE

($)

Norway

-

0.7%

(continued)

Orkla

ASA

(2)(a)

10,285

112,790

Telenor

ASA

(2)(a)

7,771

111,040

1,894,481

Portugal

-

0

.1

%

EDP

SA

57,244

192,627

Galp

Energia

SGPS

SA

(2)

6,714

117,629

310,256

Singapore

-

0

.9

%

Genting

Singapore

Ltd.

(2)

1,275,600

707,820

Oversea-Chinese

Banking

Corp.

Ltd.

(2)

45,800

586,974

Singapore

Airlines

Ltd.

(2)

74,900

377,307

STMicroelectronics

NV

(2)

23,033

505,057

United

Overseas

Bank

Ltd.

(2)

5,500

155,191

2,332,349

Spain

-

2

.1

%

Acciona

SA

(2)(a)

2,633

344,614

Acerinox

SA

(2)(a)

41,622

487,572

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

6,102

349,238

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)(a)

101,181

1,380,876

Banco

Santander

SA

(2)(a)

260,418

1,754,413

CaixaBank

SA

(2)(a)

12,381

96,445

Enagas

SA

(2)(a)

4,045

58,233

Mapfre

SA

(2)(a)

150,846

464,752

Repsol

SA

(2)(a)

64,718

859,295

5,795,438

Sweden

-

3

.3

%

AAK

AB

(2)(a)

8,375

233,754

Asmodee

Group

AB,

Class

B

*(a)

15,385

140,047

Axfood

AB

(a)

1,981

44,500

Boliden

AB

(2)(a)

13,131

430,863

Elekta

AB,

Class

B

(2)(a)

38,793

203,722

Embracer

Group

AB

(2)*(a)

45,056

476,435

Essity

AB,

Class

B

(2)(a)

21,948

623,570

Evolution

AB

(2)(a)(c)

1,144

85,239

Getinge

AB,

Class

B

(2)(a)

28,379

611,674

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)(a)

26,334

347,348

Sandvik

AB

(2)(a)

20,631

433,901

Securitas

AB,

Class

B

(2)(a)

51,182

724,275

Skanska

AB,

Class

B

(2)*(a)

18,465

407,542

SKF

AB,

Class

B

(2)*(a)

48,358

979,663

SSAB

AB,

Class

B

(2)(a)

128,594

783,541

Swedbank

AB,

Class

A

(2)(a)

5,778

131,591

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)(a)

113,230

881,015

Telia

Co.

AB

(a)

39,716

143,387

Trelleborg

AB,

Class

B

(2)(a)

13,111

487,620

Volvo

AB,

Class

B

(2)*(a)

18,317

537,391

Volvo

Car

AB,

Class

B

(2)*(a)

115,936

223,485

8,930,563

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

5

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

3

.4

%

Adecco

Group

AG

(Registered)

(2)(a)

26,671

802,015

BKW

AG

(2)(a)

2,219

388,112

Flughafen

Zurich

AG

(Registered)

(2)(a)

2,725

646,450

Geberit

AG

(Registered)

(2)(a)

1,161

727,351

Georg

Fischer

AG

(Registered)

(2)(a)

1,445

105,758

Helvetia

Holding

AG

(Registered)

(2)(a)

301

62,431

Logitech

International

SA

(Registered)

(2)(a)

7,074

599,417

PSP

Swiss

Property

AG

(Registered)

(2)(a)

1,321

206,369

Schindler

Holding

AG

(2)(a)

2,154

675,089

SGS

SA

(Registered)

(2)(a)

5,628

560,767

Sonova

Holding

AG

(Registered)

(2)(a)

1,790

522,645

Swatch

Group

AG

(The)

(2)(a)

1,311

226,077

Swiss

Life

Holding

AG

(Registered)

(2)(a)

774

706,128

Swiss

Prime

Site

AG

(Registered)

(2)(a)

3,204

393,189

Swisscom

AG

(Registered)

(2)(a)

1,343

773,906

TE

Connectivity

plc

(a)

3,590

507,339

Tecan

Group

AG

(Registered)

(2)

(a)

810

154,126

UBS

Group

AG

(Registered)

(2)(a)

15,925

489,130

Zurich

Insurance

Group

AG

(2)(a)

913

637,281

9,183,580

United

Kingdom

-

6

.3

%

Aberdeen

Group

plc

(2)(a)

106,694

213,972

Associated

British

Foods

plc

(2)(a)

8,405

208,372

Aviva

plc

(2)(a)

45,027

324,514

BAE

Systems

plc

(2)(a)

35,160

709,968

Barclays

plc

(2)(a)

444,148

1,670,011

Barratt

Redrow

plc

(2)(a)

24,764

136,223

Beazley

plc

(2)(a)

21,568

259,760

British

American

Tobacco

plc

(2)(a)

1,385

56,819

BT

Group

plc

(2)(a)

405,287

869,324

Centrica

plc

(2)

362,646

702,174

CK

Hutchison

Holdings

Ltd.

(2)(a)

19,500

109,920

DCC

plc

(2)(a)

12,503

835,599

easyJet

plc

(2)(a)

74,879

430,564

Howden

Joinery

Group

plc

(2)(a)

13,817

129,220

HSBC

Holdings

plc

(2)(a)

29,580

335,333

Imperial

Brands

plc

(2)(a)

19,030

704,146

InterContinental

Hotels

Group

plc

(2)(a)

1,942

209,096

International

Distribution

Services

plc

(a)

46,696

218,960

Investec

plc

(a)

18,154

112,374

J

Sainsbury

plc

(2)(a)

14,395

43,877

JD

Sports

Fashion

plc

(2)

271,530

240,096

Johnson

Matthey

plc

(2)(a)

6,450

110,872

Just

Eat

Takeaway.com

NV

(2)*(a)

(c)

33,472

706,941

Kingfisher

plc

(2)(a)

278,960

918,897

Lloyds

Banking

Group

plc

(2)

452,107

424,039

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

6.3%

(continued)

Man

Group

plc

(2)(a)

93,479

239,902

Marks

&

Spencer

Group

plc

(2)(a)

201,395

929,811

NatWest

Group

plc

(2)(a)

154,602

912,831

Pearson

plc

(2)(a)

15,578

246,436

Rolls-Royce

Holdings

plc

(2)*(a)

133,465

1,297,195

Schroders

plc

(2)(a)

29,768

134,774

Standard

Chartered

plc

(2)(a)

106,101

1,574,472

Subsea

7

SA

(2)(a)

14,159

226,389

Tesco

plc

(2)(a)

48,583

209,018

Travis

Perkins

plc

(2)(a)

26,354

187,999

Vodafone

Group

plc

(2)

687,607

646,090

17,285,988

United

States

-

96

.2

%

3M

Co.

(a)

9,795

1,438,494

A

O

Smith

Corp.

(a)(b)

4,061

265,427

Abbott

Laboratories

(a)

6,079

806,379

AbbVie,

Inc.

(a)

4,255

891,508

Abercrombie

&

Fitch

Co.,

Class

A

*(a)

5,453

416,446

Acuity,

Inc.

(a)

4,835

1,273,297

Adobe,

Inc.

*(a)

3,714

1,424,430

ADT,

Inc.

(a)

89,372

727,488

Agilent

Technologies,

Inc.

(a)

775

90,660

Airbnb,

Inc.,

Class

A

*(a)(b)

1,631

194,839

Akamai

Technologies,

Inc.

*(a)(b)

3,895

313,548

Albertsons

Cos.,

Inc.,

Class

A

(a)

28,884

635,159

Alcon

AG

(2)(a)

3,938

373,657

Align

Technology,

Inc.

*(a)

3,064

486,747

ALLETE,

Inc.

(a)

6,698

440,059

Allison

Transmission

Holdings,

Inc.

(a)

10,858

1,038,785

Allstate

Corp.

(The)

(a)

4,459

923,325

Alphabet,

Inc.,

Class

A

(a)

5,644

872,788

Altria

Group,

Inc.

(a)

41,258

2,476,304

Amdocs

Ltd.

(a)

6,303

576,725

American

Electric

Power

Co.,

Inc.

(a)

7,823

854,819

Ameriprise

Financial,

Inc.

(a)(b)

2,914

1,410,697

Amgen,

Inc.

(a)

2,380

741,489

Amkor

Technology,

Inc.

(a)

41,470

748,948

Applied

Materials,

Inc.

(a)

3,379

490,360

Aramark

(a)(b)

16,970

585,804

Archer-Daniels-Midland

Co.

(a)(b)

913

43,833

Arista

Networks,

Inc.

*(a)

18,565

1,438,416

Arrow

Electronics,

Inc.

*(a)(b)

8,539

886,604

ASGN,

Inc.

*(a)(b)

8,136

512,731

Associated

Banc-Corp.

(a)

9,558

215,342

Assurant,

Inc.

(a)

2,615

548,496

Assured

Guaranty

Ltd.

(a)

1,079

95,060

AT&T,

Inc.

(a)

69,164

1,955,958

Atlassian

Corp.,

Class

A

*(a)

199

42,230

AutoNation,

Inc.

*(a)

3,231

523,164

Avantor,

Inc.

*(a)(b)

47,384

768,095

Avient

Corp.

(a)(b)

10,873

404,041

Avnet,

Inc.

(a)(b)

22,924

1,102,415

Axalta

Coating

Systems

Ltd.

*(a)

11,559

383,412

Axis

Capital

Holdings

Ltd.

(a)

6,901

691,756

Bank

of

New

York

Mellon

Corp.

(The)

(a)(b)

15,623

1,310,301

6

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Bank

OZK

(a)

18,734

813,992

Belden,

Inc.

(a)(b)

1,302

130,526

BellRing

Brands,

Inc.

*(a)

2,282

169,918

Best

Buy

Co.,

Inc.

(a)

9,496

699,001

Biogen,

Inc.

*(a)

8,279

1,132,898

Black

Hills

Corp.

(a)

8,841

536,207

BOK

Financial

Corp.

(a)

1,316

137,061

Booking

Holdings,

Inc.

(a)

320

1,474,211

BorgWarner,

Inc.

(a)

16,388

469,516

Boston

Beer

Co.,

Inc.

(The),

Class

A

*(a)

2,013

480,785

BP

plc

(2)(a)

76,843

431,201

Bristol-Myers

Squibb

Co.

(a)

9,562

583,186

Builders

FirstSource,

Inc.

*(a)(b)

3,942

492,513

Bunge

Global

SA

(a)(b)

5,953

454,928

BWX

Technologies,

Inc.

(a)(b)

2,967

292,695

Cabot

Corp.

(a)(b)

8,127

675,679

CACI

International,

Inc.,

Class

A

*(a)(b)

1,159

425,260

Cadence

Bank

(a)(b)

11,292

342,825

Cadence

Design

Systems,

Inc.

*(a)(b)

1,531

389,379

Capital

One

Financial

Corp.

(a)

5,447

976,647

Cardinal

Health,

Inc.

(a)

9,041

1,245,579

Carlisle

Cos.,

Inc.

(a)(b)

1,123

382,382

Carnival

Corp.

*(a)(b)

20,342

397,279

Casey's

General

Stores,

Inc.

(a)

802

348,100

CBRE

Group,

Inc.,

Class

A

*(a)

6,082

795,404

Cencora,

Inc.

(a)

4,061

1,129,323

Centene

Corp.

*(a)

7,114

431,891

Charter

Communications,

Inc.,

Class

A

*(a)(b)

378

139,304

Chevron

Corp.

(a)(b)

2,614

437,296

Chubb

Ltd.

(a)(b)

1,632

492,848

Ciena

Corp.

*(a)(b)

8,394

507,249

Cigna

Group

(The)

(a)(b)

2,511

826,119

Cincinnati

Financial

Corp.

(a)

4,077

602,254

Cintas

Corp.

(a)

3,636

747,307

Cirrus

Logic,

Inc.

*(a)

9,264

923,204

Cisco

Systems,

Inc.

(a)

7,066

436,043

Citigroup,

Inc.

(a)

19,137

1,358,536

Citizens

Financial

Group,

Inc.

(a)

(b)

17,278

707,880

Civitas

Resources,

Inc.

(a)

15,422

538,074

Clean

Harbors,

Inc.

*(a)

1,985

391,244

CNA

Financial

Corp.

(a)

8,489

431,156

CNO

Financial

Group,

Inc.

(a)

20,004

833,167

Coca-Cola

Consolidated,

Inc.

(a)

684

923,400

Cognizant

Technology

Solutions

Corp.,

Class

A

(a)(b)

9,153

700,205

Colgate-Palmolive

Co.

(a)

7,697

721,209

Columbia

Sportswear

Co.

(a)(b)

6,603

499,781

Comcast

Corp.,

Class

A

(a)

19,545

721,211

Commercial

Metals

Co.

(a)

15,661

720,563

Commvault

Systems,

Inc.

*(a)

4,621

729,009

Concentrix

Corp.

(a)

10,459

581,939

Consolidated

Edison,

Inc.

(a)

5,331

589,555

Copart,

Inc.

*(a)(b)

10,600

599,854

Corebridge

Financial,

Inc.

(a)

25,105

792,565

Corpay,

Inc.

*(a)(b)

975

340,002

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Coterra

Energy,

Inc.

(a)

9,712

280,677

Crane

NXT

Co.

(a)(b)

3,416

175,582

Cummins,

Inc.

(a)

1,725

540,684

Curtiss-Wright

Corp.

(a)

2,401

761,765

CVS

Health

Corp.

(a)

5,540

375,335

Darden

Restaurants,

Inc.

(a)

2,610

542,254

Deckers

Outdoor

Corp.

*(a)(b)

2,718

303,900

Dell

Technologies,

Inc.,

Class

C

(a)

5,128

467,417

DENTSPLY

SIRONA,

Inc.

(a)

37,241

556,381

Devon

Energy

Corp.

(a)

12,161

454,821

Dick's

Sporting

Goods,

Inc.

(a)

2,674

538,971

Dillard's,

Inc.,

Class

A

(a)

419

150,056

Docusign,

Inc.,

Class

A

*(a)

9,008

733,251

Dolby

Laboratories,

Inc.,

Class

A

(a)

5,587

448,692

Domino's

Pizza,

Inc.

(a)(b)

750

344,588

Donaldson

Co.,

Inc.

(a)

6,962

466,872

DoorDash,

Inc.,

Class

A

*(a)

2,925

534,602

Dover

Corp.

(a)

2,090

367,171

Doximity,

Inc.,

Class

A

*(a)(b)

17,245

1,000,727

Dropbox,

Inc.,

Class

A

*(a)(b)

46,560

1,243,618

DT

Midstream,

Inc.

(a)

3,582

345,591

DXC

Technology

Co.

*(a)(b)

34,219

583,434

Eagle

Materials,

Inc.

(a)(b)

2,763

613,193

Eastman

Chemical

Co.

(a)(b)

5,194

457,643

eBay,

Inc.

(a)(b)

13,312

901,622

Edison

International

(a)

15,183

894,582

Elanco

Animal

Health,

Inc.

*(a)(b)

4,077

42,809

Electronic

Arts,

Inc.

(a)

6,057

875,358

Elevance

Health,

Inc.

(a)

1,424

619,383

EMCOR

Group,

Inc.

(a)

2,837

1,048,640

Encompass

Health

Corp.

(a)

1,101

111,509

EnerSys

(a)

3,790

347,088

Entergy

Corp.

(a)

12,126

1,036,652

Envista

Holdings

Corp.

*(a)(b)

22,178

382,792

EOG

Resources,

Inc.

(a)

6,840

877,162

Equitable

Holdings,

Inc.

(a)

14,079

733,375

Esab

Corp.

(a)

1,276

148,654

Etsy,

Inc.

*(a)

13,202

622,870

Euronet

Worldwide,

Inc.

*(a)

5,045

539,058

Evercore,

Inc.,

Class

A

(a)

3,975

793,887

Everest

Group

Ltd.

(a)(b)

2,854

1,036,944

Evergy,

Inc.

(a)

6,540

450,933

Exelixis,

Inc.

*(a)

24,921

920,083

Exelon

Corp.

(a)

14,045

647,194

Expedia

Group,

Inc.

(a)

4,941

830,582

F5,

Inc.

*(a)(b)

3,630

966,560

Fair

Isaac

Corp.

*(a)

541

997,691

Fastenal

Co.

(a)(b)

4,224

327,571

Federated

Hermes,

Inc.,

Class

B

(a)

24,486

998,294

Fidelity

National

Financial,

Inc.

(a)

9,873

642,535

Fidelity

National

Information

Services,

Inc.

(a)(b)

10,229

763,902

First

Horizon

Corp.

(a)

7,168

139,203

First

Solar,

Inc.

*(a)(b)

4,179

528,351

FirstCash

Holdings,

Inc.

(a)(b)

3,236

389,356

Fiserv,

Inc.

*(a)(b)

2,817

622,078

Flex

Ltd.

*(a)(b)

9,171

303,377

Flowers

Foods,

Inc.

(a)(b)

25,246

479,926

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

7

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Flowserve

Corp.

(a)

6,741

329,230

Fluor

Corp.

*(a)

42,711

1,529,908

FNB

Corp.

(a)(b)

41,648

560,166

Fortinet,

Inc.

*(a)

3,872

372,719

Fox

Corp.,

Class

A

(a)(b)

12,431

703,595

Franklin

Resources,

Inc.

(a)

6,611

127,262

Gap,

Inc.

(The)

(a)

21,551

444,166

Garmin

Ltd.

(a)

997

216,479

Gartner,

Inc.

*(a)

1,011

424,357

Gates

Industrial

Corp.

plc

*(a)

26,699

491,529

GE

Aerospace

(a)(b)

7,496

1,500,324

GE

HealthCare

Technologies,

Inc.

(a)(b)

7,898

637,448

Gen

Digital,

Inc.

(a)(b)

13,597

360,864

General

Dynamics

Corp.

(a)

5,148

1,403,242

General

Motors

Co.

(a)

22,437

1,055,212

Genpact

Ltd.

(a)(b)

9,013

454,075

Gilead

Sciences,

Inc.

(a)

8,249

924,300

Global

Payments,

Inc.

(a)

11,246

1,101,208

GLOBALFOUNDRIES,

Inc.

*(a)

1,160

42,816

Globe

Life,

Inc.

(a)

1,465

192,970

GoDaddy,

Inc.,

Class

A

*(a)

1,578

284,261

Graco,

Inc.

(a)

4,926

411,370

Graham

Holdings

Co.,

Class

B

(a)

981

942,604

GRAIL,

Inc.

*(a)(b)

28,531

728,682

Grand

Canyon

Education,

Inc.

*(a)

5,329

922,024

Greif,

Inc.,

Class

A

(a)

2,902

159,581

GSK

plc

(2)(a)

11,906

227,526

H&R

Block,

Inc.

(a)

23,011

1,263,534

Hanover

Insurance

Group,

Inc.

(The)

(a)

2,899

504,281

Hartford

Insurance

Group,

Inc.

(The)

(a)

11,348

1,404,088

Henry

Schein,

Inc.

*(a)(b)

3,423

234,441

Hewlett

Packard

Enterprise

Co.

(a)

24,512

378,220

Hexcel

Corp.

(a)

4,740

259,562

HF

Sinclair

Corp.

(a)

6,373

209,544

Hilton

Worldwide

Holdings,

Inc.

(a)(b)

904

205,705

Holcim

AG

(2)(a)

13,336

1,435,130

Hologic,

Inc.

*(a)

12,812

791,397

Houlihan

Lokey,

Inc.,

Class

A

(a)

1,230

198,645

Howmet

Aerospace,

Inc.

(a)(b)

8,256

1,071,051

HP,

Inc.

(a)(b)

21,602

598,159

Hubbell,

Inc.,

Class

B

(a)(b)

710

234,946

HubSpot,

Inc.

*(a)

568

324,493

Humana,

Inc.

(a)

3,003

794,594

Huntington

Bancshares,

Inc.

(a)

34,499

517,830

Huntington

Ingalls

Industries,

Inc.

(a)

1,848

377,066

IAC,

Inc.

*(a)

3,755

172,505

IDEXX

Laboratories,

Inc.

*(a)(b)

639

268,348

Incyte

Corp.

*(a)

13,961

845,339

Informatica,

Inc.,

Class

A

*(a)(b)

3,380

58,981

Ingredion,

Inc.

(a)

5,139

694,844

Insperity,

Inc.

(a)

5,778

515,571

International

Bancshares

Corp.

(a)

6,830

430,700

International

Business

Machines

Corp.

(a)(b)

2,339

581,616

Intuit,

Inc.

(a)

999

613,376

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Invesco

Ltd.

(a)

47,887

726,446

IQVIA

Holdings,

Inc.

*(a)

1,342

236,595

ITT,

Inc.

(a)

3,107

401,300

Jabil,

Inc.

(a)

7,377

1,003,788

Janus

Henderson

Group

plc

(a)

19,372

700,298

Jazz

Pharmaceuticals

plc

*(a)

7,583

941,429

Jefferies

Financial

Group,

Inc.

(a)

6,481

347,187

Johnson

&

Johnson

(a)

12,531

2,078,140

Jones

Lang

LaSalle,

Inc.

*(a)

4,594

1,138,899

KB

Home

(a)(b)

8,288

481,699

Kimberly-Clark

Corp.

(a)

6,728

956,856

Kinder

Morgan,

Inc.

(a)(b)

23,940

683,008

Kirby

Corp.

*(a)

2,496

252,121

KLA

Corp.

(a)

531

360,974

Kraft

Heinz

Co.

(The)

(a)

24,263

738,323

Kroger

Co.

(The)

(a)

22,410

1,516,933

Kyndryl

Holdings,

Inc.

*(a)(b)

13,925

437,245

L3Harris

Technologies,

Inc.

(a)(b)

4,327

905,684

Lam

Research

Corp.

(a)

5,991

435,546

Lancaster

Colony

Corp.

(a)

428

74,900

Landstar

System,

Inc.

(a)(b)

5,351

803,720

Lantheus

Holdings,

Inc.

*(a)

2,319

226,334

Lear

Corp.

(a)

3,301

291,214

Leidos

Holdings,

Inc.

(a)

5,340

720,580

Lennar

Corp.,

Class

A

(a)

5,442

624,633

Lincoln

Electric

Holdings,

Inc.

(a)

1,054

199,375

Lincoln

National

Corp.

(a)

6,650

238,802

Lithia

Motors,

Inc.,

Class

A

(a)(b)

681

199,901

Lockheed

Martin

Corp.

(a)

1,972

880,912

Loews

Corp.

(a)

8,378

770,022

Louisiana-Pacific

Corp.

(a)

2,215

203,736

Lumentum

Holdings,

Inc.

*(a)(b)

689

42,952

LyondellBasell

Industries

NV,

Class

A

(a)(b)

1,259

88,634

M&T

Bank

Corp.

(a)(b)

4,474

799,728

MACOM

Technology

Solutions

Holdings,

Inc.

*(a)

1,139

114,333

Macy's,

Inc.

(a)(b)

53,647

673,806

Manhattan

Associates,

Inc.

*(a)

1,569

271,500

ManpowerGroup,

Inc.

(a)

13,950

807,426

Markel

Group,

Inc.

*(a)(b)

334

624,450

Masco

Corp.

(a)

6,179

429,688

Mastercard,

Inc.,

Class

A

(a)

826

452,747

Matador

Resources

Co.

(a)

1,124

57,425

Match

Group,

Inc.

(a)

15,837

494,114

Mattel,

Inc.

*(a)

47,159

916,299

Maximus,

Inc.

(a)(b)

6,606

450,463

McDonald's

Corp.

(a)(b)

2,039

636,922

McKesson

Corp.

(a)

1,141

767,882

MDU

Resources

Group,

Inc.

(a)(b)

2,646

44,744

Medpace

Holdings,

Inc.

*(a)(b)

1,520

463,129

Medtronic

plc

(a)

13,218

1,187,769

Merck

&

Co.,

Inc.

(a)

14,729

1,322,075

Meta

Platforms,

Inc.,

Class

A

(a)

2,162

1,246,090

MetLife,

Inc.

(a)

5,899

473,631

Mettler-Toledo

International,

Inc.

*(a)(b)

491

579,827

MGIC

Investment

Corp.

(a)

7,287

180,572

Micron

Technology,

Inc.

(a)

2,816

244,682

Microsoft

Corp.

(a)

2,744

1,030,070

8

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Middleby

Corp.

(The)

*(a)(b)

1,823

277,060

Mohawk

Industries,

Inc.

*(a)

5,990

683,938

Molina

Healthcare,

Inc.

*(a)(b)

1,015

334,331

Molson

Coors

Beverage

Co.,

Class

B

(a)

28,476

1,733,334

Monolithic

Power

Systems,

Inc.

(a)

132

76,557

Monster

Beverage

Corp.

*(a)

10,976

642,316

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(a)

6,114

474,874

Mueller

Industries,

Inc.

(a)

7,853

597,927

Murphy

Oil

Corp.

(a)(b)

2,481

70,460

Murphy

USA,

Inc.

(a)

2,525

1,186,270

Natera,

Inc.

*(a)(b)

1,034

146,218

National

Fuel

Gas

Co.

(a)

8,815

698,060

NetApp,

Inc.

(a)

4,775

419,436

Neurocrine

Biosciences,

Inc.

*(a)

1,392

153,955

New

York

Times

Co.

(The),

Class

A

(a)

11,088

549,965

NewMarket

Corp.

(a)

111

62,876

News

Corp.,

Class

A

(a)

10,137

275,929

Nexstar

Media

Group,

Inc.,

Class

A

(a)

2,912

521,889

NiSource,

Inc.

(a)

10,376

415,974

Northern

Trust

Corp.

(a)(b)

9,162

903,831

Northwestern

Energy

Group,

Inc.

(a)

8,476

490,506

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(b)

10,874

206,171

NOV,

Inc.

(a)(b)

28,450

433,009

Novartis

AG

(Registered)

(2)(a)

12,340

1,370,601

NRG

Energy,

Inc.

(a)

5,201

496,487

Nutanix,

Inc.,

Class

A

*(a)

6,989

487,902

OGE

Energy

Corp.

(a)

3,917

180,025

Old

National

Bancorp

(a)(b)

14,570

308,738

Old

Republic

International

Corp.

(a)

20,137

789,773

Omnicom

Group,

Inc.

(a)

4,786

396,807

OneMain

Holdings,

Inc.

(a)(b)

3,866

188,970

O'Reilly

Automotive,

Inc.

*(a)

212

303,707

Organon

&

Co.

(a)(b)

15,588

232,105

Oshkosh

Corp.

(a)

10,368

975,421

Ovintiv,

Inc.

(a)

14,734

630,615

Owens

Corning

(a)

5,146

734,952

PACCAR,

Inc.

(a)(b)

4,531

441,183

Packaging

Corp.

of

America

(a)

1,964

388,911

Palantir

Technologies,

Inc.,

Class

A

*(a)

795

67,098

Paychex,

Inc.

(a)(b)

2,665

411,156

PayPal

Holdings,

Inc.

*(a)

8,734

569,894

Pegasystems,

Inc.

(a)

2,132

148,217

Penske

Automotive

Group,

Inc.

(a)

3,303

475,566

Pentair

plc

(a)

3,645

318,865

PepsiCo,

Inc.

(a)

2,832

424,630

Performance

Food

Group

Co.

*(a)

(b)

2,956

232,430

Philip

Morris

International,

Inc.

(a)

7,243

1,149,681

Phillips

66

(a)(b)

2,492

307,712

Pilgrim's

Pride

Corp.

*(a)

14,417

785,871

Pinnacle

Financial

Partners,

Inc.

(a)

1,695

179,738

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Pinnacle

West

Capital

Corp.

(a)

5,960

567,690

Pinterest,

Inc.,

Class

A

*(a)

4,343

134,633

PNC

Financial

Services

Group,

Inc.

(The)

(a)

4,194

737,179

Popular,

Inc.

8,537

788,563

Portland

General

Electric

Co.

(a)

11,171

498,227

Post

Holdings,

Inc.

*(a)(b)

1,580

183,849

Premier,

Inc.,

Class

A

(a)(b)

9,698

186,977

Procter

&

Gamble

Co.

(The)

(a)

2,673

455,533

Prosperity

Bancshares,

Inc.

(a)

4,325

308,675

Prudential

Financial,

Inc.

(a)

2,240

250,163

PulteGroup,

Inc.

(a)(b)

7,800

801,840

Pure

Storage,

Inc.,

Class

A

*(a)(b)

4,221

186,864

PVH

Corp.

(a)(b)

7,278

470,450

Qorvo,

Inc.

*(a)(b)

6,195

448,580

QUALCOMM,

Inc.

(a)

7,503

1,152,536

Qualys,

Inc.

*(a)(b)

4,734

596,153

Ralph

Lauren

Corp.,

Class

A

(a)

3,735

824,464

Rambus,

Inc.

*(a)(b)

2,290

118,565

Raymond

James

Financial,

Inc.

(a)

915

127,103

Regal

Rexnord

Corp.

(a)

1,692

192,634

Regeneron

Pharmaceuticals,

Inc.

(a)(b)

1,766

1,120,050

Regions

Financial

Corp.

(a)(b)

21,292

462,675

Reinsurance

Group

of

America,

Inc.

(a)

4,901

965,007

Reliance,

Inc.

(a)(b)

2,335

674,231

RenaissanceRe

Holdings

Ltd.

(a)

(b)

1,043

250,320

ResMed,

Inc.

(a)(b)

1,016

227,432

RingCentral,

Inc.,

Class

A

*(a)(b)

24,591

608,873

Robert

Half,

Inc.

(a)

13,373

729,497

ROBLOX

Corp.,

Class

A

*(a)

5,688

331,554

Roche

Holding

AG

(2)(a)

3,704

1,219,089

Roper

Technologies,

Inc.

(a)

734

432,752

Royal

Gold,

Inc.

(a)

6,096

996,757

Royalty

Pharma

plc,

Class

A

(a)

9,923

308,903

RPM

International,

Inc.

(a)(b)

2,037

235,640

RTX

Corp.

(a)

6,797

900,331

Ryder

System,

Inc.

(a)

4,432

637,366

Salesforce,

Inc.

(a)

1,600

429,376

Schneider

National,

Inc.,

Class

B

(a)(b)

28,111

642,336

Science

Applications

International

Corp.

(a)

2,943

330,411

Seagate

Technology

Holdings

plc

(a)(b)

656

55,727

SEI

Investments

Co.

(a)

13,356

1,036,826

Sensata

Technologies

Holding

plc

(a)(b)

5,349

129,820

Service

Corp.

International

(a)

2,861

229,452

ServiceNow,

Inc.

*(a)(b)

105

83,595

Shell

plc

(2)(a)

36,385

1,324,426

Signify

NV

(2)(a)(c)

29,617

643,046

Silgan

Holdings,

Inc.

(a)(b)

9,305

475,672

Skechers

USA,

Inc.,

Class

A

*(a)

5,003

284,070

Skyworks

Solutions,

Inc.

(a)

14,356

927,828

Snap-on,

Inc.

(a)

1,806

608,640

Snowflake,

Inc.,

Class

A

*(a)

1,704

249,057

Solventum

Corp.

*(a)(b)

13,649

1,037,870

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

9

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Spire,

Inc.

(a)(b)

3,013

235,767

Sprouts

Farmers

Market,

Inc.

*(a)

3,582

546,756

SS&C

Technologies

Holdings,

Inc.

(a)(b)

5,569

465,179

State

Street

Corp.

(a)

8,426

754,380

Steel

Dynamics,

Inc.

(a)

5,396

674,932

STERIS

plc

(a)(b)

1,432

324,563

Stifel

Financial

Corp.

(a)

9,533

898,581

Swiss

Re

AG

(2)(a)

2,520

428,851

Synchrony

Financial

(a)(b)

29,495

1,561,465

Synopsys,

Inc.

*(a)(b)

1,185

508,187

T.

Rowe

Price

Group,

Inc.

(a)(b)

13,919

1,278,739

Tapestry,

Inc.

(a)

8,545

601,653

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

6,531

392,121

TD

SYNNEX

Corp.

(a)

7,513

781,051

Teleflex,

Inc.

(a)

3,592

496,378

Tenaris

SA

(2)(a)

18,300

358,108

Tenet

Healthcare

Corp.

*(a)

5,347

719,172

Teradata

Corp.

*(a)(b)

28,313

636,476

Teradyne,

Inc.

(a)(b)

2,091

172,717

Terex

Corp.

(a)

9,856

372,360

Texas

Pacific

Land

Corp.

(a)(b)

371

491,571

Texas

Roadhouse,

Inc.,

Class

A

(a)

4,320

719,842

Textron,

Inc.

(a)(b)

14,748

1,065,543

Thor

Industries,

Inc.

(a)

1,660

125,845

Timken

Co.

(The)

(a)

5,718

410,953

T-Mobile

US,

Inc.

(a)

2,631

701,714

Toll

Brothers,

Inc.

(a)

5,094

537,875

Travel

+

Leisure

Co.

(a)

10,328

478,083

Travelers

Cos.,

Inc.

(The)

(a)

3,092

817,710

Trimble,

Inc.

*(a)

3,452

226,624

TripAdvisor,

Inc.

*(a)

18,942

268,408

Tyson

Foods,

Inc.,

Class

A

(a)

11,001

701,974

Ubiquiti,

Inc.

(a)

1,413

438,228

UFP

Industries,

Inc.

(a)(b)

11,303

1,209,873

UGI

Corp.

(a)(b)

20,125

665,534

U-Haul

Holding

Co.

*(a)(b)

252

16,471

UiPath,

Inc.,

Class

A

*(a)

8,026

82,668

United

Airlines

Holdings,

Inc.

*(a)

3,838

265,014

United

Bankshares,

Inc.

(a)(b)

7,493

259,782

United

Therapeutics

Corp.

*(a)

4,207

1,296,892

Universal

Display

Corp.

(a)(b)

1,144

159,565

Universal

Health

Services,

Inc.,

Class

B

(a)

3,325

624,768

Unum

Group

(a)

11,990

976,705

US

Bancorp

(a)

14,063

593,740

US

Foods

Holding

Corp.

*(a)(b)

8,911

583,314

Valero

Energy

Corp.

(a)

1,450

191,502

Valley

National

Bancorp

(a)

49,078

436,303

Veeva

Systems,

Inc.,

Class

A

*(a)

15,590

3,611,111

Veralto

Corp.

(a)

3,581

348,968

VeriSign,

Inc.

*(a)

5,056

1,283,567

Verisk

Analytics,

Inc.,

Class

A

(a)

965

287,203

Verizon

Communications,

Inc.

(a)

29,011

1,315,939

Vestis

Corp.

(a)

25,697

254,400

Viatris,

Inc.

(a)

11,125

96,899

Viking

Therapeutics,

Inc.

*(a)(b)

7,275

175,691

Virtu

Financial,

Inc.,

Class

A

(a)

2,335

89,010

Vistra

Corp.

(a)

3,850

452,144

INVESTMENTS

SHARES

VALUE

($)

United

States

-

96.2%

(continued)

Vontier

Corp.

(a)(b)

4,077

133,929

Voya

Financial,

Inc.

(a)(b)

635

43,028

W

R

Berkley

Corp.

(a)

4,717

335,662

Walmart,

Inc.

(a)

18,941

1,662,830

Warner

Bros

Discovery,

Inc.

*(a)(b)

43,115

462,624

Watsco,

Inc.

(a)(b)

834

423,922

Watts

Water

Technologies,

Inc.,

Class

A

(a)

1,994

406,616

Wayfair,

Inc.,

Class

A

*(a)(b)

11,166

357,647

Webster

Financial

Corp.

(a)

5,954

306,929

WESCO

International,

Inc.

(a)

3,087

479,411

Western

Union

Co.

(The)

(a)

67,076

709,664

Westinghouse

Air

Brake

Technologies

Corp.

(a)

2,217

402,053

Westlake

Corp.

(a)(b)

3,679

368,010

Williams-Sonoma,

Inc.

(a)

5,142

812,950

Woodward,

Inc.

(a)

2,630

479,949

Wyndham

Hotels

&

Resorts,

Inc.

(a)

1,328

120,197

Xcel

Energy,

Inc.

(a)

5,113

361,949

YETI

Holdings,

Inc.

*(a)(b)

18,398

608,974

Yum!

Brands,

Inc.

(a)

2,025

318,654

Zimmer

Biomet

Holdings,

Inc.

(a)

8,479

959,653

Zions

Bancorp

NA

(a)

15,892

792,375

Zoom

Communications,

Inc.,

Class

A

*(a)

27,341

2,016,946

262,370,173

TOTAL

COMMON

STOCKS

(Cost

$356,071,986)

475,046,426

PREFERRED

STOCKS

-

0.1%

Germany

-

0

.1

%

Henkel

AG

&

Co.

KGaA

(Preference)

(2)(a)

(Cost

$117,949)

1,762

140,197

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

65

–

SHARES

SHORT-TERM

INVESTMENTS

-

66.7%

INVESTMENT

COMPANIES

-

56

.2

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

4,786,142

4,786,142

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)

148,378,750

148,334,236

TOTAL

INVESTMENT

COMPANIES

(Cost

$153,094,936)

153,120,378

—

10

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

10

.5

%

U.S.

Treasury

Bills

4.40%,

4/10/2025

(2)(f)

$

372,000

371,605

4.36%,

4/17/2025

(2)(f)

3,173,000

3,166,994

4.41%,

4/24/2025

(2)(f)

2,064,000

2,058,416

4.26%,

6/26/2025

(2)(f)

3,053,000

3,022,405

4.22%,

7/3/2025

(2)(f)

357,000

353,132

4.25%,

7/24/2025

(2)(f)

1,326,000

1,308,504

4.23%,

7/31/2025

(2)(f)

316,000

311,571

4.24%,

8/7/2025

(2)(f)

142,000

139,899

4.28%,

8/14/2025

(2)(f)

592,000

582,798

4.20%,

8/28/2025

(2)(f)(g)

11,107,000

10,918,061

4.22%,

9/4/2025

(2)(f)

1,615,000

1,586,337

4.16%,

9/11/2025

(2)(f)

2,628,000

2,579,214

4.17%,

9/25/2025

(2)(f)

2,426,000

2,377,275

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$28,775,882)

28,776,211

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$181,870,818)

181,896,589

TOTAL

LONG

POSITIONS

(Cost

$538,060,753)

657,083,212

SHARES

SHORT

POSITIONS

-

(156.6)%

COMMON

STOCKS

-

(155.8)%

Australia

-

(

5

.5

)

%

ALS

Ltd.

(2)

(

23,442

)

(

227,556

)

Ampol

Ltd.

(2)

(

26,198

)

(

385,386

)

APA

Group

(2)

(

180,654

)

(

894,920

)

Cochlear

Ltd.

(2)

(

2,452

)

(

404,112

)

Coles

Group

Ltd.

(2)

(

34,242

)

(

419,148

)

Commonwealth

Bank

of

Australia

(2)

(

7,451

)

(

708,545

)

Endeavour

Group

Ltd.

(2)

(

167,689

)

(

405,542

)

Glencore

plc

(2)

(

20,092

)

(

73,539

)

IDP

Education

Ltd.

(2)

(

53,542

)

(

317,217

)

IGO

Ltd.

(2)

(

41,168

)

(

102,655

)

Insurance

Australia

Group

Ltd.

(2)

(

73,233

)

(

356,245

)

Liontown

Resources

Ltd.

(2)

(

302,636

)

(

119,454

)

Lynas

Rare

Earths

Ltd.

(2)

(

213,611

)

(

935,273

)

Macquarie

Group

Ltd.

(2)

(

4,583

)

(

570,339

)

Mineral

Resources

Ltd.

(2)

(

30,413

)

(

459,207

)

National

Australia

Bank

Ltd.

(2)

(

19,765

)

(

425,119

)

NEXTDC

Ltd.

(2)

(

72,987

)

(

522,767

)

Pilbara

Minerals

Ltd.

(2)

(

1,084,342

)

(

1,154,545

)

Ramsay

Health

Care

Ltd.

(2)

(

24,314

)

(

522,241

)

Rio

Tinto

plc

(2)

(

4,852

)

(

291,170

)

Santos

Ltd.

(2)

(

37,985

)

(

159,174

)

SGH

Ltd.

(2)

(

3,810

)

(

119,599

)

Sonic

Healthcare

Ltd.

(2)

(

49,864

)

(

809,636

)

South32

Ltd.

(2)

(

108,992

)

(

219,569

)

Telix

Pharmaceuticals

Ltd.

(2)

(

6,099

)

(

102,114

)

Transurban

Group

(2)

(

70,908

)

(

597,236

)

Treasury

Wine

Estates

Ltd.

(2)

(

114,762

)

(

703,633

)

Whitehaven

Coal

Ltd.

(2)

(

267,820

)

(

921,365

)

WiseTech

Global

Ltd.

(2)

(

838

)

(

43,214

)

Woodside

Energy

Group

Ltd.

(2)

(

67,319

)

(

978,005

)

INVESTMENTS

SHARES

VALUE

($)

Australia

-

(5.5)%

(continued)

Woolworths

Group

Ltd.

(2)

(

51,247

)

(

951,521

)

(14,900,046)

Belgium

-

(

0

.5

)

%

Anheuser-Busch

InBev

SA/NV

(2)

(

5,898

)

(

362,618

)

D'ieteren

Group

(2)

(

1,846

)

(

317,994

)

Elia

Group

SA/NV

(2)

(

5,290

)

(

458,822

)

Lotus

Bakeries

NV

(2)

(

12

)

(

106,681

)

UCB

SA

(2)

(

581

)

(

102,294

)

(1,348,409)

Brazil

-

(

0

.3

)

%

MercadoLibre,

Inc.

(

308

)

(

600,868

)

Wheaton

Precious

Metals

Corp.

(

4,463

)

(

346,328

)

(947,196)

Canada

-

(

7

.4

)

%

Agnico

Eagle

Mines

Ltd.

(

2,078

)

(

225,135

)

Alamos

Gold,

Inc.,

Class

A

(

17,393

)

(

464,724

)

Algonquin

Power

&

Utilities

Corp.

(

32,973

)

(

169,327

)

Alimentation

Couche-Tard,

Inc.

(

6,193

)

(

305,422

)

AtkinsRealis

Group,

Inc.

(

14,935

)

(

709,569

)

Barrick

Gold

Corp.

(

7,574

)

(

147,054

)

BCE,

Inc.

(

20,687

)

(

474,821

)

Boyd

Group

Services,

Inc.

(

1,309

)

(

188,193

)

Brookfield

Asset

Management

Ltd.,

Class

A

(

14,928

)

(

722,619

)

Brookfield

Corp.,

Class

A

(

12,229

)

(

639,982

)

Brookfield

Infrastructure

Corp.,

Class

A

(

5,938

)

(

214,446

)

CAE,

Inc.

(

4,470

)

(

109,898

)

Cameco

Corp.

(

20,457

)

(

842,134

)

Canadian

National

Railway

Co.

(

8,870

)

(

863,177

)

Canadian

Natural

Resources

Ltd.

(

13,042

)

(

401,306

)

Canadian

Pacific

Kansas

City

Ltd.

(

16,162

)

(

1,134,221

)

Capstone

Copper

Corp.

(

86,054

)

(

443,112

)

Colliers

International

Group,

Inc.

(

1,140

)

(

137,960

)

Constellation

Software,

Inc.

(

126

)

(

399,033

)

Dollarama,

Inc.

(

4,136

)

(

442,269

)

Element

Fleet

Management

Corp.

(

23,445

)

(

466,114

)

Enbridge,

Inc.

(

43,380

)

(

1,919,928

)

FirstService

Corp.

(

485

)

(

80,422

)

Franco-Nevada

Corp.

(

5,382

)

(

846,467

)

Lumine

Group,

Inc.

(h)

(

225

)

(

6,332

)

Metro,

Inc.,

Class

A

(

4,311

)

(

299,782

)

National

Bank

of

Canada

(

524

)

(

43,248

)

Nutrien

Ltd.

(

6,058

)

(

300,658

)

Pan

American

Silver

Corp.

(

6,257

)

(

161,615

)

Pembina

Pipeline

Corp.

(

17,734

)

(

709,335

)

PrairieSky

Royalty

Ltd.

(

15,086

)

(

272,042

)

RB

Global,

Inc.

(

3,926

)

(

394,032

)

Restaurant

Brands

International,

Inc.

(

5,308

)

(

353,842

)

Rogers

Communications,

Inc.,

Class

B

(

4,762

)

(

127,170

)

Royal

Bank

of

Canada

(

6,473

)

(

729,143

)

Shopify,

Inc.,

Class

A

(

5,798

)

(

551,577

)

TC

Energy

Corp.

(

12,310

)

(

581,347

)

Teck

Resources

Ltd.,

Class

B

(

26,005

)

(

947,279

)

Thomson

Reuters

Corp.

(

1,601

)

(

276,277

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

11

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(7.4)%

(continued)

Toromont

Industries

Ltd.

(

2,223

)

(

173,987

)

Toronto-Dominion

Bank

(The)

(

15,713

)

(

941,546

)

WSP

Global,

Inc.

(

5,123

)

(

869,385

)

(20,085,930)

Chile

-

(

0

.2

)

%

Antofagasta

plc

(2)

(

6,469

)

(

140,840

)

Lundin

Mining

Corp.

(

40,702

)

(

329,791

)

(470,631)

China

-

(

0

.0

)

%

†

Prosus

NV

(2)

(

2,350

)

(

109,179

)

Denmark

-

(

2

.1

)

%

Ambu

A/S,

Class

B

(2)

(

9,363

)

(

160,870

)

Coloplast

A/S,

Class

B

(2)

(

1,949

)

(

204,418

)

Demant

A/S

(2)

(

1,576

)

(

52,963

)

DSV

A/S

(2)

(

6,818

)

(

1,318,473

)

GN

Store

Nord

A/S

(2)

(

12,716

)

(

198,903

)

Novo

Nordisk

A/S,

Class

B

(2)

(

22,022

)

(

1,505,828

)

Novonesis

(Novozymes),

Class

B

(2)

(

17,557

)

(

1,022,283

)

Orsted

A/S

(2)(c)

(

6,593

)

(

287,924

)

Tryg

A/S

(2)

(

16,246

)

(

386,467

)

Vestas

Wind

Systems

A/S

(2)

(

46,832

)

(

647,897

)

(5,786,026)

Finland

-

(

1

.3

)

%

Neste

OYJ

(2)

(

46,614

)

(

431,144

)

Nordea

Bank

Abp

(2)

(

42,930

)

(

549,094

)

Sampo

OYJ,

Class

A

(2)

(

132,749

)

(

1,272,158

)

Stora

Enso

OYJ,

Class

R

(2)

(

51,437

)

(

487,431

)

UPM-Kymmene

OYJ

(2)

(

28,865

)

(

774,399

)

(3,514,226)

France

-

(

4

.5

)

%

Accor

SA

(2)

(

4,149

)

(

189,216

)

Aeroports

de

Paris

SA

(2)

(

1,847

)

(

188,031

)

Air

France-KLM

(2)

(

17,635

)

(

163,891

)

Air

Liquide

SA

(2)

(

5,016

)

(

952,765

)

Airbus

SE

(2)

(

243

)

(

42,789

)

Alstom

SA

(2)

(

18,155

)

(

402,146

)

AXA

SA

(2)

(

1,022

)

(

43,666

)

BioMerieux

(2)

(

1,670

)

(

206,426

)

Capgemini

SE

(2)

(

286

)

(

42,974

)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(

2,565

)

(

90,151

)

Danone

SA

(2)

(

3,682

)

(

281,619

)

Dassault

Systemes

SE

(2)

(

22,470

)

(

855,494

)

Edenred

SE

(2)

(

14,757

)

(

479,551

)

EssilorLuxottica

SA

(2)

(

3,077

)

(

886,695

)

FDJ

UNITED

(2)(c)

(

1,393

)

(

43,832

)

Getlink

SE

(2)

(

5,473

)

(

94,524

)

Hermes

International

SCA

(2)

(

343

)

(

902,474

)

Kering

SA

(2)

(

2,612

)

(

543,401

)

Legrand

SA

(2)

(

6,416

)

(

679,477

)

L'Oreal

SA

(2)

(

1,920

)

(

713,650

)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(

1,423

)

(

881,234

)

Pernod

Ricard

SA

(2)

(

9,728

)

(

961,055

)

Publicis

Groupe

SA

(2)

(

3,685

)

(

347,675

)

INVESTMENTS

SHARES

VALUE

($)

France

-

(4.5)%

(continued)

Remy

Cointreau

SA

(2)

(

1,320

)

(

61,690

)

Renault

SA

(2)

(

10,989

)

(

556,665

)

Safran

SA

(2)

(

833

)

(

219,315

)

Sartorius

Stedim

Biotech

(2)

(

3,519

)

(

697,174

)

SCOR

SE

(2)

(

15,373

)

(

443,969

)

SOITEC

(2)

(

3,081

)

(

164,773

)

Teleperformance

SE

(2)

(

722

)

(

72,598

)

Valeo

SE

(2)

(

8,673

)

(

81,426

)

Worldline

SA

(2)(c)

(

12,032

)

(

73,918

)

(12,364,264)

Germany

-

(

5

.0

)

%

adidas

AG

(2)

(

871

)

(

205,435

)

BASF

SE

(2)

(

9,440

)

(

473,216

)

Bayer

AG

(Registered)

(2)

(

15,088

)

(

361,689

)

Bayerische

Motoren

Werke

AG

(2)

(

11,398

)

(

919,105

)

Carl

Zeiss

Meditec

AG

(2)

(

3,262

)

(

215,622

)

Continental

AG

(2)

(

2,213

)

(

156,060

)

Daimler

Truck

Holding

AG

(2)

(

16,118

)

(

652,933

)

Deutsche

Post

AG

(2)

(

9,657

)

(

414,607

)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(2)

(

3,828

)

(

240,226

)

Infineon

Technologies

AG

(2)

(

23,569

)

(

785,670

)

LEG

Immobilien

SE

(2)

(

4,044

)

(

285,853

)

Mercedes-Benz

Group

AG

(2)

(

11,796

)

(

696,810

)

Merck

KGaA

(2)

(

3,991

)

(

549,201

)

MTU

Aero

Engines

AG

(2)

(

1,696

)

(

589,314

)

Nemetschek

SE

(2)

(

4,195

)

(

489,037

)

Puma

SE

(2)

(

5,342

)

(

130,303

)

Rational

AG

(2)

(

130

)

(

108,310

)

Rheinmetall

AG

(2)

(

579

)

(

828,504

)

RWE

AG

(

6,879

)

(

245,611

)

SAP

SE

(2)

(

3,845

)

(

1,030,267

)

Scout24

SE

(2)(c)

(

2,508

)

(

262,644

)

Siemens

AG

(Registered)

(2)

(

5,292

)

(

1,222,168

)

Siemens

Healthineers

AG

(2)(c)

(

14,488

)

(

781,633

)

Symrise

AG,

Class

A

(2)

(

7,686

)

(

796,839

)

TeamViewer

SE

(2)(c)

(

6,887

)

(

89,904

)

Vonovia

SE

(2)

(

30,863

)

(

830,533

)

Wacker

Chemie

AG

(2)

(

2,041

)

(

169,089

)

(13,530,583)

Hong

Kong

-

(

0

.2

)

%

Prudential

plc

(2)

(

58,060

)

(

626,527

)

Ireland

-

(

0

.4

)

%

Accenture

plc,

Class

A

(

1,062

)

(

331,386

)

Aptiv

plc

(

10,500

)

(

624,750

)

(956,136)

Italy

-

(

3

.1

)

%

Amplifon

SpA

(2)

(

6,675

)

(

135,510

)

Banca

Generali

SpA

(2)

(

810

)

(

45,636

)

Brunello

Cucinelli

SpA

(2)

(

1,396

)

(

160,376

)

DiaSorin

SpA

(2)

(

721

)

(

71,604

)

Enel

SpA

(

5,559

)

(

45,064

)

Eni

SpA

(2)

(

3,068

)

(

47,451

)

ERG

SpA

(2)

(

13,454

)

(

255,562

)

Ferrari

NV

(2)

(

3,667

)

(

1,566,031

)

FinecoBank

Banca

Fineco

SpA

(2)

(

24,153

)

(

478,389

)

12

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

(3.1)%

(continued)

Infrastrutture

Wireless

Italiane

SpA

(c)

(

29,676

)

(

314,148

)

Interpump

Group

SpA

(2)

(

7,456

)

(

266,297

)

Intesa

Sanpaolo

SpA

(2)

(

319,926

)

(

1,648,793

)

Moncler

SpA

(2)

(

5,199

)

(

320,243

)

Nexi

SpA

(2)(c)

(

52,186

)

(

278,334

)

Prysmian

SpA

(2)

(

10,748

)

(

591,645

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(

1,291

)

(

73,158

)

Snam

SpA

(

141,949

)

(

735,982

)

Terna

-

Rete

Elettrica

Nazionale

(2)

(

145,050

)

(

1,310,857

)

(8,345,080)

Ivory

Coast

-

(

0

.1

)

%

Endeavour

Mining

plc

(2)

(

11,329

)

(

267,124

)

Japan

-

(

20

.5

)

%

Advantest

Corp.

(2)

(

5,500

)

(

245,171

)

Aeon

Co.

Ltd.

(2)

(

14,200

)

(

356,135

)

Aisin

Corp.

(2)

(

18,500

)

(

202,074

)

Ajinomoto

Co.,

Inc.

(2)

(

41,000

)

(

811,706

)

Allegro

MicroSystems,

Inc.

(

14,399

)

(

361,847

)

Asahi

Intecc

Co.

Ltd.

(2)

(

15,300

)

(

247,151

)

Asics

Corp.

(2)

(

28,300

)

(

600,174

)

Astellas

Pharma,

Inc.

(2)

(

36,100

)

(

351,416

)

BayCurrent,

Inc.

(2)

(

3,900

)

(

169,003

)

Bridgestone

Corp.

(2)

(

32,500

)

(

1,305,617

)

Chiba

Bank

Ltd.

(The)

(2)

(

20,700

)

(

195,939

)

Concordia

Financial

Group

Ltd.

(2)

(

33,000

)

(

219,088

)

Cosmo

Energy

Holdings

Co.

Ltd.

(2)

(

7,400

)

(

318,231

)

Cosmos

Pharmaceutical

Corp.

(2)

(

10,300

)

(

515,863

)

Daifuku

Co.

Ltd.

(2)

(

19,800

)

(

486,714

)

Daiichi

Sankyo

Co.

Ltd.

(2)

(

15,600

)

(

371,497

)

Daikin

Industries

Ltd.

(2)

(

5,600

)

(

607,705

)

Daiwa

Securities

Group,

Inc.

(2)

(

82,400

)

(

554,820

)

Denso

Corp.

(2)

(

67,400

)

(

836,203

)

Dentsu

Group,

Inc.

(2)

(

16,700

)

(

368,813

)

Disco

Corp.

(2)

(

800

)

(

163,377

)

East

Japan

Railway

Co.

(2)

(

24,500

)

(

482,909

)

Eisai

Co.

Ltd.

(2)

(

44,800

)

(

1,247,109

)

FANUC

Corp.

(2)

(

18,000

)

(

490,424

)

Fast

Retailing

Co.

Ltd.

(2)

(

2,900

)

(

863,305

)

FUJIFILM

Holdings

Corp.

(2)

(

23,400

)

(

448,320

)

GMO

Payment

Gateway,

Inc.

(2)

(

11,700

)

(

622,544

)

Hamamatsu

Photonics

KK

(2)

(

31,200

)

(

304,152

)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(

7,600

)

(

204,495

)

Hitachi

Ltd.

(2)

(

31,100

)

(

730,209

)

Hoshizaki

Corp.

(2)

(

13,200

)

(

510,954

)

Hulic

Co.

Ltd.

(2)

(

65,300

)

(

626,828

)

Ibiden

Co.

Ltd.

(2)

(

9,600

)

(

258,959

)

Isetan

Mitsukoshi

Holdings

Ltd.

(2)

(

16,100

)

(

233,481

)

Japan

Airlines

Co.

Ltd.

(2)

(

13,200

)

(

226,107

)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(

11,400

)

(

314,296

)

JFE

Holdings,

Inc.

(2)

(

15,800

)

(

193,969

)

Kadokawa

Corp.

(2)

(

26,100

)

(

624,060

)

Kansai

Paint

Co.

Ltd.

(2)

(

14,400

)

(

205,856

)

Kawasaki

Heavy

Industries

Ltd.

(2)

(

19,800

)

(

1,195,130

)

Keio

Corp.

(2)

(

16,900

)

(

432,207

)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(

47,800

)

(

431,873

)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(20.5)%

(continued)

Kikkoman

Corp.

(2)

(

36,700

)

(

354,033

)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(

8,900

)

(

190,129

)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(

5,400

)

(

204,569

)

Kobe

Bussan

Co.

Ltd.

(2)

(

34,700

)

(

807,900

)

Kobe

Steel

Ltd.

(2)

(

3,600

)

(

41,785

)

Kose

Corp.

(2)

(

1,300

)

(

53,948

)

Kubota

Corp.

(2)

(

64,100

)

(

792,109

)

Kurita

Water

Industries

Ltd.

(2)

(

8,900

)

(

275,271

)

Kyoto

Financial

Group,

Inc.

(2)

(

50,600

)

(

776,979

)

Kyowa

Kirin

Co.

Ltd.

(2)

(

7,700

)

(

112,394

)

Lasertec

Corp.

(2)

(

11,100

)

(

954,050

)

Lixil

Corp.

(2)

(

13,800

)

(

159,610

)

LY

Corp.

(2)

(

61,300

)

(

207,571

)

M3,

Inc.

(2)

(

40,100

)

(

458,080

)

Marui

Group

Co.

Ltd.

(2)

(

27,200

)

(

494,578

)

MatsukiyoCocokara

&

Co.

(2)

(

14,600

)

(

228,402

)

Mitsubishi

Estate

Co.

Ltd.

(2)

(

21,700

)

(

354,707

)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(

108,700

)

(

1,866,771

)

Mitsui

Fudosan

Co.

Ltd.

(2)

(

109,600

)

(

981,476

)

MonotaRO

Co.

Ltd.

(2)

(

24,800

)

(

463,282

)

Nexon

Co.

Ltd.

(2)

(

7,300

)

(

99,983

)

NIDEC

Corp.

(2)

(

33,800

)

(

567,241

)

Nikon

Corp.

(2)

(

2,500

)

(

24,828

)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(

74,400

)

(

558,711

)

Nippon

Sanso

Holdings

Corp.

(2)

(

10,400

)

(

315,480

)

Nissan

Chemical

Corp.

(2)

(

19,100

)

(

568,668

)

Nissan

Motor

Co.

Ltd.

(2)

(

465,500

)

(

1,193,856

)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(

20,800

)

(

424,536

)

Niterra

Co.

Ltd.

(2)

(

16,100

)

(

491,137

)

Nitori

Holdings

Co.

Ltd.

(2)

(

9,300

)

(

909,907

)

Nomura

Research

Institute

Ltd.

(2)

(

11,900

)

(

387,373

)

NTT

Data

Group

Corp.

(2)

(

47,200

)

(

855,031

)

Obic

Co.

Ltd.

(2)

(

1,600

)

(

46,133

)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(

19,200

)

(

189,832

)

Olympus

Corp.

(2)

(

27,900

)

(

365,231

)

Omron

Corp.

(2)

(

29,200

)

(

824,512

)

Oracle

Corp.

Japan

(2)

(

3,100

)

(

326,223

)

Oriental

Land

Co.

Ltd.

(2)

(

45,400

)

(

895,321

)

Pan

Pacific

International

Holdings

Corp.

(2)

(

11,300

)

(

310,392

)

Rakuten

Bank

Ltd.

(2)

(

5,800

)

(

252,210

)

Rakuten

Group,

Inc.

(2)

(

91,200

)

(

523,211

)

Recruit

Holdings

Co.

Ltd.

(2)

(

3,700

)

(

191,702

)

Renesas

Electronics

Corp.

(2)

(

22,600

)

(

303,126

)

Resona

Holdings,

Inc.

(2)

(

6,100

)

(

53,264

)

Resonac

Holdings

Corp.

(2)

(

8,300

)

(

165,895

)

Rohm

Co.

Ltd.

(2)

(

17,800

)

(

171,977

)

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(

19,000

)

(

284,500

)

Sanrio

Co.

Ltd.

(2)

(

10,700

)

(

495,042

)

Seibu

Holdings,

Inc.

(2)

(

18,500

)

(

410,025

)

Sekisui

House

Ltd.

(2)

(

39,600

)

(

886,332

)

SG

Holdings

Co.

Ltd.

(2)

(

40,000

)

(

398,916

)

Sharp

Corp.

(2)

(

12,300

)

(

77,757

)

Shimadzu

Corp.

(2)

(

4,400

)

(

109,906

)

Shimano,

Inc.

(2)

(

1,600

)

(

224,661

)

Shimizu

Corp.

(2)

(

34,700

)

(

308,847

)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(

10,300

)

(

293,912

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

13

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(20.5)%

(continued)

Shiseido

Co.

Ltd.

(2)

(

39,200

)

(

743,425

)

SMC

Corp.

(2)

(

2,800

)

(

1,001,963

)

SoftBank

Corp.

(2)

(

30,600

)

(

42,686

)

SoftBank

Group

Corp.

(2)

(

4,900

)

(

250,635

)

Sony

Group

Corp.

(2)

(

31,600

)

(

799,575

)

SUMCO

Corp.

(2)

(

62,900

)

(

426,228

)

Sumitomo

Electric

Industries

Ltd.

(2)

(

26,800

)

(

447,290

)

Sumitomo

Forestry

Co.

Ltd.

(2)

(

10,800

)

(

325,605

)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(

20,700

)

(

452,478

)

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

(

1,700

)

(

43,715

)

Sysmex

Corp.

(2)

(

13,800

)

(

263,442

)

Taisei

Corp.

(2)

(

1,000

)

(

44,512

)

Takeda

Pharmaceutical

Co.

Ltd.

(2)

(

9,900

)

(

293,424

)

Terumo

Corp.

(2)

(

17,600

)

(

331,162

)

Tobu

Railway

Co.

Ltd.

(2)

(

2,500

)

(

42,678

)

Tokyo

Electron

Ltd.

(2)

(

2,600

)

(

356,545

)

Tokyu

Corp.

(2)

(

8,000

)

(

90,064

)

TOTO

Ltd.

(2)

(

4,500

)

(

116,951

)

Toyota

Motor

Corp.

(2)

(

79,200

)

(

1,400,043

)

Trend

Micro,

Inc.

(2)

(

9,500

)

(

641,326

)

Unicharm

Corp.

(2)

(

98,000

)

(

780,549

)

Welcia

Holdings

Co.

Ltd.

(2)

(

8,400

)

(

121,227

)

West

Japan

Railway

Co.

(2)

(

2,800

)

(

54,621

)

Yakult

Honsha

Co.

Ltd.

(2)

(

6,400

)

(

121,782

)

Yamaha

Corp.

(2)

(

54,600

)

(

423,713

)

Yamaha

Motor

Co.

Ltd.

(2)

(

47,000

)

(

376,297

)

Yamato

Holdings

Co.

Ltd.

(2)

(

21,100

)

(

276,512

)

Yaskawa

Electric

Corp.

(2)

(

38,900

)

(

974,761

)

Yokohama

Rubber

Co.

Ltd.

(The)

(2)

(

19,300

)

(

445,028

)

(55,907,290)

Luxembourg

-

(

0

.1

)

%

Eurofins

Scientific

SE

(2)

(

4,134

)

(

220,519

)

Netherlands

-

(

1

.9

)

%

Adyen

NV

(2)(c)

(

394

)

(

603,922

)

Aegon

Ltd.

(2)

(

44,155

)

(

290,003

)

Akzo

Nobel

NV

(2)

(

2,637

)

(

162,401

)

Argenx

SE

(2)

(

219

)

(

129,231

)

ASM

International

NV

(2)

(

221

)

(

100,708

)

ASML

Holding

NV

(2)

(

1,408

)

(

931,776

)

BE

Semiconductor

Industries

NV

(2)

(

3,221

)

(

336,615

)

Heineken

NV

(2)

(

9,037

)

(

736,881

)

IMCD

NV

(2)

(

2,740

)

(

364,644

)

Koninklijke

Vopak

NV

(2)

(

2,009

)

(

87,281

)

SBM

Offshore

NV

(2)

(

8,077

)

(

172,112

)

Universal

Music

Group

NV

(2)

(

18,789

)

(

518,821

)

Wolters

Kluwer

NV

(2)

(

4,341

)

(

675,878

)

(5,110,273)

Norway

-

(

0

.5

)

%

DNB

Bank

ASA

(2)

(

23,987

)

(

631,163

)

Gjensidige

Forsikring

ASA

(

11,602

)

(

266,652

)

Mowi

ASA

(2)

(

9,569

)

(

177,384

)

Salmar

ASA

(2)

(

1,394

)

(

67,019

)

INVESTMENTS

SHARES

VALUE

($)

Norway

-

(0.5)%

(continued)

Schibsted

ASA,

Class

A

(2)

(

3,353

)

(

90,359

)

TOMRA

Systems

ASA

(2)

(

16,957

)

(

242,107

)

(1,474,684)

Poland

-

(

0

.1

)

%

InPost

SA

(2)

(

23,978

)

(

351,908

)

Portugal

-

(

0

.1

)

%

Banco

Comercial

Portugues

SA,

Class

R

(2)

(

336,851

)

(

203,670

)

Jeronimo

Martins

SGPS

SA

(

4,927

)

(

104,420

)

(308,090)

Singapore

-

(

1

.2

)

%

CapitaLand

Investment

Ltd.

(2)

(

220,800

)

(

446,569

)

DBS

Group

Holdings

Ltd.

(2)

(

34,400

)

(

1,181,341

)

Grab

Holdings

Ltd.,

Class

A

(

17,796

)

(

80,616

)

Keppel

Ltd.

(2)

(

175,900

)

(

897,252

)

Sea

Ltd.,

ADR

(

330

)

(

43,062

)

Sembcorp

Industries

Ltd.

(2)

(

16,800

)

(

78,623

)

Singapore

Telecommunications

Ltd.

(2)

(

265,200

)

(

672,641

)

(3,400,104)

South

Africa

-

(

0

.2

)

%

Anglo

American

plc

(2)

(

14,980

)

(

419,865

)

South

Korea

-

(

0

.1

)

%

Delivery

Hero

SE

(2)(c)

(

15,081

)

(

361,607

)

Spain

-

(

1

.7

)

%

Amadeus

IT

Group

SA

(2)

(

14,283

)

(

1,093,835

)

Cellnex

Telecom

SA

(2)(c)

(

36,933

)

(

1,312,923

)

Fluidra

SA

(2)

(

11,220

)

(

264,157

)

Grifols

SA

(2)

(

48,608

)

(

432,754

)

Iberdrola

SA

(2)

(

61,140

)

(

987,294

)

Industria

de

Diseno

Textil

SA

(2)

(

5,967

)

(

297,108

)

Redeia

Corp.

SA

(2)

(

10,702

)

(

214,803

)

(4,602,874)

Sweden

-

(

3

.4

)

%

AddTech

AB,

Class

B

(2)

(

13,747

)

(

402,616

)

Alfa

Laval

AB

(2)

(

4,706

)

(

201,770

)

Assa

Abloy

AB,

Class

B

(2)

(

30,356

)

(

911,325

)

Atlas

Copco

AB,

Class

A

(2)

(

50,763

)

(

810,859

)

Autoliv,

Inc.

(

5,877

)

(

519,821

)

Beijer

Ref

AB,

Class

B

(2)

(

18,616

)

(

261,878

)

Castellum

AB

(2)

(

18,739

)

(

206,521

)

Electrolux

AB,

Class

B

(2)

(

11,226

)

(

91,924

)

Epiroc

AB,

Class

A

(2)

(

25,736

)

(

518,177

)

EQT

AB

(2)

(

24,379

)

(

743,390

)

Fastighets

AB

Balder,

Class

B

(

34,636

)

(

216,738

)

Hexagon

AB,

Class

B

(2)

(

67,876

)

(

725,578

)

Holmen

AB,

Class

B

(2)

(

7,044

)

(

278,948

)

Husqvarna

AB,

Class

B

(2)

(

10,170

)

(

48,308

)

Indutrade

AB

(2)

(

4,124

)

(

114,284

)

Lifco

AB,

Class

B

(2)

(

2,179

)

(

77,297

)

Nibe

Industrier

AB,

Class

B

(2)

(

208,659

)

(

793,636

)

Sagax

AB,

Class

B

(2)

(

13,151

)

(

275,921

)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(

45,024

)

(

740,702

)

14

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

(3.4)%

(continued)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(

60,809

)

(

802,326

)

Svenska

Handelsbanken

AB,

Class

A

(2)

(

11,128

)

(

125,763

)

Tele2

AB,

Class

B

(

27,568

)

(

371,759

)

(9,239,541)

Switzerland

-

(

4

.9

)

%

ABB

Ltd.

(Registered)

(2)

(

11,261

)

(

581,045

)

Avolta

AG

(2)

(

4,533

)

(

198,566

)

Bachem

Holding

AG,

Class

B

(2)

(

3,566

)

(

210,624

)

Baloise

Holding

AG

(Registered)

(2)

(

2,356

)

(

494,466

)

Banque

Cantonale

Vaudoise

(Registered)

(2)

(

4,230

)

(

462,223

)

Barry

Callebaut

AG

(Registered)

(2)

(

1,289

)

(

1,707,169

)

Belimo

Holding

AG

(Registered)

(2)

(

142

)

(

87,545

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(

18

)

(

243,350

)

Cie

Financiere

Richemont

SA

(Registered)

(2)

(

4,867

)

(

849,612

)

Clariant

AG

(Registered)

(2)

(

21,126

)

(

228,951

)

DSM-Firmenich

AG

(2)

(

7,721

)

(

764,365

)

Galenica

AG

(2)(c)

(

576

)

(

51,830

)

Givaudan

SA

(Registered)

(

176

)

(

755,565

)

Julius

Baer

Group

Ltd.

(2)

(

4,965

)

(

344,154

)

Kuehne

+

Nagel

International

AG

(Registered)

(2)

(

2,560

)

(

591,183

)

Lonza

Group

AG

(Registered)

(2)

(

1,809

)

(

1,117,546

)

Partners

Group

Holding

AG

(2)

(

731

)

(

1,040,361

)

Sandoz

Group

AG

(2)

(

10,911

)

(

457,542

)

SIG

Group

AG

(2)

(

42,848

)

(

792,233

)

Sika

AG

(Registered)

(2)

(

2,498

)

(

608,473

)

Straumann

Holding

AG

(Registered)

(2)

(

1,548

)

(

187,407

)

Swissquote

Group

Holding

SA

(Registered)

(2)

(

101

)

(

43,626

)

Temenos

AG

(Registered)

(2)

(

2,551

)

(

198,065

)

VAT

Group

AG

(2)(c)

(

2,880

)

(

1,038,131

)

Ypsomed

Holding

AG

(Registered)

(2)

(

539

)

(

208,641

)

(13,262,673)

Thailand

-

(

0

.0

)

%

†

Fabrinet

(

418

)

(

82,559

)

United

Kingdom

-

(

4

.7

)

%

Admiral

Group

plc

(2)

(

14,381

)

(

530,948

)

Ashtead

Group

plc

(2)

(

8,185

)

(

442,537

)

AstraZeneca

plc

(2)

(

5,501

)

(

807,793

)

Bellway

plc

(2)

(

6,736

)

(

207,576

)

Bunzl

plc

(2)

(

1,278

)

(

49,160

)

Burberry

Group

plc

(2)

(

47,613

)

(

479,599

)

ConvaTec

Group

plc

(2)(c)

(

14,552

)

(

48,612

)

Croda

International

plc

(2)

(

8,116

)

(

308,341

)

Diageo

plc

(2)

(

37,843

)

(

988,938

)

Diploma

plc

(2)

(

3,027

)

(

151,529

)

Entain

plc

(2)

(

7,738

)

(

58,464

)

Flutter

Entertainment

plc

(

749

)

(

165,941

)

Hiscox

Ltd.

(

9,572

)

(

145,408

)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

(4.7)%

(continued)

Informa

plc

(2)

(

48,376

)

(

485,061

)

Legal

&

General

Group

plc

(2)

(

378,509

)

(

1,193,681

)

M&G

plc

(2)

(

82,892

)

(

213,526

)

Melrose

Industries

plc

(2)

(

49,088

)

(

303,011

)

National

Grid

plc

(2)

(

101,466

)

(

1,323,547

)

Ocado

Group

plc

(2)

(

72,583

)

(

265,775

)

Pennon

Group

plc

(2)

(

48,869

)

(

283,090

)

Persimmon

plc

(2)

(

30,136

)

(

466,114

)

Reckitt

Benckiser

Group

plc

(2)

(

16,125

)

(

1,090,381

)

RELX

plc

(2)

(

11,349

)

(

570,068

)

Rentokil

Initial

plc

(2)

(

116,995

)

(

530,940

)

Sage

Group

plc

(The)

(2)

(

2,839

)

(

44,573

)

Spirax

Group

plc

(2)

(

3,375

)

(

272,071

)

SSE

plc

(2)

(

2,257

)

(

46,491

)

St

James's

Place

plc

(2)

(

8,688

)

(

110,441

)

Taylor

Wimpey

plc

(2)

(

148,643

)

(

208,842

)

TechnipFMC

plc

(

1,412

)

(

44,746

)

Unilever

plc

(2)

(

10,557

)

(

629,905

)

Weir

Group

plc

(The)

(2)

(

1,427

)

(

43,109

)

Whitbread

plc

(2)

(

2,613

)

(

83,240

)

Wise

plc,

Class

A

(2)

(

3,567

)

(

43,785

)

WPP

plc

(2)

(

38,815

)

(

294,956

)

(12,932,199)

United

States

-

(

85

.5

)

%

10X

Genomics,

Inc.,

Class

A

(

45,945

)

(

401,100

)

AAON,

Inc.

(

8,849

)

(

691,372

)

Acadia

Healthcare

Co.,

Inc.

(

22,812

)

(

691,660

)

Advance

Auto

Parts,

Inc.

(

5,528

)

(

216,753

)

Advanced

Drainage

Systems,

Inc.

(

4,321

)

(

469,477

)

Advanced

Micro

Devices,

Inc.

(

6,448

)

(

662,468

)

AECOM

(

822

)

(

76,224

)

AES

Corp.

(The)

(

13,685

)

(

169,968

)

Affirm

Holdings,

Inc.,

Class

A

(

5,174

)

(

233,813

)

Aflac,

Inc.

(

7,197

)

(

800,234

)

AGCO

Corp.

(

5,461

)

(

505,525

)

Air

Lease

Corp.,

Class

A

(

16,153

)

(

780,351

)

Air

Products

and

Chemicals,

Inc.

(

5,343

)

(

1,575,758

)

Alaska

Air

Group,

Inc.

(

11,380

)

(

560,124

)

Albemarle

Corp.

(

14,319

)

(

1,031,254

)

Alcoa

Corp.

(

11,013

)

(

335,897

)

Allegion

plc

(

1,073

)

(

139,984

)

Alliant

Energy

Corp.

(

699

)

(

44,981

)

Ally

Financial,

Inc.

(

5,724

)

(

208,754

)

Alnylam

Pharmaceuticals,

Inc.

(

1,446

)

(

390,449

)

Amazon.com,

Inc.

(

7,051

)

(

1,341,523

)

Amcor

plc

(

34,809

)

(

337,647

)

Amentum

Holdings,

Inc.

(

28,361

)

(

516,170

)

Ameren

Corp.

(

447

)

(

44,879

)

American

Express

Co.

(

1,728

)

(

464,918

)

American

Financial

Group,

Inc.

(

924

)

(

121,358

)

American

Water

Works

Co.,

Inc.

(

3,696

)

(

545,234

)

AMETEK,

Inc.

(

4,029

)

(

693,552

)

Amphenol

Corp.,

Class

A

(

4,084

)

(

267,870

)

Analog

Devices,

Inc.

(

710

)

(

143,186

)

Antero

Resources

Corp.

(

19,785

)

(

800,105

)

Aon

plc,

Class

A

(

4,102

)

(

1,637,066

)

APA

Corp.

(

11,428

)

(

240,217

)

Apellis

Pharmaceuticals,

Inc.

(

23,890

)

(

522,474

)

API

Group

Corp.

(

17,812

)

(

636,957

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

15

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

Apollo

Global

Management,

Inc.

(

11,841

)

(

1,621,506

)

Appfolio,

Inc.,

Class

A

(

1,283

)

(

282,132

)

Apple,

Inc.

(

2,449

)

(

543,996

)

AppLovin

Corp.,

Class

A

(

595

)

(

157,657

)

AptarGroup,

Inc.

(

2,242

)

(

332,668

)

Arch

Capital

Group

Ltd.

(

2,024

)

(

194,668

)

Armstrong

World

Industries,

Inc.

(

854

)

(

120,312

)

Arthur

J

Gallagher

&

Co.

(

3,307

)

(

1,141,709

)

Ashland,

Inc.

(

3,695

)

(

219,077

)

ATI,

Inc.

(

6,106

)

(

317,695

)

Autodesk,

Inc.

(

675

)

(

176,715

)

Automatic

Data

Processing,

Inc.

(

2,566

)

(

783,990

)

AutoZone,

Inc.

(

207

)

(

789,245

)

Avery

Dennison

Corp.

(

924

)

(

164,444

)

Avis

Budget

Group,

Inc.

(

3,158

)

(

239,692

)

Axon

Enterprise,

Inc.

(

368

)

(

193,550

)

AZEK

Co.,

Inc.

(The),

Class

A

(

5,961

)

(

291,433

)

Azenta,

Inc.

(

15,452

)

(

535,257

)

Baker

Hughes

Co.,

Class

A

(

11,460

)

(

503,667

)

Ball

Corp.

(

17,439

)

(

908,049

)

Bank

of

America

Corp.

(

17,457

)

(

728,481

)

Bath

&

Body

Works,

Inc.

(

7,885

)

(

239,073

)

Baxter

International,

Inc.

(

12,301

)

(

421,063

)

Becton

Dickinson

&

Co.

(

2,398

)

(

549,286

)

Bentley

Systems,

Inc.,

Class

B

(

8,634

)

(

339,662

)

BILL

Holdings,

Inc.

(

6,007

)

(

275,661

)

BioMarin

Pharmaceutical,

Inc.

(

5,599

)

(

395,793

)

Bio-Rad

Laboratories,

Inc.,

Class

A

(

1,400

)

(

340,984

)

Bio-Techne

Corp.

(

2,604

)

(

152,673

)

BJ's

Wholesale

Club

Holdings,

Inc.

(

392

)

(

44,727

)

Blackbaud,

Inc.

(

2,047

)

(

127,016

)

Blackrock,

Inc.

(

553

)

(

523,403

)

Blackstone,

Inc.

(

7,128

)

(

996,352

)

Block,

Inc.,

Class

A

(

6,804

)

(

369,661

)

Blue

Owl

Capital,

Inc.,

Class

A

(

13,600

)

(

272,544

)

Boeing

Co.

(The)

(

12,417

)

(

2,117,718

)

Boston

Scientific

Corp.

(

8,621

)

(

869,686

)

Bright

Horizons

Family

Solutions,

Inc.

(

1,635

)

(

207,710

)

Brink's

Co.

(The)

(

595

)

(

51,265

)

Broadridge

Financial

Solutions,

Inc.

(

2,614

)

(

633,790

)

Brown

&

Brown,

Inc.

(

359

)

(

44,660

)

Brown-Forman

Corp.,

Class

B

(

18,441

)

(

625,888

)

BRP,

Inc.

(

4,586

)

(

154,848

)

Bruker

Corp.

(

11,069

)

(

462,020

)

Brunswick

Corp.

(

10,262

)

(

552,609

)

Burlington

Stores,

Inc.

(

2,439

)

(

581,287

)

Caesars

Entertainment,

Inc.

(

9,147

)

(

228,675

)

Capri

Holdings

Ltd.

(

15,391

)

(

303,664

)

CarMax,

Inc.

(

8,108

)

(

631,775

)

Carpenter

Technology

Corp.

(

1,336

)

(

242,056

)

Carrier

Global

Corp.

(

18,644

)

(

1,182,030

)

Carvana

Co.,

Class

A

(

1,967

)

(

411,260

)

Caterpillar,

Inc.

(

2,203

)

(

726,549

)

Cava

Group,

Inc.

(

4,964

)

(

428,939

)

Cboe

Global

Markets,

Inc.

(

846

)

(

191,441

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

24,364

)

(

220,007

)

CDW

Corp.

(

3,357

)

(

537,993

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

Celanese

Corp.,

Class

A

(

3,673

)

(

208,516

)

Celsius

Holdings,

Inc.

(

6,345

)

(

226,009

)

CenterPoint

Energy,

Inc.

(

14,227

)

(

515,444

)

Certara,

Inc.

(

26,523

)

(

262,578

)

CH

Robinson

Worldwide,

Inc.

(

2,512

)

(

257,229

)

Charles

River

Laboratories

International,

Inc.

(

1,739

)

(

261,754

)

Charles

Schwab

Corp.

(The)

(

18,546

)

(

1,451,781

)

Chart

Industries,

Inc.

(

1,600

)

(

230,976

)

Chemours

Co.

(The)

(

52,744

)

(

713,626

)

Cheniere

Energy,

Inc.

(

2,488

)

(

575,723

)

Chewy,

Inc.,

Class

A

(

1,541

)

(

50,098

)

Chipotle

Mexican

Grill,

Inc.,

Class

A

(

8,676

)

(

435,622

)

Chord

Energy

Corp.

(

4,063

)

(

457,981

)

Church

&

Dwight

Co.,

Inc.

(

5,227

)

(

575,440

)

Churchill

Downs,

Inc.

(

3,020

)

(

335,431

)

Clarivate

plc

(

24,660

)

(

96,914

)

Clearway

Energy,

Inc.,

Class

C

(

6,618

)

(

200,327

)

Cleveland-Cliffs,

Inc.

(

66,133

)

(

543,613

)

Clorox

Co.

(The)

(

4,130

)

(

608,143

)

Cloudflare,

Inc.,

Class

A

(

2,292

)

(

258,285

)

CME

Group,

Inc.

(

169

)

(

44,834

)

CNH

Industrial

NV

(

53,428

)

(

656,096

)

CNH

Industrial

NV

(2)

(

12,685

)

(

155,357

)

CNX

Resources

Corp.

(

9,942

)

(

312,974

)

Cognex

Corp.

(

24,143

)

(

720,186

)

Coherent

Corp.

(

6,559

)

(

425,941

)

Coinbase

Global,

Inc.,

Class

A

(

1,527

)

(

262,995

)

Comfort

Systems

USA,

Inc.

(

993

)

(

320,074

)

Commerce

Bancshares,

Inc.

(

3,826

)

(

238,092

)

Conagra

Brands,

Inc.

(

9,157

)

(

244,217

)

Confluent,

Inc.,

Class

A

(

30,993

)

(

726,476

)

ConocoPhillips

(

9,832

)

(

1,032,557

)

Constellation

Brands,

Inc.,

Class

A

(

1,235

)

(

226,647

)

Constellation

Energy

Corp.

(

2,300

)

(

463,749

)

Cooper

Cos.,

Inc.

(The)

(

5,583

)

(

470,926

)

Core

&

Main,

Inc.,

Class

A

(

15,609

)

(

754,071

)

Corning,

Inc.

(

11,416

)

(

522,624

)

Corteva,

Inc.

(

8,672

)

(

545,729

)

CoStar

Group,

Inc.

(

19,955

)

(

1,581,035

)

Coty,

Inc.,

Class

A

(

15,054

)

(

82,345

)

Crane

Co.

(

440

)

(

67,399

)

Credit

Acceptance

Corp.

(

1,025

)

(

529,259

)

CRH

plc

(

2,707

)

(

238,135

)

Crocs,

Inc.

(

2,113

)

(

224,401

)

Crowdstrike

Holdings,

Inc.,

Class

A

(

1,293

)

(

455,886

)

Crown

Holdings,

Inc.

(

5,903

)

(

526,902

)

CSL

Ltd.

(2)

(

9,109

)

(

1,433,659

)

CSX

Corp.

(

11,869

)

(

349,305

)

Cullen/Frost

Bankers,

Inc.

(

3,710

)

(

464,492

)

Danaher

Corp.

(

3,002

)

(

615,410

)

Darling

Ingredients,

Inc.

(

5,808

)

(

181,442

)

Datadog,

Inc.,

Class

A

(

2,525

)

(

250,505

)

DaVita,

Inc.

(

289

)

(

44,208

)

Dayforce,

Inc.

(

16,717

)

(

975,103

)

Deere

&

Co.

(

3,760

)

(

1,764,755

)

Dexcom,

Inc.

(

6,138

)

(

419,164

)

Dollar

General

Corp.

(

5,092

)

(

447,740

)

Dollar

Tree,

Inc.

(

6,458

)

(

484,802

)

16

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

Dominion

Energy,

Inc.

(

20,334

)

(

1,140,127

)

DoubleVerify

Holdings,

Inc.

(

6,735

)

(

90,047

)

Dow,

Inc.

(

17,963

)

(

627,268

)

DR

Horton,

Inc.

(

3,927

)

(

499,240

)

DraftKings,

Inc.,

Class

A

(

9,974

)

(

331,237

)

DTE

Energy

Co.

(

326

)

(

45,076

)

Duke

Energy

Corp.

(

4,158

)

(

507,151

)

Dun

&

Bradstreet

Holdings,

Inc.

(

20,253

)

(

181,062

)

Duolingo,

Inc.,

Class

A

(

133

)

(

41,302

)

DuPont

de

Nemours,

Inc.

(

4,774

)

(

356,522

)

Dutch

Bros,

Inc.,

Class

A

(

8,853

)

(

546,584

)

Eaton

Corp.

plc

(

2,523

)

(

685,827

)

Ecolab,

Inc.

(

936

)

(

237,295

)

Edwards

Lifesciences

Corp.

(

5,653

)

(

409,729

)

Elastic

NV

(

1,998

)

(

178,022

)

Element

Solutions,

Inc.

(

2,410

)

(

54,490

)

elf

Beauty,

Inc.

(

5,035

)

(

316,148

)

Eli

Lilly

&

Co.

(

776

)

(

640,906

)

Emerson

Electric

Co.

(

1,082

)

(

118,630

)

Enovis

Corp.

(

10,296

)

(

393,410

)

Enphase

Energy,

Inc.

(

5,407

)

(

335,504

)

Ensign

Group,

Inc.

(The)

(

4,471

)

(

578,547

)

Entegris,

Inc.

(

5,532

)

(

483,939

)

EPAM

Systems,

Inc.

(

1,513

)

(

255,455

)

Equifax,

Inc.

(

2,987

)

(

727,514

)

Erie

Indemnity

Co.,

Class

A

(

1,324

)

(

554,822

)

Essent

Group

Ltd.

(

957

)

(

55,238

)

Essential

Utilities,

Inc.

(

6,228

)

(

246,193

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(

11,463

)

(

756,558

)

Eversource

Energy

(

8,552

)

(

531,165

)

Everus

Construction

Group,

Inc.

(

3,240

)

(

120,172

)

Exact

Sciences

Corp.

(

11,565

)

(

500,649

)

ExlService

Holdings,

Inc.

(

1,941

)

(

91,635

)

Expand

Energy

Corp.

(

9,635

)

(

1,072,568

)

Expeditors

International

of

Washington,

Inc.

(

4,499

)

(

541,005

)

Experian

plc

(2)

(

1,109

)

(

51,386

)

Exxon

Mobil

Corp.

(

5,038

)

(

599,169

)

FactSet

Research

Systems,

Inc.

(

604

)

(

274,603

)

FedEx

Corp.

(

1,885

)

(

459,525

)

Ferguson

Enterprises,

Inc.

(

2,639

)

(

422,847

)

Ferrovial

SE

(2)

(

28,440

)

(

1,272,057

)

First

American

Financial

Corp.

(

13,633

)

(

894,734

)

First

Citizens

BancShares,

Inc.,

Class

A

(

82

)

(

152,038

)

First

Financial

Bankshares,

Inc.

(

13,507

)

(

485,171

)

First

Hawaiian,

Inc.

(

3,409

)

(

83,316

)

FirstEnergy

Corp.

(

5,857

)

(

236,740

)

Five

Below,

Inc.

(

5,700

)

(

427,073

)

Five9,

Inc.

(

11,751

)

(

319,040

)

Flagstar

Financial,

Inc.

(

63,373

)

(

736,394

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

6,247

)

(

502,696

)

FMC

Corp.

(

10,741

)

(

453,163

)

Ford

Motor

Co.

(

68,628

)

(

688,339

)

Fortive

Corp.

(

3,000

)

(

219,540

)

Fortrea

Holdings,

Inc.

(

19,527

)

(

147,429

)

Fortune

Brands

Innovations,

Inc.

(

3,696

)

(

225,012

)

Freeport-McMoRan,

Inc.

(

5,164

)

(

195,509

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

Freshpet,

Inc.

(

5,062

)

(

421,007

)

FTI

Consulting,

Inc.

(

615

)

(

100,909

)

GATX

Corp.

(

2,770

)

(

430,098

)

Generac

Holdings,

Inc.

(

1,152

)

(

145,901

)

General

Mills,

Inc.

(

9,474

)

(

566,450

)

Gentex

Corp.

(

15,914

)

(

370,796

)

Genuine

Parts

Co.

(

9,601

)

(

1,143,863

)

GFL

Environmental,

Inc.

(

13,638

)

(

658,752

)

Gitlab,

Inc.,

Class

A

(

6,823

)

(

320,681

)

Glacier

Bancorp,

Inc.

(

19,502

)

(

862,378

)

Globant

SA

(

3,691

)

(

434,505

)

Goldman

Sachs

Group,

Inc.

(The)

(

515

)

(

281,339

)

Goodyear

Tire

&

Rubber

Co.

(The)

(

33,602

)

(

310,482

)

Graphic

Packaging

Holding

Co.

(

10,447

)

(

271,204

)

Grocery

Outlet

Holding

Corp.

(

26,709

)

(

373,392

)

Guidewire

Software,

Inc.

(

1,749

)

(

327,693

)

GXO

Logistics,

Inc.

(

10,025

)

(

391,777

)

Haemonetics

Corp.

(

6,938

)

(

440,910

)

Haleon

plc

(2)

(

185,497

)

(

936,798

)

Halliburton

Co.

(

9,109

)

(

231,095

)

Hamilton

Lane,

Inc.,

Class

A

(

1,078

)

(

160,266

)

Hancock

Whitney

Corp.

(

5,175

)

(

271,429

)

Harley-Davidson,

Inc.

(

10,203

)

(

257,626

)

Hasbro,

Inc.

(

5,573

)

(

342,684

)

Hayward

Holdings,

Inc.

(

17,923

)

(

249,488

)

HCA

Healthcare,

Inc.

(

129

)

(

44,576

)

HealthEquity,

Inc.

(

6,792

)

(

600,209

)

HEICO

Corp.

(

567

)

(

151,497

)

Hershey

Co.

(The)

(

2,369

)

(

405,170

)

Hilton

Grand

Vacations,

Inc.

(

27,141

)

(

1,015,345

)

Home

BancShares,

Inc.

(

5,395

)

(

152,517

)

Home

Depot,

Inc.

(The)

(

4,277

)

(

1,567,478

)

Honeywell

International,

Inc.

(

1,850

)

(

391,738

)

Hormel

Foods

Corp.

(

12,946

)

(

400,549

)

Howard

Hughes

Holdings,

Inc.

(

3,669

)

(

271,800

)

Huntsman

Corp.

(

38,119

)

(

601,899

)

Hyatt

Hotels

Corp.,

Class

A

(

5,033

)

(

616,543

)

IDACORP,

Inc.

(

2,451

)

(

284,855

)

IDEX

Corp.

(

3,254

)

(

588,876

)

Illinois

Tool

Works,

Inc.

(

2,098

)

(

520,325

)

Illumina,

Inc.

(

3,618

)

(

287,052

)

Ingersoll

Rand,

Inc.

(

9,724

)

(

778,212

)

Inspire

Medical

Systems,

Inc.

(

3,637

)

(

579,301

)

Insulet

Corp.

(

2,290

)

(

601,377

)

Intel

Corp.

(

31,778

)

(

721,678

)

Intercontinental

Exchange,

Inc.

(

250

)

(

43,125

)

International

Flavors

&

Fragrances,

Inc.

(

8,196

)

(

636,092

)

International

Paper

Co.

(

10,959

)

(

584,663

)

Intuitive

Surgical,

Inc.

(

823

)

(

407,607

)

Ionis

Pharmaceuticals,

Inc.

(

38,542

)

(

1,162,812

)

Iridium

Communications,

Inc.

(

15,871

)

(

433,596

)

J

M

Smucker

Co.

(The)

(

5,213

)

(

617,271

)

Jacobs

Solutions,

Inc.

(

1,102

)

(

133,221

)

James

Hardie

Industries

plc,

CHESS

(2)

(

33,376

)

(

796,495

)

JB

Hunt

Transport

Services,

Inc.

(

524

)

(

77,526

)

JPMorgan

Chase

&

Co.

(

6,010

)

(

1,474,253

)

Kemper

Corp.

(

2,020

)

(

135,037

)

Kenvue,

Inc.

(

32,676

)

(

783,570

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

17

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

Keurig

Dr

Pepper,

Inc.

(

1,881

)

(

64,368

)

KeyCorp

(

64,659

)

(

1,033,897

)

Keysight

Technologies,

Inc.

(

2,620

)

(

392,397

)

Kinsale

Capital

Group,

Inc.

(

1,063

)

(

517,373

)

KKR

&

Co.,

Inc.

(

8,278

)

(

957,020

)

Knife

River

Corp.

(

1,290

)

(

116,371

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(

2,347

)

(

102,071

)

Labcorp

Holdings,

Inc.

(

2,937

)

(

683,557

)

Lamb

Weston

Holdings,

Inc.

(

11,608

)

(

618,706

)

Las

Vegas

Sands

Corp.

(

8,914

)

(

344,348

)

Lattice

Semiconductor

Corp.

(

12,831

)

(

672,986

)

Leggett

&

Platt,

Inc.

(

13,900

)

(

109,949

)

Liberty

Media

Corp.-Liberty

Live,

Class

C

(

12,538

)

(

854,339

)

Light

&

Wonder,

Inc.

(

1,115

)

(

96,570

)

Linde

plc

(

1,075

)

(

500,563

)

Littelfuse,

Inc.

(

1,663

)

(

327,179

)

LivaNova

plc

(

2,417

)

(

94,940

)

Live

Nation

Entertainment,

Inc.

(

812

)

(

106,031

)

LKQ

Corp.

(

6,064

)

(

257,963

)

Lowe's

Cos.,

Inc.

(

2,369

)

(

552,522

)

LPL

Financial

Holdings,

Inc.

(

1,628

)

(

532,584

)

Lucid

Group,

Inc.

(

115,697

)

(

279,987

)

Lululemon

Athletica,

Inc.

(

879

)

(

248,810

)

Lyft,

Inc.,

Class

A

(

20,830

)

(

247,252

)

Madison

Square

Garden

Sports

Corp.,

Class

A

(

2,184

)

(

425,268

)

Maplebear,

Inc.

(

7,403

)

(

295,306

)

Marathon

Petroleum

Corp.

(

2,977

)

(

433,719

)

MarketAxess

Holdings,

Inc.

(

1,008

)

(

218,081

)

Marriott

International,

Inc.,

Class

A

(

2,554

)

(

608,363

)

Marriott

Vacations

Worldwide

Corp.

(

3,359

)

(

215,782

)

Marsh

&

McLennan

Cos.,

Inc.

(

5,979

)

(

1,459,055

)

Martin

Marietta

Materials,

Inc.

(

1,735

)

(

829,556

)

Marvell

Technology,

Inc.

(

6,183

)

(

380,687

)

Masimo

Corp.

(

2,399

)

(

399,673

)

MasTec,

Inc.

(

1,332

)

(

155,458

)

McCormick

&

Co.,

Inc.

(Non-Voting)

(

11,485

)

(

945,330

)

MGM

Resorts

International

(

8,247

)

(

244,441

)

Microchip

Technology,

Inc.

(

23,849

)

(

1,154,530

)

MicroStrategy,

Inc.,

Class

A

(

1,949

)

(

561,838

)

MKS

Instruments,

Inc.

(

1,336

)

(

107,080

)

Moderna,

Inc.

(

23,980

)

(

679,833

)

Mondelez

International,

Inc.,

Class

A

(

7,271

)

(

493,337

)

MongoDB,

Inc.,

Class

A

(

3,077

)

(

539,706

)

Moody's

Corp.

(

858

)

(

399,562

)

Morgan

Stanley

(

4,018

)

(

468,780

)

Mosaic

Co.

(The)

(

2,802

)

(

75,682

)

Motorola

Solutions,

Inc.

(

2,346

)

(

1,027,102

)

MP

Materials

Corp.

(

21,761

)

(

531,186

)

MSA

Safety,

Inc.

(

603

)

(

88,454

)

MSCI,

Inc.,

Class

A

(

363

)

(

205,277

)

Nasdaq,

Inc.

(

6,805

)

(

516,227

)

nCino,

Inc.

(

11,807

)

(

324,338

)

Neogen

Corp.

(

68,411

)

(

593,123

)

Nestle

SA

(Registered)

(2)

(

8,857

)

(

895,059

)

New

Fortress

Energy,

Inc.

(

4,767

)

(

39,614

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

New

Jersey

Resources

Corp.

(

5,061

)

(

248,293

)

Newell

Brands,

Inc.

(

54,495

)

(

337,869

)

Newmont

Corp.

(

16,466

)

(

794,978

)

NextEra

Energy,

Inc.

(

18,464

)

(

1,308,913

)

NEXTracker,

Inc.,

Class

A

(

1,809

)

(

76,231

)

NIKE,

Inc.,

Class

B

(

16,585

)

(

1,052,816

)

Nordson

Corp.

(

2,814

)

(

567,640

)

Norfolk

Southern

Corp.

(

3,318

)

(

785,868

)

Northrop

Grumman

Corp.

(

764

)

(

391,176

)

Novanta,

Inc.

(

5,341

)

(

682,954

)

Nucor

Corp.

(

2,992

)

(

360,057

)

nVent

Electric

plc

(

7,170

)

(

375,851

)

NVIDIA

Corp.

(

8,329

)

(

902,697

)

NVR,

Inc.

(

33

)

(

239,065

)

Occidental

Petroleum

Corp.

(

13,804

)

(

681,365

)

Okta,

Inc.,

Class

A

(

1,052

)

(

110,691

)

Old

Dominion

Freight

Line,

Inc.

(

1,425

)

(

235,766

)

Olin

Corp.

(

13,061

)

(

316,599

)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(

1,936

)

(

225,273

)

ON

Semiconductor

Corp.

(

3,481

)

(

141,642

)

ONE

Gas,

Inc.

(

4,230

)

(

319,746

)

ONEOK,

Inc.

(

2,097

)

(

208,064

)

Onto

Innovation,

Inc.

(

1,159

)

(

140,633

)

Option

Care

Health,

Inc.

(

9,562

)

(

334,192

)

Oracle

Corp.

(

3,708

)

(

518,415

)

Ormat

Technologies,

Inc.

(

3,214

)

(

227,455

)

Otis

Worldwide

Corp.

(

6,237

)

(

643,658

)

Palo

Alto

Networks,

Inc.

(

1,405

)

(

239,749

)

Paramount

Global,

Class

B

(

13,932

)

(

166,627

)

Parker-Hannifin

Corp.

(

603

)

(

366,534

)

Parsons

Corp.

(

4,500

)

(

266,445

)

Paycom

Software,

Inc.

(

832

)

(

181,775

)

Paylocity

Holding

Corp.

(

2,916

)

(

546,283

)

PBF

Energy,

Inc.,

Class

A

(

13,016

)

(

248,475

)

Penn

Entertainment,

Inc.

(

15,642

)

(

255,121

)

Penumbra,

Inc.

(

2,580

)

(

689,918

)

Permian

Resources

Corp.,

Class

A

(

21,274

)

(

294,645

)

Perrigo

Co.

plc

(

8,648

)

(

242,490

)

Pfizer,

Inc.

(

44,065

)

(

1,116,607

)

PG&E

Corp.

(

17,958

)

(

308,518

)

Planet

Fitness,

Inc.,

Class

A

(

4,041

)

(

390,401

)

Plug

Power,

Inc.

(

45,474

)

(

61,390

)

Polaris,

Inc.

(

4,471

)

(

183,043

)

Pool

Corp.

(

2,055

)

(

654,209

)

Power

Integrations,

Inc.

(

6,318

)

(

319,059

)

PPG

Industries,

Inc.

(

1,393

)

(

152,325

)

PPL

Corp.

(

16,731

)

(

604,156

)

Primerica,

Inc.

(

476

)

(

135,436

)

Principal

Financial

Group,

Inc.

(

2,140

)

(

180,552

)

Progressive

Corp.

(The)

(

2,167

)

(

613,283

)

PTC,

Inc.

(

979

)

(

151,696

)

Public

Service

Enterprise

Group,

Inc.

(

11,989

)

(

986,695

)

Quanta

Services,

Inc.

(

3,103

)

(

788,721

)

QuantumScape

Corp.

(

156,598

)

(

651,448

)

Quest

Diagnostics,

Inc.

(

6,048

)

(

1,023,322

)

QuidelOrtho

Corp.

(

4,834

)

(

169,045

)

Range

Resources

Corp.

(

5,973

)

(

238,502

)

RBC

Bearings,

Inc.

(

604

)

(

194,349

)

18

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

Repligen

Corp.

(

7,656

)

(

974,149

)

Republic

Services,

Inc.,

Class

A

(

4,545

)

(

1,100,617

)

Revvity,

Inc.

(

3,242

)

(

343,004

)

RH

(

4,470

)

(

1,047,813

)

Rivian

Automotive,

Inc.,

Class

A

(

10,797

)

(

134,423

)

RLI

Corp.

(

6,060

)

(

486,800

)

Robinhood

Markets,

Inc.,

Class

A

(

14,154

)

(

589,089

)

Rocket

Cos.,

Inc.,

Class

A

(

3,349

)

(

40,422

)

Rockwell

Automation,

Inc.

(

1,915

)

(

494,798

)

Roivant

Sciences

Ltd.

(

45,801

)

(

462,132

)

Roku,

Inc.,

Class

A

(

1,719

)

(

121,086

)

Rollins,

Inc.

(

820

)

(

44,305

)

Ross

Stores,

Inc.

(

3,633

)

(

464,261

)

Royal

Caribbean

Cruises

Ltd.

(

1,337

)

(

274,673

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

15,722

)

(

1,161,384

)

S&P

Global,

Inc.

(

933

)

(

474,057

)

Saia,

Inc.

(

3,092

)

(

1,080,438

)

Samsara,

Inc.,

Class

A

(

1,479

)

(

56,690

)

Sanofi

SA

(2)

(

2,298

)

(

254,439

)

Schlumberger

NV

(

12,940

)

(

540,892

)

Schneider

Electric

SE

(2)

(

5,557

)

(

1,282,808

)

Sealed

Air

Corp.

(

6,755

)

(

195,220

)

Selective

Insurance

Group,

Inc.

(

1,892

)

(

173,194

)

Sempra

(

5,406

)

(

385,772

)

SentinelOne,

Inc.,

Class

A

(

18,659

)

(

339,221

)

SharkNinja,

Inc.

(

1,197

)

(

99,842

)

Sherwin-Williams

Co.

(The)

(

1,860

)

(

649,493

)

Shift4

Payments,

Inc.,

Class

A

(

1,930

)

(

157,700

)

Silicon

Laboratories,

Inc.

(

4,528

)

(

509,717

)

Simpson

Manufacturing

Co.,

Inc.

(

3,034

)

(

476,581

)

Sirius

XM

Holdings,

Inc.

(

12,594

)

(

283,932

)

SiteOne

Landscape

Supply,

Inc.

(

2,045

)

(

248,345

)

SLM

Corp.

(

24,832

)

(

729,316

)

Snap,

Inc.,

Class

A

(

86,908

)

(

756,969

)

SoFi

Technologies,

Inc.

(

23,784

)

(

276,608

)

Somnigroup

International,

Inc.

(

12,605

)

(

754,787

)

Sonoco

Products

Co.

(

15,877

)

(

750,029

)

Sotera

Health

Co.

(

44,876

)

(

523,254

)

Southern

Co.

(The)

(

5,551

)

(

510,414

)

SouthState

Corp.

(

4,642

)

(

430,870

)

Southwest

Airlines

Co.

(

17,614

)

(

591,478

)

Southwest

Gas

Holdings,

Inc.

(

5,637

)

(

404,737

)

Spectrum

Brands

Holdings,

Inc.

(

2,510

)

(

179,591

)

Stanley

Black

&

Decker,

Inc.

(

3,565

)

(

274,077

)

Starbucks

Corp.

(

2,227

)

(

218,446

)

Stellantis

NV

(2)

(

55,130

)

(

618,343

)

Stryker

Corp.

(

896

)

(

333,536

)

Super

Micro

Computer,

Inc.

(

4,481

)

(

153,429

)

Synaptics,

Inc.

(

3,176

)

(

202,375

)

Synovus

Financial

Corp.

(

2,627

)

(

122,786

)

Sysco

Corp.

(

3,046

)

(

228,572

)

Take-Two

Interactive

Software,

Inc.

(

3,385

)

(

701,541

)

Targa

Resources

Corp.

(

295

)

(

59,139

)

Target

Corp.

(

1,372

)

(

143,182

)

Teledyne

Technologies,

Inc.

(

701

)

(

348,895

)

Tesla,

Inc.

(

4,980

)

(

1,290,617

)

Tetra

Tech,

Inc.

(

8,738

)

(

255,587

)

Texas

Capital

Bancshares,

Inc.

(

4,815

)

(

359,681

)

Texas

Instruments,

Inc.

(

5,482

)

(

985,115

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

The

Campbell's

Co.

(

16,797

)

(

670,536

)

Thermo

Fisher

Scientific,

Inc.

(

906

)

(

450,826

)

TJX

Cos.,

Inc.

(The)

(

8,179

)

(

996,202

)

Toast,

Inc.,

Class

A

(

14,321

)

(

475,028

)

TopBuild

Corp.

(

2,031

)

(

619,353

)

Toro

Co.

(The)

(

4,260

)

(

309,915

)

TPG,

Inc.

(

11,132

)

(

527,991

)

Tractor

Supply

Co.

(

7,325

)

(

403,608

)

Trade

Desk,

Inc.

(The),

Class

A

(

10,237

)

(

560,169

)

Tradeweb

Markets,

Inc.,

Class

A

(

302

)

(

44,835

)

Trane

Technologies

plc

(

1,452

)

(

489,208

)

TransDigm

Group,

Inc.

(

310

)

(

428,820

)

TransUnion

(

2,601

)

(

215,857

)

Trex

Co.,

Inc.

(

20,823

)

(

1,209,816

)

Truist

Financial

Corp.

(

43,603

)

(

1,794,262

)

Twilio,

Inc.,

Class

A

(

1,778

)

(

174,084

)

TXNM

Energy,

Inc.

(

7,597

)

(

406,288

)

Uber

Technologies,

Inc.

(

16,225

)

(

1,182,154

)

Ulta

Beauty,

Inc.

(

652

)

(

238,984

)

Ultragenyx

Pharmaceutical,

Inc.

(

8,952

)

(

324,152

)

UMB

Financial

Corp.

(

2,945

)

(

297,740

)

Under

Armour,

Inc.,

Class

A

(

96,572

)

(

603,575

)

Union

Pacific

Corp.

(

1,538

)

(

363,337

)

United

Parcel

Service,

Inc.,

Class

B

(

8,660

)

(

952,513

)

United

Rentals,

Inc.

(

743

)

(

465,638

)

UnitedHealth

Group,

Inc.

(

1,285

)

(

673,019

)

Unity

Software,

Inc.

(

16,427

)

(

321,805

)

UWM

Holdings

Corp.,

Class

A

(

10,244

)

(

55,932

)

Vail

Resorts,

Inc.

(

1,328

)

(

212,507

)

Valaris

Ltd.

(

12,964

)

(

508,967

)

Valmont

Industries,

Inc.

(

224

)

(

63,923

)

Valvoline,

Inc.

(

17,993

)

(

626,336

)

Vertiv

Holdings

Co.,

Class

A

(

7,869

)

(

568,142

)

VF

Corp.

(

25,349

)

(

393,416

)

Visa,

Inc.,

Class

A

(

126

)

(

44,158

)

Visteon

Corp.

(

5,783

)

(

448,876

)

Vulcan

Materials

Co.

(

4,614

)

(

1,076,446

)

Waste

Management,

Inc.

(

6,434

)

(

1,489,535

)

Weatherford

International

plc

(

9,300

)

(

498,015

)

WEC

Energy

Group,

Inc.

(

7,895

)

(

860,397

)

Wells

Fargo

&

Co.

(

8,376

)

(

601,313

)

Wendy's

Co.

(The)

(

9,785

)

(

143,155

)

West

Pharmaceutical

Services,

Inc.

(

2,501

)

(

559,924

)

Western

Alliance

Bancorp

(

7,677

)

(

589,824

)

Western

Digital

Corp.

(

8,626

)

(

348,749

)

WEX,

Inc.

(

2,427

)

(

381,088

)

Whirlpool

Corp.

(

4,150

)

(

374,040

)

White

Mountains

Insurance

Group

Ltd.

(

184

)

(

354,349

)

Williams

Cos.,

Inc.

(The)

(

5,096

)

(

304,537

)

Willis

Towers

Watson

plc

(

1,623

)

(

548,493

)

WillScot

Holdings

Corp.

(

23,815

)

(

662,057

)

Wingstop,

Inc.

(

1,981

)

(

446,874

)

Wintrust

Financial

Corp.

(

886

)

(

99,640

)

Wolfspeed,

Inc.

(

49,229

)

(

150,641

)

Workday,

Inc.,

Class

A

(

2,287

)

(

534,083

)

WW

Grainger,

Inc.

(

585

)

(

577,881

)

Wynn

Resorts

Ltd.

(

2,627

)

(

219,355

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

19

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(85.5)%

(continued)

XPO,

Inc.

(

9,048

)

(

973,384

)

Xylem,

Inc.

(

6,065

)

(

724,525

)

Zebra

Technologies

Corp.,

Class

A

(

1,280

)

(

361,677

)

Zillow

Group,

Inc.,

Class

C

(

10,767

)

(

738,186

)

Zoetis,

Inc.,

Class

A

(

2,799

)

(

460,855

)

ZoomInfo

Technologies,

Inc.,

Class

A

(

24,745

)

(

247,450

)

Zscaler,

Inc.

(

1,211

)

(

240,287

)

(233,299,960)

Zambia

-

(

0

.3

)

%

First

Quantum

Minerals

Ltd.

(

58,135

)

(

781,705

)

TOTAL

COMMON

STOCKS

(Proceeds

$(511,353,895))                                                    

(425,007,208)

PREFERRED

STOCKS

-

(0.8)%

Germany

-

(

0

.8

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(c)

(

9,385

)

(

470,028

)

Sartorius

AG

(Preference)

(2)

(

3,151

)

(

734,562

)

Volkswagen

AG

(Preference)

(2)

(

9,501

)

(

969,464

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(3,146,742))                                                    

(2,174,054)

NO.

OF

RIGHTS

RIGHTS

-

(0.0)%

†

Belgium

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(

5,852

)

(

28,551

)

Italy

-

0

.0

%

DiaSorin

SpA,

expiring

4/30/2025

(3)

(

721

)

–

TOTAL

RIGHTS

(Cost

$–)

(

28,551

)

NO.

OF

WARRANTS

WARRANTS

-

(0.0)%

†

Canada

-

(

0

.0

)

%

†

Cenovus

Energy,

Inc.,

expiring

1/1/2026

(Proceeds

$–)

(

674

)

(

6,323

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(514,500,637))

(427,216,136)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

84.2%

(Cost

$23,560,116)

229,867,076

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

15.8%

‡

43,018,393

NET

ASSETS

-

100.0%

272,885,469

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

12,282,074

4

.4

%

Consumer

Discretionary

(

12,542,019

)

(

4

.7

)

Consumer

Staples

3,283,648

1

.2

Energy

(

1,501,844

)

(

0

.6

)

Financials

39,787,203

14

.6

Health

Care

2,874,583

1

.1

Industrials

2,380,284

0

.9

Information

Technology

12,178,022

4

.5

Materials

(

13,218,238

)

(

4

.8

)

Real

Estate

(

2,209,073

)

(

0

.8

)

Utilities

4,655,847

1

.7

Investment

Companies

153,120,378

56

.2

U.S.

Treasury

Obligations

28,776,211

10

.5

Total

Investments

In

Securities

At

Value

229,867,076

84

.2

Other

Assets

in

Excess

of

Liabilities

‡

43,018,393

15

.8

Net

Assets

$

272,885,469

100

.0

%

20

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

*

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)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$457,817,022,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

Additional

securities

sold

but

not

yet

settled

totaling

$554,564

were

also

segregated.

In

addition,

$2,565,353

of

cash

collateral

was

also

pledged.

(b)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$58,745,518.

Additional

securities

sold

but

not

yet

settled

totaling

$554,564

were

also

rehypothecated.

(c)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$(918,546),

which

represents

(0.34)%

of

net

assets

of

the

Fund.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

(h)

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

March

31,

2025

amounted

to

$(6,332),

which

represents

(0.00)%

of

net

assets

of

the

Fund.

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.

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

March

31,

2025:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

25,200,000

$

26,385

$

43,013

$

69,398

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

65,900,000

136,903

61,249

198,152

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

100,000

1,041

972

2,013

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

6,600,000

57,268

76,759

134,027

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

29,900,000

(

82,657

)

93,567

10,910

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

16,600,000

678

24,944

25,622

Pay

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

4,261,800,000

20,383

(

2,301

)

18,082

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

24,100,000

32,993

2,925

35,918

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

160,000,000

109,611

97,907

207,518

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

181,500,000

(

3,606

)

12,293

8,687

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

46,300,000

227,813

185,757

413,570

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

9,400,000

76,138

(

1,898

)

74,240

Receive

1D

SOFR

Annual

3.50%

Annual

6/16/2027

USD

99,400,000

417,565

(

174,006

)

243,559

Receive

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

62,200,000

190,948

(

135,055

)

55,893

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

2,100,000

(

51,229

)

91,809

40,580

Receive

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

250,600,000

381,422

(

172,116

)

209,306

Receive

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

135,300,000

173,946

(

111,978

)

61,968

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

15,500,000

(

48,207

)

292,197

243,990

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

5,200,000

97,476

(

6,254

)

91,222

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

59,500,000

2,966

30,069

33,035

1,767,837

409,853

2,177,690

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

400,000

(

1,200

)

(

960

)

(

2,160

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

32,000,000

(

200,631

)

93,135

(

107,496

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

700,000

(

11,233

)

152

(

11,081

)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

108,000,000

(

4,042

)

3,416

(

626

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

68,000,000

(

402,563

)

168,847

(

233,716

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

63,300,000

(

462,415

)

235,556

(

226,859

)

Receive

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

5,300,000

(

29,819

)

(

55,965

)

(

85,784

)

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

6,600,000

(

150,900

)

53,033

(

97,867

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

21

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

826,200,000

$

(

28,384

)

$

18,560

$

(

9,824

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

447,900,000

(

32,961

)

(

11,674

)

(

44,635

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

889,900,000

(

77,510

)

7,490

(

70,020

)

(

1,401,658

)

511,590

(

890,068

)

$

366,179

$

921,443

$

1,287,622

Abbreviations:

1D:

1

Day

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

March

31,

2025

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

4.41%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.47%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.13%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.36%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

2.34%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.67%

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MSCS

04/17/2025

EUR

(16,195,860)

$

379,127

iBovespa

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/16/2025

BRL

36,151,308

21,519

MSCI

Brazil

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CDI

plus

or

minus

a

specified

spread

(-0.90%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

BRL

2,863,874

15,270

22

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Tel

Aviv

Stock

Exchange

35

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TELBOR

plus

or

minus

a

specified

spread

(0.26%)

Monthly

BANA

06/18/2025

ILS

(2,037,067)

$

17,449

Total

unrealized

appreciation

433,365

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/29/2025

HKD

17,038,000

(

43,883

)

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

04/29/2025

HKD

35,779,800

(

93,113

)

KOSPI

200

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

06/12/2025

KRW

7,176,700,000

(

69,167

)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

06/20/2025

CHF

22,460,400

(

776,260

)

TAIEX

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/16/2025

TWD

24,916,800

(

34,394

)

WIG20

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/20/2025

PLN

1,288,800

(

7,182

)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.05%)

Monthly

BANA

06/18/2025

AUD

(412,007)

(

1,623

)

MSCI

Mexico

Net

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TIIEOIS

plus

or

minus

a

specified

spread

(-0.05%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

MXN

10,971,557

(

2,713

)

MSCI

South

Africa

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

JIBAR

plus

or

minus

a

specified

spread

(-1.25%)

Monthly

BANA

06/18/2025

ZAR

(15,220,688)

(

33,120

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

23

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(-1.42%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

SEK

3,962,875

$

(

17,364

)

Total

unrealized

depreciation

(

1,078,819

)

Net

unrealized

depreciation

$

(

645,454

)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

588

4/2025

USD

$

43,964,760

$

1,892,282

Hang

Seng

Index

15

4/2025

HKD

2,232,425

(

43,472

)

HSCEI

39

4/2025

HKD

2,134,827

(

35,474

)

IBEX

35

Index

153

4/2025

EUR

21,705,749

(

279,836

)

IFSC

NIFTY

50

Index

9

4/2025

USD

420,633

(

118

)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,916

(

2,474

)

LME

Aluminum

Base

Metal

2

4/2025

USD

126,095

(

5,098

)

LME

Aluminum

Base

Metal

2

4/2025

USD

125,808

984

LME

Aluminum

Base

Metal

3

4/2025

USD

189,086

(

6,256

)

LME

Aluminum

Base

Metal

4

4/2025

USD

252,040

(

8,636

)

LME

Copper

Base

Metal

1

4/2025

USD

241,704

14,735

LME

Copper

Base

Metal

2

4/2025

USD

483,384

32,354

LME

Copper

Base

Metal

4

4/2025

USD

967,823

49,138

LME

Copper

Base

Metal

4

4/2025

USD

967,923

56,688

LME

Copper

Base

Metal

6

4/2025

USD

1,451,546

81,086

LME

Copper

Base

Metal

10

4/2025

USD

2,419,058

139,376

LME

Nickel

Base

Metal

1

4/2025

USD

94,300

1,891

LME

Nickel

Base

Metal

1

4/2025

USD

94,284

1,581

LME

Nickel

Base

Metal

1

4/2025

USD

94,268

2,762

LME

Nickel

Base

Metal

1

4/2025

USD

94,425

(

1,601

)

LME

Nickel

Base

Metal

1

4/2025

USD

94,394

(

807

)

LME

Nickel

Base

Metal

2

4/2025

USD

189,044

1,452

LME

Zinc

Base

Metal

1

4/2025

USD

70,971

(

137

)

LME

Zinc

Base

Metal

1

4/2025

USD

70,961

(

257

)

LME

Zinc

Base

Metal

1

4/2025

USD

71,089

1,007

LME

Zinc

Base

Metal

1

4/2025

USD

71,039

(

835

)

LME

Zinc

Base

Metal

2

4/2025

USD

142,148

3,379

LME

Zinc

Base

Metal

3

4/2025

USD

212,855

(

2,666

)

LME

Zinc

Base

Metal

4

4/2025

USD

284,237

2,874

LME

Zinc

Base

Metal

5

4/2025

USD

354,973

(

2,268

)

MSCI

Singapore

Index

4

4/2025

SGD

116,036

(

3,480

)

Natural

Gas

111

4/2025

USD

4,572,090

(

272,230

)

OMXS30

Index

661

4/2025

SEK

16,278,731

(

1,167,655

)

RBOB

Gasoline

38

4/2025

USD

3,655,957

173,425

SGX

FTSE

China

A50

Index

156

4/2025

USD

2,080,104

(

16,495

)

SGX

FTSE

Taiwan

Index

111

4/2025

USD

7,715,610

(

503,670

)

Sugar

No.

11

119

4/2025

USD

2,513,661

(

89,519

)

24

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Brent

Crude

Oil

111

5/2025

USD

$

8,210,670

$

116,339

Cocoa

7

5/2025

USD

553,140

(

181,554

)

Cocoa

9

5/2025

GBP

720,564

(

242,622

)

Coffee

'C'

32

5/2025

USD

4,557,000

(

240,200

)

Copper

38

5/2025

USD

4,782,300

371,620

Feeder

Cattle

5

5/2025

USD

711,250

9,156

LME

Aluminum

Base

Metal

2

5/2025

USD

126,213

(

4,737

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,257

(

9,777

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,707

(

11,917

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,500

(

7,584

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,707

(

13,417

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,388

(

8,839

)

LME

Aluminum

Base

Metal

5

5/2025

USD

315,463

(

15,417

)

LME

Copper

Base

Metal

2

5/2025

USD

484,690

14,777

LME

Copper

Base

Metal

3

5/2025

USD

726,826

20,084

LME

Copper

Base

Metal

6

5/2025

USD

1,454,021

51,399

LME

Copper

Base

Metal

8

5/2025

USD

1,939,004

21,056

LME

Copper

Base

Metal

9

5/2025

USD

2,181,706

48,352

LME

Copper

Base

Metal

13

5/2025

USD

3,151,353

54,753

LME

Copper

Base

Metal

15

5/2025

USD

3,635,426

72,242

LME

Copper

Base

Metal

16

5/2025

USD

3,877,388

97,667

LME

Nickel

Base

Metal

1

5/2025

USD

94,949

1,496

LME

Nickel

Base

Metal

1

5/2025

USD

94,732

3,979

LME

Nickel

Base

Metal

1

5/2025

USD

94,808

2,486

LME

Nickel

Base

Metal

2

5/2025

USD

189,808

3,682

LME

Nickel

Base

Metal

2

5/2025

USD

189,844

4,030

LME

Nickel

Base

Metal

2

5/2025

USD

189,334

8,128

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

359

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

(

558

)

LME

Zinc

Base

Metal

1

5/2025

USD

71,254

682

LME

Zinc

Base

Metal

2

5/2025

USD

142,236

4,663

LME

Zinc

Base

Metal

3

5/2025

USD

213,572

(

1,148

)

LME

Zinc

Base

Metal

4

5/2025

USD

284,705

4,983

LME

Zinc

Base

Metal

4

5/2025

USD

284,880

(

5,132

)

LME

Zinc

Base

Metal

4

5/2025

USD

284,880

(

3,452

)

Low

Sulphur

Gasoil

22

5/2025

USD

1,500,400

46,646

Soybean

Oil

19

5/2025

USD

511,746

12,301

Wheat

42

5/2025

USD

1,127,700

(

69,913

)

100

oz

Gold

16

6/2025

USD

5,040,480

154,094

90-Day

New

Zealand

Bill

2

6/2025

NZD

1,126,115

(

91

)

Australia

10

Year

Bond

475

6/2025

AUD

33,425,014

(

74,384

)

Australia

3

Year

Bond

107

6/2025

AUD

7,118,765

11,780

Euro

STOXX

50

Index

61

6/2025

EUR

3,422,628

(

120,723

)

Euro-Bobl

63

6/2025

EUR

8,021,354

(

18,334

)

Euro-BTP

48

6/2025

EUR

6,102,684

(

114,314

)

Euro-Bund

625

6/2025

EUR

87,024,375

(

1,390,864

)

Euro-Buxl

6

6/2025

EUR

772,697

8,483

Euro-OAT

84

6/2025

EUR

11,149,284

(

114,941

)

Euro-Schatz

6

6/2025

EUR

693,773

(

584

)

FTSE

100

Index

84

6/2025

GBP

9,322,921

(

127,217

)

FTSE/MIB

Index

143

6/2025

EUR

28,864,017

(

1,018,244

)

KOSPI

200

Index

56

6/2025

KRW

3,173,650

(

80,143

)

Lean

Hogs

14

6/2025

USD

533,540

(

16,982

)

Live

Cattle

41

6/2025

USD

3,339,860

104,273

LME

Aluminum

Base

Metal

1

6/2025

USD

63,287

(

1,959

)

LME

Aluminum

Base

Metal

1

6/2025

USD

63,300

(

1,282

)

LME

Aluminum

Base

Metal

2

6/2025

USD

126,650

(

626

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

25

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

2

6/2025

USD

$

126,535

$

(

5,221

)

LME

Aluminum

Base

Metal

2

6/2025

USD

126,434

(

5,772

)

LME

Aluminum

Base

Metal

2

6/2025

USD

126,550

(

3,931

)

LME

Aluminum

Base

Metal

3

6/2025

USD

189,798

(

12,111

)

LME

Aluminum

Base

Metal

3

6/2025

USD

189,829

(

13,880

)

LME

Aluminum

Base

Metal

5

6/2025

USD

316,188

(

15,419

)

LME

Aluminum

Base

Metal

59

6/2025

USD

3,732,207

(

177,957

)

LME

Copper

Base

Metal

1

6/2025

USD

242,518

1,419

LME

Copper

Base

Metal

1

6/2025

USD

242,508

(

6,327

)

LME

Copper

Base

Metal

1

6/2025

USD

242,608

(

7,585

)

LME

Copper

Base

Metal

1

6/2025

USD

242,564

(

2,564

)

LME

Copper

Base

Metal

1

6/2025

USD

242,556

1,967

LME

Copper

Base

Metal

2

6/2025

USD

485,128

(

1,928

)

LME

Copper

Base

Metal

2

6/2025

USD

485,097

7,989

LME

Copper

Base

Metal

3

6/2025

USD

728,250

(

758

)

LME

Copper

Base

Metal

5

6/2025

USD

1,212,496

20,428

LME

Copper

Base

Metal

57

6/2025

USD

13,832,903

249,427

LME

Lead

Base

Metal

10

6/2025

USD

502,483

625

LME

Nickel

Base

Metal

1

6/2025

USD

95,366

(

1,687

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,926

(

3,840

)

LME

Nickel

Base

Metal

2

6/2025

USD

191,016

(

990

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,332

(

1,495

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,849

(

4,025

)

LME

Nickel

Base

Metal

4

6/2025

USD

381,065

(

19,241

)

LME

Nickel

Base

Metal

6

6/2025

USD

571,680

(

27,463

)

LME

Nickel

Base

Metal

13

6/2025

USD

1,239,362

(

58,151

)

LME

Zinc

Base

Metal

1

6/2025

USD

71,313

327

LME

Zinc

Base

Metal

1

6/2025

USD

71,275

(

2,403

)

LME

Zinc

Base

Metal

1

6/2025

USD

71,245

(

1,784

)

LME

Zinc

Base

Metal

1

6/2025

USD

71,346

(

3,018

)

LME

Zinc

Base

Metal

2

6/2025

USD

142,640

(

4,320

)

LME

Zinc

Base

Metal

2

6/2025

USD

142,563

(

3,095

)

LME

Zinc

Base

Metal

43

6/2025

USD

3,068,072

2,542

Long

Gilt

285

6/2025

GBP

33,733,470

(

302,460

)

MSCI

EAFE

Index

2

6/2025

USD

241,630

(

7,957

)

MSCI

Emerging

Markets

Index

44

6/2025

USD

2,443,760

(

75,416

)

Russell

2000

E-Mini

Index

15

6/2025

USD

1,520,325

(

51,864

)

S&P

500

E-Mini

Index

67

6/2025

USD

18,938,388

(

3,297

)

S&P

Midcap

400

E-Mini

Index

2

6/2025

USD

587,720

(

11,444

)

S&P/TSX

60

Index

31

6/2025

CAD

6,452,257

50,747

SET50

Index

213

6/2025

THB

917,297

(

25,381

)

U.S.

Treasury

10

Year

Note

43

6/2025

USD

4,791,141

23,852

U.S.

Treasury

2

Year

Note

118

6/2025

USD

24,453,656

12,781

U.S.

Treasury

5

Year

Note

368

6/2025

USD

39,844,625

254,664

U.S.

Treasury

Long

Bond

150

6/2025

USD

17,653,125

36,841

U.S.

Treasury

Ultra

Bond

86

6/2025

USD

10,567,250

(

8,722

)

Cocoa

2

7/2025

USD

157,760

(

1,661

)

Cocoa

4

7/2025

GBP

319,011

(

2,234

)

3

Month

Euro

Euribor

24

9/2025

EUR

6,356,422

2,237

90-Day

Australian

Bank

Bill

4

9/2025

AUD

2,477,288

(

42

)

90-Day

New

Zealand

Bill

13

9/2025

NZD

7,322,610

612

3

Month

CORRA

55

12/2025

CAD

9,337,063

18,006

3

Month

Euro

Euribor

28

12/2025

EUR

7,420,367

230

3

Month

SARON

8

12/2025

CHF

2,258,506

(

287

)

3

Month

SOFR

26

12/2025

USD

6,253,000

(

2,219

)

3

Month

SONIA

3

12/2025

GBP

929,721

(

123

)

90-Day

Australian

Bank

Bill

34

12/2025

AUD

21,062,608

138

26

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

90-Day

New

Zealand

Bill

12

12/2025

NZD

$

6,759,829

$

834

3

Month

CORRA

42

3/2026

CAD

7,135,593

10,956

3

Month

Euro

Euribor

17

3/2026

EUR

4,505,453

2,077

3

Month

SARON

9

3/2026

CHF

2,541,328

(

554

)

3

Month

SOFR

37

3/2026

USD

8,916,075

1,691

3

Month

SONIA

14

3/2026

GBP

4,343,219

(

2,552

)

90-Day

Australian

Bank

Bill

88

3/2026

AUD

54,520,314

8,022

90-Day

New

Zealand

Bill

9

3/2026

NZD

5,069,003

760

3

Month

CORRA

29

6/2026

CAD

4,926,957

2,744

3

Month

Euro

Euribor

11

6/2026

EUR

2,914,550

(

230

)

3

Month

SARON

9

6/2026

CHF

2,541,200

2,874

3

Month

SOFR

42

6/2026

USD

10,133,550

5,694

3

Month

SONIA

9

6/2026

GBP

2,793,813

(

1,876

)

90-Day

Australian

Bank

Bill

18

6/2026

AUD

11,152,155

1,996

3

Month

CORRA

15

9/2026

CAD

2,547,905

788

3

Month

Euro

Euribor

9

9/2026

EUR

2,383,293

(

912

)

3

Month

SARON

4

9/2026

CHF

1,129,196

1,559

3

Month

SOFR

19

9/2026

USD

4,587,313

8,313

3

Month

SONIA

8

9/2026

GBP

2,484,035

(

511

)

3

Month

Euro

Euribor

9

12/2026

EUR

2,381,590

(

1,866

)

3

Month

SOFR

19

12/2026

USD

4,588,263

7,957

3

Month

SONIA

8

12/2026

GBP

2,484,294

(

252

)

3

Month

Euro

Euribor

8

3/2027

EUR

2,115,347

(

219

)

3

Month

SOFR

20

3/2027

USD

4,829,250

7,795

3

Month

SONIA

6

3/2027

GBP

1,863,123

338

3

Month

SOFR

20

6/2027

USD

4,828,500

6,546

3

Month

SONIA

5

6/2027

GBP

1,552,361

348

Total

of

long

contracts

(

2,766,335

)

Short

Contracts

CAC

40

10

Euro

Index

(

250

)

4/2025

EUR

(

21,094,811

)

910,347

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

62,916

)

2,531

LME

Aluminum

Base

Metal

(

2

)

4/2025

USD

(

125,808

)

(

1,912

)

LME

Aluminum

Base

Metal

(

2

)

4/2025

USD

(

126,095

)

5,337

LME

Aluminum

Base

Metal

(

3

)

4/2025

USD

(

189,086

)

5,530

LME

Aluminum

Base

Metal

(

4

)

4/2025

USD

(

252,040

)

9,036

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,704

)

(

14,420

)

LME

Copper

Base

Metal

(

2

)

4/2025

USD

(

483,384

)

(

34,824

)

LME

Copper

Base

Metal

(

4

)

4/2025

USD

(

967,923

)

(

57,859

)

LME

Copper

Base

Metal

(

4

)

4/2025

USD

(

967,823

)

(

47,412

)

LME

Copper

Base

Metal

(

6

)

4/2025

USD

(

1,451,546

)

(

78,974

)

LME

Copper

Base

Metal

(

10

)

4/2025

USD

(

2,419,058

)

(

137,140

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,300

)

(

1,821

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,394

)

854

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,284

)

(

1,760

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,268

)

(

3,281

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,425

)

1,452

LME

Nickel

Base

Metal

(

2

)

4/2025

USD

(

189,044

)

(

1,802

)

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

71,039

)

759

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

70,971

)

310

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

71,089

)

(

1,216

)

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

70,961

)

(

83

)

LME

Zinc

Base

Metal

(

2

)

4/2025

USD

(

142,148

)

(

3,903

)

LME

Zinc

Base

Metal

(

3

)

4/2025

USD

(

212,855

)

4,917

LME

Zinc

Base

Metal

(

4

)

4/2025

USD

(

284,237

)

(

2,121

)

LME

Zinc

Base

Metal

(

5

)

4/2025

USD

(

354,973

)

2,388

NY

Harbor

ULSD

(

104

)

4/2025

USD

(

9,956,419

)

(

263,129

)

WTI

Crude

Oil

(

65

)

4/2025

USD

(

4,646,200

)

(

75,492

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

27

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

Corn

(

97

)

5/2025

USD

$

(

2,217,663

)

$

26,065

Cotton

No.

2

(

22

)

5/2025

USD

(

735,130

)

3,792

KC

HRW

Wheat

(

18

)

5/2025

USD

(

501,300

)

16,603

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,213

)

4,513

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,257

)

10,004

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,707

)

12,293

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,500

)

7,489

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,707

)

12,440

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,388

)

8,289

LME

Aluminum

Base

Metal

(

5

)

5/2025

USD

(

315,463

)

14,931

LME

Copper

Base

Metal

(

2

)

5/2025

USD

(

484,690

)

(

15,105

)

LME

Copper

Base

Metal

(

3

)

5/2025

USD

(

726,826

)

(

20,672

)

LME

Copper

Base

Metal

(

6

)

5/2025

USD

(

1,454,021

)

(

50,361

)

LME

Copper

Base

Metal

(

8

)

5/2025

USD

(

1,939,004

)

(

16,499

)

LME

Copper

Base

Metal

(

9

)

5/2025

USD

(

2,181,706

)

(

44,229

)

LME

Copper

Base

Metal

(

13

)

5/2025

USD

(

3,151,353

)

(

69,337

)

LME

Copper

Base

Metal

(

15

)

5/2025

USD

(

3,635,426

)

(

78,003

)

LME

Copper

Base

Metal

(

16

)

5/2025

USD

(

3,877,388

)

(

93,568

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,808

)

(

2,469

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,949

)

(

1,721

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,732

)

(

3,889

)

LME

Nickel

Base

Metal

(

2

)

5/2025

USD

(

189,844

)

(

3,735

)

LME

Nickel

Base

Metal

(

2

)

5/2025

USD

(

189,808

)

(

5,563

)

LME

Nickel

Base

Metal

(

2

)

5/2025

USD

(

189,334

)

(

8,108

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

(

323

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

261

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,254

)

(

757

)

LME

Zinc

Base

Metal

(

2

)

5/2025

USD

(

142,236

)

(

5,471

)

LME

Zinc

Base

Metal

(

3

)

5/2025

USD

(

213,572

)

1,294

LME

Zinc

Base

Metal

(

4

)

5/2025

USD

(

284,705

)

(

4,733

)

LME

Zinc

Base

Metal

(

4

)

5/2025

USD

(

284,880

)

3,089

LME

Zinc

Base

Metal

(

4

)

5/2025

USD

(

284,880

)

5,429

Silver

(

29

)

5/2025

USD

(

5,018,595

)

(

166,370

)

Soybean

(

214

)

5/2025

USD

(

10,857,825

)

275,876

Soybean

Meal

(

22

)

5/2025

USD

(

643,940

)

8,094

Canada

10

Year

Bond

(

473

)

6/2025

CAD

(

40,888,920

)

(

322,206

)

DAX

Index

(

24

)

6/2025

EUR

(

14,517,101

)

536,443

DJIA

CBOT

E-Mini

Index

(

4

)

6/2025

USD

(

845,180

)

4,461

FTSE/JSE

Top

40

Index

(

133

)

6/2025

ZAR

(

5,961,969

)

9,512

Japan

10

Year

Bond

(

46

)

6/2025

JPY

(

42,411,761

)

(

172,011

)

LME

Aluminum

Base

Metal

(

1

)

6/2025

USD

(

63,300

)

1,002

LME

Aluminum

Base

Metal

(

1

)

6/2025

USD

(

63,287

)

2,029

LME

Aluminum

Base

Metal

(

2

)

6/2025

USD

(

126,434

)

5,894

LME

Aluminum

Base

Metal

(

2

)

6/2025

USD

(

126,535

)

4,671

LME

Aluminum

Base

Metal

(

2

)

6/2025

USD

(

126,550

)

4,210

LME

Aluminum

Base

Metal

(

2

)

6/2025

USD

(

126,650

)

205

LME

Aluminum

Base

Metal

(

3

)

6/2025

USD

(

189,829

)

13,468

LME

Aluminum

Base

Metal

(

3

)

6/2025

USD

(

189,798

)

11,804

LME

Aluminum

Base

Metal

(

5

)

6/2025

USD

(

316,188

)

15,842

LME

Aluminum

Base

Metal

(

20

)

6/2025

USD

(

1,265,155

)

56,606

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,608

)

7,585

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,508

)

6,740

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,518

)

(

1,696

)

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,564

)

2,384

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,556

)

(

2,359

)

LME

Copper

Base

Metal

(

2

)

6/2025

USD

(

485,128

)

2,924

LME

Copper

Base

Metal

(

2

)

6/2025

USD

(

485,097

)

(

7,952

)

28

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Copper

Base

Metal

(

3

)

6/2025

USD

$

(

728,250

)

$

783

LME

Copper

Base

Metal

(

5

)

6/2025

USD

(

1,212,496

)

(

19,784

)

LME

Copper

Base

Metal

(

8

)

6/2025

USD

(

1,941,460

)

12,596

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,366

)

1,439

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,849

)

2,395

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,332

)

3,078

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

191,016

)

783

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,926

)

3,389

LME

Nickel

Base

Metal

(

4

)

6/2025

USD

(

381,065

)

20,683

LME

Nickel

Base

Metal

(

6

)

6/2025

USD

(

571,680

)

30,042

LME

Nickel

Base

Metal

(

17

)

6/2025

USD

(

1,620,705

)

1,633

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,313

)

(

602

)

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,351

)

2,359

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,245

)

2,027

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,275

)

2,486

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,346

)

3,076

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,640

)

4,554

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,563

)

3,207

MEX

BOLSA

Index

(

6

)

6/2025

MXN

(

154,365

)

2,193

Nikkei

225

Index

(

14

)

6/2025

JPY

(

3,328,489

)

101,701

Palladium

(

3

)

6/2025

USD

(

300,210

)

(

25,361

)

SPI

200

Index

(

115

)

6/2025

AUD

(

14,150,587

)

107,430

TOPIX

Index

(

43

)

6/2025

JPY

(

7,631,575

)

63,452

Aluminum

(

1

)

7/2025

USD

(

62,194

)

4,874

Platinum

(

28

)

7/2025

USD

(

1,438,500

)

(

42,546

)

Total

of

short

contracts

501,304

Net

unrealized

depreciation

$

(

2,265,031

)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

12,747,281

USD

7,933,619

CITI

6/18/2025

$

36,637

AUD

12,747,283

USD

7,933,580

JPMC

6/18/2025

36,677

BRL

45,319,772

USD

7,672,856

CITI

**

6/18/2025

139,257

BRL

45,319,772

USD

7,672,818

JPMC

**

6/18/2025

139,296

CAD

16,730,934

USD

11,657,812

CITI

6/18/2025

13,612

CAD

16,730,942

USD

11,657,759

JPMC

6/18/2025

13,671

CLP

180,821,146

USD

189,534

CITI

**

6/18/2025

787

CLP

180,821,146

USD

189,533

JPMC

**

6/18/2025

788

CNY

6,324,007

USD

874,456

CITI

**

6/18/2025

570

CNY

6,324,007

USD

874,452

JPMC

**

6/18/2025

574

CZK

56,534,984

USD

2,381,595

CITI

6/18/2025

71,843

CZK

56,534,984

USD

2,381,583

JPMC

6/18/2025

71,855

DKK

698,000

USD

98,702

CITI

6/18/2025

2,978

DKK

698,000

USD

98,702

JPMC

6/18/2025

2,978

EUR

5,362,000

USD

5,803,552

CITI

6/18/2025

19,775

EUR

5,362,000

USD

5,803,523

JPMC

6/18/2025

19,804

GBP

5,994,499

USD

7,658,515

CITI

6/18/2025

84,316

GBP

5,994,501

USD

7,658,480

JPMC

6/18/2025

84,354

HUF

655,585,459

USD

1,708,006

CITI

6/18/2025

44,758

HUF

655,585,457

USD

1,707,998

JPMC

6/18/2025

44,767

INR

487,731,505

USD

5,576,230

CITI

**

6/18/2025

97,524

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

29

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

INR

487,731,495

USD

5,576,202

JPMC

**

6/18/2025

$

97,552

JPY

209,999,999

USD

1,411,153

CITI

6/18/2025

1,177

JPY

210,000,001

USD

1,411,145

JPMC

6/18/2025

1,184

NOK

302,922,433

USD

27,296,287

CITI

6/18/2025

1,496,068

NOK

302,922,433

USD

27,296,151

JPMC

6/18/2025

1,496,204

PEN

1,459,368

USD

395,143

CITI

**

6/18/2025

1,315

PEN

1,459,368

USD

395,141

JPMC

**

6/18/2025

1,317

PHP

45,039,208

USD

783,371

CITI

**

6/18/2025

1,804

PHP

45,039,208

USD

783,367

JPMC

**

6/18/2025

1,808

PLN

5,595,500

USD

1,420,255

CITI

6/18/2025

20,229

PLN

5,595,500

USD

1,420,248

JPMC

6/18/2025

20,236

SEK

32,500,001

USD

3,201,297

CITI

6/18/2025

46,904

SEK

32,500,000

USD

3,201,281

JPMC

6/18/2025

46,920

SGD

673,871

USD

502,202

CITI

6/18/2025

1,398

SGD

673,873

USD

502,201

JPMC

6/18/2025

1,401

USD

4,913,363

AUD

7,792,374

CITI

6/18/2025

41,170

USD

4,913,389

AUD

7,792,376

JPMC

6/18/2025

41,194

USD

77,006

BRL

444,500

CITI

**

6/18/2025

384

USD

77,007

BRL

444,500

JPMC

**

6/18/2025

385

USD

9,861,054

CAD

14,070,000

CITI

6/18/2025

45,885

USD

9,856,366

CAD

14,070,000

JPMC

6/18/2025

41,197

USD

5,594,258

CHF

4,875,824

CITI

6/18/2025

31,917

USD

5,594,287

CHF

4,875,825

JPMC

6/18/2025

31,945

USD

3,716,264

CNY

26,791,484

CITI

**

6/18/2025

9,241

USD

3,716,283

CNY

26,791,485

JPMC

**

6/18/2025

9,259

USD

1,133,010

CZK

26,000,000

CITI

6/18/2025

4,693

USD

1,133,016

CZK

26,000,000

JPMC

6/18/2025

4,698

USD

13,298,076

EUR

12,184,000

CITI

6/18/2025

65,809

USD

13,298,143

EUR

12,184,000

JPMC

6/18/2025

65,876

USD

160,615

GBP

124,000

CITI

6/18/2025

450

USD

160,616

GBP

124,000

JPMC

6/18/2025

451

USD

792,586

HKD

6,150,000

CITI

6/18/2025

821

USD

792,590

HKD

6,150,000

JPMC

6/18/2025

825

USD

999,725

HUF

370,000,000

CITI

6/18/2025

10,498

USD

999,730

HUF

370,000,000

JPMC

6/18/2025

10,503

USD

668,909

IDR

11,005,151,000

CITI

**

6/18/2025

10,768

USD

668,912

IDR

11,005,151,000

JPMC

**

6/18/2025

10,771

USD

573,779

ILS

2,067,500

CITI

6/18/2025

16,721

USD

573,782

ILS

2,067,500

JPMC

6/18/2025

16,724

USD

5,308,377

JPY

783,522,500

CITI

6/18/2025

38,893

USD

5,308,403

JPY

783,522,499

JPMC

6/18/2025

38,919

USD

5,220,175

KRW

7,502,244,633

CITI

**

6/18/2025

109,714

USD

5,220,201

KRW

7,502,244,633

JPMC

**

6/18/2025

109,740

USD

3,391,179

MXN

69,533,234

CITI

6/18/2025

28,427

USD

3,391,196

MXN

69,533,234

JPMC

6/18/2025

28,444

USD

3,797,427

NOK

39,880,476

CITI

6/18/2025

6,844

USD

3,797,447

NOK

39,880,480

JPMC

6/18/2025

6,863

USD

17,730,649

NZD

30,859,739

CITI

6/18/2025

176,308

USD

17,730,739

NZD

30,859,740

JPMC

6/18/2025

176,397

USD

176,681

PLN

685,938

CITI

6/18/2025

96

USD

176,682

PLN

685,938

JPMC

6/18/2025

97

USD

150,348

SEK

1,500,001

CITI

6/18/2025

431

USD

150,348

SEK

1,499,999

JPMC

6/18/2025

431

USD

5,569,632

SGD

7,412,554

CITI

6/18/2025

30,051

USD

5,569,657

SGD

7,412,550

JPMC

6/18/2025

30,079

USD

692,668

THB

23,156,251

CITI

6/18/2025

6,328

USD

692,672

THB

23,156,251

JPMC

6/18/2025

6,331

USD

2,160,085

TWD

70,716,540

CITI

**

6/18/2025

22,097

30

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

ALTERNATIVE

RISK

PREMIA

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

2,160,542

TWD

70,716,538

JPMC

**

6/18/2025

$

22,554

USD

773,450

ZAR

14,156,249

CITI

6/18/2025

6,184

USD

773,454

ZAR

14,156,251

JPMC

6/18/2025

6,188

ZAR

135,820,806

USD

7,308,091

CITI

6/18/2025

53,370

ZAR

135,820,806

USD

7,308,055

JPMC

6/18/2025

53,406

Total

unrealized

appreciation

5,592,715

AUD

24,013,302

USD

15,139,763

CITI

6/18/2025

(

125,411

)

AUD

24,013,299

USD

15,139,685

JPMC

6/18/2025

(

125,335

)

BRL

1,998,778

USD

346,279

CITI

**

6/18/2025

(

1,734

)

BRL

1,998,778

USD

346,277

JPMC

**

6/18/2025

(

1,732

)

CAD

1,825,001

USD

1,281,315

CITI

6/18/2025

(

8,202

)

CAD

1,824,999

USD

1,281,307

JPMC

6/18/2025

(

8,197

)

CHF

933,500

USD

1,069,966

CITI

6/18/2025

(

5,029

)

CHF

933,500

USD

1,069,961

JPMC

6/18/2025

(

5,024

)

CLP

1,296,569,167

USD

1,386,573

CITI

**

6/18/2025

(

21,884

)

CLP

1,296,569,167

USD

1,386,566

JPMC

**

6/18/2025

(

21,876

)

CNY

16,972,205

USD

2,357,991

CITI

**

6/18/2025

(

9,619

)

CNY

16,972,208

USD

2,357,977

JPMC

**

6/18/2025

(

9,606

)

COP

3,900,865,500

USD

934,282

CITI

**

6/18/2025

(

11,256

)

COP

3,900,865,500

USD

934,277

JPMC

**

6/18/2025

(

11,250

)

CZK

43,522,141

USD

1,893,240

CITI

6/18/2025

(

4,518

)

CZK

43,522,141

USD

1,893,231

JPMC

6/18/2025

(

4,508

)

EUR

3,232,000

USD

3,523,980

CITI

6/18/2025

(

13,911

)

EUR

3,232,000

USD

3,523,962

JPMC

6/18/2025

(

13,893

)

GBP

6,966,000

USD

9,013,713

CITI

6/18/2025

(

16,036

)

GBP

6,966,000

USD

9,013,668

JPMC

6/18/2025

(

15,991

)

HUF

150,000,000

USD

404,637

CITI

6/18/2025

(

3,599

)

HUF

150,000,000

USD

404,635

JPMC

6/18/2025

(

3,598

)

IDR

1,500,000,000

USD

89,926

CITI

**

6/18/2025

(

221

)

IDR

1,500,000,000

USD

89,926

JPMC

**

6/18/2025

(

221

)

ILS

13,148,251

USD

3,636,453

CITI

6/18/2025

(

93,841

)

ILS

13,148,251

USD

3,636,434

JPMC

6/18/2025

(

93,825

)

JPY

5,712,716,874

USD

38,768,392

CITI

6/18/2025

(

348,218

)

JPY

5,712,716,871

USD

38,768,198

JPMC

6/18/2025

(

348,024

)

KRW

6,350,000,000

USD

4,384,494

CITI

**

6/18/2025

(

58,931

)

KRW

6,350,000,000

USD

4,384,473

JPMC

**

6/18/2025

(

58,909

)

MXN

40,500,000

USD

1,987,520

CITI

6/18/2025

(

28,869

)

MXN

40,500,000

USD

1,987,510

JPMC

6/18/2025

(

28,856

)

NOK

9,000,000

USD

856,342

CITI

6/18/2025

(

905

)

NOK

9,000,000

USD

856,337

JPMC

6/18/2025

(

900

)

NZD

15,494,501

USD

8,907,647

CITI

6/18/2025

(

93,712

)

NZD

15,494,499

USD

8,907,601

JPMC

6/18/2025

(

93,666

)

PEN

1,167,996

USD

318,738

CITI

**

6/18/2025

(

1,436

)

PEN

1,167,996

USD

318,737

JPMC

**

6/18/2025

(

1,434

)

PHP

5,039,208

USD

87,966

CITI

**

6/18/2025

(

117

)

PHP

5,039,208

USD

87,966

JPMC

**

6/18/2025

(

116

)

PLN

7,952,500

USD

2,056,263

CITI

6/18/2025

(

9,001

)

PLN

7,952,500

USD

2,056,253

JPMC

6/18/2025

(

8,992

)

SEK

13,499,999

USD

1,352,179

CITI

6/18/2025

(

2,927

)

SEK

13,500,001

USD

1,352,172

JPMC

6/18/2025

(

2,921

)

SGD

3,300,933

USD

2,485,697

CITI

6/18/2025

(

18,830

)

SGD

3,300,928

USD

2,485,681

JPMC

6/18/2025

(

18,819

)

TWD

183,102,716

USD

5,611,055

CITI

**

6/18/2025

(

75,273

)

TWD

183,102,714

USD

5,611,027

JPMC

**

6/18/2025

(

75,245

)

USD

1,087,832

AUD

1,752,126

CITI

6/18/2025

(

7,687

)

USD

1,087,836

AUD

1,752,124

JPMC

6/18/2025

(

7,682

)

USD

795,477

BRL

4,702,000

CITI

**

6/18/2025

(

15,042

)

USD

795,481

BRL

4,702,000

JPMC

**

6/18/2025

(

15,038

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

31

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

7,555,489

CAD

10,844,997

CITI

6/18/2025

$

(

9,933

)

USD

7,555,530

CAD

10,845,002

JPMC

6/18/2025

(

9,895

)

USD

22,582,363

CHF

20,010,568

CITI

6/18/2025

(

245,697

)

USD

22,582,475

CHF

20,010,567

JPMC

6/18/2025

(

245,584

)

USD

1,306,591

CNY

9,461,812

CITI

**

6/18/2025

(

2,599

)

USD

1,306,598

CNY

9,461,813

JPMC

**

6/18/2025

(

2,593

)

USD

151,825

CZK

3,500,000

CITI

6/18/2025

(

64

)

USD

151,826

CZK

3,500,000

JPMC

6/18/2025

(

63

)

USD

31,058,500

EUR

29,090,794

CITI

6/18/2025

(

535,160

)

USD

31,058,655

EUR

29,090,794

JPMC

6/18/2025

(

535,005

)

USD

2,693,435

GBP

2,119,999

CITI

6/18/2025

(

44,874

)

USD

2,693,451

GBP

2,120,001

JPMC

6/18/2025

(

44,861

)

USD

492,781

HUF

190,000,001

CITI

6/18/2025

(

15,200

)

USD

492,783

HUF

189,999,999

JPMC

6/18/2025

(

15,198

)

USD

5,129,861

INR

450,079,005

CITI

**

6/18/2025

(

105,883

)

USD

5,129,886

INR

450,078,995

JPMC

**

6/18/2025

(

105,857

)

USD

1,677,055

JPY

250,000,000

CITI

6/18/2025

(

4,290

)

USD

1,677,063

JPY

250,000,000

JPMC

6/18/2025

(

4,281

)

USD

4,818,018

MXN

100,099,704

CITI

6/18/2025

(

22,982

)

USD

4,818,042

MXN

100,099,704

JPMC

6/18/2025

(

22,958

)

USD

6,055,788

NOK

64,935,524

CITI

6/18/2025

(

116,244

)

USD

6,055,818

NOK

64,935,521

JPMC

6/18/2025

(

116,213

)

USD

6,316,037

NZD

11,202,881

CITI

6/18/2025

(

56,642

)

USD

6,316,067

NZD

11,202,879

JPMC

6/18/2025

(

56,610

)

USD

142,213

PHP

8,254,916

CITI

**

6/18/2025

(

1,696

)

USD

142,214

PHP

8,254,916

JPMC

**

6/18/2025

(

1,695

)

USD

2,232,996

PLN

8,876,723

CITI

6/18/2025

(

52,193

)

USD

2,233,008

PLN

8,876,723

JPMC

6/18/2025

(

52,182

)

USD

5,214,640

SEK

53,016,749

CITI

6/18/2025

(

84,100

)

USD

5,214,666

SEK

53,016,751

JPMC

6/18/2025

(

84,074

)

USD

904,818

SGD

1,213,715

CITI

6/18/2025

(

2,221

)

USD

904,823

SGD

1,213,716

JPMC

6/18/2025

(

2,216

)

USD

4,423,223

THB

149,552,084

CITI

6/18/2025

(

9,431

)

USD

4,423,245

THB

149,552,084

JPMC

6/18/2025

(

9,409

)

USD

954,377

ZAR

17,656,252

CITI

6/18/2025

(

2,588

)

USD

954,382

ZAR

17,656,248

JPMC

6/18/2025

(

2,583

)

ZAR

61,035,800

USD

3,323,392

CITI

6/18/2025

(

15,265

)

ZAR

61,035,797

USD

3,323,375

JPMC

6/18/2025

(

15,247

)

Total

unrealized

depreciation

(

4,605,453

)

Net

unrealized

appreciation

$

987,262

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

32

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

125.1%

COMMON

STOCKS

-

11.9%

Communication

Services

-

0.6%

Diversified

Telecommunication

Services

-

0.5%

Frontier

Communications

Parent,

Inc.

*(a)

253,581

9,093,415

Interactive

Media

&

Services

-

0.1%

Snap,

Inc.,

Class

A

*(a)

137,390

1,196,667

Total

Communication

Services

10,290,082

Consumer

Discretionary

-

0.8%

Hotels,

Restaurants

&

Leisure

-

0.6%

Everi

Holdings,

Inc.

*(a)

849,571

11,613,636

Expedia

Group,

Inc.

614

103,213

11,716,849

Specialty

Retail

-

0.2%

Wayfair,

Inc.,

Class

A

*(a)

98,745

3,162,802

Total

Consumer

Discretionary

14,879,651

Energy

-

2.1%

Energy

Equipment

&

Services

-

2.1%

ChampionX

Corp.

(a)

1,264,284

37,675,663

Financials

-

3.9%

Banks

-

1.0%

Brookline

Bancorp,

Inc.

(a)

513,064

5,592,398

First

Bancshares,

Inc.

(The)

(a)

240,629

8,135,666

WesBanco,

Inc.

151,591

4,693,257

18,421,321

Capital

Markets

-

1.0%

Andretti

Acquisition

Corp.

II,

Class

B

(acquired

9/6/2024,

Cost

$309)

(3)*(b)(c)

77,278

309

Aquaron

Acquisition

Corp.

(2)*(c)

9,101

104,662

byNordic

Acquisition

Corp.,

Class

A

(Sweden)

(2)*(c)

40,443

465,095

Cantor

Equity

Partners

I,

Inc.,

Class

A

*(c)

332,530

3,406,770

CO2

Energy

Transition

Corp.

*(c)

127,667

1,266,457

Cohen

Circle

Acquisition

Corp.

I,

Class

B

(acquired

10/11/2024,

Cost

$326)

(3)*(b)(c)

65,200

326

ESH

Acquisition

Corp.,

Class

A

*(c)

8,212

88,690

Fact

II

Acquisition

Corp.,

Class

A

(acquired

11/27/2024,

Cost

$149)

(3)*(b)(c)

14,907

149

Fact

II

Acquisition

Corp.,

Class

B

(acquired

11/27/2024,

Cost

$221)

(3)*(b)(c)

59,627

221

FG

Merger

II

Corp.

*(c)

179,188

1,716,621

Four

Leaf

Acquisition

Corp.,

Class

A

*(c)

93,095

1,053,835

Gesher

Acquisition

Corp.

II,

Class

B

(acquired

3/21/2025,

Cost

$417)

(3)*(b)(c)

92,583

417

Gigcapital7

Corp.,

Class

B

(acquired

8/29/2024,

Cost

$78,678)

(3)*(b)(c)

68,416

78,678

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

1.0%

(continued)

Global

Blockchain

Acquisition

Corp.

*(c)

5,348

61,235

Global

Star

Acquisition,

Inc.,

Class

A

(2)*(c)

2,379

27,240

GSR

III

Acquisition

Corp.,

Class

B

(acquired

11/7/2024,

Cost

$1)

(3)*(b)

(c)

99,580

1

HCM

II

Acquisition

Corp.,

Class

B

(acquired

8/16/2024,

Cost

$236)

(3)*(b)(c)

59,069

236

Hennessy

Capital

Investment

Corp.

VI,

Class

A

*(c)

74,372

809,167

Hennessy

Capital

Investment

Corp.

VI.,

Class

B

(acquired

10/2/2024,

Cost

$–)

(3)*(b)(c)

18,593

–

Hennessy

Capital

Investment

Corp.

VII,

Class

B

(acquired

1/17/2025,

Cost

$131)

(3)*(b)(c)

65,300

132

IB

Acquisition

Corp.

*(c)

185,392

1,909,538

Inception

Growth

Acquisition

Ltd.

(2)*(c)

26,400

303,072

Inception

Growth

Acquisition

Ltd.,

Class

B

(acquired

4/26/2023,

Cost

$–)

(3)*(b)(c)

33,755

–

Iron

Horse

Acquisitions

Corp.

*(c)

66,623

698,875

K&F

Growth

Acquisition

Corp.

II,

Class

A

*(c)

233,085

2,321,527

Launch

One

Acquisition

Corp.,

Class

B

(acquired

7/11/2024,

Cost

$236)

(3)*(b)(c)

59,069

236

Launch

Two

Acquisition

Corp.,

Class

B

(acquired

10/21/2024,

Cost

$261)

(3)*(b)(c)

65,200

261

Newbury

Street

II

Acquisition

Corp.,

Class

B

(acquired

11/1/2024,

Cost

$346)

(3)*(b)(c)

86,566

346

NewHold

Investment

Corp.

III,

Class

B

(acquired

2/28/2025,

Cost

$338)

(3)*(b)(c)

91,354

338

Plum

Acquisition

Corp.

IV,

Class

A

(acquired

1/15/2025,

Cost

$157)

(3)*(b)(c)

15,672

157

Plum

Acquisition

Corp.

IV,

Class

B

(acquired

1/15/2025,

Cost

$188)

(3)*(b)(c)

62,688

188

Quetta

Acquisition

Corp.

*(c)

72,851

778,777

Sagaliam

Acquisition

Corp.,

Class

A

(2)*(c)

31,501

349,661

ShoulderUp

Technology

Acquisition

Corp.,

Class

B

(acquired

5/11/2023

-

11/21/2023,

Cost

$–)

(2)*(b)(c)

45,000

405,000

SilverBox

Corp.

IV,

Class

B

(acquired

8/16/2024,

Cost

$273)

(3)*(b)(c)

68,292

273

Sim

Acquisition

Corp.

I,

Class

B

(acquired

7/11/2024,

Cost

$145)

(3)*(b)(c)

43,961

145

Stellar

V

Capital

Corp.,

Class

B

(acquired

1/30/2025,

Cost

$322)

(3)*(b)(c)

78,550

322

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

33

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

1.0%

(continued)

Trailblazer

Merger

Corp.

I,

Class

A

*(c)

119,448

1,344,984

Translational

Development

Acquisition

Corp.,

Class

B

(acquired

12/23/2024,

Cost

$242)

(3)*(b)(c)

60,623

242

Voyager

Acquisition

Corp.,

Class

B

(acquired

8/9/2024,

Cost

$300)

(3)*(b)(c)

74,993

300

Welsbach

Technology

Metals

Acquisition

Corp.

(2)*(c)

71,413

804,825

17,999,308

Consumer

Finance

-

0.3%

Moneylion,

Inc.

*(a)

62,856

5,437,672

Financial

Services

-

0.1%

Global

Payments,

Inc.

(a)

10,404

1,018,760

Insurance

-

1.5%

Enstar

Group

Ltd.

*(a)

81,236

27,001,222

Total

Financials

69,878,283

Health

Care

-

0.3%

Health

Care

Equipment

&

Supplies

-

0.1%

Baird

Medical

Investment

Holdings

Ltd.,

Class

B

(2)*(d)

46,529

242,416

Paragon

28,

Inc.

*(a)

124,236

1,622,522

1,864,938

Pharmaceuticals

-

0.2%

Jazz

Pharmaceuticals

plc

*(a)

28,910

3,589,177

Total

Health

Care

5,454,115

Industrials

-

0.6%

Ground

Transportation

-

0.0%

†

Uber

Technologies,

Inc.

*(a)

6,874

500,840

Professional

Services

-

0.1%

Parsons

Corp.

*(a)

11,316

670,020

Trading

Companies

&

Distributors

-

0.5%

H&E

Equipment

Services,

Inc.

(a)

95,559

9,058,038

Total

Industrials

10,228,898

Information

Technology

-

0.8%

Communications

Equipment

-

0.6%

Nokia

OYJ,

ADR

(Finland)

2,166,812

11,419,099

Semiconductors

&

Semiconductor

Equipment

-

0.0%

†

MKS

Instruments,

Inc.

8,908

713,976

Software

-

0.2%

Cleanspark,

Inc.

*(a)

75,848

509,699

Guidewire

Software,

Inc.

*(a)

11,856

2,221,340

Rezolve

AI

Ltd.

(2)*

19,875

24,049

2,755,088

Total

Information

Technology

14,888,163

Materials

-

1.0%

Metals

&

Mining

-

1.0%

Rio

Tinto

plc,

ADR

(Australia)

301,998

18,144,040

INVESTMENTS

SHARES

VALUE

($)

Real

Estate

-

0.4%

Real

Estate

Management

&

Development

-

0.3%

CoStar

Group,

Inc.

*

62,077

4,918,360

Specialized

REITs

-

0.1%

Digital

Realty

Trust,

Inc.,

REIT

9,495

1,360,539

Total

Real

Estate

6,278,899

Utilities

-

1.4%

Electric

Utilities

-

1.4%

ALLETE,

Inc.

(a)

393,376

25,844,803

TOTAL

COMMON

STOCKS

(Cost

$218,427,881)

213,562,597

CONVERTIBLE

PREFERRED

STOCKS

-

2.4%

Financials

-

2.4%

Capital

Markets

-

0.8%

Ares

Management

Corp.

Series

B,

$50

par,

6.75%,

10/1/2027

(2)(a)

295,661

14,253,817

Financial

Services

-

1.6%

Apollo

Global

Management,

Inc.

$50

par,

6.75%,

7/31/2026

(2)

(a)

400,000

29,079,145

Total

Financials

43,332,962

TOTAL

CONVERTIBLE

PREFERRED

STOCKS

(Cost

$44,343,700)

43,332,962

CLOSED-END

FUNDS

-

1.6%

Financials

-

1.6%

abrdn

Emerging

Markets

ex

China

Fund,

Inc.

2,160

10,714

abrdn

Life

Sciences

Investors

36,842

467,525

abrdn

National

Municipal

Income

Fund

12,029

121,974

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

8,159

88,607

Allspring

Income

Opportunities

Fund

773

5,287

Allspring

Multi-Sector

Income

Fund

29,080

268,118

BlackRock

Enhanced

Equity

Dividend

Trust

58,013

498,912

BlackRock

Enhanced

Global

Dividend

Trust

35,442

384,546

BlackRock

Enhanced

International

Dividend

Trust

75,787

425,165

BlackRock

Municipal

2030

Target

Term

Trust

46,526

987,747

BlackRock

MuniHoldings

Fund,

Inc.

36,194

424,918

BlackRock

MuniHoldings

New

York

Quality

Fund,

Inc.

9,288

94,273

BlackRock

MuniHoldings

Quality

Fund

II,

Inc.

22,993

229,930

BlackRock

MuniVest

Fund

II,

Inc.

14,058

148,593

BlackRock

MuniVest

Fund,

Inc.

33,761

236,665

BlackRock

MuniYield

Michigan

Quality

Fund,

Inc.

10,282

117,009

34

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financials

-

1.6%

(continued)

BlackRock

MuniYield

Quality

Fund

II,

Inc.

9,084

90,840

BlackRock

New

York

Municipal

Income

Trust

20,035

203,756

BlackRock

Resources

&

Commodities

Strategy

Trust

21,783

203,235

BlackRock

Science

and

Technology

Term

Trust

6,765

120,011

BNY

Mellon

Municipal

Income,

Inc.

33,072

237,457

BNY

Mellon

Strategic

Municipal

Bond

Fund,

Inc.

49,416

285,130

BNY

Mellon

Strategic

Municipals,

Inc.

100,221

613,353

Brookfield

Real

Assets

Income

Fund,

Inc.

102,031

1,342,728

Calamos

Global

Dynamic

Income

Fund

120,653

772,179

Central

Securities

Corp.

17,616

792,015

Clough

Global

Equity

Fund

36,809

231,529

Cohen

&

Steers

Select

Preferred

and

Income

Fund,

Inc.

439

8,776

Eaton

Vance

Tax

Managed

Global

Buy

Write

Opportunities

Fund

129,217

1,066,040

Eaton

Vance

Tax-Advantaged

Dividend

Income

Fund

54,913

1,277,825

Eaton

Vance

Tax-Advantaged

Global

Dividend

Income

Fund

60,059

1,094,275

Eaton

Vance

Tax-Advantaged

Global

Dividend

Opportunities

Fund

10,378

254,987

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

193,760

1,577,206

Ellsworth

Growth

and

Income

Fund

Ltd.

31,577

286,719

Flaherty

&

Crumrine

Preferred

and

Income

Fund

22,808

255,906

Flaherty

&

Crumrine

Preferred

and

Income

Opportunity

Fund,

Inc.

9,636

88,844

Flaherty

&

Crumrine

Preferred

and

Income

Securities

Fund

61,599

981,272

Flaherty

&

Crumrine

Total

Return

Fund

24,463

410,489

Gabelli

Dividend

&

Income

Trust

(The)

30,491

735,748

Gabelli

Healthcare

&

WellnessRx

Trust

(The)

23,544

237,324

General

American

Investors

Co.,

Inc.

8,763

441,392

John

Hancock

Diversified

Income

Fund

26,668

277,347

John

Hancock

Income

Securities

Trust

7,083

80,321

John

Hancock

Tax-Advantaged

Dividend

Income

Fund

40,035

958,038

New

Germany

Fund,

Inc.

(The)

23,997

235,411

Nuveen

Dow

30sm

Dynamic

Overwrite

Fund

75,402

1,092,575

Nuveen

NASDAQ

100

Dynamic

Overwrite

Fund

60,449

1,435,664

Nuveen

Real

Estate

Income

Fund

24,526

202,094

INVESTMENTS

SHARES

VALUE

($)

Financials

-

1.6%

(continued)

Nuveen

S&P

500

Buy-Write

Income

Fund

137,698

1,806,598

PIMCO

California

Municipal

Income

Fund

7,955

70,402

PIMCO

California

Municipal

Income

Fund

III

24

156

Pioneer

Municipal

High

Income

Advantage

Fund,

Inc.

29,870

249,414

Pioneer

Municipal

High

Income

Fund

Trust

45,316

416,907

Royce

Micro-Cap

Trust,

Inc.

36,970

311,657

Sprott

Focus

Trust,

Inc.

29,574

219,143

SRH

Total

Return

Fund,

Inc.

81,643

1,408,342

Swiss

Helvetia

Fund,

Inc.

(The)

8,790

81,044

Templeton

Emerging

Markets

Fund

24,467

314,401

Virtus

Dividend

Interest

&

Premium

Strategy

Fund

18,230

221,130

Virtus

Total

Return

Fund,

Inc.

43,968

262,489

Total

Financials

27,762,152

TOTAL

CLOSED-END

FUNDS

(Cost

$25,007,257)

27,762,152

PRINCIPAL

AMOUNT

CORPORATE

BONDS

-

7.7%

Communication

Services

-

1.5%

Diversified

Telecommunication

Services

-

1.3%

Frontier

Communications

Holdings

LLC

5.88%,

11/1/2029

(2)

$

17,687,750

17,689,448

6.00%,

1/15/2030

(2)(e)

4,617,000

4,627,213

22,316,661

Interactive

Media

&

Services

-

0.2%

Snap,

Inc.

6.88%,

3/1/2033

(2)(e)

4,368,000

4,367,670

Media

-

0.0%

†

iHeartCommunications,

Inc.

6.38%,

5/1/2026

(2)

423

387

Total

Communication

Services

26,684,718

Consumer

Discretionary

-

1.1%

Automobiles

-

0.6%

Mclaren

Finance

plc

(United

Kingdom)

7.50%,

8/1/2026

(2)(e)

9,825,000

9,739,031

Broadline

Retail

-

0.5%

Getty

Images,

Inc.

9.75%,

3/1/2027

(2)(e)

5,801,000

5,794,017

Wayfair

LLC

7.25%,

10/31/2029

(2)(e)

3,762,000

3,602,506

9,396,523

Total

Consumer

Discretionary

19,135,554

Consumer

Staples

-

0.2%

Household

Products

-

0.2%

Kronos

Acquisition

Holdings,

Inc.

(Canada)

10.75%,

6/30/2032

(2)(e)

5,250,000

3,976,002

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

35

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Energy

-

0.0%

†

Oil,

Gas

&

Consumable

Fuels

-

0.0%

†

Black

Elk

Energy

Escrow

13.75%,

12/1/2015

(3)(f)

$

2,833,436

123,254

Financials

-

0.4%

Financial

Services

-

0.4%

Freedom

Mortgage

Corp.

7.63%,

5/1/2026

(2)(e)

1,304,000

1,300,452

Global

Payments,

Inc.

2.90%,

5/15/2030

(2)

1,750,000

1,586,585

Nationstar

Mortgage

Holdings,

Inc.

5.13%,

12/15/2030

(2)(e)

3,362,000

3,353,382

Total

Financials

6,240,419

Health

Care

-

1.3%

Pharmaceuticals

-

1.3%

Bausch

Health

Cos.,

Inc.

6.13%,

2/1/2027

(2)(e)

22,000,000

22,308,000

Mallinckrodt

International

Finance

SA

14.75%,

11/14/2028

(2)(e)

1,675,000

1,753,896

Total

Health

Care

24,061,896

Industrials

-

0.9%

Professional

Services

-

0.2%

Dun

&

Bradstreet

Corp.

(The)

5.00%,

12/15/2029

(2)(e)

3,270,000

3,275,403

Trading

Companies

&

Distributors

-

0.7%

H&E

Equipment

Services,

Inc.

3.88%,

12/15/2028

(2)(e)

13,525,000

13,481,326

Total

Industrials

16,756,729

Materials

-

1.1%

Containers

&

Packaging

-

0.6%

Pactiv

Evergreen

Group

Issuer,

Inc.

4.00%,

10/15/2027

(2)(e)

10,382,000

10,485,820

Metals

&

Mining

-

0.5%

United

States

Steel

Corp.

6.88%,

3/1/2029

(2)

8,403,000

8,458,014

Total

Materials

18,943,834

Real

Estate

-

0.4%

Health

Care

REITs

-

0.4%

Diversified

Healthcare

Trust

9.75%,

6/15/2025

(2)

6,632,000

6,624,994

Utilities

-

0.8%

Gas

Utilities

-

0.8%

Ferrellgas

LP

5.38%,

4/1/2026

(2)(e)

11,700,000

11,581,795

5.88%,

4/1/2029

(2)(e)

3,920,000

3,548,703

15,130,498

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

†

Aegean

Marine

Petroleum

Network,

Inc.

Escrow

0.00%,

12/15/2022

(3)(f)

2,375,000

2,375

Total

Utilities

15,132,873

TOTAL

CORPORATE

BONDS

(Cost

$139,753,942)

137,680,273

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

CONVERTIBLE

BONDS

-

42.8%

Communication

Services

-

3.7%

Entertainment

-

0.8%

Live

Nation

Entertainment,

Inc.

3.13%,

1/15/2029

(2)(a)

$

9,575,000

13,304,463

Interactive

Media

&

Services

-

0.7%

fuboTV,

Inc.

3.25%,

2/15/2026

(2)

3,047,000

2,947,972

Snap,

Inc.

0.25%,

5/1/2025

(2)(a)

3,608,000

3,571,920

0.13%,

3/1/2028

(2)(a)

7,400,000

6,267,800

12,787,692

Media

-

2.2%

EchoStar

Corp.

3.88%,

11/30/2030

(2)(a)(g)

1,975,000

2,178,535

Liberty

Broadband

Corp.

3.13%,

6/30/2054

(2)(e)

26,945,000

31,019,084

Sirius

XM

Holdings,

Inc.

3.75%,

3/15/2028

(2)(a)

5,943,000

6,161,180

39,358,799

Total

Communication

Services

65,450,954

Consumer

Discretionary

-

11.9%

Automobile

Components

-

0.9%

Patrick

Industries,

Inc.

1.75%,

12/1/2028

(2)(a)

11,687,000

16,338,426

Automobiles

-

2.0%

Ford

Motor

Co.

0.00%,

3/15/2026

(2)(a)

26,376,000

25,822,104

Winnebago

Industries,

Inc.

1.50%,

4/1/2025

(2)(a)

8,175,000

8,158,650

3.25%,

1/15/2030

(2)(a)

2,400,000

2,098,800

36,079,554

Broadline

Retail

-

1.8%

Etsy,

Inc.

0.13%,

10/1/2026

(2)(a)

12,486,000

11,986,560

0.25%,

6/15/2028

(2)(a)

5,738,000

4,868,693

Groupon,

Inc.

6.25%,

3/15/2027

(2)(a)(e)

3,650,000

3,814,446

Match

Group

Financeco

3,

Inc.

2.00%,

1/15/2030

(2)(a)(e)

13,135,000

11,305,299

31,974,998

Diversified

Consumer

Services

-

2.1%

Stride,

Inc.

1.13%,

9/1/2027

(2)(a)

15,675,000

38,215,650

Hotels,

Restaurants

&

Leisure

-

4.6%

Carnival

Corp.

5.75%,

12/1/2027

(2)(a)

21,725,000

36,248,163

DraftKings

Holdings,

Inc.

0.00%,

3/15/2028

(2)(a)

5,085,000

4,426,492

Kyoritsu

Maintenance

Co.

Ltd.

(Japan)

0.00%,

1/29/2026

(2)(a)(h)

JPY

250,000,000

2,216,814

MakeMyTrip

Ltd.

(India)

0.00%,

2/15/2028

(2)(a)

$

10,742,000

27,499,520

Marriott

Vacations

Worldwide

Corp.

3.25%,

12/15/2027

(2)(a)

1,675,000

1,549,375

36

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

4.6%

(continued)

NCL

Corp.

Ltd.

5.38%,

8/1/2025

(2)(a)

$

8,500,000

9,673,000

81,613,364

Specialty

Retail

-

0.5%

Burlington

Stores,

Inc.

2.25%,

4/15/2025

(2)(a)

5,800,000

6,328,465

Guess?,

Inc.

3.75%,

4/15/2028

(2)(a)

2,587,000

2,374,866

8,703,331

Total

Consumer

Discretionary

212,925,323

Consumer

Staples

-

0.0%

†

Personal

Care

Products

-

0.0%

†

Rohto

Pharmaceutical

Co.

Ltd.

(Japan)

0.00%,

3/15/2032

(2)(a)(h)

JPY

50,000,000

356,524

Energy

-

1.9%

Energy

Equipment

&

Services

-

1.1%

Transocean,

Inc.

4.63%,

9/30/2029

(2)(a)

$

16,325,000

19,810,387

Oil,

Gas

&

Consumable

Fuels

-

0.8%

World

Kinect

Corp.

3.25%,

7/1/2028

(2)(a)

12,825,000

14,812,875

Total

Energy

34,623,262

Financials

-

2.8%

Capital

Markets

-

1.6%

Coinbase

Global,

Inc.

0.25%,

4/1/2030

(2)(a)

7,500,000

6,933,750

HAT

Holdings

I

LLC

0.00%,

5/1/2025

(2)(a)(e)

12,417,000

13,546,947

WisdomTree,

Inc.

3.25%,

8/15/2029

(2)(a)(e)

7,925,000

7,970,172

28,450,869

Consumer

Finance

-

0.6%

EZCORP,

Inc.

2.38%,

5/1/2025

(2)(a)

4,040,000

4,021,820

3.75%,

12/15/2029

(2)(a)(e)

4,325,000

6,372,888

Qifu

Technology,

Inc.

(China)

0.50%,

4/1/2030

(2)(e)

700,000

709,100

11,103,808

Financial

Services

-

0.6%

Repay

Holdings

Corp.

2.88%,

7/15/2029

(2)(a)(e)

13,400,000

11,450,300

Total

Financials

51,004,977

Health

Care

-

6.1%

Biotechnology

-

2.5%

BioMarin

Pharmaceutical,

Inc.

1.25%,

5/15/2027

(2)(a)

14,710,000

13,834,755

Dynavax

Technologies

Corp.

2.00%,

3/15/2030

(2)(a)(e)

5,075,000

5,028,794

Exact

Sciences

Corp.

0.38%,

3/1/2028

(2)(a)

15,852,000

13,910,130

1.75%,

4/15/2031

(2)(a)(e)

7,925,000

6,788,416

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Biotechnology

-

2.5%

(continued)

Telix

Pharmaceuticals

Ltd.

(Australia)

2.38%,

7/30/2029

(2)(a)(h)

AUD

6,000,000

4,941,314

44,503,409

Health

Care

Equipment

&

Supplies

-

1.5%

Dexcom,

Inc.

0.25%,

11/15/2025

(2)(a)

$

8,750,000

8,500,625

0.38%,

5/15/2028

(2)(a)

10,350,000

9,221,850

Tandem

Diabetes

Care,

Inc.

Series

2024,

1.50%,

3/15/2029

(2)(a)

3,123,000

2,935,620

TransMedics

Group,

Inc.

1.50%,

6/1/2028

(2)(a)

6,100,000

6,537,980

27,196,075

Health

Care

Providers

&

Services

-

0.4%

Accolade,

Inc.

0.50%,

4/1/2026

(2)

7,765,000

7,595,141

Health

Care

Technology

-

1.3%

Evolent

Health,

Inc.

3.50%,

12/1/2029

(2)(a)

2,199,000

1,787,413

Livongo

Health,

Inc.

0.88%,

6/1/2025

(2)(a)

20,775,000

20,567,240

22,354,653

Pharmaceuticals

-

0.4%

ANI

Pharmaceuticals,

Inc.

2.25%,

9/1/2029

(2)(a)(e)

6,996,000

7,821,528

Total

Health

Care

109,470,806

Industrials

-

3.3%

Commercial

Services

&

Supplies

-

0.2%

Park24

Co.

Ltd.

(Japan)

0.00%,

2/24/2028

(2)(a)(h)

JPY

450,000,000

3,115,708

Construction

&

Engineering

-

0.4%

Fluor

Corp.

1.13%,

8/15/2029

(2)(a)

$

6,676,000

7,093,250

Ground

Transportation

-

0.6%

Lyft,

Inc.

1.50%,

5/15/2025

(2)(a)

9,125,000

9,081,200

0.63%,

3/1/2029

(2)(a)

818,000

789,370

Nikkon

Holdings

Co.

Ltd.

(Japan)

0.00%,

12/12/2031

(2)(a)(h)

JPY

60,000,000

537,236

10,407,806

Passenger

Airlines

-

2.1%

American

Airlines

Group,

Inc.

6.50%,

7/1/2025

(2)(a)

$

6,978,000

6,978,000

ANA

Holdings,

Inc.

(Japan)

0.00%,

12/10/2031

(2)(a)(h)

JPY

800,000,000

5,760,384

Southwest

Airlines

Co.

1.25%,

5/1/2025

(2)(a)

$

25,068,000

25,005,330

37,743,714

Total

Industrials

58,360,478

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

37

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Information

Technology

-

10.5%

Electronic

Equipment,

Instruments

&

Components

-

0.8%

Ibiden

Co.

Ltd.

(Japan)

0.00%,

3/14/2031

(2)(a)(h)

JPY

600,000,000

3,826,255

Vishay

Intertechnology,

Inc.

2.25%,

9/15/2030

(2)(a)

$

10,815,000

9,544,238

13,370,493

IT

Services

-

1.4%

Akamai

Technologies,

Inc.

0.13%,

5/1/2025

(2)(a)

12,625,000

12,568,187

Shopify,

Inc.

(Canada)

0.13%,

11/1/2025

(2)(a)

8,775,000

8,796,938

Snowflake,

Inc.

0.00%,

10/1/2029

(2)(a)(e)

3,810,000

4,455,795

25,820,920

Semiconductors

&

Semiconductor

Equipment

-

1.0%

Microchip

Technology,

Inc.

0.75%,

6/1/2030

(2)(a)(e)

5,125,000

4,789,313

ON

Semiconductor

Corp.

0.50%,

3/1/2029

(2)(a)

10,315,000

8,884,309

Penguin

Solutions,

Inc.

2.00%,

8/15/2030

(2)(a)(e)

4,497,000

4,117,003

17,790,625

Software

-

6.7%

Bentley

Systems,

Inc.

0.38%,

7/1/2027

(2)(a)

5,899,000

5,344,494

BlackLine,

Inc.

0.00%,

3/15/2026

(2)(a)

1,700,000

1,625,676

Datadog,

Inc.

0.13%,

6/15/2025

(2)(a)

5,458,000

6,104,773

0.00%,

12/1/2029

(2)(a)(e)

10,865,000

9,436,252

Dropbox,

Inc.

0.00%,

3/1/2028

(2)(a)

9,200,000

9,052,800

Five9,

Inc.

1.00%,

3/15/2029

(2)

2,384,000

2,029,976

InterDigital,

Inc.

3.50%,

6/1/2027

(2)(a)

18,710,000

50,245,705

MicroStrategy,

Inc.

0.00%,

12/1/2029

(2)(a)(e)

9,536,000

7,686,016

0.00%,

3/1/2030

(2)(a)(e)

2,800,000

2,661,569

PagerDuty,

Inc.

1.50%,

10/15/2028

(2)(a)

17,024,000

16,886,221

Unity

Software,

Inc.

0.00%,

11/15/2026

(2)(a)

9,650,000

8,926,250

119,999,732

Technology

Hardware,

Storage

&

Peripherals

-

0.6%

Super

Micro

Computer,

Inc.

3.50%,

3/1/2029

(2)(a)

10,800,000

10,422,000

Total

Information

Technology

187,403,770

Real

Estate

-

1.9%

Health

Care

REITs

-

1.1%

Welltower

OP

LLC

2.75%,

5/15/2028

(2)(a)(e)

12,275,000

20,008,250

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Real

Estate

Management

&

Development

-

0.8%

Zillow

Group,

Inc.

2.75%,

5/15/2025

(2)(a)

$

13,917,000

14,445,846

Total

Real

Estate

34,454,096

Utilities

-

0.7%

Electric

Utilities

-

0.7%

Evergy,

Inc.

4.50%,

12/15/2027

(2)(a)

6,016,000

7,070,048

FirstEnergy

Corp.

4.00%,

5/1/2026

(2)(a)

5,004,000

5,069,052

Southern

Co.

(The)

3.88%,

12/15/2025

(2)(a)

1,117,000

1,243,221

Total

Utilities

13,382,321

TOTAL

CONVERTIBLE

BONDS

(Cost

$733,479,154)

767,432,511

NO.

OF

RIGHTS

RIGHTS

-

0.1%

Financials

-

0.1%

Capital

Markets

-

0.1%

A

SPAC

III

Acquisition

Corp.,

expiring

11/8/2025

(2)*(c)

63,236

8,765

Aifeex

Nexus

Acquisition

Corp.,

expiring

3/5/2026

(3)*(c)

157,393

39,348

Aquaron

Acquisition

Corp.,

expiring

4/6/2025

(3)*(c)

35,605

12,462

Bannix

Acquisition

Corp.,

expiring

4/14/2025

(2)*(c)

26,277

3,628

Bleichroeder

Acquisition

Corp.

I,

expiring

11/1/2026

(2)*(c)

543,963

97,913

Bold

Eagle

Acquisition

Corp.,

expiring

10/24/2025

*(c)

756,618

189,003

Breeze

Holdings

Acquisition

Corp.,

expiring

4/26/2025

(2)*(c)

55,000

11,000

Broad

Capital

Acquisition

Corp.,

expiring

4/13/2025

(3)*(c)

69,739

13,250

Cayson

Acquisition

Corp.,

expiring

9/20/2025

(2)*(c)

114,486

17,745

Charlton

Aria

Acquisition

Corp.,

expiring

4/24/2026

(2)*(c)

197,296

35,513

Clean

Energy

Special

Situations

Corp.,

expiring

4/30/2025

(2)*(c)

40,212

33,440

CO2

Energy

Transition

Corp.,

expiring

5/21/2026

*(c)

127,667

38,300

Drugs

Made

In

America

Acquisition

Corp.,

expiring

4/28/2026

*(c)

119,686

15,559

DT

Cloud

Star

Acquisition

Corp.,

expiring

10/25/2025

(2)*(c)

145,129

22,974

ESH

Acquisition

Corp.,

expiring

4/16/2025

(2)*(c)

97,905

8,332

Eureka

Acquisition

Corp.,

expiring

7/2/2025

*(c)

22,702

5,269

FG

Merger

II

Corp.,

expiring

1/29/2027

*(c)

179,188

34,046

Flag

Ship

Acquisition

Corp.,

expiring

6/18/2025

*(c)

86,443

13,831

Future

Vision

II

Acquisition

Corp.,

expiring

3/12/2026

(2)*(c)

150,887

24,142

38

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

Capital

Markets

-

0.1%

(continued)

Global

Blockchain

Acquisition

Corp.,

expiring

4/12/2025

(3)*(c)

161,196

15,958

Global

Star

Acquisition,

Inc.,

expiring

6/22/2025

*(c)

50,064

10,513

Globalink

Investment,

Inc.,

expiring

4/9/2025

(2)*(c)

74,843

3,001

Goldenstone

Acquisition

Ltd.,

expiring

4/21/2025

(2)*(c)

32,200

9,660

GSR

III

Acquisition

Corp.,

expiring

5/7/2026

*(c)

87,751

128,994

Hennessy

Capital

Investment

Corp.

VII,

expiring

1/17/2027

*(c)

444,056

90,676

HORIZON

SPACE

ACQUISITION

II

Corp.,

expiring

11/15/2025

(3)*(c)

125,239

16,294

IB

Acquisition

Corp.,

expiring

9/26/2025

*(c)

43,870

2,637

Inception

Growth

Acquisition

Ltd.,

expiring

4/13/2025

*(c)

112,518

20,253

Iron

Horse

Acquisitions

Corp.,

expiring

4/27/2025

(2)*(c)

63,190

18,963

Jackson

Acquisition

Co.

II,

expiring

12/10/2026

(2)*(c)

360,208

90,052

K&F

Growth

Acquisition

Corp.

II,

expiring

2/5/2027

(2)*(c)

338,085

40,570

Maywood

Acquisition

Corp.,

expiring

5/13/2026

*(c)

122,083

29,300

Mercer

Park

Opportunities

Corp.,

expiring

1/22/2026

(3)*(c)

457,730

22,887

Metal

Sky

Star

Acquisition

Corp.,

expiring

4/5/2025

*(c)

103,342

8,185

Mountain

Lake

Acquisition

Corp.,

expiring

6/13/2026

(2)*(c)

446,094

82,126

NorthView

Acquisition

Corp.,

expiring

6/22/2025

*(c)

154,598

22,417

PHP

Ventures

Acquisition

Corp.,

expiring

4/16/2025

(3)*(c)

29,400

–

Quetta

Acquisition

Corp.,

expiring

4/10/2025

*(c)

1,196

1,926

Range

Capital

Acquisition

Corp.,

expiring

6/20/2026

*(c)

224,317

38,134

RF

Acquisition

Corp.

II,

expiring

11/17/2025

(2)*(c)

46,579

3,726

Ribbon

Acquisition

Corp.,

expiring

1/15/2026

*(c)

60,105

15,026

Rising

Dragon

Acquisition

Corp.,

expiring

1/11/2026

(2)*(c)

140,178

22,597

Sagaliam

Acquisition

Corp.,

expiring

11/25/2025

(3)*(c)

70,003

–

Tavia

Acquisition

Corp.,

expiring

6/4/2026

(2)*(c)

214,404

32,161

Trailblazer

Merger

Corp.

I,

expiring

4/30/2025

(2)*(c)

149,105

37,276

Welsbach

Technology

Metals

Acquisition

Corp.,

expiring

6/30/2025

(2)*(c)

9,289

1,491

YHN

Acquisition

I

Ltd.,

expiring

12/18/2025

*(c)

151,864

19,758

Yotta

Acquisition

Corp.,

expiring

4/22/2025

(2)*(c)

68,693

11,060

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

Total

Financials

1,420,161

Health

Care

-

0.0%

Biotechnology

-

0.0%

Ambit

Biosciences

Corp.,

CVR

(3)*

146,272

–

Tobira

Therapeutics,

Inc.,

CVR

(3)*

11,880

–

Total

Health

Care

–

TOTAL

RIGHTS

(Cost

$–)

1,420,161

NO.

OF

WARRANTS

WARRANTS

-

0.2%

Communication

Services

-

0.0%

Media

-

0.0%

HWH

International,

Inc.,

expiring

2/2/2027

(3)*

52,991

–

a

Consumer

Discretionary

-

0.0%

†

Automobile

Components

-

0.0%

†

MKDWELL

Tech,

Inc.,

expiring

7/31/2029

*

5,717

66

a

Automobiles

-

0.0%

†

Thunder

Power

Holdings,

Inc.,

expiring

6/1/2029

(3)*

94,079

1,900

a

Hotels,

Restaurants

&

Leisure

-

0.0%

†

Hall

of

Fame

Resort

&

Entertainment

Co.,

expiring

7/1/2025

*

40,782

106

a

Total

Consumer

Discretionary

2,072

Financials

-

0.2%

Capital

Markets

-

0.2%

26

Capital

Acquisition

Corp.,

expiring

4/30/2025

(3)*(c)

74,200

482

AA

Mission

Acquisition

Corp.,

expiring

2/1/2026

*(c)

183,119

12,177

Aetherium

Acquisition

Corp.,

expiring

4/30/2025

(3)*(c)

175,712

5,500

Aldel

Financial

II,

Inc.,

expiring

10/22/2026

*(c)

302,657

91,191

AltEnergy

Acquisition

Corp.,

expiring

5/2/2025

(2)*(c)

61,463

1,358

Andretti

Acquisition

Corp.

II,

expiring

9/6/2026

*(c)

336,649

60,530

Arogo

Capital

Acquisition

Corp.,

expiring

4/28/2025

(3)*(c)

96,774

2,903

Athena

Technology

Acquisition

Corp.

II,

expiring

4/14/2025

(3)*(c)

319,116

7,084

Bannix

Acquisition

Corp.,

expiring

4/14/2025

(3)*(c)

26,277

394

Black

Spade

Acquisition

II

Co.,

expiring

8/28/2026

(Hong

Kong)

*(c)

181,006

39,821

Breeze

Holdings

Acquisition

Corp.,

expiring

4/26/2025

*(c)

55,000

19,388

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

39

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.2%

(continued)

byNordic

Acquisition

Corp.,

expiring

4/12/2025

(2)*(c)

69,207

879

Canna-Global

Acquisition

Corp.,

expiring

4/30/2025

(3)*(c)

188,580

–

Centurion

Acquisition

Corp.,

expiring

6/11/2026

(2)*(c)

384,082

57,612

Chenghe

Acquisition

II

Co.,

expiring

6/7/2026

(Singapore)

(2)*(c)

139,243

6,976

Churchill

Capital

Corp.

IX,

expiring

5/2/2026

*(c)

3,010

1,866

Clean

Energy

Special

Situations

Corp.,

expiring

4/30/2025

(3)*(c)

20,106

201

CO2

Energy

Transition

Corp.,

expiring

5/21/2026

*(c)

127,667

12,958

Cohen

Circle

Acquisition

Corp.

I,

expiring

10/11/2026

*(c)

194,483

350,069

Concord

Acquisition

Corp.

II,

expiring

12/31/2025

(3)*(c)

95,464

14,310

Corner

Growth

Acquisition

Corp.,

expiring

12/31/2025

(3)*(c)

110,400

22,080

Direct

Selling

Acquisition

Corp.,

expiring

9/28/2025

(3)*(c)

51,291

3,077

dMY

Squared

Technology

Group,

Inc.,

expiring

4/29/2025

(2)*(c)

6,140

5,832

Dynamix

Corp.,

expiring

11/21/2026

*(c)

164,849

47,015

EQV

Ventures

Acquisition

Corp.,

expiring

8/7/2026

(2)*(c)

286,978

94,703

Everest

Consolidator

Acquisition

Corp.,

expiring

4/23/2025

(2)*(c)

65,508

32,754

Fact

II

Acquisition

Corp.,

expiring

5/26/2026

(2)*(c)

211,180

38,012

Focus

Impact

BH3

Acquisition

Co.,

expiring

6/30/2025

(3)*(c)

42,289

846

Four

Leaf

Acquisition

Corp.,

expiring

4/22/2025

(3)*(c)

111,000

5,550

FutureTech

II

Acquisition

Corp.,

expiring

4/18/2025

(2)*(c)

38,964

818

GigCapital7

Corp.,

expiring

5/29/2026

*(c)

479,330

39,497

Global

Blockchain

Acquisition

Corp.,

expiring

4/12/2025

(3)*(c)

161,196

4,836

Global

Star

Acquisition,

Inc.,

expiring

6/22/2025

*(c)

41,201

1,030

Globalink

Investment,

Inc.,

expiring

4/9/2025

(3)*(c)

74,843

561

Goal

Acquisitions

Corp.,

expiring

5/8/2025

*(c)

84,630

846

Goldenstone

Acquisition

Ltd.,

expiring

4/21/2025

(2)*(c)

32,200

2,576

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.2%

(continued)

GP-Act

III

Acquisition

Corp.,

expiring

5/9/2026

*(c)

30,923

5,755

Graf

Global

Corp.,

expiring

6/26/2026

*(c)

338,011

60,842

HCM

II

Acquisition

Corp.,

expiring

8/16/2026

(acquired

8/16/2024,

Cost

$73,836)

(3)*(b)(c)

73,836

73,836

HCM

II

Acquisition

Corp.,

expiring

8/16/2026

*(c)

320,012

220,808

Hennessy

Capital

Investment

Corp.

VI,

expiring

4/30/2025

*(c)

232,490

34,874

Inception

Growth

Acquisition

Ltd.,

expiring

4/13/2025

(2)*(c)

56,259

2,256

Integral

Acquisition

Corp.

1,

expiring

4/5/2025

(2)*(c)

53,808

2,690

Integrated

Rail

and

Resources

Acquisition

Corp.,

expiring

4/15/2025

(3)*(c)

54,219

15,669

InterPrivate

III

Financial

Partners,

Inc.,

expiring

4/30/2025

(3)*(c)

16,500

167

Iris

Acquisition

Corp.,

expiring

4/30/2025

(3)*(c)

63,888

1,917

Iron

Horse

Acquisitions

Corp.,

expiring

4/27/2025

(2)*(c)

63,190

2,022

Launch

One

Acquisition

Corp.,

expiring

7/12/2026

(acquired

7/11/2024,

Cost

$73,836)

(3)*(b)(c)

73,836

73,836

Launch

One

Acquisition

Corp.,

expiring

7/12/2026

*(c)

312,978

45,413

Launch

Two

Acquisition

Corp.,

expiring

10/8/2026

*(c)

358,009

75,182

Launch

Two

Acquisition

Corp.,

expiring

10/8/2026

(acquired

10/21/2024,

Cost

$81,500)

(3)*(b)(c)

81,500

81,500

Legato

Merger

Corp.

III,

expiring

2/6/2026

(2)*(c)

53,436

10,308

Lionheart

Holdings,

expiring

6/18/2026

*(c)

263,150

31,604

M3-Brigade

Acquisition

V

Corp.,

expiring

8/1/2026

*(c)

427,017

123,835

Maquia

Capital

Acquisition

Corp.,

expiring

1/7/2026

(3)*(c)

113,500

1,135

Marblegate

Acquisition

Corp.,

expiring

4/30/2025

*(c)

311,411

49,826

Melar

Acquisition

Corp.

I,

expiring

6/18/2026

(2)*(c)

125,905

16,997

Mercer

Park

Opportunities

Corp.,

expiring

1/22/2026

(Cayman

Islands)

(3)*(c)

457,730

22,887

Metal

Sky

Star

Acquisition

Corp.,

expiring

4/5/2025

*(c)

103,342

1,261

Newbury

Street

Acquisition

Corp.,

expiring

9/25/2025

(3)*(c)

88,000

–

40

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.2%

(continued)

Newbury

Street

II

Acquisition

Corp.,

expiring

11/1/2026

*(c)

218,493

48,068

Northern

Star

Investment

Corp.

II,

expiring

4/30/2025

(3)*(c)

16,500

86

NorthView

Acquisition

Corp.,

expiring

6/22/2025

*(c)

77,299

4,638

Oaktree

Acquisition

Corp.

III

Life

Sciences,

expiring

10/24/2026

*(c)

105,907

79,430

Papaya

Growth

Opportunity

Corp.

I,

expiring

12/19/2025

(3)*(c)

206,644

3,100

PHP

Ventures

Acquisition

Corp.,

expiring

4/16/2025

(3)*(c)

14,700

648

Plum

Acquisition

Corp.

IV,

expiring

7/15/2026

*(c)

169,785

29,560

PMV

Consumer

Acquisition

Corp.,

expiring

8/31/2027

(2)*

145,447

73

Relativity

Acquisition

Corp.,

expiring

4/15/2025

(3)*(c)

89,748

–

Roman

DBDR

Acquisition

Corp.

II,

expiring

12/13/2026

*(c)

199,710

62,429

ShoulderUp

Technology

Acquisition

Corp.,

expiring

4/30/2025

(2)*(c)

75,776

1,516

SilverBox

Corp.

IV,

expiring

8/16/2026

*(c)

214,539

75,089

SIM

Acquisition

Corp.

I,

expiring

7/10/2026

*(c)

299,540

38,970

SIM

Acquisition

Corp.

I,

expiring

7/10/2026

(acquired

7/11/2024,

Cost

$54,951)

(3)*(b)(c)

54,951

54,951

Southport

Acquisition

Corp.,

expiring

9/30/2025

*(c)

182,986

36,121

Translational

Development

Acquisition

Corp.,

expiring

6/23/2026

*(c)

192,505

30,069

Translational

Development

Acquisition

Corp.,

expiring

6/23/2026

(acquired

12/23/2024,

Cost

$75,779)

(3)*(b)(c)

75,779

75,779

Vine

Hill

Capital

Investment

Corp.,

expiring

6/6/2026

*(c)

299,861

80,603

Voyager

Acquisition

Corp.,

expiring

8/9/2026

*(c)

291,668

46,084

Voyager

Acquisition

Corp.,

expiring

8/9/2026

(acquired

8/9/2024,

Cost

$93,741)

(3)*(b)(c)

93,741

93,741

Willow

Lane

Acquisition

Corp.,

expiring

11/8/2026

(2)*(c)

141,928

34,063

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Capital

Markets

-

0.2%

(continued)

Yotta

Acquisition

Corp.,

expiring

4/22/2025

*(c)

68,693

3,758

Total

Financials

2,739,128

Health

Care

-

0.0%

†

Biotechnology

-

0.0%

†

Abpro

Holdings,

Inc.,

expiring

11/12/2029

*

199,886

5,097

Longevity

Health

Holdings,

Inc.,

expiring

7/12/2028

(2)*

28,760

713

ZyVersa

Therapeutics,

Inc.,

expiring

12/20/2026

(3)*

38,655

–

5,810

Health

Care

Equipment

&

Supplies

-

0.0%

†

QT

Imaging

Holdings,

Inc.,

expiring

12/31/2028

(3)*

43,690

442

a

Health

Care

Technology

-

0.0%

†

iCoreConnect,

Inc.,

expiring

5/15/2028

(3)*

57,600

87

VSee

Health,

Inc.,

expiring

11/4/2028

*

24,861

1,464

1,551

Life

Sciences

Tools

&

Services

-

0.0%

†

Conduit

Pharmaceuticals,

Inc.,

expiring

2/3/2027

*

4,731

43

a

Total

Health

Care

7,846

Industrials

-

0.0%

†

Commercial

Services

&

Supplies

-

0.0%

†

DevvStream

Corp.,

expiring

11/7/2029

(3)*

49,375

494

ESGL

Holdings

Ltd.,

expiring

4/13/2028

(Singapore)

(2)*

20,070

231

Royalty

Management

Holding

Corp.,

expiring

5/28/2026

(2)*

24,043

363

1,088

Electrical

Equipment

-

0.0%

†

ConnectM

Technology

Solutions,

Inc.,

expiring

8/7/2029

(3)*

71,392

728

a

Professional

Services

-

0.0%

†

Cycurion,

Inc.,

expiring

2/18/2030

*

53,359

2,001

a

Total

Industrials

3,817

Information

Technology

-

0.0%

†

Technology

Hardware,

Storage

&

Peripherals

-

0.0%

†

Foxx

Development

Holdings,

Inc.,

expiring

9/26/2029

*

18,250

2,555

a

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

41

(Continued)

INVESTMENTS

NO.

OF

WARRANTS

VALUE

($)

Utilities

-

0.0%

†

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

†

Alternus

Clean

Energy,

Inc.,

expiring

12/22/2028

*

94,880

114

a

TOTAL

WARRANTS

(Cost

$456,836)

2,755,532

NO.

OF

UNITS

SECURITIES

IN

LITIGATION

-

0.0%

Health

Care

-

0.0%

Health

Care

Equipment

&

Supplies

-

0.0%

DEMC

Ltd.,

Class

A

(acquired

1/24/2014

-

10/29/2015,

Cost

$129,686)

(3)*(b)

12,969

–

DEMC

Ltd.,

Class

A-2

(acquired

2/8/2023,

Cost

$–)

(3)*(b)

368,190,309

–

DEMC

Ltd.,

Class

A-3

(acquired

2/8/2023,

Cost

$–)

(3)*(b)

292,030,544,028

–

DEMC

Ltd.,

Class

A-4

(acquired

2/8/2023,

Cost

$–)

(3)*(b)

40,321,771,424,070

–

DEMC

Ltd.,

Class

B

(acquired

1/27/2014,

Cost

$11)

(3)*(b)

10,488

–

DEMC

Ltd.,

Class

B-2

(Malaysia)

(acquired

4/12/2017,

Cost

$–)

(3)*(b)

513,897,326

–

DEMC

Ltd.,

Class

B-3

(acquired

9/5/2019,

Cost

$–)

(3)*(b)

489,352,292,604

–

DEMC

Ltd.,

Class

B-4

(acquired

1/31/2022,

Cost

$–)

(3)*(b)

40,321,771,424,070

–

Total

Health

Care

–

TOTAL

SECURITIES

IN

LITIGATION

(Cost

$129,697)

–

UNITS

-

1.8%

Financials

-

1.8%

Capital

Markets

-

1.8%

Andretti

Acquisition

Corp.

II

(acquired

9/6/2024,

Cost

$96,600)

(3)*(b)(c)

9,660

96,600

Archimedes

Tech

SPAC

Partners

II

Co.

(2)*(c)

323,855

3,264,459

Artius

II

Acquisition,

Inc.

*(c)

462,795

4,678,858

Cohen

Circle

Acquisition

Corp.

I

(acquired

10/11/2024,

Cost

$81,500)

(3)*(b)(c)

8,150

81,500

Columbus

Acquisition

Corp.

(Singapore)

(2)*(c)

71,696

726,998

Fact

II

Acquisition

Corp.

(acquired

11/27/2024,

Cost

$74,381)

(3)*(b)(c)

7,453

74,381

Fifth

Era

Acquisition

Corp.

I

(Cayman

Islands)

*(c)

346,362

3,487,865

Gesher

Acquisition

Corp.

II

(acquired

3/21/2025,

Cost

$115,614)

(3)*(b)(c)

11,573

115,729

Gesher

Acquisition

Corp.

II

*(c)

257,046

2,578,171

INVESTMENTS

NO.

OF

UNITS

VALUE

($)

Capital

Markets

-

1.8%

(continued)

GSR

III

Acquisition

Corp.

(acquired

11/7/2024,

Cost

$112,027)

(3)*(b)(c)

11,203

112,030

Hennessy

Capital

Investment

Corp.

VII

(acquired

1/17/2025,

Cost

$130,469)

(3)*(b)(c)

13,060

130,469

Live

Oak

Acquisition

Corp.

V

*(c)

279,314

2,815,485

Newbury

Street

II

Acquisition

Corp.

(acquired

11/1/2024,

Cost

$108,210)

(3)*(b)(c)

10,821

108,210

NewHold

Investment

Corp.

III

(acquired

2/28/2025,

Cost

$114,189)

(3)*(b)(c)

11,419

114,189

NewHold

Investment

Corp.

III

*(c)

366,990

3,702,929

Plum

Acquisition

Corp.

IV

(acquired

1/15/2025,

Cost

$78,203)

(3)*(b)(c)

7,836

78,203

Quartzsea

Acquisition

Corp.

*(c)

119,661

1,208,576

Rithm

Acquisition

Corp.

*(c)

412,062

4,161,826

SilverBox

Corp.

IV

(acquired

8/16/2024,

Cost

$85,370)

(3)*(b)(c)

8,537

85,370

Stellar

V

Capital

Corp.

(acquired

1/30/2025,

Cost

$78,550)

(3)*(b)(c)

7,855

78,550

Stellar

V

Capital

Corp.

(2)*(c)

388,826

3,934,919

UY

Scuti

Acquisition

Corp.

*(c)

41,412

416,605

Total

Financials

32,051,922

TOTAL

UNITS

(Cost

$31,775,596)

32,051,922

SHARES

SHORT-TERM

INVESTMENTS

-

56.6%

INVESTMENT

COMPANIES

-

30.9%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(i)(j)

1,654,584

1,654,584

Limited

Purpose

Cash

Investment

Fund,

4.32%

(i)(k)

552,842,879

552,677,026

TOTAL

INVESTMENT

COMPANIES

(Cost

$554,214,421)

554,331,610

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

25.7%

U.S.

Treasury

Bills

4.41%,

4/24/2025

(2)(a)(l)

$

90,000,000

89,756,516

4.35%,

5/8/2025

(2)(l)

27,219,000

27,100,525

4.41%,

5/22/2025

(2)(l)

3,627,000

3,605,291

4.44%,

5/29/2025

(2)(a)(l)(m)

30,000,000

29,795,197

4.26%,

6/26/2025

(2)(l)(m)

80,000,000

79,198,289

4.22%,

7/3/2025

(2)(l)(m)

60,000,000

59,349,969

4.20%,

7/10/2025

(2)(l)(m)

80,000,000

79,070,000

4.27%,

7/17/2025

(2)(l)(m)

64,434,000

63,632,043

4.23%,

7/31/2025

(2)(l)(m)

28,938,000

28,532,410

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$460,064,704)

460,040,240

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,014,279,125)

1,014,371,850

42

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

NO.

OF

CONTRACTS

VALUE

($)

PURCHASED

OPTIONS

-

0.0%

†

Put

Option

-

0.0%

†

Exchange-Traded

Consumer

Discretionary

-

0.0%

†

Automobiles

-

0.0%

†

Ford

Motor

Co.

Exercise

Price

USD

4.85

Notional

Amount

USD

11,115,246

Expiration

Date

1/16/2026

11,082

110,820

Information

Technology

-

0.0%

†

Software

-

0.0%

†

MicroStrategy,

Inc.

Exercise

Price

USD

30.00

Notional

Amount

USD

5,592,438

Expiration

Date

6/18/2026

194

42,098

MicroStrategy,

Inc.

Exercise

Price

USD

50.00

Notional

Amount

USD

17,497,989

Expiration

Date

1/15/2027

607

394,550

Total

Information

Technology

436,648

TOTAL

PURCHASED

OPTIONS

(Cost

$611,682)

547,468

TOTAL

LONG

POSITIONS

(Cost

$2,208,264,870)

2,240,917,428

SHARES

SHORT

POSITIONS

-

(29.7)%

COMMON

STOCKS

-

(25.5)%

Communication

Services

-

(2.4)%

Entertainment

-

(0.5)%

Live

Nation

Entertainment,

Inc.

(61,334)

(8,008,994)

Interactive

Media

&

Services

-

(0.1)%

Match

Group,

Inc.

(56,276)

(1,755,811)

Media

-

(1.8)

%

Charter

Communications,

Inc.,

Class

A

(84,166)

(31,017,696)

EchoStar

Corp.,

Class

A

(42,271)

(1,081,292)

Sirius

XM

Holdings,

Inc.

(3,565)

(80,373)

(32,179,361)

Total

Communication

Services

(41,944,166)

Consumer

Discretionary

-

(6.6)%

Automobile

Components

-

(0.7)%

American

Axle

&

Manufacturing

Holdings,

Inc.

(129,969)

(528,974)

Patrick

Industries,

Inc.

(141,978)

(12,005,660)

(12,534,634)

INVESTMENTS

SHARES

VALUE

($)

Automobiles

-

(0.3)%

Ford

Motor

Co.

(370,173)

(3,712,835)

Winnebago

Industries,

Inc.

(13,374)

(460,868)

(4,173,703)

Broadline

Retail

-

(0.2)%

Etsy,

Inc.

(42,161)

(1,989,156)

Groupon,

Inc.

(65,700)

(1,233,189)

(

3,222,345)

Diversified

Consumer

Services

-

(2.0)%

Stride,

Inc.

(287,536)

(36,373,304)

Hotels,

Restaurants

&

Leisure

-

(3.3)%

Carnival

Corp.

(1,330,740)

(25,989,352)

DraftKings,

Inc.,

Class

A

(14,851)

(493,202)

Kyoritsu

Maintenance

Co.

Ltd.

(Japan)

(2)

(99,800)

(2,084,212)

MakeMyTrip

Ltd.

(India)

(260,550)

(25,531,294)

Marriott

Vacations

Worldwide

Corp.

(3,719)

(238,909)

Norwegian

Cruise

Line

Holdings

Ltd.

(261,844)

(

4,964,562)

(59,301,531)

Specialty

Retail

-

(0.1)%

Burlington

Stores,

Inc.

(7,560)

(1,801,775)

Guess?,

Inc.

(34,919)

(386,553)

(2,188,328)

Total

Consumer

Discretionary

(117,793,845)

Consumer

Staples

-

(0.0)%

†

Personal

Care

Products

-

(0.0)%

†

Rohto

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(9,400)

(140,753)

Energy

-

(3.2)%

Energy

Equipment

&

Services

-

(2.7)%

Schlumberger

NV

(929,918)

(38,870,572)

Transocean

Ltd.

(3,084,283)

(9,777,177)

(48,647,749)

Oil,

Gas

&

Consumable

Fuels

-

(0.5)%

World

Kinect

Corp.

(324,769)

(9,210,449)

Total

Energy

(57,858,198)

Financials

-

(3.8)%

Banks

-

(1.0)%

Berkshire

Hills

Bancorp,

Inc.

(215,662)

(5,626,622)

Renasant

Corp.

(240,629)

(8,164,542)

WesBanco,

Inc.

(151,591)

(4,693,257)

(18,484,421)

Capital

Markets

-

(0.9)%

Ares

Management

Corp.

(70,462)

(

10,330,434)

Coinbase

Global,

Inc.,

Class

A

(15,290)

(2,633,397)

Penson

Worldwide,

Inc.

(3)

(212,307)

–

WisdomTree,

Inc.

(421,093)

(3,756,149)

(16,719,980)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

43

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Finance

-

(0.3)%

EZCORP,

Inc.,

Class

A

(

369,112)

(5,433,329)

Financial

Services

-

(1.6)%

Apollo

Global

Management,

Inc.

(184,404)

(25,252,284)

Repay

Holdings

Corp.,

Class

A

(446,916)

(2,489,322)

(27,741,606)

Total

Financials

(68,379,336)

Health

Care

-

(1.2)%

Biotechnology

-

(0.6)%

BioMarin

Pharmaceutical,

Inc.

(20,225)

(1,429,705)

Dynavax

Technologies

Corp.

(183,907)

(2,385,274)

Exact

Sciences

Corp.

(76,770)

(3,323,373)

Telix

Pharmaceuticals

Ltd.

(Australia)

(2)

(176,800)

(2,960,123)

(10,098,475)

Health

Care

Equipment

&

Supplies

-

(0.3)%

Dexcom,

Inc.

(18,426)

(1,258,312)

Tandem

Diabetes

Care,

Inc.

(54,646)

(1,047,017)

TransMedics

Group,

Inc.

(38,938)

(2,619,749)

(4,925,078)

Health

Care

Technology

-

(0.0)%

†

Evolent

Health,

Inc.,

Class

A

(26,841)

(254,184)

Pharmaceuticals

-

(0.3)%

ANI

Pharmaceuticals,

Inc.

(68,909)

(

4,613,457)

Merck

&

Co.,

Inc.

(11,814)

(1,060,425)

(5,673,882)

Total

Health

Care

(20,951,619)

Industrials

-

(0.6)%

Commercial

Services

&

Supplies

-

(0.1)%

Park24

Co.

Ltd.

(Japan)

(2)

(83,500)

(1,153,139)

Construction

&

Engineering

-

(0.2)%

Fluor

Corp.

(99,342)

(3,558,431)

Ground

Transportation

-

(0.0)%

†

Lyft,

Inc.,

Class

A

(23,282)

(276,357)

Nikkon

Holdings

Co.

Ltd.

(Japan)

(2)

(23,000)

(413,450)

(689,807)

Machinery

-

(0.0)%

†

Greenbrier

Cos.,

Inc.

(The)

(1,002)

(51,322)

Passenger

Airlines

-

(0.2)%

ANA

Holdings,

Inc.

(Japan)

(2)

(149,400)

(2,757,737)

Southwest

Airlines

Co.

(34,469)

(1,157,469)

(3,915,206)

Professional

Services

-

(0.0)%

†

CSG

Systems

International,

Inc.

(657)

(39,729)

Trading

Companies

&

Distributors

-

(0.1)%

Herc

Holdings,

Inc.

(12,298)

(1,651,253)

Total

Industrials

(11,058,887)

INVESTMENTS

SHARES

VALUE

($)

Information

Technology

-

(5.5)%

Communications

Equipment

-

(0.6)%

Nokia

OYJ,

ADR

(Finland)

(2,166,812)

(11,419,099)

Electronic

Equipment,

Instruments

&

Components

-

(0.2)%

Ibiden

Co.

Ltd.

(Japan)

(2)

(26,700)

(720,229)

Vishay

Intertechnology,

Inc.

(202,544)

(3,220,449)

(3,940,678)

IT

Services

-

(0.2)%

Shopify,

Inc.,

Class

A

(Canada)

(11,084)

(1,058,300)

Snowflake,

Inc.,

Class

A

(18,143)

(2,651,781)

(3,710,081)

Semiconductors

&

Semiconductor

Equipment

-

(0.2)%

Microchip

Technology,

Inc.

(6,730)

(325,799)

ON

Semiconductor

Corp.

(40,717)

(1,656,775)

Penguin

Solutions,

Inc.

(106,404)

(1,848,238)

(3,830,812)

Software

-

(4.1)

%

Bentley

Systems,

Inc.,

Class

B

(15,593)

(613,429)

Datadog,

Inc.,

Class

A

(66,112)

(6,558,971)

Dropbox,

Inc.,

Class

A

(152,251)

(4,066,624)

Five9,

Inc.

(14,712)

(399,431)

Gen

Digital,

Inc.

(78,020)

(

2,070,651)

InterDigital,

Inc.

(241,436)

(49,916,893)

MicroStrategy,

Inc.,

Class

A

(13,327)

(3,841,774)

PagerDuty,

Inc.

(330,899)

(6,045,525)

(73,513,298)

Technology

Hardware,

Storage

&

Peripherals

-

(0.2)%

Super

Micro

Computer,

Inc.

(73,775)

(2,526,056)

Total

Information

Technology

(98,940,024)

Real

Estate

-

(1.8)%

Health

Care

REITs

-

(1.0)%

Welltower,

Inc.,

REIT

(118,360)

(

18,133,936)

Real

Estate

Management

&

Development

-

(0.8)%

CoStar

Group,

Inc.

(62,077)

(4,918,360)

Zillow

Group,

Inc.,

Class

C

(126,330)

(8,661,185)

(13,579,545)

Total

Real

Estate

(31,713,481)

Utilities

-

(0.4)%

Electric

Utilities

-

(0.4)%

Evergy,

Inc.

(73,250)

(5,050,588)

FirstEnergy

Corp.

(32,217)

(1,302,211)

Southern

Co.

(The)

(9,957)

(915,546)

Total

Utilities

(7,268,345)

TOTAL

COMMON

STOCKS

(Proceeds

$(459,394,667))

(456,048,654)

44

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

CORPORATE

BONDS

-

(1.7)%

Consumer

Discretionary

-

(1.0)%

Automobiles

-

(0.9)%

Ford

Motor

Co.

4.35%,

12/8/2026

(2)

$

(6,175,000)

(6,081,197)

3.25%,

2/12/2032

(2)

(

12,625,000)

(10,404,805)

(16,486,002)

Broadline

Retail

-

(0.1)%

Match

Group

Holdings

II

LLC

4.63%,

6/1/2028

(2)(e)

(1,720,000)

(1,650,480)

Total

Consumer

Discretionary

(18,136,482)

Energy

-

(0.3)%

Energy

Equipment

&

Services

-

(0.3)%

Transocean,

Inc.

8.50%,

5/15/2031

(2)(e)

(6,525,000)

(6,340,235)

Financials

-

(0.2)%

Capital

Markets

-

(0.2)%

HAT

Holdings

I

LLC

3.75%,

9/15/2030

(2)(e)

(3,150,000)

(2,799,748)

Information

Technology

-

(0.2)%

Semiconductors

&

Semiconductor

Equipment

-

(0.2)%

ON

Semiconductor

Corp.

3.88%,

9/1/2028

(2)(e)

(3,750,000)

(3,510,813)

TOTAL

CORPORATE

BONDS

(Proceeds

$(31,006,060))

(30,787,278)

CONVERTIBLE

BONDS

-

(2.5)%

Communication

Services

-

(0.5)%

Entertainment

-

(0.2)%

Live

Nation

Entertainment,

Inc.

2.88%,

1/15/2030

(2)(e)

(3,300,000)

(3,415,500)

Interactive

Media

&

Services

-

(0.3)%

Snap,

Inc.

0.50%,

5/1/2030

(2)(e)

(7,900,000)

(6,513,550)

Total

Communication

Services

(9,929,050)

Consumer

Discretionary

-

(0.4)%

Specialty

Retail

-

(0.4)%

Wayfair,

Inc.

3.50%,

11/15/2028

(2)

(6,700,000)

(7,171,062)

Financials

-

(0.2)%

Consumer

Finance

-

(0.0)%

†

Qifu

Technology,

Inc.

(China)

0.50%,

4/1/2030

(2)(e)

(700,000)

(709,100)

Financial

Services

-

(0.2)%

Global

Payments,

Inc.

1.50%,

3/1/2031

(2)

(3,550,000)

(3,344,100)

Total

Financials

(4,053,200)

Health

Care

-

(0.4)%

Pharmaceuticals

-

(0.4)%

Jazz

Investments

I

Ltd.

3.13%,

9/15/2030

(2)(e)

(6,400,000)

(

7,094,400)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

Industrials

-

(0.3)%

Ground

Transportation

-

(0.1)%

Uber

Technologies,

Inc.

0.00%,

12/15/2025

(2)

$

(1,100,000)

(1,166,000)

Professional

Services

-

(0.2)%

Parsons

Corp.

2.63%,

3/1/2029

(2)

(3,550,000)

(

3,537,575)

Total

Industrials

(4,703,575)

Information

Technology

-

(0.5)%

Semiconductors

&

Semiconductor

Equipment

-

(0.1)%

MKS

Instruments,

Inc.

1.25%,

6/1/2030

(2)(e)

(2,500,000)

(2,248,750)

Software

-

(0.4)%

Cleanspark,

Inc.

0.00%,

6/15/2030

(2)(e)

(1,675,000)

(1,206,948)

Guidewire

Software,

Inc.

1.25%,

11/1/2029

(2)(e)

(5,000,000)

(5,207,500)

(6,414,448)

Total

Information

Technology

(8,663,198)

Real

Estate

-

(0.2)%

Diversified

REITs

-

(0.2)%

Digital

Realty

Trust

LP

1.88%,

11/15/2029

(2)(e)

(3,600,000)

(3,565,080)

TOTAL

CONVERTIBLE

BONDS

(Proceeds

$(47,289,340))

(45,179,565)

TOTAL

SHORT

POSITIONS

(Proceeds

$(537,690,067))

(532,015,497)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

95.4%

(Cost

$1,670,574,803)

1,708,901,931

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

4.6%

‡

82,404,505

NET

ASSETS

-

100.0%

1,791,306,436

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

45

(Continued)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

forward

foreign

currency

exchange,

futures,

swap

and

written

options

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$839,953,925.

Additional

securities

sold

but

not

yet

settled

totaling

$23,313,392

were

also

segregated.

In

addition,

$39,879,114

of

cash

collateral

was

also

pledged.

(b)

Restricted

securities.

Securities

acquired

through

a

private

placement

transaction

exempt

from

registration

under

the

Securities

Act

of 1933

and/

or may

be

subject

to

legal

or

contractual

restrictions

on

resale

(excluding

144A

securities).

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$2,017,151,

which

represents

0.11%

of

net

assets

of

the

Fund.

(c)

Special

Purpose

Acquisition

Company.

(d)

Securities

are

subject

to

contractual

sale

restrictions

of

up

to

twelve

months.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$242,416.

Circumstances

that

could

cause

a

lapse

in

the

contractual

sale

restrictions

include

but

are

not

limited

to

amendments

to

the

original

contractual

provision

and

market

conditions.

(e)

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

March

31,

2025

amounted

to

$217,914,284,

which

represents

12.17%

of

net

assets

of

the

Fund.

(f)

Defaulted

security.

(g)

Payment

in-kind

security.

(h)

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

March

31,

2025

amounted

to

$20,754,235,

which

represents

1.16%

of

net

assets

of

the

Fund.

(i)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(j)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(k)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(l)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(m)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

50,552,538

2.9

%

Consumer

Discretionary

103,952,031

5.8

Consumer

Staples

4,191,773

0.2

Energy

8,223,746

0.5

Financials

159,197,720

9.0

Health

Care

110,948,644

6.1

Industrials

69,587,460

3.9

Information

Technology

91,617,101

5.1

Materials

37,087,874

2.1

Real

Estate

12,079,428

0.7

Utilities

47,091,766

2.5

Investment

Companies

554,331,610

30.9

U.S.

Treasury

Obligations

460,040,240

25.7

Total

Investments

In

Securities

At

Value

1,708,901,931

95.4

Other

Assets

in

Excess

of

Liabilities

‡

82,404,505

4.6

Net

Assets

$

1,791,306,436

100.0%

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

30.9%

INVESTMENT

COMPANIES

-

30.9%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(a)

(Cost

$552,559,837)

$753,748,642

$944,706,717

$(1,145,712,859)

$26,498

$(91,972)

$552,677,026

552,842,879

$5,736,188

$–

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

46

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

All

bonds

are

denominated

in

US

dollars,

unless

noted

otherwise.

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

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.

Written

call

option

contracts

(premium-style)

outstanding

as

of

March

31,

2025:

Exchange-Traded

D

ESCRIPTION

COUNTERPARTY

NUMBER

OF

CONTRACTS

NOTIONAL

AMOUNT

EXERCISE

PRICE

EXPIRATION

DATE

VALUE

Sirius

XM

Holdings,

Inc.

JPMS

1,640

USD

(3,697,380)

USD

30.00

1/15/2027

$

(419,840)

Total

value

(premiums

received

($575,820))

$

(419,840)

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2025:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5.00

%

Quarterly

6/20/2030

3.77

%

USD

9,850,000

$

(568,383)

$

44,093

$

(

524,290)

$

(568,383)

$

44,093

$

(524,290)

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

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)

S&P

500

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(0.47%)

Weekly

JPMC

06/30/2025

USD

(13,880,511)

$

–

Net

unrealized

appreciation

$

–

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

U.S.

Treasury

10

Year

Note

(46)

6/2025

USD

$

(5,125,406)

$

(69,659)

U.S.

Treasury

2

Year

Note

(442)

6/2025

USD

(

91,597,595)

(322,221)

U.S.

Treasury

5

Year

Note

(610)

6/2025

USD

(66,046,797)

(294,997)

Net

unrealized

depreciation

$

(686,877)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

47

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

2,823,341

USD

1,759,781

CITI

6/18/2025

$

5,517

GBP

2,327,217

USD

2,941,402

CITI

6/18/2025

64,562

USD

21,954,331

AUD

34,858,895

CITI

6/18/2025

158,756

USD

49,070

GBP

37,866

CITI

6/18/2025

160

USD

13,618,335

HKD

105,741,760

CITI

6/18/2025

4,891

USD

1,913,215

JPY

280,891,020

CITI

6/18/2025

24,117

Total

unrealized

appreciation

258,003

AUD

2,406,956

USD

1,521,437

CITI

6/18/2025

(16,482)

GBP

134,006

USD

173,702

CITI

6/18/2025

(614)

JPY

20,823,080

USD

140,725

CITI

6/18/2025

(682)

USD

5,949,500

AUD

9,580,383

CITI

6/18/2025

(40,649)

USD

2,725,129

GBP

2,145,496

CITI

6/18/2025

(46,113)

USD

5,088,915

JPY

759,188,302

CITI

6/18/2025

(16,913)

Total

unrealized

depreciation

(121,453)

Net

unrealized

appreciation

$

136,550

Total

return

basket

swap

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

Denmark

Tomorrow/Next

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

DKK

based

on

the

local

currencies

of

the

positions

within

the

swap.

58

months

maturity

12/12/2029

$4,481,043

$–

$(5,285)

$(5,285)

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

TONAR

plus

or

minus

a

specified

spread

(0.01%),

which

is

denominated

in

JPY

based

on

the

local

currencies

of

the

positions

within

the

swap.

59

months

maturity

01/10/2030

$5,935,492

$32,400

$17,461

$49,861

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

STIBOR

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

SEK

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

04/03/2030

$600,930

$4,067

$–

$4,067

48

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

BNPP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

fixed

income

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.02%

to

0.03%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

43

months

maturity

06/25/2025

$59,608,195

$2,884,221

$(134,992)

$2,749,229

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

PRINCIPAL

AMOUNT

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Convertible

Bonds

United

States

BofA

Finance

LLC,

0.60%,

5/25/2027

2,975,000

2,963,436

(62,844)

(2.3)

Liberty

Media

Corp.,

2.38%,

9/30/2053

21,789,000

29,885,035

2,257,912

82.1

SHARES

Short

Positions

Common

Stocks

United

States

Live

Nation

Entertainment,

Inc.

(148,556)

(19,398,442)

782,943

28.5

PRINCIPAL

AMOUNT

Convertible

Bonds

United

States

Live

Nation

Entertainment,

Inc.,

2.88%,

1/15/2030

(7,050,000)

(7,361,282)

(93,790)

(3.4)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.25%

to

0.30%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-14

months

maturity

ranging

from

12/29/2025

-

04/27/2026

$52,489,456

$28,386

$133,196

$161,582

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

49

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Canada

Calibre

Mining

Corp.

952,860

2,118,865

–

0.0

CI

Financial

Corp.

759,701

16,455,217

(55,004)

(34.0)

Converge

Technology

Solutions

Corp.

1,011,846

3,839,116

(732)

(0.5)

Innergex

Renewable

Energy,

Inc.

737,079

6,930,043

(11,219)

(6.9)

Veren,

Inc.

1,578,394

10,441,827

(136,932)

(84.7)

Short

Positions

Common

Stocks

Canada

Equinox

Gold

Corp.

(295,247)

(2,029,111)

20,517

12.7

Whitecap

Resources,

Inc.

(1,658,991)

(10,675,277)

211,756

131.1

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

AOISR

plus

or

minus

a

specified

spread

(-0.10%

to

0.04%),

which

is

denominated

in

AUD

based

on

the

local

currencies

of

the

positions

within

the

swap.

51-61

months

maturity

ranging

from

05/03/2029

-

03/27/2030

$47,213,151

$476,263

$(794,104)

$(317,841)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Australia

De

Grey

Mining

Ltd.

8,489,976

11,413,845

750,623

(236.2)

Spartan

Resources

Ltd./Australia

529,153

630,019

41,416

(13.0)

Short

Positions

Common

Stocks

Australia

Northern

Star

Resources

Ltd.

(1,010,306)

(11,664,161)

(761,945)

239.7

Ramelius

Resources

Ltd.

(368,132)

(551,761)

(37,607)

11.8

Rio

Tinto

Ltd.

(301,998)

(21,912,929)

488,058

(153.6)

United

States

James

Hardie

Industries

plc

(43,598)

(1,040,436)

(4,282)

1.3

50

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

ESTR

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

EUR

based

on

the

local

currencies

of

the

positions

within

the

swap.

58-61

months

maturity

ranging

from

11/30/2029

-

02/27/2030

$21,493,480

$68,096

$(26,961)

$41,135

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Germany

Covestro

AG

221,950

14,255,675

23,999

58.3

United

Kingdom

Just

Eat

Takeaway.com

NV

342,693

7,237,805

44,097

107.2

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.03%

to

0.03%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

50-60

months

maturity

ranging

from

04/03/2029

-

02/14/2030

$21,399,169

$(131,639)

$25,552

$(106,087)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Luxembourg

BBGI

Global

Infrastructure

SA

559,242

1,011,361

5,906

(5.6)

United

Kingdom

Direct

Line

Insurance

Group

plc

2,227,680

8,105,861

160,289

(151.1)

Dowlais

Group

plc

1,506,019

1,184,470

(95,116)

89.7

Spirent

Communications

plc

2,667,195

6,494,483

(17,227)

16.2

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

51

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Short

Positions

Common

Stocks

United

Kingdom

Aviva

plc

(638,675)

(4,602,994)

(185,491)

174.8

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

HONIX

plus

or

minus

a

specified

spread

(-0.04%

to

0.02%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

58-61

months

maturity

ranging

from

12/12/2029

-

03/28/2030

$18,389,171

$144,702

$(6,354)

$138,348

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

China

ESR

Group

Ltd.

3,024,732

4,757,818

(46,294)

(33.5)

Short

Positions

Common

Stocks

China

BYD

Co.

Ltd.

(269,200)

(13,631,353)

190,996

138.1

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.03%

to

0.07%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

49-61

months

maturity

ranging

from

03/05/2029

-

03/29/2030

$97,947,643

$(1,781,388)

$(461,103)

$(2,242,491)

52

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Brazil

Santos

Brasil

Participacoes

SA

222,108

518,055

14,292

(0.6)

China

BYD

Co.

Ltd.

269,188

13,964,262

(100,929)

4.5

Taiwan

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,360,190

38,307,018

(2,959,728)

132.0

Short

Positions

Common

Stocks

Taiwan

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(272,038)

(45,158,308)

1,264,977

(56.4)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(0.11%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

ranging

from

07/30/2027

-

04/02/2030

$217,850,162

$4,185,082

$(4,190,593)

$(5,511)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Cayman

Islands

GigCapital7

Corp.

479,330

4,850,820

86,279

(1,565.6)

Mercer

Park

Opportunities

Corp.

457,730

4,577,300

4,577

(83.1)

China

Future

Vision

II

Acquisition

Corp.

150,887

1,536,030

31,686

(575.0)

Rising

Dragon

Acquisition

Corp.

140,178

1,428,414

23,240

(421.7)

Hong

Kong

Black

Spade

Acquisition

II

Co.

543,018

5,511,633

146,615

(2,660.4)

YHN

Acquisition

I

Ltd.

151,864

1,550,531

31,891

(578.7)

Singapore

Chenghe

Acquisition

II

Co.

278,486

2,851,697

66,837

(1,212.8)

United

Kingdom

Tavia

Acquisition

Corp.

214,404

2,163,336

36,449

(661.4)

United

States

AA

Mission

Acquisition

Corp.

366,238

3,819,862

153,820

(2,791.1)

Agriculture

&

Natural

Solutions

Acquisition

Corp.

400,000

4,268,000

124,000

(2,250.0)

Aifeex

Nexus

Acquisition

Corp.

157,393

1,578,652

12,544

(227.6)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFIED

ARBITRAGE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

53

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

United

States

(continued)

Aldel

Financial

II,

Inc.

605,314

6,113,671

64,131

(1,163.7)

Andretti

Acquisition

Corp.

II

673,298

6,833,975

127,927

(2,321.3)

Bleichroeder

Acquisition

Corp.

I

543,963

5,455,949

95,416

(1,731.4)

Bold

Eagle

Acquisition

Corp.

756,618

7,679,673

204,287

(3,706.9)

Cayson

Acquisition

Corp.

114,486

1,167,757

23,102

(419.2)

Centurion

Acquisition

Corp.

768,164

7,912,089

230,449

(4,181.6)

Charlton

Aria

Acquisition

Corp.

197,296

1,990,717

29,415

(533.8)

Churchill

Capital

Corp.

IX

484,340

5,211,498

242,098

(4,393.0)

Drugs

Made

In

America

Acquisition

Corp.

119,686

1,199,254

(886)

16.1

DT

Cloud

Star

Acquisition

Corp.

145,129

1,487,572

36,447

(661.4)

Dynamix

Corp.

329,698

3,280,495

36,244

(657.7)

EQV

Ventures

Acquisition

Corp.

860,934

8,712,652

172,187

(3,124.4)

Fact

II

Acquisition

Corp.

422,360

4,240,494

67,578

(1,226.2)

Graf

Global

Corp.

676,022

6,915,705

155,485

(2,821.4)

GSR

III

Acquisition

Corp.

614,258

6,167,150

98,281

(1,783.4)

HCM

II

Acquisition

Corp.

618,772

6,543,514

371,263

(6,736.8)

Hennessy

Capital

Investment

Corp.

VII

444,056

4,387,273

22,203

(402.9)

HORIZON

SPACE

ACQUISITION

II

Corp.

125,339

1,265,924

8,774

(159.2)

Jackson

Acquisition

Co.

II

360,208

3,623,692

18,010

(326.8)

K&F

Growth

Acquisition

Corp.

II

105,000

1,045,800

–

0.0

Launch

One

Acquisition

Corp.

625,956

6,391,011

147,391

(2,674.5)

Launch

Two

Acquisition

Corp.

716,018

7,246,102

115,133

(2,089.2)

Legato

Merger

Corp.

III

106,872

1,121,087

31,429

(570.3)

Lionheart

Holdings

526,300

5,399,838

130,050

(2,359.8)

M3-Brigade

Acquisition

V

Corp.

854,034

8,770,929

213,508

(3,874.2)

Maywood

Acquisition

Corp.

122,083

1,211,063

387

(7.0)

Melar

Acquisition

Corp.

I

251,810

2,576,016

65,471

(1,188.0)

Mountain

Lake

Acquisition

Corp.

446,094

4,483,245

31,227

(566.6)

Newbury

Street

II

Acquisition

Corp.

436,986

4,400,449

51,505

(934.6)

Oaktree

Acquisition

Corp.

III

Life

Sciences

529,535

5,401,257

113,859

(2,066.0)

Plum

Acquisition

Corp.

IV

339,570

3,409,283

23,770

(431.3)

Range

Capital

Acquisition

Corp.

224,317

2,254,386

8,973

(162.8)

Roman

DBDR

Acquisition

Corp.

II

399,420

4,006,183

35,948

(652.3)

SilverBox

Corp.

IV

643,617

6,549,897

113,727

(2,063.6)

SIM

Acquisition

Corp.

I

599,080

6,140,570

160,657

(2,915.2)

Translational

Development

Acquisition

Corp.

385,010

3,880,901

13,000

(235.9)

Vine

Hill

Capital

Investment

Corp.

599,722

6,105,170

113,947

(2,067.6)

Voyager

Acquisition

Corp.

583,336

5,938,360

87,190

(1,582.1)

Willow

Lane

Acquisition

Corp.

283,856

2,849,914

25,547

(463.6)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-1.04%

to

0.11%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

36-61

months

maturity

ranging

from

04/27/2026

-

03/26/2030

$707,786,231

$2,906,790

$(5,421,118)

$(2,514,328)

54

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

DIVERSIFIED

ARBITRAGE

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Argentina

Despegar.com

Corp.

594,184

11,164,717

(226,809)

9.0

United

States

Accolade,

Inc.

785,465

5,482,546

79,856

(3.2)

Air

Transport

Services

Group,

Inc.

531,891

11,935,634

245,159

(9.8)

Amedisys,

Inc.

379,014

35,108,067

(29,414)

1.2

ANSYS,

Inc.

96,581

30,573,681

(1,139,789)

45.3

AZEK

Co.,

Inc.

(The)

42,164

2,061,398

12,591

(0.5)

Beacon

Roofing

Supply,

Inc.

109,759

13,577,188

(11,394)

0.5

Berry

Global

Group,

Inc.

563,082

39,308,754

897,299

(35.7)

Chimerix,

Inc.

757,194

6,443,721

49,448

(2.0)

Cross

Country

Healthcare,

Inc.

556,007

8,278,944

(1,779,892)

70.8

Discover

Financial

Services

281,545

48,059,732

7,386,972

(293.8)

Dun

&

Bradstreet

Holdings,

Inc.

796,821

7,123,580

(13,999)

0.6

GCI

Liberty,

Inc.

Escrow(a)

32,241

–

–

0.0

Hess

Corp.

419,949

67,078,454

3,833,217

(152.5)

Interpublic

Group

of

Cos.,

Inc.

(The)

690,895

18,764,708

(1,713,555)

68.2

Intra-Cellular

Therapies,

Inc.

133,966

17,672,795

645,447

(25.7)

Juniper

Networks,

Inc.

395,249

14,304,061

(127,913)

5.1

Kellanova

337,130

27,809,854

552,252

(22.0)

Liberty

Broadband

Corp.

52,998

4,507,480

187,401

(7.5)

Nordstrom,

Inc.

422,382

10,327,240

112,720

(4.5)

Pactiv

Evergreen,

Inc.

575,151

10,358,470

244,382

(9.7)

Patterson

Cos.,

Inc.

346,177

10,814,569

98,765

(3.9)

Paycor

HCM,

Inc.

739,294

16,589,757

220,311

(8.8)

Playa

Hotels

&

Resorts

NV

956,985

12,756,610

25,872

(1.0)

ProAssurance

Corp.

182,535

4,262,192

37,760

(1.5)

Radius

Recycling,

Inc.

234,742

6,779,349

55,482

(2.2)

Sandy

Spring

Bancorp,

Inc.

361,540

10,105,043

(2,223,315)

88.4

SolarWinds

Corp.

306,501

5,648,813

29,016

(1.2)

Spirit

AeroSystems

Holdings,

Inc.

415,470

14,317,096

267,858

(10.7)

Surmodics,

Inc.

163,539

4,992,846

(1,689,850)

67.2

Triumph

Group,

Inc.

334,909

8,486,594

48,750

(1.9)

Walgreens

Boots

Alliance,

Inc.

486,473

5,433,903

(45,880)

1.8

Short

Positions

Common

Stocks

United

States

Amcor

plc

(4,085,517)

(39,629,515)

1,048,575

(41.7)

Atlantic

Union

Bankshares

Corp.

(325,386)

(10,132,520)

2,388,391

(95.0)

Boeing

Co.

(The)

(33,886)

(5,779,257)

(627,810)

25.0

Capital

One

Financial

Corp.

(286,912)

(51,443,322)

(6,934,076)

275.8

Charter

Communications,

Inc.

(12,508)

(4,609,573)

(85,699)

3.4

Chevron

Corp.

(430,780)

(72,065,186)

(4,943,973)

196.6

Omnicom

Group,

Inc.

(237,725)

(19,709,780)

1,642,798

(65.3)

Synopsys,

Inc.

(33,320)

(14,289,282)

4,389,836

(174.6)

(a)

Security

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2025

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

DIVERSIFYING

STRATEGIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

55

†

Represents

less

than

0.05%

of

net

assets.

(a)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(b)

Represents

7-day

effective

yield

as

of

March

31,

2025.

The

Schedule

of

Investments

of

the

affiliated

investment

funds

held

by

the

AQR

Diversifying

Strategies

Fund

can

be

found

within

this

report

as

well

as

on

Form

N-CSR

and

Form

N-PORT

(Part

F)

which

are

filed

with

the

Securities

and

Exchange

Commission.

INVESTMENTS

SHARES

VALUE

($)

INVESTMENT

COMPANIES

-

98.0%

ALTERNATIVE

FUNDS

-

68

.1

%

AQR

Diversified

Arbitrage

Fund,

Class

R6

(a)

27,867,100

346,109,384

AQR

Equity

Market

Neutral

Fund,

Class

R6

(a)

50,745,281

560,227,902

AQR

Macro

Opportunities

Fund,

Class

R6

(a)

34,583,387

353,442,211

AQR

Managed

Futures

Strategy

HV

Fund,

Class

R6

(a)

39,011,282

353,442,211

AQR

Style

Premia

Alternative

Fund,

Class

R6

(a)

44,575,415

384,240,079

TOTAL

ALTERNATIVE

FUNDS

(Cost

$1,874,512,997)

1,997,461,787

ASSET

ALLOCATION

FUNDS

-

29

.9

%

AQR

Multi-Asset

Fund,

Class

R6

(a)

(Cost

$836,802,891)

80,238,425

877,005,983

TOTAL

INVESTMENT

COMPANIES

(Cost

$2,711,315,888)

2,874,467,770

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

2.0%

INVESTMENT

COMPANIES

-

2

.0

%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(b)

(Cost

$58,255,847)

58,274,288

58,256,806

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

100.0%

(Cost

$2,769,571,735)

2,932,724,576

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.0%

†

469,861

NET

ASSETS

-

100.0%

2,933,194,437

SECTOR

VALUE

%

OF

NET

ASSETS

Equity

Market

Neutral

$

560,227,902

19

.1

%

Global

Flexible

Allocation

877,005,983

29

.9

Global

Macro

353,442,211

12

.1

Multi-Strategy

384,240,079

13

.1

Relative

Value

Arbitrage

346,109,384

11

.7

Systematic

Trend

353,442,211

12

.1

Short-Term

Investment

Funds

58,256,806

2

.0

Total

Investments

In

Securities

At

Value

2,932,724,576

100

.0

Other

Assets

in

Excess

of

Liabilities

469,861

0.0

†

Net

Assets

$

2,933,194,437

100

.0

%

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

INVESTMENT

COMPANIES

-

98.0%

ALTERNATIVE

FUNDS

-

68

.1

%

AQR

Diversified

Arbitrage

Fund

$

174,833,179

$

165,339,117

$

(

1,340

)

$

(

23

)

$

5,938,451

$

346,109,384

27,867,100

$

–

$

–

AQR

Equity

Market

Neutral

Fund

282,992,687

253,480,157

(

11,333,917

)

(

51,738

)

35,140,713

560,227,902

50,745,281

–

–

AQR

Macro

Opportunities

Fund

178,537,271

163,375,630

(

5,105,673

)

(

241,720

)

16,876,703

353,442,211

34,583,387

–

–

AQR

Managed

Futures

Strategy

HV

Fund

178,537,271

163,810,939

(

6,533,579

)

(

114,095

)

17,741,675

353,442,211

39,011,282

–

–

AQR

Style

Premia

Alternative

Fund

194,094,461

173,852,883

(

11,200,386

)

(

8,797

)

27,501,918

384,240,079

44,575,415

–

–

(

416,373

)

103,199,460

1,997,461,787

–

–

ASSET

ALLOCATION

FUNDS

-

29

.9

%

AQR

Multi-Asset

Fund

443,009,494

422,087,058

(

9,503,007

)

(

57,207

)

21,469,645

877,005,983

80,238,425

–

–

TOTAL

$(473,580)

$124,669,105

$2,874,467,770

$–

$–

All

securities

are

Level

1

with

respect

to

ASC

820.

56

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

264.5%

COMMON

STOCKS

-

180.6%

Australia

-

5

.2

%

AGL

Energy

Ltd.

(2)(a)

384,329

2,536,812

Aristocrat

Leisure

Ltd.

(2)(a)

138,424

5,598,299

Atlas

Arteria

Ltd.

(2)(a)

128,632

391,398

BlueScope

Steel

Ltd.

(2)(a)

144,524

1,935,746

Brambles

Ltd.

(2)(a)

159,713

2,017,690

CAR

Group

Ltd.

(2)(a)

15,914

317,176

Coles

Group

Ltd.

(2)(a)

118,140

1,446,123

Computershare

Ltd.

(2)(a)

295,869

7,292,886

Evolution

Mining

Ltd.

(2)(a)

1,178,199

5,271,719

Fortescue

Ltd.

(2)(a)

140,473

1,359,642

Harvey

Norman

Holdings

Ltd.

(2)

(a)

388,344

1,221,422

Incitec

Pivot

Ltd.

(2)(a)

731,528

1,173,223

Insurance

Australia

Group

Ltd.

(2)

(a)

100,192

487,388

JB

Hi-Fi

Ltd.

(2)(a)

117,697

6,879,412

Northern

Star

Resources

Ltd.

(2)

(a)

513,743

5,931,254

Orica

Ltd.

(2)(a)

170,072

1,817,758

Origin

Energy

Ltd.

(2)(a)

102,649

679,266

Pro

Medicus

Ltd.

(2)(a)

43,605

5,519,324

Qantas

Airways

Ltd.

(2)(a)

973,579

5,550,511

QBE

Insurance

Group

Ltd.

(2)(a)

356,320

4,923,331

Qube

Holdings

Ltd.

(2)(a)

126,291

312,693

REA

Group

Ltd.

(2)(a)

2,649

367,534

SGH

Ltd.

(2)(a)

14,872

466,845

Sonic

Healthcare

Ltd.

(2)(a)

172,205

2,796,071

Suncorp

Group

Ltd.

(2)(a)

24,974

302,477

Tabcorp

Holdings

Ltd.

(2)

7,358

2,730

Technology

One

Ltd.

(2)(a)

137,249

2,414,109

Telstra

Group

Ltd.

(2)(a)

657,351

1,736,581

Westpac

Banking

Corp.

(2)(a)

269,523

5,370,906

Whitehaven

Coal

Ltd.

(2)(a)

1,060,498

3,648,367

Worley

Ltd.

(2)(a)

98,530

896,376

Yancoal

Australia

Ltd.

(2)(a)

150,291

476,822

81,141,891

Belgium

-

0

.3

%

Ageas

SA/NV

(2)(a)

61,556

3,689,873

Anheuser-Busch

InBev

SA/NV

(2)

(a)

1,781

109,498

KBC

Group

NV

(2)(a)

4,522

412,151

Solvay

SA

(2)(a)

8,233

292,862

4,504,384

Brazil

-

0

.1

%

Wheaton

Precious

Metals

Corp.

(a)

23,473

1,821,500

Canada

-

4

.5

%

Agnico

Eagle

Mines

Ltd.

(a)

12,608

1,365,980

Alamos

Gold,

Inc.,

Class

A

(a)

35,485

948,124

ARC

Resources

Ltd.

(a)

66,891

1,344,746

Atco

Ltd.,

Class

I

(a)

18,286

636,875

AtkinsRealis

Group,

Inc.

(a)

55,719

2,647,238

Bank

of

Nova

Scotia

(The)

(a)

124,920

5,922,859

Barrick

Gold

Corp.

(a)

57,831

1,122,823

Bombardier,

Inc.,

Class

B

*(a)

11,573

651,250

INVESTMENTS

SHARES

VALUE

($)

Canada

-

4.5%

(continued)

Canadian

Natural

Resources

Ltd.

(a)

150,503

4,631,022

Canadian

Utilities

Ltd.,

Class

A

(a)

12,122

311,674

Capital

Power

Corp.

(a)

10,603

352,414

CCL

Industries,

Inc.,

Class

B

(a)

15,740

768,816

Celestica,

Inc.

*(a)

29,245

2,307,003

Cenovus

Energy,

Inc.

(a)

424,893

5,905,187

Empire

Co.

Ltd.,

Class

A

(a)

103,104

3,456,981

Enbridge,

Inc.

(a)

43,141

1,909,350

Fairfax

Financial

Holdings

Ltd.

(a)

749

1,082,520

Finning

International,

Inc.

(a)

48,817

1,373,545

Franco-Nevada

Corp.

(a)

6,152

967,570

George

Weston

Ltd.

(a)

23,630

4,028,455

iA

Financial

Corp.,

Inc.

(a)

22,131

2,101,680

IGM

Financial,

Inc.

(a)

9,718

298,891

Kinross

Gold

Corp.

(a)

112,212

1,413,713

Loblaw

Cos.

Ltd.

(a)

10,784

1,511,206

Magna

International,

Inc.

(a)

63,547

2,159,816

Manulife

Financial

Corp.

(a)

98,963

3,083,632

Metro,

Inc.,

Class

A

(a)

6,794

472,448

Nutrien

Ltd.

(a)

5,927

294,157

Pan

American

Silver

Corp.

(a)

85,794

2,216,020

Parkland

Corp.

(a)

56,155

1,405,582

Quebecor,

Inc.,

Class

B

(a)

22,325

563,303

Shopify,

Inc.,

Class

A

*(a)

15,742

1,497,571

Suncor

Energy,

Inc.

(a)

140,027

5,421,844

TC

Energy

Corp.

(a)

27,339

1,291,101

Toronto-Dominion

Bank

(The)

(a)

29,921

1,792,910

West

Fraser

Timber

Co.

Ltd.

(a)

15,382

1,181,455

Whitecap

Resources,

Inc.

(a)

287,754

1,851,640

70,291,401

China

-

0

.1

%

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

1,210,976

2,125,297

Denmark

-

2

.0

%

Ambu

A/S,

Class

B

(2)(a)

16,914

290,607

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

3,333

5,800,850

Danske

Bank

A/S

(2)(a)

149,950

4,908,077

Demant

A/S

(2)*(a)

46,334

1,557,102

Genmab

A/S

(2)*(a)

7,873

1,533,821

GN

Store

Nord

A/S

(2)*(a)

66,093

1,033,822

ISS

A/S

(2)(a)

125,917

2,891,384

Jyske

Bank

A/S

(Registered)

(2)(a)

12,180

976,032

Pandora

A/S

(2)(a)

40,070

6,141,181

ROCKWOOL

A/S,

Class

B

(2)(a)

2,960

1,226,944

Royal

Unibrew

A/S

(2)(a)

15,859

1,262,700

Vestas

Wind

Systems

A/S

(2)*(a)

287,687

3,980,006

31,602,526

Finland

-

1

.2

%

Fortum

OYJ

(2)(a)

135,296

2,215,540

Nokia

OYJ

(2)(a)

565,236

2,976,983

Nordea

Bank

Abp

(2)(a)

678,436

8,677,499

Wartsila

OYJ

Abp

(2)(a)

236,626

4,222,227

18,092,249

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

57

(Continued)

INVESTMENTS

SHARES

VALUE

($)

France

-

5

.6

%

Accor

SA

(2)(a)

19,194

875,348

Alstom

SA

(2)*(a)

122,728

2,718,510

Amundi

SA

(2)(a)(b)

23,875

1,870,497

BNP

Paribas

SA

(2)(a)

34,588

2,890,843

Bouygues

SA

(2)(a)

59,241

2,335,302

Carrefour

SA

(2)(a)

305,253

4,365,700

Credit

Agricole

SA

(2)(a)

113,161

2,060,328

Danone

SA

(2)(a)

3,847

294,239

Dassault

Aviation

SA

(2)(a)

3,971

1,309,342

Eiffage

SA

(2)(a)

44,366

5,165,481

Engie

SA

(2)(a)

303,624

5,916,365

FDJ

UNITED

(2)(a)(b)

16,391

515,761

Hermes

International

SCA

(2)(a)

1,749

4,601,829

Orange

SA

(2)(a)

1,087,536

14,088,101

Renault

SA

(2)(a)

112,470

5,697,341

Rexel

SA

(2)(a)

18,407

496,086

Safran

SA

(2)(a)

14,911

3,925,820

SCOR

SE

(2)(a)

50,719

1,464,755

Societe

Generale

SA

(2)(a)

317,129

14,306,930

Valeo

SE

(2)(a)

398,163

3,738,137

Vinci

SA

(2)(a)

42,944

5,413,527

Vivendi

SE

(2)(a)

1,171,082

3,510,537

87,560,779

Germany

-

5

.0

%

adidas

AG

(2)(a)

13,423

3,165,956

Allianz

SE

(Registered)

(2)(a)

6,013

2,301,235

Bayer

AG

(Registered)

(2)(a)

183,278

4,393,530

Commerzbank

AG

(2)(a)

342,137

7,829,800

Deutsche

Bank

AG

(Registered)

(2)(a)

179,780

4,285,446

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

520,770

3,794,447

E.ON

SE

(2)(a)

107,381

1,620,889

Freenet

AG

(a)

58,021

2,210,891

Fresenius

Medical

Care

AG

(2)(a)

73,493

3,657,012

Heidelberg

Materials

AG

(2)(a)

10,276

1,771,352

Mercedes-Benz

Group

AG

(2)(a)

102,289

6,042,388

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

4,467

2,821,898

Rheinmetall

AG

(2)(a)

7,178

10,271,163

RWE

AG

(a)

147,773

5,276,165

Scout24

SE

(2)(a)(b)

18,830

1,971,925

Symrise

AG,

Class

A

(2)(a)

3,095

320,871

Talanx

AG

(2)(a)

7,372

775,360

TeamViewer

SE

(2)*(a)(b)

140,858

1,838,791

thyssenkrupp

AG

(2)(a)

894,279

9,181,467

Zalando

SE

(2)*(a)(b)

142,934

4,957,711

78,488,297

Guatemala

-

0

.1

%

Millicom

International

Cellular

SA,

SDR

(3)(a)

49,014

1,462,842

Hong

Kong

-

0

.1

%

HKT

Trust

&

HKT

Ltd.

(2)(a)

226,000

301,918

Techtronic

Industries

Co.

Ltd.

(2)(a)

91,500

1,096,561

1,398,479

INVESTMENTS

SHARES

VALUE

($)

Ireland

-

0

.1

%

Aptiv

plc

*(a)(c)

39,082

2,325,379

Italy

-

3

.9

%

A2A

SpA

(2)(a)

333,851

804,599

Azimut

Holding

SpA

(2)(a)

70,112

1,963,090

Banca

Generali

SpA

(2)(a)

35,893

2,022,251

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

806,258

6,412,366

Buzzi

SpA

(2)(a)

35,125

1,690,193

Enel

SpA

(a)

1,126,370

9,130,925

Eni

SpA

(2)(a)

339,904

5,257,136

Hera

SpA

(2)(a)

299,154

1,295,899

Intesa

Sanpaolo

SpA

(2)(a)

1,156,905

5,962,307

Italgas

SpA

(2)(a)

108,353

776,912

Leonardo

SpA

(2)(a)

54,860

2,671,619

Pirelli

&

C

SpA

(2)(a)(b)

731,893

4,356,559

Poste

Italiane

SpA

(2)(a)(b)

386,703

6,898,904

Telecom

Italia

SpA

(2)*(a)

3,240,668

1,094,698

UniCredit

SpA

(2)(a)

106,246

5,963,817

Unipol

Assicurazioni

SpA

(2)(a)

268,296

4,294,863

60,596,138

Japan

-

25

.9

%

ABC-Mart,

Inc.

(2)(a)

39,500

736,964

AGC,

Inc.

(2)(a)

106,300

3,236,065

Air

Water,

Inc.

(2)(a)

49,600

627,336

Aisin

Corp.

(2)(a)

71,200

777,710

Alfresa

Holdings

Corp.

(2)(a)

42,900

607,251

ANA

Holdings,

Inc.

(2)(a)

208,300

3,844,958

Asahi

Group

Holdings

Ltd.

(2)(a)

48,900

624,774

Asahi

Intecc

Co.

Ltd.

(2)(a)

207,200

3,347,034

Asahi

Kasei

Corp.

(2)(a)

844,400

5,919,803

Asics

Corp.

(2)(a)

117,500

2,491,890

Astellas

Pharma,

Inc.

(2)(a)

593,400

5,776,455

Azbil

Corp.

(2)(a)

86,200

669,635

Bandai

Namco

Holdings,

Inc.

(2)(a)

230,000

7,715,919

BayCurrent,

Inc.

(2)(a)

29,500

1,278,356

Canon,

Inc.

(2)(a)

66,100

2,061,208

Central

Japan

Railway

Co.

(2)(a)

384,700

7,337,826

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

688,700

7,467,039

Cosmos

Pharmaceutical

Corp.

(2)

(a)

13,200

661,105

CyberAgent,

Inc.

(2)(a)

105,200

800,529

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

201,900

2,874,540

Daifuku

Co.

Ltd.

(2)(a)

66,800

1,642,045

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

90,800

693,306

Daiichi

Sankyo

Co.

Ltd.

(2)(a)

278,900

6,641,692

Ebara

Corp.

(2)(a)

69,300

1,054,786

FANUC

Corp.

(2)(a)

126,600

3,449,313

Fujikura

Ltd.

(2)(a)

77,100

2,855,390

Fujitsu

Ltd.

(2)(a)

172,100

3,424,944

Fukuoka

Financial

Group,

Inc.

(2)

(a)

89,400

2,379,062

GMO

Payment

Gateway,

Inc.

(2)(a)

22,900

1,218,484

Hikari

Tsushin,

Inc.

(2)(a)

8,500

2,193,802

Hirose

Electric

Co.

Ltd.

(2)(a)

40,700

4,714,450

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

206,600

5,504,843

Honda

Motor

Co.

Ltd.

(2)(a)

1,058,800

9,581,690

58

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.9%

(continued)

Hoya

Corp.

(2)(a)

24,300

2,742,461

IHI

Corp.

(2)(a)

55,100

3,845,366

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

96,400

1,470,640

Inpex

Corp.

(2)(a)

677,400

9,396,077

Isetan

Mitsukoshi

Holdings

Ltd.

(2)(a)

120,200

1,743,134

Japan

Airlines

Co.

Ltd.

(2)(a)

413,100

7,076,134

Japan

Post

Bank

Co.

Ltd.

(2)(a)

732,100

7,433,436

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

376,800

3,778,331

Kao

Corp.

(2)(a)

69,400

3,004,098

Keio

Corp.

(2)(a)

29,900

764,673

Keyence

Corp.

(2)(a)

5,800

2,280,619

Kinden

Corp.

(2)(a)

84,800

1,901,583

Kobe

Steel

Ltd.

(2)(a)

45,900

532,757

Komatsu

Ltd.

(2)(a)

57,800

1,692,565

Kose

Corp.

(2)(a)

14,000

580,982

Kuraray

Co.

Ltd.

(2)(a)

248,700

3,064,600

Kurita

Water

Industries

Ltd.

(2)(a)

28,600

884,578

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

96,700

844,560

Kyushu

Railway

Co.

(2)(a)

23,800

581,166

Lixil

Corp.

(2)(a)

274,100

3,170,231

LY

Corp.

(2)(a)

1,153,600

3,906,271

Makita

Corp.

(2)(a)

50,200

1,663,301

Mazda

Motor

Corp.

(2)(a)

1,834,000

11,734,595

MISUMI

Group,

Inc.

(2)(a)

353,500

5,883,898

Mitsubishi

Electric

Corp.

(2)(a)

51,100

942,401

Mitsubishi

Motors

Corp.

(2)(a)

470,000

1,295,953

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)(a)

414,500

5,651,218

Mitsui

OSK

Lines

Ltd.

(2)(a)

53,600

1,866,203

Mizuho

Financial

Group,

Inc.

(2)(a)

260,230

7,141,683

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

210,300

4,573,572

NGK

Insulators

Ltd.

(2)(a)

404,400

4,982,608

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

227,000

4,134,767

Nippon

Yusen

KK

(2)(a)

210,500

6,956,624

Nisshin

Seifun

Group,

Inc.

(2)(a)

124,100

1,433,160

Niterra

Co.

Ltd.

(2)(a)

16,400

500,288

Nitto

Denko

Corp.

(2)(a)

95,900

1,773,821

Nomura

Holdings,

Inc.

(2)(a)

1,185,500

7,304,960

Obic

Co.

Ltd.

(2)(a)

109,200

3,148,565

Oji

Holdings

Corp.

(2)(a)

416,800

1,747,185

Oracle

Corp.

Japan

(2)(a)

10,600

1,115,473

ORIX

Corp.

(2)(a)

43,600

910,320

Otsuka

Corp.

(2)(a)

111,000

2,403,308

Pan

Pacific

International

Holdings

Corp.

(2)(a)

49,700

1,365,177

Panasonic

Holdings

Corp.

(2)(a)

470,300

5,610,446

Persol

Holdings

Co.

Ltd.

(2)(a)

2,588,000

4,312,136

Rakuten

Group,

Inc.

(2)*(a)

321,100

1,842,140

Resonac

Holdings

Corp.

(2)(a)

160,400

3,205,968

Ricoh

Co.

Ltd.

(2)(a)

41,200

435,820

Rinnai

Corp.

(2)(a)

83,200

1,921,940

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

221,800

6,059,242

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

188,700

1,797,184

Sanwa

Holdings

Corp.

(2)(a)

89,800

2,881,630

SCREEN

Holdings

Co.

Ltd.

(2)(a)

16,800

1,096,057

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.9%

(continued)

Seiko

Epson

Corp.

(2)(a)

60,000

961,233

Sekisui

Chemical

Co.

Ltd.

(2)(a)

70,700

1,205,847

Shimamura

Co.

Ltd.

(2)(a)

63,800

3,656,676

Shimizu

Corp.

(2)(a)

305,000

2,714,651

Shin-Etsu

Chemical

Co.

Ltd.

(2)(a)

42,700

1,218,452

Shionogi

&

Co.

Ltd.

(2)(a)

293,800

4,434,828

Shizuoka

Financial

Group,

Inc.

(2)

(a)

123,000

1,344,705

Skylark

Holdings

Co.

Ltd.

(2)(a)

249,800

5,005,369

Socionext,

Inc.

(2)(a)

520,100

6,315,397

SoftBank

Corp.

(2)(a)

6,402,300

8,931,051

SoftBank

Group

Corp.

(2)(a)

12,200

624,029

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

177,200

1,332,943

Sojitz

Corp.

(2)(a)

183,300

4,039,977

Sompo

Holdings,

Inc.

(2)(a)

65,000

1,979,328

Sony

Group

Corp.

(2)(a)

214,500

5,427,495

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

160,200

7,441,534

Stanley

Electric

Co.

Ltd.

(2)(a)

29,800

562,097

Subaru

Corp.

(2)(a)

344,800

6,175,080

Sumitomo

Corp.

(2)(a)

151,000

3,445,496

Sumitomo

Electric

Industries

Ltd.

(2)(a)

183,700

3,065,938

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)(a)

192,000

4,937,205

Sumitomo

Mitsui

Trust

Group,

Inc.

(2)(a)

33,300

838,204

Sundrug

Co.

Ltd.

(2)(a)

61,900

1,735,089

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

41,500

1,369,154

T&D

Holdings,

Inc.

(2)(a)

19,800

423,780

Takeda

Pharmaceutical

Co.

Ltd.

(2)(a)

236,500

7,009,572

TBS

Holdings,

Inc.

(2)(a)

102,700

2,962,277

TIS,

Inc.

(2)(a)

44,000

1,217,608

Tobu

Railway

Co.

Ltd.

(2)(a)

45,400

775,030

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

109,300

754,177

Tokyo

Century

Corp.

(2)(a)

67,300

659,194

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

1,804,100

5,193,464

Tokyo

Electron

Ltd.

(2)(a)

49,600

6,801,777

Tokyu

Corp.

(2)(a)

121,200

1,364,475

TOPPAN

Holdings,

Inc.

(2)(a)

71,900

1,965,550

Toray

Industries,

Inc.

(2)(a)

194,900

1,331,931

Tosoh

Corp.

(2)(a)

126,400

1,739,333

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

46,300

2,740,180

Toyota

Tsusho

Corp.

(2)(a)

87,800

1,479,242

Trend

Micro,

Inc.

(2)(a)

65,900

4,448,777

USS

Co.

Ltd.

(2)(a)

467,400

4,344,516

Welcia

Holdings

Co.

Ltd.

(2)(a)

114,400

1,650,999

Yamaha

Corp.

(2)(a)

90,500

702,309

Yokogawa

Electric

Corp.

(2)(a)

182,800

3,567,525

Yokohama

Rubber

Co.

Ltd.

(The)

(2)(a)

94,300

2,174,413

Zensho

Holdings

Co.

Ltd.

(2)(a)

12,800

690,232

405,354,248

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

59

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Luxembourg

-

0

.3

%

ArcelorMittal

SA

(2)(a)

147,711

4,266,865

Netherlands

-

2

.1

%

Aalberts

NV

(2)(a)

31,913

1,088,103

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

196,240

4,135,048

Aegon

Ltd.

(2)(a)

302,587

1,987,341

Argenx

SE

(2)*(a)

3,473

2,049,404

JDE

Peet's

NV

(2)(a)

38,346

838,379

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

180,817

6,754,430

Koninklijke

KPN

NV

(2)(a)

851,873

3,608,244

Koninklijke

Vopak

NV

(2)(a)

29,306

1,273,192

NN

Group

NV

(2)(a)

172,342

9,590,104

SBM

Offshore

NV

(2)(a)

39,387

839,292

32,163,537

New

Zealand

-

0

.3

%

Xero

Ltd.

(2)*(a)

47,409

4,633,923

Norway

-

0

.9

%

DNB

Bank

ASA

(2)(a)

40,234

1,058,665

Equinor

ASA

(2)(a)

294,726

7,783,344

Kongsberg

Gruppen

ASA

(2)(a)

16,061

2,354,786

Norsk

Hydro

ASA

(2)(a)

89,660

518,324

Telenor

ASA

(2)(a)

119,160

1,702,675

TOMRA

Systems

ASA

(2)(a)

64,876

926,282

14,344,076

Portugal

-

0

.3

%

EDP

SA

1,248,736

4,202,004

Singapore

-

0

.5

%

Grab

Holdings

Ltd.,

Class

A

*(a)(c)

868,063

3,932,326

Sea

Ltd.,

ADR

*(a)

19,431

2,535,551

United

Overseas

Bank

Ltd.

(2)

40,700

1,148,412

7,616,289

Spain

-

1

.8

%

Acerinox

SA

(2)(a)

114,852

1,345,409

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

47,325

2,708,566

Aena

SME

SA

(2)(a)(b)

20,369

4,778,652

Banco

Santander

SA

(2)(a)

1,126,445

7,588,763

CaixaBank

SA

(2)(a)

201,067

1,566,259

Enagas

SA

(2)(a)

327,821

4,719,434

Endesa

SA

(a)

16,518

437,592

Grifols

SA

(2)*(a)

50,564

450,168

Mapfre

SA

(2)(a)

995,107

3,065,894

Repsol

SA

(2)(a)

108,254

1,437,345

28,098,082

Sweden

-

2

.5

%

AAK

AB

(2)(a)

28,199

787,061

Alfa

Laval

AB

(2)(a)

82,292

3,528,280

Electrolux

AB,

Class

B

(2)*(a)

459,161

3,759,837

Elekta

AB,

Class

B

(2)(a)

172,536

906,075

Essity

AB,

Class

B

(2)(a)

125,160

3,555,950

Evolution

AB

(2)(a)(b)

48,712

3,629,491

Getinge

AB,

Class

B

(2)(a)

25,849

557,143

Nibe

Industrier

AB,

Class

B

(2)(a)

368,955

1,403,322

Saab

AB,

Class

B

(2)(a)

9,063

356,352

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

2.5%

(continued)

Sandvik

AB

(2)(a)

71,742

1,508,842

Skanska

AB,

Class

B

(2)*(a)

54,902

1,211,745

SSAB

AB,

Class

B

(2)(a)

98,004

597,152

Svenska

Handelsbanken

AB,

Class

A

(2)(a)

146,784

1,658,882

Swedbank

AB,

Class

A

(2)(a)

138,240

3,148,345

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)(a)

909,366

7,075,556

Telia

Co.

AB

(a)

511,559

1,846,881

Volvo

AB,

Class

B

(2)*(a)

103,621

3,040,070

38,570,984

Switzerland

-

3

.7

%

ABB

Ltd.

(Registered)

(2)(a)

68,463

3,532,551

Adecco

Group

AG

(Registered)

(2)(a)

137,863

4,145,635

Belimo

Holding

AG

(Registered)

(2)(a)

2,482

1,530,189

DSM-Firmenich

AG

(2)(a)

56,067

5,550,528

Flughafen

Zurich

AG

(Registered)

(2)(a)

2,814

667,564

Givaudan

SA

(Registered)

(a)

707

3,035,137

Julius

Baer

Group

Ltd.

(2)(a)

40,535

2,809,725

Kuehne

+

Nagel

International

AG

(Registered)

(2)(a)

9,594

2,215,550

Logitech

International

SA

(Registered)

(2)(a)

93,697

7,939,435

Lonza

Group

AG

(Registered)

(2)

(a)

3,807

2,351,850

SGS

SA

(Registered)

(2)(a)

16,958

1,689,674

Sika

AG

(Registered)

(2)(a)

7,790

1,897,521

TE

Connectivity

plc

(a)

17,209

2,431,976

Zurich

Insurance

Group

AG

(2)(a)

25,858

18,049,094

57,846,429

Thailand

-

0

.0

%

†

Fabrinet

*

1,765

348,605

United

Kingdom

-

7

.0

%

Aberdeen

Group

plc

(2)(a)

297,489

596,606

Auto

Trader

Group

plc

(2)(a)(b)

33,976

328,535

Aviva

plc

(2)(a)

247,517

1,783,879

B&M

European

Value

Retail

SA

(2)(a)

889,354

3,004,147

Barclays

plc

(2)(a)

2,111,731

7,940,180

Beazley

plc

(2)(a)

82,722

996,283

Bellway

plc

(2)(a)

25,052

772,002

British

American

Tobacco

plc

(2)(a)

64,763

2,656,862

BT

Group

plc

(2)(a)

354,227

759,803

Burberry

Group

plc

(2)(a)

169,031

1,702,624

Centrica

plc

(2)(a)

3,587,160

6,945,646

CK

Hutchison

Holdings

Ltd.

(2)(a)

464,500

2,618,358

Compass

Group

plc

(2)(a)

93,353

3,087,772

easyJet

plc

(2)(a)

388,573

2,234,343

Entain

plc

(2)(a)

61,438

464,191

Flutter

Entertainment

plc

*(a)

19,500

4,320,225

Hiscox

Ltd.

(a)

147,641

2,242,811

HSBC

Holdings

plc

(2)(a)

40,012

453,595

IMI

plc

(2)(a)

40,459

995,250

Imperial

Brands

plc

(2)(a)

64,981

2,404,419

60

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

7.0%

(continued)

InterContinental

Hotels

Group

plc

(2)(a)

7,713

830,460

Intermediate

Capital

Group

plc

(2)

(a)

30,320

772,229

International

Distribution

Services

plc

(a)

530,060

2,485,479

Intertek

Group

plc

(2)(a)

21,131

1,374,029

ITV

plc

(2)(a)

3,452,824

3,548,074

Johnson

Matthey

plc

(2)(a)

79,348

1,363,951

M&G

plc

(2)(a)

123,029

316,917

Marks

&

Spencer

Group

plc

(2)(a)

582,116

2,687,544

NatWest

Group

plc

(2)(a)

1,638,323

9,673,299

Ocado

Group

plc

(2)*(a)

448,759

1,643,206

Pearson

plc

(2)(a)

54,888

868,299

Rightmove

plc

(2)(a)

320,101

2,849,905

Rolls-Royce

Holdings

plc

(2)*(a)

723,499

7,031,952

St

James's

Place

plc

(2)(a)

124,965

1,588,542

Standard

Chartered

plc

(2)(a)

149,743

2,222,092

Subsea

7

SA

(2)(a)

107,631

1,720,917

TechnipFMC

plc

(a)

330,675

10,479,092

Tesco

plc

(2)(a)

718,754

3,092,285

Vodafone

Group

plc

(2)(a)

7,532,913

7,078,084

Weir

Group

plc

(The)

(2)(a)

29,826

901,023

Whitbread

plc

(2)(a)

9,191

292,789

109,127,699

United

States

-

107

.1

%

3M

Co.

(a)(c)

61,824

9,079,473

Abbott

Laboratories

(a)

32,167

4,266,953

Abercrombie

&

Fitch

Co.,

Class

A

*(a)(c)

115,468

8,818,291

Acuity,

Inc.

(a)

1,738

457,702

Adobe,

Inc.

*(a)

39,159

15,018,650

ADT,

Inc.

(a)

386,786

3,148,438

AECOM

(a)

22,636

2,099,036

AES

Corp.

(The)

(a)

64,326

798,929

Agilent

Technologies,

Inc.

(a)

26,925

3,149,687

Agree

Realty

Corp.,

REIT

(a)

17,338

1,338,320

Airbnb,

Inc.,

Class

A

*(a)(c)

104,036

12,428,141

Alaska

Air

Group,

Inc.

*(a)

103,895

5,113,712

Albertsons

Cos.,

Inc.,

Class

A

(a)

(c)

67,520

1,484,765

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(a)

74,310

6,874,418

Allegion

plc

(a)

44,207

5,767,245

Allison

Transmission

Holdings,

Inc.

(a)

31,339

2,998,202

Allstate

Corp.

(The)

(a)

10,192

2,110,457

Ally

Financial,

Inc.

(a)

33,494

1,221,526

Alnylam

Pharmaceuticals,

Inc.

*(a)

(c)

10,021

2,705,870

Altria

Group,

Inc.

(a)

112,769

6,768,395

Amcor

plc

(a)

265,200

2,572,440

Amdocs

Ltd.

(a)

29,160

2,668,140

American

Electric

Power

Co.,

Inc.

(a)

10,418

1,138,375

American

Financial

Group,

Inc.

(a)

(c)

21,761

2,858,090

American

International

Group,

Inc.

(a)

107,436

9,340,486

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

Ameriprise

Financial,

Inc.

(a)(c)

10,687

5,173,684

Amphenol

Corp.,

Class

A

(a)

103,447

6,785,089

Antero

Resources

Corp.

*(a)

17,139

693,101

Apellis

Pharmaceuticals,

Inc.

*(a)

(c)

102,671

2,245,415

Appfolio,

Inc.,

Class

A

*(a)(c)

1,418

311,818

Arista

Networks,

Inc.

*(a)

155,962

12,083,936

Associated

Banc-Corp.

(a)

90,365

2,035,923

Assurant,

Inc.

(a)

5,996

1,257,661

Assured

Guaranty

Ltd.

(a)

29,778

2,623,442

AT&T,

Inc.

(a)

256,338

7,249,239

Atlassian

Corp.,

Class

A

*(a)

38,815

8,236,931

Atmos

Energy

Corp.

(a)(c)

19,374

2,994,833

Autodesk,

Inc.

*(a)

22,549

5,903,328

AutoNation,

Inc.

*(a)

23,613

3,823,417

Axis

Capital

Holdings

Ltd.

(a)

86,309

8,651,614

Baker

Hughes

Co.,

Class

A

(a)(c)

95,797

4,210,278

Bank

of

America

Corp.

(a)

141,155

5,890,398

Bank

of

New

York

Mellon

Corp.

(The)

(a)(c)

18,996

1,593,195

Bank

OZK

(a)

52,356

2,274,868

Bath

&

Body

Works,

Inc.

(a)(c)

177,614

5,385,256

Becton

Dickinson

&

Co.

(a)(c)

18,062

4,137,282

BellRing

Brands,

Inc.

*(a)

25,507

1,899,251

Best

Buy

Co.,

Inc.

(a)

22,841

1,681,326

Biogen,

Inc.

*(a)(c)

39,052

5,343,876

BioMarin

Pharmaceutical,

Inc.

*(a)

(c)

80,830

5,713,873

Bio-Rad

Laboratories,

Inc.,

Class

A

*(a)

5,716

1,392,189

BJ's

Wholesale

Club

Holdings,

Inc.

*(a)(c)

60,492

6,902,137

Black

Hills

Corp.

(a)

31,467

1,908,474

Blackrock,

Inc.

(a)(c)

2,507

2,372,825

BOK

Financial

Corp.

(a)

17,699

1,843,351

Booking

Holdings,

Inc.

(a)(c)

2,857

13,161,942

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(a)(c)

57,134

5,975,074

BP

plc

(2)(a)

1,785,387

10,018,619

Bright

Horizons

Family

Solutions,

Inc.

*(a)(c)

22,271

2,829,308

Brighthouse

Financial,

Inc.

*(a)(c)

16,485

955,965

Bristol-Myers

Squibb

Co.

(a)

69,329

4,228,376

Brixmor

Property

Group,

Inc.,

REIT

(a)

100,510

2,668,541

Broadcom,

Inc.

(a)

12,018

2,012,174

Broadridge

Financial

Solutions,

Inc.

(a)

8,872

2,151,105

Bunge

Global

SA

(a)

40,405

3,087,750

Burlington

Stores,

Inc.

*(a)(c)

5,449

1,298,660

CACI

International,

Inc.,

Class

A

*(a)(c)

2,651

972,705

Capital

One

Financial

Corp.

(a)

24,312

4,359,142

CarMax,

Inc.

*(a)(c)

33,837

2,636,579

Carnival

Corp.

*(a)(c)

225,286

4,399,836

CBRE

Group,

Inc.,

Class

A

*(a)(c)

6,164

806,128

Celsius

Holdings,

Inc.

*(a)(c)

71,285

2,539,172

Cencora,

Inc.

(a)

5,781

1,607,638

Centene

Corp.

*(a)

295,846

17,960,810

CF

Industries

Holdings,

Inc.

(a)(c)

45,147

3,528,238

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

61

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

CH

Robinson

Worldwide,

Inc.

(a)

(c)

11,227

1,149,645

Charles

Schwab

Corp.

(The)

(a)

26,832

2,100,409

Cheniere

Energy,

Inc.

(a)(c)

29,077

6,728,418

Chewy,

Inc.,

Class

A

*(a)

39,168

1,273,352

Chipotle

Mexican

Grill,

Inc.,

Class

A

*(a)(c)

25,431

1,276,891

Chubb

Ltd.

(a)(c)

10,119

3,055,837

Ciena

Corp.

*(a)(c)

27,602

1,667,989

Cigna

Group

(The)

(a)(c)

12,683

4,172,707

Cincinnati

Financial

Corp.

(a)

28,535

4,215,190

Cirrus

Logic,

Inc.

*(a)(c)

19,236

1,916,964

Citigroup,

Inc.

(a)

163,453

11,603,528

Citizens

Financial

Group,

Inc.

(a)

(c)

146,766

6,013,003

Civitas

Resources,

Inc.

(a)

9,056

315,964

Cleveland-Cliffs,

Inc.

*(a)(c)

43,855

360,488

Clorox

Co.

(The)

(a)

37,923

5,584,162

Cloudflare,

Inc.,

Class

A

*(a)(c)

17,209

1,939,282

CME

Group,

Inc.

(a)(c)

34,248

9,085,652

CNA

Financial

Corp.

(a)(c)

34,248

1,739,456

CNH

Industrial

NV

(a)

160,090

1,965,905

CNO

Financial

Group,

Inc.

(a)

26,817

1,116,928

CNX

Resources

Corp.

*(a)(c)

25,650

807,462

Coca-Cola

Consolidated,

Inc.

(a)

2,073

2,798,550

Colgate-Palmolive

Co.

(a)

36,452

3,415,552

Comcast

Corp.,

Class

A

(a)

269,443

9,942,447

Comfort

Systems

USA,

Inc.

(a)

22,990

7,410,367

Commerce

Bancshares,

Inc.

(a)(c)

19,680

1,224,686

Commvault

Systems,

Inc.

*(a)(c)

22,904

3,613,335

Concentrix

Corp.

(a)

99,826

5,554,319

ConocoPhillips

(a)(c)

80,710

8,476,164

Consolidated

Edison,

Inc.

(a)

12,368

1,367,777

COPT

Defense

Properties,

REIT

(a)

48,167

1,313,514

Corebridge

Financial,

Inc.

(a)

194,212

6,131,273

Corpay,

Inc.

*(a)(c)

1,943

677,563

Costco

Wholesale

Corp.

(a)

8,975

8,488,376

Coterra

Energy,

Inc.

(a)

64,589

1,866,622

Crane

Co.

(a)(c)

3,964

607,206

CRH

plc

(a)

65,050

5,722,449

Crown

Holdings,

Inc.

(a)

72,960

6,512,410

Cullen/Frost

Bankers,

Inc.

(a)

15,034

1,882,257

Cummins,

Inc.

(a)

23,030

7,218,523

Curtiss-Wright

Corp.

(a)

8,525

2,704,727

CVS

Health

Corp.

(a)

89,282

6,048,856

Danaher

Corp.

(a)

16,957

3,476,185

Darden

Restaurants,

Inc.

(a)

5,525

1,147,874

Darling

Ingredients,

Inc.

*(a)(c)

22,078

689,717

Datadog,

Inc.,

Class

A

*(a)

25,294

2,509,418

Delta

Air

Lines,

Inc.

(a)(c)

197,361

8,604,940

DENTSPLY

SIRONA,

Inc.

(a)

264,755

3,955,440

Devon

Energy

Corp.

(a)

119,053

4,452,582

Dexcom,

Inc.

*(a)(c)

23,128

1,579,411

Dillard's,

Inc.,

Class

A

(a)

898

321,601

Dolby

Laboratories,

Inc.,

Class

A

(a)

50,468

4,053,085

Dominion

Energy,

Inc.

(a)(c)

51,545

2,890,128

Donaldson

Co.,

Inc.

(a)

21,335

1,430,725

DoorDash,

Inc.,

Class

A

*(a)(c)

39,872

7,287,405

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

DoubleVerify

Holdings,

Inc.

*(a)

32,155

429,912

DR

Horton,

Inc.

(a)(c)

23,155

2,943,695

DraftKings,

Inc.,

Class

A

*(a)

10,862

360,727

DT

Midstream,

Inc.

(a)(c)

7,988

770,682

DTE

Energy

Co.

(a)

45,568

6,300,687

DuPont

de

Nemours,

Inc.

(a)(c)

13,565

1,013,034

Dutch

Bros,

Inc.,

Class

A

*(a)

18,269

1,127,928

Eagle

Materials,

Inc.

(a)(c)

4,128

916,127

East

West

Bancorp,

Inc.

(a)

65,603

5,888,525

Ecolab,

Inc.

(a)(c)

3,243

822,165

Edison

International

(a)

168,999

9,957,421

Elastic

NV

*(a)

37,013

3,297,858

Electronic

Arts,

Inc.

(a)

50,749

7,334,245

Element

Solutions,

Inc.

(a)(c)

111,920

2,530,511

Elevance

Health,

Inc.

8,811

3,832,433

Eli

Lilly

&

Co.

(a)

2,294

1,894,638

EMCOR

Group,

Inc.

(a)

12,957

4,789,296

Encompass

Health

Corp.

(a)

20,928

2,119,588

EnerSys

(a)

9,168

839,605

Enphase

Energy,

Inc.

*(a)(c)

14,193

880,676

EPAM

Systems,

Inc.

*(a)

4,128

696,972

EPR

Properties,

REIT

(a)

46,340

2,437,947

EQT

Corp.

(a)(c)

23,764

1,269,711

Equitable

Holdings,

Inc.

(a)

10,626

553,508

Equity

LifeStyle

Properties,

Inc.,

REIT

(a)

42,511

2,835,484

Essent

Group

Ltd.

(a)

43,167

2,491,599

Etsy,

Inc.

*(a)(c)

126,774

5,981,197

Euronet

Worldwide,

Inc.

*(a)

30,559

3,265,229

Evercore,

Inc.,

Class

A

(a)

35,194

7,028,946

Evergy,

Inc.

(a)

45,568

3,141,914

Exact

Sciences

Corp.

*(a)(c)

6,961

301,342

Exelixis,

Inc.

*(a)

138,626

5,118,072

Exelon

Corp.

(a)

71,509

3,295,135

Expedia

Group,

Inc.

(a)(c)

23,126

3,887,481

Extra

Space

Storage,

Inc.,

REIT

(a)

74,454

11,055,674

F5,

Inc.

*(a)(c)

5,926

1,577,916

Fair

Isaac

Corp.

*(a)

349

643,612

Federal

Realty

Investment

Trust,

REIT

(a)

3,140

307,155

Federated

Hermes,

Inc.,

Class

B

(a)

76,255

3,108,916

Ferguson

Enterprises,

Inc.

(a)(c)

1,919

307,481

Fidelity

National

Financial,

Inc.

(a)

53,931

3,509,829

Fidelity

National

Information

Services,

Inc.

(a)(c)

13,455

1,004,819

First

American

Financial

Corp.

(a)

21,044

1,381,118

First

Horizon

Corp.

(a)

148,822

2,890,123

First

Industrial

Realty

Trust,

Inc.,

REIT

(a)

22,371

1,207,139

Five

Below,

Inc.

*(a)(c)

4,087

306,218

Flowserve

Corp.

(a)

115,203

5,626,515

FMC

Corp.

(a)

137,265

5,791,210

Fortinet,

Inc.

*(a)

97,543

9,389,489

Freeport-McMoRan,

Inc.

(a)

46,247

1,750,911

Freshpet,

Inc.

*(a)(c)

11,980

996,377

Gap,

Inc.

(The)

(a)

72,530

1,494,843

Garmin

Ltd.

(a)

41,450

9,000,039

Gartner,

Inc.

*(a)

7,890

3,311,749

62

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

Gates

Industrial

Corp.

plc

*(a)

99,161

1,825,554

GE

Aerospace

(a)(c)

40,184

8,042,828

GE

Vernova,

Inc.

(a)

21,687

6,620,607

Gen

Digital,

Inc.

(a)(c)

83,267

2,209,906

General

Dynamics

Corp.

(a)

10,581

2,884,169

General

Motors

Co.

(a)

368,180

17,315,504

Gilead

Sciences,

Inc.

(a)

6,464

724,291

Gitlab,

Inc.,

Class

A

*(a)(c)

41,588

1,954,636

Global

Payments,

Inc.

(a)

19,459

1,905,425

Globe

Life,

Inc.

(a)

16,386

2,158,364

Graham

Holdings

Co.,

Class

B

(a)

1,769

1,699,761

GRAIL,

Inc.

*(a)(c)

17,529

447,691

Grand

Canyon

Education,

Inc.

*(a)

17,109

2,960,199

Greif,

Inc.,

Class

A

(a)

16,295

896,062

GSK

plc

(2)(a)

330,902

6,323,605

Guidewire

Software,

Inc.

*(a)

31,799

5,957,861

Hancock

Whitney

Corp.

(a)(c)

41,375

2,170,119

Hanover

Insurance

Group,

Inc.

(The)

(a)

6,941

1,207,387

Hartford

Insurance

Group,

Inc.

(The)

(a)

6,855

848,169

Hasbro,

Inc.

(a)

21,523

1,323,449

Hayward

Holdings,

Inc.

*(a)(c)

108,769

1,514,064

HCA

Healthcare,

Inc.

(a)(c)

10,607

3,665,249

HealthEquity,

Inc.

*(a)(c)

31,090

2,747,423

Hewlett

Packard

Enterprise

Co.

(a)(c)

399,763

6,168,343

Hexcel

Corp.

(a)

30,153

1,651,178

HF

Sinclair

Corp.

(a)

158,521

5,212,170

Hilton

Worldwide

Holdings,

Inc.

(a)(c)

30,277

6,889,531

Holcim

AG

(2)(a)

41,266

4,440,767

Howard

Hughes

Holdings,

Inc.

*(a)

5,244

388,476

Howmet

Aerospace,

Inc.

(a)(c)

40,181

5,212,681

HubSpot,

Inc.

*(a)(c)

10,734

6,132,227

Humana,

Inc.

(a)

38,326

10,141,060

Huntington

Bancshares,

Inc.

(a)(c)

597,773

8,972,573

Huntsman

Corp.

(a)(c)

455,254

7,188,461

IAC,

Inc.

*(a)

44,752

2,055,907

IDEXX

Laboratories,

Inc.

*(a)(c)

6,803

2,856,920

Illinois

Tool

Works,

Inc.

(a)

25,031

6,207,938

Illumina,

Inc.

*(a)(c)

88,159

6,994,535

Incyte

Corp.

*(a)(c)

164,791

9,978,095

International

Bancshares

Corp.

(a)

4,823

304,138

Intuit,

Inc.

(a)

4,525

2,778,305

Invesco

Ltd.

(a)

562,139

8,527,649

IPG

Photonics

Corp.

*(a)(c)

28,733

1,814,202

IQVIA

Holdings,

Inc.

*(a)(c)

26,688

4,705,094

ITT,

Inc.

(a)(c)

15,442

1,994,489

Jabil,

Inc.

(a)(c)

3,918

533,122

Jacobs

Solutions,

Inc.

(a)

14,698

1,776,841

Janus

Henderson

Group

plc

(a)

28,151

1,017,659

Jazz

Pharmaceuticals

plc

*(a)(c)

5,763

715,476

JB

Hunt

Transport

Services,

Inc.

(a)

8,949

1,324,005

Johnson

&

Johnson

(a)(c)

87,051

14,436,538

Johnson

Controls

International

plc

(a)

100,397

8,042,804

Jones

Lang

LaSalle,

Inc.

*(a)

1,949

483,177

JPMorgan

Chase

&

Co.

(a)

22,044

5,407,393

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

Kemper

Corp.

(a)

43,748

2,924,554

Keurig

Dr

Pepper,

Inc.

(a)

45,679

1,563,135

Kinder

Morgan,

Inc.

(a)(c)

50,720

1,447,042

Kirby

Corp.

*(a)

35,281

3,563,734

KLA

Corp.

(a)

1,122

762,736

Kyndryl

Holdings,

Inc.

*(a)(c)

49,899

1,566,829

Labcorp

Holdings,

Inc.

(a)

12,900

3,002,346

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

32,999

3,754,626

Las

Vegas

Sands

Corp.

(a)(c)

61,177

2,363,268

Lear

Corp.

(a)

44,048

3,885,915

Leidos

Holdings,

Inc.

(a)

6,934

935,674

Light

&

Wonder,

Inc.

*(a)(c)

16,880

1,461,977

Lincoln

National

Corp.

(a)

87,017

3,124,780

LivaNova

plc

*(a)

118,636

4,660,022

Lockheed

Martin

Corp.

(a)(c)

17,559

7,843,781

Loews

Corp.

(a)

10,156

933,438

Louisiana-Pacific

Corp.

(a)

29,553

2,718,285

Lululemon

Athletica,

Inc.

*(a)(c)

10,380

2,938,163

Lyft,

Inc.,

Class

A

*(a)

89,922

1,067,374

LyondellBasell

Industries

NV,

Class

A

(a)(c)

30,156

2,122,982

Macy's,

Inc.

(a)(c)

220,689

2,771,854

Manhattan

Associates,

Inc.

*(a)(c)

31,298

5,415,806

ManpowerGroup,

Inc.

(a)

66,864

3,870,088

Maplebear,

Inc.

*(a)(c)

8,759

349,397

Marathon

Petroleum

Corp.

(a)(c)

24,773

3,609,178

MarketAxess

Holdings,

Inc.

(a)

2,598

562,077

Marvell

Technology,

Inc.

(a)

66,843

4,115,524

Masco

Corp.

(a)

8,088

562,440

MasTec,

Inc.

*(a)

27,099

3,162,724

Mattel,

Inc.

*(a)

351,027

6,820,455

Maximus,

Inc.

(a)(c)

70,633

4,816,464

McCormick

&

Co.,

Inc.

(Non-

Voting)

(a)

14,744

1,213,579

Medical

Properties

Trust,

Inc.,

REIT

(a)

163,106

983,529

Medpace

Holdings,

Inc.

*(a)(c)

4,966

1,513,091

Medtronic

plc

(a)

55,001

4,942,390

Merck

&

Co.,

Inc.

(a)

161,333

14,481,249

MetLife,

Inc.

(a)

61,780

4,960,316

MGIC

Investment

Corp.

(a)

90,579

2,244,548

MGM

Resorts

International

*(a)(c)

96,949

2,873,568

Millrose

Properties,

Inc.,

Class

A,

REIT

*(a)

92,460

2,451,115

Molina

Healthcare,

Inc.

*(a)(c)

29,153

9,602,707

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

32,274

1,964,518

Monster

Beverage

Corp.

*(a)

21,476

1,256,776

Mosaic

Co.

(The)

(a)

62,200

1,680,022

MSCI,

Inc.,

Class

A

(a)

22,271

12,594,251

Mueller

Industries,

Inc.

(a)(c)

33,906

2,581,603

Natera,

Inc.

*(a)(c)

22,335

3,158,392

National

Fuel

Gas

Co.

(a)

43,363

3,433,916

NetApp,

Inc.

(a)

4,373

384,124

Neurocrine

Biosciences,

Inc.

*(a)

6,534

722,660

New

York

Times

Co.

(The),

Class

A

(a)

104,292

5,172,883

Newell

Brands,

Inc.

(a)(c)

84,592

524,470

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

63

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

Nexstar

Media

Group,

Inc.,

Class

A

(a)

3,606

646,267

NEXTracker,

Inc.,

Class

A

*(a)(c)

6,675

281,285

NiSource,

Inc.

(a)

60,339

2,418,991

NNN

REIT,

Inc.,

REIT

(a)

21,500

916,975

Norfolk

Southern

Corp.

(a)(c)

10,016

2,372,290

Northern

Trust

Corp.

(a)(c)

14,281

1,408,821

Northrop

Grumman

Corp.

(a)

25,403

13,006,590

Northwestern

Energy

Group,

Inc.

(a)(c)

27,735

1,605,024

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(c)

62,121

1,177,814

NOV,

Inc.

(a)(c)

233,757

3,557,782

Novartis

AG

(Registered)

(2)(a)

187,997

20,880,788

Nutanix,

Inc.,

Class

A

*(a)(c)

66,134

4,616,815

NVIDIA

Corp.

(a)

42,356

4,590,543

Okta,

Inc.,

Class

A

*(a)(c)

31,708

3,336,316

Old

Republic

International

Corp.

(a)

112,934

4,429,271

Omega

Healthcare

Investors,

Inc.,

REIT

(a)

155,798

5,932,788

Omnicom

Group,

Inc.

(a)(c)

58,511

4,851,147

OneMain

Holdings,

Inc.

(a)(c)

39,570

1,934,182

Oracle

Corp.

(a)

12,516

1,749,862

O'Reilly

Automotive,

Inc.

*(a)

2,942

4,214,650

Organon

&

Co.

(a)(c)

19,646

292,529

Oshkosh

Corp.

(a)

42,537

4,001,881

Ovintiv,

Inc.

(a)

147,379

6,307,821

Owens

Corning

(a)

19,635

2,804,271

Packaging

Corp.

of

America

(a)

24,471

4,845,747

Palo

Alto

Networks,

Inc.

*(a)(c)

19,250

3,284,820

Park

Hotels

&

Resorts,

Inc.,

REIT

(a)

207,213

2,213,035

Paylocity

Holding

Corp.

*(a)

1,659

310,797

PayPal

Holdings,

Inc.

*(a)

130,804

8,534,961

Pegasystems,

Inc.

(a)

40,424

2,810,276

Penske

Automotive

Group,

Inc.

(a)

14,628

2,106,139

Pentair

plc

(a)

21,139

1,849,240

Penumbra,

Inc.

*(a)

5,785

1,546,967

PepsiCo,

Inc.

(a)

51,511

7,723,559

Pfizer,

Inc.

(a)(c)

135,858

3,442,642

PG&E

Corp.

(a)

681,362

11,705,799

Philip

Morris

International,

Inc.

(a)

49,609

7,874,437

Pilgrim's

Pride

Corp.

*(a)

13,426

731,851

Pinnacle

Financial

Partners,

Inc.

(a)

6,674

707,711

Pinnacle

West

Capital

Corp.

(a)

15,035

1,432,084

Pinterest,

Inc.,

Class

A

*(a)

193,277

5,991,587

Popular,

Inc.

(a)

84,513

7,806,466

Portland

General

Electric

Co.

(a)(c)

136,942

6,107,613

PotlatchDeltic

Corp.,

REIT

(a)

44,550

2,010,096

Primerica,

Inc.

(a)

10,096

2,872,615

Principal

Financial

Group,

Inc.

(a)

(c)

39,650

3,345,271

Progressive

Corp.

(The)

(a)

15,473

4,379,014

Prologis,

Inc.,

REIT

(a)(c)

17,344

1,938,886

Prosperity

Bancshares,

Inc.

(a)

48,869

3,487,781

QIAGEN

NV

(2)*(a)

45,493

1,807,328

QUALCOMM,

Inc.

(a)

19,458

2,988,943

Qualys,

Inc.

*(a)(c)

32,081

4,039,960

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

QuidelOrtho

Corp.

*(a)(c)

96,715

3,382,124

Ralph

Lauren

Corp.,

Class

A

(a)

38,028

8,394,301

Range

Resources

Corp.

(a)(c)

31,872

1,272,649

Raymond

James

Financial,

Inc.

(a)

6,034

838,183

Regeneron

Pharmaceuticals,

Inc.

(a)(c)

3,747

2,376,460

Reinsurance

Group

of

America,

Inc.

(a)

23,579

4,642,705

ResMed,

Inc.

(a)(c)

8,245

1,845,643

Robert

Half,

Inc.

(a)

12,042

656,891

ROBLOX

Corp.,

Class

A

*(a)

212,662

12,396,068

Roche

Holding

AG

(2)(a)

24,492

8,060,994

Ross

Stores,

Inc.

(a)

9,423

1,204,165

Royal

Caribbean

Cruises

Ltd.

(a)

(c)

1,460

299,942

Royal

Gold,

Inc.

(a)

47,782

7,812,835

Royalty

Pharma

plc,

Class

A

(a)

130,027

4,047,741

S&P

Global,

Inc.

(a)

4,763

2,420,080

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(c)

27,829

486,173

Samsara,

Inc.,

Class

A

*(a)(c)

27,190

1,042,193

SBA

Communications

Corp.,

REIT

(a)

2,277

500,963

Schlumberger

NV

(a)(c)

12,369

517,024

Schneider

Electric

SE

(2)(a)

5,043

1,164,153

Science

Applications

International

Corp.

(a)

46,101

5,175,759

Seagate

Technology

Holdings

plc

(a)(c)

28,276

2,402,046

Selective

Insurance

Group,

Inc.

(a)(c)

36,703

3,359,793

SentinelOne,

Inc.,

Class

A

*(a)(c)

97,545

1,773,368

ServiceNow,

Inc.

*(a)(c)

7,733

6,156,551

Shell

plc

(2)(a)

118,013

4,295,712

Signify

NV

(2)(a)(b)

150,598

3,269,795

Simon

Property

Group,

Inc.,

REIT

(a)(c)

7,334

1,218,031

Sirius

XM

Holdings,

Inc.

(a)(c)

66,649

1,502,602

Skechers

USA,

Inc.,

Class

A

*(a)

5,303

301,104

Skyworks

Solutions,

Inc.

(a)(c)

50,880

3,288,374

SLM

Corp.

(a)(c)

81,709

2,399,793

Snap,

Inc.,

Class

A

*(a)(c)

753,742

6,565,093

Snap-on,

Inc.

(a)

4,072

1,372,305

Snowflake,

Inc.,

Class

A

*(a)(c)

70,581

10,316,119

Spectrum

Brands

Holdings,

Inc.

(a)(c)

31,039

2,220,840

Sprouts

Farmers

Market,

Inc.

*(a)

(c)

9,760

1,489,766

SS&C

Technologies

Holdings,

Inc.

(a)(c)

70,616

5,898,554

Stanley

Black

&

Decker,

Inc.

(a)(c)

12,984

998,210

State

Street

Corp.

(a)

19,795

1,772,246

Steel

Dynamics,

Inc.

(a)

15,913

1,990,398

STERIS

plc

(a)(c)

5,548

1,257,454

Stifel

Financial

Corp.

(a)

60,254

5,679,542

Swiss

Re

AG

(2)(a)

19,033

3,239,015

Synchrony

Financial

(a)(c)

41,384

2,190,869

Synovus

Financial

Corp.

(a)(c)

149,625

6,993,473

Tapestry,

Inc.

(a)

83,514

5,880,221

Targa

Resources

Corp.

(a)

8,464

1,696,778

64

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

37,992

2,281,040

TD

SYNNEX

Corp.

(a)

20,688

2,150,724

Tenet

Healthcare

Corp.

*(a)

19,550

2,629,475

Teradyne,

Inc.

(a)(c)

46,277

3,822,480

Texas

Capital

Bancshares,

Inc.

*(a)

90,656

6,772,003

Texas

Pacific

Land

Corp.

(a)(c)

1,143

1,514,464

Texas

Roadhouse,

Inc.,

Class

A

(a)

47,726

7,952,583

Textron,

Inc.

(a)(c)

10,212

737,817

Thermo

Fisher

Scientific,

Inc.

(a)(c)

4,909

2,442,718

TJX

Cos.,

Inc.

(The)

(a)(c)

55,255

6,730,059

Toll

Brothers,

Inc.

(a)

78,231

8,260,411

Toro

Co.

(The)

(a)

96,202

6,998,696

Trane

Technologies

plc

(a)

24,550

8,271,386

Travel

+

Leisure

Co.

(a)

37,767

1,748,234

Travelers

Cos.,

Inc.

(The)

(a)

12,942

3,422,641

Trimble,

Inc.

*(a)(c)

54,882

3,603,003

TripAdvisor,

Inc.

*(a)(c)

55,970

793,095

Truist

Financial

Corp.

(a)(c)

42,004

1,728,465

Twilio,

Inc.,

Class

A

*(a)

26,224

2,567,592

Tyson

Foods,

Inc.,

Class

A

(a)

97,669

6,232,259

Uber

Technologies,

Inc.

*(a)(c)

40,314

2,937,278

Ubiquiti,

Inc.

(a)(c)

3,772

1,169,848

UGI

Corp.

(a)(c)

137,250

4,538,858

UiPath,

Inc.,

Class

A

*(a)

258,061

2,658,028

Ulta

Beauty,

Inc.

*(a)

10,144

3,718,182

United

Airlines

Holdings,

Inc.

*(a)

(c)

43,241

2,985,791

United

Parcel

Service,

Inc.,

Class

B

(a)(c)

55,263

6,078,377

United

Therapeutics

Corp.

*(a)(c)

3,422

1,054,900

UnitedHealth

Group,

Inc.

(a)

15,269

7,997,139

Universal

Health

Services,

Inc.,

Class

B

(a)

32,126

6,036,475

Unum

Group

(a)

20,751

1,690,376

US

Foods

Holding

Corp.

*(a)(c)

107,928

7,064,967

Valero

Energy

Corp.

(a)(c)

26,550

3,506,459

Valley

National

Bancorp

(a)

602,796

5,358,856

Veeva

Systems,

Inc.,

Class

A

*(a)

11,335

2,625,526

Ventas,

Inc.,

REIT

(a)

57,440

3,949,574

VeriSign,

Inc.

*(a)

63,590

16,143,592

Vertiv

Holdings

Co.,

Class

A

(a)(c)

36,678

2,648,152

Vestis

Corp.

(a)

167,485

1,658,102

VF

Corp.

(a)(c)

284,645

4,417,690

Visa,

Inc.,

Class

A

(a)(c)

897

314,363

Visteon

Corp.

*(a)(c)

14,918

1,157,935

Vulcan

Materials

Co.

(a)(c)

22,548

5,260,448

W

R

Berkley

Corp.

(a)(c)

29,200

2,077,872

Waters

Corp.

*(a)(c)

3,478

1,281,886

Wendy's

Co.

(The)

(a)

399,104

5,838,892

WESCO

International,

Inc.

(a)(c)

29,544

4,588,183

Western

Union

Co.

(The)

(a)(c)

175,477

1,856,547

Westinghouse

Air

Brake

Technologies

Corp.

(a)(c)

22,129

4,013,094

Williams-Sonoma,

Inc.

(a)

1,782

281,734

Wingstop,

Inc.

(a)

27,922

6,298,645

Woodward,

Inc.

(a)

11,491

2,096,993

Xcel

Energy,

Inc.

(a)

113,423

8,029,214

Zillow

Group,

Inc.,

Class

C

*(a)(c)

4,291

294,191

Zions

Bancorp

NA

(a)

154,699

7,713,292

INVESTMENTS

SHARES

VALUE

($)

United

States

-

107.1%

(continued)

Zoom

Communications,

Inc.,

Class

A

*(a)

43,812

3,232,011

ZoomInfo

Technologies,

Inc.,

Class

A

*(a)

53,551

535,510

Zscaler,

Inc.

*(a)(c)

23,463

4,655,528

1,673,431,183

TOTAL

COMMON

STOCKS

(Cost

$2,649,932,047)

2,821,415,086

PREFERRED

STOCKS

-

0.2%

Germany

-

0

.2

%

Volkswagen

AG

(Preference)

(2)(a)

(Cost

$2,484,014)

25,869

2,639,626

SHORT-TERM

INVESTMENTS

-

83.7%

INVESTMENT

COMPANIES

-

58

.2

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

7,800,410

7,800,410

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)(f)

902,221,233

901,950,567

TOTAL

INVESTMENT

COMPANIES

(Cost

$909,684,634)

909,750,977

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

25

.5

%

U.S.

Treasury

Bills

4.31%,

4/3/2025

(2)(g)

$

1,702,000

1,701,599

4.40%,

4/10/2025

(2)(g)

10,917,000

10,905,401

4.36%,

4/17/2025

(2)(g)

23,462,000

23,417,589

4.41%,

4/24/2025

(2)(g)(h)

21,310,000

21,252,348

4.42%,

5/1/2025

(2)(g)

34,489,000

34,367,358

4.25%,

6/20/2025

(2)(g)

36,115,000

35,777,870

4.26%,

6/26/2025

(2)(g)

1,854,000

1,835,420

4.22%,

7/3/2025

(2)(g)

59,022,000

58,382,564

4.20%,

7/10/2025

(2)(g)

10,519,000

10,396,717

4.27%,

7/17/2025

(2)(g)

11,438,000

11,295,641

4.25%,

7/24/2025

(2)(g)

38,000,000

37,498,611

4.23%,

7/31/2025

(2)(g)

20,429,000

20,142,671

4.24%,

8/7/2025

(2)(g)

18,148,000

17,879,531

4.28%,

8/14/2025

(2)(g)

44,079,000

43,393,846

4.31%,

8/21/2025

(2)(g)

29,526,000

29,046,170

4.22%,

9/4/2025

(2)(g)

4,518,000

4,437,815

4.16%,

9/11/2025

(2)(g)

36,820,000

36,136,478

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$397,866,221)

397,867,629

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,307,550,855)

1,307,618,606

TOTAL

LONG

POSITIONS

(Cost

$3,959,966,916)

4,131,673,318

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

65

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT

POSITIONS

-

(170.2)%

COMMON

STOCKS

-

(169.5)%

Australia

-

(

5

.5

)

%

ALS

Ltd.

(2)

(

144,592

)

(

1,403,581

)

Ampol

Ltd.

(2)

(

149,973

)

(

2,206,182

)

APA

Group

(2)

(

542,726

)

(

2,688,544

)

BHP

Group

Ltd.

(2)

(

145,077

)

(

3,520,024

)

Cochlear

Ltd.

(2)

(

4,438

)

(

731,423

)

Commonwealth

Bank

of

Australia

(2)

(

63,168

)

(

6,006,890

)

Domino's

Pizza

Enterprises

Ltd.

(2)

(

131,536

)

(

2,121,443

)

Endeavour

Group

Ltd.

(2)

(

951,160

)

(

2,300,304

)

Glencore

plc

(2)

(

494,879

)

(

1,811,323

)

IDP

Education

Ltd.

(2)

(

247,423

)

(

1,465,892

)

IGO

Ltd.

(2)

(

564,296

)

(

1,407,103

)

Liontown

Resources

Ltd.

(2)

(

796,589

)

(

314,422

)

Lynas

Rare

Earths

Ltd.

(2)

(

740,978

)

(

3,244,293

)

Macquarie

Group

Ltd.

(2)

(

31,717

)

(

3,947,074

)

Medibank

Pvt

Ltd.

(2)

(

258,555

)

(

722,621

)

Mineral

Resources

Ltd.

(2)

(

81,319

)

(

1,227,839

)

National

Australia

Bank

Ltd.

(2)

(

441,197

)

(

9,489,571

)

New

Hope

Corp.

Ltd.

(2)

(

134,893

)

(

313,905

)

NEXTDC

Ltd.

(2)

(

543,430

)

(

3,892,303

)

Pilbara

Minerals

Ltd.

(2)

(

5,799,543

)

(

6,175,024

)

Ramsay

Health

Care

Ltd.

(2)

(

85,711

)

(

1,840,988

)

Reece

Ltd.

(2)

(

88,551

)

(

878,615

)

Rio

Tinto

plc

(2)

(

38,531

)

(

2,312,253

)

Santos

Ltd.

(2)

(

180,026

)

(

754,389

)

Telix

Pharmaceuticals

Ltd.

(2)

(

71,098

)

(

1,190,378

)

Transurban

Group

(2)

(

481,418

)

(

4,054,833

)

Treasury

Wine

Estates

Ltd.

(2)

(

742,453

)

(

4,552,152

)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)

(

86,019

)

(

1,874,207

)

WiseTech

Global

Ltd.

(2)

(

5,525

)

(

284,913

)

Woodside

Energy

Group

Ltd.

(2)

(

732,573

)

(

10,642,770

)

Woolworths

Group

Ltd.

(2)

(

108,791

)

(

2,019,960

)

(85,395,219)

Austria

-

(

0

.1

)

%

Mondi

plc

(2)

(

107,023

)

(

1,596,487

)

Belgium

-

(

0

.4

)

%

D'ieteren

Group

(2)

(

7,887

)

(

1,358,623

)

Elia

Group

SA/NV

(2)

(

13,079

)

(

1,134,394

)

Lotus

Bakeries

NV

(2)

(

187

)

(

1,662,439

)

UCB

SA

(2)

(

8,141

)

(

1,433,344

)

Umicore

SA

(2)

(

67,191

)

(

696,077

)

(6,284,877)

Brazil

-

(

0

.1

)

%

MercadoLibre,

Inc.

(

760

)

(

1,482,662

)

Yara

International

ASA

(2)

(

20,608

)

(

621,651

)

(2,104,313)

Canada

-

(

4

.0

)

%

Air

Canada

(

152,927

)

(

1,505,838

)

Algonquin

Power

&

Utilities

Corp.

(

242,472

)

(

1,245,174

)

Alimentation

Couche-Tard,

Inc.

(

19,602

)

(

966,717

)

Bank

of

Montreal

(

11,752

)

(

1,122,240

)

BCE,

Inc.

(

13,803

)

(

316,815

)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(4.0)%

(continued)

Brookfield

Asset

Management

Ltd.,

Class

A

(

139,685

)

(

6,761,723

)

Brookfield

Corp.,

Class

A

(

6,638

)

(

347,387

)

Brookfield

Renewable

Corp.

(

40,871

)

(

1,140,883

)

Cameco

Corp.

(

76,461

)

(

3,147,597

)

Canadian

National

Railway

Co.

(

11,540

)

(

1,123,006

)

Canadian

Pacific

Kansas

City

Ltd.

(

41,520

)

(

2,913,801

)

Capstone

Copper

Corp.

(

645,145

)

(

3,322,000

)

CGI,

Inc.

(

18,499

)

(

1,846,751

)

Constellation

Software,

Inc.

(

508

)

(

1,608,800

)

Dollarama,

Inc.

(

15,288

)

(

1,634,771

)

Gildan

Activewear,

Inc.

(

6,641

)

(

293,597

)

Hydro

One

Ltd.

(b)

(

86,212

)

(

2,898,995

)

Intact

Financial

Corp.

(

24,530

)

(

5,011,685

)

MEG

Energy

Corp.

(

26,018

)

(

456,158

)

National

Bank

of

Canada

(

31,378

)

(

2,589,740

)

Northland

Power,

Inc.

(

25,025

)

(

342,060

)

Onex

Corp.

(

4,845

)

(

324,257

)

Pembina

Pipeline

Corp.

(

41,621

)

(

1,664,782

)

Restaurant

Brands

International,

Inc.

(

117,445

)

(

7,829,124

)

Rogers

Communications,

Inc.,

Class

B

(

86,933

)

(

2,321,556

)

Royal

Bank

of

Canada

(

19,915

)

(

2,243,300

)

Sun

Life

Financial,

Inc.

(

48,074

)

(

2,751,381

)

Teck

Resources

Ltd.,

Class

B

(

37,756

)

(

1,375,331

)

Thomson

Reuters

Corp.

(

2,828

)

(

488,014

)

TMX

Group

Ltd.

(

10,075

)

(

367,840

)

WSP

Global,

Inc.

(

14,639

)

(

2,484,271

)

(62,445,594)

Chile

-

(

0

.5

)

%

Antofagasta

plc

(2)

(

226,131

)

(

4,923,222

)

Lundin

Mining

Corp.

(

440,371

)

(

3,568,136

)

(8,491,358)

China

-

(

0

.4

)

%

NXP

Semiconductors

NV

(

25,073

)

(

4,765,374

)

Prosus

NV

(2)

(

43,165

)

(

2,005,410

)

(6,770,784)

Denmark

-

(

2

.0

)

%

Carlsberg

A/S,

Class

B

(2)

(

27,317

)

(

3,457,724

)

Coloplast

A/S,

Class

B

(2)

(

36,193

)

(

3,796,055

)

DSV

A/S

(2)

(

43,548

)

(

8,421,364

)

Novo

Nordisk

A/S,

Class

B

(2)

(

60,728

)

(

4,152,480

)

Novonesis

(Novozymes),

Class

B

(2)

(

102,245

)

(

5,953,371

)

Orsted

A/S

(2)(b)

(

64,214

)

(

2,804,297

)

Tryg

A/S

(2)

(

70,259

)

(

1,671,354

)

Zealand

Pharma

A/S

(2)

(

18,441

)

(

1,384,818

)

(31,641,463)

Finland

-

(

0

.6

)

%

Kesko

OYJ,

Class

B

(2)

(

17,201

)

(

351,596

)

Kone

OYJ,

Class

B

(2)

(

5,106

)

(

281,727

)

Metso

OYJ

(2)

(

120,233

)

(

1,246,603

)

Neste

OYJ

(2)

(

83,277

)

(

770,249

)

Orion

OYJ,

Class

B

(2)

(

25,945

)

(

1,541,054

)

Sampo

OYJ,

Class

A

(2)

(

31,550

)

(

302,349

)

66

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Finland

-

(0.6)%

(continued)

Stora

Enso

OYJ,

Class

R

(2)

(

178,427

)

(

1,690,824

)

UPM-Kymmene

OYJ

(2)

(

108,207

)

(

2,903,012

)

(9,087,414)

France

-

(

5

.1

)

%

Aeroports

de

Paris

SA

(2)

(

22,433

)

(

2,283,754

)

Air

Liquide

SA

(2)

(

25,202

)

(

4,786,999

)

Airbus

SE

(2)

(

14,295

)

(

2,517,145

)

BioMerieux

(2)

(

27,348

)

(

3,380,440

)

Bollore

SE

(2)

(

120,918

)

(

708,386

)

Bureau

Veritas

SA

(2)

(

86,877

)

(

2,635,857

)

Capgemini

SE

(2)

(

41,268

)

(

6,200,850

)

Cie

de

Saint-Gobain

SA

(2)

(

42,474

)

(

4,231,126

)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(

30,851

)

(

1,084,307

)

Dassault

Systemes

SE

(2)

(

26,119

)

(

994,422

)

Edenred

SE

(2)

(

138,004

)

(

4,484,646

)

EssilorLuxottica

SA

(2)

(

72,260

)

(

20,823,062

)

Gaztransport

Et

Technigaz

SA

(2)

(

12,254

)

(

1,858,127

)

Getlink

SE

(2)

(

159,256

)

(

2,750,493

)

Ipsen

SA

(2)

(

2,481

)

(

285,763

)

Kering

SA

(2)

(

6,281

)

(

1,306,701

)

Legrand

SA

(2)

(

2,629

)

(

278,421

)

L'Oreal

SA

(2)

(

3,288

)

(

1,222,126

)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(

1,943

)

(

1,203,258

)

Pernod

Ricard

SA

(2)

(

48,827

)

(

4,823,748

)

Publicis

Groupe

SA

(2)

(

27,206

)

(

2,566,850

)

Remy

Cointreau

SA

(2)

(

8,843

)

(

413,279

)

Sartorius

Stedim

Biotech

(2)

(

19,096

)

(

3,783,244

)

SEB

SA

(2)

(

4,305

)

(

407,192

)

SOITEC

(2)

(

10,250

)

(

548,174

)

SPIE

SA

(2)

(

20,787

)

(

889,337

)

Teleperformance

SE

(2)

(

10,948

)

(

1,100,834

)

Ubisoft

Entertainment

SA

(2)

(

155,903

)

(

1,885,414

)

(79,453,955)

Germany

-

(

2

.8

)

%

Aurubis

AG

(2)

(

6,774

)

(

642,653

)

BASF

SE

(2)

(

144,972

)

(

7,267,280

)

Bayerische

Motoren

Werke

AG

(2)

(

92,639

)

(

7,470,166

)

Bechtle

AG

(2)

(

7,184

)

(

268,320

)

Beiersdorf

AG

(2)

(

34,615

)

(

4,471,702

)

Brenntag

SE

(2)

(

21,715

)

(

1,407,514

)

Carl

Zeiss

Meditec

AG

(2)

(

11,572

)

(

764,923

)

Continental

AG

(2)

(

13,524

)

(

953,710

)

CTS

Eventim

AG

&

Co.

KGaA

(2)

(

3,127

)

(

313,708

)

Daimler

Truck

Holding

AG

(2)

(

53,199

)

(

2,155,069

)

Deutsche

Post

AG

(2)

(

48,300

)

(

2,073,678

)

GEA

Group

AG

(2)

(

21,622

)

(

1,314,378

)

Hannover

Rueck

SE

(2)

(

6,652

)

(

1,982,681

)

HUGO

BOSS

AG

(2)

(

21,108

)

(

802,486

)

Infineon

Technologies

AG

(2)

(

80,193

)

(

2,673,226

)

KION

Group

AG

(2)

(

32,024

)

(

1,342,967

)

Knorr-Bremse

AG

(2)

(

3,050

)

(

277,565

)

Merck

KGaA

(2)

(

6,761

)

(

930,381

)

MTU

Aero

Engines

AG

(2)

(

4,386

)

(

1,524,015

)

Puma

SE

(2)

(

27,392

)

(

668,153

)

Rational

AG

(2)

(

528

)

(

439,906

)

SAP

SE

(2)

(

6,195

)

(

1,659,948

)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

(2.8)%

(continued)

Siemens

Energy

AG

(2)

(

302

)

(

17,903

)

Siemens

Healthineers

AG

(2)(b)

(

18,309

)

(

987,777

)

Wacker

Chemie

AG

(2)

(

15,054

)

(

1,247,165

)

(43,657,274)

Hong

Kong

-

(

0

.3

)

%

Prudential

plc

(2)

(

400,604

)

(

4,322,928

)

Ireland

-

(

0

.1

)

%

Accenture

plc,

Class

A

(

4,460

)

(

1,391,698

)

Italy

-

(

1

.7

)

%

Amplifon

SpA

(2)

(

23,597

)

(

479,044

)

Brunello

Cucinelli

SpA

(2)

(

15,708

)

(

1,804,572

)

Davide

Campari-Milano

NV

(2)

(

566,412

)

(

3,329,336

)

DiaSorin

SpA

(2)

(

2,772

)

(

275,292

)

Ferrari

NV

(2)

(

4,481

)

(

1,913,658

)

Infrastrutture

Wireless

Italiane

SpA

(b)

(

131,274

)

(

1,389,657

)

Interpump

Group

SpA

(2)

(

15,545

)

(

555,202

)

Moncler

SpA

(2)

(

32,301

)

(

1,989,648

)

Prysmian

SpA

(2)

(

81,108

)

(

4,464,752

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(

48,980

)

(

2,775,593

)

Reply

SpA

(2)

(

5,067

)

(

829,991

)

Snam

SpA

(

302,915

)

(

1,570,564

)

Terna

-

Rete

Elettrica

Nazionale

(2)

(

524,123

)

(

4,736,645

)

(26,113,954)

Ivory

Coast

-

(

0

.1

)

%

Endeavour

Mining

plc

(2)

(

76,734

)

(

1,809,297

)

Japan

-

(

25

.6

)

%

Advantest

Corp.

(2)

(

86,500

)

(

3,855,867

)

Aeon

Co.

Ltd.

(2)

(

291,600

)

(

7,313,306

)

Ajinomoto

Co.,

Inc.

(2)

(

398,600

)

(

7,891,369

)

Allegro

MicroSystems,

Inc.

(

240,328

)

(

6,039,443

)

Bridgestone

Corp.

(2)

(

145,200

)

(

5,833,096

)

Capcom

Co.

Ltd.

(2)

(

99,600

)

(

2,458,283

)

Chiba

Bank

Ltd.

(The)

(2)

(

77,900

)

(

737,374

)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(

130,500

)

(

5,978,409

)

Concordia

Financial

Group

Ltd.

(2)

(

194,600

)

(

1,291,955

)

Cosmo

Energy

Holdings

Co.

Ltd.

(2)

(

10,100

)

(

434,342

)

Daikin

Industries

Ltd.

(2)

(

16,500

)

(

1,790,558

)

Daiwa

Securities

Group,

Inc.

(2)

(

922,500

)

(

6,211,422

)

Denso

Corp.

(2)

(

523,600

)

(

6,496,084

)

Dentsu

Group,

Inc.

(2)

(

165,400

)

(

3,652,794

)

Disco

Corp.

(2)

(

12,800

)

(

2,614,037

)

East

Japan

Railway

Co.

(2)

(

368,800

)

(

7,269,260

)

Eisai

Co.

Ltd.

(2)

(

113,200

)

(

3,151,176

)

ENEOS

Holdings,

Inc.

(2)

(

925,200

)

(

4,879,515

)

Fast

Retailing

Co.

Ltd.

(2)

(

12,500

)

(

3,721,143

)

Fuji

Electric

Co.

Ltd.

(2)

(

32,500

)

(

1,389,367

)

FUJIFILM

Holdings

Corp.

(2)

(

432,300

)

(

8,282,423

)

Hakuhodo

DY

Holdings,

Inc.

(2)

(

60,000

)

(

435,364

)

Hamamatsu

Photonics

KK

(2)

(

477,800

)

(

4,657,821

)

Haseko

Corp.

(2)

(

83,500

)

(

1,099,291

)

Hitachi

Ltd.

(2)

(

131,000

)

(

3,075,802

)

Hoshizaki

Corp.

(2)

(

112,700

)

(

4,362,462

)

Ibiden

Co.

Ltd.

(2)

(

47,700

)

(

1,286,701

)

Idemitsu

Kosan

Co.

Ltd.

(2)

(

498,800

)

(

3,528,160

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

67

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(25.6)%

(continued)

Isuzu

Motors

Ltd.

(2)

(

280,600

)

(

3,815,486

)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(

32,600

)

(

898,776

)

Japan

Post

Insurance

Co.

Ltd.

(2)

(

36,100

)

(

735,717

)

Japan

Tobacco,

Inc.

(2)

(

148,300

)

(

4,076,196

)

Kajima

Corp.

(2)

(

203,600

)

(

4,164,724

)

KDDI

Corp.

(2)

(

301,800

)

(

4,767,130

)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(

429,000

)

(

3,876,015

)

Kikkoman

Corp.

(2)

(

309,700

)

(

2,987,579

)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(

54,100

)

(

1,155,726

)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(

15,300

)

(

579,613

)

Kobe

Bussan

Co.

Ltd.

(2)

(

50,400

)

(

1,173,434

)

Koito

Manufacturing

Co.

Ltd.

(2)

(

50,600

)

(

624,106

)

Konami

Group

Corp.

(2)

(

37,500

)

(

4,428,087

)

Kubota

Corp.

(2)

(

511,100

)

(

6,315,868

)

Kyocera

Corp.

(2)

(

302,400

)

(

3,415,620

)

Kyoto

Financial

Group,

Inc.

(2)

(

100,700

)

(

1,546,280

)

Lasertec

Corp.

(2)

(

62,000

)

(

5,328,926

)

M3,

Inc.

(2)

(

558,300

)

(

6,377,708

)

MatsukiyoCocokara

&

Co.

(2)

(

52,400

)

(

819,745

)

MINEBEA

MITSUMI,

Inc.

(2)

(

175,900

)

(

2,571,043

)

Mitsubishi

Chemical

Group

Corp.

(2)

(

147,300

)

(

727,881

)

Mitsubishi

Corp.

(2)

(

272,700

)

(

4,814,453

)

Mitsubishi

HC

Capital,

Inc.

(2)

(

635,800

)

(

4,308,443

)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(

310,600

)

(

5,334,119

)

Mitsui

&

Co.

Ltd.

(2)

(

265,200

)

(

4,999,875

)

Mitsui

Chemicals,

Inc.

(2)

(

62,900

)

(

1,412,776

)

MonotaRO

Co.

Ltd.

(2)

(

218,700

)

(

4,085,479

)

Murata

Manufacturing

Co.

Ltd.

(2)

(

203,200

)

(

3,134,350

)

Nexon

Co.

Ltd.

(2)

(

100,900

)

(

1,381,961

)

NH

Foods

Ltd.

(2)

(

32,400

)

(

1,082,963

)

NIDEC

Corp.

(2)

(

68,200

)

(

1,144,552

)

Nikon

Corp.

(2)

(

304,000

)

(

3,019,096

)

Nintendo

Co.

Ltd.

(2)

(

62,800

)

(

4,269,000

)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(

529,000

)

(

3,972,555

)

Nippon

Sanso

Holdings

Corp.

(2)

(

250,000

)

(

7,583,647

)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(

2,734,500

)

(

2,642,817

)

Nissan

Chemical

Corp.

(2)

(

59,600

)

(

1,774,482

)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(

275,900

)

(

5,631,223

)

Nitori

Holdings

Co.

Ltd.

(2)

(

77,200

)

(

7,553,202

)

NOF

Corp.

(2)

(

176,800

)

(

2,402,754

)

Nomura

Research

Institute

Ltd.

(2)

(

42,800

)

(

1,393,241

)

NTT

Data

Group

Corp.

(2)

(

383,000

)

(

6,938,067

)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(

107,900

)

(

1,066,816

)

Olympus

Corp.

(2)

(

381,800

)

(

4,998,041

)

Ono

Pharmaceutical

Co.

Ltd.

(2)

(

361,400

)

(

3,888,176

)

Open

House

Group

Co.

Ltd.

(2)

(

37,900

)

(

1,412,777

)

Oriental

Land

Co.

Ltd.

(2)

(

390,500

)

(

7,700,944

)

Osaka

Gas

Co.

Ltd.

(2)

(

106,400

)

(

2,407,547

)

Otsuka

Holdings

Co.

Ltd.

(2)

(

56,600

)

(

2,949,426

)

Recruit

Holdings

Co.

Ltd.

(2)

(

44,300

)

(

2,295,239

)

Renesas

Electronics

Corp.

(2)

(

203,800

)

(

2,733,498

)

Rohm

Co.

Ltd.

(2)

(

110,300

)

(

1,065,677

)

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(

113,800

)

(

1,704,008

)

SCSK

Corp.

(2)

(

122,800

)

(

3,036,561

)

Secom

Co.

Ltd.

(2)

(

139,400

)

(

4,747,838

)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(25.6)%

(continued)

Sega

Sammy

Holdings,

Inc.

(2)

(

67,400

)

(

1,301,411

)

Seibu

Holdings,

Inc.

(2)

(

44,300

)

(

981,844

)

Sekisui

House

Ltd.

(2)

(

104,000

)

(

2,327,742

)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(

495,500

)

(

7,175,290

)

SG

Holdings

Co.

Ltd.

(2)

(

202,900

)

(

2,023,503

)

Sharp

Corp.

(2)

(

49,900

)

(

315,455

)

Shimadzu

Corp.

(2)

(

209,700

)

(

5,238,022

)

Shimano,

Inc.

(2)

(

27,300

)

(

3,833,275

)

Shiseido

Co.

Ltd.

(2)

(

73,900

)

(

1,401,508

)

SMC

Corp.

(2)

(

21,400

)

(

7,657,860

)

SUMCO

Corp.

(2)

(

982,800

)

(

6,659,732

)

Sumitomo

Forestry

Co.

Ltd.

(2)

(

59,100

)

(

1,781,781

)

Sumitomo

Heavy

Industries

Ltd.

(2)

(

27,700

)

(

567,423

)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(

227,800

)

(

4,979,441

)

Suzuki

Motor

Corp.

(2)

(

290,400

)

(

3,564,695

)

Sysmex

Corp.

(2)

(

119,000

)

(

2,271,711

)

Taisei

Corp.

(2)

(

24,000

)

(

1,068,278

)

TDK

Corp.

(2)

(

116,800

)

(

1,223,958

)

Terumo

Corp.

(2)

(

421,300

)

(

7,927,197

)

Toho

Co.

Ltd.

(2)

(

42,400

)

(

2,106,846

)

Tokyo

Gas

Co.

Ltd.

(2)

(

46,200

)

(

1,469,651

)

Toyota

Industries

Corp.

(2)

(

102,000

)

(

8,723,778

)

Toyota

Motor

Corp.

(2)

(

703,000

)

(

12,427,142

)

Unicharm

Corp.

(2)

(

272,400

)

(

2,169,607

)

West

Japan

Railway

Co.

(2)

(

174,900

)

(

3,411,855

)

Yakult

Honsha

Co.

Ltd.

(2)

(

99,700

)

(

1,897,139

)

Yamaha

Motor

Co.

Ltd.

(2)

(

565,800

)

(

4,529,977

)

Yamato

Holdings

Co.

Ltd.

(2)

(

85,600

)

(

1,121,773

)

Yamazaki

Baking

Co.

Ltd.

(2)

(

21,100

)

(

404,662

)

Yaskawa

Electric

Corp.

(2)

(

311,700

)

(

7,810,614

)

ZOZO,

Inc.

(2)

(

274,200

)

(

2,626,235

)

(400,007,492)

Jordan

-

(

0

.1

)

%

Hikma

Pharmaceuticals

plc

(2)

(

37,251

)

(

941,038

)

Luxembourg

-

(

0

.1

)

%

Eurofins

Scientific

SE

(2)

(

37,462

)

(

1,998,326

)

Netherlands

-

(

2

.1

)

%

Akzo

Nobel

NV

(2)

(

51,374

)

(

3,163,904

)

ASML

Holding

NV

(2)

(

2,188

)

(

1,447,961

)

ASR

Nederland

NV

(2)

(

59,117

)

(

3,398,497

)

BE

Semiconductor

Industries

NV

(2)

(

10,891

)

(

1,138,180

)

EXOR

NV

(2)

(

18,754

)

(

1,703,110

)

Heineken

NV

(2)

(

17,170

)

(

1,400,049

)

IMCD

NV

(2)

(

9,746

)

(

1,297,014

)

Koninklijke

Philips

NV

(2)

(

185,523

)

(

4,723,066

)

Randstad

NV

(2)

(

36,385

)

(

1,512,389

)

Universal

Music

Group

NV

(2)

(

455,845

)

(

12,587,249

)

(32,371,419)

Norway

-

(

0

.3

)

%

Gjensidige

Forsikring

ASA

(

86,481

)

(

1,987,615

)

Orkla

ASA

(2)

(

127,370

)

(

1,396,802

)

Salmar

ASA

(2)

(

30,900

)

(

1,485,567

)

Schibsted

ASA,

Class

A

(2)

(

11,961

)

(

322,335

)

(5,192,319)

68

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Poland

-

(

0

.1

)

%

InPost

SA

(2)

(

137,873

)

(

2,023,463

)

Portugal

-

(

0

.3

)

%

Banco

Comercial

Portugues

SA,

Class

R

(2)

(

1,586,685

)

(

959,356

)

Galp

Energia

SGPS

SA

(2)

(

104,328

)

(

1,827,827

)

Jeronimo

Martins

SGPS

SA

(

74,635

)

(

1,581,775

)

(4,368,958)

Singapore

-

(

0

.8

)

%

CapitaLand

Investment

Ltd.

(2)

(

1,749,300

)

(

3,537,965

)

DBS

Group

Holdings

Ltd.

(2)

(

52,400

)

(

1,799,486

)

Genting

Singapore

Ltd.

(2)

(

717,100

)

(

397,913

)

Keppel

Ltd.

(2)

(

537,400

)

(

2,741,235

)

Sembcorp

Industries

Ltd.

(2)

(

244,800

)

(

1,145,643

)

STMicroelectronics

NV

(2)

(

100,684

)

(

2,207,753

)

(11,829,995)

South

Africa

-

(

0

.3

)

%

Anglo

American

plc

(2)

(

180,610

)

(

5,062,204

)

Spain

-

(

1

.0

)

%

Acciona

SA

(2)

(

13,420

)

(

1,756,446

)

Amadeus

IT

Group

SA

(2)

(

86,049

)

(

6,589,891

)

Cellnex

Telecom

SA

(2)(b)

(

14,497

)

(

515,350

)

Iberdrola

SA

(2)

(

58,677

)

(

947,521

)

Industria

de

Diseno

Textil

SA

(2)

(

20,974

)

(

1,044,335

)

Redeia

Corp.

SA

(2)

(

188,094

)

(

3,775,287

)

Telefonica

SA

(2)

(

79,042

)

(

372,555

)

(15,001,385)

Sweden

-

(

2

.7

)

%

AddTech

AB,

Class

B

(2)

(

45,494

)

(

1,332,408

)

Atlas

Copco

AB,

Class

A

(2)

(

181,703

)

(

2,902,421

)

Autoliv,

Inc.

(

19,005

)

(

1,680,992

)

Axfood

AB

(

55,320

)

(

1,242,688

)

Beijer

Ref

AB,

Class

B

(2)

(

88,299

)

(

1,242,132

)

Boliden

AB

(2)

(

14,065

)

(

461,510

)

Epiroc

AB,

Class

A

(2)

(

234,895

)

(

4,729,455

)

EQT

AB

(2)

(

141,383

)

(

4,311,199

)

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)

(

141,119

)

(

1,861,372

)

Hexagon

AB,

Class

B

(2)

(

196,902

)

(

2,104,836

)

Holmen

AB,

Class

B

(2)

(

35,868

)

(

1,420,404

)

Husqvarna

AB,

Class

B

(2)

(

82,048

)

(

389,734

)

Indutrade

AB

(2)

(

43,927

)

(

1,217,300

)

Lifco

AB,

Class

B

(2)

(

103,387

)

(

3,667,528

)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(

423,493

)

(

6,966,995

)

SKF

AB,

Class

B

(2)

(

136,883

)

(

2,773,055

)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(

73,033

)

(

963,611

)

Swedish

Orphan

Biovitrum

AB

(2)

(

21,375

)

(

612,527

)

Trelleborg

AB,

Class

B

(2)

(

68,139

)

(

2,534,201

)

(42,414,368)

Switzerland

-

(

5

.4

)

%

Avolta

AG

(2)

(

53,861

)

(

2,359,357

)

Bachem

Holding

AG,

Class

B

(2)

(

28,205

)

(

1,665,911

)

Baloise

Holding

AG

(Registered)

(2)

(

1,464

)

(

307,257

)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(5.4)%

(continued)

Barry

Callebaut

AG

(Registered)

(2)

(

6,170

)

(

8,171,631

)

BKW

AG

(2)

(

2,573

)

(

450,028

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(

787

)

(

10,639,803

)

Clariant

AG

(Registered)

(2)

(

172,396

)

(

1,868,328

)

EMS-Chemie

Holding

AG

(Registered)

(2)

(

3,141

)

(

2,140,052

)

Galenica

AG

(2)(b)

(

29,686

)

(

2,671,225

)

Geberit

AG

(Registered)

(2)

(

4,471

)

(

2,801,022

)

Georg

Fischer

AG

(Registered)

(2)

(

60,210

)

(

4,406,704

)

Partners

Group

Holding

AG

(2)

(

7,490

)

(

10,659,784

)

Sandoz

Group

AG

(2)

(

62,223

)

(

2,609,262

)

SIG

Group

AG

(2)

(

304,041

)

(

5,621,531

)

Sonova

Holding

AG

(Registered)

(2)

(

15,639

)

(

4,566,282

)

Straumann

Holding

AG

(Registered)

(2)

(

23,558

)

(

2,852,025

)

Swatch

Group

AG

(The)

(2)

(

35,126

)

(

6,057,358

)

Swisscom

AG

(Registered)

(2)

(

10,194

)

(

5,874,310

)

Tecan

Group

AG

(Registered)

(2)

(

6,100

)

(

1,160,701

)

Temenos

AG

(Registered)

(2)

(

16,862

)

(

1,309,201

)

UBS

Group

AG

(Registered)

(2)

(

103,893

)

(

3,191,032

)

VAT

Group

AG

(2)(b)

(

9,393

)

(

3,385,821

)

(84,768,625)

United

Kingdom

-

(

4

.8

)

%

Admiral

Group

plc

(2)

(

37,131

)

(

1,370,881

)

Ashtead

Group

plc

(2)

(

36,840

)

(

1,991,820

)

AstraZeneca

plc

(2)

(

18,582

)

(

2,728,671

)

BAE

Systems

plc

(2)

(

75,252

)

(

1,519,526

)

Barratt

Redrow

plc

(2)

(

406,868

)

(

2,238,120

)

Berkeley

Group

Holdings

plc

(2)

(

46,775

)

(

2,177,007

)

Bunzl

plc

(2)

(

28,730

)

(

1,105,140

)

Croda

International

plc

(2)

(

29,408

)

(

1,117,260

)

Diageo

plc

(2)

(

103,993

)

(

2,717,612

)

Diploma

plc

(2)

(

28,279

)

(

1,415,627

)

Halma

plc

(2)

(

114,663

)

(

3,847,128

)

Harbour

Energy

plc

(2)

(

310,522

)

(

844,423

)

Howden

Joinery

Group

plc

(2)

(

52,778

)

(

493,595

)

Informa

plc

(2)

(

130,635

)

(

1,309,864

)

J

Sainsbury

plc

(2)

(

440,250

)

(

1,341,919

)

JD

Sports

Fashion

plc

(2)

(

1,932,526

)

(

1,708,808

)

Legal

&

General

Group

plc

(2)

(

501,885

)

(

1,582,764

)

Melrose

Industries

plc

(2)

(

121,749

)

(

751,535

)

National

Grid

plc

(2)

(

343,953

)

(

4,486,602

)

Next

plc

(2)

(

5,810

)

(

837,077

)

Pennon

Group

plc

(2)

(

55,594

)

(

322,047

)

Persimmon

plc

(2)

(

84,448

)

(

1,306,159

)

Reckitt

Benckiser

Group

plc

(2)

(

14,643

)

(

990,167

)

Rentokil

Initial

plc

(2)

(

325,073

)

(

1,475,228

)

RS

GROUP

plc

(2)

(

83,972

)

(

611,368

)

Sage

Group

plc

(The)

(2)

(

98,048

)

(

1,539,386

)

Severn

Trent

plc

(2)

(

70,724

)

(

2,315,350

)

Smith

&

Nephew

plc

(2)

(

106,546

)

(

1,498,308

)

Spectris

plc

(2)

(

46,445

)

(

1,401,442

)

Spirax

Group

plc

(2)

(

15,889

)

(

1,280,872

)

SSE

plc

(2)

(

336,555

)

(

6,932,486

)

Taylor

Wimpey

plc

(2)

(

700,711

)

(

984,494

)

Unilever

plc

(2)

(

208,638

)

(

12,448,821

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

69

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

(4.8)%

(continued)

United

Utilities

Group

plc

(2)

(

63,151

)

(

823,992

)

Wise

plc,

Class

A

(2)

(

269,263

)

(

3,305,176

)

WPP

plc

(2)

(

278,441

)

(

2,115,881

)

(74,936,556)

United

States

-

(

102

.0

)

%

10X

Genomics,

Inc.,

Class

A

(

37,099

)

(

323,874

)

A

O

Smith

Corp.

(

39,734

)

(

2,597,014

)

AAON,

Inc.

(

40,170

)

(

3,138,482

)

AbbVie,

Inc.

(

6,883

)

(

1,442,126

)

Acadia

Healthcare

Co.,

Inc.

(

47,154

)

(

1,429,709

)

Advance

Auto

Parts,

Inc.

(

39,772

)

(

1,559,460

)

Advanced

Drainage

Systems,

Inc.

(

24,381

)

(

2,648,996

)

Advanced

Micro

Devices,

Inc.

(

14,243

)

(

1,463,326

)

Affirm

Holdings,

Inc.,

Class

A

(

30,660

)

(

1,385,525

)

Aflac,

Inc.

(

27,545

)

(

3,062,729

)

AGCO

Corp.

(

62,067

)

(

5,745,542

)

Air

Lease

Corp.,

Class

A

(

40,278

)

(

1,945,830

)

Air

Products

and

Chemicals,

Inc.

(

44,178

)

(

13,028,976

)

Akamai

Technologies,

Inc.

(

36,162

)

(

2,911,041

)

Albemarle

Corp.

(

22,735

)

(

1,637,375

)

ALLETE,

Inc.

(

4,530

)

(

297,621

)

Alliant

Energy

Corp.

(

145,246

)

(

9,346,580

)

Alphabet,

Inc.,

Class

A

(

57,166

)

(

8,840,150

)

Amentum

Holdings,

Inc.

(

69,566

)

(

1,266,101

)

Ameren

Corp.

(

54,905

)

(

5,512,462

)

American

Airlines

Group,

Inc.

(

294,252

)

(

3,104,359

)

American

Express

Co.

(

4,716

)

(

1,268,840

)

American

Homes

4

Rent,

Class

A,

REIT

(

73,158

)

(

2,766,104

)

American

Tower

Corp.,

REIT

(

4,696

)

(

1,021,850

)

American

Water

Works

Co.,

Inc.

(

27,349

)

(

4,034,524

)

AMETEK,

Inc.

(

18,094

)

(

3,114,701

)

Amgen,

Inc.

(

4,257

)

(

1,326,268

)

Analog

Devices,

Inc.

(

9,192

)

(

1,853,751

)

APA

Corp.

(

17,611

)

(

370,183

)

API

Group

Corp.

(

44,016

)

(

1,574,012

)

Apollo

Global

Management,

Inc.

(

27,009

)

(

3,698,612

)

Apple,

Inc.

(

25,343

)

(

5,629,441

)

AppLovin

Corp.,

Class

A

(

4,368

)

(

1,157,389

)

AptarGroup,

Inc.

(

3,764

)

(

558,502

)

Aramark

(

82,963

)

(

2,863,883

)

Arch

Capital

Group

Ltd.

(

25,188

)

(

2,422,582

)

Archer-Daniels-Midland

Co.

(

72,925

)

(

3,501,129

)

Armstrong

World

Industries,

Inc.

(

11,354

)

(

1,599,552

)

Arthur

J

Gallagher

&

Co.

(

25,205

)

(

8,701,774

)

ASGN,

Inc.

(

13,153

)

(

828,902

)

ATI,

Inc.

(

12,429

)

(

646,681

)

Automatic

Data

Processing,

Inc.

(

8,484

)

(

2,592,117

)

AutoZone,

Inc.

(

2,584

)

(

9,852,224

)

AvalonBay

Communities,

Inc.,

REIT

(

25,467

)

(

5,465,728

)

Avantor,

Inc.

(

226,153

)

(

3,665,940

)

Avery

Dennison

Corp.

(

10,790

)

(

1,920,296

)

Avient

Corp.

(

79,008

)

(

2,935,937

)

Axon

Enterprise,

Inc.

(

769

)

(

404,456

)

AZEK

Co.,

Inc.

(The),

Class

A

(

10,477

)

(

512,221

)

Azenta,

Inc.

(

68,528

)

(

2,373,810

)

Ball

Corp.

(

11,963

)

(

622,913

)

Baxter

International,

Inc.

(

167,281

)

(

5,726,029

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

Belden,

Inc.

(

31,684

)

(

3,176,321

)

Bentley

Systems,

Inc.,

Class

B

(

101,581

)

(

3,996,197

)

BILL

Holdings,

Inc.

(

53,810

)

(

2,469,341

)

Bio-Techne

Corp.

(

104,326

)

(

6,116,633

)

Blackbaud,

Inc.

(

17,110

)

(

1,061,676

)

Blackstone,

Inc.

(

31,273

)

(

4,371,340

)

Block,

Inc.,

Class

A

(

68,828

)

(

3,739,425

)

Blue

Owl

Capital,

Inc.,

Class

A

(

267,822

)

(

5,367,153

)

Boeing

Co.

(The)

(

25,343

)

(

4,322,249

)

Boston

Scientific

Corp.

(

44,621

)

(

4,501,366

)

Brink's

Co.

(The)

(

14,892

)

(

1,283,095

)

Brown

&

Brown,

Inc.

(

62,413

)

(

7,764,177

)

Brown-Forman

Corp.,

Class

B

(

84,598

)

(

2,871,256

)

BRP,

Inc.

(

59,290

)

(

2,001,946

)

Brunswick

Corp.

(

34,861

)

(

1,877,265

)

Builders

FirstSource,

Inc.

(

11,873

)

(

1,483,413

)

BWX

Technologies,

Inc.

(

23,913

)

(

2,359,017

)

BXP,

Inc.,

REIT

(

111,545

)

(

7,494,709

)

Cabot

Corp.

(

16,226

)

(

1,349,030

)

Cadence

Bank

(

44,115

)

(

1,339,331

)

Cadence

Design

Systems,

Inc.

(

22,294

)

(

5,670,033

)

Caesars

Entertainment,

Inc.

(

125,364

)

(

3,134,100

)

Capri

Holdings

Ltd.

(

152,216

)

(

3,003,222

)

Cardinal

Health,

Inc.

(

21,096

)

(

2,906,396

)

Carlisle

Cos.,

Inc.

(

3,262

)

(

1,110,711

)

Carpenter

Technology

Corp.

(

5,894

)

(

1,067,875

)

Carrier

Global

Corp.

(

58,523

)

(

3,710,358

)

Carvana

Co.,

Class

A

(

17,342

)

(

3,625,865

)

Casey's

General

Stores,

Inc.

(

30,862

)

(

13,395,342

)

Caterpillar,

Inc.

(

8,776

)

(

2,894,325

)

Cava

Group,

Inc.

(

35,795

)

(

3,093,046

)

Cboe

Global

Markets,

Inc.

(

31,655

)

(

7,163,210

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

216,587

)

(

1,955,781

)

CDW

Corp.

(

20,011

)

(

3,206,963

)

Celanese

Corp.,

Class

A

(

105,195

)

(

5,971,920

)

CenterPoint

Energy,

Inc.

(

279,306

)

(

10,119,256

)

Certara,

Inc.

(

121,175

)

(

1,199,633

)

Charles

River

Laboratories

International,

Inc.

(

16,700

)

(

2,513,684

)

Chart

Industries,

Inc.

(

6,867

)

(

991,320

)

Charter

Communications,

Inc.,

Class

A

(

9,546

)

(

3,517,987

)

Chemed

Corp.

(

1,845

)

(

1,135,265

)

Chemours

Co.

(The)

(

102,219

)

(

1,383,023

)

Chevron

Corp.

(

29,294

)

(

4,900,593

)

Choice

Hotels

International,

Inc.

(

60,179

)

(

7,990,568

)

Chord

Energy

Corp.

(

18,648

)

(

2,102,003

)

Church

&

Dwight

Co.,

Inc.

(

2,694

)

(

296,582

)

Churchill

Downs,

Inc.

(

44,318

)

(

4,922,400

)

Cintas

Corp.

(

8,684

)

(

1,784,823

)

Clarivate

plc

(

558,261

)

(

2,193,966

)

Clean

Harbors,

Inc.

(

3,817

)

(

752,331

)

Clearway

Energy,

Inc.,

Class

C

(

107,266

)

(

3,246,942

)

CMS

Energy

Corp.

(

43,543

)

(

3,270,515

)

Coca-Cola

Co.

(The)

(

19,970

)

(

1,430,251

)

Cognex

Corp.

(

101,090

)

(

3,015,515

)

Cognizant

Technology

Solutions

Corp.,

Class

A

(

43,701

)

(

3,343,127

)

Coherent

Corp.

(

7,434

)

(

482,764

)

70

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

Coinbase

Global,

Inc.,

Class

A

(

4,604

)

(

792,947

)

Columbia

Sportswear

Co.

(

18,569

)

(

1,405,488

)

Comerica,

Inc.

(

89,573

)

(

5,290,181

)

Commercial

Metals

Co.

(

17,992

)

(

827,812

)

Conagra

Brands,

Inc.

(

77,195

)

(

2,058,791

)

Confluent,

Inc.,

Class

A

(

92,944

)

(

2,178,607

)

Constellation

Brands,

Inc.,

Class

A

(

15,227

)

(

2,794,459

)

Constellation

Energy

Corp.

(

15,912

)

(

3,208,337

)

Copart,

Inc.

(

68,835

)

(

3,895,373

)

Core

&

Main,

Inc.,

Class

A

(

56,768

)

(

2,742,462

)

Corning,

Inc.

(

24,925

)

(

1,141,067

)

Corteva,

Inc.

(

118,767

)

(

7,474,007

)

CoStar

Group,

Inc.

(

22,978

)

(

1,820,547

)

Coty,

Inc.,

Class

A

(

234,790

)

(

1,284,301

)

Crane

NXT

Co.

(

110,045

)

(

5,656,313

)

Credit

Acceptance

Corp.

(

1,277

)

(

659,379

)

Crocs,

Inc.

(

9,605

)

(

1,020,051

)

Crowdstrike

Holdings,

Inc.,

Class

A

(

12,311

)

(

4,340,612

)

Crown

Castle,

Inc.,

REIT

(

14,195

)

(

1,479,545

)

CSL

Ltd.

(2)

(

23,802

)

(

3,746,179

)

CSX

Corp.

(

64,776

)

(

1,906,358

)

CubeSmart,

REIT

(

61,934

)

(

2,645,201

)

DaVita,

Inc.

(

14,358

)

(

2,196,343

)

Dayforce,

Inc.

(

16,798

)

(

979,827

)

Deckers

Outdoor

Corp.

(

34,573

)

(

3,865,607

)

Dell

Technologies,

Inc.,

Class

C

(

5,877

)

(

535,689

)

Dick's

Sporting

Goods,

Inc.

(

6,974

)

(

1,405,679

)

Digital

Realty

Trust,

Inc.,

REIT

(

19,220

)

(

2,754,034

)

Dollar

General

Corp.

(

15,371

)

(

1,351,572

)

Dollar

Tree,

Inc.

(

54,220

)

(

4,070,295

)

Domino's

Pizza,

Inc.

(

9,241

)

(

4,245,777

)

Dover

Corp.

(

5,219

)

(

916,874

)

Dropbox,

Inc.,

Class

A

(

156,111

)

(

4,169,725

)

Duke

Energy

Corp.

(

49,993

)

(

6,097,646

)

Duolingo,

Inc.,

Class

A

(

5,638

)

(

1,750,825

)

Dynatrace,

Inc.

(

64,683

)

(

3,049,803

)

EastGroup

Properties,

Inc.,

REIT

(

3,960

)

(

697,554

)

Eastman

Chemical

Co.

(

81,193

)

(

7,153,915

)

eBay,

Inc.

(

50,590

)

(

3,426,461

)

Elanco

Animal

Health,

Inc.

(

70,456

)

(

739,788

)

elf

Beauty,

Inc.

(

77,494

)

(

4,865,848

)

Emerson

Electric

Co.

(

45,159

)

(

4,951,233

)

Enovis

Corp.

(

13,029

)

(

497,838

)

Ensign

Group,

Inc.

(The)

(

23,050

)

(

2,982,670

)

Entegris,

Inc.

(

87,377

)

(

7,643,740

)

Entergy

Corp.

(

61,395

)

(

5,248,659

)

Envista

Holdings

Corp.

(

35,916

)

(

619,910

)

Equifax,

Inc.

(

6,848

)

(

1,667,899

)

Equinix,

Inc.,

REIT

(

3,068

)

(

2,501,494

)

Equity

Residential,

REIT

(

35,367

)

(

2,531,570

)

Erie

Indemnity

Co.,

Class

A

(

25,688

)

(

10,764,556

)

Esab

Corp.

(

28,511

)

(

3,321,532

)

Essential

Utilities,

Inc.

(

151,044

)

(

5,970,769

)

Essex

Property

Trust,

Inc.,

REIT

(

2,276

)

(

697,753

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(

28,996

)

(

1,913,736

)

Everus

Construction

Group,

Inc.

(

18,494

)

(

685,942

)

ExlService

Holdings,

Inc.

(

44,718

)

(

2,111,137

)

Expand

Energy

Corp.

(

17,885

)

(

1,990,958

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

Expeditors

International

of

Washington,

Inc.

(

23,632

)

(

2,841,748

)

Experian

plc

(2)

(

6,701

)

(

310,493

)

Exxon

Mobil

Corp.

(

21,346

)

(

2,538,680

)

FactSet

Research

Systems,

Inc.

(

13,086

)

(

5,949,419

)

Fastenal

Co.

(

43,246

)

(

3,353,727

)

Ferrovial

SE

(2)

(

132,606

)

(

5,931,166

)

Fifth

Third

Bancorp

(

88,293

)

(

3,461,086

)

First

Citizens

BancShares,

Inc.,

Class

A

(

5,025

)

(

9,316,953

)

First

Financial

Bankshares,

Inc.

(

20,084

)

(

721,417

)

First

Hawaiian,

Inc.

(

17,758

)

(

434,006

)

First

Solar,

Inc.

(

23,501

)

(

2,971,231

)

FirstCash

Holdings,

Inc.

(

6,509

)

(

783,163

)

FirstEnergy

Corp.

(

37,665

)

(

1,522,419

)

Fiserv,

Inc.

(

61,260

)

(

13,528,046

)

Five9,

Inc.

(

61,235

)

(

1,662,530

)

Flagstar

Financial,

Inc.

(

86,935

)

(

1,010,185

)

Flex

Ltd.

(

65,903

)

(

2,180,071

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

24,202

)

(

1,947,535

)

Flowers

Foods,

Inc.

(

91,728

)

(

1,743,749

)

Fluor

Corp.

(

14,185

)

(

508,107

)

FNB

Corp.

(

87,220

)

(

1,173,109

)

Ford

Motor

Co.

(

287,535

)

(

2,883,976

)

Fortive

Corp.

(

44,019

)

(

3,221,310

)

Fortrea

Holdings,

Inc.

(

32,707

)

(

246,938

)

Fortune

Brands

Innovations,

Inc.

(

30,701

)

(

1,869,077

)

Franklin

Resources,

Inc.

(

143,520

)

(

2,762,760

)

FTI

Consulting,

Inc.

(

2,670

)

(

438,094

)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(

44,558

)

(

2,268,002

)

GATX

Corp.

(

22,195

)

(

3,446,218

)

GE

HealthCare

Technologies,

Inc.

(

16,731

)

(

1,350,359

)

Generac

Holdings,

Inc.

(

17,338

)

(

2,195,858

)

General

Mills,

Inc.

(

35,579

)

(

2,127,268

)

Gentex

Corp.

(

168,188

)

(

3,918,780

)

Genuine

Parts

Co.

(

14,855

)

(

1,769,825

)

Glacier

Bancorp,

Inc.

(

89,883

)

(

3,974,626

)

GLOBALFOUNDRIES,

Inc.

(

17,763

)

(

655,632

)

Globant

SA

(

5,102

)

(

600,607

)

Globus

Medical,

Inc.,

Class

A

(

9,157

)

(

670,292

)

GoDaddy,

Inc.,

Class

A

(

15,518

)

(

2,795,413

)

Goldman

Sachs

Group,

Inc.

(The)

(

10,775

)

(

5,886,275

)

Goodyear

Tire

&

Rubber

Co.

(The)

(

84,860

)

(

784,106

)

Graco,

Inc.

(

26,126

)

(

2,181,782

)

Graphic

Packaging

Holding

Co.

(

172,671

)

(

4,482,539

)

Grocery

Outlet

Holding

Corp.

(

198,585

)

(

2,776,218

)

GXO

Logistics,

Inc.

(

60,566

)

(

2,366,919

)

H&R

Block,

Inc.

(

28,942

)

(

1,589,205

)

Haleon

plc

(2)

(

2,045,793

)

(

10,331,679

)

Hamilton

Lane,

Inc.,

Class

A

(

29,631

)

(

4,405,241

)

Harley-Davidson,

Inc.

(

69,477

)

(

1,754,294

)

Healthcare

Realty

Trust,

Inc.,

REIT

(

42,149

)

(

712,318

)

Healthpeak

Properties,

Inc.,

REIT

(

178,356

)

(

3,606,358

)

HEICO

Corp.

(

15,650

)

(

4,181,524

)

Henry

Schein,

Inc.

(

27,539

)

(

1,886,146

)

Hershey

Co.

(The)

(

85,829

)

(

14,679,334

)

Highwoods

Properties,

Inc.,

REIT

(

92,086

)

(

2,729,429

)

Hilton

Grand

Vacations,

Inc.

(

129,561

)

(

4,846,877

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

71

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

Hologic,

Inc.

(

54,318

)

(

3,355,223

)

Home

BancShares,

Inc.

(

96,104

)

(

2,716,860

)

Home

Depot,

Inc.

(The)

(

29,525

)

(

10,820,617

)

Honeywell

International,

Inc.

(

61,942

)

(

13,116,219

)

Hormel

Foods

Corp.

(

74,619

)

(

2,308,712

)

Host

Hotels

&

Resorts,

Inc.,

REIT

(

44,300

)

(

629,503

)

Houlihan

Lokey,

Inc.,

Class

A

(

14,532

)

(

2,346,918

)

HP,

Inc.

(

68,492

)

(

1,896,543

)

Hubbell,

Inc.,

Class

B

(

4,232

)

(

1,400,411

)

Huntington

Ingalls

Industries,

Inc.

(

13,273

)

(

2,708,223

)

Hyatt

Hotels

Corp.,

Class

A

(

56,643

)

(

6,938,768

)

IDACORP,

Inc.

(

14,709

)

(

1,709,480

)

IDEX

Corp.

(

20,191

)

(

3,653,965

)

Independence

Realty

Trust,

Inc.,

REIT

(

147,926

)

(

3,140,469

)

Informatica,

Inc.,

Class

A

(

36,103

)

(

629,997

)

Ingersoll

Rand,

Inc.

(

96,948

)

(

7,758,748

)

Insperity,

Inc.

(

9,721

)

(

867,405

)

Inspire

Medical

Systems,

Inc.

(

7,656

)

(

1,219,448

)

Insulet

Corp.

(

8,940

)

(

2,347,733

)

Intel

Corp.

(

52,509

)

(

1,192,479

)

Intercontinental

Exchange,

Inc.

(

29,089

)

(

5,017,853

)

International

Paper

Co.

(

97,590

)

(

5,206,427

)

Intuitive

Surgical,

Inc.

(

12,419

)

(

6,150,758

)

Invitation

Homes,

Inc.,

REIT

(

45,680

)

(

1,591,948

)

Ionis

Pharmaceuticals,

Inc.

(

295,379

)

(

8,911,584

)

Iridium

Communications,

Inc.

(

63,892

)

(

1,745,529

)

Iron

Mountain,

Inc.,

REIT

(

28,857

)

(

2,482,856

)

J

M

Smucker

Co.

(The)

(

24,577

)

(

2,910,163

)

Jack

Henry

&

Associates,

Inc.

(

29,554

)

(

5,396,560

)

James

Hardie

Industries

plc,

CHESS

(2)

(

17,553

)

(

418,890

)

Jefferies

Financial

Group,

Inc.

(

13,550

)

(

725,874

)

KB

Home

(

19,781

)

(

1,149,672

)

Kenvue,

Inc.

(

354,401

)

(

8,498,536

)

KeyCorp

(

242,735

)

(

3,881,333

)

Kimberly-Clark

Corp.

(

31,090

)

(

4,421,620

)

Kimco

Realty

Corp.,

REIT

(

77,812

)

(

1,652,727

)

Kinsale

Capital

Group,

Inc.

(

14,472

)

(

7,043,667

)

Kite

Realty

Group

Trust,

REIT

(

74,637

)

(

1,669,630

)

KKR

&

Co.,

Inc.

(

49,143

)

(

5,681,422

)

Knife

River

Corp.

(

33,257

)

(

3,000,114

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(

48,871

)

(

2,125,400

)

Kohl's

Corp.

(

108,097

)

(

884,233

)

Kroger

Co.

(The)

(

47,805

)

(

3,235,920

)

L3Harris

Technologies,

Inc.

(

10,491

)

(

2,195,871

)

Lam

Research

Corp.

(

14,255

)

(

1,036,339

)

Lamb

Weston

Holdings,

Inc.

(

34,062

)

(

1,815,505

)

Lancaster

Colony

Corp.

(

1,650

)

(

288,750

)

Landstar

System,

Inc.

(

12,162

)

(

1,826,732

)

Lattice

Semiconductor

Corp.

(

24,135

)

(

1,265,881

)

Leggett

&

Platt,

Inc.

(

118,250

)

(

935,358

)

Lennar

Corp.,

Class

A

(

21,124

)

(

2,424,613

)

Lennox

International,

Inc.

(

4,591

)

(

2,574,771

)

Linde

plc

(

8,643

)

(

4,024,527

)

Lithia

Motors,

Inc.,

Class

A

(

3,007

)

(

882,675

)

Live

Nation

Entertainment,

Inc.

(

25,520

)

(

3,332,402

)

LKQ

Corp.

(

30,555

)

(

1,299,810

)

Lowe's

Cos.,

Inc.

(

10,116

)

(

2,359,355

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

LPL

Financial

Holdings,

Inc.

(

4,631

)

(

1,514,985

)

Lucid

Group,

Inc.

(

961,167

)

(

2,326,024

)

Lumentum

Holdings,

Inc.

(

94,179

)

(

5,871,119

)

M&T

Bank

Corp.

(

6,880

)

(

1,229,800

)

MACOM

Technology

Solutions

Holdings,

Inc.

(

11,476

)

(

1,151,961

)

Madison

Square

Garden

Sports

Corp.,

Class

A

(

1,738

)

(

338,423

)

Markel

Group,

Inc.

(

1,480

)

(

2,767,023

)

Marriott

Vacations

Worldwide

Corp.

(

18,129

)

(

1,164,607

)

Marsh

&

McLennan

Cos.,

Inc.

(

7,484

)

(

1,826,321

)

Martin

Marietta

Materials,

Inc.

(

13,236

)

(

6,328,529

)

Masimo

Corp.

(

26,880

)

(

4,478,208

)

Mastercard,

Inc.,

Class

A

(

2,555

)

(

1,400,447

)

Match

Group,

Inc.

(

94,693

)

(

2,954,422

)

McDonald's

Corp.

(

54,565

)

(

17,044,468

)

McKesson

Corp.

(

4,031

)

(

2,712,823

)

Meta

Platforms,

Inc.,

Class

A

(

4,847

)

(

2,793,617

)

Mettler-Toledo

International,

Inc.

(

624

)

(

736,888

)

Microchip

Technology,

Inc.

(

126,877

)

(

6,142,116

)

Micron

Technology,

Inc.

(

63,052

)

(

5,478,588

)

Microsoft

Corp.

(

34,596

)

(

12,986,992

)

MicroStrategy,

Inc.,

Class

A

(

15,404

)

(

4,440,511

)

Mid-America

Apartment

Communities,

Inc.,

REIT

(

43,081

)

(

7,219,514

)

MKS

Instruments,

Inc.

(

17,638

)

(

1,413,686

)

Moderna,

Inc.

(

73,089

)

(

2,072,073

)

Mohawk

Industries,

Inc.

(

8,219

)

(

938,445

)

Mondelez

International,

Inc.,

Class

A

(

142,815

)

(

9,689,998

)

MongoDB,

Inc.,

Class

A

(

10,732

)

(

1,882,393

)

Monolithic

Power

Systems,

Inc.

(

1,030

)

(

597,379

)

Moody's

Corp.

(

9,064

)

(

4,221,014

)

Morningstar,

Inc.

(

5,625

)

(

1,686,769

)

Motorola

Solutions,

Inc.

(

9,524

)

(

4,169,702

)

MSA

Safety,

Inc.

(

9,190

)

(

1,348,081

)

Murphy

USA,

Inc.

(

10,475

)

(

4,921,260

)

National

Storage

Affiliates

Trust,

REIT

(

106,166

)

(

4,182,940

)

nCino,

Inc.

(

177,530

)

(

4,876,749

)

Neogen

Corp.

(

615,623

)

(

5,337,451

)

Netflix,

Inc.

(

2,381

)

(

2,220,354

)

New

Fortress

Energy,

Inc.

(

188,064

)

(

1,562,812

)

New

Jersey

Resources

Corp.

(

35,188

)

(

1,726,323

)

NewMarket

Corp.

(

592

)

(

335,338

)

NextEra

Energy,

Inc.

(

67,788

)

(

4,805,491

)

NIKE,

Inc.,

Class

B

(

208,395

)

(

13,228,915

)

Nordson

Corp.

(

14,372

)

(

2,899,120

)

Novanta,

Inc.

(

22,124

)

(

2,828,996

)

NRG

Energy,

Inc.

(

6,241

)

(

595,766

)

Nucor

Corp.

(

10,746

)

(

1,293,174

)

nVent

Electric

plc

(

50,645

)

(

2,654,811

)

NVR,

Inc.

(

336

)

(

2,434,115

)

OGE

Energy

Corp.

(

19,369

)

(

890,199

)

Old

Dominion

Freight

Line,

Inc.

(

6,085

)

(

1,006,763

)

Old

National

Bancorp

(

398,871

)

(

8,452,076

)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(

20,556

)

(

2,391,896

)

ON

Semiconductor

Corp.

(

65,922

)

(

2,682,366

)

ONE

Gas,

Inc.

(

8,783

)

(

663,907

)

72

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

ONEOK,

Inc.

(

108,673

)

(

10,782,535

)

Onto

Innovation,

Inc.

(

10,232

)

(

1,241,551

)

Option

Care

Health,

Inc.

(

86,281

)

(

3,015,521

)

Ormat

Technologies,

Inc.

(

47,588

)

(

3,367,803

)

Otis

Worldwide

Corp.

(

33,426

)

(

3,449,563

)

PACCAR,

Inc.

(

9,394

)

(

914,694

)

Palantir

Technologies,

Inc.,

Class

A

(

16,900

)

(

1,426,360

)

Parker-Hannifin

Corp.

(

8,811

)

(

5,355,766

)

Paychex,

Inc.

(

65,312

)

(

10,076,335

)

Paycom

Software,

Inc.

(

12,174

)

(

2,659,776

)

Penn

Entertainment,

Inc.

(

170,163

)

(

2,775,359

)

Performance

Food

Group

Co.

(

15,759

)

(

1,239,130

)

Permian

Resources

Corp.,

Class

A

(

286,477

)

(

3,967,706

)

Perrigo

Co.

plc

(

96,839

)

(

2,715,366

)

Phillips

66

(

17,938

)

(

2,214,984

)

Planet

Fitness,

Inc.,

Class

A

(

57,541

)

(

5,559,036

)

Plug

Power,

Inc.

(

408,914

)

(

552,034

)

Pool

Corp.

(

21,334

)

(

6,791,679

)

Post

Holdings,

Inc.

(

4,506

)

(

524,318

)

Power

Integrations,

Inc.

(

36,126

)

(

1,824,363

)

PPG

Industries,

Inc.

(

11,711

)

(

1,280,598

)

Premier,

Inc.,

Class

A

(

50,883

)

(

981,024

)

Procter

&

Gamble

Co.

(The)

(

88,217

)

(

15,033,940

)

Prudential

Financial,

Inc.

(

35,064

)

(

3,915,948

)

PTC,

Inc.

(

24,591

)

(

3,810,375

)

Public

Service

Enterprise

Group,

Inc.

(

41,033

)

(

3,377,016

)

Public

Storage,

REIT

(

37,877

)

(

11,336,207

)

PulteGroup,

Inc.

(

34,001

)

(

3,495,303

)

Pure

Storage,

Inc.,

Class

A

(

13,170

)

(

583,036

)

PVH

Corp.

(

24,285

)

(

1,569,782

)

Qorvo,

Inc.

(

40,293

)

(

2,917,616

)

Quanta

Services,

Inc.

(

18,538

)

(

4,711,989

)

QuantumScape

Corp.

(

552,283

)

(

2,297,497

)

Quest

Diagnostics,

Inc.

(

74,070

)

(

12,532,644

)

Rambus,

Inc.

(

21,708

)

(

1,123,932

)

Rayonier,

Inc.,

REIT

(

49,878

)

(

1,390,599

)

Realty

Income

Corp.,

REIT

(

76,018

)

(

4,409,804

)

Regal

Rexnord

Corp.

(

10,232

)

(

1,164,913

)

Regency

Centers

Corp.,

REIT

(

7,272

)

(

536,383

)

Regions

Financial

Corp.

(

59,320

)

(

1,289,024

)

Reliance,

Inc.

(

9,434

)

(

2,724,068

)

RenaissanceRe

Holdings

Ltd.

(

11,325

)

(

2,718,000

)

Repligen

Corp.

(

24,632

)

(

3,134,176

)

Revvity,

Inc.

(

73,864

)

(

7,814,811

)

Rexford

Industrial

Realty,

Inc.,

REIT

(

80,902

)

(

3,167,313

)

RH

(

22,677

)

(

5,315,716

)

Rivian

Automotive,

Inc.,

Class

A

(

232,417

)

(

2,893,592

)

RLI

Corp.

(

19,132

)

(

1,536,874

)

Robinhood

Markets,

Inc.,

Class

A

(

49,524

)

(

2,061,189

)

Rocket

Cos.,

Inc.,

Class

A

(

127,573

)

(

1,539,806

)

Rockwell

Automation,

Inc.

(

21,114

)

(

5,455,435

)

Roivant

Sciences

Ltd.

(

574,511

)

(

5,796,816

)

RPM

International,

Inc.

(

29,235

)

(

3,381,905

)

RTX

Corp.

(

40,060

)

(

5,306,348

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

96,644

)

(

7,139,092

)

Saia,

Inc.

(

8,763

)

(

3,062,055

)

Salesforce,

Inc.

(

7,570

)

(

2,031,485

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

Schneider

National,

Inc.,

Class

B

(

80,721

)

(

1,844,475

)

Sealed

Air

Corp.

(

107,003

)

(

3,092,387

)

SEI

Investments

Co.

(

84,053

)

(

6,525,034

)

Sempra

(

33,239

)

(

2,371,935

)

Sensata

Technologies

Holding

plc

(

105,479

)

(

2,559,975

)

Service

Corp.

International

(

24,725

)

(

1,982,945

)

SharkNinja,

Inc.

(

20,245

)

(

1,688,635

)

Sherwin-Williams

Co.

(The)

(

17,100

)

(

5,971,149

)

Shift4

Payments,

Inc.,

Class

A

(

133,469

)

(

10,905,752

)

Silgan

Holdings,

Inc.

(

48,239

)

(

2,465,978

)

Simpson

Manufacturing

Co.,

Inc.

(

26,506

)

(

4,163,562

)

SoFi

Technologies,

Inc.

(

139,892

)

(

1,626,944

)

Solventum

Corp.

(

14,532

)

(

1,105,013

)

Southern

Co.

(The)

(

86,793

)

(

7,980,616

)

SouthState

Corp.

(

28,833

)

(

2,676,279

)

Southwest

Airlines

Co.

(

128,310

)

(

4,308,650

)

Southwest

Gas

Holdings,

Inc.

(

27,042

)

(

1,941,616

)

Spire,

Inc.

(

18,103

)

(

1,416,560

)

STAG

Industrial,

Inc.,

REIT

(

8,348

)

(

301,530

)

Starbucks

Corp.

(

18,324

)

(

1,797,401

)

Stellantis

NV

(2)

(

247,763

)

(

2,778,930

)

Stryker

Corp.

(

5,286

)

(

1,967,714

)

Sun

Communities,

Inc.,

REIT

(

65,979

)

(

8,487,539

)

Super

Micro

Computer,

Inc.

(

70,075

)

(

2,399,368

)

Synaptics,

Inc.

(

5,120

)

(

326,246

)

Synopsys,

Inc.

(

14,571

)

(

6,248,773

)

Sysco

Corp.

(

121,191

)

(

9,094,173

)

T.

Rowe

Price

Group,

Inc.

(

29,796

)

(

2,737,359

)

Take-Two

Interactive

Software,

Inc.

(

4,499

)

(

932,418

)

Teledyne

Technologies,

Inc.

(

4,904

)

(

2,440,770

)

Tenaris

SA

(2)

(

98,876

)

(

1,934,879

)

Tesla,

Inc.

(

10,256

)

(

2,657,945

)

Tetra

Tech,

Inc.

(

25,321

)

(

740,639

)

Texas

Instruments,

Inc.

(

31,486

)

(

5,658,034

)

The

Campbell's

Co.

(

8,206

)

(

327,584

)

Thor

Industries,

Inc.

(

115,329

)

(

8,743,091

)

Timken

Co.

(The)

(

38,414

)

(

2,760,814

)

T-Mobile

US,

Inc.

(

8,408

)

(

2,242,498

)

Toast,

Inc.,

Class

A

(

181,165

)

(

6,009,243

)

TopBuild

Corp.

(

6,669

)

(

2,033,712

)

TPG,

Inc.

(

125,533

)

(

5,954,030

)

Tractor

Supply

Co.

(

84,624

)

(

4,662,782

)

Trade

Desk,

Inc.

(The),

Class

A

(

40,273

)

(

2,203,739

)

Tradeweb

Markets,

Inc.,

Class

A

(

19,872

)

(

2,950,197

)

TransDigm

Group,

Inc.

(

2,040

)

(

2,821,912

)

TransUnion

(

31,194

)

(

2,588,790

)

Trex

Co.,

Inc.

(

82,923

)

(

4,817,826

)

TXNM

Energy,

Inc.

(

76,391

)

(

4,085,391

)

Tyler

Technologies,

Inc.

(

5,608

)

(

3,260,435

)

UFP

Industries,

Inc.

(

5,095

)

(

545,369

)

U-Haul

Holding

Co.

(

21,483

)

(

1,271,364

)

U-Haul

Holding

Co.

(

573

)

(

37,451

)

UMB

Financial

Corp.

(

26,321

)

(

2,661,053

)

Under

Armour,

Inc.,

Class

A

(

550,369

)

(

3,439,806

)

Union

Pacific

Corp.

(

15,831

)

(

3,739,915

)

United

Bankshares,

Inc.

(

21,231

)

(

736,079

)

United

Rentals,

Inc.

(

2,188

)

(

1,371,220

)

Unity

Software,

Inc.

(

28,602

)

(

560,313

)

Universal

Display

Corp.

(

9,116

)

(

1,271,500

)

US

Bancorp

(

51,299

)

(

2,165,844

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

73

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(102.0)%

(continued)

UWM

Holdings

Corp.,

Class

A

(

51,188

)

(

279,486

)

Vail

Resorts,

Inc.

(

9,914

)

(

1,586,438

)

Valaris

Ltd.

(

67,496

)

(

2,649,893

)

Valmont

Industries,

Inc.

(

2,641

)

(

753,662

)

Valvoline,

Inc.

(

111,711

)

(

3,888,660

)

Veralto

Corp.

(

11,677

)

(

1,137,924

)

Verisk

Analytics,

Inc.,

Class

A

(

18,926

)

(

5,632,756

)

Verizon

Communications,

Inc.

(

36,755

)

(

1,667,207

)

Vertex

Pharmaceuticals,

Inc.

(

11,117

)

(

5,389,744

)

Viatris,

Inc.

(

36,509

)

(

317,993

)

VICI

Properties,

Inc.,

Class

A,

REIT

(

317,180

)

(

10,346,412

)

Viking

Therapeutics,

Inc.

(

86,083

)

(

2,078,904

)

Virtu

Financial,

Inc.,

Class

A

(

17,253

)

(

657,684

)

Vishay

Intertechnology,

Inc.

(

81,351

)

(

1,293,481

)

Vistra

Corp.

(

12,164

)

(

1,428,540

)

Vontier

Corp.

(

36,592

)

(

1,202,047

)

Vornado

Realty

Trust,

REIT

(

97,540

)

(

3,608,005

)

Voya

Financial,

Inc.

(

33,213

)

(

2,250,513

)

Walmart,

Inc.

(

118,888

)

(

10,437,178

)

Walt

Disney

Co.

(The)

(

32,489

)

(

3,206,664

)

Warner

Music

Group

Corp.,

Class

A

(

39,481

)

(

1,237,729

)

Waste

Connections,

Inc.

(

4,798

)

(

936,522

)

Watsco,

Inc.

(

10,539

)

(

5,356,974

)

Wayfair,

Inc.,

Class

A

(

64,037

)

(

2,051,105

)

Webster

Financial

Corp.

(

26,279

)

(

1,354,682

)

Wells

Fargo

&

Co.

(

12,847

)

(

922,286

)

Welltower,

Inc.,

REIT

(

92,534

)

(

14,177,134

)

West

Pharmaceutical

Services,

Inc.

(

15,580

)

(

3,488,050

)

Western

Alliance

Bancorp

(

23,244

)

(

1,785,837

)

Western

Digital

Corp.

(

25,107

)

(

1,015,076

)

Westlake

Corp.

(

30,272

)

(

3,028,108

)

WEX,

Inc.

(

9,645

)

(

1,514,458

)

Weyerhaeuser

Co.,

REIT

(

87,251

)

(

2,554,709

)

Whirlpool

Corp.

(

8,674

)

(

781,788

)

White

Mountains

Insurance

Group

Ltd.

(

1,340

)

(

2,580,585

)

WillScot

Holdings

Corp.

(

129,239

)

(

3,592,844

)

Wintrust

Financial

Corp.

(

27,837

)

(

3,130,549

)

Wolfspeed,

Inc.

(

271,485

)

(

830,744

)

Workday,

Inc.,

Class

A

(

4,452

)

(

1,039,676

)

WW

Grainger,

Inc.

(

3,183

)

(

3,144,263

)

Wyndham

Hotels

&

Resorts,

Inc.

(

24,646

)

(

2,230,709

)

Wynn

Resorts

Ltd.

(

42,649

)

(

3,561,192

)

XPO,

Inc.

(

37,054

)

(

3,986,269

)

Xylem,

Inc.

(

43,357

)

(

5,179,427

)

(1,592,889,110)

Zambia

-

(

0

.2

)

%

First

Quantum

Minerals

Ltd.

(

218,607

)

(

2,939,471

)

TOTAL

COMMON

STOCKS

(Proceeds

$(2,893,253,670))                                                    

(2,647,311,344)

INVESTMENTS

SHARES

VALUE

($)

PREFERRED

STOCKS

-

(0.7)%

Germany

-

(

0

.7

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(

147,503

)

(

7,387,372

)

Henkel

AG

&

Co.

KGaA

(Preference)

(2)

(

27,824

)

(

2,213,877

)

Sartorius

AG

(Preference)

(2)

(

7,229

)

(

1,685,225

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(14,697,082))                                                    

(11,286,474)

NO.

OF

RIGHTS

RIGHTS

-

(0.0)%

†

Belgium

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(

13,079

)

(

63,810

)

Italy

-

0

.0

%

DiaSorin

SpA,

expiring

4/30/2025

(3)

(

2,772

)

–

TOTAL

RIGHTS

(Cost

$–)

(

63,810

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(2,907,950,752))

(2,658,661,628)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

94.3%

(Cost

$1,052,016,164)

1,473,011,690

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

5.7%

‡

89,302,592

NET

ASSETS

-

100.0%

1,562,314,282

74

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

forward

foreign

currency

exchange

and

swap

contracts.

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$2,805,378,751,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

In

addition,

$81,207,929

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$16,511,175,

which

represents

1.06%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$395,474,777.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

45,609,687

2

.9

%

Consumer

Discretionary

17,773,745

1

.1

Consumer

Staples

(

112,988,779

)

(

7

.2

)

Energy

70,275,087

4

.5

Financials

182,155,725

11

.6

Health

Care

57,097,533

3

.6

Industrials

24,260,617

1

.6

Information

Technology

5,551,097

0

.4

Materials

(

50,581,281

)

(

3

.2

)

Real

Estate

(

69,249,429

)

(

4

.4

)

Utilities

(

4,510,918

)

(

0

.3

)

Investment

Companies

909,750,977

58

.2

U.S.

Treasury

Obligations

397,867,629

25

.5

Total

Investments

In

Securities

At

Value

1,473,011,690

94

.3

Other

Assets

in

Excess

of

Liabilities

‡

89,302,592

5

.7

Net

Assets

$

1,562,314,282

100

.0

%

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

57.7%

INVESTMENT

COMPANIES

-

57.7%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(a)

(Cost

$901,884,224)

$384,189,464

$1,019,869,584

$(502,076,873)

$(803)

$(30,805)

$901,950,567

902,221,233

$5,897,945

$–

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

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

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

75

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CAD

23,500

USD

16,374

CITI

6/18/2025

$

20

CAD

23,500

USD

16,374

JPMC

6/18/2025

20

USD

423,977

AUD

673,500

CITI

6/18/2025

2,870

USD

423,979

AUD

673,500

JPMC

6/18/2025

2,872

USD

9,311,570

EUR

8,513,500

CITI

6/18/2025

65,600

USD

9,311,617

EUR

8,513,500

JPMC

6/18/2025

65,646

USD

2,042,047

HKD

15,848,500

CITI

6/18/2025

1,674

USD

2,042,057

HKD

15,848,500

JPMC

6/18/2025

1,684

USD

10,345,649

JPY

1,525,000,000

CITI

6/18/2025

89,449

USD

10,345,701

JPY

1,525,000,000

JPMC

6/18/2025

89,501

USD

1,343,703

SGD

1,787,500

CITI

6/18/2025

7,861

USD

1,343,710

SGD

1,787,500

JPMC

6/18/2025

7,868

Total

unrealized

appreciation

335,065

EUR

4,506,000

USD

4,933,567

CITI

6/18/2025

(

39,887

)

EUR

4,506,000

USD

4,933,542

JPMC

6/18/2025

(

39,862

)

GBP

2,510,500

USD

3,246,955

CITI

6/18/2025

(

4,252

)

GBP

2,510,500

USD

3,246,939

JPMC

6/18/2025

(

4,236

)

JPY

970,000,000

USD

6,602,927

CITI

6/18/2025

(

79,311

)

JPY

970,000,000

USD

6,602,894

JPMC

6/18/2025

(

79,278

)

USD

139,314

AUD

224,500

CITI

6/18/2025

(

1,055

)

USD

139,314

AUD

224,500

JPMC

6/18/2025

(

1,055

)

USD

37,118,333

EUR

35,076,500

CITI

6/18/2025

(

976,022

)

USD

37,118,519

EUR

35,076,500

JPMC

6/18/2025

(

975,836

)

USD

3,163,230

GBP

2,509,500

CITI

6/18/2025

(

78,181

)

USD

3,163,246

GBP

2,509,500

JPMC

6/18/2025

(

78,165

)

USD

3,962,519

NOK

44,000,000

CITI

6/18/2025

(

219,620

)

USD

3,962,539

NOK

44,000,000

JPMC

6/18/2025

(

219,600

)

USD

363,429

SGD

487,500

CITI

6/18/2025

(

892

)

USD

363,430

SGD

487,500

JPMC

6/18/2025

(

890

)

Total

unrealized

depreciation

(

2,798,142

)

Net

unrealized

depreciation

$

(

2,463,077

)

76

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

EQUITY

MARKET

NEUTRAL

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

Total

return

basket

swap

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MSIP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SONIA,

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

49

months

maturity

07/21/2025

$–

$–

$–

$–

MSIP

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

pays

or

receives

the

HONIX

plus

or

minus

a

specified

spread

(-0.30%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

49

months

maturity

07/22/2025

$260

$3

$(12)

$(9)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

77

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

274.4%

COMMON

STOCKS

-

194.9%

Australia

-

5

.2

%

AGL

Energy

Ltd.

(2)(a)

453,002

2,990,097

ANZ

Group

Holdings

Ltd.

(2)(a)

39,132

716,471

Aristocrat

Leisure

Ltd.

(2)(a)

331,959

13,425,458

Aurizon

Holdings

Ltd.

(2)(a)

1,271,746

2,472,303

BlueScope

Steel

Ltd.

(2)(a)

794,309

10,638,929

Brambles

Ltd.

(2)(a)

503,006

6,354,588

CAR

Group

Ltd.

(2)(a)

33,880

675,249

Coles

Group

Ltd.

(2)(a)

225,116

2,755,591

Computershare

Ltd.

(2)(a)

588,464

14,505,071

Evolution

Mining

Ltd.

(2)(a)

2,721,354

12,176,393

Harvey

Norman

Holdings

Ltd.

(2)

(a)

777,312

2,444,807

Incitec

Pivot

Ltd.

(2)(a)

711,412

1,140,961

JB

Hi-Fi

Ltd.

(2)(a)

288,001

16,833,712

Northern

Star

Resources

Ltd.

(2)

(a)

1,122,785

12,962,751

Orica

Ltd.

(2)(a)

243,080

2,598,080

Origin

Energy

Ltd.

(2)(a)

519,047

3,434,725

Pro

Medicus

Ltd.

(2)(a)

83,370

10,552,598

Qantas

Airways

Ltd.

(2)(a)

1,758,799

10,027,161

QBE

Insurance

Group

Ltd.

(2)(a)

685,307

9,468,997

Qube

Holdings

Ltd.

(2)(a)

301,867

747,413

SGH

Ltd.

(2)(a)

96,138

3,017,853

Sonic

Healthcare

Ltd.

(2)(a)

209,537

3,402,227

South32

Ltd.

(2)(a)

1,261,399

2,541,139

Suncorp

Group

Ltd.

(2)(a)

59,867

725,090

Tabcorp

Holdings

Ltd.

(2)

42,226

15,666

Technology

One

Ltd.

(2)(a)

191,508

3,368,485

Telstra

Group

Ltd.

(2)(a)

1,570,991

4,150,222

Westpac

Banking

Corp.

(2)(a)

635,325

12,660,406

Whitehaven

Coal

Ltd.

(2)(a)

2,125,482

7,312,167

Worley

Ltd.

(2)(a)

497,849

4,529,178

Yancoal

Australia

Ltd.

(2)(a)

466,285

1,479,362

180,123,150

Belgium

-

0

.4

%

Ageas

SA/NV

(2)(a)

189,712

11,371,971

Anheuser-Busch

InBev

SA/NV

(2)

(a)

3,657

224,838

KBC

Group

NV

(2)(a)

24,632

2,245,048

Solvay

SA

(2)(a)

26,322

936,320

14,778,177

Brazil

-

0

.2

%

Wheaton

Precious

Metals

Corp.

74,618

5,790,342

Canada

-

4

.6

%

Agnico

Eagle

Mines

Ltd.

(a)

11,761

1,274,214

Alamos

Gold,

Inc.,

Class

A

(a)

35,084

937,410

Atco

Ltd.,

Class

I

(a)

58,288

2,030,086

AtkinsRealis

Group,

Inc.

(a)

137,840

6,548,849

Bank

of

Nova

Scotia

(The)

(a)

258,779

12,269,548

Barrick

Gold

Corp.

(a)

383,179

7,439,645

Bombardier,

Inc.,

Class

B

*(a)

42,345

2,382,890

Canadian

Natural

Resources

Ltd.

(a)

281,402

8,658,824

Canadian

Utilities

Ltd.,

Class

A

(a)

28,705

738,046

CCL

Industries,

Inc.,

Class

B

(a)

106,086

5,181,741

INVESTMENTS

SHARES

VALUE

($)

Canada

-

4.6%

(continued)

Celestica,

Inc.

*(a)

89,453

7,056,534

Cenovus

Energy,

Inc.

(a)

757,297

10,524,957

Descartes

Systems

Group,

Inc.

(The)

*(a)

12,472

1,255,563

Empire

Co.

Ltd.,

Class

A

(a)

210,821

7,068,631

Fairfax

Financial

Holdings

Ltd.

(a)

4,282

6,188,718

Finning

International,

Inc.

(a)

137,865

3,879,055

Franco-Nevada

Corp.

(a)

14,371

2,260,233

George

Weston

Ltd.

(a)

39,072

6,661,015

iA

Financial

Corp.,

Inc.

(a)

36,996

3,513,341

Imperial

Oil

Ltd.

(a)

32,546

2,350,965

Kinross

Gold

Corp.

(a)

168,035

2,117,004

Loblaw

Cos.

Ltd.

(a)

26,057

3,651,475

Magna

International,

Inc.

(a)

132,659

4,508,774

Manulife

Financial

Corp.

(a)

193,315

6,023,588

Metro,

Inc.,

Class

A

(a)

10,941

760,825

Nutrien

Ltd.

(a)

16,090

798,546

Onex

Corp.

(a)

10,454

699,645

Pan

American

Silver

Corp.

(a)

116,791

3,016,658

Parkland

Corp.

(a)

98,678

2,469,950

Quebecor,

Inc.,

Class

B

(a)

44,147

1,113,914

Shopify,

Inc.,

Class

A

*(a)

99,106

9,428,172

Suncor

Energy,

Inc.

(a)

312,323

12,093,144

TC

Energy

Corp.

(a)

87,346

4,124,967

Toronto-Dominion

Bank

(The)

(a)

36,507

2,187,553

West

Fraser

Timber

Co.

Ltd.

(a)

49,614

3,810,733

Whitecap

Resources,

Inc.

(a)

581,508

3,741,888

158,767,101

China

-

0

.6

%

BOC

Hong

Kong

Holdings

Ltd.

(2)

256,500

1,038,549

Prosus

NV

(2)(a)

159,930

7,430,213

Wilmar

International

Ltd.

(2)

691,900

1,715,666

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

6,944,700

12,188,143

22,372,571

Denmark

-

2

.2

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

10,311

17,945,565

Danske

Bank

A/S

(2)(a)

366,017

11,980,258

Demant

A/S

(2)*(a)

53,581

1,800,645

Genmab

A/S

(2)*(a)

16,421

3,199,146

ISS

A/S

(2)(a)

430,204

9,878,609

Jyske

Bank

A/S

(Registered)

(2)(a)

50,341

4,034,025

Pandora

A/S

(2)(a)

74,072

11,352,371

ROCKWOOL

A/S,

Class

B

(2)(a)

1,615

669,431

Royal

Unibrew

A/S

(2)(a)

51,411

4,093,365

Vestas

Wind

Systems

A/S

(2)*(a)

764,007

10,569,656

75,523,071

Finland

-

1

.1

%

Elisa

OYJ

(a)

14,511

707,339

Fortum

OYJ

(2)(a)

375,992

6,157,058

Kone

OYJ,

Class

B

(2)(a)

46,203

2,549,282

Nokia

OYJ

(2)(a)

522,435

2,751,558

Nordea

Bank

Abp

(2)(a)

1,347,360

17,233,337

Wartsila

OYJ

Abp

(2)(a)

529,947

9,456,089

38,854,663

78

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

France

-

5

.3

%

Accor

SA

(2)(a)

35,815

1,633,353

Alstom

SA

(2)*(a)

243,438

5,392,320

Amundi

SA

(2)(a)(b)

57,933

4,538,785

BNP

Paribas

SA

(2)(a)

52,441

4,382,985

Bouygues

SA

(2)(a)

118,061

4,654,008

Carrefour

SA

(2)(a)

323,676

4,629,184

Cie

de

Saint-Gobain

SA

(2)(a)

54,703

5,449,340

Credit

Agricole

SA

(2)(a)

98,699

1,797,018

Danone

SA

(2)(a)

14,750

1,128,158

Dassault

Aviation

SA

(2)(a)

13,684

4,511,970

Eiffage

SA

(2)(a)

84,267

9,811,108

Engie

SA

(2)(a)

775,524

15,111,727

Forvia

SE

(2)(a)

74,820

613,972

Gaztransport

Et

Technigaz

SA

(2)

(a)

7,298

1,106,627

Hermes

International

SCA

(2)(a)

2,328

6,125,247

Ipsen

SA

(2)(a)

6,523

751,323

Legrand

SA

(2)(a)

31,355

3,320,607

Orange

SA

(2)(a)

2,257,209

29,240,219

Renault

SA

(2)(a)

168,472

8,534,208

Rexel

SA

(2)(a)

27,713

746,891

Safran

SA

(2)(a)

31,311

8,243,668

SCOR

SE

(2)(a)

115,094

3,323,893

Societe

Generale

SA

(2)(a)

804,412

36,290,174

SPIE

SA

(2)(a)

79,959

3,420,913

Valeo

SE

(2)(a)

579,920

5,444,555

Vinci

SA

(2)(a)

75,097

9,466,740

Vivendi

SE

(2)(a)

1,949,982

5,845,435

Worldline

SA

(2)*(a)(b)

92,080

565,689

186,080,117

Germany

-

6

.0

%

adidas

AG

(2)(a)

16,652

3,927,549

Allianz

SE

(Registered)

(2)(a)

14,554

5,569,960

BASF

SE

(2)(a)

159,184

7,979,711

Bayer

AG

(Registered)

(2)(a)

296,407

7,105,452

Commerzbank

AG

(2)(a)

794,814

18,189,306

Deutsche

Bank

AG

(Registered)

(2)(a)

390,659

9,312,204

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

1,394,843

10,163,139

Evonik

Industries

AG

(2)(a)

263,688

5,716,491

Freenet

AG

(a)

155,386

5,920,985

Fresenius

Medical

Care

AG

(2)(a)

160,296

7,976,329

GEA

Group

AG

(2)(a)

20,067

1,219,852

Heidelberg

Materials

AG

(2)(a)

45,717

7,880,588

Knorr-Bremse

AG

(2)(a)

12,418

1,130,099

LANXESS

AG

(2)(a)

82,693

2,515,436

Mercedes-Benz

Group

AG

(2)(a)

306,790

18,122,616

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

15,634

9,876,326

Rheinmetall

AG

(2)(a)

18,844

26,964,312

RWE

AG

(a)

315,010

11,247,283

Scout24

SE

(2)(a)(b)

52,156

5,461,907

Talanx

AG

(2)(a)

26,565

2,794,008

TeamViewer

SE

(2)*(a)(b)

315,011

4,112,223

thyssenkrupp

AG

(2)(a)

2,289,438

23,505,416

INVESTMENTS

SHARES

VALUE

($)

Germany

-

6.0%

(continued)

Zalando

SE

(2)*(a)(b)

388,998

13,492,517

210,183,709

Guatemala

-

0

.1

%

Millicom

International

Cellular

SA,

SDR

(3)

91,973

2,744,971

Hong

Kong

-

0

.1

%

CLP

Holdings

Ltd.

(2)(a)

237,000

1,929,365

HKT

Trust

&

HKT

Ltd.

(2)(a)

558,000

745,444

WH

Group

Ltd.

(2)(a)(b)

858,500

788,278

3,463,087

Ireland

-

0

.1

%

Aptiv

plc

*(a)(c)

45,780

2,723,910

Italy

-

3

.8

%

A2A

SpA

(2)(a)

390,479

941,076

Azimut

Holding

SpA

(2)(a)

140,838

3,943,372

Banca

Generali

SpA

(2)(a)

56,376

3,176,286

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

1,802,164

14,333,047

Buzzi

SpA

(2)(a)

123,441

5,939,905

Enel

SpA

(a)

844,843

6,848,725

Eni

SpA

(2)(a)

576,310

8,913,517

Intesa

Sanpaolo

SpA

(2)(a)

2,658,609

13,701,594

Italgas

SpA

(2)(a)

632,325

4,533,895

Leonardo

SpA

(2)(a)

282,390

13,752,070

Nexi

SpA

(2)*(a)(b)

128,065

683,035

Pirelli

&

C

SpA

(2)(a)(b)

1,665,157

9,911,769

Poste

Italiane

SpA

(2)(a)(b)

1,009,262

18,005,553

Telecom

Italia

SpA

(2)*(a)

10,600,269

3,580,771

UniCredit

SpA

(2)(a)

165,845

9,309,237

Unipol

Assicurazioni

SpA

(2)(a)

870,889

13,941,127

131,514,979

Japan

-

27

.4

%

ABC-Mart,

Inc.

(2)(a)

223,900

4,177,375

AGC,

Inc.

(2)(a)

198,900

6,055,065

Air

Water,

Inc.

(2)(a)

255,000

3,225,216

Aisin

Corp.

(2)(a)

153,200

1,673,387

Alfresa

Holdings

Corp.

(2)(a)

231,200

3,272,645

Amada

Co.

Ltd.

(2)(a)

69,500

676,902

ANA

Holdings,

Inc.

(2)(a)

394,300

7,278,285

Asahi

Group

Holdings

Ltd.

(2)(a)

547,200

6,991,339

Asahi

Intecc

Co.

Ltd.

(2)(a)

228,400

3,689,491

Asahi

Kasei

Corp.

(2)(a)

1,578,300

11,064,927

Asics

Corp.

(2)(a)

385,000

8,164,916

Astellas

Pharma,

Inc.

(2)(a)

924,300

8,997,602

Bandai

Namco

Holdings,

Inc.

(2)(a)

378,200

12,687,655

BayCurrent,

Inc.

(2)(a)

61,200

2,652,047

Brother

Industries

Ltd.

(2)(a)

318,000

5,757,831

Canon,

Inc.

(2)(a)

270,400

8,431,930

Capcom

Co.

Ltd.

(2)(a)

209,000

5,158,446

Central

Japan

Railway

Co.

(2)(a)

843,600

16,090,953

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

1,112,900

12,066,310

Concordia

Financial

Group

Ltd.

(2)(a)

381,300

2,531,462

Cosmo

Energy

Holdings

Co.

Ltd.

(2)(a)

17,300

743,973

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

79

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

27.4%

(continued)

Cosmos

Pharmaceutical

Corp.

(2)

(a)

39,400

1,973,300

CyberAgent,

Inc.

(2)(a)

398,600

3,033,182

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

272,200

3,875,433

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

300,800

2,296,767

Daiichi

Sankyo

Co.

Ltd.

(2)(a)

737,400

17,560,357

Ebara

Corp.

(2)(a)

383,200

5,832,526

FANUC

Corp.

(2)(a)

118,000

3,215,000

Fujikura

Ltd.

(2)(a)

237,100

8,780,973

Fujitsu

Ltd.

(2)(a)

271,500

5,403,093

Fukuoka

Financial

Group,

Inc.

(2)

(a)

203,000

5,402,122

GMO

Payment

Gateway,

Inc.

(2)(a)

31,100

1,654,797

Hikari

Tsushin,

Inc.

(2)(a)

27,400

7,071,784

Hirose

Electric

Co.

Ltd.

(2)(a)

83,600

9,683,735

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

320,000

8,526,379

Honda

Motor

Co.

Ltd.

(2)(a)

2,721,300

24,626,609

Hoya

Corp.

(2)(a)

46,600

5,259,206

IHI

Corp.

(2)(a)

148,400

10,356,665

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

108,400

1,653,708

Inpex

Corp.

(2)(a)

1,805,900

25,049,270

Isetan

Mitsukoshi

Holdings

Ltd.

(2)(a)

81,600

1,183,359

Japan

Airlines

Co.

Ltd.

(2)(a)

1,024,900

17,555,868

Japan

Post

Bank

Co.

Ltd.

(2)(a)

1,819,900

18,478,500

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

933,900

9,364,606

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

34,400

701,071

Kansai

Paint

Co.

Ltd.

(2)(a)

161,200

2,304,445

Keio

Corp.

(2)(a)

97,200

2,485,828

Keyence

Corp.

(2)(a)

8,900

3,499,571

Kinden

Corp.

(2)(a)

31,200

699,639

Kirin

Holdings

Co.

Ltd.

(2)(a)

695,600

9,638,351

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)(a)

39,800

1,507,751

Kobe

Steel

Ltd.

(2)(a)

239,800

2,783,334

Komatsu

Ltd.

(2)(a)

292,300

8,559,458

Kuraray

Co.

Ltd.

(2)(a)

373,400

4,601,212

Kurita

Water

Industries

Ltd.

(2)(a)

48,000

1,484,606

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

487,300

4,255,990

Kyushu

Railway

Co.

(2)(a)

95,200

2,324,665

Lixil

Corp.

(2)(a)

452,500

5,233,598

LY

Corp.

(2)(a)

1,954,700

6,618,922

Makita

Corp.

(2)(a)

268,800

8,906,280

Marubeni

Corp.

(2)(a)

389,800

6,253,100

Mazda

Motor

Corp.

(2)(a)

700,300

4,480,772

Medipal

Holdings

Corp.

(2)(a)

219,400

3,423,209

MISUMI

Group,

Inc.

(2)(a)

605,400

10,076,696

Mitsubishi

Electric

Corp.

(2)(a)

159,100

2,934,167

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

90,800

1,418,629

Mitsubishi

Motors

Corp.

(2)(a)

1,611,600

4,443,739

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)(a)

1,560,000

21,268,757

Mitsui

OSK

Lines

Ltd.

(2)(a)

124,000

4,317,334

Mizuho

Financial

Group,

Inc.

(2)(a)

480,600

13,189,458

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

510,400

11,100,100

INVESTMENTS

SHARES

VALUE

($)

Japan

-

27.4%

(continued)

NGK

Insulators

Ltd.

(2)(a)

916,600

11,293,419

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

882,100

16,067,304

Nippon

Steel

Corp.

(2)(a)

133,300

2,852,763

Nippon

Yusen

KK

(2)(a)

686,200

22,677,604

Nisshin

Seifun

Group,

Inc.

(2)(a)

324,800

3,750,930

Niterra

Co.

Ltd.

(2)(a)

49,600

1,513,068

Nitto

Denko

Corp.

(2)(a)

310,800

5,748,732

Nomura

Holdings,

Inc.

(2)(a)

2,646,400

16,306,915

Obic

Co.

Ltd.

(2)(a)

82,200

2,370,074

Oji

Holdings

Corp.

(2)(a)

1,102,500

4,621,573

Oracle

Corp.

Japan

(2)(a)

45,700

4,809,164

ORIX

Corp.

(2)(a)

170,700

3,564,029

Otsuka

Corp.

(2)(a)

353,200

7,647,282

Panasonic

Holdings

Corp.

(2)(a)

1,423,200

16,978,069

Persol

Holdings

Co.

Ltd.

(2)(a)

7,597,300

12,658,652

Rakuten

Group,

Inc.

(2)*(a)

949,500

5,447,249

Resonac

Holdings

Corp.

(2)(a)

392,200

7,839,032

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

751,100

20,518,922

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

802,500

7,643,030

Sanwa

Holdings

Corp.

(2)(a)

176,700

5,670,201

SCREEN

Holdings

Co.

Ltd.

(2)(a)

29,100

1,898,527

Seiko

Epson

Corp.

(2)(a)

43,000

688,884

Sekisui

Chemical

Co.

Ltd.

(2)(a)

227,000

3,871,673

Shimamura

Co.

Ltd.

(2)(a)

207,100

11,869,868

Shimizu

Corp.

(2)(a)

484,900

4,315,851

Shionogi

&

Co.

Ltd.

(2)(a)

462,500

6,981,307

Shizuoka

Financial

Group,

Inc.

(2)

(a)

319,800

3,496,232

Skylark

Holdings

Co.

Ltd.

(2)(a)

290,300

5,816,888

Socionext,

Inc.

(2)(a)

1,256,000

15,251,180

SoftBank

Corp.

(2)(a)

11,910,200

16,614,435

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

579,000

4,355,385

Sojitz

Corp.

(2)(a)

396,100

8,730,142

Sompo

Holdings,

Inc.

(2)(a)

206,500

6,288,172

Sony

Group

Corp.

(2)(a)

619,500

15,675,212

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

390,100

18,120,739

Stanley

Electric

Co.

Ltd.

(2)(a)

201,800

3,806,417

Subaru

Corp.

(2)(a)

748,900

13,412,173

Sumitomo

Corp.

(2)(a)

475,300

10,845,326

Sumitomo

Electric

Industries

Ltd.

(2)(a)

531,600

8,872,362

Sumitomo

Heavy

Industries

Ltd.

(2)(a)

55,400

1,134,846

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)(a)

353,600

9,092,686

Sundrug

Co.

Ltd.

(2)(a)

123,000

3,447,753

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

66,000

2,177,450

Takeda

Pharmaceutical

Co.

Ltd.

(2)(a)

464,200

13,758,322

TBS

Holdings,

Inc.

(2)(a)

164,200

4,736,182

TIS,

Inc.

(2)(a)

62,800

1,737,858

Toho

Co.

Ltd.

(2)(a)

52,500

2,608,712

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

339,900

2,345,333

Tokyo

Century

Corp.

(2)(a)

136,100

1,333,081

80

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

27.4%

(continued)

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

3,542,800

10,198,661

Tokyo

Electron

Ltd.

(2)(a)

120,700

16,551,904

Tokyo

Gas

Co.

Ltd.

(2)(a)

77,500

2,465,323

TOPPAN

Holdings,

Inc.

(2)(a)

213,000

5,822,839

Toray

Industries,

Inc.

(2)(a)

337,300

2,305,081

Tosoh

Corp.

(2)(a)

435,500

5,992,717

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

83,000

4,912,202

Toyota

Tsusho

Corp.

(2)(a)

118,200

1,991,417

Trend

Micro,

Inc.

(2)(a)

212,400

14,338,697

USS

Co.

Ltd.

(2)(a)

1,180,500

10,972,832

Welcia

Holdings

Co.

Ltd.

(2)(a)

310,200

4,476,748

Yamaha

Corp.

(2)(a)

255,100

1,979,658

Yokogawa

Electric

Corp.

(2)(a)

290,000

5,659,640

Yokohama

Rubber

Co.

Ltd.

(The)

(2)(a)

199,200

4,593,245

Zensho

Holdings

Co.

Ltd.

(2)(a)

12,700

684,840

953,942,490

Luxembourg

-

0

.4

%

ArcelorMittal

SA

(2)(a)

444,918

12,852,156

Netherlands

-

1

.9

%

Aalberts

NV

(2)(a)

42,851

1,461,044

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

610,123

12,856,134

Aegon

Ltd.

(2)(a)

400,573

2,630,897

Argenx

SE

(2)*(a)

8,681

5,122,625

JDE

Peet's

NV

(2)(a)

72,821

1,592,124

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

212,464

7,936,606

Koninklijke

KPN

NV

(2)(a)

1,265,533

5,360,367

Koninklijke

Philips

NV

(2)*(a)

208,344

5,304,047

Koninklijke

Vopak

NV

(2)(a)

74,129

3,220,517

NN

Group

NV

(2)(a)

357,568

19,897,148

SBM

Offshore

NV

(2)(a)

95,571

2,036,509

67,418,018

New

Zealand

-

0

.3

%

Xero

Ltd.

(2)*(a)

100,900

9,862,323

Norway

-

0

.6

%

DNB

Bank

ASA

(2)(a)

116,118

3,055,376

Equinor

ASA

(2)(a)

426,048

11,251,395

Kongsberg

Gruppen

ASA

(2)(a)

24,214

3,550,139

Norsk

Hydro

ASA

(2)(a)

132,816

767,809

Telenor

ASA

(2)(a)

199,665

2,853,009

21,477,728

Portugal

-

0

.2

%

EDP

SA

2,275,420

7,656,801

Singapore

-

0

.5

%

Grab

Holdings

Ltd.,

Class

A

*(a)(c)

1,822,088

8,254,059

Sea

Ltd.,

ADR

*(a)(c)

59,098

7,711,698

United

Overseas

Bank

Ltd.

(2)

89,100

2,514,091

18,479,848

South

Korea

-

0

.1

%

Delivery

Hero

SE

(2)*(a)(b)

131,600

3,155,456

INVESTMENTS

SHARES

VALUE

($)

Spain

-

1

.7

%

Acerinox

SA

(2)(a)

434,278

5,087,256

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

79,921

4,574,142

Aena

SME

SA

(2)(a)(b)

33,061

7,756,247

Banco

Santander

SA

(2)(a)

2,583,305

17,403,503

Bankinter

SA

(2)(a)

160,546

1,784,498

Enagas

SA

(2)(a)

703,553

10,128,612

Endesa

SA

(a)

40,329

1,068,390

Grifols

SA

(2)*(a)

216,312

1,925,814

Mapfre

SA

(2)(a)

2,099,395

6,468,171

Repsol

SA

(2)(a)

327,022

4,342,044

60,538,677

Sweden

-

2

.6

%

AAK

AB

(2)(a)

88,830

2,479,329

Alfa

Laval

AB

(2)(a)

145,652

6,244,848

Autoliv,

Inc.

(a)(c)

31,646

2,799,089

Boliden

AB

(2)(a)

51,454

1,688,342

Electrolux

AB,

Class

B

(2)*(a)

1,252,872

10,259,134

Essity

AB,

Class

B

(2)(a)

158,565

4,505,027

Evolution

AB

(2)(a)(b)

89,325

6,655,533

Getinge

AB,

Class

B

(2)(a)

131,603

2,836,541

Nibe

Industrier

AB,

Class

B

(2)(a)

266,102

1,012,120

Skanska

AB,

Class

B

(2)*(a)

50,285

1,109,843

SKF

AB,

Class

B

(2)*(a)

96,408

1,953,089

SSAB

AB,

Class

B

(2)(a)

366,412

2,232,599

Svenska

Handelsbanken

AB,

Class

A

(2)(a)

470,717

5,319,815

Swedbank

AB,

Class

A

(2)(a)

254,706

5,800,799

Swedish

Orphan

Biovitrum

AB

(2)*(a)

24,871

712,709

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)(a)

1,990,675

15,488,960

Telia

Co.

AB

(a)

1,669,885

6,028,784

Trelleborg

AB,

Class

B

(2)(a)

145,255

5,402,272

Volvo

AB,

Class

B

(2)*(a)

240,279

7,049,391

89,578,224

Switzerland

-

3

.6

%

ABB

Ltd.

(Registered)

(2)(a)

164,192

8,471,972

Adecco

Group

AG

(Registered)

(2)(a)

215,272

6,473,376

Baloise

Holding

AG

(Registered)

(2)(a)

4,719

990,401

Belimo

Holding

AG

(Registered)

(2)(a)

5,040

3,107,232

DSM-Firmenich

AG

(2)(a)

72,794

7,206,469

Flughafen

Zurich

AG

(Registered)

(2)(a)

7,068

1,676,738

Geberit

AG

(Registered)

(2)(a)

5,120

3,207,612

Givaudan

SA

(Registered)

(a)

2,201

9,448,850

Julius

Baer

Group

Ltd.

(2)(a)

73,322

5,082,390

Kuehne

+

Nagel

International

AG

(Registered)

(2)(a)

10,803

2,494,745

Logitech

International

SA

(Registered)

(2)(a)

206,493

17,497,228

Lonza

Group

AG

(Registered)

(2)

(a)

13,504

8,342,365

SGS

SA

(Registered)

(2)(a)

42,604

4,245,011

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

81

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

3.6%

(continued)

Swissquote

Group

Holding

SA

(Registered)

(2)(a)

2,021

872,945

TE

Connectivity

plc

(a)

40,622

5,740,701

Ypsomed

Holding

AG

(Registered)

(2)(a)

3,070

1,188,366

Zurich

Insurance

Group

AG

(2)(a)

58,039

40,511,694

126,558,095

United

Kingdom

-

7

.8

%

Aberdeen

Group

plc

(2)(a)

907,013

1,818,990

Auto

Trader

Group

plc

(2)(a)(b)

334,934

3,238,683

Aviva

plc

(2)(a)

719,237

5,183,612

B&M

European

Value

Retail

SA

(2)(a)

1,194,646

4,035,393

Barclays

plc

(2)(a)

4,361,976

16,401,179

Beazley

plc

(2)(a)

144,839

1,744,404

Bellway

plc

(2)(a)

109,049

3,360,451

British

American

Tobacco

plc

(2)(a)

197,877

8,117,781

BT

Group

plc

(2)(a)

2,118,721

4,544,571

Burberry

Group

plc

(2)(a)

534,952

5,388,493

Centrica

plc

(2)(a)

7,157,694

13,859,099

CK

Hutchison

Holdings

Ltd.

(2)(a)

1,164,500

6,564,215

Compass

Group

plc

(2)(a)

131,138

4,337,560

DCC

plc

(2)(a)

38,701

2,586,460

easyJet

plc

(2)(a)

1,076,098

6,187,696

Flutter

Entertainment

plc

*(a)(c)

43,640

9,668,442

Hiscox

Ltd.

(a)

282,840

4,296,617

HSBC

Holdings

plc

(2)(a)

497,399

5,638,756

IMI

plc

(2)(a)

86,880

2,137,160

Imperial

Brands

plc

(2)(a)

201,173

7,443,778

Inchcape

plc

(a)

78,402

678,548

InterContinental

Hotels

Group

plc

(2)(a)

48,477

5,219,529

Intermediate

Capital

Group

plc

(2)

(a)

210,759

5,367,881

International

Distribution

Services

plc

(a)

1,159,272

5,435,887

Intertek

Group

plc

(2)(a)

33,997

2,210,632

ITV

plc

(2)(a)

5,567,262

5,720,840

Johnson

Matthey

plc

(2)(a)

174,430

2,998,361

Kingfisher

plc

(2)(a)

443,103

1,459,585

Lloyds

Banking

Group

plc

(2)(a)

1,484,725

1,392,548

M&G

plc

(2)(a)

397,824

1,024,775

Marks

&

Spencer

Group

plc

(2)(a)

1,957,855

9,039,130

NatWest

Group

plc

(2)(a)

3,534,368

20,868,290

Ocado

Group

plc

(2)*(a)

953,234

3,490,426

Pearson

plc

(2)(a)

198,677

3,142,964

Rightmove

plc

(2)(a)

947,105

8,432,212

Rolls-Royce

Holdings

plc

(2)*(a)

1,517,778

14,751,842

Rotork

plc

(2)(a)

247,251

1,005,059

Smiths

Group

plc

(2)(a)

27,904

700,195

St

James's

Place

plc

(2)(a)

133,495

1,696,974

Standard

Chartered

plc

(2)(a)

535,251

7,942,790

Subsea

7

SA

(2)(a)

87,777

1,403,470

Tate

&

Lyle

plc

(a)

104,357

697,606

TechnipFMC

plc

(a)

639,244

20,257,643

Tesco

plc

(2)(a)

2,323,309

9,995,539

Vodafone

Group

plc

(2)(a)

16,822,169

15,806,465

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

7.8%

(continued)

Weir

Group

plc

(The)

(2)(a)

110,374

3,334,324

270,626,855

United

States

-

118

.1

%

3M

Co.

(a)(c)

169,821

24,939,912

Abbott

Laboratories

(a)

59,999

7,958,867

Abercrombie

&

Fitch

Co.,

Class

A

*(a)(c)

244,566

18,677,505

Acuity,

Inc.

(a)

21,576

5,682,040

Adobe,

Inc.

*(a)

108,762

41,713,490

ADT,

Inc.

(a)

598,633

4,872,873

AECOM

(a)

42,893

3,977,468

AES

Corp.

(The)

(a)

242,917

3,017,029

Agilent

Technologies,

Inc.

(a)

35,253

4,123,896

Agree

Realty

Corp.,

REIT

(a)

60,155

4,643,364

Airbnb,

Inc.,

Class

A

*(a)(c)

288,001

34,404,599

Alaska

Air

Group,

Inc.

*(a)(c)

308,517

15,185,207

Albertsons

Cos.,

Inc.,

Class

A

(a)

(c)

83,429

1,834,604

Alcoa

Corp.

(a)(c)

28,653

873,917

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(a)

195,734

18,107,352

Align

Technology,

Inc.

*(a)

51,279

8,146,182

Allegion

plc

(a)

76,841

10,024,677

ALLETE,

Inc.

(a)

15,076

990,493

Allison

Transmission

Holdings,

Inc.

(a)

84,146

8,050,248

Ally

Financial,

Inc.

(a)

72,255

2,635,140

Alnylam

Pharmaceuticals,

Inc.

*(a)

(c)

30,939

8,354,149

Altria

Group,

Inc.

(a)(c)

303,969

18,244,219

Amazon.com,

Inc.

*(a)

57,171

10,877,354

Amcor

plc

(a)

819,615

7,950,266

Amdocs

Ltd.

(a)

45,341

4,148,702

American

Financial

Group,

Inc.

(a)

(c)

53,690

7,051,645

American

International

Group,

Inc.

(a)(c)

197,349

17,157,522

Ameriprise

Financial,

Inc.

(a)(c)

19,498

9,439,177

Amphenol

Corp.,

Class

A

(a)

235,633

15,455,168

Antero

Resources

Corp.

*(a)

26,204

1,059,690

APA

Corp.

(a)

35,272

741,417

Apellis

Pharmaceuticals,

Inc.

*(a)

(c)

227,563

4,976,803

AptarGroup,

Inc.

(a)(c)

5,647

837,902

Arista

Networks,

Inc.

*(a)(c)

370,635

28,716,800

Ashland,

Inc.

(a)(c)

124,947

7,408,108

Associated

Banc-Corp.

(a)

291,516

6,567,855

Assurant,

Inc.

(a)

14,288

2,996,908

Assured

Guaranty

Ltd.

(a)(c)

65,408

5,762,445

AT&T,

Inc.

(a)

867,023

24,519,410

Atlassian

Corp.,

Class

A

*(a)

90,734

19,254,662

Atmos

Energy

Corp.

(a)(c)

42,194

6,522,349

Autodesk,

Inc.

*(a)

47,171

12,349,368

AutoNation,

Inc.

*(a)

37,387

6,053,703

Avnet,

Inc.

(a)(c)

15,069

724,668

Axalta

Coating

Systems

Ltd.

*(a)(c)

33,437

1,109,105

Axis

Capital

Holdings

Ltd.

(a)

191,091

19,154,962

Baker

Hughes

Co.,

Class

A

(a)(c)

356,016

15,646,903

Bank

of

America

Corp.

(a)

379,187

15,823,474

82

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

Bank

of

New

York

Mellon

Corp.

(The)

(a)(c)

47,505

3,984,244

Bank

OZK

(a)

145,316

6,313,980

Bath

&

Body

Works,

Inc.

(a)(c)

376,108

11,403,595

Becton

Dickinson

&

Co.

(a)(c)

37,873

8,675,189

BellRing

Brands,

Inc.

*(a)

73,245

5,453,823

Best

Buy

Co.,

Inc.

(a)(c)

218,901

16,113,303

Biogen,

Inc.

*(a)

69,323

9,486,159

BioMarin

Pharmaceutical,

Inc.

*(a)

(c)

181,758

12,848,473

BJ's

Wholesale

Club

Holdings,

Inc.

*(a)(c)

94,055

10,731,676

Black

Hills

Corp.

(a)

61,663

3,739,861

BOK

Financial

Corp.

(a)

41,946

4,368,676

Booking

Holdings,

Inc.

(a)(c)

3,939

18,146,618

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(a)

162,544

16,998,852

Boston

Scientific

Corp.

*(a)

31,200

3,147,456

BP

plc

(2)(a)

3,840,602

21,551,365

Bright

Horizons

Family

Solutions,

Inc.

*(a)

36,144

4,591,734

Brighthouse

Financial,

Inc.

*(a)

53,577

3,106,930

Brink's

Co.

(The)

(a)(c)

11,664

1,004,970

Bristol-Myers

Squibb

Co.

(a)

166,968

10,183,378

Brixmor

Property

Group,

Inc.,

REIT

(a)

124,421

3,303,378

Broadcom,

Inc.

(a)

43,488

7,281,196

Broadridge

Financial

Solutions,

Inc.

(a)

28,573

6,927,810

Capital

One

Financial

Corp.

(a)

82,823

14,850,164

Cardinal

Health,

Inc.

(a)

37,838

5,212,941

CarMax,

Inc.

*(a)(c)

151,430

11,799,426

Carnival

Corp.

*(a)(c)

352,724

6,888,700

CBRE

Group,

Inc.,

Class

A

*(a)(c)

39,762

5,200,074

Celsius

Holdings,

Inc.

*(a)(c)

135,608

4,830,357

Centene

Corp.

*(a)

652,536

39,615,461

CF

Industries

Holdings,

Inc.

(a)(c)

101,170

7,906,436

Charles

Schwab

Corp.

(The)

(a)

244,510

19,140,243

Cheniere

Energy,

Inc.

(a)(c)

53,806

12,450,708

Chewy,

Inc.,

Class

A

*(a)

174,974

5,688,405

Chubb

Ltd.

(a)(c)

21,996

6,642,572

Cigna

Group

(The)

(a)(c)

22,933

7,544,957

Cincinnati

Financial

Corp.

(a)

79,409

11,730,297

Cirrus

Logic,

Inc.

*(a)

46,176

4,601,669

Citigroup,

Inc.

(a)(c)

362,830

25,757,302

Citizens

Financial

Group,

Inc.

(a)

(c)

422,697

17,317,896

Clean

Harbors,

Inc.

*(a)

5,665

1,116,572

Cleveland-Cliffs,

Inc.

*(a)(c)

76,134

625,821

Clorox

Co.

(The)

(a)

74,611

10,986,470

Cloudflare,

Inc.,

Class

A

*(a)(c)

58,308

6,570,729

CME

Group,

Inc.

(a)

91,460

24,263,423

CNA

Financial

Corp.

(a)

74,912

3,804,780

CNO

Financial

Group,

Inc.

(a)

63,680

2,652,272

Coca-Cola

Co.

(The)

(a)(c)

36,057

2,582,402

Coca-Cola

Consolidated,

Inc.

(a)

4,344

5,864,400

Coherent

Corp.

*(a)(c)

33,766

2,192,764

Colgate-Palmolive

Co.

(a)

123,592

11,580,570

Comcast

Corp.,

Class

A

(a)

697,934

25,753,765

Comfort

Systems

USA,

Inc.

(a)(c)

50,670

16,332,461

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

Commerce

Bancshares,

Inc.

(a)(c)

17,814

1,108,565

Commvault

Systems,

Inc.

*(a)(c)

62,004

9,781,751

Concentrix

Corp.

(a)

297,185

16,535,373

ConocoPhillips

(a)(c)

229,606

24,113,222

Consolidated

Edison,

Inc.

(a)

56,436

6,241,257

COPT

Defense

Properties,

REIT

(a)

87,272

2,379,907

Corebridge

Financial,

Inc.

(a)

420,316

13,269,376

Corpay,

Inc.

*(a)(c)

10,725

3,740,022

Costco

Wholesale

Corp.

(a)

21,849

20,664,347

Crane

Co.

(a)(c)

14,608

2,237,653

CRH

plc

(a)

153,568

13,509,377

Crown

Castle,

Inc.,

REIT

(a)

54,762

5,707,843

Crown

Holdings,

Inc.

(a)(c)

179,509

16,022,973

Cummins,

Inc.

(a)

47,733

14,961,432

Curtiss-Wright

Corp.

(a)

23,850

7,566,890

CVS

Health

Corp.

(a)

294,092

19,924,733

Danaher

Corp.

(a)

43,123

8,840,215

Darden

Restaurants,

Inc.

(a)

4,454

925,363

Darling

Ingredients,

Inc.

*(a)(c)

99,762

3,116,565

Datadog,

Inc.,

Class

A

*(a)

61,517

6,103,102

Delta

Air

Lines,

Inc.

(a)(c)

389,599

16,986,516

DENTSPLY

SIRONA,

Inc.

(a)

704,997

10,532,655

Devon

Energy

Corp.

(a)

283,859

10,616,327

Dexcom,

Inc.

*(a)(c)

73,764

5,037,344

Docusign,

Inc.,

Class

A

*(a)(c)

102,633

8,354,326

Dolby

Laboratories,

Inc.,

Class

A

(a)

94,612

7,598,290

Dominion

Energy,

Inc.

(a)(c)

278,036

15,589,479

Donaldson

Co.,

Inc.

(a)

53,036

3,556,594

DoorDash,

Inc.,

Class

A

*(a)(c)

77,752

14,210,733

DoubleVerify

Holdings,

Inc.

*(a)(c)

50,141

670,385

DraftKings,

Inc.,

Class

A

*(a)

372,464

12,369,529

DT

Midstream,

Inc.

(a)(c)

21,494

2,073,741

DTE

Energy

Co.

(a)

110,267

15,246,618

DuPont

de

Nemours,

Inc.

(a)(c)

57,897

4,323,748

Dutch

Bros,

Inc.,

Class

A

*(a)

42,430

2,619,628

East

West

Bancorp,

Inc.

(a)(c)

55,342

4,967,498

Ecolab,

Inc.

(a)(c)

13,596

3,446,858

Edwards

Lifesciences

Corp.

*(a)

93,832

6,800,943

Elastic

NV

*(a)

111,276

9,914,692

Electronic

Arts,

Inc.

(a)

118,207

17,083,276

Element

Solutions,

Inc.

(a)(c)

198,255

4,482,546

Elevance

Health,

Inc.

(a)(c)

29,234

12,715,621

Eli

Lilly

&

Co.

(a)

7,363

6,081,175

EMCOR

Group,

Inc.

(a)(c)

26,739

9,883,537

Encompass

Health

Corp.

(a)

64,915

6,574,591

EnerSys

(a)

34,952

3,200,904

Enphase

Energy,

Inc.

*(a)(c)

68,655

4,260,043

EOG

Resources,

Inc.

(a)

5,837

748,537

EPAM

Systems,

Inc.

*(a)

11,900

2,009,196

EPR

Properties,

REIT

(a)

104,631

5,504,637

Equitable

Holdings,

Inc.

(a)

13,844

721,134

Equity

LifeStyle

Properties,

Inc.,

REIT

(a)

84,348

5,626,012

Essent

Group

Ltd.

(a)

71,522

4,128,250

Etsy,

Inc.

*(a)

351,089

16,564,379

Euronet

Worldwide,

Inc.

*(a)(c)

51,045

5,454,158

Evercore,

Inc.,

Class

A

(a)

67,390

13,459,131

Everest

Group

Ltd.

(a)(c)

3,903

1,418,077

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

83

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

Evergy,

Inc.

(a)(c)

119,468

8,237,319

Eversource

Energy

(a)(c)

70,768

4,395,400

Exact

Sciences

Corp.

*(a)(c)

74,976

3,245,711

Exelixis,

Inc.

*(a)(c)

320,192

11,821,489

Exelon

Corp.

(a)

103,546

4,771,400

Expedia

Group,

Inc.

(a)

67,529

11,351,625

Extra

Space

Storage,

Inc.,

REIT

(a)(c)

158,450

23,528,241

F5,

Inc.

*(a)(c)

8,870

2,361,815

Fair

Isaac

Corp.

*(a)

514

947,898

Federal

Realty

Investment

Trust,

REIT

(a)

23,996

2,347,289

Federated

Hermes,

Inc.,

Class

B

(a)

205,135

8,363,354

FedEx

Corp.

(a)

2,947

718,420

Ferguson

Enterprises,

Inc.

(a)

61,947

9,925,768

Fidelity

National

Financial,

Inc.

(a)

168,420

10,960,774

Fidelity

National

Information

Services,

Inc.

(a)(c)

74,957

5,597,789

First

American

Financial

Corp.

(a)

39,060

2,563,508

First

Hawaiian,

Inc.

(a)(c)

38,459

939,938

First

Horizon

Corp.

(a)

426,444

8,281,542

Five

Below,

Inc.

*(a)(c)

9,510

712,537

Flowserve

Corp.

(a)

256,618

12,533,223

FMC

Corp.

(a)

344,102

14,517,663

FNB

Corp.

(a)(c)

304,771

4,099,170

Fortinet,

Inc.

*(a)(c)

237,381

22,850,295

Freeport-McMoRan,

Inc.

(a)

76,550

2,898,183

Gap,

Inc.

(The)

(a)

74,753

1,540,659

Garmin

Ltd.

(a)

90,055

19,553,642

Gartner,

Inc.

*(a)

6,947

2,915,934

Gates

Industrial

Corp.

plc

*(a)

395,231

7,276,203

GE

Aerospace

(a)(c)

100,259

20,066,839

GE

Vernova,

Inc.

(a)

45,091

13,765,380

Gen

Digital,

Inc.

(a)(c)

126,067

3,345,818

General

Motors

Co.

(a)

850,657

40,006,399

Gilead

Sciences,

Inc.

(a)

38,634

4,328,940

Gitlab,

Inc.,

Class

A

*(a)(c)

133,544

6,276,568

Global

Payments,

Inc.

(a)

93,773

9,182,252

Globe

Life,

Inc.

(a)

48,665

6,410,154

GoDaddy,

Inc.,

Class

A

*(a)

53,348

9,610,109

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)(c)

359,120

3,318,269

Graham

Holdings

Co.,

Class

B

(a)

5,004

4,808,143

GRAIL,

Inc.

*

110,384

2,819,207

Grand

Canyon

Education,

Inc.

*(a)

40,786

7,056,794

GSK

plc

(2)(a)

174,641

3,337,425

Guidewire

Software,

Inc.

*(a)(c)

68,246

12,786,571

Halliburton

Co.

(a)(c)

321,963

8,168,201

Hancock

Whitney

Corp.

(a)(c)

46,345

2,430,795

Hanover

Insurance

Group,

Inc.

(The)

(a)(c)

12,051

2,096,271

Hartford

Insurance

Group,

Inc.

(The)

(a)

14,838

1,835,906

Hasbro,

Inc.

(a)

54,437

3,347,331

Hayward

Holdings,

Inc.

*(a)(c)

237,891

3,311,443

HCA

Healthcare,

Inc.

(a)(c)

15,638

5,403,711

HealthEquity,

Inc.

*(a)(c)

63,630

5,622,983

Healthpeak

Properties,

Inc.,

REIT

(a)(c)

207,239

4,190,373

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

Hewlett

Packard

Enterprise

Co.

(a)(c)

697,043

10,755,373

Hexcel

Corp.

(a)

46,536

2,548,311

HF

Sinclair

Corp.

(a)

464,095

15,259,444

Hilton

Worldwide

Holdings,

Inc.

(a)(c)

86,096

19,591,145

Holcim

AG

(2)(a)

120,145

12,929,190

Home

BancShares,

Inc.

(a)(c)

73,231

2,070,240

Host

Hotels

&

Resorts,

Inc.,

REIT

(a)

229,968

3,267,845

Howard

Hughes

Holdings,

Inc.

*(a)

18,036

1,336,107

Howmet

Aerospace,

Inc.

(a)(c)

79,913

10,367,113

HubSpot,

Inc.

*(a)(c)

27,522

15,723,043

Humana,

Inc.

(a)

79,115

20,933,829

Huntington

Bancshares,

Inc.

(a)

963,880

14,467,839

Huntsman

Corp.

(a)(c)

959,413

15,149,131

IDEXX

Laboratories,

Inc.

*(a)(c)

15,745

6,612,113

Illinois

Tool

Works,

Inc.

(a)

52,074

12,914,873

Illumina,

Inc.

*(a)(c)

203,619

16,155,131

Incyte

Corp.

*(a)(c)

454,937

27,546,435

Ingredion,

Inc.

(a)

11,235

1,519,084

Inspire

Medical

Systems,

Inc.

*(a)

(c)

34,202

5,447,695

International

Bancshares

Corp.

(a)

11,521

726,514

Intuit,

Inc.

(a)

10,536

6,468,999

Invesco

Ltd.

(a)

1,099,073

16,672,937

IPG

Photonics

Corp.

*(a)(c)

56,889

3,591,971

IQVIA

Holdings,

Inc.

*(a)(c)

67,532

11,905,892

Iridium

Communications,

Inc.

(a)(c)

52,652

1,438,453

ITT,

Inc.

(a)(c)

35,679

4,608,300

Jabil,

Inc.

(a)

17,661

2,403,132

Jacobs

Solutions,

Inc.

(a)

42,586

5,148,222

Janus

Henderson

Group

plc

(a)

21,052

761,030

Jazz

Pharmaceuticals

plc

*(a)(c)

31,014

3,850,388

JB

Hunt

Transport

Services,

Inc.

(a)

73,998

10,948,004

Johnson

&

Johnson

(a)(c)

137,090

22,735,006

Johnson

Controls

International

plc

(a)

163,427

13,092,137

JPMorgan

Chase

&

Co.

(a)

19,457

4,772,802

KB

Home

(a)(c)

156,190

9,077,763

KBR,

Inc.

(a)(c)

61,087

3,042,743

Kemper

Corp.

(a)

102,471

6,850,186

Keurig

Dr

Pepper,

Inc.

(a)

178,409

6,105,156

Kilroy

Realty

Corp.,

REIT

(a)

38,995

1,277,476

Kirby

Corp.

*(a)(c)

55,012

5,556,762

KLA

Corp.

(a)

1,051

714,470

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(a)(c)

197,344

8,582,491

Kyndryl

Holdings,

Inc.

*(a)(c)

155,975

4,897,615

Labcorp

Holdings,

Inc.

(a)(c)

43,405

10,102,080

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

83,307

9,478,670

Lear

Corp.

(a)

84,683

7,470,734

Leidos

Holdings,

Inc.

(a)

27,609

3,725,558

Lennox

International,

Inc.

(a)

6,984

3,916,837

Light

&

Wonder,

Inc.

*(a)(c)

30,487

2,640,479

Lincoln

National

Corp.

(a)

204,828

7,355,373

LivaNova

plc

*(a)

201,224

7,904,079

Lockheed

Martin

Corp.

(a)

40,734

18,196,285

84

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

Loews

Corp.

(a)(c)

37,505

3,447,085

Louisiana-Pacific

Corp.

(a)

41,636

3,829,679

Lululemon

Athletica,

Inc.

*(a)(c)

11,027

3,121,303

Lyft,

Inc.,

Class

A

*(a)

505,756

6,003,324

LyondellBasell

Industries

NV,

Class

A

(a)(c)

125,531

8,837,382

Manhattan

Associates,

Inc.

*(a)

66,932

11,581,913

ManpowerGroup,

Inc.

(a)

83,605

4,839,057

Marathon

Petroleum

Corp.

(a)

74,068

10,790,967

Markel

Group,

Inc.

*(a)(c)

829

1,549,907

MarketAxess

Holdings,

Inc.

(a)

13,844

2,995,149

Marvell

Technology,

Inc.

(a)

192,390

11,845,452

Masco

Corp.

(a)

75,105

5,222,802

MasTec,

Inc.

*(a)

87,754

10,241,769

Matador

Resources

Co.

(a)(c)

72,492

3,703,616

Mattel,

Inc.

*(a)

704,454

13,687,541

Maximus,

Inc.

(a)(c)

131,830

8,989,488

McCormick

&

Co.,

Inc.

(Non-

Voting)

(a)

34,383

2,830,065

McKesson

Corp.

(a)(c)

16,771

11,286,715

Medical

Properties

Trust,

Inc.,

REIT

(a)

283,237

1,707,919

Medpace

Holdings,

Inc.

*(a)(c)

23,232

7,078,558

Medtronic

plc

(a)

124,655

11,201,498

Merck

&

Co.,

Inc.

(a)

355,191

31,881,944

MetLife,

Inc.

(a)(c)

131,593

10,565,602

MGIC

Investment

Corp.

(a)

151,345

3,750,329

MGM

Resorts

International

*(a)(c)

286,011

8,477,366

Millrose

Properties,

Inc.,

Class

A,

REIT

*(a)

256,254

6,793,294

Mohawk

Industries,

Inc.

*(a)

7,721

881,584

Molina

Healthcare,

Inc.

*(a)(c)

58,403

19,237,364

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

139,206

8,473,469

Mosaic

Co.

(The)

(a)

48,875

1,320,114

MSCI,

Inc.,

Class

A

(a)

48,462

27,405,261

Mueller

Industries,

Inc.

(a)(c)

64,110

4,881,335

Murphy

Oil

Corp.

(a)(c)

201,130

5,712,092

Natera,

Inc.

*(a)(c)

65,895

9,318,212

National

Fuel

Gas

Co.

(a)

100,402

7,950,834

NetApp,

Inc.

(a)

7,878

692,004

Netflix,

Inc.

*(a)

10,888

10,153,387

Neurocrine

Biosciences,

Inc.

*(a)

23,726

2,624,096

New

Jersey

Resources

Corp.

(a)

113,021

5,544,810

New

York

Times

Co.

(The),

Class

A

(a)

146,799

7,281,230

Newell

Brands,

Inc.

(a)(c)

1,104,180

6,845,916

News

Corp.,

Class

A

(a)

229,406

6,244,431

Nexstar

Media

Group,

Inc.,

Class

A

(a)(c)

13,179

2,361,940

NEXTracker,

Inc.,

Class

A

*(a)

32,017

1,349,196

NiSource,

Inc.

(a)

202,206

8,106,439

NNN

REIT,

Inc.,

REIT

(a)

146,549

6,250,315

Norfolk

Southern

Corp.

(a)(c)

25,464

6,031,148

Northern

Trust

Corp.

(a)(c)

38,262

3,774,546

Northrop

Grumman

Corp.

(a)(c)

59,720

30,577,237

Northwestern

Energy

Group,

Inc.

(a)

21,835

1,263,591

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(c)

124,102

2,352,974

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

NOV,

Inc.

(a)(c)

531,312

8,086,569

Novartis

AG

(Registered)

(2)(a)

401,540

44,598,966

Nutanix,

Inc.,

Class

A

*(a)(c)

153,302

10,702,013

NVIDIA

Corp.

(a)(c)

88,485

9,590,004

Occidental

Petroleum

Corp.

(a)(c)

53,483

2,639,921

OGE

Energy

Corp.

(a)

23,861

1,096,652

Okta,

Inc.,

Class

A

*(a)(c)

71,671

7,541,223

Old

Republic

International

Corp.

(a)

244,517

9,589,957

Ollie's

Bargain

Outlet

Holdings,

Inc.

*(a)(c)

48,855

5,684,768

Omega

Healthcare

Investors,

Inc.,

REIT

(a)(c)

326,730

12,441,878

Omnicom

Group,

Inc.

(a)

130,971

10,858,806

OneMain

Holdings,

Inc.

(a)(c)

79,327

3,877,504

O'Reilly

Automotive,

Inc.

*(a)

3,363

4,817,767

Oshkosh

Corp.

(a)

102,314

9,625,701

Ovintiv,

Inc.

(a)

356,777

15,270,056

Owens

Corning

(a)

44,387

6,339,351

Packaging

Corp.

of

America

(a)

47,370

9,380,207

Palantir

Technologies,

Inc.,

Class

A

*(a)

34,040

2,872,976

Palo

Alto

Networks,

Inc.

*(a)(c)

67,525

11,522,466

Paramount

Global,

Class

B

(a)

60,817

727,371

PayPal

Holdings,

Inc.

*(a)

318,916

20,809,269

Pegasystems,

Inc.

(a)

85,649

5,954,318

Penske

Automotive

Group,

Inc.

(a)

34,539

4,972,925

Pentair

plc

(a)

65,037

5,689,437

Penumbra,

Inc.

*(a)

18,160

4,856,166

PepsiCo,

Inc.

(a)

132,242

19,828,365

Pfizer,

Inc.

(a)

626,595

15,877,917

PG&E

Corp.

(a)

1,431,717

24,596,898

Philip

Morris

International,

Inc.

(a)

(c)

127,461

20,231,885

Pilgrim's

Pride

Corp.

*(a)

31,523

1,718,319

Pinterest,

Inc.,

Class

A

*(a)

432,483

13,406,973

PNC

Financial

Services

Group,

Inc.

(The)

(a)

156,929

27,583,410

Popular,

Inc.

(a)

73,911

6,827,159

Portland

General

Electric

Co.

(a)

279,220

12,453,212

PotlatchDeltic

Corp.,

REIT

(a)(c)

74,739

3,372,224

Primerica,

Inc.

(a)

17,545

4,992,079

Principal

Financial

Group,

Inc.

(a)

(c)

94,971

8,012,703

Progressive

Corp.

(The)

(a)

29,072

8,227,667

Prologis,

Inc.,

REIT

(a)(c)

27,095

3,028,950

Prosperity

Bancshares,

Inc.

(a)

116,860

8,340,298

QIAGEN

NV

(2)*(a)

3,782

150,250

QUALCOMM,

Inc.

(a)

52,138

8,008,918

Qualys,

Inc.

*(a)(c)

56,384

7,100,437

QuidelOrtho

Corp.

*(a)

186,946

6,537,502

Ralph

Lauren

Corp.,

Class

A

(a)

99,806

22,031,176

Range

Resources

Corp.

(a)(c)

31,703

1,265,901

Raymond

James

Financial,

Inc.

(a)

9,059

1,258,386

Regeneron

Pharmaceuticals,

Inc.

(a)

15,776

10,005,612

Reinsurance

Group

of

America,

Inc.

(a)

60,689

11,949,664

ResMed,

Inc.

(a)(c)

15,348

3,435,650

Robert

Half,

Inc.

(a)

13,477

735,170

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

85

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

ROBLOX

Corp.,

Class

A

*(a)

443,333

25,841,881

Roche

Holding

AG

(2)(a)

66,185

21,783,312

Roku,

Inc.,

Class

A

*(a)

57,970

4,083,407

Ross

Stores,

Inc.

(a)

5,823

744,121

Royal

Gold,

Inc.

(a)

101,598

16,612,289

Royalty

Pharma

plc,

Class

A

(a)

161,205

5,018,312

S&P

Global,

Inc.

(a)

12,206

6,201,869

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(c)

52,457

916,424

Samsara,

Inc.,

Class

A

*(a)(c)

76,235

2,922,088

SBA

Communications

Corp.,

REIT

(a)(c)

44,380

9,764,044

Schlumberger

NV

(a)(c)

108,235

4,524,223

Schneider

Electric

SE

(2)(a)

12,194

2,814,929

Science

Applications

International

Corp.

(a)

82,898

9,306,958

Seagate

Technology

Holdings

plc

(a)(c)

88,081

7,482,481

Selective

Insurance

Group,

Inc.

(a)

81,005

7,415,198

SentinelOne,

Inc.,

Class

A

*(a)(c)

297,031

5,400,024

Service

Corp.

International

(a)

73,184

5,869,357

ServiceNow,

Inc.

*(a)(c)

16,128

12,840,146

Shell

plc

(2)(a)

420,948

15,322,645

Signify

NV

(2)(a)(b)

380,602

8,263,658

Sirius

XM

Holdings,

Inc.

(a)(c)

201,409

4,540,766

Skyworks

Solutions,

Inc.

(a)(c)

115,964

7,494,753

SLM

Corp.

(a)(c)

155,224

4,558,929

Snap,

Inc.,

Class

A

*(a)(c)

1,359,710

11,843,074

Snap-on,

Inc.

(a)(c)

5,024

1,693,138

Snowflake,

Inc.,

Class

A

*(a)(c)

155,821

22,774,797

Spectrum

Brands

Holdings,

Inc.

(a)(c)

51,230

3,665,507

Sprouts

Farmers

Market,

Inc.

*(a)

(c)

8,680

1,324,915

SS&C

Technologies

Holdings,

Inc.

(a)(c)

150,723

12,589,892

Stanley

Black

&

Decker,

Inc.

(a)(c)

19,621

1,508,462

State

Street

Corp.

(a)

51,568

4,616,883

Steel

Dynamics,

Inc.

(a)

38,078

4,762,796

Stifel

Financial

Corp.

(a)

134,581

12,685,605

Swiss

Re

AG

(2)(a)

29,721

5,057,886

Synchrony

Financial

(a)(c)

120,058

6,355,871

Synovus

Financial

Corp.

(a)(c)

291,291

13,614,941

Tapestry,

Inc.

(a)

283,607

19,968,769

Targa

Resources

Corp.

(a)(c)

25,204

5,052,646

Target

Corp.

(a)

92,757

9,680,121

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

91,419

5,488,797

TD

SYNNEX

Corp.

(a)

67,881

7,056,909

Tenet

Healthcare

Corp.

*(a)

75,239

10,119,646

Teradyne,

Inc.

(a)(c)

85,928

7,097,653

Texas

Capital

Bancshares,

Inc.

*(a)(c)

190,283

14,214,140

Texas

Pacific

Land

Corp.

(a)(c)

3,662

4,852,113

Texas

Roadhouse,

Inc.,

Class

A

(a)

135,755

22,620,856

Thermo

Fisher

Scientific,

Inc.

(a)

15,756

7,840,186

TJX

Cos.,

Inc.

(The)

(a)

48,016

5,848,349

T-Mobile

US,

Inc.

(a)

15,638

4,170,811

Toll

Brothers,

Inc.

(a)

170,641

18,017,983

Toro

Co.

(The)

(a)

201,505

14,659,489

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

Trane

Technologies

plc

(a)

42,860

14,440,391

Travel

+

Leisure

Co.

(a)

136,060

6,298,217

Travelers

Cos.,

Inc.

(The)

(a)

28,231

7,465,970

Trimble,

Inc.

*(a)

165,642

10,874,397

TripAdvisor,

Inc.

*(a)(c)

154,461

2,188,712

Truist

Financial

Corp.

(a)(c)

237,936

9,791,066

Twilio,

Inc.,

Class

A

*(a)

83,858

8,210,537

TXNM

Energy,

Inc.

(a)

66,397

3,550,912

Tyson

Foods,

Inc.,

Class

A

(a)

291,178

18,580,068

Uber

Technologies,

Inc.

*(a)(c)

101,390

7,387,275

Ubiquiti,

Inc.

(a)

7,259

2,251,306

UDR,

Inc.,

REIT

(a)

28,131

1,270,677

UGI

Corp.

(a)(c)

395,326

13,073,431

UiPath,

Inc.,

Class

A

*(a)

67,056

690,677

Ulta

Beauty,

Inc.

*(a)(c)

33,530

12,290,086

United

Airlines

Holdings,

Inc.

*(a)

163,148

11,265,369

United

Parcel

Service,

Inc.,

Class

B

(a)

102,651

11,290,583

United

Therapeutics

Corp.

*(a)

16,217

4,999,215

UnitedHealth

Group,

Inc.

(a)

47,540

24,899,075

Unity

Software,

Inc.

*(a)(c)

75,913

1,487,136

Universal

Health

Services,

Inc.,

Class

B

(a)

72,935

13,704,487

Unum

Group

(a)

112,330

9,150,402

US

Foods

Holding

Corp.

*(a)(c)

289,830

18,972,272

Valero

Energy

Corp.

(a)(c)

85,463

11,287,098

Valley

National

Bancorp

(a)(c)

1,151,183

10,234,017

Veeva

Systems,

Inc.,

Class

A

*(a)

29,239

6,772,630

Ventas,

Inc.,

REIT

(a)

145,973

10,037,103

Veralto

Corp.

(a)

42,239

4,116,191

VeriSign,

Inc.

*(a)(c)

129,271

32,818,029

Vertiv

Holdings

Co.,

Class

A

(a)(c)

36,373

2,626,131

Vestis

Corp.

(a)

417,218

4,130,458

VF

Corp.

(a)

777,970

12,074,094

Virtu

Financial,

Inc.,

Class

A

(a)

152,418

5,810,174

W

R

Berkley

Corp.

(a)(c)

66,413

4,725,949

Waters

Corp.

*(a)(c)

6,466

2,383,174

Weatherford

International

plc

(a)

39,200

2,099,160

WEC

Energy

Group,

Inc.

(a)(c)

42,134

4,591,763

Wendy's

Co.

(The)

(a)(c)

634,308

9,279,926

WESCO

International,

Inc.

(a)

68,286

10,604,816

Western

Alliance

Bancorp

(a)(c)

28,415

2,183,124

Western

Union

Co.

(The)

(a)

666,499

7,051,559

Westinghouse

Air

Brake

Technologies

Corp.

(a)

46,381

8,411,194

Whirlpool

Corp.

(a)(c)

35,134

3,166,627

Wingstop,

Inc.

(a)

85,747

19,342,808

Woodward,

Inc.

(a)

17,129

3,125,871

Wyndham

Hotels

&

Resorts,

Inc.

(a)

23,672

2,142,553

Xcel

Energy,

Inc.

(a)

263,285

18,637,945

Zebra

Technologies

Corp.,

Class

A

*(a)(c)

34,948

9,874,907

Zillow

Group,

Inc.,

Class

C

*(a)(c)

34,424

2,360,109

Zimmer

Biomet

Holdings,

Inc.

(a)

11,963

1,353,972

Zions

Bancorp

NA

(a)

281,809

14,050,997

Zoetis,

Inc.,

Class

A

(a)

96,994

15,970,062

Zoom

Communications,

Inc.,

Class

A

*(a)

125,006

9,221,693

86

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

118.1%

(continued)

ZoomInfo

Technologies,

Inc.,

Class

A

*(a)(c)

460,668

4,606,680

Zscaler,

Inc.

*(a)(c)

84,843

16,834,548

4,122,984,447

TOTAL

COMMON

STOCKS

(Cost

$6,388,284,783)

6,798,050,966

SHORT-TERM

INVESTMENTS

-

79.5%

INVESTMENT

COMPANIES

-

28

.7

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

2,330,524

2,330,524

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)(f)

999,702,913

999,403,002

TOTAL

INVESTMENT

COMPANIES

(Cost

$1,001,624,207)

1,001,733,526

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

50

.8

%

U.S.

Treasury

Bills

4.31%,

4/3/2025

(2)(g)

$

46,148,000

46,137,120

4.40%,

4/10/2025

(2)(g)

90,000,000

89,904,375

4.36%,

4/17/2025

(2)(g)

56,000,000

55,893,998

4.41%,

4/24/2025

(2)(g)

70,000,000

69,810,623

4.42%,

5/1/2025

(2)(g)

60,000,000

59,788,381

4.41%,

5/15/2025

(2)(g)

36,000,000

35,813,697

4.44%,

5/29/2025

(2)(g)

20,964,000

20,820,884

4.40%,

6/5/2025

(2)(g)

140,000,000

138,939,597

4.29%,

6/12/2025

(2)(g)

80,000,000

79,329,600

4.25%,

6/20/2025

(2)(g)

120,000,000

118,879,813

4.26%,

6/26/2025

(2)(g)

46,300,000

45,836,010

4.22%,

7/3/2025

(2)(g)

80,000,000

79,133,292

4.20%,

7/10/2025

(2)(g)

50,000,000

49,418,750

4.27%,

7/17/2025

(2)(g)

60,000,000

59,253,229

4.25%,

7/24/2025

(2)(g)(h)

90,000,000

88,812,500

4.24%,

8/7/2025

(2)(g)(h)

150,000,000

147,781,001

4.28%,

8/14/2025

(2)(g)(h)

150,000,000

147,668,438

4.31%,

8/21/2025

(2)(g)(h)

120,000,000

118,049,867

4.27%,

8/28/2025

(2)(g)(h)

90,000,000

88,469,025

4.22%,

9/4/2025

(2)(g)(h)

90,000,000

88,402,682

4.16%,

9/11/2025

(2)(g)(h)

50,000,000

49,071,806

4.19%,

9/18/2025

(2)(g)(h)

95,000,000

93,165,180

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$1,770,265,134)

1,770,379,868

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,771,889,341)

2,772,113,394

TOTAL

LONG

POSITIONS

(Cost

$9,160,174,124)

9,570,164,360

SHARES

SHORT

POSITIONS

-

(182.3)%

COMMON

STOCKS

-

(181.5)%

Australia

-

(

5

.6

)

%

ALS

Ltd.

(2)

(

343,785

)

(

3,337,183

)

Ampol

Ltd.

(2)

(

321,005

)

(

4,722,153

)

APA

Group

(2)

(

1,336,114

)

(

6,618,812

)

BHP

Group

Ltd.

(2)

(

257,683

)

(

6,252,199

)

INVESTMENTS

SHARES

VALUE

($)

Australia

-

(5.6)%

(continued)

Cleanaway

Waste

Management

Ltd.

(2)

(

438,868

)

(

719,921

)

Cochlear

Ltd.

(2)

(

21,414

)

(

3,529,221

)

Commonwealth

Bank

of

Australia

(2)

(

161,827

)

(

15,388,757

)

Domino's

Pizza

Enterprises

Ltd.

(2)

(

330,379

)

(

5,328,430

)

Endeavour

Group

Ltd.

(2)

(

512,934

)

(

1,240,489

)

Glencore

plc

(2)

(

1,607,461

)

(

5,883,520

)

IDP

Education

Ltd.

(2)

(

579,157

)

(

3,431,295

)

IGO

Ltd.

(2)

(

1,301,872

)

(

3,246,289

)

Liontown

Resources

Ltd.

(2)

(

2,100,794

)

(

829,207

)

Lynas

Rare

Earths

Ltd.

(2)

(

1,598,676

)

(

6,999,632

)

Macquarie

Group

Ltd.

(2)

(

51,922

)

(

6,461,519

)

Medibank

Pvt

Ltd.

(2)

(

795,995

)

(

2,224,681

)

Mineral

Resources

Ltd.

(2)

(

249,133

)

(

3,761,668

)

National

Australia

Bank

Ltd.

(2)

(

1,036,849

)

(

22,301,269

)

New

Hope

Corp.

Ltd.

(2)

(

545,103

)

(

1,268,492

)

NEXTDC

Ltd.

(2)

(

1,332,248

)

(

9,542,190

)

Pilbara

Minerals

Ltd.

(2)

(

11,526,909

)

(

12,273,199

)

Ramsay

Health

Care

Ltd.

(2)

(

161,987

)

(

3,479,322

)

Reece

Ltd.

(2)

(

200,962

)

(

1,993,971

)

Rio

Tinto

plc

(2)

(

188,492

)

(

11,311,445

)

Santos

Ltd.

(2)

(

578,873

)

(

2,425,734

)

SEEK

Ltd.

(2)

(

49,763

)

(

672,819

)

Telix

Pharmaceuticals

Ltd.

(2)

(

141,148

)

(

2,363,210

)

Transurban

Group

(2)

(

1,147,406

)

(

9,664,240

)

Treasury

Wine

Estates

Ltd.

(2)

(

1,486,252

)

(

9,112,557

)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)

(

150,282

)

(

3,274,387

)

WiseTech

Global

Ltd.

(2)

(

16,795

)

(

866,085

)

Woodside

Energy

Group

Ltd.

(2)

(

1,539,797

)

(

22,370,067

)

Woolworths

Group

Ltd.

(2)

(

220,014

)

(

4,085,076

)

(196,979,039)

Austria

-

(

0

.1

)

%

Mondi

plc

(2)

(

299,968

)

(

4,474,694

)

Belgium

-

(

0

.6

)

%

D'ieteren

Group

(2)

(

22,370

)

(

3,853,481

)

Elia

Group

SA/NV

(2)

(

33,502

)

(

2,905,763

)

Liberty

Global

Ltd.,

Class

A

(

116,397

)

(

1,339,729

)

Lotus

Bakeries

NV

(2)

(

469

)

(

4,169,432

)

UCB

SA

(2)

(

33,260

)

(

5,855,916

)

Umicore

SA

(2)

(

158,390

)

(

1,640,869

)

(19,765,190)

Brazil

-

(

0

.4

)

%

MercadoLibre,

Inc.

(

7,109

)

(

13,868,735

)

Yara

International

ASA

(2)

(

57,703

)

(

1,740,642

)

(15,609,377)

Canada

-

(

4

.1

)

%

Air

Canada

(

330,663

)

(

3,255,964

)

Algonquin

Power

&

Utilities

Corp.

(

404,715

)

(

2,078,346

)

Alimentation

Couche-Tard,

Inc.

(

39,223

)

(

1,934,371

)

ARC

Resources

Ltd.

(

37,307

)

(

750,003

)

Bank

of

Montreal

(

14,021

)

(

1,338,915

)

BCE,

Inc.

(

90,380

)

(

2,074,460

)

Brookfield

Corp.,

Class

A

(

101,685

)

(

5,321,495

)

Brookfield

Renewable

Corp.

(

83,368

)

(

2,327,155

)

Cameco

Corp.

(

119,895

)

(

4,935,603

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

87

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(4.1)%

(continued)

Canadian

National

Railway

Co.

(

50,618

)

(

4,925,850

)

Canadian

Pacific

Kansas

City

Ltd.

(

98,936

)

(

6,943,155

)

Capital

Power

Corp.

(

38,339

)

(

1,274,281

)

Capstone

Copper

Corp.

(

1,177,957

)

(

6,065,572

)

CGI,

Inc.

(

40,808

)

(

4,073,852

)

Constellation

Software,

Inc.

(

1,357

)

(

4,297,523

)

Enbridge,

Inc.

(

123,367

)

(

5,460,022

)

Gildan

Activewear,

Inc.

(

18,725

)

(

827,827

)

Hydro

One

Ltd.

(b)

(

172,342

)

(

5,795,233

)

Intact

Financial

Corp.

(

34,138

)

(

6,974,680

)

MEG

Energy

Corp.

(

41,815

)

(

733,117

)

National

Bank

of

Canada

(

88,924

)

(

7,339,219

)

Northland

Power,

Inc.

(

144,748

)

(

1,978,523

)

RB

Global,

Inc.

(

36,030

)

(

3,616,145

)

Restaurant

Brands

International,

Inc.

(

265,543

)

(

17,701,636

)

Rogers

Communications,

Inc.,

Class

B

(

335,583

)

(

8,961,784

)

Royal

Bank

of

Canada

(

100,487

)

(

11,319,233

)

Sun

Life

Financial,

Inc.

(

56,738

)

(

3,247,241

)

Teck

Resources

Ltd.,

Class

B

(

102,190

)

(

3,722,456

)

Thomson

Reuters

Corp.

(

8,373

)

(

1,444,889

)

TMX

Group

Ltd.

(

181,175

)

(

6,614,735

)

WSP

Global,

Inc.

(

23,598

)

(

4,004,633

)

(141,337,918)

Chile

-

(

0

.5

)

%

Antofagasta

plc

(2)

(

491,784

)

(

10,706,900

)

Lundin

Mining

Corp.

(

988,576

)

(

8,010,004

)

(18,716,904)

China

-

(

0

.3

)

%

NXP

Semiconductors

NV

(

50,419

)

(

9,582,635

)

Denmark

-

(

2

.1

)

%

Carlsberg

A/S,

Class

B

(2)

(

59,320

)

(

7,508,591

)

Coloplast

A/S,

Class

B

(2)

(

105,220

)

(

11,035,860

)

DSV

A/S

(2)

(

114,837

)

(

22,207,316

)

Novo

Nordisk

A/S,

Class

B

(2)

(

207,652

)

(

14,198,898

)

Novonesis

(Novozymes),

Class

B

(2)

(

123,144

)

(

7,170,247

)

Orsted

A/S

(2)(b)

(

127,498

)

(

5,567,980

)

Tryg

A/S

(2)

(

123,822

)

(

2,945,536

)

Zealand

Pharma

A/S

(2)

(

36,692

)

(

2,755,369

)

(73,389,797)

Finland

-

(

0

.8

)

%

Kesko

OYJ,

Class

B

(2)

(

250,729

)

(

5,125,013

)

Metso

OYJ

(2)

(

353,975

)

(

3,670,094

)

Neste

OYJ

(2)

(

277,327

)

(

2,565,063

)

Orion

OYJ,

Class

B

(2)

(

32,307

)

(

1,918,937

)

Sampo

OYJ,

Class

A

(2)

(

272,327

)

(

2,609,758

)

Stora

Enso

OYJ,

Class

R

(2)

(

393,488

)

(

3,728,801

)

UPM-Kymmene

OYJ

(2)

(

234,903

)

(

6,302,053

)

Valmet

OYJ

(2)

(

30,589

)

(

829,666

)

(26,749,385)

France

-

(

4

.8

)

%

Aeroports

de

Paris

SA

(2)

(

55,809

)

(

5,681,541

)

Air

Liquide

SA

(2)

(

75,619

)

(

14,363,468

)

Airbus

SE

(2)

(

3,975

)

(

699,941

)

INVESTMENTS

SHARES

VALUE

($)

France

-

(4.8)%

(continued)

Arkema

SA

(2)

(

18,919

)

(

1,448,650

)

BioMerieux

(2)

(

48,041

)

(

5,938,266

)

Bollore

SE

(2)

(

317,439

)

(

1,859,684

)

Bureau

Veritas

SA

(2)

(

215,762

)

(

6,546,240

)

Capgemini

SE

(2)

(

71,872

)

(

10,799,348

)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(

34,519

)

(

1,213,224

)

Dassault

Systemes

SE

(2)

(

214,300

)

(

8,158,987

)

Edenred

SE

(2)

(

372,138

)

(

12,093,179

)

EssilorLuxottica

SA

(2)

(

169,809

)

(

48,933,624

)

Getlink

SE

(2)

(

261,746

)

(

4,520,587

)

Kering

SA

(2)

(

27,593

)

(

5,740,455

)

L'Oreal

SA

(2)

(

9,854

)

(

3,662,662

)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(

1,101

)

(

681,826

)

Pernod

Ricard

SA

(2)

(

79,727

)

(

7,876,440

)

Publicis

Groupe

SA

(2)

(

74,593

)

(

7,037,750

)

Remy

Cointreau

SA

(2)

(

20,315

)

(

949,425

)

Sartorius

Stedim

Biotech

(2)

(

41,824

)

(

8,286,050

)

SEB

SA

(2)

(

8,047

)

(

761,131

)

Teleperformance

SE

(2)

(

35,869

)

(

3,606,670

)

Ubisoft

Entertainment

SA

(2)

(

356,456

)

(

4,310,802

)

Verallia

SA

(2)(b)

(

51,347

)

(

1,594,624

)

(166,764,574)

Germany

-

(

3

.1

)

%

Aurubis

AG

(2)

(

18,371

)

(

1,742,867

)

Bayerische

Motoren

Werke

AG

(2)

(

205,455

)

(

16,567,349

)

Beiersdorf

AG

(2)

(

78,659

)

(

10,161,479

)

Brenntag

SE

(2)

(

78,033

)

(

5,057,911

)

Carl

Zeiss

Meditec

AG

(2)

(

36,030

)

(

2,381,626

)

Continental

AG

(2)

(

29,035

)

(

2,047,543

)

CTS

Eventim

AG

&

Co.

KGaA

(2)

(

21,252

)

(

2,132,050

)

Daimler

Truck

Holding

AG

(2)

(

98,575

)

(

3,993,232

)

Deutsche

Post

AG

(2)

(

64,551

)

(

2,771,387

)

Hannover

Rueck

SE

(2)

(

11,949

)

(

3,561,493

)

HUGO

BOSS

AG

(2)

(

68,816

)

(

2,616,255

)

Infineon

Technologies

AG

(2)

(

336,618

)

(

11,221,128

)

KION

Group

AG

(2)

(

85,958

)

(

3,604,757

)

Merck

KGaA

(2)

(

56,360

)

(

7,755,697

)

MTU

Aero

Engines

AG

(2)

(

26,864

)

(

9,334,504

)

Nemetschek

SE

(2)

(

54,811

)

(

6,389,650

)

Rational

AG

(2)

(

786

)

(

654,861

)

SAP

SE

(2)

(

22,343

)

(

5,986,800

)

Siemens

Energy

AG

(2)

(

2,660

)

(

157,690

)

Siemens

Healthineers

AG

(2)(b)

(

122,271

)

(

6,596,564

)

Wacker

Chemie

AG

(2)

(

36,982

)

(

3,063,813

)

(107,798,656)

Hong

Kong

-

(

0

.3

)

%

Prudential

plc

(2)

(

1,053,165

)

(

11,364,731

)

Italy

-

(

2

.1

)

%

Amplifon

SpA

(2)

(

65,472

)

(

1,329,150

)

Coca-Cola

HBC

AG

(2)

(

16,140

)

(

730,977

)

Davide

Campari-Milano

NV

(2)

(

277,147

)

(

1,629,054

)

Ferrari

NV

(2)

(

65,334

)

(

27,901,575

)

FinecoBank

Banca

Fineco

SpA

(2)

(

55,113

)

(

1,091,601

)

Infrastrutture

Wireless

Italiane

SpA

(b)

(

372,571

)

(

3,944,009

)

88

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

(2.1)%

(continued)

Interpump

Group

SpA

(2)

(

41,242

)

(

1,472,990

)

Moncler

SpA

(2)

(

92,638

)

(

5,706,231

)

Prysmian

SpA

(2)

(

200,460

)

(

11,034,722

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(

75,801

)

(

4,295,483

)

Reply

SpA

(2)

(

11,368

)

(

1,862,116

)

Snam

SpA

(

750,609

)

(

3,891,783

)

Terna

-

Rete

Elettrica

Nazionale

(2)

(

1,081,623

)

(

9,774,927

)

(74,664,618)

Ivory

Coast

-

(

0

.1

)

%

Endeavour

Mining

plc

(2)

(

209,500

)

(

4,939,762

)

Japan

-

(

25

.7

)

%

Advantest

Corp.

(2)

(

200,500

)

(

8,937,587

)

Aeon

Co.

Ltd.

(2)

(

596,400

)

(

14,957,667

)

Ajinomoto

Co.,

Inc.

(2)

(

851,600

)

(

16,859,734

)

Allegro

MicroSystems,

Inc.

(

473,058

)

(

11,887,948

)

Azbil

Corp.

(2)

(

144,900

)

(

1,125,640

)

Bridgestone

Corp.

(2)

(

130,400

)

(

5,238,538

)

Chiba

Bank

Ltd.

(The)

(2)

(

942,900

)

(

8,925,155

)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(

296,800

)

(

13,596,871

)

Daikin

Industries

Ltd.

(2)

(

46,200

)

(

5,013,563

)

Daiwa

Securities

Group,

Inc.

(2)

(

2,766,400

)

(

18,626,860

)

Denso

Corp.

(2)

(

1,098,200

)

(

13,624,903

)

Dentsu

Group,

Inc.

(2)

(

488,500

)

(

10,788,330

)

Disco

Corp.

(2)

(

47,700

)

(

9,741,374

)

East

Japan

Railway

Co.

(2)

(

515,500

)

(

10,160,801

)

Eisai

Co.

Ltd.

(2)

(

223,800

)

(

6,229,976

)

ENEOS

Holdings,

Inc.

(2)

(

1,325,300

)

(

6,989,646

)

Fast

Retailing

Co.

Ltd.

(2)

(

27,300

)

(

8,126,975

)

Fuji

Electric

Co.

Ltd.

(2)

(

84,900

)

(

3,629,455

)

FUJIFILM

Holdings

Corp.

(2)

(

763,000

)

(

14,618,297

)

Hakuhodo

DY

Holdings,

Inc.

(2)

(

225,200

)

(

1,634,065

)

Hamamatsu

Photonics

KK

(2)

(

1,165,500

)

(

11,361,847

)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(

47,100

)

(

1,267,333

)

Haseko

Corp.

(2)

(

92,300

)

(

1,215,145

)

Hitachi

Ltd.

(2)

(

304,600

)

(

7,151,827

)

Hoshizaki

Corp.

(2)

(

214,400

)

(

8,299,130

)

Ibiden

Co.

Ltd.

(2)

(

141,800

)

(

3,825,035

)

Idemitsu

Kosan

Co.

Ltd.

(2)

(

525,000

)

(

3,713,480

)

Isuzu

Motors

Ltd.

(2)

(

671,500

)

(

9,130,787

)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(

75,300

)

(

2,076,006

)

Japan

Tobacco,

Inc.

(2)

(

216,100

)

(

5,939,756

)

Kajima

Corp.

(2)

(

333,400

)

(

6,819,838

)

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)

(

56,700

)

(

672,917

)

Kao

Corp.

(2)

(

70,600

)

(

3,056,042

)

KDDI

Corp.

(2)

(

165,400

)

(

2,612,602

)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(

2,108,600

)

(

19,051,202

)

Kikkoman

Corp.

(2)

(

566,700

)

(

5,466,777

)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(

126,300

)

(

2,698,119

)

Kobe

Bussan

Co.

Ltd.

(2)

(

160,800

)

(

3,743,813

)

Koito

Manufacturing

Co.

Ltd.

(2)

(

54,100

)

(

667,276

)

Konami

Group

Corp.

(2)

(

63,700

)

(

7,521,843

)

Kubota

Corp.

(2)

(

1,318,200

)

(

16,289,527

)

Kyocera

Corp.

(2)

(

610,200

)

(

6,892,233

)

Kyoto

Financial

Group,

Inc.

(2)

(

209,300

)

(

3,213,867

)

Lasertec

Corp.

(2)

(

131,600

)

(

11,311,075

)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(25.7)%

(continued)

M3,

Inc.

(2)

(

1,446,800

)

(

16,527,437

)

Marui

Group

Co.

Ltd.

(2)

(

124,700

)

(

2,267,420

)

MatsukiyoCocokara

&

Co.

(2)

(

252,300

)

(

3,946,980

)

MINEBEA

MITSUMI,

Inc.

(2)

(

227,500

)

(

3,325,255

)

Mitsubishi

Corp.

(2)

(

750,500

)

(

13,249,898

)

Mitsubishi

HC

Capital,

Inc.

(2)

(

1,558,400

)

(

10,560,360

)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(

910,500

)

(

15,636,560

)

Mitsui

&

Co.

Ltd.

(2)

(

696,300

)

(

13,127,500

)

Mitsui

Chemicals,

Inc.

(2)

(

72,700

)

(

1,632,890

)

MonotaRO

Co.

Ltd.

(2)

(

565,000

)

(

10,554,620

)

Murata

Manufacturing

Co.

Ltd.

(2)

(

385,800

)

(

5,950,945

)

Nexon

Co.

Ltd.

(2)

(

119,500

)

(

1,636,713

)

NIDEC

Corp.

(2)

(

186,400

)

(

3,128,217

)

Nikon

Corp.

(2)

(

750,100

)

(

7,449,420

)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(

837,300

)

(

6,287,751

)

Nippon

Sanso

Holdings

Corp.

(2)

(

490,000

)

(

14,863,948

)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(

8,299,600

)

(

8,021,329

)

Nissan

Chemical

Corp.

(2)

(

295,100

)

(

8,786,070

)

Nissan

Motor

Co.

Ltd.

(2)

(

5,426,300

)

(

13,916,695

)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(

619,100

)

(

12,636,065

)

Nitori

Holdings

Co.

Ltd.

(2)

(

178,900

)

(

17,503,470

)

NOF

Corp.

(2)

(

371,000

)

(

5,041,979

)

NTT

Data

Group

Corp.

(2)

(

728,200

)

(

13,191,386

)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(

137,400

)

(

1,358,484

)

Olympus

Corp.

(2)

(

892,600

)

(

11,684,786

)

Omron

Corp.

(2)

(

98,200

)

(

2,772,845

)

Ono

Pharmaceutical

Co.

Ltd.

(2)

(

487,300

)

(

5,242,690

)

Open

House

Group

Co.

Ltd.

(2)

(

47,400

)

(

1,766,904

)

Oriental

Land

Co.

Ltd.

(2)

(

851,100

)

(

16,784,310

)

Osaka

Gas

Co.

Ltd.

(2)

(

306,200

)

(

6,928,487

)

Otsuka

Holdings

Co.

Ltd.

(2)

(

183,800

)

(

9,577,816

)

Recruit

Holdings

Co.

Ltd.

(2)

(

75,500

)

(

3,911,751

)

Renesas

Electronics

Corp.

(2)

(

568,500

)

(

7,625,092

)

Ricoh

Co.

Ltd.

(2)

(

554,100

)

(

5,861,358

)

Rohm

Co.

Ltd.

(2)

(

258,800

)

(

2,500,429

)

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(

172,200

)

(

2,578,473

)

SCSK

Corp.

(2)

(

292,300

)

(

7,227,906

)

Secom

Co.

Ltd.

(2)

(

328,700

)

(

11,195,226

)

Sega

Sammy

Holdings,

Inc.

(2)

(

67,700

)

(

1,307,204

)

Seibu

Holdings,

Inc.

(2)

(

488,000

)

(

10,815,794

)

Sekisui

House

Ltd.

(2)

(

197,300

)

(

4,415,994

)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(

843,400

)

(

12,213,198

)

SG

Holdings

Co.

Ltd.

(2)

(

380,100

)

(

3,790,702

)

Sharp

Corp.

(2)

(

376,200

)

(

2,378,240

)

Shimadzu

Corp.

(2)

(

436,700

)

(

10,908,174

)

Shimano,

Inc.

(2)

(

55,000

)

(

7,722,715

)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(

77,700

)

(

2,217,183

)

Shiseido

Co.

Ltd.

(2)

(

407,600

)

(

7,730,104

)

SMC

Corp.

(2)

(

42,200

)

(

15,101,014

)

SUMCO

Corp.

(2)

(

2,354,600

)

(

15,955,439

)

Sumitomo

Forestry

Co.

Ltd.

(2)

(

150,000

)

(

4,522,286

)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(

514,700

)

(

11,250,739

)

Suzuki

Motor

Corp.

(2)

(

1,190,200

)

(

14,609,848

)

Sysmex

Corp.

(2)

(

250,600

)

(

4,783,957

)

TDK

Corp.

(2)

(

345,500

)

(

3,620,525

)

Terumo

Corp.

(2)

(

783,400

)

(

14,740,484

)

Tobu

Railway

Co.

Ltd.

(2)

(

54,500

)

(

930,378

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

89

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(25.7)%

(continued)

Tokio

Marine

Holdings,

Inc.

(2)

(

329,300

)

(

12,810,703

)

Tokyu

Corp.

(2)

(

141,900

)

(

1,597,517

)

TOTO

Ltd.

(2)

(

34,600

)

(

899,223

)

Toyota

Industries

Corp.

(2)

(

229,500

)

(

19,628,503

)

Toyota

Motor

Corp.

(2)

(

895,400

)

(

15,828,256

)

Unicharm

Corp.

(2)

(

605,400

)

(

4,821,881

)

West

Japan

Railway

Co.

(2)

(

363,600

)

(

7,092,914

)

Yakult

Honsha

Co.

Ltd.

(2)

(

230,600

)

(

4,387,965

)

Yamaha

Motor

Co.

Ltd.

(2)

(

1,751,900

)

(

14,026,277

)

Yamato

Holdings

Co.

Ltd.

(2)

(

222,800

)

(

2,919,754

)

Yaskawa

Electric

Corp.

(2)

(

788,500

)

(

19,758,322

)

ZOZO,

Inc.

(2)

(

243,300

)

(

2,330,280

)

(896,085,900)

Jordan

-

(

0

.1

)

%

Hikma

Pharmaceuticals

plc

(2)

(

96,631

)

(

2,441,101

)

Luxembourg

-

(

0

.2

)

%

Eurofins

Scientific

SE

(2)

(

125,554

)

(

6,697,394

)

Netherlands

-

(

2

.2

)

%

Adyen

NV

(2)(b)

(

2,211

)

(

3,389,012

)

Akzo

Nobel

NV

(2)

(

42,709

)

(

2,630,264

)

ASM

International

NV

(2)

(

3,213

)

(

1,464,143

)

ASML

Holding

NV

(2)

(

9,480

)

(

6,273,615

)

ASR

Nederland

NV

(2)

(

164,438

)

(

9,453,152

)

BE

Semiconductor

Industries

NV

(2)

(

40,417

)

(

4,223,839

)

EXOR

NV

(2)

(

22,394

)

(

2,033,670

)

Heineken

NV

(2)

(

56,550

)

(

4,611,110

)

IMCD

NV

(2)

(

22,081

)

(

2,938,575

)

Randstad

NV

(2)

(

34,457

)

(

1,432,249

)

Universal

Music

Group

NV

(2)

(

1,233,351

)

(

34,056,525

)

Wolters

Kluwer

NV

(2)

(

21,075

)

(

3,281,300

)

(75,787,454)

Norway

-

(

0

.3

)

%

Gjensidige

Forsikring

ASA

(

126,169

)

(

2,899,775

)

Orkla

ASA

(2)

(

276,153

)

(

3,028,429

)

Salmar

ASA

(2)

(

77,734

)

(

3,737,187

)

(9,665,391)

Poland

-

(

0

.1

)

%

InPost

SA

(2)

(

245,488

)

(

3,602,850

)

Portugal

-

(

0

.2

)

%

Banco

Comercial

Portugues

SA,

Class

R

(2)

(

2,825,425

)

(

1,708,334

)

Galp

Energia

SGPS

SA

(2)

(

239,687

)

(

4,199,316

)

Jeronimo

Martins

SGPS

SA

(

94,129

)

(

1,994,921

)

(7,902,571)

Singapore

-

(

1

.0

)

%

CapitaLand

Investment

Ltd.

(2)

(

4,140,200

)

(

8,373,570

)

DBS

Group

Holdings

Ltd.

(2)

(

247,700

)

(

8,506,347

)

Genting

Singapore

Ltd.

(2)

(

1,709,300

)

(

948,477

)

Keppel

Ltd.

(2)

(

1,961,800

)

(

10,006,987

)

Oversea-Chinese

Banking

Corp.

Ltd.

(2)

(

153,600

)

(

1,968,542

)

Sembcorp

Industries

Ltd.

(2)

(

511,400

)

(

2,393,308

)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

(1.0)%

(continued)

STMicroelectronics

NV

(2)

(

106,068

)

(

2,325,811

)

(34,523,042)

South

Africa

-

(

0

.3

)

%

Anglo

American

plc

(2)

(

332,366

)

(

9,315,678

)

Spain

-

(

1

.3

)

%

Acciona

SA

(2)

(

26,245

)

(

3,435,017

)

Amadeus

IT

Group

SA

(2)

(

219,939

)

(

16,843,588

)

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)

(

50,853

)

(

694,021

)

CaixaBank

SA

(2)

(

921,944

)

(

7,181,700

)

Cellnex

Telecom

SA

(2)(b)

(

103,790

)

(

3,689,606

)

Fluidra

SA

(2)

(

29,801

)

(

701,617

)

Iberdrola

SA

(2)

(

210,546

)

(

3,399,915

)

Industria

de

Diseno

Textil

SA

(2)

(

64,811

)

(

3,227,062

)

Redeia

Corp.

SA

(2)

(

344,409

)

(

6,912,729

)

(46,085,255)

Sweden

-

(

2

.6

)

%

AddTech

AB,

Class

B

(2)

(

111,211

)

(

3,257,099

)

Assa

Abloy

AB,

Class

B

(2)

(

120,428

)

(

3,615,401

)

Atlas

Copco

AB,

Class

A

(2)

(

528,616

)

(

8,443,812

)

Axfood

AB

(

135,312

)

(

3,039,600

)

Beijer

Ref

AB,

Class

B

(2)

(

121,480

)

(

1,708,901

)

Epiroc

AB,

Class

A

(2)

(

692,507

)

(

13,943,168

)

EQT

AB

(2)

(

280,542

)

(

8,554,581

)

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)

(

347,240

)

(

4,580,125

)

Hexagon

AB,

Class

B

(2)

(

714,375

)

(

7,636,501

)

Holmen

AB,

Class

B

(2)

(

89,627

)

(

3,549,306

)

Husqvarna

AB,

Class

B

(2)

(

143,636

)

(

682,282

)

Indutrade

AB

(2)

(

65,490

)

(

1,814,851

)

Lifco

AB,

Class

B

(2)

(

240,303

)

(

8,524,458

)

Sandvik

AB

(2)

(

31,430

)

(

661,020

)

Securitas

AB,

Class

B

(2)

(

101,103

)

(

1,430,705

)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(

992,890

)

(

16,334,294

)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(

245,876

)

(

3,244,135

)

(91,020,239)

Switzerland

-

(

5

.5

)

%

Avolta

AG

(2)

(

33,582

)

(

1,471,044

)

Bachem

Holding

AG,

Class

B

(2)

(

61,530

)

(

3,634,231

)

Barry

Callebaut

AG

(Registered)

(2)

(

15,347

)

(

20,325,772

)

BKW

AG

(2)

(

4,226

)

(

739,144

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(

1,625

)

(

21,969,097

)

Clariant

AG

(Registered)

(2)

(

285,057

)

(

3,089,283

)

EMS-Chemie

Holding

AG

(Registered)

(2)

(

7,556

)

(

5,148,116

)

Galenica

AG

(2)(b)

(

53,963

)

(

4,855,734

)

Georg

Fischer

AG

(Registered)

(2)

(

104,268

)

(

7,631,261

)

Partners

Group

Holding

AG

(2)

(

17,311

)

(

24,637,053

)

Sandoz

Group

AG

(2)

(

155,508

)

(

6,521,079

)

SIG

Group

AG

(2)

(

829,069

)

(

15,328,975

)

Sika

AG

(Registered)

(2)

(

2,755

)

(

671,075

)

Sonova

Holding

AG

(Registered)

(2)

(

30,651

)

(

8,949,493

)

90

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(5.5)%

(continued)

Straumann

Holding

AG

(Registered)

(2)

(

49,388

)

(

5,979,108

)

Swatch

Group

AG

(The)

(2)

(

88,667

)

(

15,290,320

)

Swiss

Life

Holding

AG

(Registered)

(2)

(

7,753

)

(

7,073,135

)

Swisscom

AG

(Registered)

(2)

(

21,551

)

(

12,418,800

)

Tecan

Group

AG

(Registered)

(2)

(

14,424

)

(

2,744,581

)

Temenos

AG

(Registered)

(2)

(

24,609

)

(

1,910,695

)

UBS

Group

AG

(Registered)

(2)

(

427,967

)

(

13,144,834

)

VAT

Group

AG

(2)(b)

(

19,533

)

(

7,040,907

)

(190,573,737)

Thailand

-

(

0

.0

)

%

†

Fabrinet

(

7,661

)

(

1,513,124

)

United

Kingdom

-

(

4

.9

)

%

Admiral

Group

plc

(2)

(

67,475

)

(

2,491,185

)

Ashtead

Group

plc

(2)

(

119,759

)

(

6,474,983

)

AstraZeneca

plc

(2)

(

74,576

)

(

10,951,101

)

BAE

Systems

plc

(2)

(

45,336

)

(

915,447

)

Barratt

Redrow

plc

(2)

(

1,245,235

)

(

6,849,853

)

Berkeley

Group

Holdings

plc

(2)

(

96,667

)

(

4,499,085

)

Bunzl

plc

(2)

(

18,569

)

(

714,283

)

ConvaTec

Group

plc

(2)(b)

(

578,561

)

(

1,932,716

)

Croda

International

plc

(2)

(

64,239

)

(

2,440,548

)

Diageo

plc

(2)

(

421,145

)

(

11,005,633

)

Diploma

plc

(2)

(

59,849

)

(

2,995,999

)

Entain

plc

(2)

(

86,902

)

(

656,582

)

Halma

plc

(2)

(

224,514

)

(

7,532,805

)

Harbour

Energy

plc

(2)

(

819,095

)

(

2,227,418

)

Howden

Joinery

Group

plc

(2)

(

75,749

)

(

708,426

)

Informa

plc

(2)

(

335,872

)

(

3,367,756

)

J

Sainsbury

plc

(2)

(

1,453,578

)

(

4,430,628

)

JD

Sports

Fashion

plc

(2)

(

4,825,292

)

(

4,266,695

)

Legal

&

General

Group

plc

(2)

(

1,009,693

)

(

3,184,207

)

Melrose

Industries

plc

(2)

(

394,961

)

(

2,438,024

)

National

Grid

plc

(2)

(

961,887

)

(

12,547,075

)

Next

plc

(2)

(

24,001

)

(

3,457,951

)

Pennon

Group

plc

(2)

(

183,847

)

(

1,064,996

)

Reckitt

Benckiser

Group

plc

(2)

(

10,719

)

(

724,824

)

RELX

plc

(2)

(

127,684

)

(

6,413,656

)

Rentokil

Initial

plc

(2)

(

787,616

)

(

3,574,314

)

RS

GROUP

plc

(2)

(

285,719

)

(

2,080,210

)

Sage

Group

plc

(The)

(2)

(

288,300

)

(

4,526,405

)

Severn

Trent

plc

(2)

(

219,069

)

(

7,171,843

)

Smith

&

Nephew

plc

(2)

(

173,186

)

(

2,435,436

)

Spirax

Group

plc

(2)

(

60,001

)

(

4,836,907

)

SSE

plc

(2)

(

407,447

)

(

8,392,746

)

Unilever

plc

(2)

(

252,869

)

(

15,087,954

)

United

Utilities

Group

plc

(2)

(

239,827

)

(

3,129,256

)

Wise

plc,

Class

A

(2)

(

760,194

)

(

9,331,304

)

WPP

plc

(2)

(

740,474

)

(

5,626,883

)

(170,485,134)

United

States

-

(

112

.0

)

%

10X

Genomics,

Inc.,

Class

A

(

117,593

)

(

1,026,587

)

A

O

Smith

Corp.

(

84,607

)

(

5,529,914

)

AAON,

Inc.

(

55,042

)

(

4,300,431

)

AbbVie,

Inc.

(

3,423

)

(

717,187

)

Acadia

Healthcare

Co.,

Inc.

(

69,287

)

(

2,100,782

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Advance

Auto

Parts,

Inc.

(

89,927

)

(

3,526,038

)

Advanced

Drainage

Systems,

Inc.

(

54,989

)

(

5,974,555

)

Advanced

Micro

Devices,

Inc.

(

50,934

)

(

5,232,959

)

Affirm

Holdings,

Inc.,

Class

A

(

74,625

)

(

3,372,304

)

Aflac,

Inc.

(

82,082

)

(

9,126,698

)

AGCO

Corp.

(

94,011

)

(

8,702,598

)

Air

Lease

Corp.,

Class

A

(

89,157

)

(

4,307,175

)

Air

Products

and

Chemicals,

Inc.

(

104,653

)

(

30,864,264

)

Akamai

Technologies,

Inc.

(

92,673

)

(

7,460,177

)

Albemarle

Corp.

(

55,718

)

(

4,012,810

)

Alcon

AG

(2)

(

57,974

)

(

5,500,864

)

Alliant

Energy

Corp.

(

227,162

)

(

14,617,875

)

Alphabet,

Inc.,

Class

A

(

144,427

)

(

22,334,191

)

Amentum

Holdings,

Inc.

(

232,800

)

(

4,236,960

)

Ameren

Corp.

(

137,340

)

(

13,788,936

)

American

Airlines

Group,

Inc.

(

878,623

)

(

9,269,473

)

American

Express

Co.

(

29,484

)

(

7,932,670

)

American

Homes

4

Rent,

Class

A,

REIT

(

85,285

)

(

3,224,626

)

American

Tower

Corp.,

REIT

(

14,143

)

(

3,077,517

)

American

Water

Works

Co.,

Inc.

(

66,888

)

(

9,867,318

)

Americold

Realty

Trust,

Inc.,

REIT

(

47,605

)

(

1,021,603

)

AMETEK,

Inc.

(

18,186

)

(

3,130,538

)

Amgen,

Inc.

(

3,445

)

(

1,073,290

)

Analog

Devices,

Inc.

(

17,873

)

(

3,604,448

)

Aon

plc,

Class

A

(

25,066

)

(

10,003,590

)

API

Group

Corp.

(

269,966

)

(

9,653,984

)

Apollo

Global

Management,

Inc.

(

54,246

)

(

7,428,447

)

Apple,

Inc.

(

26,214

)

(

5,822,916

)

Applied

Industrial

Technologies,

Inc.

(

9,505

)

(

2,141,857

)

AppLovin

Corp.,

Class

A

(

28,689

)

(

7,601,724

)

Aramark

(

82,474

)

(

2,847,002

)

Arch

Capital

Group

Ltd.

(

89,132

)

(

8,572,716

)

Archer-Daniels-Midland

Co.

(

199,452

)

(

9,575,691

)

Armstrong

World

Industries,

Inc.

(

12,013

)

(

1,692,391

)

ASGN,

Inc.

(

36,952

)

(

2,328,715

)

ATI,

Inc.

(

28,868

)

(

1,502,002

)

Automatic

Data

Processing,

Inc.

(

15,923

)

(

4,864,954

)

AutoZone,

Inc.

(

6,464

)

(

24,645,810

)

AvalonBay

Communities,

Inc.,

REIT

(

55,801

)

(

11,976,011

)

Avantor,

Inc.

(

574,633

)

(

9,314,801

)

Avery

Dennison

Corp.

(

35,652

)

(

6,344,986

)

Avient

Corp.

(

138,220

)

(

5,136,255

)

Avis

Budget

Group,

Inc.

(

49,179

)

(

3,732,686

)

Axon

Enterprise,

Inc.

(

5,607

)

(

2,949,002

)

Azenta,

Inc.

(

148,366

)

(

5,139,398

)

Baxter

International,

Inc.

(

70,997

)

(

2,430,227

)

Belden,

Inc.

(

91,034

)

(

9,126,159

)

Bentley

Systems,

Inc.,

Class

B

(

221,001

)

(

8,694,179

)

BILL

Holdings,

Inc.

(

116,844

)

(

5,361,971

)

Bio-Techne

Corp.

(

288,523

)

(

16,916,103

)

Blackbaud,

Inc.

(

33,979

)

(

2,108,397

)

Blackrock,

Inc.

(

8,859

)

(

8,384,866

)

Blackstone,

Inc.

(

110,108

)

(

15,390,896

)

Block,

Inc.,

Class

A

(

148,654

)

(

8,076,372

)

Blue

Owl

Capital,

Inc.,

Class

A

(

516,856

)

(

10,357,794

)

Boeing

Co.

(The)

(

54,604

)

(

9,312,712

)

Brown

&

Brown,

Inc.

(

35,319

)

(

4,393,684

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

91

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Brown-Forman

Corp.,

Class

B

(

248,451

)

(

8,432,427

)

BRP,

Inc.

(

120,825

)

(

4,079,696

)

Brunswick

Corp.

(

87,601

)

(

4,717,314

)

Builders

FirstSource,

Inc.

(

24,020

)

(

3,001,059

)

Bunge

Global

SA

(

45,076

)

(

3,444,708

)

Burlington

Stores,

Inc.

(

18,674

)

(

4,450,574

)

BWX

Technologies,

Inc.

(

55,790

)

(

5,503,684

)

BXP,

Inc.,

REIT

(

252,148

)

(

16,941,824

)

Cabot

Corp.

(

42,367

)

(

3,522,392

)

Cadence

Bank

(

103,803

)

(

3,151,459

)

Cadence

Design

Systems,

Inc.

(

46,655

)

(

11,865,766

)

Caesars

Entertainment,

Inc.

(

173,583

)

(

4,339,575

)

Capri

Holdings

Ltd.

(

276,487

)

(

5,455,089

)

Carlisle

Cos.,

Inc.

(

5,746

)

(

1,956,513

)

Carpenter

Technology

Corp.

(

15,236

)

(

2,760,458

)

Carrier

Global

Corp.

(

166,590

)

(

10,561,806

)

Carvana

Co.,

Class

A

(

35,177

)

(

7,354,807

)

Casey's

General

Stores,

Inc.

(

65,563

)

(

28,456,965

)

Caterpillar,

Inc.

(

29,409

)

(

9,699,088

)

Cava

Group,

Inc.

(

84,010

)

(

7,259,304

)

Cboe

Global

Markets,

Inc.

(

73,874

)

(

16,716,947

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

488,168

)

(

4,408,157

)

CDW

Corp.

(

48,448

)

(

7,764,276

)

Celanese

Corp.,

Class

A

(

224,801

)

(

12,761,953

)

CenterPoint

Energy,

Inc.

(

747,333

)

(

27,075,875

)

Certara,

Inc.

(

257,969

)

(

2,553,893

)

CH

Robinson

Worldwide,

Inc.

(

8,268

)

(

846,643

)

Charles

River

Laboratories

International,

Inc.

(

47,811

)

(

7,196,512

)

Chart

Industries,

Inc.

(

22,361

)

(

3,228,034

)

Charter

Communications,

Inc.,

Class

A

(

2,002

)

(

737,797

)

Chemed

Corp.

(

4,172

)

(

2,567,115

)

Chemours

Co.

(The)

(

385,934

)

(

5,221,687

)

Chevron

Corp.

(

68,512

)

(

11,461,372

)

Choice

Hotels

International,

Inc.

(

106,582

)

(

14,151,958

)

Chord

Energy

Corp.

(

38,532

)

(

4,343,327

)

Church

&

Dwight

Co.,

Inc.

(

29,303

)

(

3,225,967

)

Churchill

Downs,

Inc.

(

138,692

)

(

15,404,520

)

Ciena

Corp.

(

94,817

)

(

5,729,791

)

Cintas

Corp.

(

26,617

)

(

5,470,592

)

Cisco

Systems,

Inc.

(

130,852

)

(

8,074,877

)

Clarivate

plc

(

2,902,607

)

(

11,407,246

)

Clearway

Energy,

Inc.,

Class

C

(

122,155

)

(

3,697,632

)

CMS

Energy

Corp.

(

9,846

)

(

739,533

)

CNH

Industrial

NV

(

281,210

)

(

3,453,259

)

CNX

Resources

Corp.

(

83,307

)

(

2,622,504

)

Cognex

Corp.

(

136,089

)

(

4,059,535

)

Cognizant

Technology

Solutions

Corp.,

Class

A

(

67,302

)

(

5,148,603

)

Coinbase

Global,

Inc.,

Class

A

(

13,279

)

(

2,287,042

)

Columbia

Sportswear

Co.

(

83,425

)

(

6,314,438

)

Comerica,

Inc.

(

250,074

)

(

14,769,370

)

Commercial

Metals

Co.

(

36,964

)

(

1,700,714

)

Conagra

Brands,

Inc.

(

159,787

)

(

4,261,519

)

Confluent,

Inc.,

Class

A

(

200,328

)

(

4,695,688

)

Constellation

Brands,

Inc.,

Class

A

(

29,415

)

(

5,398,241

)

Constellation

Energy

Corp.

(

37,065

)

(

7,473,416

)

Copart,

Inc.

(

239,468

)

(

13,551,494

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Core

&

Main,

Inc.,

Class

A

(

211,186

)

(

10,202,396

)

Corning,

Inc.

(

63,727

)

(

2,917,422

)

Corteva,

Inc.

(

260,090

)

(

16,367,464

)

CoStar

Group,

Inc.

(

74,342

)

(

5,890,117

)

Coterra

Energy,

Inc.

(

297,860

)

(

8,608,154

)

Coty,

Inc.,

Class

A

(

622,291

)

(

3,403,932

)

Crane

NXT

Co.

(

232,323

)

(

11,941,402

)

Credit

Acceptance

Corp.

(

1,564

)

(

807,571

)

Crocs,

Inc.

(

54,773

)

(

5,816,893

)

Crowdstrike

Holdings,

Inc.,

Class

A

(

30,464

)

(

10,740,997

)

CSL

Ltd.

(2)

(

59,391

)

(

9,347,504

)

CSX

Corp.

(

112,372

)

(

3,307,108

)

CubeSmart,

REIT

(

153,196

)

(

6,543,001

)

Cullen/Frost

Bankers,

Inc.

(

7,534

)

(

943,257

)

DaVita,

Inc.

(

24,488

)

(

3,745,929

)

Dayforce,

Inc.

(

54,263

)

(

3,165,161

)

Deckers

Outdoor

Corp.

(

90,994

)

(

10,174,039

)

Deere

&

Co.

(

14,698

)

(

6,898,506

)

Dell

Technologies,

Inc.,

Class

C

(

23,749

)

(

2,164,721

)

Dick's

Sporting

Goods,

Inc.

(

50,101

)

(

10,098,358

)

Digital

Realty

Trust,

Inc.,

REIT

(

51,694

)

(

7,407,233

)

Dillard's,

Inc.,

Class

A

(

6,151

)

(

2,202,858

)

Dollar

General

Corp.

(

53,983

)

(

4,746,725

)

Dollar

Tree,

Inc.

(

136,032

)

(

10,211,922

)

Domino's

Pizza,

Inc.

(

27,599

)

(

12,680,361

)

Dover

Corp.

(

11,498

)

(

2,019,969

)

Doximity,

Inc.,

Class

A

(

82,445

)

(

4,784,283

)

DR

Horton,

Inc.

(

32,388

)

(

4,117,486

)

Dropbox,

Inc.,

Class

A

(

563,660

)

(

15,055,359

)

Duke

Energy

Corp.

(

89,288

)

(

10,890,457

)

Duolingo,

Inc.,

Class

A

(

15,847

)

(

4,921,127

)

Dynatrace,

Inc.

(

144,831

)

(

6,828,782

)

Eagle

Materials,

Inc.

(

11,130

)

(

2,470,081

)

Eastman

Chemical

Co.

(

200,197

)

(

17,639,358

)

eBay,

Inc.

(

152,502

)

(

10,328,960

)

Elanco

Animal

Health,

Inc.

(

288,779

)

(

3,032,180

)

elf

Beauty,

Inc.

(

199,730

)

(

12,541,047

)

Emerson

Electric

Co.

(

98,755

)

(

10,827,498

)

Enovis

Corp.

(

43,144

)

(

1,648,532

)

Ensign

Group,

Inc.

(The)

(

59,829

)

(

7,741,873

)

Entegris,

Inc.

(

212,777

)

(

18,613,732

)

Entergy

Corp.

(

182,359

)

(

15,589,871

)

Envista

Holdings

Corp.

(

102,584

)

(

1,770,600

)

Equifax,

Inc.

(

7,440

)

(

1,812,086

)

Equinix,

Inc.,

REIT

(

7,407

)

(

6,039,297

)

Equity

Residential,

REIT

(

77,035

)

(

5,514,165

)

Erie

Indemnity

Co.,

Class

A

(

62,243

)

(

26,082,929

)

Esab

Corp.

(

88,667

)

(

10,329,706

)

Essential

Utilities,

Inc.

(

256,494

)

(

10,139,208

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(

39,851

)

(

2,630,166

)

ExlService

Holdings,

Inc.

(

102,769

)

(

4,851,724

)

Expand

Energy

Corp.

(

31,346

)

(

3,489,437

)

Expeditors

International

of

Washington,

Inc.

(

53,030

)

(

6,376,858

)

Exponent,

Inc.

(

20,000

)

(

1,621,200

)

Exxon

Mobil

Corp.

(

176,113

)

(

20,945,119

)

FactSet

Research

Systems,

Inc.

(

27,974

)

(

12,718,099

)

Fastenal

Co.

(

108,942

)

(

8,448,452

)

Ferrovial

SE

(2)

(

205,841

)

(

9,206,802

)

92

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Fifth

Third

Bancorp

(

307,569

)

(

12,056,705

)

First

Citizens

BancShares,

Inc.,

Class

A

(

8,733

)

(

16,192,030

)

First

Financial

Bankshares,

Inc.

(

38,937

)

(

1,398,617

)

First

Solar,

Inc.

(

54,433

)

(

6,881,964

)

FirstCash

Holdings,

Inc.

(

7,720

)

(

928,870

)

FirstEnergy

Corp.

(

139,486

)

(

5,638,024

)

Fiserv,

Inc.

(

132,365

)

(

29,230,163

)

Five9,

Inc.

(

127,855

)

(

3,471,263

)

Flagstar

Financial,

Inc.

(

273,708

)

(

3,180,487

)

Flex

Ltd.

(

171,228

)

(

5,664,222

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

71,372

)

(

5,743,305

)

Flowers

Foods,

Inc.

(

134,698

)

(

2,560,609

)

Fluor

Corp.

(

94,529

)

(

3,386,029

)

Ford

Motor

Co.

(

1,143,732

)

(

11,471,632

)

Fortive

Corp.

(

45,027

)

(

3,295,076

)

Fortrea

Holdings,

Inc.

(

92,892

)

(

701,335

)

Fortune

Brands

Innovations,

Inc.

(

67,079

)

(

4,083,770

)

Fox

Corp.,

Class

A

(

320,673

)

(

18,150,092

)

Franklin

Resources,

Inc.

(

272,277

)

(

5,241,332

)

FTI

Consulting,

Inc.

(

21,095

)

(

3,461,268

)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(

111,476

)

(

5,674,128

)

GE

HealthCare

Technologies,

Inc.

(

139,547

)

(

11,262,838

)

Generac

Holdings,

Inc.

(

5,586

)

(

707,467

)

General

Mills,

Inc.

(

105,001

)

(

6,278,010

)

Gentex

Corp.

(

386,354

)

(

9,002,048

)

Genuine

Parts

Co.

(

53,683

)

(

6,395,793

)

Glacier

Bancorp,

Inc.

(

91,891

)

(

4,063,420

)

GLOBALFOUNDRIES,

Inc.

(

102,595

)

(

3,786,781

)

Globant

SA

(

32,487

)

(

3,824,370

)

Globus

Medical,

Inc.,

Class

A

(

79,199

)

(

5,797,367

)

Goldman

Sachs

Group,

Inc.

(The)

(

20,129

)

(

10,996,271

)

Graco,

Inc.

(

56,388

)

(

4,708,962

)

Graphic

Packaging

Holding

Co.

(

346,613

)

(

8,998,073

)

Grocery

Outlet

Holding

Corp.

(

351,295

)

(

4,911,104

)

GXO

Logistics,

Inc.

(

151,454

)

(

5,918,822

)

H&R

Block,

Inc.

(

134,417

)

(

7,380,837

)

Haemonetics

Corp.

(

25,689

)

(

1,632,536

)

Haleon

plc

(2)

(

5,249,672

)

(

26,511,933

)

Hamilton

Lane,

Inc.,

Class

A

(

81,142

)

(

12,063,381

)

Harley-Davidson,

Inc.

(

88,630

)

(

2,237,908

)

Healthcare

Realty

Trust,

Inc.,

REIT

(

111,170

)

(

1,878,773

)

HEICO

Corp.

(

41,208

)

(

11,010,366

)

Henry

Schein,

Inc.

(

171,260

)

(

11,729,597

)

Hershey

Co.

(The)

(

188,284

)

(

32,202,214

)

Highwoods

Properties,

Inc.,

REIT

(

202,367

)

(

5,998,158

)

Hilton

Grand

Vacations,

Inc.

(

290,777

)

(

10,877,968

)

Hologic,

Inc.

(

101,264

)

(

6,255,077

)

Home

Depot,

Inc.

(The)

(

65,378

)

(

23,960,383

)

Honeywell

International,

Inc.

(

137,645

)

(

29,146,329

)

Hormel

Foods

Corp.

(

60,067

)

(

1,858,473

)

Houlihan

Lokey,

Inc.,

Class

A

(

15,380

)

(

2,483,870

)

HP,

Inc.

(

248,763

)

(

6,888,247

)

Hubbell,

Inc.,

Class

B

(

9,598

)

(

3,176,074

)

Huntington

Ingalls

Industries,

Inc.

(

34,987

)

(

7,138,747

)

Hyatt

Hotels

Corp.,

Class

A

(

159,496

)

(

19,538,260

)

IAC,

Inc.

(

62,558

)

(

2,873,915

)

IDACORP,

Inc.

(

41,108

)

(

4,777,572

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

IDEX

Corp.

(

55,009

)

(

9,954,979

)

Independence

Realty

Trust,

Inc.,

REIT

(

380,071

)

(

8,068,907

)

Informatica,

Inc.,

Class

A

(

69,698

)

(

1,216,230

)

Ingersoll

Rand,

Inc.

(

256,012

)

(

20,488,640

)

Insperity,

Inc.

(

25,831

)

(

2,304,900

)

Insulet

Corp.

(

31,718

)

(

8,329,464

)

Intel

Corp.

(

175,050

)

(

3,975,386

)

Intercontinental

Exchange,

Inc.

(

20,054

)

(

3,459,315

)

International

Flavors

&

Fragrances,

Inc.

(

20,919

)

(

1,623,524

)

International

Paper

Co.

(

261,095

)

(

13,929,418

)

Intuitive

Surgical,

Inc.

(

31,665

)

(

15,682,725

)

Invitation

Homes,

Inc.,

REIT

(

85,223

)

(

2,970,022

)

Ionis

Pharmaceuticals,

Inc.

(

688,671

)

(

20,777,204

)

Iron

Mountain,

Inc.,

REIT

(

79,007

)

(

6,797,762

)

J

M

Smucker

Co.

(The)

(

74,970

)

(

8,877,198

)

Jack

Henry

&

Associates,

Inc.

(

70,034

)

(

12,788,208

)

James

Hardie

Industries

plc,

CHESS

(2)

(

24,576

)

(

586,489

)

Jefferies

Financial

Group,

Inc.

(

13,885

)

(

743,819

)

Jones

Lang

LaSalle,

Inc.

(

6,103

)

(

1,512,995

)

Kenvue,

Inc.

(

881,844

)

(

21,146,619

)

KeyCorp

(

696,730

)

(

11,140,713

)

Keysight

Technologies,

Inc.

(

19,698

)

(

2,950,169

)

Kimberly-Clark

Corp.

(

68,374

)

(

9,724,150

)

Kimco

Realty

Corp.,

REIT

(

171,902

)

(

3,651,198

)

Kinsale

Capital

Group,

Inc.

(

26,441

)

(

12,869,099

)

Kite

Realty

Group

Trust,

REIT

(

115,592

)

(

2,585,793

)

KKR

&

Co.,

Inc.

(

134,186

)

(

15,513,243

)

Knife

River

Corp.

(

62,066

)

(

5,598,974

)

Kohl's

Corp.

(

195,128

)

(

1,596,147

)

Kroger

Co.

(The)

(

395,685

)

(

26,783,918

)

Lam

Research

Corp.

(

31,488

)

(

2,289,178

)

Lamb

Weston

Holdings,

Inc.

(

80,485

)

(

4,289,851

)

Lancaster

Colony

Corp.

(

8,124

)

(

1,421,700

)

Landstar

System,

Inc.

(

27,336

)

(

4,105,867

)

Lantheus

Holdings,

Inc.

(

42,273

)

(

4,125,845

)

Lattice

Semiconductor

Corp.

(

100,953

)

(

5,294,985

)

Leggett

&

Platt,

Inc.

(

287,715

)

(

2,275,826

)

Lennar

Corp.,

Class

A

(

59,527

)

(

6,832,509

)

Liberty

Media

Corp.-Liberty

Live,

Class

C

(

68,174

)

(

4,645,376

)

Lincoln

Electric

Holdings,

Inc.

(

4,364

)

(

825,494

)

Linde

plc

(

41,849

)

(

19,486,568

)

Lithia

Motors,

Inc.,

Class

A

(

3,728

)

(

1,094,317

)

Live

Nation

Entertainment,

Inc.

(

49,265

)

(

6,433,024

)

LKQ

Corp.

(

123,858

)

(

5,268,919

)

Lowe's

Cos.,

Inc.

(

43,519

)

(

10,149,936

)

LPL

Financial

Holdings,

Inc.

(

9,778

)

(

3,198,775

)

Lucid

Group,

Inc.

(

1,873,019

)

(

4,532,706

)

Lumentum

Holdings,

Inc.

(

213,573

)

(

13,314,141

)

M&T

Bank

Corp.

(

38,014

)

(

6,795,003

)

Macy's,

Inc.

(

355,892

)

(

4,470,004

)

Madison

Square

Garden

Sports

Corp.,

Class

A

(

7,025

)

(

1,367,908

)

Maplebear,

Inc.

(

253,764

)

(

10,122,646

)

Marriott

Vacations

Worldwide

Corp.

(

39,195

)

(

2,517,887

)

Martin

Marietta

Materials,

Inc.

(

29,228

)

(

13,974,784

)

Masimo

Corp.

(

67,790

)

(

11,293,814

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

93

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Mastercard,

Inc.,

Class

A

(

47,571

)

(

26,074,617

)

Match

Group,

Inc.

(

133,706

)

(

4,171,627

)

McDonald's

Corp.

(

110,323

)

(

34,461,597

)

MDU

Resources

Group,

Inc.

(

63,856

)

(

1,079,805

)

Meta

Platforms,

Inc.,

Class

A

(

19,143

)

(

11,033,259

)

Mettler-Toledo

International,

Inc.

(

2,743

)

(

3,239,236

)

Microchip

Technology,

Inc.

(

254,882

)

(

12,338,838

)

Micron

Technology,

Inc.

(

125,216

)

(

10,880,018

)

Microsoft

Corp.

(

75,564

)

(

28,365,970

)

MicroStrategy,

Inc.,

Class

A

(

30,435

)

(

8,773,497

)

Mid-America

Apartment

Communities,

Inc.,

REIT

(

93,061

)

(

15,595,162

)

Middleby

Corp.

(The)

(

32,674

)

(

4,965,795

)

MKS

Instruments,

Inc.

(

25,775

)

(

2,065,866

)

Moderna,

Inc.

(

219,193

)

(

6,214,122

)

Mondelez

International,

Inc.,

Class

A

(

247,251

)

(

16,775,980

)

MongoDB,

Inc.,

Class

A

(

11,225

)

(

1,968,865

)

Monolithic

Power

Systems,

Inc.

(

4,379

)

(

2,539,732

)

Monster

Beverage

Corp.

(

79,872

)

(

4,674,109

)

Moody's

Corp.

(

12,696

)

(

5,912,400

)

Morgan

Stanley

(

54,558

)

(

6,365,282

)

Morningstar,

Inc.

(

6,427

)

(

1,927,264

)

Motorola

Solutions,

Inc.

(

34,720

)

(

15,200,763

)

MSA

Safety,

Inc.

(

15,002

)

(

2,200,643

)

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(

19,009

)

(

1,476,429

)

Murphy

USA,

Inc.

(

24,413

)

(

11,469,472

)

Nasdaq,

Inc.

(

73,715

)

(

5,592,020

)

National

Storage

Affiliates

Trust,

REIT

(

198,618

)

(

7,825,549

)

nCino,

Inc.

(

454,368

)

(

12,481,489

)

Neogen

Corp.

(

1,396,525

)

(

12,107,872

)

New

Fortress

Energy,

Inc.

(

469,803

)

(

3,904,063

)

NextEra

Energy,

Inc.

(

145,074

)

(

10,284,296

)

NIKE,

Inc.,

Class

B

(

452,731

)

(

28,739,364

)

Nordson

Corp.

(

36,592

)

(

7,381,338

)

Novanta,

Inc.

(

52,367

)

(

6,696,168

)

Nucor

Corp.

(

41,468

)

(

4,990,259

)

nVent

Electric

plc

(

87,718

)

(

4,598,178

)

NVR,

Inc.

(

695

)

(

5,034,851

)

Old

Dominion

Freight

Line,

Inc.

(

35,202

)

(

5,824,171

)

Old

National

Bancorp

(

844,537

)

(

17,895,739

)

ON

Semiconductor

Corp.

(

142,366

)

(

5,792,873

)

ONEOK,

Inc.

(

275,410

)

(

27,326,180

)

Onto

Innovation,

Inc.

(

20,024

)

(

2,429,712

)

Option

Care

Health,

Inc.

(

326,396

)

(

11,407,540

)

Oracle

Corp.

(

62,959

)

(

8,802,298

)

Ormat

Technologies,

Inc.

(

129,246

)

(

9,146,739

)

Otis

Worldwide

Corp.

(

79,150

)

(

8,168,280

)

PACCAR,

Inc.

(

22,944

)

(

2,234,057

)

Parker-Hannifin

Corp.

(

26,510

)

(

16,114,104

)

Paychex,

Inc.

(

91,822

)

(

14,166,298

)

Paycom

Software,

Inc.

(

26,093

)

(

5,700,799

)

Paylocity

Holding

Corp.

(

3,831

)

(

717,700

)

Penn

Entertainment,

Inc.

(

584,697

)

(

9,536,408

)

Performance

Food

Group

Co.

(

40,537

)

(

3,187,424

)

Permian

Resources

Corp.,

Class

A

(

637,170

)

(

8,824,805

)

Perrigo

Co.

plc

(

184,270

)

(

5,166,931

)

Phillips

66

(

65,451

)

(

8,081,889

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Planet

Fitness,

Inc.,

Class

A

(

198,103

)

(

19,138,731

)

Plug

Power,

Inc.

(

645,030

)

(

870,791

)

Pool

Corp.

(

40,938

)

(

13,032,612

)

Post

Holdings,

Inc.

(

10,413

)

(

1,211,657

)

Power

Integrations,

Inc.

(

85,545

)

(

4,320,023

)

PPL

Corp.

(

387,467

)

(

13,991,433

)

Premier,

Inc.,

Class

A

(

147,380

)

(

2,841,486

)

Procore

Technologies,

Inc.

(

61,909

)

(

4,087,232

)

Procter

&

Gamble

Co.

(The)

(

229,832

)

(

39,167,970

)

PTC,

Inc.

(

73,672

)

(

11,415,476

)

Public

Service

Enterprise

Group,

Inc.

(

85,832

)

(

7,063,974

)

Public

Storage,

REIT

(

66,456

)

(

19,889,616

)

PulteGroup,

Inc.

(

82,863

)

(

8,518,316

)

PVH

Corp.

(

27,864

)

(

1,801,129

)

Qorvo,

Inc.

(

77,949

)

(

5,644,287

)

Quanta

Services,

Inc.

(

84,524

)

(

21,484,310

)

QuantumScape

Corp.

(

1,221,337

)

(

5,080,762

)

Quest

Diagnostics,

Inc.

(

193,077

)

(

32,668,629

)

Rambus,

Inc.

(

36,433

)

(

1,886,319

)

Rayonier,

Inc.,

REIT

(

133,638

)

(

3,725,827

)

RBC

Bearings,

Inc.

(

20,653

)

(

6,645,516

)

Realty

Income

Corp.,

REIT

(

272,143

)

(

15,787,015

)

Regal

Rexnord

Corp.

(

19,497

)

(

2,219,733

)

Regency

Centers

Corp.,

REIT

(

34,342

)

(

2,533,066

)

Reliance,

Inc.

(

13,462

)

(

3,887,153

)

RenaissanceRe

Holdings

Ltd.

(

42,735

)

(

10,256,400

)

Repligen

Corp.

(

54,506

)

(

6,935,343

)

Revvity,

Inc.

(

195,339

)

(

20,666,866

)

Rexford

Industrial

Realty,

Inc.,

REIT

(

187,894

)

(

7,356,050

)

RH

(

45,072

)

(

10,565,328

)

Rivian

Automotive,

Inc.,

Class

A

(

565,600

)

(

7,041,720

)

RLI

Corp.

(

51,644

)

(

4,148,563

)

Robinhood

Markets,

Inc.,

Class

A

(

145,728

)

(

6,065,199

)

Rockwell

Automation,

Inc.

(

56,565

)

(

14,615,265

)

Roivant

Sciences

Ltd.

(

1,457,926

)

(

14,710,473

)

Roper

Technologies,

Inc.

(

2,882

)

(

1,699,170

)

Royal

Caribbean

Cruises

Ltd.

(

113,694

)

(

23,357,295

)

RPM

International,

Inc.

(

64,053

)

(

7,409,651

)

RTX

Corp.

(

109,898

)

(

14,557,089

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

231,116

)

(

17,072,539

)

Ryder

System,

Inc.

(

18,598

)

(

2,674,578

)

Saia,

Inc.

(

23,287

)

(

8,137,176

)

Salesforce,

Inc.

(

14,864

)

(

3,988,903

)

Schneider

National,

Inc.,

Class

B

(

83,056

)

(

1,897,830

)

Sealed

Air

Corp.

(

152,421

)

(

4,404,967

)

SEI

Investments

Co.

(

150,542

)

(

11,686,575

)

Sempra

(

253,056

)

(

18,058,076

)

Sensata

Technologies

Holding

plc

(

190,511

)

(

4,623,702

)

SharkNinja,

Inc.

(

48,461

)

(

4,042,132

)

Sherwin-Williams

Co.

(The)

(

18,490

)

(

6,456,523

)

Shift4

Payments,

Inc.,

Class

A

(

332,393

)

(

27,159,832

)

Silgan

Holdings,

Inc.

(

125,263

)

(

6,403,445

)

Silicon

Laboratories,

Inc.

(

7,333

)

(

825,476

)

Simon

Property

Group,

Inc.,

REIT

(

32,547

)

(

5,405,406

)

Simpson

Manufacturing

Co.,

Inc.

(

52,319

)

(

8,218,269

)

SoFi

Technologies,

Inc.

(

286,864

)

(

3,336,228

)

Solventum

Corp.

(

32,601

)

(

2,478,980

)

94

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Somnigroup

International,

Inc.

(

215,606

)

(

12,910,487

)

Southern

Co.

(The)

(

8,982

)

(

825,895

)

SouthState

Corp.

(

98,414

)

(

9,134,787

)

Southwest

Airlines

Co.

(

73,209

)

(

2,458,358

)

Southwest

Gas

Holdings,

Inc.

(

109,204

)

(

7,840,847

)

STAG

Industrial,

Inc.,

REIT

(

22,455

)

(

811,075

)

Starbucks

Corp.

(

259,779

)

(

25,481,722

)

Stellantis

NV

(2)

(

751,367

)

(

8,427,395

)

Stryker

Corp.

(

25,776

)

(

9,595,116

)

Sun

Communities,

Inc.,

REIT

(

151,424

)

(

19,479,183

)

Super

Micro

Computer,

Inc.

(

364,674

)

(

12,486,438

)

Synaptics,

Inc.

(

14,398

)

(

917,441

)

Synopsys,

Inc.

(

35,154

)

(

15,075,793

)

Sysco

Corp.

(

285,834

)

(

21,448,983

)

T.

Rowe

Price

Group,

Inc.

(

51,241

)

(

4,707,511

)

Teledyne

Technologies,

Inc.

(

8,934

)

(

4,446,541

)

Tenaris

SA

(2)

(

304,956

)

(

5,967,605

)

Tesla,

Inc.

(

29,540

)

(

7,655,586

)

Tetra

Tech,

Inc.

(

75,935

)

(

2,221,099

)

Texas

Instruments,

Inc.

(

55,880

)

(

10,041,636

)

The

Campbell's

Co.

(

110,307

)

(

4,403,455

)

Thor

Industries,

Inc.

(

255,581

)

(

19,375,596

)

Timken

Co.

(The)

(

66,456

)

(

4,776,193

)

Toast,

Inc.,

Class

A

(

443,911

)

(

14,724,528

)

TopBuild

Corp.

(

25,218

)

(

7,690,229

)

TPG,

Inc.

(

106,921

)

(

5,071,263

)

Tractor

Supply

Co.

(

295,725

)

(

16,294,448

)

Trade

Desk,

Inc.

(The),

Class

A

(

127,952

)

(

7,001,533

)

Tradeweb

Markets,

Inc.,

Class

A

(

5,074

)

(

753,286

)

TransDigm

Group,

Inc.

(

5,660

)

(

7,829,421

)

Trex

Co.,

Inc.

(

202,354

)

(

11,756,767

)

Tyler

Technologies,

Inc.

(

16,843

)

(

9,792,352

)

U-Haul

Holding

Co.

(

1,508

)

(

98,563

)

U-Haul

Holding

Co.

(

48,628

)

(

2,877,805

)

Ultragenyx

Pharmaceutical,

Inc.

(

72,963

)

(

2,641,990

)

Under

Armour,

Inc.,

Class

A

(

2,169,685

)

(

13,560,531

)

Union

Pacific

Corp.

(

51,742

)

(

12,223,530

)

United

Bankshares,

Inc.

(

75,145

)

(

2,605,277

)

United

Rentals,

Inc.

(

12,779

)

(

8,008,599

)

Universal

Display

Corp.

(

24,071

)

(

3,357,423

)

US

Bancorp

(

181,066

)

(

7,644,607

)

Vail

Resorts,

Inc.

(

19,252

)

(

3,080,705

)

Valaris

Ltd.

(

264,577

)

(

10,387,293

)

Valmont

Industries,

Inc.

(

5,586

)

(

1,594,077

)

Valvoline,

Inc.

(

234,359

)

(

8,158,037

)

Verisk

Analytics,

Inc.,

Class

A

(

39,036

)

(

11,617,894

)

Verizon

Communications,

Inc.

(

97,535

)

(

4,424,188

)

Vertex

Pharmaceuticals,

Inc.

(

24,078

)

(

11,673,496

)

Viatris,

Inc.

(

261,909

)

(

2,281,227

)

VICI

Properties,

Inc.,

Class

A,

REIT

(

567,486

)

(

18,511,393

)

Viking

Therapeutics,

Inc.

(

247,084

)

(

5,967,079

)

Visa,

Inc.,

Class

A

(

33,808

)

(

11,848,352

)

Vishay

Intertechnology,

Inc.

(

96,493

)

(

1,534,239

)

Visteon

Corp.

(

9,900

)

(

768,438

)

Vistra

Corp.

(

43,174

)

(

5,070,355

)

Vontier

Corp.

(

51,914

)

(

1,705,375

)

Vornado

Realty

Trust,

REIT

(

145,502

)

(

5,382,119

)

Voya

Financial,

Inc.

(

70,092

)

(

4,749,434

)

Walmart,

Inc.

(

160,997

)

(

14,133,927

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(112.0)%

(continued)

Walt

Disney

Co.

(The)

(

90,001

)

(

8,883,099

)

Warner

Music

Group

Corp.,

Class

A

(

325,655

)

(

10,209,284

)

Waste

Connections,

Inc.

(

17,363

)

(

3,389,084

)

Waste

Management,

Inc.

(

118,711

)

(

27,482,784

)

Watsco,

Inc.

(

20,078

)

(

10,205,647

)

Watts

Water

Technologies,

Inc.,

Class

A

(

3,862

)

(

787,539

)

Wayfair,

Inc.,

Class

A

(

140,066

)

(

4,486,314

)

Webster

Financial

Corp.

(

60,818

)

(

3,135,168

)

Wells

Fargo

&

Co.

(

117,627

)

(

8,444,442

)

Welltower,

Inc.,

REIT

(

239,416

)

(

36,680,926

)

West

Pharmaceutical

Services,

Inc.

(

35,615

)

(

7,973,486

)

Western

Digital

Corp.

(

86,022

)

(

3,477,869

)

Westlake

Corp.

(

42,960

)

(

4,297,289

)

WEX,

Inc.

(

13,121

)

(

2,060,259

)

Weyerhaeuser

Co.,

REIT

(

211,026

)

(

6,178,841

)

White

Mountains

Insurance

Group

Ltd.

(

1,831

)

(

3,526,158

)

Williams

Cos.,

Inc.

(The)

(

80,948

)

(

4,837,452

)

Willis

Towers

Watson

plc

(

8,827

)

(

2,983,085

)

WillScot

Holdings

Corp.

(

398,738

)

(

11,084,916

)

Wintrust

Financial

Corp.

(

72,466

)

(

8,149,526

)

Wolfspeed,

Inc.

(

388,880

)

(

1,189,973

)

Workday,

Inc.,

Class

A

(

16,463

)

(

3,844,604

)

WW

Grainger,

Inc.

(

6,450

)

(

6,371,504

)

Wynn

Resorts

Ltd.

(

84,975

)

(

7,095,413

)

XPO,

Inc.

(

120,400

)

(

12,952,632

)

Xylem,

Inc.

(

77,372

)

(

9,242,859

)

YETI

Holdings,

Inc.

(

152,773

)

(

5,056,786

)

Yum!

Brands,

Inc.

(

4,596

)

(

723,227

)

(3,903,212,273)

Zambia

-

(

0

.2

)

%

First

Quantum

Minerals

Ltd.

(

592,944

)

(

7,972,945

)

TOTAL

COMMON

STOCKS

(Proceeds

$(6,992,456,139))                                                    

(6,329,021,368)

PREFERRED

STOCKS

-

(0.8)%

Germany

-

(

0

.8

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(

354,126

)

(

17,735,641

)

Henkel

AG

&

Co.

KGaA

(Preference)

(2)

(

32,281

)

(

2,568,508

)

Sartorius

AG

(Preference)

(2)

(

20,999

)

(

4,895,290

)

Volkswagen

AG

(Preference)

(2)

(

24,905

)

(

2,541,262

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(39,364,225))                                                    

(27,740,701)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

95

(Continued)

*

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)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$6,714,483,758,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

In

addition,

$176,968,217

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$37,343,441,

which

represents

1.07%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$882,397,466.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

RIGHTS

-

(0.0)%

†

Belgium

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(Proceeds

$–)

(

33,502

)

(

163,450

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(7,031,820,364))

(6,356,925,519)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

92.1%

(Cost

$2,128,353,760)

3,213,238,841

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

7.9%

‡

274,345,270

NET

ASSETS

-

100.0%

3,487,584,111

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

127,905,242

3

.7

%

Consumer

Discretionary

(

61,355,397

)

(

1

.8

)

Consumer

Staples

(

244,088,135

)

(

7

.0

)

Energy

150,958,436

4

.3

Financials

433,738,309

12

.4

Health

Care

153,941,436

4

.4

Industrials

67,948,874

2

.0

Information

Technology

7,902,799

0

.2

Materials

(

62,163,163

)

(

1

.8

)

Real

Estate

(

126,466,425

)

(

3

.6

)

Utilities

(

7,196,529

)

(

0

.2

)

Investment

Companies

1,001,733,526

28

.7

U.S.

Treasury

Obligations

1,770,379,868

50

.8

Total

Investments

In

Securities

At

Value

3,213,238,841

92

.1

Other

Assets

in

Excess

of

Liabilities

‡

274,345,270

7

.9

Net

Assets

$

3,487,584,111

100

.0

%

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

28.7%

INVESTMENT

COMPANIES

-

28.7%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(a)

(Cost

$999,293,683)

$531,744,456

$2,659,271,567

$(2,191,556,878)

$(10,931)

$(45,212)

$999,403,002

999,702,913

$7,984,227

$–

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

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.

96

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

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

Australia

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

BBR

plus

or

minus

a

specified

spread

(0.60%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

AUD

14,569,811

$

57,806

MSCI

Canada

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CORRA

plus

or

minus

a

specified

spread

(-0.20%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

CAD

19,230,391

280,656

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(0.50%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

SGD

3,770,782

104,950

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.23%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

EUR

5,071,910

164,210

MSCI

United

Kingdom

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SONIA

plus

or

minus

a

specified

spread

(0.65%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

GBP

12,200,908

95,267

Total

unrealized

appreciation

702,889

Amsterdam

Exchange

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/17/2025

EUR

7,378,114

(

165,100

)

Hang

Seng

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

JPMC

04/29/2025

HKD

4,632,400

(

12,234

)

Hang

Seng

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/29/2025

HKD

22,003,900

(

51,147

)

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

97

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/20/2025

CHF

21,961,280

$

(

695,787

)

MSCI

France

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

EUR

10,391,409

(

279,309

)

MSCI

Germany

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.26%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

EUR

11,825,386

(

312,874

)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.50%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

EUR

6,281,616

(

21,589

)

MSCI

Japan

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TONAR

plus

or

minus

a

specified

spread

(0.25%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

JPY

4,690,779,728

(

237,762

)

MSCI

Netherlands

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.46%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

EUR

7,068,759

(

258,666

)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(-1.00%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

SEK

55,831,456

(

245,295

)

98

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(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

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.10%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

CHF

9,596,756

$

(

172,526

)

Total

unrealized

depreciation

(

2,452,289

)

Net

unrealized

depreciation

$

(

1,749,400

)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

CAC

40

10

Euro

Index

274

4/2025

EUR

$

23,119,913

$

(

963,996

)

Hang

Seng

Index

12

4/2025

HKD

1,785,940

(

31,666

)

IBEX

35

Index

44

4/2025

EUR

6,242,176

(

75,447

)

MSCI

Singapore

Index

90

4/2025

SGD

2,610,807

(

40,436

)

OMXS30

Index

317

4/2025

SEK

7,806,895

(

556,386

)

DAX

Index

9

6/2025

EUR

5,443,913

(

229,320

)

FTSE

100

Index

260

6/2025

GBP

28,856,662

(

437,965

)

FTSE/MIB

Index

29

6/2025

EUR

5,853,542

(

204,178

)

S&P

500

E-Mini

Index

3,202

6/2025

USD

905,085,325

8,911,953

S&P/TSX

60

Index

148

6/2025

CAD

30,804,322

399,187

SPI

200

Index

81

6/2025

AUD

9,966,935

(

44,082

)

TOPIX

Index

258

6/2025

JPY

45,789,453

(

124,436

)

Net

unrealized

appreciation

$

6,603,228

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

6,829,125

USD

4,250,885

CITI

6/18/2025

$

19,035

AUD

6,829,124

USD

4,250,863

JPMC

6/18/2025

19,057

CAD

34,020,205

USD

23,702,318

CITI

6/18/2025

30,024

CAD

34,020,205

USD

23,702,200

JPMC

6/18/2025

30,143

CHF

13,204,061

USD

14,913,067

CITI

6/18/2025

150,128

CHF

13,204,061

USD

14,912,993

JPMC

6/18/2025

150,203

DKK

34,833,221

USD

4,925,673

CITI

6/18/2025

148,603

DKK

34,833,222

USD

4,925,649

JPMC

6/18/2025

148,628

EUR

58,338,501

USD

61,700,534

CITI

6/18/2025

1,657,200

EUR

58,338,500

USD

61,700,224

JPMC

6/18/2025

1,657,509

GBP

20,721,500

USD

26,252,587

CITI

6/18/2025

512,464

GBP

20,721,501

USD

26,252,457

JPMC

6/18/2025

512,595

NOK

9,894,000

USD

899,489

CITI

6/18/2025

40,922

NOK

9,894,000

USD

899,485

JPMC

6/18/2025

40,926

NZD

71,714

USD

40,418

CITI

6/18/2025

376

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

LONG-SHORT

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

99

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

NZD

71,714

USD

40,418

JPMC

6/18/2025

$

376

SEK

75,591,002

USD

7,300,206

CITI

6/18/2025

254,709

SEK

75,590,999

USD

7,300,169

JPMC

6/18/2025

254,746

SGD

1,365,713

USD

1,018,058

CITI

6/18/2025

2,572

SGD

1,365,716

USD

1,018,056

JPMC

6/18/2025

2,577

USD

10,994,438

EUR

10,034,500

CITI

6/18/2025

96,606

USD

10,994,493

EUR

10,034,500

JPMC

6/18/2025

96,661

USD

7,400,319

HKD

57,434,500

CITI

6/18/2025

6,066

USD

7,400,356

HKD

57,434,500

JPMC

6/18/2025

6,103

USD

42,022,572

JPY

6,208,750,001

CITI

6/18/2025

266,388

USD

42,022,782

JPY

6,208,750,000

JPMC

6/18/2025

266,598

USD

3,869,655

SGD

5,147,720

CITI

6/18/2025

22,640

USD

3,869,673

SGD

5,147,718

JPMC

6/18/2025

22,659

Total

unrealized

appreciation

6,416,514

AUD

14,061,875

USD

8,869,358

CITI

6/18/2025

(

77,150

)

AUD

14,061,876

USD

8,869,314

JPMC

6/18/2025

(

77,105

)

CHF

3,774,439

USD

4,350,065

CITI

6/18/2025

(

44,184

)

CHF

3,774,439

USD

4,350,043

JPMC

6/18/2025

(

44,163

)

DKK

3,403,001

USD

496,138

CITI

6/18/2025

(

411

)

DKK

3,402,999

USD

496,135

JPMC

6/18/2025

(

409

)

EUR

6,838,000

USD

7,455,747

CITI

6/18/2025

(

29,431

)

EUR

6,838,000

USD

7,455,710

JPMC

6/18/2025

(

29,392

)

GBP

8,475,499

USD

10,977,482

CITI

6/18/2025

(

30,052

)

GBP

8,475,501

USD

10,977,429

JPMC

6/18/2025

(

29,997

)

HKD

29,274,000

USD

3,771,922

CITI

6/18/2025

(

3,119

)

HKD

29,274,000

USD

3,771,903

JPMC

6/18/2025

(

3,100

)

ILS

6,167,000

USD

1,722,820

CITI

6/18/2025

(

61,209

)

ILS

6,167,000

USD

1,722,812

JPMC

6/18/2025

(

61,203

)

JPY

7,469,797,501

USD

50,833,907

CITI

6/18/2025

(

596,701

)

JPY

7,469,797,500

USD

50,833,653

JPMC

6/18/2025

(

596,448

)

NZD

179,286

USD

102,998

CITI

6/18/2025

(

1,012

)

NZD

179,285

USD

102,996

JPMC

6/18/2025

(

1,011

)

SGD

3,585,287

USD

2,696,669

CITI

6/18/2025

(

17,298

)

SGD

3,585,284

USD

2,696,653

JPMC

6/18/2025

(

17,283

)

USD

76,783,565

EUR

72,176,561

CITI

6/18/2025

(

1,602,805

)

USD

76,783,948

EUR

72,176,560

JPMC

6/18/2025

(

1,602,422

)

USD

13,262,353

GBP

10,459,999

CITI

6/18/2025

(

248,368

)

USD

13,262,422

GBP

10,460,001

JPMC

6/18/2025

(

248,302

)

USD

135,086

NOK

1,500,000

CITI

6/18/2025

(

7,487

)

USD

135,087

NOK

1,500,000

JPMC

6/18/2025

(

7,486

)

USD

17,379

SEK

179,621

CITI

6/18/2025

(

573

)

USD

17,379

SEK

179,618

JPMC

6/18/2025

(

573

)

USD

1,046,616

SGD

1,403,922

CITI

6/18/2025

(

2,569

)

USD

1,046,624

SGD

1,403,925

JPMC

6/18/2025

(

2,564

)

Total

unrealized

depreciation

(

5,443,827

)

Net

unrealized

appreciation

$

972,687

100

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

LONG-SHORT

EQUITY

FUND

Schedule

of

Investments

March

31,

2025

(Unaudited)

Total

return

basket

swap

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

BNPP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.03%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

61

months

maturity

11/19/2026

$–

$(400,400)

$(620)

$(401,020)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.20%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

42

months

maturity

08/24/2028

$–

$–

$–

$–

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

101

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

3.5%

Consumer

Staples

-

3.5%

Food

Products

-

3.5%

Archer-Daniels-Midland

Co.

(1)

15,495

743,915

Bunge

Global

SA

(1)

5,888

449,961

Conagra

Brands,

Inc.

(1)

19,558

521,612

Darling

Ingredients,

Inc.

(1)*

12,259

382,971

Flowers

Foods,

Inc.

(1)

16,096

305,985

Freshpet,

Inc.

(1)*

3,111

258,742

General

Mills,

Inc.

(1)

15,580

931,528

Hershey

Co.

(The)

(1)

4,528

774,424

Hormel

Foods

Corp.

(1)

15,486

479,137

Ingredion,

Inc.

(1)

3,831

517,990

J

M

Smucker

Co.

(The)

(1)

4,662

552,027

Kellanova

(1)

10,357

854,349

Kraft

Heinz

Co.

(The)

(1)

25,233

767,840

Lamb

Weston

Holdings,

Inc.

(1)

6,441

343,305

McCormick

&

Co.,

Inc.

(Non-Voting)

(1)

9,160

753,960

Mondelez

International,

Inc.,

Class

A

(1)

30,781

2,088,491

Pilgrim's

Pride

Corp.

(1)*

9,322

508,142

Post

Holdings,

Inc.

(1)*

3,830

445,659

Seaboard

Corp.

(1)

94

253,529

The

Campbell's

Co.

(1)

10,378

414,290

Tyson

Foods,

Inc.,

Class

A

(1)

10,937

697,890

WK

Kellogg

Co.

(1)

18,423

367,170

Total

Consumer

Staples

13,412,917

TOTAL

COMMON

STOCKS

(Cost

$13,649,725)

13,412,917

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

4.6%

U.S.

Treasury

Inflation-Linked

Notes

1.75%,

1/15/2034

(a)(b)

$

10,231,056

10,213,356

1.88%,

7/15/2034

(a)(b)

7,145,246

7,211,660

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$17,107,821)

17,425,016

SHARES

SHORT-TERM

INVESTMENTS

-

78.9%

INVESTMENT

COMPANIES

-

47.2%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(1)(c)(d)

14,269,648

14,269,648

Limited

Purpose

Cash

Investment

Fund,

4.32%

(1)(c)

166,543,425

166,493,462

TOTAL

INVESTMENT

COMPANIES

(Cost

$180,742,911)

180,763,110

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

31.7%

U.S.

Treasury

Bills

4.40%,

4/10/2025

(e)

$

13,519,000

13,504,636

4.36%,

4/17/2025

(e)(f)

7,000,000

6,986,750

4.41%,

4/24/2025

(e)

1,052,000

1,049,154

4.41%,

5/22/2025

(e)

1,929,000

1,917,454

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

31.7%

(continued)

4.40%,

6/5/2025

(e)

$

1,522,000

1,510,472

4.29%,

6/12/2025

(e)(f)

1,786,000

1,771,033

4.25%,

6/20/2025

(e)

2,283,000

2,261,688

4.26%,

6/26/2025

(e)(f)

1,964,000

1,944,318

4.20%,

7/10/2025

(e)(f)

438,000

432,908

4.25%,

7/24/2025

(e)(f)

6,937,000

6,845,470

4.23%,

7/31/2025

(e)(f)

644,000

634,974

4.28%,

8/14/2025

(e)

14,867,000

14,635,911

4.31%,

8/21/2025

(e)(f)

13,087,000

12,874,322

4.27%,

8/28/2025

(e)(f)

8,576,000

8,430,115

4.22%,

9/4/2025

(e)

4,990,000

4,901,438

4.16%,

9/11/2025

(e)(f)

31,171,000

30,592,345

4.17%,

9/25/2025

(e)(f)

9,867,000

9,668,826

4.16%,

10/2/2025

(e)

1,163,000

1,138,801

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$121,093,356)

121,100,615

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$301,836,267)

301,863,725

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

87.0%

(Cost

$332,593,813)

332,701,658

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

13.0%

‡

49,755,505

NET

ASSETS

-

100.0%

382,457,163

SECTOR

VALUE

%

OF

NET

ASSETS

Consumer

Staples

$

13,412,917

3.5

%

Investment

Companies

180,763,110

47.2

U.S.

Treasury

Obligations

138,525,631

36.3

Total

Investments

In

Securities

At

Value

332,701,658

87.0

Other

Assets

in

Excess

of

Liabilities

‡

49,755,505

13.0

Net

Assets

$

382,457,163

100.0%

102

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts,

and

value

of

reverse

repurchase

agreements.

(a)

On

March

31,

2025,

securities

valued

at

$17,425,016

were

pledged

as

collateral

for

reverse

repurchase

agreements

outstanding.

(b)

Inflation-protected

security.

(c)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(d)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(e)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(f)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

Reverse

repurchase

agreements

at

March

31,

2025:

Over-the-Counter

COUNTERPARTY

TRADE

DATE

RATE

DUE

DATE

CURRENCY

PRINCIPAL

AMOUNT

AND

VALUE

OF

REVERSE

REPURCHASE

AGREEMENT

JPMC

3/10/2025

4.45%

4/10/2025

USD

$

7,146,022

MLIN

3/10/2025

4.46%

4/10/2025

USD

10,023,750

$

17,169,772

The

weighted

average

daily

balance

of

the

reverse

repurchase

agreements

during

the

period

ended

March

31,

2025

was

$13,335,688

at

a

net

weighted

average

interest

rate

of

4.220%.

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2025:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Main

Index

Series

43.V1

1.00

%

Quarterly

6/20/2030

0.64

%

EUR

400,000

$

(8,581)

$

816

$

(7,765)

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5.00

Quarterly

6/20/2030

3.77

USD

1,167,000

(62,311)

(77)

(62,388)

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5.00

Quarterly

6/20/2030

3.77

USD

1,167,000

(

62,311)

(77)

(62,388)

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1.00

Quarterly

6/20/2030

0.61

USD

50,000

(932)

(347)

(1,279)

$

(134,135)

$

315

$

(133,820)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

March

31,

2025

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

43.V1

5.00

%

Quarterly

6/20/2030

3.28

%

EUR

6,227,000

$

549,423

$

(35,997)

$

513,426

iTraxx

Europe

Crossover

Index

Series

43.V1

5.00

Quarterly

6/20/2030

3.28

EUR

6,227,000

549,423

(35,997)

513,426

iTraxx

Europe

Main

Index

Series

43.V1

1.00

Quarterly

6/20/2030

0.64

EUR

15,334,000

319,436

(21,756)

297,680

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

103

(Continued)

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1.00

%

Quarterly

6/20/2030

0.61

%

USD

7,194,000

$

135,187

$

(2,886)

$

132,301

1,553,469

(96,636)

1,456,833

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1.00

%

Quarterly

6/20/2030

1.85

%

USD

6,211,500

$

(240,626)

$

4,983

$

(235,643)

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1.00

Quarterly

6/20/2030

1.85

USD

6,211,500

(237,644)

2,001

(235,643)

(478,270)

6,984

(471,286)

$

1,075,199

$

(89,652)

$

985,547

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

March

31,

2025:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

3,046,600,000

$

(3,492)

$

9,486

$

5,994

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

3,046,600,000

(3,492)

9,486

5,994

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

88,800,000

109,674

134,872

244,546

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

88,900,000

109,423

135,399

244,822

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

162,400,000

370,162

118,151

488,313

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

162,400,000

369,420

118,894

488,314

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

400,000

688

405

1,093

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

500,000

826

541

1,367

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

8,100,000

61,123

69,980

131,103

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

8,100,000

63,185

67,919

131,104

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

20,300,000

311,212

(161,645)

149,567

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

20,300,000

314,417

(164,850)

149,567

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

23,700,000

(47,686)

180,366

132,680

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

23,700,000

(47,758)

180,438

132,680

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

1,100,000

(9,162)

28,369

19,207

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

1,200,000

(9,884)

30,431

20,547

Pay

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

104,300,000

1,481,192

375,476

1,856,668

Pay

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

104,300,000

1,481,551

375,025

1,856,576

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

38,700,000

115,214

664,047

779,261

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

38,700,000

117,608

661,816

779,424

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

11,700,000

129,442

106,249

235,691

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

11,700,000

130,036

105,645

235,681

Pay

1D

SONIA

Annual

4.00%

Annual

6/19/2030

GBP

14,500,000

(

4,831)

21,104

16,273

Pay

1D

SONIA

Annual

4.00%

Annual

6/19/2030

GBP

14,500,000

(6,174)

22,421

16,247

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

23,800,000

100,110

(60,683)

39,427

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

23,900,000

101,155

(61,563)

39,592

Pay

1D

SONIA

Annual

4.50%

Annual

6/16/2055

GBP

7,100,000

67,558

49,367

116,925

Pay

1D

SONIA

Annual

4.50%

Annual

6/16/2055

GBP

7,100,000

67,943

48,982

116,925

Pay

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

6,700,000

45,025

63,050

108,075

Pay

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

6,600,000

44,072

62,392

106,464

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

16,700,000

70,390

11,447

81,837

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

16,800,000

70,884

11,443

82,327

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

65,500,000

6,760

8,840

15,600

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

65,500,000

6,760

8,840

15,600

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

133,000,000

91,472

29,495

120,967

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

133,000,000

91,472

29,495

120,967

104

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

2,153,800,000

$

16,612

$

8,972

$

25,584

Pay

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

2,153,900,000

16,615

8,971

25,586

Pay

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

6,460,600,000

22,177

5,224

27,401

Pay

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

6,460,700,000

22,459

4,942

27,401

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

1,170,400,000

212,189

12,673

224,862

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

1,170,500,000

212,207

12,677

224,884

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

3,130,200,000

581,485

(70,491)

510,994

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

3,130,200,000

707,662

(196,668)

510,994

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

42,500,000

(4,947)

68,268

63,321

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

42,500,000

(4,926)

68,248

63,322

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

231,300,000

73,784

211,955

285,739

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

231,300,000

74,374

211,365

285,739

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

1,200,000

7,669

1,992

9,661

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

1,200,000

7,669

1,992

9,661

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

500,000

148

175

323

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

400,000

118

140

258

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

157,200,000

17,932

2,913

20,845

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

157,200,000

17,937

2,908

20,845

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

173,000,000

18,726

1,165

19,891

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

173,000,000

18,726

1,165

19,891

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

207,000,000

45,851

6,067

51,918

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

207,000,000

45,843

6,076

51,919

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

314,100,000

(6,240)

21,274

15,034

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

314,200,000

(6,242)

21,281

15,039

Pay

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

600,000

142

380

522

Pay

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

600,000

388

134

522

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

113,200,000

551,290

459,858

1,011,148

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

113,200,000

550,444

460,704

1,011,148

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

48,300,000

192,436

189,027

381,463

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

48,200,000

193,026

187,646

380,672

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

35,400,000

187,473

(29,022)

158,451

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

35,400,000

186,840

(28,388)

158,452

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

150,200,000

(315,774)

806,414

490,640

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

150,200,000

(314,824)

805,981

491,157

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

330,000,000

7,128

17,719

24,847

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

330,000,000

7,125

17,722

24,847

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

7,378,500,000

3,659

5,468

9,127

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

7,378,500,000

3,659

5,468

9,127

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

18,700,000

(439,821)

785,372

345,551

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

18,700,000

(438,621)

784,746

346,125

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

21,500,000

561,699

(103,712)

457,987

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

21,400,000

561,826

(105,969)

455,857

Receive

1D

SOFR

Annual

3.50%

Annual

6/16/2027

USD

162,800,000

679,511

(280,769)

398,742

Receive

1D

SOFR

Annual

3.50%

Annual

6/16/2027

USD

162,700,000

678,448

(279,952)

398,496

Receive

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

209,800,000

635,773

(452,653)

183,120

Receive

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

209,900,000

634,756

(451,548)

183,208

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

14,700,000

(177,495)

428,630

251,135

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

14,700,000

(176,964)

428,100

251,136

Receive

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

7,680,600,000

333,211

(67,515)

265,696

Receive

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

7,680,600,000

333,214

(67,518)

265,696

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

15,500,000

(8,009)

11,003

2,994

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

15,500,000

(8,009)

11,003

2,994

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

154,000,000

25,748

(5,165)

20,583

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

105

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

154,000,000

$

25,749

$

(5,167)

$

20,582

Receive

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

468,800,000

713,637

(321,894)

391,743

Receive

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

468,700,000

713,466

(321,711)

391,755

Receive

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

260,200,000

473,795

(353,701)

120,094

Receive

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

260,100,000

473,104

(352,924)

120,180

Receive

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

4,800,000

33,801

(4,459)

29,342

Receive

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

4,700,000

32,720

(3,989)

28,731

Receive

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

7,800,000

86,367

(25,164)

61,203

Receive

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

7,900,000

83,188

(21,199)

61,989

Receive

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

3,600,000,000

5,911

136

6,047

Receive

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

3,600,000,000

5,911

136

6,047

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

96,000,000

(27,883)

100,790

72,907

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

96,000,000

(27,847)

100,755

72,908

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

120,000,000

97,537

9,462

106,999

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

120,000,000

97,596

9,402

106,998

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

200,000

(

647)

1,717

1,070

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

200,000

(647)

1,717

1,070

Receive

6M

BUBOR

Semi

6.50%

Annual

6/16/2027

HUF

615,100,000

251

2,185

2,436

Receive

6M

BUBOR

Semi

6.50%

Annual

6/16/2027

HUF

615,100,000

251

2,185

2,436

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

800,000,000

(3,071)

5,635

2,564

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

800,000,000

(3,071)

5,635

2,564

Receive

6M

BUBOR

Semi

6.50%

Annual

9/18/2030

HUF

185,000,000

450

5,035

5,485

Receive

6M

BUBOR

Semi

6.50%

Annual

9/18/2030

HUF

185,000,000

450

5,035

5,485

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

19,500,000

(218,246)

525,201

306,955

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

19,600,000

(216,384)

524,594

308,210

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

50,600,000

629,731

256,539

886,270

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

50,600,000

626,900

258,869

885,769

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

13,200,000

429,004

(58,771)

370,233

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

13,200,000

429,004

(58,771)

370,233

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

19,500,000

618,012

(69,845)

548,167

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

19,500,000

612,212

(64,438)

547,774

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

473,800,000

2,544

261,774

264,318

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

473,700,000

2,566

261,699

264,265

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

863,000,000

135,569

182,574

318,143

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

863,100,000

135,645

182,542

318,187

Receive

6M

WIBOR

Semi

4.50%

Annual

6/16/2027

PLN

23,000,000

44,896

(22,872)

22,024

Receive

6M

WIBOR

Semi

4.50%

Annual

6/16/2027

PLN

23,100,000

45,091

(22,972)

22,119

Receive

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

11,900,000

5,448

(5,349)

99

Receive

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

11,900,000

5,519

(5,420)

99

Receive

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

1,200,000

166

(153)

13

Receive

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

1,200,000

166

(153)

13

18,411,263

8,222,243

26,633,506

Pay

1D

IBR

Qtrly

8.50%

Qtrly

9/17/2030

COP

8,105,000,000

(12,701)

121

(12,580)

Pay

1D

IBR

Qtrly

8.50%

Qtrly

9/17/2030

COP

8,105,000,000

(12,704)

124

(12,580)

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

48,600,000

(74,345)

(61,580)

(135,925)

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

48,600,000

(73,580)

(62,345)

(135,925)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

71,100,000

(433,818)

196,616

(

237,202)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

71,200,000

(433,752)

196,407

(237,345)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

3,700,000

(57,703)

9,379

(48,324)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

3,700,000

(57,703)

9,379

(48,324)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

1,718,200,000

18,732

(59,442)

(40,710)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

1,718,200,000

18,730

(59,439)

(40,709)

Pay

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2030

CNY

15,000,000

(17,598)

9,949

(7,649)

Pay

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2030

CNY

15,000,000

(17,598)

9,949

(7,649)

106

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

7,150,000,000

$

(2,086)

$

1,328

$

(758)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

7,150,000,000

(2,086)

1,328

(758)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

524,700,000

30,448

(33,421)

(2,973)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

524,700,000

29,742

(32,715)

(2,973)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

151,400,000

(844,584)

324,452

(520,132)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

151,300,000

(844,165)

324,377

(519,788)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

106,700,000

(555,846)

172,702

(383,144)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

106,600,000

(555,429)

172,279

(

383,150)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

18,700,000

145

(9,420)

(9,275)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

18,700,000

145

(9,420)

(9,275)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

52,600,000

32,432

(49,435)

(17,003)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

52,500,000

32,370

(49,341)

(16,971)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

94,000,000

28,215

(95,348)

(67,133)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

93,900,000

28,501

(95,560)

(67,059)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

85,100,000

95,486

(143,415)

(47,929)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

85,200,000

95,640

(

143,626)

(47,986)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

146,000,000

(56,731)

35,992

(20,739)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

146,000,000

(56,731)

35,992

(20,739)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

8,700,000

(31,072)

23,256

(7,816)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

8,600,000

(30,719)

22,992

(7,727)

Receive

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

15,000,000

(284)

16

(268)

Receive

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

15,000,000

(284)

16

(268)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

48,000,000

(9,066)

(141,149)

(150,215)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

48,000,000

(

9,066)

(141,149)

(150,215)

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

33,500,000

(466,538)

(30,208)

(496,746)

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

33,600,000

(468,309)

(29,920)

(498,229)

Receive

1D

MIBOR

Semi

6.00%

Semi

6/21/2027

INR

425,000,000

(3,050)

(14,197)

(17,247)

Receive

1D

MIBOR

Semi

6.00%

Semi

6/21/2027

INR

425,000,000

(3,050)

(14,197)

(17,247)

Receive

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

1,815,400,000

(54,995)

(31,232)

(86,227)

Receive

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

1,815,400,000

(54,995)

(31,232)

(86,227)

Receive

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

1,070,000,000

(29,140)

(25,250)

(

54,390)

Receive

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

1,070,000,000

(29,140)

(25,250)

(54,390)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

7,600,000

(106,117)

(180,103)

(286,220)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

7,600,000

(105,729)

(180,789)

(286,518)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

9,200,000

(379,227)

21,596

(357,631)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

9,100,000

(

378,698)

24,738

(353,960)

Receive

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

31,500,000

(12,019)

(6,891)

(18,910)

Receive

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

31,500,000

(11,989)

(6,922)

(18,911)

Receive

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

114,600,000

(116,094)

(87,684)

(203,778)

Receive

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

114,700,000

(116,540)

(87,487)

(204,027)

Receive

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

4,400,000

(34,194)

463

(33,731)

Receive

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

4,500,000

(34,600)

103

(34,497)

Receive

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

280,000,000

15,419

(33,421)

(18,002)

Receive

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

280,000,000

15,419

(33,421)

(18,002)

Receive

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

240,000,000

(78,724)

(75,965)

(154,689)

Receive

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

240,000,000

(78,724)

(75,965)

(154,689)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

4,962,800,000

(370,753)

(123,813)

(494,566)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

4,962,900,000

(370,902)

(

123,673)

(494,575)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

4,226,600,000

(416,441)

83,984

(332,457)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

4,226,700,000

(416,452)

83,988

(332,464)

Receive

3M

BBR

Qtrly

4.00%

Semi

9/11/2030

NZD

8,800,000

(32,371)

(27,736)

(60,107)

Receive

3M

BBR

Qtrly

4.00%

Semi

9/11/2030

NZD

8,800,000

(32,371)

(27,736)

(60,107)

Receive

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

34,000,000

(

31,701)

(23,507)

(55,208)

Receive

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

34,000,000

(31,684)

(23,523)

(55,207)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

20,200,000

(8,560)

(4,808)

(13,368)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

20,100,000

(8,505)

(4,797)

(13,302)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

5,100,000

(252)

(2,103)

(2,355)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

107

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

5,200,000

$

(379)

$

(2,031)

$

(2,410)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

6/21/2027

TWD

238,000,000

(27,943)

(13,173)

(41,116)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

6/21/2027

TWD

238,000,000

(27,943)

(13,173)

(41,116)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

436,500,000

(48,536)

(25,856)

(74,392)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

436,500,000

(48,534)

(25,859)

(74,393)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

120,500,000

(18,318)

(15,611)

(33,929)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

120,500,000

(18,321)

(15,609)

(33,930)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

7,700,000

20,003

(28,629)

(

8,626)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

7,600,000

19,308

(27,822)

(8,514)

(8,180,754)

(924,872)

(9,105,626)

$

10,230,509

$

7,297,371

$

17,527,880

Abbreviations:

1D:

1

Day

1W:

1

Week

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

March

31,

2025

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

1

Day

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

(“CLICP”):

4.92%

1

Day

Colombia

Overnight

Interbank

Rate

(“IBR”):

8.97%

1

Day

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIEOIS”):

9.05%

1

Day

Mumbai

Interbank

Overnight

Rate

(“MIBOR”):

7.20%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

4.41%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

2.14%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

1

Day

Thailand

Overnight

Repo

Rate

(“THOR”):

1.99%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.47%

1

Week

China

Fixing

Repo

Rate

(“CNREPOFIX_CFXS”):

2.25%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.13%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

3.88%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

7.56%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

2.84%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.36%

3

Month

Taiwan

Secondary

Markets

Bills

Rate

(“TWCPBA”):

1.68%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.53%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

2.34%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.67%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

3.61%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.66%

108

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/17/2025

EUR

(5,578,574)

$

124,409

MSCI

Brazil

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CDI

plus

or

minus

a

specified

spread

(-0.65%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

BRL

25,531,778

135,706

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

(-0.50%)

Monthly

GSIN

06/18/2025

EUR

(1,197,779)

36,811

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

(-0.35%)

Monthly

GSIN

06/18/2025

JPY

(17,306,436)

792

MSCI

Mexico

Net

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TIIEOIS

plus

or

minus

a

specified

spread

(0.85%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

MXN

6,573,347

–

MSCI

Netherlands

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

(0.25%)

Monthly

GSIN

06/18/2025

EUR

(2,216,557)

81,059

MSCI

Poland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

WIBOR

plus

or

minus

a

specified

spread

(-0.87%)

Monthly

GSIN

06/18/2025

PLN

(34,699)

182

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

109

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.14%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

EUR

314,147

$

10,249

Tel

Aviv

Stock

Exchange

35

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TELBOR

plus

or

minus

a

specified

spread

(0.26%)

Monthly

BANA

06/18/2025

ILS

(5,325,796)

45,619

Total

unrealized

appreciation

434,827

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/29/2025

HKD

47,280,450

(121,203)

iBovespa

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/16/2025

BRL

93,102,716

(64,578)

KOSPI

200

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/12/2025

KRW

32,545,500,000

(316,939)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

06/20/2025

CHF

12,602,780

(435,472)

TAIEX

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/16/2025

TWD

20,764,000

(3,877)

WIG20

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/20/2025

PLN

5,208,900

(44,164)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.25%)

Monthly

GSIN

06/18/2025

AUD

(4,071,194)

(22,506)

MSCI

Canada

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

CORRA

Monthly

GSIN

06/18/2025

CAD

(2,116,767)

(29,522)

MSCI

Emerging

Markets

Thailand

Net

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.40%)

Monthly

BANA

06/18/2025

USD

(200,816)

(2,410)

110

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(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

Emerging

Markets

Thailand

Net

Total

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.55%)

Monthly

GSIN

06/18/2025

USD

(1,206,886)

$

(14,553)

MSCI

Hong

Kong

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.40%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

HKD

17,101,136

(90,039)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.60%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

EUR

183,636

(745)

MSCI

Singapore

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SORA

plus

or

minus

a

specified

spread

(0.25%)

Monthly

GSIN

06/18/2025

SGD

(514,458)

(14,154)

MSCI

South

Africa

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

JIBAR

plus

or

minus

a

specified

spread

(-1.78%)

Monthly

GSIN

06/18/2025

ZAR

(223,092,138)

(

487,746)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(-1.30%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

SEK

9,128,765

(40,041)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.11%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

06/18/2025

CHF

394,758

(7,134)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

111

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

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

(0.44%)

Monthly

GSIN

06/18/2025

GBP

(705,343)

$

(5,855)

Total

unrealized

depreciation

(1,700,938)

Net

unrealized

depreciation

$

(1,266,111)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

1,232

4/2025

USD

$

92,116,640

$

4,223,634

FTSE

Bursa

Malaysia

KLCI

Index

4

4/2025

MYR

68,146

(466)

Hang

Seng

Index

44

4/2025

HKD

6,548,445

(131,042)

HSCEI

183

4/2025

HKD

10,017,265

(180,541)

IBEX

35

Index

85

4/2025

EUR

12,058,750

(151,588)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,901

(3,822)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,904

492

LME

Aluminum

Base

Metal

1

4/2025

USD

62,916

(2,474)

LME

Aluminum

Base

Metal

2

4/2025

USD

125,827

(3,143)

LME

Aluminum

Base

Metal

3

4/2025

USD

188,711

(

9,024)

LME

Aluminum

Base

Metal

3

4/2025

USD

189,030

(6,997)

LME

Aluminum

Base

Metal

4

4/2025

USD

252,115

(8,342)

LME

Aluminum

Base

Metal

13

4/2025

USD

817,993

(20,119)

LME

Copper

Base

Metal

1

4/2025

USD

241,729

16,534

LME

Copper

Base

Metal

2

4/2025

USD

483,962

21,707

LME

Copper

Base

Metal

2

4/2025

USD

483,409

29,469

LME

Copper

Base

Metal

3

4/2025

USD

725,773

41,839

LME

Copper

Base

Metal

5

4/2025

USD

1,209,716

83,076

LME

Copper

Base

Metal

5

4/2025

USD

1,209,779

61,423

LME

Copper

Base

Metal

6

4/2025

USD

1,449,064

124,979

LME

Copper

Base

Metal

7

4/2025

USD

1,693,865

103,072

LME

Copper

Base

Metal

18

4/2025

USD

4,354,304

231,957

LME

Lead

Base

Metal

1

4/2025

USD

49,734

1,112

LME

Lead

Base

Metal

1

4/2025

USD

49,808

478

LME

Lead

Base

Metal

1

4/2025

USD

49,802

1,321

LME

Lead

Base

Metal

2

4/2025

USD

99,581

2,001

LME

Lead

Base

Metal

4

4/2025

USD

198,890

3,161

LME

Lead

Base

Metal

5

4/2025

USD

249,223

5,303

LME

Lead

Base

Metal

5

4/2025

USD

248,519

5,965

LME

Lead

Base

Metal

5

4/2025

USD

248,144

7,373

LME

Lead

Base

Metal

8

4/2025

USD

398,906

6,085

LME

Nickel

Base

Metal

1

4/2025

USD

94,619

1,951

LME

Nickel

Base

Metal

1

4/2025

USD

94,378

(791)

LME

Nickel

Base

Metal

2

4/2025

USD

188,818

(2,660)

LME

Nickel

Base

Metal

2

4/2025

USD

188,787

(1,615)

LME

Nickel

Base

Metal

2

4/2025

USD

188,537

5,525

LME

Nickel

Base

Metal

3

4/2025

USD

283,566

1,839

LME

Nickel

Base

Metal

4

4/2025

USD

378,540

12,186

112

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Nickel

Base

Metal

6

4/2025

USD

$

567,616

$

(824)

LME

Zinc

Base

Metal

1

4/2025

USD

71,089

1,007

LME

Zinc

Base

Metal

1

4/2025

USD

71,039

(835)

LME

Zinc

Base

Metal

3

4/2025

USD

212,884

(770)

LME

Zinc

Base

Metal

4

4/2025

USD

283,807

(3,555)

LME

Zinc

Base

Metal

5

4/2025

USD

354,855

(684)

LME

Zinc

Base

Metal

5

4/2025

USD

354,973

(2,324)

LME

Zinc

Base

Metal

6

4/2025

USD

426,443

10,138

LME

Zinc

Base

Metal

6

4/2025

USD

426,356

788

LME

Zinc

Base

Metal

8

4/2025

USD

568,154

(9,066)

Natural

Gas

109

4/2025

USD

4,489,710

(127,192)

OMXS30

Index

259

4/2025

SEK

6,378,504

(427,751)

SGX

FTSE

China

A50

Index

341

4/2025

USD

4,546,894

(36,160)

SGX

FTSE

Taiwan

Index

177

4/2025

USD

12,303,270

(690,407)

Sugar

No.

11

111

4/2025

USD

2,344,675

(59,279)

Brent

Crude

Oil

180

5/2025

USD

13,314,600

188,658

Cocoa

3

5/2025

USD

237,060

(51,511)

Coffee

'C'

31

5/2025

USD

4,414,594

(204,634)

Copper

73

5/2025

USD

9,187,050

670,306

LME

Aluminum

Base

Metal

1

5/2025

USD

63,236

(4,472)

LME

Aluminum

Base

Metal

1

5/2025

USD

63,129

(2,946)

LME

Aluminum

Base

Metal

1

5/2025

USD

63,236

(4,124)

LME

Aluminum

Base

Metal

8

5/2025

USD

504,882

(20,319)

LME

Aluminum

Base

Metal

15

5/2025

USD

946,283

(48,875)

LME

Aluminum

Base

Metal

15

5/2025

USD

947,876

(41,044)

LME

Aluminum

Base

Metal

20

5/2025

USD

1,262,125

(49,029)

LME

Aluminum

Base

Metal

26

5/2025

USD

1,642,336

(69,342)

LME

Aluminum

Base

Metal

28

5/2025

USD

1,766,590

(85,697)

LME

Copper

Base

Metal

1

5/2025

USD

242,275

6,695

LME

Copper

Base

Metal

1

5/2025

USD

242,229

6,407

LME

Copper

Base

Metal

1

5/2025

USD

242,056

17,161

LME

Copper

Base

Metal

7

5/2025

USD

1,695,440

80,033

LME

Copper

Base

Metal

9

5/2025

USD

2,181,256

43,345

LME

Copper

Base

Metal

10

5/2025

USD

2,424,118

53,724

LME

Copper

Base

Metal

11

5/2025

USD

2,666,529

46,330

LME

Copper

Base

Metal

15

5/2025

USD

3,635,051

82,444

LME

Copper

Base

Metal

20

5/2025

USD

4,846,735

171,329

LME

Copper

Base

Metal

20

5/2025

USD

4,846,900

159,817

LME

Copper

Base

Metal

24

5/2025

USD

5,817,012

63,167

LME

Lead

Base

Metal

1

5/2025

USD

49,920

(198)

LME

Lead

Base

Metal

2

5/2025

USD

100,086

(70)

LME

Lead

Base

Metal

4

5/2025

USD

199,904

993

LME

Lead

Base

Metal

5

5/2025

USD

250,068

1,992

LME

Lead

Base

Metal

6

5/2025

USD

300,606

2,090

LME

Lead

Base

Metal

6

5/2025

USD

300,440

3,124

LME

Lead

Base

Metal

7

5/2025

USD

349,634

1,921

LME

Lead

Base

Metal

8

5/2025

USD

400,030

2,009

LME

Lead

Base

Metal

9

5/2025

USD

450,263

15

LME

Nickel

Base

Metal

1

5/2025

USD

94,772

275

LME

Nickel

Base

Metal

2

5/2025

USD

189,496

103

LME

Nickel

Base

Metal

3

5/2025

USD

284,001

12,193

LME

Nickel

Base

Metal

4

5/2025

USD

378,928

12,124

LME

Nickel

Base

Metal

5

5/2025

USD

474,747

7,482

LME

Nickel

Base

Metal

5

5/2025

USD

474,611

10,076

LME

Nickel

Base

Metal

6

5/2025

USD

570,024

18,306

LME

Nickel

Base

Metal

6

5/2025

USD

569,425

11,047

LME

Nickel

Base

Metal

9

5/2025

USD

855,198

7,371

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

113

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Nickel

Base

Metal

10

5/2025

USD

$

948,322

$

16,192

LME

Nickel

Base

Metal

11

5/2025

USD

1,042,890

31,221

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

(683)

LME

Zinc

Base

Metal

2

5/2025

USD

142,440

(691)

LME

Zinc

Base

Metal

2

5/2025

USD

142,508

1,136

LME

Zinc

Base

Metal

3

5/2025

USD

213,788

4,454

LME

Zinc

Base

Metal

4

5/2025

USD

284,763

(1,530)

LME

Zinc

Base

Metal

5

5/2025

USD

355,589

11,656

LME

Zinc

Base

Metal

5

5/2025

USD

356,100

(4,315)

LME

Zinc

Base

Metal

6

5/2025

USD

427,320

(7,698)

LME

Zinc

Base

Metal

9

5/2025

USD

640,586

5,953

LME

Zinc

Base

Metal

10

5/2025

USD

712,200

725

LME

Zinc

Base

Metal

23

5/2025

USD

1,638,060

(19,428)

Low

Sulphur

Gasoil

34

5/2025

USD

2,318,800

56,885

Soybean

206

5/2025

USD

10,451,925

14,665

Soybean

Meal

16

5/2025

USD

468,320

(9,647)

90-Day

New

Zealand

Bill

2

6/2025

NZD

1,126,115

(100)

Australia

10

Year

Bond

327

6/2025

AUD

23,010,484

16,237

Australia

3

Year

Bond

29

6/2025

AUD

1,929,385

3,024

Euro

STOXX

50

Index

12

6/2025

EUR

673,304

(14,084)

Euro-Bobl

406

6/2025

EUR

51,693,168

(20,979)

Euro-BTP

47

6/2025

EUR

5,975,545

(108,850)

Euro-OAT

133

6/2025

EUR

17,653,034

(159,924)

FTSE

100

Index

8

6/2025

GBP

887,897

(8,299)

FTSE/MIB

Index

72

6/2025

EUR

14,532,932

(494,839)

KOSPI

200

Index

161

6/2025

KRW

9,124,244

(199,949)

Live

Cattle

35

6/2025

USD

2,851,100

93,655

LME

Aluminum

Base

Metal

2

6/2025

USD

126,553

(9,303)

LME

Aluminum

Base

Metal

9

6/2025

USD

569,925

(1,068)

LME

Aluminum

Base

Metal

15

6/2025

USD

947,843

(32,427)

LME

Aluminum

Base

Metal

15

6/2025

USD

948,255

(43,465)

LME

Aluminum

Base

Metal

21

6/2025

USD

1,328,770

(41,143)

LME

Aluminum

Base

Metal

23

6/2025

USD

1,455,147

(59,672)

LME

Aluminum

Base

Metal

25

6/2025

USD

1,582,494

(31,235)

LME

Aluminum

Base

Metal

26

6/2025

USD

1,645,469

(51,228)

LME

Aluminum

Base

Metal

41

6/2025

USD

2,594,736

(178,011)

LME

Aluminum

Base

Metal

42

6/2025

USD

2,655,975

(134,770)

LME

Aluminum

Base

Metal

53

6/2025

USD

3,352,807

(219,142)

LME

Aluminum

Base

Metal

53

6/2025

USD

3,353,098

(213,960)

LME

Aluminum

Base

Metal

105

6/2025

USD

6,642,064

(277,053)

LME

Copper

Base

Metal

1

6/2025

USD

242,564

(964)

LME

Copper

Base

Metal

2

6/2025

USD

485,303

(14,288)

LME

Copper

Base

Metal

3

6/2025

USD

728,250

(758)

LME

Copper

Base

Metal

3

6/2025

USD

727,823

(22,755)

LME

Copper

Base

Metal

5

6/2025

USD

1,212,309

40,116

LME

Copper

Base

Metal

6

6/2025

USD

1,455,291

23,966

LME

Copper

Base

Metal

8

6/2025

USD

1,940,060

(39,790)

LME

Copper

Base

Metal

9

6/2025

USD

2,184,424

(30,275)

LME

Copper

Base

Metal

10

6/2025

USD

2,426,638

(27,862)

LME

Copper

Base

Metal

13

6/2025

USD

3,153,329

(31,236)

LME

Copper

Base

Metal

14

6/2025

USD

3,394,990

57,198

LME

Copper

Base

Metal

16

6/2025

USD

3,880,900

31,478

LME

Copper

Base

Metal

128

6/2025

USD

31,063,360

386,023

LME

Lead

Base

Metal

1

6/2025

USD

50,228

(1,275)

LME

Lead

Base

Metal

1

6/2025

USD

50,123

408

LME

Lead

Base

Metal

1

6/2025

USD

50,241

(2,012)

LME

Lead

Base

Metal

1

6/2025

USD

50,154

(223)

114

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Lead

Base

Metal

1

6/2025

USD

$

50,198

$

(829)

LME

Lead

Base

Metal

1

6/2025

USD

50,213

(1,740)

LME

Lead

Base

Metal

2

6/2025

USD

100,497

(159)

LME

Lead

Base

Metal

2

6/2025

USD

100,600

(377)

LME

Lead

Base

Metal

11

6/2025

USD

552,181

(15,119)

LME

Nickel

Base

Metal

1

6/2025

USD

95,266

(4,810)

LME

Nickel

Base

Metal

3

6/2025

USD

285,552

(

3,717)

LME

Nickel

Base

Metal

3

6/2025

USD

286,389

(5,760)

LME

Nickel

Base

Metal

3

6/2025

USD

285,498

(2,243)

LME

Nickel

Base

Metal

3

6/2025

USD

286,362

(4,527)

LME

Nickel

Base

Metal

3

6/2025

USD

285,758

(10,805)

LME

Nickel

Base

Metal

4

6/2025

USD

382,032

(1,980)

LME

Nickel

Base

Metal

4

6/2025

USD

381,120

(18,402)

LME

Nickel

Base

Metal

4

6/2025

USD

381,282

(15,004)

LME

Nickel

Base

Metal

6

6/2025

USD

572,193

(14,325)

LME

Nickel

Base

Metal

7

6/2025

USD

668,075

(2,955)

LME

Nickel

Base

Metal

12

6/2025

USD

1,145,094

(24,149)

LME

Nickel

Base

Metal

13

6/2025

USD

1,239,362

(44,605)

LME

Zinc

Base

Metal

2

6/2025

USD

142,690

(5,944)

LME

Zinc

Base

Metal

3

6/2025

USD

213,960

(6,480)

LME

Zinc

Base

Metal

5

6/2025

USD

356,694

(7,696)

LME

Zinc

Base

Metal

6

6/2025

USD

427,650

(15,004)

LME

Zinc

Base

Metal

6

6/2025

USD

427,875

1,961

LME

Zinc

Base

Metal

9

6/2025

USD

641,531

(13,927)

LME

Zinc

Base

Metal

12

6/2025

USD

855,300

(

33,705)

LME

Zinc

Base

Metal

15

6/2025

USD

1,069,800

(18,405)

LME

Zinc

Base

Metal

17

6/2025

USD

1,212,011

(46,506)

LME

Zinc

Base

Metal

18

6/2025

USD

1,282,406

(31,088)

LME

Zinc

Base

Metal

113

6/2025

USD

8,062,607

(154,428)

Long

Gilt

330

6/2025

GBP

39,059,807

(334,240)

MSCI

EAFE

Index

5

6/2025

USD

604,075

(20,352)

MSCI

Emerging

Markets

Index

100

6/2025

USD

5,554,000

(165,117)

NASDAQ

100

E-Mini

Index

32

6/2025

USD

12,441,280

(42,052)

Russell

2000

E-Mini

Index

31

6/2025

USD

3,142,005

(25,813)

S&P

Midcap

400

E-Mini

Index

75

6/2025

USD

22,039,500

47,479

S&P/TSX

60

Index

57

6/2025

CAD

11,863,827

(30,927)

U.S.

Treasury

2

Year

Note

92

6/2025

USD

19,065,563

14,665

U.S.

Treasury

5

Year

Note

2,469

6/2025

USD

267,327,117

621,818

U.S.

Treasury

Long

Bond

33

6/2025

USD

3,883,688

12,345

Cocoa

1

7/2025

USD

78,880

(751)

3

Month

Euro

Euribor

40

9/2025

EUR

10,594,037

1,593

90-Day

Australian

Bank

Bill

10

9/2025

AUD

6,193,219

(106)

90-Day

New

Zealand

Bill

31

9/2025

NZD

17,461,610

375

3

Month

CORRA

119

12/2025

CAD

20,202,008

32,207

3

Month

Euro

Euribor

59

12/2025

EUR

15,635,774

9,506

3

Month

SARON

21

12/2025

CHF

5,928,577

44

3

Month

SOFR

383

12/2025

USD

92,111,500

(22,233)

3

Month

SONIA

247

12/2025

GBP

76,547,022

(31,481)

90-Day

Australian

Bank

Bill

85

12/2025

AUD

52,656,519

8,195

90-Day

New

Zealand

Bill

27

12/2025

NZD

15,209,615

1,888

Phelix

De

Base

Electricity

6

12/2025

EUR

4,842,183

(96,091)

Platinum

52

2/2026

JPY

809,001

10,553

3

Month

CORRA

105

3/2026

CAD

17,838,982

31,132

3

Month

Euro

Euribor

33

3/2026

EUR

8,745,879

6,686

3

Month

SARON

23

3/2026

CHF

6,494,504

1,114

3

Month

SOFR

412

3/2026

USD

99,281,699

34,274

3

Month

SONIA

276

3/2026

GBP

85,623,455

(28,827)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

115

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

90-Day

Australian

Bank

Bill

217

3/2026

AUD

$

134,442,140

$

21,564

90-Day

New

Zealand

Bill

15

3/2026

NZD

8,448,339

859

3

Month

CORRA

71

6/2026

CAD

12,062,550

11,189

3

Month

Euro

Euribor

16

6/2026

EUR

4,239,345

11,233

3

Month

SARON

23

6/2026

CHF

6,494,179

7,490

3

Month

SOFR

426

6/2026

USD

102,783,149

107,125

3

Month

SONIA

261

6/2026

GBP

81,020,578

(15,180)

90-Day

Australian

Bank

Bill

44

6/2026

AUD

27,260,824

4,897

3

Month

CORRA

38

9/2026

CAD

6,454,692

5,557

3

Month

Euro

Euribor

31

9/2026

EUR

8,209,121

2,148

3

Month

SARON

10

9/2026

CHF

2,822,991

4,144

3

Month

SOFR

367

9/2026

USD

88,607,563

82,482

3

Month

SONIA

267

9/2026

GBP

82,904,676

61,985

3

Month

Euro

Euribor

30

12/2026

EUR

7,938,634

1,412

3

Month

Euro

Euribor

33

3/2027

EUR

8,725,807

1,984

3

Month

Euro

Euribor

21

6/2027

EUR

5,548,529

(107)

Total

of

long

contracts

2,343,219

Short

Contracts

CAC

40

10

Euro

Index

(79)

4/2025

EUR

(6,665,960)

261,386

IFSC

NIFTY

50

Index

(253)

4/2025

USD

(11,824,461)

243,029

LME

Aluminum

Base

Metal

(1)

4/2025

USD

(62,901)

3,921

LME

Aluminum

Base

Metal

(1)

4/2025

USD

(62,916)

2,531

LME

Aluminum

Base

Metal

(1)

4/2025

USD

(62,904)

(956)

LME

Aluminum

Base

Metal

(2)

4/2025

USD

(125,827)

2,243

LME

Aluminum

Base

Metal

(3)

4/2025

USD

(189,030)

7,424

LME

Aluminum

Base

Metal

(3)

4/2025

USD

(188,711)

8,980

LME

Aluminum

Base

Metal

(4)

4/2025

USD

(252,115)

7,373

LME

Aluminum

Base

Metal

(13)

4/2025

USD

(817,993)

22,669

LME

Copper

Base

Metal

(1)

4/2025

USD

(241,729)

(17,562)

LME

Copper

Base

Metal

(2)

4/2025

USD

(483,962)

(21,317)

LME

Copper

Base

Metal

(2)

4/2025

USD

(483,409)

(28,839)

LME

Copper

Base

Metal

(3)

4/2025

USD

(725,773)

(41,706)

LME

Copper

Base

Metal

(5)

4/2025

USD

(1,209,779)

(59,246)

LME

Copper

Base

Metal

(5)

4/2025

USD

(1,209,716)

(83,854)

LME

Copper

Base

Metal

(6)

4/2025

USD

(1,449,064)

(129,830)

LME

Copper

Base

Metal

(7)

4/2025

USD

(1,693,865)

(103,859)

LME

Copper

Base

Metal

(18)

4/2025

USD

(4,354,304)

(229,185)

LME

Lead

Base

Metal

(1)

4/2025

USD

(49,734)

(1,236)

LME

Lead

Base

Metal

(1)

4/2025

USD

(49,802)

(1,479)

LME

Lead

Base

Metal

(1)

4/2025

USD

(

49,808)

(710)

LME

Lead

Base

Metal

(2)

4/2025

USD

(99,581)

(2,148)

LME

Lead

Base

Metal

(4)

4/2025

USD

(198,890)

(2,501)

LME

Lead

Base

Metal

(5)

4/2025

USD

(249,223)

(5,576)

LME

Lead

Base

Metal

(5)

4/2025

USD

(248,144)

(7,782)

LME

Lead

Base

Metal

(5)

4/2025

USD

(248,519)

(6,907)

LME

Lead

Base

Metal

(8)

4/2025

USD

(398,906)

(5,491)

LME

Nickel

Base

Metal

(1)

4/2025

USD

(

94,378)

509

LME

Nickel

Base

Metal

(1)

4/2025

USD

(94,619)

(2,222)

LME

Nickel

Base

Metal

(2)

4/2025

USD

(188,787)

1,707

LME

Nickel

Base

Metal

(2)

4/2025

USD

(188,818)

2,019

LME

Nickel

Base

Metal

(2)

4/2025

USD

(188,537)

(6,561)

LME

Nickel

Base

Metal

(3)

4/2025

USD

(283,566)

(2,248)

LME

Nickel

Base

Metal

(4)

4/2025

USD

(378,540)

(11,638)

LME

Nickel

Base

Metal

(6)

4/2025

USD

(567,616)

(1,911)

LME

Zinc

Base

Metal

(1)

4/2025

USD

(71,089)

(1,216)

LME

Zinc

Base

Metal

(1)

4/2025

USD

(71,039)

759

LME

Zinc

Base

Metal

(3)

4/2025

USD

(212,884)

(250)

116

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(4)

4/2025

USD

$

(283,807)

$

6,555

LME

Zinc

Base

Metal

(5)

4/2025

USD

(354,855)

1,548

LME

Zinc

Base

Metal

(5)

4/2025

USD

(354,973)

2,205

LME

Zinc

Base

Metal

(6)

4/2025

USD

(426,356)

(

1,461)

LME

Zinc

Base

Metal

(6)

4/2025

USD

(426,443)

(11,710)

LME

Zinc

Base

Metal

(8)

4/2025

USD

(568,154)

7,538

MSCI

Singapore

Index

(122)

4/2025

SGD

(3,539,094)

56,323

Natural

Gas

(15)

4/2025

EUR

(

490,741)

14,442

Natural

Gas

(25)

4/2025

GBP

(978,681)

6,206

NY

Harbor

ULSD

(212)

4/2025

USD

(20,295,778)

(529,474)

RBOB

Gasoline

(55)

4/2025

USD

(5,291,517)

(337,152)

WTI

Crude

Oil

(536)

4/2025

USD

(38,313,280)

(1,855,882)

Cocoa

(2)

5/2025

GBP

(160,125)

359

Corn

(996)

5/2025

USD

(22,771,050)

1,315,964

Cotton

No.

2

(54)

5/2025

USD

(1,804,410)

(23,430)

KC

HRW

Wheat

(212)

5/2025

USD

(

5,904,200)

390,235

LME

Aluminum

Base

Metal

(1)

5/2025

USD

(63,129)

2,763

LME

Aluminum

Base

Metal

(1)

5/2025

USD

(63,236)

4,362

LME

Aluminum

Base

Metal

(1)

5/2025

USD

(63,236)

4,147

LME

Aluminum

Base

Metal

(8)

5/2025

USD

(504,882)

19,094

LME

Aluminum

Base

Metal

(15)

5/2025

USD

(946,283)

50,022

LME

Aluminum

Base

Metal

(15)

5/2025

USD

(947,876)

41,999

LME

Aluminum

Base

Metal

(20)

5/2025

USD

(1,262,125)

45,133

LME

Aluminum

Base

Metal

(26)

5/2025

USD

(1,642,336)

68,826

LME

Aluminum

Base

Metal

(28)

5/2025

USD

(1,766,590)

86,153

LME

Copper

Base

Metal

(1)

5/2025

USD

(242,056)

(15,312)

LME

Copper

Base

Metal

(1)

5/2025

USD

(242,275)

(6,891)

LME

Copper

Base

Metal

(1)

5/2025

USD

(242,229)

(6,882)

LME

Copper

Base

Metal

(7)

5/2025

USD

(1,695,440)

(80,779)

LME

Copper

Base

Metal

(9)

5/2025

USD

(2,181,256)

(45,267)

LME

Copper

Base

Metal

(10)

5/2025

USD

(2,424,118)

(49,369)

LME

Copper

Base

Metal

(11)

5/2025

USD

(2,666,529)

(59,408)

LME

Copper

Base

Metal

(15)

5/2025

USD

(3,635,051)

(79,153)

LME

Copper

Base

Metal

(20)

5/2025

USD

(4,846,735)

(167,613)

LME

Copper

Base

Metal

(20)

5/2025

USD

(4,846,900)

(161,689)

LME

Copper

Base

Metal

(24)

5/2025

USD

(5,817,012)

(50,161)

LME

Lead

Base

Metal

(1)

5/2025

USD

(49,920)

253

LME

Lead

Base

Metal

(2)

5/2025

USD

(100,086)

100

LME

Lead

Base

Metal

(4)

5/2025

USD

(

199,904)

(1,597)

LME

Lead

Base

Metal

(5)

5/2025

USD

(250,068)

(2,001)

LME

Lead

Base

Metal

(6)

5/2025

USD

(300,440)

(3,341)

LME

Lead

Base

Metal

(6)

5/2025

USD

(300,606)

(1,829)

LME

Lead

Base

Metal

(7)

5/2025

USD

(349,634)

(2,715)

LME

Lead

Base

Metal

(8)

5/2025

USD

(400,030)

(2,091)

LME

Lead

Base

Metal

(9)

5/2025

USD

(450,263)

(26)

LME

Nickel

Base

Metal

(1)

5/2025

USD

(

94,772)

(155)

LME

Nickel

Base

Metal

(2)

5/2025

USD

(189,496)

314

LME

Nickel

Base

Metal

(3)

5/2025

USD

(284,001)

(12,162)

LME

Nickel

Base

Metal

(4)

5/2025

USD

(378,928)

(11,891)

LME

Nickel

Base

Metal

(5)

5/2025

USD

(474,611)

(9,336)

LME

Nickel

Base

Metal

(5)

5/2025

USD

(474,747)

(8,607)

LME

Nickel

Base

Metal

(6)

5/2025

USD

(569,425)

(16,690)

LME

Nickel

Base

Metal

(6)

5/2025

USD

(570,024)

(18,250)

LME

Nickel

Base

Metal

(9)

5/2025

USD

(855,198)

(12,529)

LME

Nickel

Base

Metal

(10)

5/2025

USD

(948,322)

(17,025)

LME

Nickel

Base

Metal

(11)

5/2025

USD

(1,042,890)

(26,837)

LME

Zinc

Base

Metal

(1)

5/2025

USD

(71,220)

486

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

117

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Zinc

Base

Metal

(2)

5/2025

USD

$

(142,508)

$

(884)

LME

Zinc

Base

Metal

(2)

5/2025

USD

(142,440)

304

LME

Zinc

Base

Metal

(3)

5/2025

USD

(213,788)

(

4,161)

LME

Zinc

Base

Metal

(4)

5/2025

USD

(284,763)

1,725

LME

Zinc

Base

Metal

(5)

5/2025

USD

(355,589)

(13,389)

LME

Zinc

Base

Metal

(5)

5/2025

USD

(356,100)

3,861

LME

Zinc

Base

Metal

(6)

5/2025

USD

(

427,320)

8,143

LME

Zinc

Base

Metal

(9)

5/2025

USD

(640,586)

(7,539)

LME

Zinc

Base

Metal

(10)

5/2025

USD

(712,200)

(1,650)

LME

Zinc

Base

Metal

(23)

5/2025

USD

(1,638,060)

16,597

Silver

(52)

5/2025

USD

(8,998,860)

(254,770)

Soybean

Oil

(125)

5/2025

USD

(3,366,750)

(23,717)

Wheat

(148)

5/2025

USD

(3,973,800)

183,061

100

oz

Gold

(14)

6/2025

USD

(4,410,420)

(115,904)

Canada

10

Year

Bond

(453)

6/2025

CAD

(39,160,001)

(272,479)

DAX

Index

(11)

6/2025

EUR

(6,653,671)

103,741

DJIA

CBOT

E-Mini

Index

(50)

6/2025

USD

(10,564,750)

(201,099)

Euro-Bund

(157)

6/2025

EUR

(

21,860,523)

(59,170)

Euro-Buxl

(10)

6/2025

EUR

(1,287,828)

(5,499)

Euro-Schatz

(22)

6/2025

EUR

(2,543,834)

(7,703)

FTSE/JSE

Top

40

Index

(187)

6/2025

ZAR

(8,382,618)

14,704

Japan

10

Year

Bond

(41)

6/2025

JPY

(37,801,787)

(127,885)

Lean

Hogs

(8)

6/2025

USD

(304,880)

7,392

LME

Aluminum

Base

Metal

(2)

6/2025

USD

(126,553)

8,978

LME

Aluminum

Base

Metal

(9)

6/2025

USD

(

569,925)

1,548

LME

Aluminum

Base

Metal

(15)

6/2025

USD

(947,843)

33,147

LME

Aluminum

Base

Metal

(15)

6/2025

USD

(948,255)

44,204

LME

Aluminum

Base

Metal

(21)

6/2025

USD

(1,328,770)

44,208

LME

Aluminum

Base

Metal

(23)

6/2025

USD

(1,455,147)

53,714

LME

Aluminum

Base

Metal

(25)

6/2025

USD

(1,582,494)

25,044

LME

Aluminum

Base

Metal

(26)

6/2025

USD

(1,645,469)

52,763

LME

Aluminum

Base

Metal

(41)

6/2025

USD

(2,594,736)

174,878

LME

Aluminum

Base

Metal

(42)

6/2025

USD

(2,655,975)

127,489

LME

Aluminum

Base

Metal

(53)

6/2025

USD

(3,353,098)

208,544

LME

Aluminum

Base

Metal

(53)

6/2025

USD

(3,352,807)

214,049

LME

Aluminum

Base

Metal

(318)

6/2025

USD

(20,115,965)

1,038,027

LME

Copper

Base

Metal

(1)

6/2025

USD

(242,564)

1,462

LME

Copper

Base

Metal

(2)

6/2025

USD

(485,303)

17,108

LME

Copper

Base

Metal

(3)

6/2025

USD

(728,250)

783

LME

Copper

Base

Metal

(3)

6/2025

USD

(727,823)

22,755

LME

Copper

Base

Metal

(5)

6/2025

USD

(

1,212,309)

(41,697)

LME

Copper

Base

Metal

(6)

6/2025

USD

(1,455,291)

(23,857)

LME

Copper

Base

Metal

(8)

6/2025

USD

(1,940,060)

42,038

LME

Copper

Base

Metal

(9)

6/2025

USD

(2,184,424)

30,403

LME

Copper

Base

Metal

(10)

6/2025

USD

(2,426,638)

28,836

LME

Copper

Base

Metal

(13)

6/2025

USD

(3,153,329)

33,912

LME

Copper

Base

Metal

(14)

6/2025

USD

(3,394,990)

(54,776)

LME

Copper

Base

Metal

(16)

6/2025

USD

(3,880,900)

(37,742)

LME

Copper

Base

Metal

(19)

6/2025

USD

(4,610,968)

60,970

LME

Lead

Base

Metal

(1)

6/2025

USD

(50,198)

948

LME

Lead

Base

Metal

(1)

6/2025

USD

(

50,123)

(367)

LME

Lead

Base

Metal

(1)

6/2025

USD

(50,241)

1,918

LME

Lead

Base

Metal

(1)

6/2025

USD

(50,213)

1,889

LME

Lead

Base

Metal

(1)

6/2025

USD

(50,154)

389

LME

Lead

Base

Metal

(1)

6/2025

USD

(50,228)

1,010

LME

Lead

Base

Metal

(2)

6/2025

USD

(100,600)

45

LME

Lead

Base

Metal

(11)

6/2025

USD

(552,181)

13,200

118

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Lead

Base

Metal

(44)

6/2025

USD

$

(2,210,923)

$

17,126

LME

Nickel

Base

Metal

(1)

6/2025

USD

(95,266)

5,171

LME

Nickel

Base

Metal

(3)

6/2025

USD

(286,389)

5,084

LME

Nickel

Base

Metal

(3)

6/2025

USD

(285,758)

10,333

LME

Nickel

Base

Metal

(3)

6/2025

USD

(

285,498)

4,617

LME

Nickel

Base

Metal

(3)

6/2025

USD

(286,362)

5,167

LME

Nickel

Base

Metal

(3)

6/2025

USD

(285,552)

3,564

LME

Nickel

Base

Metal

(4)

6/2025

USD

(381,120)

18,571

LME

Nickel

Base

Metal

(4)

6/2025

USD

(382,032)

1,565

LME

Nickel

Base

Metal

(4)

6/2025

USD

(381,282)

16,986

LME

Nickel

Base

Metal

(6)

6/2025

USD

(572,193)

12,648

LME

Nickel

Base

Metal

(7)

6/2025

USD

(

668,075)

7,409

LME

Nickel

Base

Metal

(12)

6/2025

USD

(1,145,094)

14,370

LME

Nickel

Base

Metal

(140)

6/2025

USD

(13,346,978)

23,209

LME

Zinc

Base

Metal

(2)

6/2025

USD

(142,690)

6,554

LME

Zinc

Base

Metal

(3)

6/2025

USD

(213,960)

6,831

LME

Zinc

Base

Metal

(5)

6/2025

USD

(356,694)

7,654

LME

Zinc

Base

Metal

(6)

6/2025

USD

(427,650)

14,682

LME

Zinc

Base

Metal

(6)

6/2025

USD

(427,875)

(3,615)

LME

Zinc

Base

Metal

(9)

6/2025

USD

(641,531)

14,868

LME

Zinc

Base

Metal

(10)

6/2025

USD

(713,505)

3,628

LME

Zinc

Base

Metal

(12)

6/2025

USD

(855,300)

34,164

LME

Zinc

Base

Metal

(15)

6/2025

USD

(1,069,800)

13,155

LME

Zinc

Base

Metal

(17)

6/2025

USD

(1,212,011)

47,638

LME

Zinc

Base

Metal

(18)

6/2025

USD

(1,282,406)

29,553

Nikkei

225

Index

(25)

6/2025

JPY

(5,943,730)

187,314

Palladium

(6)

6/2025

USD

(600,420)

(43,972)

S&P

500

E-Mini

Index

(266)

6/2025

USD

(75,188,225)

(767,554)

SET50

Index

(1,209)

6/2025

THB

(5,206,629)

144,864

SPI

200

Index

(277)

6/2025

AUD

(34,084,458)

184,102

TOPIX

Index

(13)

6/2025

JPY

(2,307,220)

36,443

U.S.

Treasury

10

Year

Note

(465)

6/2025

USD

(51,811,172)

(268,144)

U.S.

Treasury

Ultra

Bond

(187)

6/2025

USD

(22,977,625)

35,296

Aluminum

(5)

7/2025

USD

(

310,969)

22,174

Cocoa

(2)

7/2025

GBP

(159,505)

1,245

Platinum

(61)

7/2025

USD

(3,133,875)

(99,552)

ECX

Emission

(34)

12/2025

EUR

(2,499,230)

3,091

3

Month

SOFR

(275)

12/2026

USD

(

66,409,063)

(99,906)

3

Month

SONIA

(228)

12/2026

GBP

(70,802,368)

(12,937)

3

Month

SOFR

(272)

3/2027

USD

(65,677,800)

(105,452)

3

Month

SONIA

(231)

3/2027

GBP

(71,730,248)

(10,203)

3

Month

SOFR

(273)

6/2027

USD

(65,909,025)

(127,872)

3

Month

SONIA

(234)

6/2027

GBP

(72,650,474)

17,567

3

Month

SOFR

(321)

9/2027

USD

(77,473,350)

(114,647)

3

Month

SONIA

(237)

9/2027

GBP

(

73,570,410)

(43,486)

Total

of

short

contracts

(1,086,566)

Net

unrealized

appreciation

$

1,256,653

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

119

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

9,873,149

USD

6,145,609

CITI

6/18/2025

$

27,592

AUD

9,873,153

USD

6,145,580

JPMC

6/18/2025

27,623

BRL

99,832,233

USD

17,020,035

CITI

**

6/18/2025

188,806

BRL

99,832,229

USD

17,019,949

JPMC

**

6/18/2025

188,891

CAD

8,184,109

USD

5,702,298

CITI

6/18/2025

6,900

CAD

8,184,109

USD

5,702,270

JPMC

6/18/2025

6,928

CHF

3,897,606

USD

4,403,080

CITI

6/18/2025

43,310

CHF

3,897,601

USD

4,403,052

JPMC

6/18/2025

43,332

CLP

3,226,710,941

USD

3,381,227

CITI

**

6/18/2025

15,006

CLP

3,226,710,941

USD

3,381,210

JPMC

**

6/18/2025

15,023

CNY

17,996,978

USD

2,484,943

CITI

**

6/18/2025

5,222

CNY

17,996,976

USD

2,484,931

JPMC

**

6/18/2025

5,234

COP

3,900,000,000

USD

920,262

CITI

**

6/18/2025

2,560

COP

3,900,000,000

USD

920,257

JPMC

**

6/18/2025

2,564

CZK

63,979,423

USD

2,695,824

CITI

6/18/2025

80,679

CZK

63,979,425

USD

2,695,811

JPMC

6/18/2025

80,693

EUR

21,503,331

USD

23,278,586

CITI

6/18/2025

74,813

EUR

21,503,334

USD

23,278,473

JPMC

6/18/2025

74,930

GBP

6,754,174

USD

8,613,197

CITI

6/18/2025

110,873

GBP

6,754,170

USD

8,613,149

JPMC

6/18/2025

110,916

HUF

1,304,367,165

USD

3,394,167

CITI

6/18/2025

93,172

HUF

1,304,367,166

USD

3,394,150

JPMC

6/18/2025

93,189

INR

3,257,499,001

USD

37,171,341

CITI

**

6/18/2025

722,962

INR

3,257,498,999

USD

37,171,155

JPMC

**

6/18/2025

723,148

JPY

115,000,001

USD

773,369

CITI

6/18/2025

49

JPY

114,999,999

USD

773,365

JPMC

6/18/2025

53

MXN

4,125,000

USD

198,549

CITI

6/18/2025

943

MXN

4,125,000

USD

198,548

JPMC

6/18/2025

944

NOK

514,101,294

USD

46,991,155

CITI

6/18/2025

1,873,457

NOK

514,101,287

USD

46,990,919

JPMC

6/18/2025

1,873,692

NZD

3,742,521

USD

2,111,756

CITI

6/18/2025

17,150

NZD

3,742,524

USD

2,111,747

JPMC

6/18/2025

17,161

PEN

2,304,820

USD

624,059

CITI

**

6/18/2025

2,077

PEN

2,304,820

USD

624,056

JPMC

**

6/18/2025

2,081

PHP

5,000,000

USD

85,991

CITI

**

6/18/2025

1,174

PHP

5,000,000

USD

85,991

JPMC

**

6/18/2025

1,175

PLN

10,398,998

USD

2,647,821

CITI

6/18/2025

29,257

PLN

10,399,005

USD

2,647,810

JPMC

6/18/2025

29,270

SEK

86,112,259

USD

8,461,150

CITI

6/18/2025

145,309

SEK

86,112,250

USD

8,461,106

JPMC

6/18/2025

145,351

SGD

389,661

USD

290,452

CITI

6/18/2025

751

SGD

389,663

USD

290,452

JPMC

6/18/2025

752

THB

6,875,000

USD

202,488

CITI

6/18/2025

1,284

THB

6,875,000

USD

202,487

JPMC

6/18/2025

1,285

USD

14,556,596

AUD

23,093,502

CITI

6/18/2025

117,350

USD

14,556,666

AUD

23,093,499

JPMC

6/18/2025

117,422

USD

40,625

BRL

234,500

CITI

**

6/18/2025

203

USD

40,626

BRL

234,500

JPMC

**

6/18/2025

203

USD

11,063,057

CAD

15,789,500

CITI

6/18/2025

48,372

USD

11,059,632

CAD

15,789,500

JPMC

6/18/2025

44,947

USD

42,487,631

CHF

37,096,575

CITI

6/18/2025

167,850

USD

42,487,845

CHF

37,096,577

JPMC

6/18/2025

168,062

USD

381,162

CLP

350,000,000

CITI

**

6/18/2025

12,774

USD

381,164

CLP

350,000,000

JPMC

**

6/18/2025

12,776

USD

21,151,141

CNY

152,448,951

CITI

**

6/18/2025

57,431

120

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

21,151,246

CNY

152,448,942

JPMC

**

6/18/2025

$

57,537

USD

713,224

COP

2,951,190,476

CITI

**

6/18/2025

14,910

USD

713,228

COP

2,951,190,474

JPMC

**

6/18/2025

14,914

USD

6,932,118

CZK

159,212,001

CITI

6/18/2025

22,824

USD

6,932,153

CZK

159,212,000

JPMC

6/18/2025

22,859

USD

12,142,676

EUR

11,119,998

CITI

6/18/2025

65,954

USD

12,142,741

EUR

11,120,002

JPMC

6/18/2025

66,014

USD

2,927,224

GBP

2,261,500

CITI

6/18/2025

6,143

USD

2,927,238

GBP

2,261,500

JPMC

6/18/2025

6,158

USD

1,905,832

HUF

704,999,999

CITI

6/18/2025

20,953

USD

1,905,842

HUF

705,000,001

JPMC

6/18/2025

20,963

USD

2,636,542

IDR

43,383,024,210

CITI

**

6/18/2025

42,107

USD

2,636,555

IDR

43,383,024,210

JPMC

**

6/18/2025

42,120

USD

8,663,316

ILS

31,798,000

CITI

6/18/2025

95,796

USD

8,663,359

ILS

31,798,000

JPMC

6/18/2025

95,839

USD

8,135,824

JPY

1,201,601,248

CITI

6/18/2025

54,603

USD

8,135,865

JPY

1,201,601,252

JPMC

6/18/2025

54,644

USD

6,273,675

KRW

9,027,956,080

CITI

**

6/18/2025

123,913

USD

6,273,706

KRW

9,027,956,077

JPMC

**

6/18/2025

123,944

USD

8,363,291

MXN

171,158,373

CITI

6/18/2025

85,767

USD

8,363,333

MXN

171,158,376

JPMC

6/18/2025

85,809

USD

1,000,909

NOK

10,500,001

CITI

6/18/2025

2,898

USD

1,000,914

NOK

10,499,999

JPMC

6/18/2025

2,903

USD

21,939,262

NZD

38,169,088

CITI

6/18/2025

227,050

USD

21,939,368

NZD

38,169,080

JPMC

6/18/2025

227,160

USD

795,512

PHP

45,557,598

CITI

**

6/18/2025

1,300

USD

795,516

PHP

45,557,598

JPMC

**

6/18/2025

1,304

USD

1,201,510

PLN

4,664,567

CITI

6/18/2025

682

USD

1,201,517

PLN

4,664,569

JPMC

6/18/2025

688

USD

4,987,859

SEK

49,847,892

CITI

6/18/2025

5,830

USD

4,987,884

SEK

49,847,892

JPMC

6/18/2025

5,855

USD

13,722,777

SGD

18,261,894

CITI

6/18/2025

75,222

USD

13,722,843

SGD

18,261,891

JPMC

6/18/2025

75,291

USD

12,491,469

THB

418,354,912

CITI

6/18/2025

91,625

USD

12,491,532

THB

418,354,912

JPMC

6/18/2025

91,687

USD

2,829,168

TWD

92,553,519

CITI

**

6/18/2025

30,978

USD

2,830,422

TWD

92,553,516

JPMC

**

6/18/2025

32,233

USD

13,641,509

ZAR

249,617,602

CITI

6/18/2025

112,285

USD

13,641,577

ZAR

249,617,599

JPMC

6/18/2025

112,353

ZAR

151,795,877

USD

8,163,961

CITI

6/18/2025

63,345

ZAR

151,795,877

USD

8,163,920

JPMC

6/18/2025

63,386

Total

unrealized

appreciation

9,982,817

AUD

37,902,957

USD

23,900,451

CITI

6/18/2025

(201,570)

AUD

37,902,952

USD

23,900,328

JPMC

6/18/2025

(201,451)

BRL

41,763,368

USD

7,237,074

CITI

**

6/18/2025

(38,006)

BRL

41,763,369

USD

7,237,038

JPMC

**

6/18/2025

(37,968)

CAD

26,287,275

USD

18,456,004

CITI

6/18/2025

(118,118)

CAD

26,287,275

USD

18,455,911

JPMC

6/18/2025

(118,026)

CHF

24,555,842

USD

28,251,198

CITI

6/18/2025

(237,888)

CHF

24,555,843

USD

28,251,058

JPMC

6/18/2025

(237,747)

CLP

11,613,687,521

USD

12,389,552

CITI

**

6/18/2025

(165,716)

CLP

11,613,687,521

USD

12,389,490

JPMC

**

6/18/2025

(165,655)

CNY

163,336,643

USD

22,703,222

CITI

**

6/18/2025

(103,028)

CNY

163,336,630

USD

22,703,085

JPMC

**

6/18/2025

(102,891)

COP

33,987,462,977

USD

8,154,078

CITI

**

6/18/2025

(111,928)

COP

33,987,462,974

USD

8,154,037

JPMC

**

6/18/2025

(111,889)

CZK

58,270,578

USD

2,537,655

CITI

6/18/2025

(8,898)

CZK

58,270,576

USD

2,537,643

JPMC

6/18/2025

(8,884)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MACRO

OPPORTUNITIES

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

121

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

EUR

30,037,798

USD

32,857,468

CITI

6/18/2025

$

(235,327)

EUR

30,037,801

USD

32,857,307

JPMC

6/18/2025

(235,164)

GBP

10,263,500

USD

13,279,200

CITI

6/18/2025

(22,288)

GBP

10,263,500

USD

13,279,134

JPMC

6/18/2025

(22,222)

HUF

1,094,999,999

USD

2,945,333

CITI

6/18/2025

(17,755)

HUF

1,095,000,001

USD

2,945,318

JPMC

6/18/2025

(17,739)

IDR

16,000,000,000

USD

967,881

CITI

**

6/18/2025

(11,034)

IDR

16,000,000,000

USD

967,877

JPMC

**

6/18/2025

(11,029)

ILS

33,071,833

USD

9,208,026

CITI

6/18/2025

(297,289)

ILS

33,071,833

USD

9,207,980

JPMC

6/18/2025

(297,243)

JPY

13,010,730,408

USD

88,409,872

CITI

6/18/2025

(907,806)

JPY

13,010,730,411

USD

88,409,430

JPMC

6/18/2025

(907,367)

KRW

13,907,782,121

USD

9,561,874

CITI

**

6/18/2025

(88,018)

KRW

13,907,782,118

USD

9,561,826

JPMC

**

6/18/2025

(87,971)

MXN

94,374,999

USD

4,615,764

CITI

6/18/2025

(

51,622)

MXN

94,375,001

USD

4,615,741

JPMC

6/18/2025

(51,598)

NOK

73,157,598

USD

6,974,738

CITI

6/18/2025

(21,210)

NOK

73,157,596

USD

6,974,703

JPMC

6/18/2025

(21,176)

NZD

15,462,711

USD

8,891,721

CITI

6/18/2025

(95,869)

NZD

15,462,702

USD

8,891,672

JPMC

6/18/2025

(95,825)

PEN

2,656,857

USD

726,167

CITI

**

6/18/2025

(4,395)

PEN

2,656,857

USD

726,163

JPMC

**

6/18/2025

(4,390)

PHP

50,000,000

USD

872,400

CITI

**

6/18/2025

(743)

PHP

50,000,000

USD

872,395

JPMC

**

6/18/2025

(739)

PLN

19,847,000

USD

5,140,515

CITI

6/18/2025

(31,178)

PLN

19,847,000

USD

5,140,489

JPMC

6/18/2025

(31,154)

SEK

24,457,000

USD

2,454,339

CITI

6/18/2025

(9,993)

SEK

24,457,000

USD

2,454,327

JPMC

6/18/2025

(9,980)

SGD

4,066,654

USD

3,063,473

CITI

6/18/2025

(24,364)

SGD

4,066,652

USD

3,063,456

JPMC

6/18/2025

(24,348)

THB

21,625,000

USD

646,526

CITI

6/18/2025

(5,570)

THB

21,625,000

USD

646,522

JPMC

6/18/2025

(5,568)

TWD

1,216,007,503

USD

37,263,359

CITI

**

6/18/2025

(499,557)

TWD

1,216,007,500

USD

37,263,173

JPMC

**

6/18/2025

(499,368)

USD

2,035,678

AUD

3,278,833

CITI

6/18/2025

(14,418)

USD

2,035,689

AUD

3,278,835

JPMC

6/18/2025

(14,407)

USD

3,420,418

BRL

20,113,532

CITI

**

6/18/2025

(46,704)

USD

3,420,435

BRL

20,113,528

JPMC

**

6/18/2025

(46,687)

USD

14,245,001

CAD

20,446,150

CITI

6/18/2025

(18,142)

USD

14,245,072

CAD

20,446,150

JPMC

6/18/2025

(18,071)

USD

50,561,804

CHF

44,635,794

CITI

6/18/2025

(358,719)

USD

50,562,051

CHF

44,635,789

JPMC

6/18/2025

(358,466)

USD

6,762,281

CNY

49,009,825

CITI

**

6/18/2025

(19,000)

USD

6,762,314

CNY

49,009,820

JPMC

**

6/18/2025

(18,966)

USD

11,843,192

CZK

279,135,999

CITI

6/18/2025

(270,423)

USD

11,843,251

CZK

279,136,000

JPMC

6/18/2025

(270,363)

USD

29,196,864

EUR

27,273,362

CITI

6/18/2025

(422,999)

USD

29,197,013

EUR

27,273,365

JPMC

6/18/2025

(422,853)

USD

8,231,497

GBP

6,496,356

CITI

6/18/2025

(159,560)

USD

8,231,533

GBP

6,496,352

JPMC

6/18/2025

(159,519)

USD

253,714

HUF

95,000,000

CITI

6/18/2025

(277)

USD

253,715

HUF

95,000,000

JPMC

6/18/2025

(276)

USD

6,045,169

INR

530,200,001

CITI

**

6/18/2025

(122,618)

USD

6,045,199

INR

530,199,999

JPMC

**

6/18/2025

(122,587)

USD

2,480,013

JPY

370,000,001

CITI

6/18/2025

(8,376)

USD

2,480,025

JPY

369,999,999

JPMC

6/18/2025

(8,364)

USD

10,978,113

MXN

227,975,127

CITI

6/18/2025

(47,170)

USD

10,978,168

MXN

227,975,125

JPMC

6/18/2025

(47,116)

122

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MACRO

OPPORTUNITIES

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

4,887,750

NOK

52,289,505

CITI

6/18/2025

$

(82,295)

USD

4,887,774

NOK

52,289,497

JPMC

6/18/2025

(82,270)

USD

9,556,178

NZD

16,960,434

CITI

6/18/2025

(91,643)

USD

9,556,227

NZD

16,960,436

JPMC

6/18/2025

(91,595)

USD

5,621,740

PHP

324,728,346

CITI

**

6/18/2025

(39,296)

USD

5,621,768

PHP

324,728,346

JPMC

**

6/18/2025

(39,268)

USD

14,944,095

PLN

59,392,048

CITI

6/18/2025

(345,564)

USD

14,944,171

PLN

59,392,053

JPMC

6/18/2025

(345,489)

USD

15,077,398

SEK

152,445,174

CITI

6/18/2025

(158,679)

USD

15,077,473

SEK

152,445,165

JPMC

6/18/2025

(158,603)

USD

2,540,725

SGD

3,408,106

CITI

6/18/2025

(6,236)

USD

2,540,739

SGD

3,408,109

JPMC

6/18/2025

(6,223)

USD

5,035,910

THB

170,784,970

CITI

6/18/2025

(26,077)

USD

5,035,935

THB

170,784,970

JPMC

6/18/2025

(26,052)

USD

1,863,167

ZAR

34,514,749

CITI

6/18/2025

(7,526)

USD

1,863,176

ZAR

34,514,748

JPMC

6/18/2025

(7,517)

ZAR

117,954,124

USD

6,431,259

CITI

6/18/2025

(38,169)

ZAR

117,954,121

USD

6,431,226

JPMC

6/18/2025

(38,136)

Total

unrealized

depreciation

(11,183,281)

Net

unrealized

depreciation

$

(1,200,464)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

123

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

171.4%

COMMON

STOCKS

-

80.2%

Communication

Services

-

4

.1

%

Diversified

Telecommunication

Services

-

1

.0

%

AT&T,

Inc.

(a)

146,605

4,145,989

Deutsche

Telekom

AG

(Registered)

(Germany)

(2)(a)

104,418

3,855,111

HKT

Trust

&

HKT

Ltd.

(Hong

Kong)

(2)(a)

134,000

179,013

Iridium

Communications,

Inc.

(a)(b)

26,994

737,476

Orange

SA

(France)

(2)(a)

230,103

2,980,788

Quebecor,

Inc.,

Class

B

(Canada)

(a)

7,115

179,525

Telenor

ASA

(Norway)

(2)(a)

96,418

1,377,715

Telia

Co.

AB

(Sweden)

(a)

162,867

587,999

Verizon

Communications,

Inc.

(a)

82,405

3,737,891

17,781,507

Entertainment

-

1

.0

%

Capcom

Co.

Ltd.

(Japan)

(2)(a)

81,200

2,004,142

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

(2)(a)

1,917

192,318

Electronic

Arts,

Inc.

(a)

992

143,364

Live

Nation

Entertainment,

Inc.

*(a)

(b)

4,091

534,203

Netflix,

Inc.

*(a)

4,075

3,800,060

ROBLOX

Corp.,

Class

A

*(a)

66,712

3,888,642

Roku,

Inc.,

Class

A

*(a)

15,097

1,063,433

Sea

Ltd.,

ADR

(Singapore)

*(a)

13,742

1,793,193

Square

Enix

Holdings

Co.

Ltd.

(Japan)

(2)(a)

71,300

3,311,994

Vivendi

SE

(France)

(2)(a)

109,336

327,755

Warner

Music

Group

Corp.,

Class

A

(a)(b)

11,848

371,435

17,430,539

Interactive

Media

&

Services

-

0

.4

%

Alphabet,

Inc.,

Class

A

(a)

3,435

531,188

LY

Corp.

(Japan)

(2)(a)

85,200

288,501

Meta

Platforms,

Inc.,

Class

A

(a)

904

521,029

Pinterest,

Inc.,

Class

A

*(a)

36,390

1,128,090

REA

Group

Ltd.

(Australia)

(2)(a)

2,988

414,569

Scout24

SE

(Germany)

(2)(a)(c)

3,657

382,970

Snap,

Inc.,

Class

A

*(a)(b)

330,036

2,874,614

6,140,961

Media

-

1

.3

%

Comcast

Corp.,

Class

A

(a)

302,763

11,171,955

CyberAgent,

Inc.

(Japan)

(2)(a)

59,400

452,010

ITV

plc

(United

Kingdom)

(2)(a)

196,530

201,951

New

York

Times

Co.

(The),

Class

A

(a)

81,245

4,029,752

News

Corp.,

Class

A

(a)

65,485

1,782,502

Omnicom

Group,

Inc.

(a)

24,672

2,045,556

Sirius

XM

Holdings,

Inc.

(a)(b)

55,931

1,260,964

TBS

Holdings,

Inc.

(Japan)

(2)(a)

21,900

631,683

21,576,373

INVESTMENTS

SHARES

VALUE

($)

Wireless

Telecommunication

Services

-

0

.4

%

Freenet

AG

(Germany)

(a)

44,596

1,699,331

Millicom

International

Cellular

SA,

SDR

(Guatemala)

(3)

17,719

528,830

SoftBank

Corp.

(Japan)

(2)(a)

2,614,900

3,647,721

Vodafone

Group

plc

(United

Kingdom)

(2)(a)

1,678,321

1,576,986

7,452,868

Total

Communication

Services

70,382,248

Consumer

Discretionary

-

9

.0

%

Automobile

Components

-

0

.8

%

Aisin

Corp.

(Japan)

(2)(a)

126,300

1,379,561

Aptiv

plc

(Ireland)

*(a)(b)

23,726

1,411,697

Autoliv,

Inc.

(Sweden)

(a)(b)

16,529

1,461,990

Continental

AG

(Germany)

(2)(a)

8,204

578,545

Forvia

SE

(France)

(2)(a)

16,146

132,494

Lear

Corp.

(a)

23,662

2,087,462

Niterra

Co.

Ltd.

(Japan)

(2)(a)

70,000

2,135,378

Pirelli

&

C

SpA

(Italy)

(2)(a)(c)

77,062

458,708

Sumitomo

Electric

Industries

Ltd.

(Japan)

(2)(a)

99,800

1,665,654

Valeo

SE

(France)

(2)(a)

166,587

1,563,995

Yokohama

Rubber

Co.

Ltd.

(The)

(Japan)

(2)(a)

58,300

1,344,308

14,219,792

Automobiles

-

1

.2

%

General

Motors

Co.

(a)

168,347

7,917,359

Honda

Motor

Co.

Ltd.

(Japan)

(2)(a)

573,200

5,187,216

Mazda

Motor

Corp.

(Japan)

(2)(a)

369,200

2,362,275

Mitsubishi

Motors

Corp.

(Japan)

(2)

(a)

340,400

938,601

Renault

SA

(France)

(2)(a)

58,703

2,973,691

Subaru

Corp.

(Japan)

(2)(a)

108,600

1,944,935

21,324,077

Broadline

Retail

-

0

.7

%

Amazon.com,

Inc.

*(a)

12,491

2,376,538

Dollarama,

Inc.

(Canada)

(a)

1,576

168,524

MercadoLibre,

Inc.

(Brazil)

*(a)

523

1,020,305

Prosus

NV

(China)

(2)(a)

70,157

3,259,435

Rakuten

Group,

Inc.

(Japan)

(2)*(a)

431,600

2,476,074

Ryohin

Keikaku

Co.

Ltd.

(Japan)

(2)

(a)

98,400

2,688,140

11,989,016

Distributors

-

0

.0

%

†

Genuine

Parts

Co.

(a)(b)

4,408

525,169

Diversified

Consumer

Services

-

0

.3

%

Bright

Horizons

Family

Solutions,

Inc.

*(a)

7,503

953,181

Duolingo,

Inc.,

Class

A

*(a)(b)

1,938

601,827

Graham

Holdings

Co.,

Class

B

(a)

543

521,747

Grand

Canyon

Education,

Inc.

*(a)

3,924

678,930

Pearson

plc

(United

Kingdom)

(2)(a)

98,289

1,554,879

124

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

0.3%

(continued)

Service

Corp.

International

(a)

2,435

195,287

4,505,851

Hotels,

Restaurants

&

Leisure

-

2

.1

%

Accor

SA

(France)

(2)(a)

3,028

138,093

Airbnb,

Inc.,

Class

A

*(a)(b)

21,480

2,566,001

Aristocrat

Leisure

Ltd.

(Australia)

(2)(a)

70,608

2,855,608

Booking

Holdings,

Inc.

(a)(b)

816

3,759,239

Carnival

Corp.

*(a)(b)

94,235

1,840,409

Compass

Group

plc

(United

Kingdom)

(2)(a)

23,316

771,207

Delivery

Hero

SE

(South

Korea)

(2)*(c)

14,108

338,276

DoorDash,

Inc.,

Class

A

*(a)(b)

19,584

3,579,368

DraftKings,

Inc.,

Class

A

*(a)

17,665

586,655

Evolution

AB

(Sweden)

(2)(a)(c)

7,743

576,925

Expedia

Group,

Inc.

(a)(b)

32,204

5,413,492

FDJ

UNITED

(France)

(2)(a)(c)

3,828

120,452

Flutter

Entertainment

plc

(United

Kingdom)

*(a)(b)

11,262

2,495,096

Hilton

Worldwide

Holdings,

Inc.

(a)

(b)

7,101

1,615,832

InterContinental

Hotels

Group

plc

(United

Kingdom)

(2)(a)

25,762

2,773,800

Light

&

Wonder,

Inc.

*(a)(b)

1,653

143,166

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(b)

17,410

330,094

Skylark

Holdings

Co.

Ltd.

(Japan)

(2)(a)

12,200

244,458

Texas

Roadhouse,

Inc.,

Class

A

(a)

7,636

1,272,387

Travel

+

Leisure

Co.

(a)

41,547

1,923,211

Wendy's

Co.

(The)

(a)

70,477

1,031,078

Zensho

Holdings

Co.

Ltd.

(Japan)

(2)(a)

19,100

1,029,956

35,404,803

Household

Durables

-

0

.8

%

DR

Horton,

Inc.

(a)(b)

9,886

1,256,807

Electrolux

AB,

Class

B

(Sweden)

(2)*(a)

141,942

1,162,291

Garmin

Ltd.

(a)

11,990

2,603,389

Newell

Brands,

Inc.

(a)(b)

218,950

1,357,490

Panasonic

Holdings

Corp.

(Japan)

(2)(a)

87,400

1,042,639

Rinnai

Corp.

(Japan)

(2)(a)

13,800

318,783

Sony

Group

Corp.

(Japan)

(2)(a)

107,800

2,727,664

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

19,527

1,172,401

Toll

Brothers,

Inc.

(a)

13,661

1,442,465

13,083,929

INVESTMENTS

SHARES

VALUE

($)

Leisure

Products

-

0

.5

%

Bandai

Namco

Holdings,

Inc.

(Japan)

(2)(a)

108,700

3,646,610

Hasbro,

Inc.

(a)

65,765

4,043,890

Mattel,

Inc.

*(a)

90,723

1,762,748

9,453,248

Specialty

Retail

-

1

.7

%

ABC-Mart,

Inc.

(Japan)

(2)(a)

62,100

1,158,620

Abercrombie

&

Fitch

Co.,

Class

A

*(a)(b)

34,734

2,652,636

AutoNation,

Inc.

*(a)

2,346

379,864

AutoZone,

Inc.

*(a)

624

2,379,175

Bath

&

Body

Works,

Inc.

(a)

13,900

421,448

CarMax,

Inc.

*(a)

1,825

142,204

Carvana

Co.,

Class

A

*(a)(b)

2,205

461,021

Chewy,

Inc.,

Class

A

*(a)

26,857

873,121

Gap,

Inc.

(The)

(a)

55,987

1,153,892

Home

Depot,

Inc.

(The)

(a)

4,651

1,704,545

Industria

de

Diseno

Textil

SA

(Spain)

(2)(a)

55,437

2,760,313

JB

Hi-Fi

Ltd.

(Australia)

(2)(a)

57,593

3,366,322

Penske

Automotive

Group,

Inc.

(a)

6,391

920,176

Sanrio

Co.

Ltd.

(Japan)

(2)(a)

11,700

541,308

Shimamura

Co.

Ltd.

(Japan)

(2)(a)

30,900

1,771,023

TJX

Cos.,

Inc.

(The)

(a)(b)

13,671

1,665,128

USS

Co.

Ltd.

(Japan)

(2)(a)

192,300

1,787,442

Zalando

SE

(Germany)

(2)*(a)(c)

101,792

3,530,687

ZOZO,

Inc.

(Japan)

(2)(a)

84,900

813,156

28,482,081

Textiles,

Apparel

&

Luxury

Goods

-

0

.9

%

adidas

AG

(Germany)

(2)(a)

3,404

802,869

Asics

Corp.

(Japan)

(2)(a)

177,200

3,757,982

Brunello

Cucinelli

SpA

(Italy)

(2)(a)

3,786

434,945

Carter's,

Inc.

(a)

3,195

130,675

Gildan

Activewear,

Inc.

(Canada)

(a)

5,206

230,156

Hermes

International

SCA

(France)

(2)(a)

1,942

5,109,635

Pandora

A/S

(Denmark)

(2)(a)

14,602

2,237,921

Ralph

Lauren

Corp.,

Class

A

(a)

5,243

1,157,340

Tapestry,

Inc.

(a)

22,637

1,593,871

Under

Armour,

Inc.,

Class

A

*(a)(b)

41,554

259,713

15,715,107

Total

Consumer

Discretionary

154,703,073

Consumer

Staples

-

4

.3

%

Beverages

-

1

.3

%

Asahi

Group

Holdings

Ltd.

(Japan)

(2)(a)

145,700

1,861,546

Carlsberg

A/S,

Class

B

(Denmark)

(2)(a)

6,526

826,046

Celsius

Holdings,

Inc.

*(a)(b)

63,149

2,249,367

Coca-Cola

Co.

(The)

(a)(b)

18,545

1,328,193

Coca-Cola

Consolidated,

Inc.

(a)

2,019

2,725,650

Coca-Cola

HBC

AG

(Italy)

(2)(a)

5,004

226,630

Keurig

Dr

Pepper,

Inc.

(a)

85,144

2,913,628

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

125

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Beverages

-

1.3%

(continued)

Kirin

Holdings

Co.

Ltd.

(Japan)

(2)

(a)

146,000

2,023,001

Molson

Coors

Beverage

Co.,

Class

B

(a)

23,991

1,460,332

Monster

Beverage

Corp.

*(a)

32,407

1,896,458

PepsiCo,

Inc.

(a)

28,103

4,213,764

Royal

Unibrew

A/S

(Denmark)

(2)(a)

4,663

371,270

22,095,885

Consumer

Staples

Distribution

&

Retail

-

1

.3

%

Albertsons

Cos.,

Inc.,

Class

A

(a)(b)

23,344

513,335

Carrefour

SA

(France)

(2)(a)

95,350

1,363,687

Coles

Group

Ltd.

(Australia)

(2)(a)

26,446

323,719

Cosmos

Pharmaceutical

Corp.

(Japan)

(2)(a)

5,500

275,461

Costco

Wholesale

Corp.

(a)

2,689

2,543,202

Empire

Co.

Ltd.,

Class

A

(Canada)

(a)

39,526

1,325,270

George

Weston

Ltd.

(Canada)

(a)

9,225

1,572,683

Loblaw

Cos.

Ltd.

(Canada)

(a)

3,932

551,007

Marks

&

Spencer

Group

plc

(United

Kingdom)

(2)(a)

577,675

2,667,041

Metro,

Inc.,

Class

A

(Canada)

(a)

17,640

1,226,667

Performance

Food

Group

Co.

*(a)(b)

9,694

762,239

Sundrug

Co.

Ltd.

(Japan)

(2)(a)

23,300

653,111

Tesco

plc

(United

Kingdom)

(2)(a)

542,062

2,332,106

US

Foods

Holding

Corp.

*(a)(b)

28,279

1,851,143

Walmart,

Inc.

(a)

49,145

4,314,439

22,275,110

Food

Products

-

0

.7

%

AAK

AB

(Sweden)

(2)(a)

36,938

1,030,974

Danone

SA

(France)

(2)(a)

7,017

536,697

Ingredion,

Inc.

(a)

10,803

1,460,674

Lancaster

Colony

Corp.

(a)

708

123,900

McCormick

&

Co.,

Inc.

(Non-Voting)

(a)

12,686

1,044,185

Mowi

ASA

(Norway)

(2)(a)

7,062

130,911

Nisshin

Seifun

Group,

Inc.

(Japan)

(2)(a)

26,100

301,414

Orkla

ASA

(Norway)

(2)(a)

20,295

222,565

Pilgrim's

Pride

Corp.

*(a)

21,051

1,147,490

Toyo

Suisan

Kaisha

Ltd.

(Japan)

(2)

(a)

32,000

1,893,861

Tyson

Foods,

Inc.,

Class

A

(a)

38,274

2,442,264

WH

Group

Ltd.

(Hong

Kong)

(2)(a)

(c)

1,400,000

1,285,486

Yamazaki

Baking

Co.

Ltd.

(Japan)

(2)(a)

40,900

784,391

12,404,812

Household

Products

-

0

.1

%

Church

&

Dwight

Co.,

Inc.

(a)(b)

7,668

844,170

Colgate-Palmolive

Co.

(a)

17,691

1,657,647

2,501,817

INVESTMENTS

SHARES

VALUE

($)

Personal

Care

Products

-

0

.2

%

Beiersdorf

AG

(Germany)

(2)(a)

1,760

227,364

BellRing

Brands,

Inc.

*(a)

32,151

2,393,963

2,621,327

Tobacco

-

0

.7

%

Altria

Group,

Inc.

(a)(b)

13,749

825,215

British

American

Tobacco

plc

(United

Kingdom)

(2)(a)

43,283

1,775,658

Imperial

Brands

plc

(United

Kingdom)

(2)(a)

47,136

1,744,121

Philip

Morris

International,

Inc.

(a)

44,899

7,126,818

11,471,812

Total

Consumer

Staples

73,370,763

Energy

-

4

.6

%

Energy

Equipment

&

Services

-

1

.0

%

Baker

Hughes

Co.,

Class

A

(a)(b)

34,452

1,514,165

Halliburton

Co.

(a)(b)

371,251

9,418,638

NOV,

Inc.

(a)(b)

106,599

1,622,437

Schlumberger

NV

(a)(b)

60,467

2,527,521

Subsea

7

SA

(United

Kingdom)

(2)

(a)

35,471

567,148

TechnipFMC

plc

(United

Kingdom)

(a)

60,783

1,926,213

Tenaris

SA

(2)(a)

9,061

177,312

17,753,434

Oil,

Gas

&

Consumable

Fuels

-

3

.6

%

Antero

Resources

Corp.

*(a)

8,052

325,623

APA

Corp.

(a)

66,160

1,390,683

ARC

Resources

Ltd.

(Canada)

(a)

39,231

788,682

Canadian

Natural

Resources

Ltd.

(Canada)

(a)

67,854

2,087,888

Cenovus

Energy,

Inc.

(Canada)

(a)

211,090

2,933,741

Cheniere

Energy,

Inc.

(a)

5,216

1,206,982

CNX

Resources

Corp.

*(a)(b)

28,592

900,076

ConocoPhillips

(a)

86,578

9,092,422

Cosmo

Energy

Holdings

Co.

Ltd.

(Japan)

(2)(a)

17,700

761,174

Coterra

Energy,

Inc.

(a)(b)

64,335

1,859,281

Devon

Energy

Corp.

(a)

22,261

832,561

Enbridge,

Inc.

(Canada)

(a)

34,958

1,547,184

Eni

SpA

(Italy)

(2)(a)

224,525

3,472,623

EQT

Corp.

(a)(b)

12,704

678,775

Equinor

ASA

(Norway)

(2)(a)

45,250

1,194,996

Expand

Energy

Corp.

(a)(b)

1,844

205,274

Gaztransport

Et

Technigaz

SA

(France)

(2)(a)

1,520

230,484

HF

Sinclair

Corp.

(a)

84,212

2,768,891

Inpex

Corp.

(Japan)

(2)(a)

397,200

5,509,480

Kinder

Morgan,

Inc.

(a)(b)

85,566

2,441,198

Koninklijke

Vopak

NV

(Netherlands)

(2)(a)

19,319

839,309

Ovintiv,

Inc.

(a)

88,550

3,789,940

PBF

Energy,

Inc.,

Class

A

(a)(b)

56,397

1,076,619

Range

Resources

Corp.

(a)(b)

16,418

655,571

126

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

3.6%

(continued)

Repsol

SA

(Spain)

(2)(a)

82,135

1,090,550

Shell

plc

(2)(a)

64,911

2,362,782

Suncor

Energy,

Inc.

(Canada)

(a)

40,432

1,565,527

Targa

Resources

Corp.

(a)

13,946

2,795,755

TotalEnergies

SE

(France)

(2)(a)

21,316

1,373,453

Valero

Energy

Corp.

(a)

34,777

4,592,998

Williams

Cos.,

Inc.

(The)

(a)(b)

15,754

941,459

61,311,981

Total

Energy

79,065,415

Financials

-

14

.2

%

Banks

-

6

.0

%

ABN

AMRO

Bank

NV,

CVA

(Netherlands)

(2)(a)(c)

95,134

2,004,605

Associated

Banc-Corp.

12,915

290,975

Banca

Monte

dei

Paschi

di

Siena

SpA

(Italy)

(2)(a)

568,796

4,523,773

Bank

of

America

Corp.

(a)

30,972

1,292,462

Bank

of

Nova

Scotia

(The)

(Canada)

(a)

7,271

344,742

Bank

OZK

20,577

894,071

Barclays

plc

(United

Kingdom)

(2)(a)

998,986

3,756,221

BNP

Paribas

SA

(France)

(2)(a)

22,387

1,871,091

BOC

Hong

Kong

Holdings

Ltd.

(China)

(2)(a)

221,000

894,812

BOK

Financial

Corp.

9,430

982,134

BPER

Banca

SpA

(Italy)

(2)(a)

56,465

443,233

CaixaBank

SA

(Spain)

(2)(a)

143,857

1,120,608

Citigroup,

Inc.

(a)

100,552

7,138,186

Citizens

Financial

Group,

Inc.

(a)(b)

63,988

2,621,588

Comerica,

Inc.

(a)

19,704

1,163,718

Commerce

Bancshares,

Inc.

(a)(b)

27,821

1,731,301

Commerzbank

AG

(Germany)

(2)(a)

226,474

5,182,854

Cullen/Frost

Bankers,

Inc.

(a)

10,416

1,304,083

Danske

Bank

A/S

(Denmark)

(2)(a)

28,199

922,993

DBS

Group

Holdings

Ltd.

(Singapore)

(2)

88,500

3,039,208

East

West

Bancorp,

Inc.

(a)

6,278

563,513

First

Horizon

Corp.

(a)

32,460

630,373

Fukuoka

Financial

Group,

Inc.

(Japan)

(2)

28,500

758,426

Hancock

Whitney

Corp.

(a)(b)

34,546

1,811,938

Huntington

Bancshares,

Inc.

(a)(b)

122,534

1,839,235

Intesa

Sanpaolo

SpA

(Italy)

(2)(a)

577,102

2,974,193

Japan

Post

Bank

Co.

Ltd.

(Japan)

(2)(a)

130,500

1,325,042

Kyoto

Financial

Group,

Inc.

(Japan)

(2)(a)

9,200

141,269

M&T

Bank

Corp.

(a)(b)

3,540

632,775

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

(2)(a)

209,700

2,859,012

Mizuho

Financial

Group,

Inc.

(Japan)

(2)(a)

24,000

658,650

NatWest

Group

plc

(United

Kingdom)

(2)(a)

669,256

3,951,549

Nordea

Bank

Abp

(Finland)

(2)(a)

210,731

2,695,344

INVESTMENTS

SHARES

VALUE

($)

Banks

-

6.0%

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

(a)

23,365

4,106,866

Popular,

Inc.

18,070

1,669,126

Prosperity

Bancshares,

Inc.

10,626

758,378

Regions

Financial

Corp.

(a)(b)

16,993

369,258

Societe

Generale

SA

(France)

(2)(a)

174,520

7,873,280

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

(2)(a)

269,900

6,940,373

Sumitomo

Mitsui

Trust

Group,

Inc.

(Japan)

(2)(a)

141,600

3,564,254

Svenska

Handelsbanken

AB,

Class

A

(Sweden)

(2)(a)

59,006

666,857

Swedbank

AB,

Class

A

(Sweden)

(2)(a)

27,857

634,429

Synovus

Financial

Corp.

(a)(b)

19,545

913,533

Texas

Capital

Bancshares,

Inc.

*

29,421

2,197,749

UMB

Financial

Corp.

(a)

6,812

688,693

UniCredit

SpA

(Italy)

(2)(a)

94,139

5,284,225

Valley

National

Bancorp

179,062

1,591,861

Webster

Financial

Corp.

(a)

7,447

383,893

Wintrust

Financial

Corp.

(a)(b)

2,644

297,344

Zions

Bancorp

NA

(a)

49,082

2,447,228

102,751,324

Capital

Markets

-

1

.9

%

Ameriprise

Financial,

Inc.

(a)(b)

5,198

2,516,404

Azimut

Holding

SpA

(Italy)

(2)(a)

29,096

814,669

Banca

Generali

SpA

(Italy)

(2)(a)

13,023

733,730

Bank

of

New

York

Mellon

Corp.

(The)

(a)(b)

17,934

1,504,125

Cboe

Global

Markets,

Inc.

(a)(b)

5,324

1,204,768

Charles

Schwab

Corp.

(The)

(a)

30,624

2,397,247

CME

Group,

Inc.

(a)(b)

22,954

6,089,467

Deutsche

Bank

AG

(Registered)

(Germany)

(2)(a)

40,027

954,130

Federated

Hermes,

Inc.,

Class

B

(a)

49,604

2,022,355

IGM

Financial,

Inc.

(Canada)

(a)

5,827

179,217

Intermediate

Capital

Group

plc

(United

Kingdom)

(2)(a)

45,529

1,159,591

Invesco

Ltd.

(a)

214,496

3,253,904

MSCI,

Inc.,

Class

A

(a)

8,720

4,931,160

Nomura

Holdings,

Inc.

(Japan)

(2)(a)

521,000

3,210,362

Onex

Corp.

(Canada)

(a)

4,416

295,546

Raymond

James

Financial,

Inc.

(a)

890

123,630

Stifel

Financial

Corp.

(a)

15,620

1,472,341

Virtu

Financial,

Inc.,

Class

A

(a)

7,743

295,163

33,157,809

Consumer

Finance

-

0

.6

%

Ally

Financial,

Inc.

(a)

76,056

2,773,762

Capital

One

Financial

Corp.

(a)

13,664

2,449,955

FirstCash

Holdings,

Inc.

(a)(b)

5,837

702,308

OneMain

Holdings,

Inc.

(a)(b)

45,909

2,244,032

SoFi

Technologies,

Inc.

*(a)(b)

58,490

680,239

Synchrony

Financial

(a)

15,007

794,471

9,644,767

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

127

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

1

.0

%

Corebridge

Financial,

Inc.

(a)

115,371

3,642,262

Corpay,

Inc.

*(a)(b)

2,670

931,082

Essent

Group

Ltd.

(a)

16,017

924,501

Euronet

Worldwide,

Inc.

*(a)

7,996

854,373

GMO

Payment

Gateway,

Inc.

(Japan)

(2)(a)

10,700

569,335

Mastercard,

Inc.,

Class

A

(a)

7,939

4,351,525

PayPal

Holdings,

Inc.

*(a)

3,430

223,808

Tokyo

Century

Corp.

(Japan)

(2)(a)

16,700

163,574

Visa,

Inc.,

Class

A

(a)

12,045

4,221,291

Western

Union

Co.

(The)

(a)

100,756

1,065,999

16,947,750

Insurance

-

4

.7

%

Ageas

SA/NV

(Belgium)

(2)(a)

14,208

851,675

AIA

Group

Ltd.

(Hong

Kong)

(2)(a)

144,000

1,090,062

Allianz

SE

(Registered)

(Germany)

(2)(a)

9,305

3,561,116

Allstate

Corp.

(The)

(a)

16,334

3,382,281

American

International

Group,

Inc.

(a)

53,535

4,654,333

Aon

plc,

Class

A

(a)(b)

4,516

1,802,290

Assurant,

Inc.

(a)

1,900

398,525

AXA

SA

(France)

(2)(a)

8,877

379,277

Axis

Capital

Holdings

Ltd.

(a)

23,214

2,326,971

Beazley

plc

(United

Kingdom)

(2)(a)

68,604

826,249

Brighthouse

Financial,

Inc.

*(a)

33,035

1,915,700

Cincinnati

Financial

Corp.

(a)

7,018

1,036,699

CNO

Financial

Group,

Inc.

(a)

53,705

2,236,813

Everest

Group

Ltd.

(a)(b)

6,034

2,192,333

Fairfax

Financial

Holdings

Ltd.

(Canada)

(a)

799

1,154,784

Fidelity

National

Financial,

Inc.

(a)

13,011

846,756

First

American

Financial

Corp.

(a)

7,542

494,981

Globe

Life,

Inc.

(a)

13,011

1,713,809

Hanover

Insurance

Group,

Inc.

(The)

(a)

3,537

615,261

iA

Financial

Corp.,

Inc.

(Canada)

(a)

7,703

731,519

Japan

Post

Holdings

Co.

Ltd.

(Japan)

(2)(a)

76,800

770,106

Kemper

Corp.

(a)

8,808

588,815

Lincoln

National

Corp.

(a)

48,369

1,736,931

Manulife

Financial

Corp.

(Canada)

(a)

56,352

1,755,897

Mapfre

SA

(Spain)

(2)(a)

405,652

1,249,801

Marsh

&

McLennan

Cos.,

Inc.

(a)

6,508

1,588,147

MS&AD

Insurance

Group

Holdings,

Inc.

(Japan)

(2)(a)

103,600

2,253,077

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(Germany)

(2)(a)

5,898

3,725,890

NN

Group

NV

(Netherlands)

(2)(a)

14,117

785,551

Old

Republic

International

Corp.

(a)

13,444

527,274

Poste

Italiane

SpA

(Italy)

(2)(a)(c)

120,731

2,153,879

Primerica,

Inc.

(a)(b)

4,856

1,381,678

Principal

Financial

Group,

Inc.

(a)(b)

15,443

1,302,926

Progressive

Corp.

(The)

(a)

9,245

2,616,427

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

4.7%

(continued)

QBE

Insurance

Group

Ltd.

(Australia)

(2)(a)

30,230

417,693

SCOR

SE

(France)

(2)(a)

21,901

632,497

Swiss

Re

AG

(2)(a)

3,679

626,088

T&D

Holdings,

Inc.

(Japan)

(2)(a)

42,300

905,349

Talanx

AG

(Germany)

(2)(a)

4,356

458,148

Tokio

Marine

Holdings,

Inc.

(Japan)

(2)(a)

50,600

1,968,483

Travelers

Cos.,

Inc.

(The)

(a)

12,776

3,378,741

Unipol

Assicurazioni

SpA

(Italy)

(2)

(a)

188,984

3,025,242

Unum

Group

(a)

7,955

648,014

W

R

Berkley

Corp.

(a)(b)

27,088

1,927,582

Willis

Towers

Watson

plc

(a)

1,644

555,590

Zurich

Insurance

Group

AG

(Switzerland)

(2)(a)

15,146

10,572,031

79,763,291

Total

Financials

242,264,941

Health

Care

-

9

.6

%

Biotechnology

-

1

.5

%

Alnylam

Pharmaceuticals,

Inc.

*(a)

(b)

7,822

2,112,096

Apellis

Pharmaceuticals,

Inc.

*(a)(b)

74,304

1,625,028

Argenx

SE

(Netherlands)

(2)*(a)

2,108

1,243,923

BioMarin

Pharmaceutical,

Inc.

*(a)

(b)

56,024

3,960,337

Exact

Sciences

Corp.

*(a)(b)

39,753

1,720,907

Exelixis,

Inc.

*(a)

69,978

2,583,588

Gilead

Sciences,

Inc.

(a)

16,073

1,800,980

GRAIL,

Inc.

*(a)(b)

14,870

379,780

Grifols

SA

(Spain)

(2)*(a)

19,992

177,988

Incyte

Corp.

*(a)(b)

98,129

5,941,711

Natera,

Inc.

*(a)(b)

11,739

1,660,012

Neurocrine

Biosciences,

Inc.

*(a)

2,783

307,800

Swedish

Orphan

Biovitrum

AB

(Sweden)

(2)*(a)

25,009

716,663

Ultragenyx

Pharmaceutical,

Inc.

*(a)

10,426

377,525

United

Therapeutics

Corp.

*(a)

4,481

1,381,358

25,989,696

Health

Care

Equipment

&

Supplies

-

1

.5

%

Abbott

Laboratories

(a)

27,056

3,588,978

Align

Technology,

Inc.

*(a)

7,856

1,248,004

Asahi

Intecc

Co.

Ltd.

(Japan)

(2)(a)

51,600

833,528

Boston

Scientific

Corp.

*(a)

26,846

2,708,224

ConvaTec

Group

plc

(United

Kingdom)

(2)(a)(c)

142,297

475,351

Demant

A/S

(Denmark)

(2)*(a)

6,985

234,738

Edwards

Lifesciences

Corp.

*(a)

29,192

2,115,836

IDEXX

Laboratories,

Inc.

*(a)(b)

2,950

1,238,852

Inspire

Medical

Systems,

Inc.

*(a)(b)

9,121

1,452,793

Insulet

Corp.

*(a)(b)

1,531

402,056

LivaNova

plc

*(a)

6,714

263,726

Medtronic

plc

(a)

46,562

4,184,061

Penumbra,

Inc.

*(a)

1,836

490,965

128

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

1.5%

(continued)

QuidelOrtho

Corp.

*(a)

40,116

1,402,857

ResMed,

Inc.

(a)(b)

5,942

1,330,117

Solventum

Corp.

*(a)(b)

3,515

267,281

Stryker

Corp.

(a)

9,405

3,501,011

Ypsomed

Holding

AG

(Registered)

(Switzerland)

(2)(a)

342

132,385

25,870,763

Health

Care

Providers

&

Services

-

1

.7

%

Cardinal

Health,

Inc.

(a)

11,174

1,539,442

Cencora,

Inc.

(a)

10,057

2,796,751

Centene

Corp.

*(a)

34,494

2,094,131

CVS

Health

Corp.

(a)

77,392

5,243,308

Elevance

Health,

Inc.

(a)(b)

3,566

1,551,067

Encompass

Health

Corp.

(a)

8,877

899,063

Fresenius

Medical

Care

AG

(Germany)

(2)(a)

6,315

314,234

HCA

Healthcare,

Inc.

(a)(b)

5,749

1,986,567

Humana,

Inc.

(a)

21,584

5,711,126

McKesson

Corp.

(a)

2,334

1,570,759

Molina

Healthcare,

Inc.

*(a)(b)

6,204

2,043,535

Universal

Health

Services,

Inc.,

Class

B

(a)

16,631

3,124,965

28,874,948

Health

Care

Technology

-

0

.3

%

Pro

Medicus

Ltd.

(Australia)

(2)(a)

24,410

3,089,708

Veeva

Systems,

Inc.,

Class

A

*(a)

9,967

2,308,656

5,398,364

Life

Sciences

Tools

&

Services

-

0

.8

%

Agilent

Technologies,

Inc.

(a)

1,056

123,531

Danaher

Corp.

(a)

17,461

3,579,505

Illumina,

Inc.

*(a)(b)

52,150

4,137,581

IQVIA

Holdings,

Inc.

*(a)

3,684

649,489

Medpace

Holdings,

Inc.

*(a)(b)

6,270

1,910,407

Mettler-Toledo

International,

Inc.

*(a)(b)

732

864,426

Waters

Corp.

*(a)(b)

3,839

1,414,940

12,679,879

Pharmaceuticals

-

3

.8

%

Astellas

Pharma,

Inc.

(Japan)

(2)(a)

371,900

3,620,262

Bristol-Myers

Squibb

Co.

(a)

69,093

4,213,982

Chugai

Pharmaceutical

Co.

Ltd.

(Japan)

(2)(a)

11,700

535,995

Eli

Lilly

&

Co.

(a)

5,643

4,660,610

Ipsen

SA

(France)

(2)(a)

4,949

570,029

Jazz

Pharmaceuticals

plc

*(a)

930

115,460

Johnson

&

Johnson

(a)

39,619

6,570,415

Merck

&

Co.,

Inc.

(a)

114,164

10,247,361

Novartis

AG

(Registered)

(2)(a)

98,401

10,929,379

Otsuka

Holdings

Co.

Ltd.

(Japan)

(2)(a)

80,300

4,184,432

Roche

Holding

AG

(2)(a)

11,140

3,666,482

Royalty

Pharma

plc,

Class

A

(a)

124,718

3,882,471

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

3.8%

(continued)

Santen

Pharmaceutical

Co.

Ltd.

(Japan)

(2)(a)

41,600

396,199

Shionogi

&

Co.

Ltd.

(Japan)

(2)(a)

46,400

700,395

Takeda

Pharmaceutical

Co.

Ltd.

(Japan)

(2)(a)

188,800

5,595,802

UCB

SA

(Belgium)

(2)(a)

2,420

426,077

Zoetis,

Inc.,

Class

A

(a)

26,427

4,351,206

64,666,557

Total

Health

Care

163,480,207

Industrials

-

14

.4

%

Aerospace

&

Defense

-

2

.7

%

Curtiss-Wright

Corp.

(a)

3,946

1,251,947

Dassault

Aviation

SA

(France)

(2)(a)

3,242

1,068,972

GE

Aerospace

(a)(b)

13,200

2,641,980

General

Dynamics

Corp.

(a)

3,816

1,040,165

Howmet

Aerospace,

Inc.

(a)(b)

14,442

1,873,561

Kongsberg

Gruppen

ASA

(Norway)

(2)(a)

27,069

3,968,725

Leonardo

SpA

(Italy)

(2)(a)

51,325

2,499,469

Lockheed

Martin

Corp.

(a)

11,726

5,238,122

Northrop

Grumman

Corp.

(a)

12,254

6,274,171

Rheinmetall

AG

(Germany)

(2)(a)

5,220

7,469,417

Rolls-Royce

Holdings

plc

(United

Kingdom)

(2)*(a)

425,948

4,139,945

Saab

AB,

Class

B

(Sweden)

(2)(a)

124,377

4,890,432

Safran

SA

(France)

(2)(a)

6,976

1,836,665

Woodward,

Inc.

(a)

8,765

1,599,525

45,793,096

Air

Freight

&

Logistics

-

0

.5

%

InPost

SA

(Poland)

(2)*(a)

8,241

120,947

International

Distribution

Services

plc

(United

Kingdom)

(a)

153,613

720,299

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Japan)

(2)(a)

122,200

2,225,853

United

Parcel

Service,

Inc.,

Class

B

(a)(b)

44,119

4,852,649

7,919,748

Building

Products

-

0

.9

%

AGC,

Inc.

(Japan)

(2)(a)

24,200

736,715

Allegion

plc

(a)

14,017

1,828,658

Belimo

Holding

AG

(Registered)

(Switzerland)

(2)(a)

793

488,896

Geberit

AG

(Registered)

(Switzerland)

(2)(a)

1,088

681,618

Hayward

Holdings,

Inc.

*(a)(b)

42,998

598,532

Johnson

Controls

International

plc

(a)

25,747

2,062,592

Lennox

International,

Inc.

(a)

1,987

1,114,369

Lixil

Corp.

(Japan)

(2)(a)

104,000

1,202,860

Owens

Corning

(a)

7,993

1,141,560

Sanwa

Holdings

Corp.

(Japan)

(2)

(a)

77,900

2,499,766

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

129

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Building

Products

-

0.9%

(continued)

Trane

Technologies

plc

(a)

10,022

3,376,612

15,732,178

Commercial

Services

&

Supplies

-

0

.7

%

Brambles

Ltd.

(Australia)

(2)(a)

162,642

2,054,693

Cintas

Corp.

(a)(b)

16,146

3,318,487

Dai

Nippon

Printing

Co.

Ltd.

(Japan)

(2)(a)

36,800

523,938

ISS

A/S

(Denmark)

(2)(a)

62,258

1,429,607

Rollins,

Inc.

(a)(b)

12,731

687,856

Sohgo

Security

Services

Co.

Ltd.

(Japan)

(2)(a)

134,400

1,010,991

TOPPAN

Holdings,

Inc.

(Japan)

(2)

(a)

23,300

636,959

Waste

Connections,

Inc.

(a)(b)

14,527

2,835,525

12,498,056

Construction

&

Engineering

-

1

.0

%

ACS

Actividades

de

Construccion

y

Servicios

SA

(Spain)

(2)(a)

26,460

1,514,393

AECOM

(a)

15,963

1,480,249

AtkinsRealis

Group,

Inc.

(Canada)

(a)

9,142

434,341

Bouygues

SA

(France)

(2)(a)

3,281

129,338

Comfort

Systems

USA,

Inc.

(a)

7,236

2,332,380

Eiffage

SA

(France)

(2)(a)

4,946

575,857

EMCOR

Group,

Inc.

(a)

3,842

1,420,119

Kinden

Corp.

(Japan)

(2)(a)

66,300

1,486,733

MasTec,

Inc.

*(a)

15,568

1,816,941

Obayashi

Corp.

(Japan)

(2)(a)

84,400

1,125,925

Shimizu

Corp.

(Japan)

(2)(a)

247,600

2,203,763

Taisei

Corp.

(Japan)

(2)(a)

34,400

1,531,198

Worley

Ltd.

(Australia)

(2)(a)

14,214

129,312

16,180,549

Electrical

Equipment

-

1

.0

%

ABB

Ltd.

(Registered)

(Switzerland)

(2)(a)

97,780

5,045,248

Eaton

Corp.

plc

(a)(b)

7,494

2,037,094

Fuji

Electric

Co.

Ltd.

(Japan)

(2)(a)

25,300

1,081,569

Fujikura

Ltd.

(Japan)

(2)(a)

56,000

2,073,954

GE

Vernova,

Inc.

(a)

5,211

1,590,814

Mitsubishi

Electric

Corp.

(Japan)

(2)

(a)

8,300

153,071

Schneider

Electric

SE

(2)(a)

17,324

3,999,166

Signify

NV

(2)(a)(c)

19,107

414,852

Vertiv

Holdings

Co.,

Class

A

(a)(b)

5,061

365,404

Vestas

Wind

Systems

A/S

(Denmark)

(2)*(a)

77,289

1,069,255

17,830,427

Ground

Transportation

-

0

.5

%

Grab

Holdings

Ltd.,

Class

A

(Singapore)

*(a)

439,201

1,989,581

Keio

Corp.

(Japan)

(2)(a)

11,800

301,777

Kyushu

Railway

Co.

(Japan)

(2)(a)

16,400

400,467

Lyft,

Inc.,

Class

A

*(a)

213,236

2,531,111

Ryder

System,

Inc.

(a)

6,507

935,772

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0.5%

(continued)

Seibu

Holdings,

Inc.

(Japan)

(2)(a)

41,800

926,435

Tobu

Railway

Co.

Ltd.

(Japan)

(2)(a)

11,300

192,904

Uber

Technologies,

Inc.

*(a)(b)

17,097

1,245,687

Union

Pacific

Corp.

(a)(b)

2,769

654,149

9,177,883

Industrial

Conglomerates

-

0

.3

%

3M

Co.

(a)(b)

26,157

3,841,417

CK

Hutchison

Holdings

Ltd.

(United

Kingdom)

(2)(a)

36,000

202,930

Hikari

Tsushin,

Inc.

(Japan)

(2)(a)

2,900

748,473

Sekisui

Chemical

Co.

Ltd.

(Japan)

(2)(a)

41,100

700,995

5,493,815

Machinery

-

2

.7

%

Aalberts

NV

(Netherlands)

(2)(a)

3,573

121,825

Alfa

Laval

AB

(Sweden)

(2)(a)

34,292

1,470,274

Allison

Transmission

Holdings,

Inc.

(a)

22,706

2,172,283

Alstom

SA

(France)

(2)*(a)

12,755

282,532

Atlas

Copco

AB,

Class

A

(Sweden)

(2)(a)

101,110

1,615,074

Cummins,

Inc.

(a)

11,993

3,759,086

Ebara

Corp.

(Japan)

(2)(a)

63,500

966,507

Flowserve

Corp.

(a)

49,147

2,400,339

GEA

Group

AG

(Germany)

(2)(a)

7,006

425,887

IHI

Corp.

(Japan)

(2)(a)

41,900

2,924,153

Illinois

Tool

Works,

Inc.

(a)

18,539

4,597,857

IMI

plc

(United

Kingdom)

(2)(a)

52,647

1,295,063

ITT,

Inc.

(a)

6,005

775,606

Kawasaki

Heavy

Industries

Ltd.

(Japan)

(2)(a)

27,900

1,684,046

Komatsu

Ltd.

(Japan)

(2)(a)

37,500

1,098,117

Makita

Corp.

(Japan)

(2)(a)

5,100

168,981

MISUMI

Group,

Inc.

(Japan)

(2)(a)

98,700

1,642,831

Mueller

Industries,

Inc.

(a)(b)

16,213

1,234,458

NGK

Insulators

Ltd.

(Japan)

(2)(a)

146,000

1,798,864

Oshkosh

Corp.

(a)

12,397

1,166,310

Otis

Worldwide

Corp.

(a)(b)

3,184

328,589

Parker-Hannifin

Corp.

(a)(b)

4,866

2,957,798

Pentair

plc

(a)

21,841

1,910,651

Snap-on,

Inc.

(a)

3,091

1,041,698

Stanley

Black

&

Decker,

Inc.

(a)(b)

20,482

1,574,656

Techtronic

Industries

Co.

Ltd.

(Hong

Kong)

(2)(a)

14,500

173,772

Wartsila

OYJ

Abp

(Finland)

(2)(a)

148,727

2,653,805

Westinghouse

Air

Brake

Technologies

Corp.

(a)

19,943

3,616,663

Yangzijiang

Shipbuilding

Holdings

Ltd.

(China)

(2)

298,800

524,402

46,382,127

130

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Marine

Transportation

-

0

.6

%

AP

Moller

-

Maersk

A/S,

Class

B

(Denmark)

(2)(a)

1,524

2,652,414

Kawasaki

Kisen

Kaisha

Ltd.

(Japan)

(2)(a)

52,100

708,164

Kirby

Corp.

*(a)

5,687

574,444

Mitsui

OSK

Lines

Ltd.

(Japan)

(2)(a)

60,700

2,113,405

Nippon

Yusen

KK

(Japan)

(2)(a)

125,200

4,137,621

10,186,048

Passenger

Airlines

-

1

.0

%

Air

France-KLM

(France)

(2)*(a)

44,045

409,332

Alaska

Air

Group,

Inc.

*(a)

33,101

1,629,231

ANA

Holdings,

Inc.

(Japan)

(2)(a)

21,000

387,634

Delta

Air

Lines,

Inc.

(a)(b)

116,944

5,098,758

Deutsche

Lufthansa

AG

(Registered)

(Germany)

(2)(a)

177,188

1,291,032

easyJet

plc

(United

Kingdom)

(2)(a)

356,117

2,047,717

Japan

Airlines

Co.

Ltd.

(Japan)

(2)

(a)

165,500

2,834,907

Qantas

Airways

Ltd.

(Australia)

(2)

(a)

202,756

1,155,941

United

Airlines

Holdings,

Inc.

*(a)

26,944

1,860,483

16,715,035

Professional

Services

-

1

.5

%

Adecco

Group

AG

(Registered)

(Switzerland)

(2)(a)

17,566

528,222

Arcadis

NV

(Netherlands)

(2)(a)

10,027

511,898

Automatic

Data

Processing,

Inc.

(a)

(b)

3,381

1,032,997

BayCurrent,

Inc.

(Japan)

(2)(a)

32,100

1,391,025

Broadridge

Financial

Solutions,

Inc.

(a)

10,939

2,652,270

Computershare

Ltd.

(Australia)

(2)

(a)

96,092

2,368,575

Experian

plc

(2)(a)

15,941

738,631

Jacobs

Solutions,

Inc.

(a)

9,140

1,104,935

ManpowerGroup,

Inc.

(a)

32,450

1,878,206

Paylocity

Holding

Corp.

*(a)(b)

1,021

191,274

Persol

Holdings

Co.

Ltd.

(Japan)

(2)(a)

401,400

668,814

RELX

plc

(United

Kingdom)

(2)(a)

114,427

5,747,747

SS&C

Technologies

Holdings,

Inc.

(a)(b)

57,055

4,765,804

Thomson

Reuters

Corp.

(Canada)

(a)

2,462

424,856

Verisk

Analytics,

Inc.,

Class

A

(a)

5,655

1,683,041

25,688,295

Trading

Companies

&

Distributors

-

0

.9

%

AddTech

AB,

Class

B

(Sweden)

(2)

(a)

4,992

146,204

Applied

Industrial

Technologies,

Inc.

(a)

1,632

367,755

Ferguson

Enterprises,

Inc.

(a)(b)

14,817

2,374,128

Finning

International,

Inc.

(Canada)

(a)

21,689

610,255

Rexel

SA

(France)

(2)(a)

8,149

219,623

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

0.9%

(continued)

SGH

Ltd.

(Australia)

(2)(a)

19,598

615,198

Sojitz

Corp.

(Japan)

(2)(a)

124,500

2,744,011

Sumitomo

Corp.

(Japan)

(2)(a)

53,600

1,223,037

United

Rentals,

Inc.

(a)(b)

205

128,473

WESCO

International,

Inc.

(a)(b)

25,515

3,962,479

WW

Grainger,

Inc.

(a)

2,407

2,377,707

14,768,870

Transportation

Infrastructure

-

0

.1

%

Aena

SME

SA

(Spain)

(2)(a)(c)

5,823

1,366,100

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(Germany)

(2)*(a)

2,982

187,135

Qube

Holdings

Ltd.

(Australia)

(2)(a)

261,767

648,127

2,201,362

Total

Industrials

246,567,489

Information

Technology

-

8

.5

%

Communications

Equipment

-

0

.8

%

Arista

Networks,

Inc.

*(a)

65,003

5,036,433

Motorola

Solutions,

Inc.

(a)(b)

5,742

2,513,905

Nokia

OYJ

(Finland)

(2)(a)

174,681

920,009

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Sweden)

(2)(a)

592,823

4,612,612

Ubiquiti,

Inc.

(a)

624

193,527

13,276,486

Electronic

Equipment,

Instruments

&

Components

-

0

.9

%

Amphenol

Corp.,

Class

A

(a)

41,873

2,746,450

Azbil

Corp.

(Japan)

(2)(a)

141,900

1,102,334

Celestica,

Inc.

(Canada)

*(a)

38,007

2,998,196

Corning,

Inc.

(a)(b)

51,193

2,343,616

Fabrinet

(Thailand)

*(a)

3,289

649,610

Hirose

Electric

Co.

Ltd.

(Japan)

(2)

(a)

16,300

1,888,097

Jabil,

Inc.

(a)

3,025

411,612

TD

SYNNEX

Corp.

(a)

9,819

1,020,783

TE

Connectivity

plc

(Switzerland)

(a)

3,110

439,505

Trimble,

Inc.

*(a)

18,344

1,204,284

Yokogawa

Electric

Corp.

(Japan)

(2)(a)

6,800

132,709

14,937,196

IT

Services

-

1

.5

%

Amdocs

Ltd.

(a)

22,296

2,040,084

Fujitsu

Ltd.

(Japan)

(2)(a)

87,800

1,747,299

Gartner,

Inc.

*(a)

1,833

769,383

GoDaddy,

Inc.,

Class

A

*(a)

9,042

1,628,826

Kyndryl

Holdings,

Inc.

*(a)(b)

32,279

1,013,561

Okta,

Inc.,

Class

A

*(a)(b)

1,353

142,363

Otsuka

Corp.

(Japan)

(2)(a)

28,400

614,900

SCSK

Corp.

(Japan)

(2)(a)

21,500

531,645

Shopify,

Inc.,

Class

A

(Canada)

*(a)

15,545

1,478,830

Snowflake,

Inc.,

Class

A

*(a)(b)

30,328

4,432,740

Twilio,

Inc.,

Class

A

*(a)

22,865

2,238,712

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

131

(Continued)

INVESTMENTS

SHARES

VALUE

($)

IT

Services

-

1.5%

(continued)

VeriSign,

Inc.

*(a)

34,503

8,759,277

25,397,620

Semiconductors

&

Semiconductor

Equipment

-

1

.3

%

Broadcom,

Inc.

(a)

26,329

4,408,265

Cirrus

Logic,

Inc.

*(a)(b)

4,590

457,416

Intel

Corp.

(a)

34,249

777,795

KLA

Corp.

(a)

2,187

1,486,723

Marvell

Technology,

Inc.

(a)

24,273

1,494,489

Monolithic

Power

Systems,

Inc.

(a)

331

191,973

NVIDIA

Corp.

(a)

48,998

5,310,403

QUALCOMM,

Inc.

(a)

8,710

1,337,943

Rambus,

Inc.

*(a)(b)

8,923

461,988

SCREEN

Holdings

Co.

Ltd.

(Japan)

(2)(a)

16,300

1,063,436

Socionext,

Inc.

(Japan)

(2)(a)

235,100

2,854,739

Tokyo

Electron

Ltd.

(Japan)

(2)(a)

15,400

2,111,842

Universal

Display

Corp.

(a)(b)

2,435

339,634

22,296,646

Software

-

3

.4

%

Adobe,

Inc.

*(a)

22,093

8,473,328

Appfolio,

Inc.,

Class

A

*(a)(b)

1,647

362,175

AppLovin

Corp.,

Class

A

*(a)(b)

11,232

2,976,143

Atlassian

Corp.,

Class

A

*(a)

11,246

2,386,514

Commvault

Systems,

Inc.

*(a)(b)

7,966

1,256,716

Docusign,

Inc.,

Class

A

*(a)

2,825

229,955

Dropbox,

Inc.,

Class

A

*(a)

13,061

348,859

Elastic

NV

*(a)

8,268

736,679

Fair

Isaac

Corp.

*(a)

1,964

3,621,930

Fortinet,

Inc.

*(a)

39,248

3,778,012

Gitlab,

Inc.,

Class

A

*(a)

7,675

360,725

Guidewire

Software,

Inc.

*(a)(b)

17,769

3,329,200

HubSpot,

Inc.

*(a)(b)

2,851

1,628,748

Nemetschek

SE

(Germany)

(2)(a)

4,376

510,137

Nutanix,

Inc.,

Class

A

*(a)

35,593

2,484,747

Oracle

Corp.

Japan

(Japan)

(2)(a)

12,900

1,357,510

Palantir

Technologies,

Inc.,

Class

A

*(a)(b)

26,920

2,272,048

Palo

Alto

Networks,

Inc.

*(a)(b)

7,129

1,216,493

Pegasystems,

Inc.

(a)

15,012

1,043,634

Qualys,

Inc.

*(a)(b)

16,966

2,136,528

Sage

Group

plc

(The)

(United

Kingdom)

(2)(a)

87,878

1,379,714

SAP

SE

(Germany)

(2)(a)

23,730

6,358,446

ServiceNow,

Inc.

*(a)(b)

3,327

2,648,758

TeamViewer

SE

(Germany)

(2)*(a)

(c)

36,050

470,605

Technology

One

Ltd.

(Australia)

(2)

(a)

46,098

810,830

Trend

Micro,

Inc.

(Japan)

(2)(a)

14,800

999,118

Xero

Ltd.

(New

Zealand)

(2)*(a)

15,013

1,467,424

Zoom

Communications,

Inc.,

Class

A

*(a)

27,887

2,057,224

Zscaler,

Inc.

*(a)(b)

9,487

1,882,411

58,584,611

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

0

.6

%

Apple,

Inc.

(a)

2,865

636,402

Canon,

Inc.

(Japan)

(2)(a)

99,800

3,112,081

Hewlett

Packard

Enterprise

Co.

(a)

(b)

177,090

2,732,499

Logitech

International

SA

(Registered)

(Switzerland)

(2)(a)

23,641

2,003,225

NetApp,

Inc.

(a)

3,594

315,697

Seagate

Technology

Holdings

plc

(a)(b)

14,368

1,220,562

Seiko

Epson

Corp.

(Japan)

(2)(a)

24,000

384,493

Western

Digital

Corp.

*(a)(b)

14,818

599,092

11,004,051

Total

Information

Technology

145,496,610

Materials

-

5

.0

%

Chemicals

-

1

.9

%

Air

Water,

Inc.

(Japan)

(2)(a)

22,900

289,637

Asahi

Kasei

Corp.

(Japan)

(2)(a)

53,500

375,070

Axalta

Coating

Systems

Ltd.

*(a)

18,424

611,124

Cabot

Corp.

(a)(b)

8,550

710,847

CF

Industries

Holdings,

Inc.

(a)(b)

9,372

732,422

DSM-Firmenich

AG

(Switzerland)

(2)(a)

14,058

1,391,716

DuPont

de

Nemours,

Inc.

(a)

25,940

1,937,199

Ecolab,

Inc.

(a)(b)

19,532

4,951,753

Element

Solutions,

Inc.

(a)(b)

83,848

1,895,803

FMC

Corp.

(a)

51,029

2,152,914

Givaudan

SA

(Registered)

(Switzerland)

(a)

736

3,159,634

Huntsman

Corp.

(a)(b)

272,441

4,301,843

Incitec

Pivot

Ltd.

(Australia)

(2)(a)

250,251

401,352

International

Flavors

&

Fragrances,

Inc.

(a)

21,199

1,645,254

Kuraray

Co.

Ltd.

(Japan)

(2)(a)

193,700

2,386,864

LANXESS

AG

(Germany)

(2)(a)

12,006

365,210

Mosaic

Co.

(The)

(a)

31,092

839,795

Nitto

Denko

Corp.

(Japan)

(2)(a)

10,800

199,763

NOF

Corp.

(Japan)

(2)(a)

28,200

383,245

Olin

Corp.

(a)

23,720

574,973

Orica

Ltd.

(Australia)

(2)(a)

37,755

403,532

Resonac

Holdings

Corp.

(Japan)

(2)(a)

49,800

995,369

Sika

AG

(Registered)

(Switzerland)

(2)(a)

2,359

574,615

Solvay

SA

(Belgium)

(2)(a)

7,791

277,139

Symrise

AG,

Class

A

(Germany)

(2)

(a)

1,439

149,187

Toray

Industries,

Inc.

(Japan)

(2)(a)

48,500

331,445

32,037,705

Construction

Materials

-

0

.7

%

Buzzi

SpA

(Italy)

(2)(a)

26,821

1,290,610

CRH

plc

(a)

48,059

4,227,750

Heidelberg

Materials

AG

(Germany)

(2)(a)

9,003

1,551,916

132

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Construction

Materials

-

0.7%

(continued)

Holcim

AG

(2)(a)

38,218

4,112,762

11,183,038

Containers

&

Packaging

-

0

.4

%

Amcor

plc

(a)

35,120

340,664

AptarGroup,

Inc.

(a)(b)

1,692

251,059

Crown

Holdings,

Inc.

(a)

23,062

2,058,514

Greif,

Inc.,

Class

A

(a)

3,082

169,479

Packaging

Corp.

of

America

(a)(b)

15,694

3,107,726

Sonoco

Products

Co.

(a)(b)

9,324

440,466

6,367,908

Metals

&

Mining

-

1

.9

%

Acerinox

SA

(Spain)

(2)(a)

68,730

805,123

Agnico

Eagle

Mines

Ltd.

(Canada)

(a)

20,430

2,213,433

Alamos

Gold,

Inc.,

Class

A

(Canada)

(a)

45,815

1,224,132

ArcelorMittal

SA

(Luxembourg)

(2)

139,899

4,041,203

Barrick

Gold

Corp.

(Canada)

(a)

32,713

635,142

BlueScope

Steel

Ltd.

(Australia)

(2)

(a)

46,836

627,319

Evolution

Mining

Ltd.

(Australia)

(2)

(a)

530,403

2,373,229

Fortescue

Ltd.

(Australia)

(2)(a)

28,627

277,081

JFE

Holdings,

Inc.

(Japan)

(2)(a)

83,200

1,021,406

Kinross

Gold

Corp.

(Canada)

(a)

84,575

1,065,526

Kobe

Steel

Ltd.

(Japan)

(2)(a)

94,300

1,094,530

Newmont

Corp.

(a)(b)

58,819

2,839,781

Nippon

Steel

Corp.

(Japan)

(2)(a)

46,200

988,729

Norsk

Hydro

ASA

(Norway)

(2)(a)

83,707

483,910

Northern

Star

Resources

Ltd.

(Australia)

(2)(a)

244,200

2,819,332

Pan

American

Silver

Corp.

(Canada)

(a)

18,121

468,057

Royal

Gold,

Inc.

(a)

27,391

4,478,702

South32

Ltd.

(Australia)

(2)(a)

405,720

817,339

Steel

Dynamics,

Inc.

(a)

7,823

978,501

thyssenkrupp

AG

(Germany)

(2)(a)

316,316

3,247,583

Wheaton

Precious

Metals

Corp.

(Brazil)

(a)

10,399

806,960

33,307,018

Paper

&

Forest

Products

-

0

.1

%

Louisiana-Pacific

Corp.

(a)

13,071

1,202,271

Oji

Holdings

Corp.

(Japan)

(2)(a)

137,700

577,225

1,779,496

Total

Materials

84,675,165

Real

Estate

-

1

.9

%

Health

Care

REITs

-

0

.6

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(a)

31,988

2,959,210

Medical

Properties

Trust,

Inc.,

REIT

(a)

210,839

1,271,359

Omega

Healthcare

Investors,

Inc.,

REIT

(a)

53,264

2,028,293

INVESTMENTS

SHARES

VALUE

($)

Health

Care

REITs

-

0.6%

(continued)

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(b)

74,840

1,307,455

Ventas,

Inc.,

REIT

(a)

51,574

3,546,228

11,112,545

Industrial

REITs

-

0

.0

%

†

Americold

Realty

Trust,

Inc.,

REIT

(a)

13,858

297,393

Office

REITs

-

0

.1

%

Cousins

Properties,

Inc.,

REIT

(a)

32,418

956,331

Kilroy

Realty

Corp.,

REIT

(a)

10,995

360,196

1,316,527

Real

Estate

Management

&

Development

-

0

.2

%

CBRE

Group,

Inc.,

Class

A

*(a)(b)

15,586

2,038,337

Howard

Hughes

Holdings,

Inc.

*(a)

4,165

308,543

Zillow

Group,

Inc.,

Class

C

*(a)(b)

14,191

972,935

3,319,815

Residential

REITs

-

0

.2

%

Equity

LifeStyle

Properties,

Inc.,

REIT

(a)

31,993

2,133,933

UDR,

Inc.,

REIT

(a)

12,945

584,726

2,718,659

Retail

REITs

-

0

.2

%

Brixmor

Property

Group,

Inc.,

REIT

(a)

65,790

1,746,724

Simon

Property

Group,

Inc.,

REIT

(a)(b)

8,986

1,492,395

3,239,119

Specialized

REITs

-

0

.6

%

EPR

Properties,

REIT

(a)

32,252

1,696,778

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(b)

11,714

1,332,819

Millrose

Properties,

Inc.,

Class

A,

REIT

*(a)

58,361

1,547,150

PotlatchDeltic

Corp.,

REIT

(a)

17,823

804,174

SBA

Communications

Corp.,

REIT

(a)

21,788

4,793,578

10,174,499

Total

Real

Estate

32,178,557

Utilities

-

4

.6

%

Electric

Utilities

-

2

.8

%

ALLETE,

Inc.

(a)

10,797

709,363

American

Electric

Power

Co.,

Inc.

(a)

13,755

1,503,009

Chubu

Electric

Power

Co.,

Inc.

(Japan)

(2)(a)

32,200

349,120

Duke

Energy

Corp.

(a)(b)

40,653

4,958,446

Edison

International

(a)

124,961

7,362,702

Endesa

SA

(Spain)

(a)

10,375

274,853

Enel

SpA

(Italy)

(a)

904,150

7,329,497

Evergy,

Inc.

(a)

80,042

5,518,896

Fortum

OYJ

(Finland)

(2)(a)

108,531

1,777,250

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

133

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electric

Utilities

-

2.8%

(continued)

Iberdrola

SA

(Spain)

(2)(a)

89,244

1,441,120

IDACORP,

Inc.

(a)

3,602

418,624

Kyushu

Electric

Power

Co.,

Inc.

(Japan)

(2)(a)

141,900

1,239,329

OGE

Energy

Corp.

(a)

9,472

435,333

PG&E

Corp.

(a)

8,256

141,838

Portland

General

Electric

Co.

(a)(b)

99,863

4,453,890

PPL

Corp.

(a)(b)

66,875

2,414,856

Tohoku

Electric

Power

Co.,

Inc.

(Japan)

(2)(a)

162,900

1,124,021

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Japan)

(2)*(a)

739,400

2,128,511

Xcel

Energy,

Inc.

(a)

67,010

4,743,638

48,324,296

Gas

Utilities

-

0

.5

%

Atmos

Energy

Corp.

(a)(b)

12,468

1,927,303

Italgas

SpA

(Italy)

(2)(a)

159,669

1,144,858

National

Fuel

Gas

Co.

(a)

16,708

1,323,106

New

Jersey

Resources

Corp.

(a)

23,376

1,146,827

Osaka

Gas

Co.

Ltd.

(Japan)

(2)(a)

32,700

739,914

Tokyo

Gas

Co.

Ltd.

(Japan)

(2)(a)

22,100

703,015

UGI

Corp.

(a)(b)

47,455

1,569,337

8,554,360

Independent

Power

and

Renewable

Electricity

Producers

-

0

.1

%

AES

Corp.

(The)

(a)

144,209

1,791,076

Capital

Power

Corp.

(Canada)

(a)

4,810

159,871

1,950,947

Multi-Utilities

-

1

.0

%

A2A

SpA

(Italy)

(2)(a)

296,833

715,384

AGL

Energy

Ltd.

(Australia)

(2)(a)

73,071

482,314

Ameren

Corp.

(a)

7,862

789,345

Atco

Ltd.,

Class

I

(Canada)

(a)

22,232

774,308

Centrica

plc

(United

Kingdom)

(2)(a)

591,439

1,145,175

DTE

Energy

Co.

(a)

38,655

5,344,827

E.ON

SE

(Germany)

(2)(a)

20,286

306,212

Engie

SA

(France)

(2)(a)

107,312

2,091,063

NiSource,

Inc.

(a)

59,508

2,385,676

WEC

Energy

Group,

Inc.

(a)(b)

18,070

1,969,268

16,003,572

Water

Utilities

-

0

.2

%

American

Water

Works

Co.,

Inc.

(a)

(b)

23,884

3,523,368

Total

Utilities

78,356,543

TOTAL

COMMON

STOCKS

(Cost

$1,268,196,023)

1,370,541,011

INVESTMENTS

SHARES

VALUE

($)

PREFERRED

STOCKS

-

0.0%

†

Consumer

Discretionary

-

0

.0

%

†

Automobiles

-

0

.0

%

†

Volkswagen

AG

(Preference)

(Germany)

(2)(a)

(Cost

$626,245)

5,270

537,741

SHORT-TERM

INVESTMENTS

-

91.2%

INVESTMENT

COMPANIES

-

32

.9

%

BlackRock

Liquidity

Funds

Treasury

Trust

Fund

Portfolio,

4.18%

(d)(e)

41,779,855

41,779,855

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

4,028,194

4,028,194

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)(f)

516,909,069

516,753,997

TOTAL

INVESTMENT

COMPANIES

(Cost

$562,481,668)

562,562,046

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

58

.3

%

U.S.

Treasury

Bills

4.31%,

4/3/2025

(2)(g)

$

49,484,000

49,472,334

4.40%,

4/10/2025

(2)(g)

73,042,000

72,964,393

4.36%,

4/17/2025

(2)(g)

80,000,000

79,848,569

4.41%,

4/24/2025

(2)(g)

114,055,000

113,746,438

4.42%,

5/1/2025

(2)(g)(h)

136,000,000

135,520,331

4.35%,

5/8/2025

(2)(g)

129,653,000

129,088,667

4.41%,

5/15/2025

(2)(g)(h)

57,000,000

56,705,020

4.40%,

6/5/2025

(2)(g)(h)

50,000,000

49,621,284

4.26%,

6/26/2025

(2)(g)(h)

50,000,000

49,498,930

4.27%,

7/17/2025

(2)(g)(h)

41,748,000

41,228,397

4.25%,

7/24/2025

(2)(g)

13,462,000

13,284,376

4.24%,

8/7/2025

(2)(g)

17,746,000

17,483,478

4.22%,

9/4/2025

(2)(g)

14,949,000

14,683,685

4.16%,

9/11/2025

(2)(g)

15,000,000

14,721,542

4.19%,

9/18/2025

(2)(g)

14,000,000

13,729,606

4.17%,

9/25/2025

(2)(g)

34,614,000

33,918,792

4.16%,

10/2/2025

(2)(g)

114,099,000

111,724,904

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$997,233,679)

997,240,746

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$1,559,715,347)

1,559,802,792

TOTAL

LONG

POSITIONS

(Cost

$2,828,537,615)

2,930,881,544

SHARES

SHORT

POSITIONS

-

(72.5)%

COMMON

STOCKS

-

(72.1)%

Communication

Services

-

(

2

.1

)

%

Diversified

Telecommunication

Services

-

(

0

.5

)

%

BCE,

Inc.

(Canada)

(

70,102

)

(

1,609,026

)

BT

Group

plc

(United

Kingdom)

(2)

(

330,115

)

(

708,083

)

Infrastrutture

Wireless

Italiane

SpA

(Italy)

(c)

(

55,033

)

(

582,575

)

Nippon

Telegraph

&

Telephone

Corp.

(Japan)

(2)

(

1,688,500

)

(

1,631,888

)

134

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Diversified

Telecommunication

Services

-

(0.5)%

(continued)

Swisscom

AG

(Registered)

(Switzerland)

(2)

(

6,945

)

(

4,002,068

)

(

8,533,640

)

Entertainment

-

(

0

.5

)

%

Bollore

SE

(France)

(2)

(

80,074

)

(

469,105

)

Nexon

Co.

Ltd.

(Japan)

(2)

(

49,700

)

(

680,708

)

Nintendo

Co.

Ltd.

(Japan)

(2)

(

27,800

)

(

1,889,780

)

Take-Two

Interactive

Software,

Inc.

(

7,363

)

(

1,525,982

)

Toei

Animation

Co.

Ltd.

(Japan)

(2)

(

6,100

)

(

127,147

)

Ubisoft

Entertainment

SA

(France)

(2)

(

81,226

)

(

982,307

)

Walt

Disney

Co.

(The)

(

19,368

)

(

1,911,622

)

Warner

Bros

Discovery,

Inc.

(

63,138

)

(

677,471

)

(

8,264,122

)

Interactive

Media

&

Services

-

(

0

.2

)

%

IAC,

Inc.

(

9,617

)

(

441,805

)

Match

Group,

Inc.

(

38,173

)

(

1,190,998

)

TripAdvisor,

Inc.

(

37,312

)

(

528,711

)

ZoomInfo

Technologies,

Inc.,

Class

A

(

170,503

)

(

1,705,030

)

(

3,866,544

)

Media

-

(

0

.4

)

%

Charter

Communications,

Inc.,

Class

A

(

2,464

)

(

908,058

)

Dentsu

Group,

Inc.

(Japan)

(2)

(

31,300

)

(

691,248

)

Hakuhodo

DY

Holdings,

Inc.

(Japan)

(2)

(

117,000

)

(

848,959

)

Informa

plc

(United

Kingdom)

(2)

(

14,807

)

(

148,468

)

Nexstar

Media

Group,

Inc.,

Class

A

(

2,690

)

(

482,102

)

Trade

Desk,

Inc.

(The),

Class

A

(

23,350

)

(

1,277,712

)

WPP

plc

(United

Kingdom)

(2)

(

277,509

)

(

2,108,799

)

(

6,465,346

)

Wireless

Telecommunication

Services

-

(

0

.5

)

%

KDDI

Corp.

(Japan)

(2)

(

329,000

)

(

5,196,772

)

Rogers

Communications,

Inc.,

Class

B

(Canada)

(

103,929

)

(

2,775,436

)

SoftBank

Group

Corp.

(Japan)

(2)

(

23,400

)

(

1,196,908

)

(

9,169,116

)

Total

Communication

Services

(

36,298,768

)

Consumer

Discretionary

-

(

8

.3

)

%

Automobile

Components

-

(

0

.7

)

%

BorgWarner,

Inc.

(

37,586

)

(

1,076,839

)

Bridgestone

Corp.

(Japan)

(2)

(

23,000

)

(

923,975

)

Cie

Generale

des

Etablissements

Michelin

SCA

(France)

(2)

(

26,245

)

(

922,422

)

Denso

Corp.

(Japan)

(2)

(

317,100

)

(

3,934,126

)

Gentex

Corp.

(

88,793

)

(

2,068,877

)

Koito

Manufacturing

Co.

Ltd.

(Japan)

(2)

(

91,900

)

(

1,133,505

)

Magna

International,

Inc.

(Canada)

(

25,013

)

(

850,134

)

QuantumScape

Corp.

(

29,233

)

(

121,609

)

INVESTMENTS

SHARES

VALUE

($)

Automobile

Components

-

(0.7)%

(continued)

Visteon

Corp.

(

5,823

)

(

451,981

)

(

11,483,468

)

Automobiles

-

(

1

.3

)

%

Bayerische

Motoren

Werke

AG

(Germany)

(2)

(

68,921

)

(

5,557,608

)

Ferrari

NV

(Italy)

(2)

(

8,144

)

(

3,477,981

)

Harley-Davidson,

Inc.

(

7,364

)

(

185,941

)

Isuzu

Motors

Ltd.

(Japan)

(2)

(

87,800

)

(

1,193,869

)

Mercedes-Benz

Group

AG

(Germany)

(2)

(

12,859

)

(

759,603

)

Rivian

Automotive,

Inc.,

Class

A

(

84,514

)

(

1,052,199

)

Stellantis

NV

(2)

(

244,128

)

(

2,738,160

)

Suzuki

Motor

Corp.

(Japan)

(2)

(

194,400

)

(

2,386,283

)

Tesla,

Inc.

(

11,246

)

(

2,914,513

)

Thor

Industries,

Inc.

(

2,208

)

(

167,389

)

Toyota

Motor

Corp.

(Japan)

(2)

(

83,400

)

(

1,474,287

)

Yamaha

Motor

Co.

Ltd.

(Japan)

(2)

(

107,500

)

(

860,680

)

(

22,768,513

)

Broadline

Retail

-

(

0

.5

)

%

B&M

European

Value

Retail

SA

(United

Kingdom)

(2)

(

54,131

)

(

182,849

)

Canadian

Tire

Corp.

Ltd.,

Class

A

(Canada)

(

9,176

)

(

952,894

)

Dillard's,

Inc.,

Class

A

(

634

)

(

227,054

)

eBay,

Inc.

(

6,389

)

(

432,727

)

Isetan

Mitsukoshi

Holdings

Ltd.

(Japan)

(2)

(

44,500

)

(

645,336

)

Kohl's

Corp.

(

62,844

)

(

514,064

)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(

35,875

)

(

4,174,415

)

Pan

Pacific

International

Holdings

Corp.

(Japan)

(2)

(

35,500

)

(

975,127

)

(

8,104,466

)

Distributors

-

(

0

.2

)

%

D'ieteren

Group

(Belgium)

(2)

(

1,504

)

(

259,081

)

LKQ

Corp.

(

44,338

)

(

1,886,138

)

Pool

Corp.

(

4,216

)

(

1,342,164

)

(

3,487,383

)

Diversified

Consumer

Services

-

(

0

.1

)

%

ADT,

Inc.

(

65,496

)

(

533,138

)

IDP

Education

Ltd.

(Australia)

(2)

(

93,716

)

(

555,233

)

(

1,088,371

)

Hotels,

Restaurants

&

Leisure

-

(

1

.8

)

%

Amadeus

IT

Group

SA

(Spain)

(2)

(

11,547

)

(

884,304

)

Caesars

Entertainment,

Inc.

(

35,656

)

(

891,400

)

Cava

Group,

Inc.

(

48,983

)

(

4,232,621

)

Churchill

Downs,

Inc.

(

13,158

)

(

1,461,459

)

Darden

Restaurants,

Inc.

(

5,750

)

(

1,194,620

)

Genting

Singapore

Ltd.

(Singapore)

(2)

(

600,500

)

(

333,212

)

Hilton

Grand

Vacations,

Inc.

(

37,760

)

(

1,412,602

)

Hyatt

Hotels

Corp.,

Class

A

(

27,411

)

(

3,357,847

)

Las

Vegas

Sands

Corp.

(

29,928

)

(

1,156,119

)

Marriott

International,

Inc.,

Class

A

(

1,255

)

(

298,941

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

135

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

(1.8)%

(continued)

Marriott

Vacations

Worldwide

Corp.

(

9,819

)

(

630,773

)

McDonald's

Corp.

(

2,026

)

(

632,862

)

MGM

Resorts

International

(

28,791

)

(

853,365

)

Oriental

Land

Co.

Ltd.

(Japan)

(2)

(

287,600

)

(

5,671,681

)

Planet

Fitness,

Inc.,

Class

A

(

18,922

)

(

1,828,054

)

Restaurant

Brands

International,

Inc.

(Canada)

(

45,531

)

(

3,035,189

)

Tabcorp

Holdings

Ltd.

(Australia)

(2)

(

24,078

)

(

8,933

)

Vail

Resorts,

Inc.

(

6,303

)

(

1,008,606

)

Whitbread

plc

(United

Kingdom)

(2)

(

16,662

)

(

530,785

)

Wynn

Resorts

Ltd.

(

12,218

)

(

1,020,203

)

(

30,443,576

)

Household

Durables

-

(

1

.1

)

%

Bellway

plc

(United

Kingdom)

(2)

(

19,806

)

(

610,341

)

Berkeley

Group

Holdings

plc

(United

Kingdom)

(2)

(

10,016

)

(

466,166

)

GN

Store

Nord

A/S

(Denmark)

(2)

(

11,410

)

(

178,474

)

KB

Home

(

13,687

)

(

795,489

)

Leggett

&

Platt,

Inc.

(

44,568

)

(

352,533

)

Lennar

Corp.,

Class

A

(

15,562

)

(

1,786,206

)

Mohawk

Industries,

Inc.

(

12,568

)

(

1,435,014

)

Nikon

Corp.

(Japan)

(2)

(

183,200

)

(

1,819,402

)

NVR,

Inc.

(

25

)

(

181,110

)

Open

House

Group

Co.

Ltd.

(Japan)

(2)

(

45,100

)

(

1,681,168

)

Persimmon

plc

(United

Kingdom)

(2)

(

37,064

)

(

573,270

)

PulteGroup,

Inc.

(

15,944

)

(

1,639,043

)

SEB

SA

(France)

(2)

(

3,466

)

(

327,834

)

Sekisui

House

Ltd.

(Japan)

(2)

(

123,800

)

(

2,770,908

)

SharkNinja,

Inc.

(

15,584

)

(

1,299,861

)

Sumitomo

Forestry

Co.

Ltd.

(Japan)

(2)

(

48,900

)

(

1,474,265

)

Taylor

Wimpey

plc

(United

Kingdom)

(2)

(

113,128

)

(

158,944

)

TopBuild

Corp.

(

5,989

)

(

1,826,346

)

Whirlpool

Corp.

(

2,193

)

(

197,655

)

(

19,574,029

)

Leisure

Products

-

(

0

.4

)

%

BRP,

Inc.

(

19,549

)

(

660,078

)

Brunswick

Corp.

(

3,730

)

(

200,860

)

Polaris,

Inc.

(

8,253

)

(

337,878

)

Sega

Sammy

Holdings,

Inc.

(Japan)

(2)

(

49,800

)

(

961,577

)

Shimano,

Inc.

(Japan)

(2)

(

22,600

)

(

3,173,334

)

Yamaha

Corp.

(Japan)

(2)

(

170,400

)

(

1,322,359

)

YETI

Holdings,

Inc.

(

12,332

)

(

408,189

)

(

7,064,275

)

Specialty

Retail

-

(

1

.4

)

%

Advance

Auto

Parts,

Inc.

(

51,543

)

(

2,021,001

)

Avolta

AG

(Switzerland)

(2)

(

18,831

)

(

824,883

)

Best

Buy

Co.,

Inc.

(

3,882

)

(

285,754

)

Burlington

Stores,

Inc.

(

1,423

)

(

339,144

)

Fast

Retailing

Co.

Ltd.

(Japan)

(2)

(

8,800

)

(

2,619,684

)

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

(1.4)%

(continued)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

18,768

)

(

1,510,261

)

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Sweden)

(2)

(

9,773

)

(

128,907

)

JD

Sports

Fashion

plc

(United

Kingdom)

(2)

(

793,839

)

(

701,941

)

Kingfisher

plc

(United

Kingdom)

(2)

(

275,370

)

(

907,071

)

Lithia

Motors,

Inc.,

Class

A

(

672

)

(

197,259

)

Lowe's

Cos.,

Inc.

(

10,330

)

(

2,409,266

)

Murphy

USA,

Inc.

(

4,138

)

(

1,944,074

)

Nitori

Holdings

Co.

Ltd.

(Japan)

(2)

(

22,400

)

(

2,191,603

)

RH

(

16,658

)

(

3,904,802

)

Tractor

Supply

Co.

(

44,142

)

(

2,432,224

)

Ulta

Beauty,

Inc.

(

1,137

)

(

416,756

)

Valvoline,

Inc.

(

42,582

)

(

1,482,279

)

(

24,316,909

)

Textiles,

Apparel

&

Luxury

Goods

-

(

0

.8

)

%

Burberry

Group

plc

(United

Kingdom)

(2)

(

42,445

)

(

427,542

)

Capri

Holdings

Ltd.

(

14,783

)

(

291,669

)

Cie

Financiere

Richemont

SA

(Registered)

(Switzerland)

(2)

(

11,662

)

(

2,035,788

)

Crocs,

Inc.

(

29,557

)

(

3,138,953

)

Deckers

Outdoor

Corp.

(

2,989

)

(

334,200

)

Kering

SA

(France)

(2)

(

8,007

)

(

1,665,779

)

NIKE,

Inc.,

Class

B

(

30,836

)

(

1,957,469

)

Puma

SE

(Germany)

(2)

(

23,166

)

(

565,071

)

PVH

Corp.

(

10,655

)

(

688,739

)

Swatch

Group

AG

(The)

(Switzerland)

(2)

(

17,670

)

(

3,047,131

)

(

14,152,341

)

Total

Consumer

Discretionary

(

142,483,331

)

Consumer

Staples

-

(

6

.2

)

%

Beverages

-

(

0

.9

)

%

Anheuser-Busch

InBev

SA/NV

(Belgium)

(2)

(

19,606

)

(

1,205,405

)

Brown-Forman

Corp.,

Class

B

(

61,492

)

(

2,087,038

)

Davide

Campari-Milano

NV

(Italy)

(2)

(

573,639

)

(

3,371,816

)

Diageo

plc

(United

Kingdom)

(2)

(

85,974

)

(

2,246,728

)

Heineken

NV

(Netherlands)

(2)

(

20,210

)

(

1,647,932

)

Pernod

Ricard

SA

(France)

(2)

(

33,099

)

(

3,269,937

)

Remy

Cointreau

SA

(France)

(2)

(

3,108

)

(

145,253

)

Treasury

Wine

Estates

Ltd.

(Australia)

(2)

(

109,809

)

(

673,265

)

(

14,647,374

)

Consumer

Staples

Distribution

&

Retail

-

(

1

.3

)

%

Aeon

Co.

Ltd.

(Japan)

(2)

(

85,400

)

(

2,141,826

)

Alimentation

Couche-Tard,

Inc.

(Canada)

(

8,819

)

(

434,929

)

Axfood

AB

(Sweden)

(

24,409

)

(

548,315

)

BJ's

Wholesale

Club

Holdings,

Inc.

(

12,751

)

(

1,454,889

)

Dollar

General

Corp.

(

25,500

)

(

2,242,215

)

Endeavour

Group

Ltd.

(Australia)

(2)

(

202,436

)

(

489,575

)

136

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

(1.3)%

(continued)

Grocery

Outlet

Holding

Corp.

(

125,931

)

(

1,760,515

)

J

Sainsbury

plc

(United

Kingdom)

(2)

(

112,597

)

(

343,205

)

Kesko

OYJ,

Class

B

(Finland)

(2)

(

27,570

)

(

563,543

)

Kobe

Bussan

Co.

Ltd.

(Japan)

(2)

(

22,700

)

(

528,511

)

Kroger

Co.

(The)

(

8,092

)

(

547,747

)

MatsukiyoCocokara

&

Co.

(Japan)

(2)

(

79,000

)

(

1,235,876

)

Ocado

Group

plc

(United

Kingdom)

(2)

(

52,126

)

(

190,868

)

Seven

&

i

Holdings

Co.

Ltd.

(Japan)

(2)

(

170,100

)

(

2,463,202

)

Sprouts

Farmers

Market,

Inc.

(

8,962

)

(

1,367,960

)

Sysco

Corp.

(

35,902

)

(

2,694,086

)

Target

Corp.

(

8,264

)

(

862,431

)

Woolworths

Group

Ltd.

(Australia)

(2)

(

117,436

)

(

2,180,475

)

(

22,050,168

)

Food

Products

-

(

2

.7

)

%

Ajinomoto

Co.,

Inc.

(Japan)

(2)

(

50,800

)

(

1,005,724

)

Archer-Daniels-Midland

Co.

(

94,020

)

(

4,513,900

)

Barry

Callebaut

AG

(Registered)

(Switzerland)

(2)

(

3,172

)

(

4,201,039

)

Bunge

Global

SA

(

22,618

)

(

1,728,468

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(Switzerland)

(2)

(

116

)

(

1,568,256

)

Conagra

Brands,

Inc.

(

75,241

)

(

2,006,677

)

Freshpet,

Inc.

(

1,536

)

(

127,749

)

General

Mills,

Inc.

(

37,006

)

(

2,212,589

)

Hershey

Co.

(The)

(

50,450

)

(

8,628,463

)

Hormel

Foods

Corp.

(

36,490

)

(

1,129,001

)

J

M

Smucker

Co.

(The)

(

8,136

)

(

963,384

)

Kikkoman

Corp.

(Japan)

(2)

(

222,500

)

(

2,146,388

)

Kraft

Heinz

Co.

(The)

(

50,650

)

(

1,541,279

)

Lamb

Weston

Holdings,

Inc.

(

27,463

)

(

1,463,778

)

Lotus

Bakeries

NV

(Belgium)

(2)

(

52

)

(

462,282

)

MEIJI

Holdings

Co.

Ltd.

(Japan)

(

44,000

)

(

953,397

)

Mondelez

International,

Inc.,

Class

A

(

25,547

)

(

1,733,364

)

Nestle

SA

(Registered)

(2)

(

43,420

)

(

4,387,879

)

Nissin

Foods

Holdings

Co.

Ltd.

(Japan)

(2)

(

86,600

)

(

1,767,539

)

Post

Holdings,

Inc.

(

3,251

)

(

378,286

)

Salmar

ASA

(Norway)

(2)

(

15,147

)

(

728,216

)

Yakult

Honsha

Co.

Ltd.

(Japan)

(2)

(

84,000

)

(

1,598,392

)

(

45,246,050

)

Household

Products

-

(

0

.3

)

%

Essity

AB,

Class

B

(Sweden)

(2)

(

4,847

)

(

137,709

)

Kimberly-Clark

Corp.

(

14,553

)

(

2,069,728

)

Procter

&

Gamble

Co.

(The)

(

12,578

)

(

2,143,543

)

Unicharm

Corp.

(Japan)

(2)

(

169,800

)

(

1,352,420

)

(

5,703,400

)

INVESTMENTS

SHARES

VALUE

($)

Personal

Care

Products

-

(

1

.0

)

%

Coty,

Inc.,

Class

A

(

149,147

)

(

815,834

)

elf

Beauty,

Inc.

(

54,933

)

(

3,449,243

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(

37,111

)

(

2,449,326

)

Kenvue,

Inc.

(

236,671

)

(

5,675,371

)

Kobayashi

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(

45,000

)

(

1,704,744

)

Kose

Corp.

(Japan)

(2)

(

23,400

)

(

971,071

)

Rohto

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(

38,900

)

(

582,477

)

Shiseido

Co.

Ltd.

(Japan)

(2)

(

78,200

)

(

1,483,057

)

Unilever

plc

(United

Kingdom)

(2)

(

8,453

)

(

504,366

)

(

17,635,489

)

Total

Consumer

Staples

(

105,282,481

)

Energy

-

(

2

.3

)

%

Energy

Equipment

&

Services

-

(

0

.2

)

%

Valaris

Ltd.

(

59,485

)

(

2,335,381

)

Weatherford

International

plc

(

14,809

)

(

793,022

)

(

3,128,403

)

Oil,

Gas

&

Consumable

Fuels

-

(

2

.1

)

%

Ampol

Ltd.

(Australia)

(2)

(

39,775

)

(

585,111

)

Cameco

Corp.

(Canada)

(

43,454

)

(

1,788,829

)

Chevron

Corp.

(

8,990

)

(

1,503,937

)

Chord

Energy

Corp.

(

13,995

)

(

1,577,516

)

Civitas

Resources,

Inc.

(

37,830

)

(

1,319,889

)

DT

Midstream,

Inc.

(

15,326

)

(

1,478,653

)

ENEOS

Holdings,

Inc.

(Japan)

(2)

(

233,900

)

(

1,233,591

)

Galp

Energia

SGPS

SA

(Portugal)

(2)

(

24,469

)

(

428,697

)

Imperial

Oil

Ltd.

(Canada)

(

18,832

)

(

1,360,333

)

Marathon

Petroleum

Corp.

(

3,402

)

(

495,637

)

MEG

Energy

Corp.

(Canada)

(

8,979

)

(

157,423

)

Neste

OYJ

(Finland)

(2)

(

164,274

)

(

1,519,409

)

New

Fortress

Energy,

Inc.

(

17,767

)

(

147,644

)

New

Hope

Corp.

Ltd.

(Australia)

(2)

(

120,882

)

(

281,301

)

Occidental

Petroleum

Corp.

(

64,404

)

(

3,178,981

)

ONEOK,

Inc.

(

74,266

)

(

7,368,673

)

Permian

Resources

Corp.,

Class

A

(

193,153

)

(

2,675,169

)

Phillips

66

(

7,996

)

(

987,346

)

Santos

Ltd.

(Australia)

(2)

(

240,325

)

(

1,007,068

)

Texas

Pacific

Land

Corp.

(

1,091

)

(

1,445,564

)

Whitehaven

Coal

Ltd.

(Australia)

(2)

(

45,070

)

(

155,052

)

Woodside

Energy

Group

Ltd.

(Australia)

(2)

(

320,034

)

(

4,649,432

)

(

35,345,255

)

Total

Energy

(

38,473,658

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

137

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financials

-

(

10

.4

)

%

Banks

-

(

3

.0

)

%

ANZ

Group

Holdings

Ltd.

(Australia)

(2)

(

48,610

)

(

890,004

)

Banco

Comercial

Portugues

SA,

Class

R

(Portugal)

(2)

(

554,296

)

(

335,143

)

Bank

of

Montreal

(Canada)

(

31,153

)

(

2,974,911

)

Banque

Cantonale

Vaudoise

(Registered)

(Switzerland)

(2)

(

6,351

)

(

693,990

)

Cadence

Bank

(

38,334

)

(

1,163,820

)

Commonwealth

Bank

of

Australia

(Australia)

(2)

(

67,982

)

(

6,464,672

)

Concordia

Financial

Group

Ltd.

(Japan)

(2)

(

19,400

)

(

128,797

)

Fifth

Third

Bancorp

(

6,587

)

(

258,210

)

First

Citizens

BancShares,

Inc.,

Class

A

(

1,813

)

(

3,361,520

)

First

Financial

Bankshares,

Inc.

(

29,057

)

(

1,043,728

)

First

Hawaiian,

Inc.

(

16,719

)

(

408,612

)

FNB

Corp.

(

12,168

)

(

163,660

)

Glacier

Bancorp,

Inc.

(

32,111

)

(

1,419,948

)

International

Bancshares

Corp.

(

6,573

)

(

414,493

)

KeyCorp

(

148,986

)

(

2,382,286

)

National

Australia

Bank

Ltd.

(Australia)

(2)

(

275,855

)

(

5,933,281

)

National

Bank

of

Canada

(Canada)

(

15,757

)

(

1,300,482

)

Old

National

Bancorp

(

200,653

)

(

4,251,837

)

Oversea-Chinese

Banking

Corp.

Ltd.

(Singapore)

(2)

(

34,600

)

(

443,435

)

Resona

Holdings,

Inc.

(Japan)

(2)

(

455,400

)

(

3,976,467

)

Royal

Bank

of

Canada

(Canada)

(

29,542

)

(

3,327,722

)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Sweden)

(2)

(

250,590

)

(

4,122,522

)

Truist

Financial

Corp.

(

56,312

)

(

2,317,239

)

United

Bankshares,

Inc.

(

30,082

)

(

1,042,943

)

US

Bancorp

(

36,242

)

(

1,530,137

)

Western

Alliance

Bancorp

(

12,191

)

(

936,635

)

(

51,286,494

)

Capital

Markets

-

(

2

.8

)

%

Aberdeen

Group

plc

(United

Kingdom)

(2)

(

247,835

)

(

497,026

)

Blackrock,

Inc.

(

1,540

)

(

1,457,579

)

Blackstone,

Inc.

(

11,332

)

(

1,583,987

)

Blue

Owl

Capital,

Inc.,

Class

A

(

119,949

)

(

2,403,778

)

Brookfield

Asset

Management

Ltd.,

Class

A

(Canada)

(

26,499

)

(

1,282,735

)

Coinbase

Global,

Inc.,

Class

A

(

857

)

(

147,601

)

Daiwa

Securities

Group,

Inc.

(Japan)

(2)

(

430,100

)

(

2,895,970

)

EQT

AB

(Sweden)

(2)

(

66,528

)

(

2,028,642

)

FactSet

Research

Systems,

Inc.

(

4,425

)

(

2,011,782

)

Hamilton

Lane,

Inc.,

Class

A

(

5,821

)

(

865,408

)

Intercontinental

Exchange,

Inc.

(

10,175

)

(

1,755,188

)

Investec

plc

(United

Kingdom)

(

44,529

)

(

275,638

)

Janus

Henderson

Group

plc

(

4,195

)

(

151,649

)

Jefferies

Financial

Group,

Inc.

(

4,492

)

(

240,636

)

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

(2.8)%

(continued)

Julius

Baer

Group

Ltd.

(Switzerland)

(2)

(

15,732

)

(

1,090,480

)

KKR

&

Co.,

Inc.

(

52,632

)

(

6,084,786

)

LPL

Financial

Holdings,

Inc.

(

3,342

)

(

1,093,302

)

Macquarie

Group

Ltd.

(Australia)

(2)

(

4,158

)

(

517,449

)

Morningstar,

Inc.

(

1,862

)

(

558,358

)

Northern

Trust

Corp.

(

2,728

)

(

269,117

)

Partners

Group

Holding

AG

(Switzerland)

(2)

(

3,658

)

(

5,206,073

)

Schroders

plc

(United

Kingdom)

(2)

(

180,449

)

(

816,979

)

SEI

Investments

Co.

(

36,369

)

(

2,823,326

)

State

Street

Corp.

(

18,177

)

(

1,627,387

)

T.

Rowe

Price

Group,

Inc.

(

37,998

)

(

3,490,876

)

TPG,

Inc.

(

80,943

)

(

3,839,127

)

Tradeweb

Markets,

Inc.,

Class

A

(

5,206

)

(

772,883

)

UBS

Group

AG

(Registered)

(Switzerland)

(2)

(

56,604

)

(

1,738,569

)

(

47,526,331

)

Consumer

Finance

-

(

0

.1

)

%

American

Express

Co.

(

4,452

)

(

1,197,811

)

Credit

Acceptance

Corp.

(

1,550

)

(

800,342

)

Marui

Group

Co.

Ltd.

(Japan)

(2)

(

10,800

)

(

196,376

)

(

2,194,529

)

Financial

Services

-

(

1

.5

)

%

Adyen

NV

(Netherlands)

(2)(c)

(

1,612

)

(

2,470,868

)

Apollo

Global

Management,

Inc.

(

17,478

)

(

2,393,437

)

Block,

Inc.,

Class

A

(

18,924

)

(

1,028,141

)

Edenred

SE

(France)

(2)

(

72,420

)

(

2,353,396

)

Equitable

Holdings,

Inc.

(

6,873

)

(

358,015

)

EXOR

NV

(Netherlands)

(2)

(

4,062

)

(

368,883

)

Fidelity

National

Information

Services,

Inc.

(

12,981

)

(

969,421

)

Jack

Henry

&

Associates,

Inc.

(

10,699

)

(

1,953,637

)

Mitsubishi

HC

Capital,

Inc.

(Japan)

(2)

(

598,800

)

(

4,057,715

)

Shift4

Payments,

Inc.,

Class

A

(

44,965

)

(

3,674,090

)

Toast,

Inc.,

Class

A

(

72,537

)

(

2,406,052

)

Voya

Financial,

Inc.

(

23,764

)

(

1,610,249

)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Australia)

(2)

(

13,203

)

(

287,671

)

WEX,

Inc.

(

9,422

)

(

1,479,443

)

Worldline

SA

(France)

(2)(c)

(

83,222

)

(

511,270

)

(

25,922,288

)

Insurance

-

(

3

.0

)

%

Admiral

Group

plc

(United

Kingdom)

(2)

(

14,918

)

(

550,774

)

Aflac,

Inc.

(

5,825

)

(

647,682

)

American

Financial

Group,

Inc.

(

4,736

)

(

622,026

)

Arch

Capital

Group

Ltd.

(

36,045

)

(

3,466,808

)

Arthur

J

Gallagher

&

Co.

(

2,091

)

(

721,897

)

ASR

Nederland

NV

(Netherlands)

(2)

(

44,204

)

(

2,541,183

)

Baloise

Holding

AG

(Registered)

(Switzerland)

(2)

(

1,385

)

(

290,677

)

138

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

(3.0)%

(continued)

Brown

&

Brown,

Inc.

(

2,301

)

(

286,244

)

Erie

Indemnity

Co.,

Class

A

(

11,347

)

(

4,754,960

)

Generali

(Italy)

(2)

(

78,945

)

(

2,773,267

)

Gjensidige

Forsikring

ASA

(Norway)

(

14,674

)

(

337,256

)

Hannover

Rueck

SE

(Germany)

(2)

(

1,409

)

(

419,963

)

Hartford

Insurance

Group,

Inc.

(The)

(

16,070

)

(

1,988,341

)

Helvetia

Holding

AG

(Registered)

(Switzerland)

(2)

(

3,481

)

(

722,001

)

Japan

Post

Insurance

Co.

Ltd.

(Japan)

(2)

(

26,200

)

(

533,955

)

Kinsale

Capital

Group,

Inc.

(

6,774

)

(

3,296,974

)

Legal

&

General

Group

plc

(United

Kingdom)

(2)

(

339,419

)

(

1,070,405

)

Loews

Corp.

(

27,601

)

(

2,536,808

)

Markel

Group,

Inc.

(

1,242

)

(

2,322,056

)

Medibank

Pvt

Ltd.

(Australia)

(2)

(

137,340

)

(

383,844

)

MetLife,

Inc.

(

23,576

)

(

1,892,917

)

Prudential

Financial,

Inc.

(

63,479

)

(

7,089,335

)

Prudential

plc

(Hong

Kong)

(2)

(

78,068

)

(

842,434

)

RenaissanceRe

Holdings

Ltd.

(

12,143

)

(

2,914,320

)

RLI

Corp.

(

17,522

)

(

1,407,542

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

1,879

)

(

138,802

)

Sampo

OYJ,

Class

A

(Finland)

(2)

(

168,758

)

(

1,617,238

)

Selective

Insurance

Group,

Inc.

(

1,623

)

(

148,569

)

Tryg

A/S

(Denmark)

(2)

(

70,502

)

(

1,677,135

)

White

Mountains

Insurance

Group

Ltd.

(

1,275

)

(

2,455,408

)

(

50,450,821

)

Total

Financials

(

177,380,463

)

Health

Care

-

(

6

.6

)

%

Biotechnology

-

(

1

.3

)

%

Amgen,

Inc.

(

5,940

)

(

1,850,607

)

Biogen,

Inc.

(

9,571

)

(

1,309,696

)

CSL

Ltd.

(2)

(

26,680

)

(

4,199,145

)

Genmab

A/S

(Denmark)

(2)

(

1,042

)

(

203,003

)

Ionis

Pharmaceuticals,

Inc.

(

154,084

)

(

4,648,714

)

Moderna,

Inc.

(

54,504

)

(

1,545,189

)

Regeneron

Pharmaceuticals,

Inc.

(

3,135

)

(

1,988,311

)

Roivant

Sciences

Ltd.

(

380,657

)

(

3,840,829

)

Vertex

Pharmaceuticals,

Inc.

(

2,855

)

(

1,384,161

)

Viking

Therapeutics,

Inc.

(

74,375

)

(

1,796,156

)

(

22,765,811

)

Health

Care

Equipment

&

Supplies

-

(

2

.0

)

%

Alcon

AG

(2)

(

18,657

)

(

1,770,270

)

Baxter

International,

Inc.

(

112,825

)

(

3,862,000

)

BioMerieux

(France)

(2)

(

1,788

)

(

221,012

)

Cochlear

Ltd.

(Australia)

(2)

(

1,471

)

(

242,434

)

Coloplast

A/S,

Class

B

(Denmark)

(2)

(

16,270

)

(

1,706,457

)

DENTSPLY

SIRONA,

Inc.

(

45,436

)

(

678,814

)

Dexcom,

Inc.

(

15,342

)

(

1,047,705

)

Elekta

AB,

Class

B

(Sweden)

(2)

(

32,350

)

(

169,886

)

Envista

Holdings

Corp.

(

72,662

)

(

1,254,146

)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

(2.0)%

(continued)

GE

HealthCare

Technologies,

Inc.

(

34,907

)

(

2,817,344

)

Globus

Medical,

Inc.,

Class

A

(

23,424

)

(

1,714,637

)

Hologic,

Inc.

(

28,860

)

(

1,782,682

)

Koninklijke

Philips

NV

(Netherlands)

(2)

(

49,178

)

(

1,251,980

)

Masimo

Corp.

(

2,449

)

(

408,003

)

Neogen

Corp.

(

319,037

)

(

2,766,051

)

Olympus

Corp.

(Japan)

(2)

(

168,800

)

(

2,209,715

)

Smith

&

Nephew

plc

(United

Kingdom)

(2)

(

61,712

)

(

867,828

)

Sonova

Holding

AG

(Registered)

(Switzerland)

(2)

(

6,302

)

(

1,840,061

)

STERIS

plc

(

2,589

)

(

586,797

)

Sysmex

Corp.

(Japan)

(2)

(

88,100

)

(

1,681,830

)

Teleflex,

Inc.

(

1,262

)

(

174,396

)

Terumo

Corp.

(Japan)

(2)

(

254,800

)

(

4,794,326

)

(

33,848,374

)

Health

Care

Providers

&

Services

-

(

0

.9

)

%

Acadia

Healthcare

Co.,

Inc.

(

18,949

)

(

574,534

)

Amplifon

SpA

(Italy)

(2)

(

19,868

)

(

403,341

)

Chemed

Corp.

(

495

)

(

304,583

)

Cigna

Group

(The)

(

1,983

)

(

652,407

)

DaVita,

Inc.

(

3,185

)

(

487,210

)

Galenica

AG

(Switzerland)

(2)(c)

(

7,563

)

(

680,539

)

HealthEquity,

Inc.

(

4,909

)

(

433,808

)

Henry

Schein,

Inc.

(

8,368

)

(

573,124

)

Option

Care

Health,

Inc.

(

59,633

)

(

2,084,173

)

Premier,

Inc.,

Class

A

(

128,030

)

(

2,468,419

)

Quest

Diagnostics,

Inc.

(

15,571

)

(

2,634,613

)

Ramsay

Health

Care

Ltd.

(Australia)

(2)

(

92,729

)

(

1,991,728

)

Sonic

Healthcare

Ltd.

(Australia)

(2)

(

30,305

)

(

492,059

)

UnitedHealth

Group,

Inc.

(

3,816

)

(

1,998,630

)

(

15,779,168

)

Health

Care

Technology

-

(

0

.1

)

%

Certara,

Inc.

(

36,846

)

(

364,775

)

Doximity,

Inc.,

Class

A

(

12,405

)

(

719,862

)

(

1,084,637

)

Life

Sciences

Tools

&

Services

-

(

1

.2

)

%

Avantor,

Inc.

(

48,884

)

(

792,410

)

Azenta,

Inc.

(

26,355

)

(

912,937

)

Bachem

Holding

AG,

Class

B

(Switzerland)

(2)

(

19,692

)

(

1,163,096

)

Bio-Rad

Laboratories,

Inc.,

Class

A

(

2,576

)

(

627,411

)

Bio-Techne

Corp.

(

51,299

)

(

3,007,660

)

Charles

River

Laboratories

International,

Inc.

(

16,403

)

(

2,468,980

)

Eurofins

Scientific

SE

(Luxembourg)

(2)

(

35,743

)

(

1,906,629

)

Fortrea

Holdings,

Inc.

(

30,521

)

(

230,434

)

Lonza

Group

AG

(Registered)

(Switzerland)

(2)

(

2,562

)

(

1,582,726

)

Repligen

Corp.

(

13,475

)

(

1,714,559

)

Revvity,

Inc.

(

26,807

)

(

2,836,181

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

139

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

(1.2)%

(continued)

Sartorius

Stedim

Biotech

(France)

(2)

(

6,338

)

(

1,255,666

)

Tecan

Group

AG

(Registered)

(Switzerland)

(2)

(

3,311

)

(

630,013

)

Thermo

Fisher

Scientific,

Inc.

(

2,168

)

(

1,078,797

)

West

Pharmaceutical

Services,

Inc.

(

3,954

)

(

885,221

)

(

21,092,720

)

Pharmaceuticals

-

(

1

.1

)

%

AstraZeneca

plc

(United

Kingdom)

(2)

(

8,115

)

(

1,191,646

)

Daiichi

Sankyo

Co.

Ltd.

(Japan)

(2)

(

67,700

)

(

1,612,200

)

Eisai

Co.

Ltd.

(Japan)

(2)

(

52,200

)

(

1,453,104

)

Elanco

Animal

Health,

Inc.

(

88,700

)

(

931,350

)

Haleon

plc

(2)

(

130,925

)

(

661,198

)

Hikma

Pharmaceuticals

plc

(Jordan)

(2)

(

7,229

)

(

182,620

)

Kyowa

Kirin

Co.

Ltd.

(Japan)

(2)

(

99,900

)

(

1,458,206

)

Merck

KGaA

(Germany)

(2)

(

16,612

)

(

2,285,976

)

Novo

Nordisk

A/S,

Class

B

(Denmark)

(2)

(

30,227

)

(

2,066,872

)

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(

231,100

)

(

2,486,324

)

Organon

&

Co.

(

28,188

)

(

419,719

)

Perrigo

Co.

plc

(

34,625

)

(

970,885

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Italy)

(2)

(

13,188

)

(

747,336

)

Sandoz

Group

AG

(Switzerland)

(2)

(

6,966

)

(

292,113

)

Viatris,

Inc.

(

137,113

)

(

1,194,254

)

(

17,953,803

)

Total

Health

Care

(

112,524,513

)

Industrials

-

(

14

.1

)

%

Aerospace

&

Defense

-

(

0

.8

)

%

Axon

Enterprise,

Inc.

(

3,623

)

(

1,905,517

)

Boeing

Co.

(The)

(

5,316

)

(

906,644

)

BWX

Technologies,

Inc.

(

14,567

)

(

1,437,034

)

HEICO

Corp.

(

11,785

)

(

3,148,834

)

Huntington

Ingalls

Industries,

Inc.

(

4,040

)

(

824,322

)

L3Harris

Technologies,

Inc.

(

12,990

)

(

2,718,937

)

Melrose

Industries

plc

(United

Kingdom)

(2)

(

75,500

)

(

466,048

)

MTU

Aero

Engines

AG

(Germany)

(2)

(

2,765

)

(

960,762

)

TransDigm

Group,

Inc.

(

1,446

)

(

2,000,237

)

(

14,368,335

)

Air

Freight

&

Logistics

-

(

0

.6

)

%

CH

Robinson

Worldwide,

Inc.

(

5,674

)

(

581,018

)

Deutsche

Post

AG

(Germany)

(2)

(

63,946

)

(

2,745,413

)

DSV

A/S

(Denmark)

(2)

(

21,291

)

(

4,117,279

)

Expeditors

International

of

Washington,

Inc.

(

1,829

)

(

219,937

)

FedEx

Corp.

(

6,867

)

(

1,674,037

)

GXO

Logistics,

Inc.

(

24,420

)

(

954,334

)

INVESTMENTS

SHARES

VALUE

($)

Air

Freight

&

Logistics

-

(0.6)%

(continued)

SG

Holdings

Co.

Ltd.

(Japan)

(2)

(

58,200

)

(

580,423

)

(

10,872,441

)

Building

Products

-

(

1

.5

)

%

A

O

Smith

Corp.

(

19,464

)

(

1,272,167

)

AAON,

Inc.

(

27,976

)

(

2,185,765

)

Advanced

Drainage

Systems,

Inc.

(

14,975

)

(

1,627,034

)

Assa

Abloy

AB,

Class

B

(Sweden)

(2)

(

63,728

)

(

1,913,195

)

Builders

FirstSource,

Inc.

(

16,221

)

(

2,026,652

)

Carlisle

Cos.,

Inc.

(

4,637

)

(

1,578,898

)

Carrier

Global

Corp.

(

59,554

)

(

3,775,724

)

Daikin

Industries

Ltd.

(Japan)

(2)

(

26,400

)

(

2,864,893

)

Fortune

Brands

Innovations,

Inc.

(

39,063

)

(

2,378,155

)

Nibe

Industrier

AB,

Class

B

(Sweden)

(2)

(

139,060

)

(

528,916

)

Simpson

Manufacturing

Co.,

Inc.

(

13,102

)

(

2,058,062

)

Trex

Co.,

Inc.

(

67,433

)

(

3,917,857

)

UFP

Industries,

Inc.

(

3,246

)

(

347,452

)

(

26,474,770

)

Commercial

Services

&

Supplies

-

(

0

.5

)

%

Brink's

Co.

(The)

(

7,361

)

(

634,224

)

Clean

Harbors,

Inc.

(

5,195

)

(

1,023,934

)

Cleanaway

Waste

Management

Ltd.

(Australia)

(2)

(

89,131

)

(

146,211

)

Copart,

Inc.

(

29,820

)

(

1,687,514

)

MSA

Safety,

Inc.

(

8,748

)

(

1,283,244

)

Rentokil

Initial

plc

(United

Kingdom)

(2)

(

288,304

)

(

1,308,365

)

Secom

Co.

Ltd.

(Japan)

(2)

(

22,000

)

(

749,300

)

Tetra

Tech,

Inc.

(

68,894

)

(

2,015,150

)

(

8,847,942

)

Construction

&

Engineering

-

(

0

.6

)

%

API

Group

Corp.

(

9,526

)

(

340,650

)

Everus

Construction

Group,

Inc.

(

10,964

)

(

406,655

)

Ferrovial

SE

(2)

(

5,200

)

(

232,584

)

Fluor

Corp.

(

10,576

)

(

378,832

)

Quanta

Services,

Inc.

(

21,942

)

(

5,577,218

)

Stantec,

Inc.

(Canada)

(

1,750

)

(

145,054

)

Valmont

Industries,

Inc.

(

1,950

)

(

556,471

)

WillScot

Holdings

Corp.

(

61,634

)

(

1,713,425

)

WSP

Global,

Inc.

(Canada)

(

5,806

)

(

985,291

)

(

10,336,180

)

Electrical

Equipment

-

(

0

.8

)

%

Emerson

Electric

Co.

(

23,659

)

(

2,593,973

)

Generac

Holdings,

Inc.

(

14,249

)

(

1,804,636

)

Hubbell,

Inc.,

Class

B

(

2,163

)

(

715,758

)

Legrand

SA

(France)

(2)

(

7,542

)

(

798,725

)

NIDEC

Corp.

(Japan)

(2)

(

109,200

)

(

1,832,625

)

nVent

Electric

plc

(

21,167

)

(

1,109,574

)

Prysmian

SpA

(Italy)

(2)

(

22,600

)

(

1,244,062

)

Regal

Rexnord

Corp.

(

13,752

)

(

1,565,665

)

Rockwell

Automation,

Inc.

(

2,588

)

(

668,688

)

140

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

(0.8)%

(continued)

Sensata

Technologies

Holding

plc

(

79,370

)

(

1,926,310

)

(

14,260,016

)

Ground

Transportation

-

(

1

.7

)

%

Aurizon

Holdings

Ltd.

(Australia)

(2)

(

114,249

)

(

222,103

)

Canadian

National

Railway

Co.

(Canada)

(

17,823

)

(

1,734,431

)

Canadian

Pacific

Kansas

City

Ltd.

(Canada)

(

19,305

)

(

1,354,791

)

Central

Japan

Railway

Co.

(Japan)

(2)

(

114,300

)

(

2,180,175

)

CSX

Corp.

(

80,731

)

(

2,375,913

)

Hankyu

Hanshin

Holdings,

Inc.

(Japan)

(2)

(

11,700

)

(

314,815

)

Keisei

Electric

Railway

Co.

Ltd.

(Japan)

(2)

(

390,600

)

(

3,529,071

)

Kintetsu

Group

Holdings

Co.

Ltd.

(Japan)

(2)

(

68,700

)

(

1,467,623

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(

25,131

)

(

1,092,947

)

Landstar

System,

Inc.

(

7,652

)

(

1,149,331

)

Norfolk

Southern

Corp.

(

8,263

)

(

1,957,092

)

Odakyu

Electric

Railway

Co.

Ltd.

(Japan)

(2)

(

168,900

)

(

1,669,927

)

Old

Dominion

Freight

Line,

Inc.

(

8,485

)

(

1,403,843

)

Saia,

Inc.

(

5,694

)

(

1,989,655

)

Schneider

National,

Inc.,

Class

B

(

58,552

)

(

1,337,913

)

TFI

International,

Inc.

(Canada)

(

3,111

)

(

240,873

)

Tokyu

Corp.

(Japan)

(2)

(

40,800

)

(

459,328

)

U-Haul

Holding

Co.

(

3,912

)

(

255,688

)

West

Japan

Railway

Co.

(Japan)

(2)

(

120,200

)

(

2,344,797

)

XPO,

Inc.

(

14,517

)

(

1,561,739

)

(

28,642,055

)

Industrial

Conglomerates

-

(

1

.2

)

%

Hitachi

Ltd.

(Japan)

(2)

(

105,400

)

(

2,474,729

)

Honeywell

International,

Inc.

(

42,599

)

(

9,020,338

)

Keppel

Ltd.

(Singapore)

(2)

(

443,400

)

(

2,261,749

)

Lifco

AB,

Class

B

(Sweden)

(2)

(

23,571

)

(

836,153

)

Siemens

AG

(Registered)

(Germany)

(2)

(

22,117

)

(

5,107,839

)

(

19,700,808

)

Machinery

-

(

3

.9

)

%

AGCO

Corp.

(

25,439

)

(

2,354,888

)

Caterpillar,

Inc.

(

7,238

)

(

2,387,092

)

Chart

Industries,

Inc.

(

7,248

)

(

1,046,321

)

Daimler

Truck

Holding

AG

(Germany)

(2)

(

8,223

)

(

333,110

)

Epiroc

AB,

Class

A

(Sweden)

(2)

(

108,005

)

(

2,174,609

)

Esab

Corp.

(

22,746

)

(

2,649,909

)

Fluidra

SA

(Spain)

(2)

(

9,398

)

(

221,261

)

Fortive

Corp.

(

35,903

)

(

2,627,382

)

Gates

Industrial

Corp.

plc

(

27,920

)

(

514,007

)

Georg

Fischer

AG

(Registered)

(Switzerland)

(2)

(

17,868

)

(

1,307,739

)

Graco,

Inc.

(

7,510

)

(

627,160

)

Hoshizaki

Corp.

(Japan)

(2)

(

9,400

)

(

363,861

)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

(3.9)%

(continued)

Husqvarna

AB,

Class

B

(Sweden)

(2)

(

110,449

)

(

524,641

)

IDEX

Corp.

(

29,004

)

(

5,248,854

)

Indutrade

AB

(Sweden)

(2)

(

12,351

)

(

342,270

)

Ingersoll

Rand,

Inc.

(

57,982

)

(

4,640,300

)

Interpump

Group

SpA

(Italy)

(2)

(

10,531

)

(

376,123

)

KION

Group

AG

(Germany)

(2)

(

2,608

)

(

109,370

)

Knorr-Bremse

AG

(Germany)

(2)

(

1,274

)

(

115,940

)

Kubota

Corp.

(Japan)

(2)

(

305,300

)

(

3,772,715

)

Kurita

Water

Industries

Ltd.

(Japan)

(2)

(

9,500

)

(

293,828

)

Metso

OYJ

(Finland)

(2)

(

43,643

)

(

452,501

)

MINEBEA

MITSUMI,

Inc.

(Japan)

(2)

(

186,700

)

(

2,728,902

)

Mitsubishi

Heavy

Industries

Ltd.

(Japan)

(2)

(

7,400

)

(

127,085

)

Nordson

Corp.

(

11,667

)

(

2,353,467

)

PACCAR,

Inc.

(

22,290

)

(

2,170,377

)

Schindler

Holding

AG

(Switzerland)

(2)

(

392

)

(

122,857

)

SKF

AB,

Class

B

(Sweden)

(2)

(

165,224

)

(

3,347,204

)

SMC

Corp.

(Japan)

(2)

(

17,300

)

(

6,190,700

)

Spirax

Group

plc

(United

Kingdom)

(2)

(

3,824

)

(

308,267

)

Sumitomo

Heavy

Industries

Ltd.

(Japan)

(2)

(

8,600

)

(

176,168

)

Terex

Corp.

(

13,362

)

(

504,816

)

Timken

Co.

(The)

(

7,221

)

(

518,973

)

TOMRA

Systems

ASA

(Norway)

(2)

(

31,613

)

(

451,362

)

Toro

Co.

(The)

(

23,179

)

(

1,686,272

)

Toyota

Industries

Corp.

(Japan)

(2)

(

28,600

)

(

2,446,079

)

Trelleborg

AB,

Class

B

(Sweden)

(2)

(

23,019

)

(

856,115

)

Valmet

OYJ

(Finland)

(2)

(

36,580

)

(

992,160

)

VAT

Group

AG

(Switzerland)

(2)(c)

(

2,901

)

(

1,045,701

)

Volvo

AB,

Class

B

(Sweden)

(2)

(

38,353

)

(

1,125,214

)

Xylem,

Inc.

(

24,135

)

(

2,883,167

)

Yaskawa

Electric

Corp.

(Japan)

(2)

(

143,000

)

(

3,583,310

)

(

66,102,077

)

Marine

Transportation

-

(

0

.1

)

%

Kuehne

+

Nagel

International

AG

(Registered)

(Switzerland)

(2)

(

6,645

)

(

1,534,535

)

Passenger

Airlines

-

(

0

.2

)

%

Air

Canada

(Canada)

(

93,683

)

(

922,475

)

American

Airlines

Group,

Inc.

(

124,099

)

(

1,309,244

)

Singapore

Airlines

Ltd.

(Singapore)

(2)

(

25,500

)

(

128,456

)

Southwest

Airlines

Co.

(

36,255

)

(

1,217,443

)

(

3,577,618

)

Professional

Services

-

(

0

.9

)

%

Amentum

Holdings,

Inc.

(

21,717

)

(

395,249

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(

3,208

)

(

335,493

)

Bureau

Veritas

SA

(France)

(2)

(

10,030

)

(

304,311

)

Clarivate

plc

(

589,901

)

(

2,318,311

)

Concentrix

Corp.

(

7,084

)

(

394,154

)

Dayforce,

Inc.

(

11,570

)

(

674,878

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

141

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

(0.9)%

(continued)

Dun

&

Bradstreet

Holdings,

Inc.

(

58,565

)

(

523,571

)

Equifax,

Inc.

(

6,604

)

(

1,608,470

)

ExlService

Holdings,

Inc.

(

10,630

)

(

501,842

)

Exponent,

Inc.

(

2,081

)

(

168,686

)

FTI

Consulting,

Inc.

(

6,169

)

(

1,012,209

)

Genpact

Ltd.

(

7,429

)

(

374,273

)

Insperity,

Inc.

(

5,109

)

(

455,876

)

Maximus,

Inc.

(

7,614

)

(

519,199

)

Paychex,

Inc.

(

6,389

)

(

985,695

)

Paycom

Software,

Inc.

(

3,806

)

(

831,535

)

Randstad

NV

(Netherlands)

(2)

(

34,277

)

(

1,424,767

)

Recruit

Holdings

Co.

Ltd.

(Japan)

(2)

(

24,300

)

(

1,259,014

)

SGS

SA

(Registered)

(Switzerland)

(2)

(

4,100

)

(

408,519

)

Teleperformance

SE

(France)

(2)

(

7,391

)

(

743,174

)

(

15,239,226

)

Trading

Companies

&

Distributors

-

(

1

.0

)

%

Air

Lease

Corp.,

Class

A

(

27,666

)

(

1,336,544

)

Ashtead

Group

plc

(United

Kingdom)

(2)

(

10,603

)

(

573,270

)

Beijer

Ref

AB,

Class

B

(Sweden)

(2)

(

79,961

)

(

1,124,839

)

Brenntag

SE

(Germany)

(2)

(

49,025

)

(

3,177,683

)

Core

&

Main,

Inc.,

Class

A

(

43,952

)

(

2,123,321

)

Diploma

plc

(United

Kingdom)

(2)

(

4,591

)

(

229,822

)

Fastenal

Co.

(

8,871

)

(

687,946

)

GATX

Corp.

(

4,609

)

(

715,639

)

IMCD

NV

(Netherlands)

(2)

(

6,524

)

(

868,225

)

Mitsubishi

Corp.

(Japan)

(2)

(

108,400

)

(

1,913,776

)

Mitsui

&

Co.

Ltd.

(Japan)

(2)

(

37,300

)

(

703,225

)

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(

19,008

)

(

1,476,351

)

Reece

Ltd.

(Australia)

(2)

(

45,584

)

(

452,291

)

RS

GROUP

plc

(United

Kingdom)

(2)

(

52,987

)

(

385,778

)

SiteOne

Landscape

Supply,

Inc.

(

4,687

)

(

569,189

)

Travis

Perkins

plc

(United

Kingdom)

(2)

(

52,767

)

(

376,419

)

(

16,714,318

)

Transportation

Infrastructure

-

(

0

.3

)

%

Aeroports

de

Paris

SA

(France)

(2)

(

12,599

)

(

1,282,620

)

Atlas

Arteria

Ltd.

(Australia)

(2)

(

176,121

)

(

535,897

)

Japan

Airport

Terminal

Co.

Ltd.

(Japan)

(2)

(

17,600

)

(

485,229

)

Transurban

Group

(Australia)

(2)

(

328,164

)

(

2,764,022

)

(

5,067,768

)

Total

Industrials

(

241,738,089

)

Information

Technology

-

(

8

.4

)

%

Communications

Equipment

-

(

0

.2

)

%

Ciena

Corp.

(

18,708

)

(

1,130,525

)

Lumentum

Holdings,

Inc.

(

46,298

)

(

2,886,217

)

(

4,016,742

)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

(

1

.5

)

%

Arrow

Electronics,

Inc.

(

7,161

)

(

743,527

)

Avnet,

Inc.

(

56,551

)

(

2,719,538

)

Belden,

Inc.

(

16,146

)

(

1,618,636

)

CDW

Corp.

(

8,899

)

(

1,426,154

)

Cognex

Corp.

(

30,718

)

(

916,318

)

Crane

NXT

Co.

(

23,894

)

(

1,228,152

)

Flex

Ltd.

(

62,132

)

(

2,055,327

)

Hamamatsu

Photonics

KK

(Japan)

(2)

(

432,400

)

(

4,215,240

)

Hexagon

AB,

Class

B

(Sweden)

(2)

(

119,227

)

(

1,274,509

)

Ibiden

Co.

Ltd.

(Japan)

(2)

(

49,500

)

(

1,335,255

)

IPG

Photonics

Corp.

(

4,632

)

(

292,464

)

Littelfuse,

Inc.

(

780

)

(

153,457

)

Murata

Manufacturing

Co.

Ltd.

(Japan)

(2)

(

92,700

)

(

1,429,893

)

Novanta,

Inc.

(

13,704

)

(

1,752,330

)

Omron

Corp.

(Japan)

(2)

(

13,500

)

(

381,196

)

Shimadzu

Corp.

(Japan)

(2)

(

107,600

)

(

2,687,702

)

Spectris

plc

(United

Kingdom)

(2)

(

5,457

)

(

164,661

)

TDK

Corp.

(Japan)

(2)

(

54,700

)

(

573,206

)

Vishay

Intertechnology,

Inc.

(

41,418

)

(

658,546

)

Vontier

Corp.

(

5,364

)

(

176,207

)

(

25,802,318

)

IT

Services

-

(

0

.9

)

%

Akamai

Technologies,

Inc.

(

18,848

)

(

1,517,264

)

ASGN,

Inc.

(

29,955

)

(

1,887,764

)

Bechtle

AG

(Germany)

(2)

(

29,377

)

(

1,097,223

)

Capgemini

SE

(France)

(2)

(

24,974

)

(

3,752,545

)

CGI,

Inc.

(Canada)

(

5,594

)

(

558,448

)

DXC

Technology

Co.

(

20,155

)

(

343,643

)

Globant

SA

(

5,800

)

(

682,776

)

NEXTDC

Ltd.

(Australia)

(2)

(

197,673

)

(

1,415,827

)

Nomura

Research

Institute

Ltd.

(Japan)

(2)

(

18,300

)

(

595,708

)

NTT

Data

Group

Corp.

(Japan)

(2)

(

189,900

)

(

3,440,050

)

Obic

Co.

Ltd.

(Japan)

(2)

(

9,700

)

(

279,680

)

Reply

SpA

(Italy)

(2)

(

854

)

(

139,888

)

(

15,710,816

)

Semiconductors

&

Semiconductor

Equipment

-

(

2

.9

)

%

Advanced

Micro

Devices,

Inc.

(

4,529

)

(

465,309

)

Advantest

Corp.

(Japan)

(2)

(

43,400

)

(

1,934,620

)

Allegro

MicroSystems,

Inc.

(Japan)

(

132,521

)

(

3,330,253

)

Amkor

Technology,

Inc.

(

6,699

)

(

120,984

)

Applied

Materials,

Inc.

(

7,610

)

(

1,104,363

)

ASM

International

NV

(Netherlands)

(2)

(

5,983

)

(

2,726,413

)

ASML

Holding

NV

(Netherlands)

(2)

(

1,042

)

(

689,568

)

Enphase

Energy,

Inc.

(

7,407

)

(

459,604

)

Entegris,

Inc.

(

49,384

)

(

4,320,112

)

First

Solar,

Inc.

(

4,009

)

(

506,858

)

GLOBALFOUNDRIES,

Inc.

(

35,081

)

(

1,294,840

)

Infineon

Technologies

AG

(Germany)

(2)

(

5,096

)

(

169,875

)

Lasertec

Corp.

(Japan)

(2)

(

20,700

)

(

1,779,174

)

142

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

(2.9)%

(continued)

MACOM

Technology

Solutions

Holdings,

Inc.

(

5,055

)

(

507,421

)

Microchip

Technology,

Inc.

(

41,944

)

(

2,030,509

)

Micron

Technology,

Inc.

(

38,205

)

(

3,319,632

)

MKS

Instruments,

Inc.

(

17,021

)

(

1,364,233

)

NXP

Semiconductors

NV

(China)

(

15,503

)

(

2,946,500

)

ON

Semiconductor

Corp.

(

52,106

)

(

2,120,193

)

Onto

Innovation,

Inc.

(

7,283

)

(

883,719

)

Power

Integrations,

Inc.

(

15,935

)

(

804,717

)

Qorvo,

Inc.

(

29,097

)

(

2,106,914

)

Rohm

Co.

Ltd.

(Japan)

(2)

(

252,200

)

(

2,436,662

)

Skyworks

Solutions,

Inc.

(

14,867

)

(

960,854

)

SOITEC

(France)

(2)

(

4,937

)

(

264,033

)

STMicroelectronics

NV

(Singapore)

(2)

(

121,459

)

(

2,663,298

)

SUMCO

Corp.

(Japan)

(2)

(

746,100

)

(

5,055,786

)

Synaptics,

Inc.

(

14,198

)

(

904,697

)

Texas

Instruments,

Inc.

(

8,002

)

(

1,437,959

)

Wolfspeed,

Inc.

(

86,012

)

(

263,197

)

(

48,972,297

)

Software

-

(

2

.5

)

%

Autodesk,

Inc.

(

2,710

)

(

709,478

)

Bentley

Systems,

Inc.,

Class

B

(

46,362

)

(

1,823,881

)

BILL

Holdings,

Inc.

(

46,499

)

(

2,133,839

)

Blackbaud,

Inc.

(

13,148

)

(

815,833

)

Cadence

Design

Systems,

Inc.

(

14,995

)

(

3,813,678

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

108,317

)

(

978,103

)

Confluent,

Inc.,

Class

A

(

25,169

)

(

589,961

)

Constellation

Software,

Inc.

(Canada)

(

362

)

(

1,146,429

)

Dassault

Systemes

SE

(France)

(2)

(

27,508

)

(

1,047,305

)

Dynatrace,

Inc.

(

26,588

)

(

1,253,624

)

Five9,

Inc.

(

28,956

)

(

786,155

)

Gen

Digital,

Inc.

(

5,346

)

(

141,883

)

Intuit,

Inc.

(

2,390

)

(

1,467,436

)

Microsoft

Corp.

(

6,771

)

(

2,541,766

)

MicroStrategy,

Inc.,

Class

A

(

8,230

)

(

2,372,462

)

nCino,

Inc.

(

79,118

)

(

2,173,372

)

Open

Text

Corp.

(Canada)

(

23,222

)

(

586,097

)

Oracle

Corp.

(

35,921

)

(

5,022,115

)

PTC,

Inc.

(

23,180

)

(

3,591,741

)

Roper

Technologies,

Inc.

(

1,271

)

(

749,356

)

Salesforce,

Inc.

(

10,874

)

(

2,918,147

)

Synopsys,

Inc.

(

8,171

)

(

3,504,133

)

Temenos

AG

(Registered)

(Switzerland)

(2)

(

18,832

)

(

1,462,156

)

Tyler

Technologies,

Inc.

(

574

)

(

333,718

)

Workday,

Inc.,

Class

A

(

4,654

)

(

1,086,849

)

(

43,049,517

)

Technology

Hardware,

Storage

&

Peripherals

-

(

0

.4

)

%

Brother

Industries

Ltd.

(Japan)

(2)

(

21,000

)

(

380,234

)

FUJIFILM

Holdings

Corp.

(Japan)

(2)

(

216,200

)

(

4,142,170

)

HP,

Inc.

(

45,306

)

(

1,254,523

)

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

(0.4)%

(continued)

Ricoh

Co.

Ltd.

(Japan)

(2)

(

30,500

)

(

322,634

)

Super

Micro

Computer,

Inc.

(

8,300

)

(

284,192

)

(

6,383,753

)

Total

Information

Technology

(

143,935,443

)

Materials

-

(

6

.2

)

%

Chemicals

-

(

3

.2

)

%

Air

Products

and

Chemicals,

Inc.

(

29,843

)

(

8,801,297

)

Akzo

Nobel

NV

(Netherlands)

(2)

(

29,086

)

(

1,791,282

)

Albemarle

Corp.

(

24,631

)

(

1,773,925

)

Arkema

SA

(France)

(2)

(

5,009

)

(

383,545

)

Ashland,

Inc.

(

7,514

)

(

445,505

)

Avient

Corp.

(

8,597

)

(

319,464

)

BASF

SE

(Germany)

(2)

(

46,148

)

(

2,313,346

)

Celanese

Corp.,

Class

A

(

75,045

)

(

4,260,305

)

Chemours

Co.

(The)

(

58,794

)

(

795,483

)

Clariant

AG

(Registered)

(Switzerland)

(2)

(

130,901

)

(

1,418,629

)

Corteva,

Inc.

(

23,962

)

(

1,507,929

)

Croda

International

plc

(United

Kingdom)

(2)

(

6,789

)

(

257,926

)

Dow,

Inc.

(

81,152

)

(

2,833,828

)

Eastman

Chemical

Co.

(

42,025

)

(

3,702,823

)

EMS-Chemie

Holding

AG

(Registered)

(Switzerland)

(2)

(

1,347

)

(

917,749

)

Johnson

Matthey

plc

(United

Kingdom)

(2)

(

11,683

)

(

200,825

)

Kansai

Paint

Co.

Ltd.

(Japan)

(2)

(

10,400

)

(

148,674

)

Linde

plc

(

6,391

)

(

2,975,905

)

LyondellBasell

Industries

NV,

Class

A

(

31,817

)

(

2,239,917

)

Mitsui

Chemicals,

Inc.

(Japan)

(2)

(

29,900

)

(

671,574

)

Nippon

Paint

Holdings

Co.

Ltd.

(Japan)

(2)

(

63,900

)

(

479,861

)

Nippon

Sanso

Holdings

Corp.

(Japan)

(2)

(

95,500

)

(

2,896,953

)

Nissan

Chemical

Corp.

(Japan)

(2)

(

35,100

)

(

1,045,039

)

Novonesis

(Novozymes),

Class

B

(Denmark)

(2)

(

20,503

)

(

1,193,818

)

Nutrien

Ltd.

(Canada)

(

12,514

)

(

621,069

)

PPG

Industries,

Inc.

(

21,536

)

(

2,354,961

)

RPM

International,

Inc.

(

7,312

)

(

845,852

)

Sherwin-Williams

Co.

(The)

(

7,094

)

(

2,477,154

)

Tosoh

Corp.

(Japan)

(2)

(

13,300

)

(

183,015

)

Umicore

SA

(Belgium)

(2)

(

98,551

)

(

1,020,957

)

Wacker

Chemie

AG

(Germany)

(2)

(

9,298

)

(

770,303

)

Westlake

Corp.

(

29,732

)

(

2,974,092

)

Yara

International

ASA

(Brazil)

(2)

(

8,866

)

(

267,447

)

(

54,890,452

)

Construction

Materials

-

(

0

.6

)

%

Eagle

Materials,

Inc.

(

4,894

)

(

1,086,125

)

James

Hardie

Industries

plc,

CHESS

(2)

(

4,213

)

(

100,540

)

Knife

River

Corp.

(

17,253

)

(

1,556,393

)

Martin

Marietta

Materials,

Inc.

(

11,327

)

(

5,415,779

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

143

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Construction

Materials

-

(0.6)%

(continued)

Vulcan

Materials

Co.

(

8,099

)

(

1,889,497

)

(

10,048,334

)

Containers

&

Packaging

-

(

0

.6

)

%

Avery

Dennison

Corp.

(

1,019

)

(

181,352

)

Ball

Corp.

(

16,004

)

(

833,328

)

Graphic

Packaging

Holding

Co.

(

88,166

)

(

2,288,789

)

International

Paper

Co.

(

44,297

)

(

2,363,245

)

Sealed

Air

Corp.

(

48,450

)

(

1,400,205

)

SIG

Group

AG

(Switzerland)

(2)

(

150,239

)

(

2,777,827

)

Silgan

Holdings,

Inc.

(

20,342

)

(

1,039,883

)

(

10,884,629

)

Metals

&

Mining

-

(

1

.6

)

%

Alcoa

Corp.

(

11,528

)

(

351,604

)

Anglo

American

plc

(South

Africa)

(2)

(

77,386

)

(

2,169,004

)

Antofagasta

plc

(Chile)

(2)

(

73,321

)

(

1,596,312

)

BHP

Group

Ltd.

(Australia)

(2)

(

111,470

)

(

2,704,612

)

Capstone

Copper

Corp.

(Canada)

(

110,714

)

(

570,092

)

Carpenter

Technology

Corp.

(

6,728

)

(

1,218,979

)

Cleveland-Cliffs,

Inc.

(

84,357

)

(

693,415

)

Commercial

Metals

Co.

(

24,882

)

(

1,144,821

)

Endeavour

Mining

plc

(Ivory

Coast)

(2)

(

24,336

)

(

573,814

)

First

Quantum

Minerals

Ltd.

(Zambia)

(

138,508

)

(

1,862,430

)

Freeport-McMoRan,

Inc.

(

14,004

)

(

530,191

)

Glencore

plc

(Australia)

(2)

(

325,347

)

(

1,190,813

)

IGO

Ltd.

(Australia)

(2)

(

287,722

)

(

717,451

)

Lundin

Mining

Corp.

(Chile)

(

210,538

)

(

1,705,898

)

Lynas

Rare

Earths

Ltd.

(Australia)

(2)

(

171,244

)

(

749,773

)

Mineral

Resources

Ltd.

(Australia)

(2)

(

76,788

)

(

1,159,425

)

MP

Materials

Corp.

(

33,855

)

(

826,401

)

Nucor

Corp.

(

11,189

)

(

1,346,484

)

Pilbara

Minerals

Ltd.

(Australia)

(2)

(

1,110,525

)

(

1,182,424

)

Reliance,

Inc.

(

2,132

)

(

615,615

)

Rio

Tinto

plc

(Australia)

(2)

(

17,817

)

(

1,069,202

)

Sumitomo

Metal

Mining

Co.

Ltd.

(Japan)

(2)

(

82,400

)

(

1,801,167

)

Teck

Resources

Ltd.,

Class

B

(Canada)

(

48,579

)

(

1,769,578

)

(

27,549,505

)

Paper

&

Forest

Products

-

(

0

.2

)

%

Holmen

AB,

Class

B

(Sweden)

(2)

(

25,480

)

(

1,009,030

)

Mondi

plc

(Austria)

(2)

(

30,778

)

(

459,123

)

Stora

Enso

OYJ,

Class

R

(Finland)

(2)

(

15,391

)

(

145,849

)

Svenska

Cellulosa

AB

SCA,

Class

B

(Sweden)

(2)

(

25,363

)

(

334,644

)

UPM-Kymmene

OYJ

(Finland)

(2)

(

57,762

)

(

1,549,658

)

(

3,498,304

)

Total

Materials

(

106,871,224

)

INVESTMENTS

SHARES

VALUE

($)

Real

Estate

-

(

4

.2

)

%

Health

Care

REITs

-

(

0

.6

)

%

Healthpeak

Properties,

Inc.,

REIT

(

43,332

)

(

876,173

)

Welltower,

Inc.,

REIT

(

61,221

)

(

9,379,669

)

(

10,255,842

)

Hotel

&

Resort

REITs

-

(

0

.1

)

%

Host

Hotels

&

Resorts,

Inc.,

REIT

(

137,466

)

(

1,953,392

)

Industrial

REITs

-

(

0

.3

)

%

EastGroup

Properties,

Inc.,

REIT

(

1,641

)

(

289,062

)

First

Industrial

Realty

Trust,

Inc.,

REIT

(

11,906

)

(

642,448

)

Prologis,

Inc.,

REIT

(

18,409

)

(

2,057,942

)

Rexford

Industrial

Realty,

Inc.,

REIT

(

54,914

)

(

2,149,883

)

STAG

Industrial,

Inc.,

REIT

(

8,829

)

(

318,904

)

(

5,458,239

)

Office

REITs

-

(

0

.3

)

%

BXP,

Inc.,

REIT

(

45,853

)

(

3,080,863

)

Highwoods

Properties,

Inc.,

REIT

(

6,777

)

(

200,870

)

Vornado

Realty

Trust,

REIT

(

36,583

)

(

1,353,205

)

(

4,634,938

)

Real

Estate

Management

&

Development

-

(

0

.3

)

%

CapitaLand

Investment

Ltd.

(Singapore)

(2)

(

1,226,000

)

(

2,479,590

)

CoStar

Group,

Inc.

(

26,470

)

(

2,097,218

)

Jones

Lang

LaSalle,

Inc.

(

3,491

)

(

865,454

)

Lendlease

Corp.

Ltd.

(Australia)

(2)

(

48,303

)

(

179,444

)

(

5,621,706

)

Residential

REITs

-

(

0

.6

)

%

American

Homes

4

Rent,

Class

A,

REIT

(

22,769

)

(

860,896

)

AvalonBay

Communities,

Inc.,

REIT

(

16,147

)

(

3,465,469

)

Equity

Residential,

REIT

(

24,636

)

(

1,763,445

)

Independence

Realty

Trust,

Inc.,

REIT

(

6,217

)

(

131,987

)

Invitation

Homes,

Inc.,

REIT

(

21,553

)

(

751,122

)

Mid-America

Apartment

Communities,

Inc.,

REIT

(

809

)

(

135,572

)

Sun

Communities,

Inc.,

REIT

(

25,862

)

(

3,326,888

)

(

10,435,379

)

Retail

REITs

-

(

0

.7

)

%

Agree

Realty

Corp.,

REIT

(

39,165

)

(

3,023,146

)

Federal

Realty

Investment

Trust,

REIT

(

4,629

)

(

452,809

)

Kimco

Realty

Corp.,

REIT

(

42,211

)

(

896,562

)

Realty

Income

Corp.,

REIT

(

105,082

)

(

6,095,807

)

Regency

Centers

Corp.,

REIT

(

4,141

)

(

305,440

)

(

10,773,764

)

Specialized

REITs

-

(

1

.3

)

%

American

Tower

Corp.,

REIT

(

7,139

)

(

1,553,446

)

Crown

Castle,

Inc.,

REIT

(

15,188

)

(

1,583,045

)

CubeSmart,

REIT

(

3,081

)

(

131,590

)

Digital

Realty

Trust,

Inc.,

REIT

(

19,037

)

(

2,727,812

)

144

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Specialized

REITs

-

(1.3)%

(continued)

Equinix,

Inc.,

REIT

(

1,547

)

(

1,261,346

)

Extra

Space

Storage,

Inc.,

REIT

(

7,779

)

(

1,155,104

)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(

31,947

)

(

1,626,102

)

Iron

Mountain,

Inc.,

REIT

(

21,519

)

(

1,851,495

)

National

Storage

Affiliates

Trust,

REIT

(

38,389

)

(

1,512,527

)

Public

Storage,

REIT

(

4,206

)

(

1,258,814

)

Rayonier,

Inc.,

REIT

(

17,679

)

(

492,891

)

VICI

Properties,

Inc.,

Class

A,

REIT

(

196,412

)

(

6,406,959

)

Weyerhaeuser

Co.,

REIT

(

38,497

)

(

1,127,192

)

(

22,688,323

)

Total

Real

Estate

(

71,821,583

)

Utilities

-

(

3

.3

)

%

Electric

Utilities

-

(

1

.8

)

%

Acciona

SA

(Spain)

(2)

(

6,311

)

(

826,001

)

Alliant

Energy

Corp.

(

81,302

)

(

5,231,784

)

BKW

AG

(Switzerland)

(2)

(

1,675

)

(

292,964

)

EDP

SA

(Portugal)

(

138,405

)

(

465,734

)

Elia

Group

SA/NV

(Belgium)

(2)

(

11,129

)

(

965,263

)

Entergy

Corp.

(

31,374

)

(

2,682,163

)

Eversource

Energy

(

10,362

)

(

643,584

)

FirstEnergy

Corp.

(

47,417

)

(

1,916,595

)

Hydro

One

Ltd.

(Canada)

(c)

(

59,418

)

(

1,998,011

)

Kansai

Electric

Power

Co.,

Inc.

(The)

(Japan)

(2)

(

102,000

)

(

1,210,539

)

NextEra

Energy,

Inc.

(

75,279

)

(

5,336,528

)

NRG

Energy,

Inc.

(

18,759

)

(

1,790,734

)

Origin

Energy

Ltd.

(Australia)

(2)

(

28,423

)

(

188,085

)

Pinnacle

West

Capital

Corp.

(

1,370

)

(

130,492

)

Southern

Co.

(The)

(

60,847

)

(

5,594,882

)

SSE

plc

(United

Kingdom)

(2)

(

35,978

)

(

741,088

)

Terna

-

Rete

Elettrica

Nazionale

(Italy)

(2)

(

85,632

)

(

773,880

)

TXNM

Energy,

Inc.

(

8,487

)

(

453,885

)

(

31,242,212

)

Gas

Utilities

-

(

0

.4

)

%

APA

Group

(Australia)

(2)

(

396,860

)

(

1,965,956

)

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

(

3,831

)

(

138,353

)

Enagas

SA

(Spain)

(2)

(

34,076

)

(

490,571

)

MDU

Resources

Group,

Inc.

(

28,682

)

(

485,013

)

Snam

SpA

(Italy)

(

307,887

)

(

1,596,343

)

Southwest

Gas

Holdings,

Inc.

(

19,617

)

(

1,408,501

)

Spire,

Inc.

(

2,042

)

(

159,786

)

(

6,244,523

)

Independent

Power

and

Renewable

Electricity

Producers

-

(

0

.4

)

%

Brookfield

Renewable

Corp.

(Canada)

(

6,140

)

(

171,393

)

Clearway

Energy,

Inc.,

Class

C

(

11,247

)

(

340,447

)

ERG

SpA

(Italy)

(2)

(

19,354

)

(

367,634

)

Northland

Power,

Inc.

(Canada)

(

38,361

)

(

524,346

)

Ormat

Technologies,

Inc.

(

19,035

)

(

1,347,107

)

INVESTMENTS

SHARES

VALUE

($)

Independent

Power

and

Renewable

Electricity

Producers

-

(0.4)%

(continued)

Orsted

A/S

(Denmark)

(2)(c)

(

53,489

)

(

2,335,924

)

RWE

AG

(Germany)

(

41,704

)

(

1,489,022

)

Vistra

Corp.

(

4,329

)

(

508,398

)

(

7,084,271

)

Multi-Utilities

-

(

0

.4

)

%

Algonquin

Power

&

Utilities

Corp.

(Canada)

(

106,689

)

(

547,883

)

Canadian

Utilities

Ltd.,

Class

A

(Canada)

(

5,834

)

(

150,000

)

CenterPoint

Energy,

Inc.

(

3,826

)

(

138,616

)

CMS

Energy

Corp.

(

4,791

)

(

359,852

)

Dominion

Energy,

Inc.

(

26,454

)

(

1,483,276

)

Public

Service

Enterprise

Group,

Inc.

(

29,257

)

(

2,407,851

)

Sempra

(

27,488

)

(

1,961,544

)

(

7,049,022

)

Water

Utilities

-

(

0

.3

)

%

Essential

Utilities,

Inc.

(

36,236

)

(

1,432,409

)

Pennon

Group

plc

(United

Kingdom)

(2)

(

72,116

)

(

417,756

)

Severn

Trent

plc

(United

Kingdom)

(2)

(

53,067

)

(

1,737,299

)

United

Utilities

Group

plc

(United

Kingdom)

(2)

(

58,386

)

(

761,819

)

(

4,349,283

)

Total

Utilities

(

55,969,311

)

TOTAL

COMMON

STOCKS

(Proceeds

$(1,383,078,353))

(1,232,778,864)

PREFERRED

STOCKS

-

(0.4)%

Consumer

Discretionary

-

(

0

.2

)

%

Automobiles

-

(

0

.2

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(Germany)

(2)(c)

(

75,990

)

(

3,805,796

)

Consumer

Staples

-

(

0

.1

)

%

Household

Products

-

(

0

.1

)

%

Henkel

AG

&

Co.

KGaA

(Preference)

(Germany)

(2)

(

18,803

)

(

1,496,101

)

Health

Care

-

(

0

.1

)

%

Life

Sciences

Tools

&

Services

-

(

0

.1

)

%

Sartorius

AG

(Preference)

(Germany)

(2)

(

5,306

)

(

1,236,936

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(7,890,999))

(6,538,833)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

145

(Continued)

*

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)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$1,349,432,117,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

(b)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$215,897,970.

(c)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$148,212,

which

represents

0.01%

of

net

assets

of

the

Fund.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

RIGHTS

-

(0.0)%

†

Utilities

-

(

0

.0

)

%

†

Electric

Utilities

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(Belgium)

(Proceeds

$–)

(

11,129

)

(

54,297

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(1,390,969,352))

(1,239,371,994)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

98.9%

(Cost

$1,437,568,263)

1,691,509,550

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.1%

‡

18,713,088

NET

ASSETS

-

100.0%

1,710,222,638

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

34,083,480

2

.0

%

Consumer

Discretionary

8,951,687

0

.5

Consumer

Staples

(

33,407,819

)

(

2

.0

)

Energy

40,591,757

2

.3

Financials

64,884,478

3

.8

Health

Care

49,718,758

2

.9

Industrials

4,829,400

0

.3

Information

Technology

1,561,167

0

.1

Materials

(

22,196,059

)

(

1

.2

)

Real

Estate

(

39,643,026

)

(

2

.3

)

Utilities

22,332,935

1

.3

Investment

Companies

562,562,046

32

.9

U.S.

Treasury

Obligations

997,240,746

58

.3

Total

Investments

In

Securities

At

Value

1,691,509,550

98

.9

Other

Assets

in

Excess

of

Liabilities

‡

18,713,088

1

.1

Net

Assets

$

1,710,222,638

100

.0

%

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

30.2%

INVESTMENT

COMPANIES

-

30.2%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(a)

(Cost

$516,673,619)

$353,121,691

$1,396,737,849

$(1,233,070,440)

$4,238

$(39,341)

$516,753,997

516,909,069

$3,917,298

$–

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

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.

146

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2025:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Main

Index

Series

43.V1

1

.00

%

Quarterly

6/20/2030

0

.64

%

EUR

750,000

$

(

16,090

)

$

1,531

$

(

14,559

)

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5

.00

Quarterly

6/20/2030

3

.77

USD

3,289,000

(

175,613

)

(

430

)

(

176,043

)

$

(

191,703

)

$

1,101

$

(

190,602

)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

March

31,

2025

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

43.V1

5

.00

%

Quarterly

6/20/2030

3

.28

%

EUR

10,040,000

$

864,916

$

(

39,295

)

$

825,621

iTraxx

Europe

Crossover

Index

Series

43.V1

5

.00

Quarterly

6/20/2030

3

.28

EUR

10,040,000

864,917

(

39,296

)

825,621

iTraxx

Europe

Main

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

0

.64

EUR

21,236,000

442,385

(

30,130

)

412,255

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1

.00

Quarterly

6/20/2030

0

.61

USD

13,088,000

245,945

(

5,249

)

240,696

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1

.00

Quarterly

6/20/2030

0

.61

USD

1,200,000

20,710

74

20,784

2,438,873

(

113,896

)

2,324,977

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1

.00

%

Quarterly

6/20/2030

1

.85

%

USD

13,717,000

$

(

531,894

)

$

13,388

$

(

518,506

)

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

1

.85

USD

200,000

(

7,667

)

26

(

7,641

)

(

539,561

)

13,414

(

526,147

)

$

1,899,312

$

(

100,482

)

$

1,798,830

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

March

31,

2025:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

2,521,000,000

$

4,248

$

712

$

4,960

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

2,521,000,000

4,247

712

4,959

Pay

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

795,000,000

14,016

194

14,210

Pay

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

795,000,000

14,032

178

14,210

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

340,500,000

337,937

599,766

937,703

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

340,500,000

336,021

601,681

937,702

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

20,900,000

54,484

8,357

62,841

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

20,800,000

54,420

8,123

62,543

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

3,300,000

4,699

4,319

9,018

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

3,200,000

4,269

4,475

8,744

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

7,700,000

79,675

44,954

124,629

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

147

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

7,700,000

$

80,135

$

44,494

$

124,629

Pay

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

2,900,000

36,272

6,730

43,002

Pay

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

2,800,000

35,635

5,885

41,520

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

3,470,000,000

134,262

30,554

164,816

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

3,470,000,000

134,265

30,551

164,816

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

725,000,000

34,046

2,807

36,853

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

725,000,000

34,063

2,790

36,853

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

2,700,000

(

1,293

)

21,186

19,893

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

2,700,000

(

1,554

)

21,447

19,893

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

6,900,000

49,552

2,021

51,573

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

6,900,000

49,551

2,021

51,572

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

7,000,000

(

73,106

)

192,531

119,425

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

7,100,000

(

72,551

)

193,643

121,092

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

6,900,000

77,529

61,467

138,996

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

6,900,000

77,529

61,630

139,159

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

8,500,000

91,837

80,599

172,436

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

8,500,000

91,541

80,982

172,523

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

52,900,000

(

74,575

)

100,023

25,448

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

52,900,000

(

74,665

)

100,040

25,375

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

74,000,000

44,769

76,951

121,720

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

74,000,000

44,651

77,069

121,720

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

2,600,000

186

4,055

4,241

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

2,600,000

186

4,055

4,241

Pay

1D

SORA

Semi

2.50%

Semi

6/16/2027

SGD

7,700,000

3,159

32,970

36,129

Pay

1D

SORA

Semi

2.50%

Semi

6/16/2027

SGD

7,700,000

3,062

33,067

36,129

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

17,100,000

81,891

1,906

83,797

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

17,000,000

81,193

2,114

83,307

Pay

1D

SORA

Semi

2.50%

Semi

6/19/2030

SGD

4,400,000

(

3,837

)

39,040

35,203

Pay

1D

SORA

Semi

2.50%

Semi

6/19/2030

SGD

4,400,000

(

3,971

)

39,174

35,203

Pay

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

5,200,000

33,823

6,041

39,864

Pay

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

5,200,000

33,176

6,688

39,864

Pay

1D

THOR

Qtrly

1.50%

Qtrly

6/21/2027

THB

1,130,600,000

(

88,544

)

140,609

52,065

Pay

1D

THOR

Qtrly

1.50%

Qtrly

6/21/2027

THB

1,130,600,000

(

88,544

)

140,609

52,065

Pay

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

392,500,000

(

664

)

25,855

25,191

Pay

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

392,500,000

(

665

)

25,856

25,191

Pay

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

688,500,000

277,257

166,538

443,795

Pay

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

688,500,000

277,257

166,538

443,795

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

6/16/2027

MXN

285,100,000

4,874

53,332

58,206

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

6/16/2027

MXN

285,100,000

4,874

53,332

58,206

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

112,000,000

16,876

9,642

26,518

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

112,000,000

16,876

9,642

26,518

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

6/12/2030

MXN

10,100,000

2,760

6,824

9,584

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

6/12/2030

MXN

10,100,000

2,760

6,824

9,584

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

33,500,000

22,408

8,061

30,469

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

33,500,000

22,408

8,061

30,469

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

930,300,000

168,686

10,107

178,793

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

2,479,000,000

449,501

26,933

476,434

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

1,551,700,000

393,427

(

140,118

)

253,309

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

1,551,700,000

393,427

(

140,118

)

253,309

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

290,300,000

633,751

(

201,098

)

432,653

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

290,300,000

43,979

388,663

432,642

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

204,500,000

109,512

138,020

247,532

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

204,600,000

108,394

139,260

247,654

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

15,500,000

99,049

25,740

124,789

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

15,600,000

99,703

25,891

125,594

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

42,100,000

12,034

15,116

27,150

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

42,000,000

12,002

15,082

27,084

148

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

28,300,000

$

19,935

$

26,016

$

45,951

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

28,300,000

19,843

26,108

45,951

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

63,500,000

(

2,216

)

10,636

8,420

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

62,000,000

6,508

1,713

8,221

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

35,500,000

5,061

(

1,062

)

3,999

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

35,500,000

5,061

(

1,062

)

3,999

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

6/19/2030

ZAR

38,800,000

(

2,641

)

19,412

16,771

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

6/19/2030

ZAR

1,600,000

(

72

)

764

692

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

32,400,000

1,388

6,747

8,135

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

32,400,000

1,388

6,747

8,135

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

682,700,000

(

16,919

)

49,597

32,678

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

682,700,000

(

16,919

)

49,597

32,678

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

1,100,000

(

29

)

38

9

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

1,100,000

(

29

)

38

9

Pay

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

5,700,000

3,463

1,493

4,956

Pay

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

5,700,000

3,188

1,768

4,956

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

9,800,000

(

25,451

)

112,742

87,291

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

9,800,000

66,733

20,558

87,291

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

4,000,000

28,806

2,262

31,068

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

4,100,000

30,501

1,880

32,381

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

34,400,000

141,212

12,252

153,464

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

34,500,000

142,218

11,949

154,167

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

52,100,000

(

97,751

)

266,485

168,734

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

52,100,000

(

97,747

)

266,453

168,706

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

110,800,000

5,680

2,663

8,343

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

110,800,000

5,680

2,663

8,343

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

1,953,000,000

(

1,023

)

3,439

2,416

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

1,953,000,000

(

1,023

)

3,439

2,416

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

4,600,000

118,627

(

33,625

)

85,002

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

4,600,000

120,609

(

35,607

)

85,002

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

4,100,000

99,787

(

15,924

)

83,863

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

4,100,000

99,652

(

16,078

)

83,574

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

12,000,000

(

73,777

)

279,871

206,094

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

12,100,000

(

74,193

)

281,980

207,787

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

35,000,000

8,914

(

2,154

)

6,760

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

35,000,000

8,914

(

2,154

)

6,760

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

115,500,000

14,204

1,217

15,421

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

115,500,000

14,204

1,217

15,421

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2030

CNY

5,000,000

4,560

(

2,019

)

2,541

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2030

CNY

5,000,000

4,560

(

2,019

)

2,541

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

190,700,000

(

29,627

)

174,454

144,827

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

190,700,000

(

29,238

)

174,065

144,827

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

17,500,000

20,404

(

4,800

)

15,604

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

17,500,000

20,404

(

4,800

)

15,604

Receive

3M

TELBOR

Qtrly

4.00%

Annual

6/16/2027

ILS

400,000

(

169

)

280

111

Receive

3M

TELBOR

Qtrly

4.00%

Annual

6/16/2027

ILS

400,000

(

169

)

280

111

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/18/2030

ILS

3,600,000

(

2,022

)

6,529

4,507

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/18/2030

ILS

3,600,000

(

2,091

)

6,599

4,508

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

100,000

18

517

535

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

1,400,000

245

7,244

7,489

Receive

6M

BBR

Semi

4.50%

Semi

9/07/2045

AUD

300,000

1,921

(

611

)

1,310

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

149

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

6M

BBR

Semi

4.50%

Semi

9/07/2045

AUD

300,000

$

1,916

$

(

605

)

$

1,311

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

643,100,000

(

260

)

2,320

2,060

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

643,200,000

(

260

)

2,321

2,061

Receive

6M

BUBOR

Semi

6.50%

Annual

9/18/2030

HUF

159,000,000

(

2,132

)

6,845

4,713

Receive

6M

BUBOR

Semi

6.50%

Annual

9/18/2030

HUF

159,000,000

(

2,132

)

6,845

4,713

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

19,400,000

358,995

(

18,372

)

340,623

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

19,400,000

357,595

(

17,264

)

340,331

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

12,400,000

396,165

(

48,370

)

347,795

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

12,400,000

396,165

(

48,370

)

347,795

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

3,200,000

101,468

(

11,448

)

90,020

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

3,100,000

98,297

(

11,091

)

87,206

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

368,200,000

56,047

148,382

204,429

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

368,200,000

55,908

148,521

204,429

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

1,039,900,000

358,192

23,888

382,080

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

1,039,900,000

358,192

23,888

382,080

Receive

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

21,800,000

(

4,743

)

11,790

7,047

Receive

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

21,800,000

(

4,743

)

11,790

7,047

Receive

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

60,000,000

26,541

18,011

44,552

Receive

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

60,100,000

26,846

17,781

44,627

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

1,800,000

1,641

(

627

)

1,014

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

1,800,000

1,641

(

627

)

1,014

7,980,128

5,748,608

13,728,736

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

12,200,000

(

16,397

)

(

17,725

)

(

34,122

)

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

180,100,000

(

159,290

)

(

344,415

)

(

503,705

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

31,200,000

(

148,606

)

49,262

(

99,344

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

31,200,000

(

148,161

)

48,817

(

99,344

)

Pay

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

255,000,000

(

794,075

)

574,043

(

220,032

)

Pay

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

254,900,000

(

789,644

)

569,745

(

219,899

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

8,200,000

(

188,420

)

45,971

(

142,449

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

8,100,000

(

186,673

)

45,983

(

140,690

)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

10,590,200,000

(

76,999

)

(

173,952

)

(

250,951

)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

10,590,200,000

(

76,998

)

(

173,954

)

(

250,952

)

Pay

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

16,508,600,000

(

475,151

)

(

95,546

)

(

570,697

)

Pay

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

16,508,600,000

(

475,152

)

(

95,546

)

(

570,698

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

27,500,000

(

39,275

)

16,299

(

22,976

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

27,600,000

(

39,587

)

16,570

(

23,017

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

242,100,000

(

238,589

)

136,811

(

101,778

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

242,100,000

(

238,637

)

136,921

(

101,716

)

Pay

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

7,900,000

(

32,333

)

(

15,958

)

(

48,291

)

Pay

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

7,900,000

(

32,350

)

(

15,942

)

(

48,292

)

Pay

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

400,000

(

2,916

)

(

223

)

(

3,139

)

Pay

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

600,000

(

3,793

)

(

3,327

)

(

7,120

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

13,650,000,000

1,512

(

2,960

)

(

1,448

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

13,650,000,000

1,512

(

2,960

)

(

1,448

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

8,550,000,000

(

19,239

)

5,422

(

13,817

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

8,550,000,000

(

19,239

)

5,422

(

13,817

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

20,700,000

(

80,912

)

9,715

(

71,197

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

20,800,000

(

81,298

)

9,752

(

71,546

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

45,600,000

(

159,109

)

17,007

(

142,102

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

45,600,000

(

159,282

)

17,217

(

142,065

)

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

4,700,000

(

95,379

)

21,066

(

74,313

)

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

4,800,000

(

96,957

)

21,399

(

75,558

)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

103,800,000

(

8,071

)

(

43,415

)

(

51,486

)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

103,700,000

(

8,223

)

(

43,213

)

(

51,436

)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

45,600,000

(

9,105

)

2,627

(

6,478

)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

45,600,000

(

9,118

)

2,640

(

6,478

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

10,900,000

(

11,020

)

10,929

(

91

)

150

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

10,900,000

$

(

10,903

)

$

10,812

$

(

91

)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

11,000,000

(

39,291

)

29,408

(

9,883

)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

10,800,000

(

38,577

)

28,874

(

9,703

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

4,300,000

(

14,134

)

13,127

(

1,007

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

4,200,000

(

13,800

)

12,816

(

984

)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

82,800,000

84,050

(

343,172

)

(

259,122

)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

82,800,000

(

9,554

)

(

249,568

)

(

259,122

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

17,700,000

(

230,132

)

(

85,018

)

(

315,150

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

17,800,000

(

231,886

)

(

85,010

)

(

316,896

)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

5,200,000

(

14,041

)

(

181,998

)

(

196,039

)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

5,300,000

(

14,555

)

(

185,254

)

(

199,809

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

9,100,000

(

354,088

)

129

(

353,959

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

9,100,000

(

356,029

)

2,069

(

353,960

)

Receive

1D

SONIA

Annual

4.50%

Annual

6/16/2055

GBP

700,000

(

3,311

)

(

8,217

)

(

11,528

)

Receive

1D

SONIA

Annual

4.50%

Annual

6/16/2055

GBP

800,000

(

3,784

)

(

9,390

)

(

13,174

)

Receive

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

8,300,000

(

35,160

)

(

100,486

)

(

135,646

)

Receive

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

8,300,000

(

35,160

)

(

100,486

)

(

135,646

)

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

49,387,500,000

(

1,593,751

)

1,006,456

(

587,295

)

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

49,387,600,000

(

1,494,590

)

907,293

(

587,297

)

Receive

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

104,212,900,000

(

482,878

)

40,601

(

442,277

)

Receive

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

104,212,900,000

(

482,879

)

40,602

(

442,277

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

4,067,000,000

(

298,686

)

(

106,667

)

(

405,353

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

4,067,100,000

(

298,695

)

(

106,667

)

(

405,362

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

4,957,800,000

(

466,058

)

76,039

(

390,019

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

4,957,700,000

(

466,055

)

76,044

(

390,011

)

Receive

3M

BBR

Qtrly

4.00%

Semi

9/11/2030

NZD

38,700,000

(

250,380

)

(

8,942

)

(

259,322

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

60,100,000

(

25,500

)

(

14,273

)

(

39,773

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

60,200,000

(

25,562

)

(

14,277

)

(

39,839

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

35,800,000

1,907

(

18,316

)

(

16,409

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

35,800,000

1,907

(

18,316

)

(

16,409

)

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/15/2027

ILS

13,500,000

(

11,794

)

11,386

(

408

)

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/15/2027

ILS

13,400,000

(

11,781

)

11,375

(

406

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

385,900,000

(

39,177

)

(

26,867

)

(

66,044

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

385,900,000

(

39,177

)

(

26,867

)

(

66,044

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

128,000,000

(

6,358

)

(

31,066

)

(

37,424

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

128,000,000

(

6,358

)

(

31,066

)

(

37,424

)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

14,800,000

48,540

(

65,118

)

(

16,578

)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

26,100,000

67,366

(

96,602

)

(

29,236

)

(

12,117,288

)

1,087,870

(

11,029,418

)

$

(

4,137,160

)

$

6,836,478

$

2,699,318

Abbreviations:

1D:

1

Day

1W:

1

Week

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

March

31,

2025

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

1

Day

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

(“CLICP”):

4.92%

1

Day

Colombia

Overnight

Interbank

Rate

(“IBR”):

8.97%

1

Day

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIEOIS”):

9.05%

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

151

(Continued)

1

Day

Mumbai

Interbank

Overnight

Rate

(“MIBOR”):

7.20%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

4.41%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

2.14%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

1

Day

Thailand

Overnight

Repo

Rate

(“THOR”):

1.99%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.47%

1

Week

China

Fixing

Repo

Rate

(“CNREPOFIX_CFXS”):

2.25%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.13%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

3.88%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

7.56%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

2.84%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.36%

3

Month

Taiwan

Secondary

Markets

Bills

Rate

(“TWCPBA”):

1.68%

3

Month

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.49%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.53%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

2.34%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.67%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

3.61%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.66%

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MSCS

04/17/2025

EUR

(4,138,942)

$

113,235

Total

unrealized

appreciation

113,235

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

04/29/2025

HKD

331,389,100

(

864,860

)

iBovespa

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/16/2025

BRL

(72,564,582)

(

613,531

)

KOSPI

200

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MSCS

06/12/2025

KRW

68,095,200,000

(

656,279

)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

06/20/2025

CHF

62,265,220

(

2,160,955

)

TAIEX

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/16/2025

TWD

41,528,000

(

72,730

)

Total

unrealized

depreciation

(

4,368,355

)

Net

unrealized

depreciation

$

(

4,255,120

)

152

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

179

4/2025

USD

$

13,383,830

$

448,001

EURO

STOXX

50

Volatility

Index

213

4/2025

EUR

483,665

28,127

Hang

Seng

Index

212

4/2025

HKD

31,551,600

(

531,895

)

IBEX

35

Index

194

4/2025

EUR

27,522,322

(

309,185

)

IFSC

NIFTY

50

Index

127

4/2025

USD

5,935,599

(

42,302

)

LME

Aluminum

Base

Metal

27

4/2025

USD

1,698,401

13,289

LME

Aluminum

Base

Metal

61

4/2025

USD

3,844,754

(

127,208

)

LME

Aluminum

Base

Metal

66

4/2025

USD

4,158,660

(

153,942

)

LME

Copper

Base

Metal

1

4/2025

USD

241,956

11,261

LME

Copper

Base

Metal

6

4/2025

USD

1,451,885

85,032

LME

Copper

Base

Metal

13

4/2025

USD

3,142,158

191,551

LME

Copper

Base

Metal

29

4/2025

USD

7,009,068

469,129

LME

Copper

Base

Metal

44

4/2025

USD

10,643,854

567,007

LME

Copper

Base

Metal

56

4/2025

USD

13,547,758

779,838

LME

Copper

Base

Metal

63

4/2025

USD

15,243,213

773,924

LME

Copper

Base

Metal

91

4/2025

USD

22,016,837

1,511,985

LME

Lead

Base

Metal

1

4/2025

USD

49,813

848

LME

Lead

Base

Metal

2

4/2025

USD

99,595

1,240

LME

Lead

Base

Metal

3

4/2025

USD

149,561

4,053

LME

Lead

Base

Metal

6

4/2025

USD

299,067

7,895

LME

Lead

Base

Metal

7

4/2025

USD

348,532

5,128

LME

Lead

Base

Metal

8

4/2025

USD

397,870

12,449

LME

Lead

Base

Metal

9

4/2025

USD

447,503

6,479

LME

Lead

Base

Metal

10

4/2025

USD

496,288

15,761

LME

Lead

Base

Metal

13

4/2025

USD

646,149

14,035

LME

Nickel

Base

Metal

11

4/2025

USD

1,038,678

(

17,608

)

LME

Nickel

Base

Metal

12

4/2025

USD

1,135,426

23,408

LME

Nickel

Base

Metal

22

4/2025

USD

2,076,657

(

17,765

)

LME

Nickel

Base

Metal

23

4/2025

USD

2,175,861

6,198

LME

Nickel

Base

Metal

29

4/2025

USD

2,737,866

(

31,253

)

LME

Nickel

Base

Metal

33

4/2025

USD

3,114,469

(

13,442

)

LME

Nickel

Base

Metal

40

4/2025

USD

3,771,986

75,627

LME

Nickel

Base

Metal

41

4/2025

USD

3,865,644

64,821

LME

Nickel

Base

Metal

45

4/2025

USD

4,242,075

124,306

LME

Nickel

Base

Metal

49

4/2025

USD

4,631,579

35,571

LME

Zinc

Base

Metal

6

4/2025

USD

426,116

(

6,799

)

LME

Zinc

Base

Metal

9

4/2025

USD

639,347

(

18,904

)

LME

Zinc

Base

Metal

19

4/2025

USD

1,348,449

(

2,598

)

LME

Zinc

Base

Metal

34

4/2025

USD

2,417,009

34,232

LME

Zinc

Base

Metal

37

4/2025

USD

2,625,566

(

9,499

)

LME

Zinc

Base

Metal

54

4/2025

USD

3,837,200

12,257

LME

Zinc

Base

Metal

64

4/2025

USD

4,540,912

(

56,879

)

LME

Zinc

Base

Metal

73

4/2025

USD

5,182,599

(

33,108

)

LME

Zinc

Base

Metal

82

4/2025

USD

5,828,048

138,555

MSCI

Singapore

Index

719

4/2025

SGD

20,857,449

(

313,473

)

Natural

Gas

5

4/2025

GBP

195,736

(

14,013

)

Natural

Gas

40

4/2025

EUR

1,308,643

(

41,140

)

Natural

Gas

259

4/2025

USD

10,668,210

(

724,394

)

NY

Harbor

ULSD

84

4/2025

USD

8,041,723

100,360

RBOB

Gasoline

20

4/2025

USD

1,924,188

92,111

SGX

FTSE

China

A50

Index

3,776

4/2025

USD

50,349,184

(

522,671

)

SGX

FTSE

Taiwan

Index

68

4/2025

USD

4,726,680

(

101,320

)

Sugar

No.

11

391

4/2025

USD

8,259,171

(

102,917

)

WTI

Crude

Oil

412

4/2025

USD

29,449,760

1,060,709

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

153

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

CBOE

Volatility

Index

98

5/2025

USD

$

2,007,746

$

119,347

Cocoa

35

5/2025

USD

2,765,700

(

923,091

)

Cocoa

189

5/2025

GBP

15,131,844

(

5,388,990

)

Coffee

'C'

221

5/2025

USD

31,471,781

(

1,486,201

)

Copper

906

5/2025

USD

114,020,100

8,696,649

Corn

116

5/2025

USD

2,652,050

(

264,557

)

Ethanol

35

5/2025

USD

2,601,900

(

81,103

)

EURO

STOXX

50

Volatility

Index

43

5/2025

EUR

97,409

4,817

Fcoj-a

4

5/2025

USD

146,130

(

70,096

)

Feeder

Cattle

33

5/2025

USD

4,694,250

75,303

Italian

Base

Electricity

5

5/2025

EUR

430,200

(

4,425

)

LME

Aluminum

Base

Metal

54

5/2025

USD

3,407,738

(

132,211

)

LME

Aluminum

Base

Metal

54

5/2025

USD

3,411,005

(

125,157

)

LME

Aluminum

Base

Metal

67

5/2025

USD

4,236,779

(

299,657

)

LME

Aluminum

Base

Metal

67

5/2025

USD

4,236,779

(

266,157

)

LME

Aluminum

Base

Metal

69

5/2025

USD

4,352,900

(

224,794

)

LME

Aluminum

Base

Metal

97

5/2025

USD

6,119,973

(

300,184

)

LME

Copper

Base

Metal

1

5/2025

USD

242,229

6,407

LME

Copper

Base

Metal

2

5/2025

USD

484,112

34,322

LME

Copper

Base

Metal

2

5/2025

USD

484,412

27,003

LME

Copper

Base

Metal

6

5/2025

USD

1,453,653

40,168

LME

Copper

Base

Metal

17

5/2025

USD

4,120,150

81,874

LME

Copper

Base

Metal

20

5/2025

USD

4,848,235

84,236

LME

Copper

Base

Metal

37

5/2025

USD

8,966,765

274,576

LME

Copper

Base

Metal

42

5/2025

USD

10,178,144

359,790

LME

Copper

Base

Metal

43

5/2025

USD

10,423,705

231,014

LME

Copper

Base

Metal

69

5/2025

USD

16,721,236

428,775

LME

Lead

Base

Metal

11

5/2025

USD

550,149

(

785

)

LME

Lead

Base

Metal

14

5/2025

USD

699,006

(

3,131

)

LME

Lead

Base

Metal

26

5/2025

USD

1,299,376

6,458

LME

Lead

Base

Metal

29

5/2025

USD

1,447,673

8,396

LME

Lead

Base

Metal

37

5/2025

USD

1,853,737

10,593

LME

Nickel

Base

Metal

10

5/2025

USD

948,082

24,862

LME

Nickel

Base

Metal

11

5/2025

USD

1,042,230

566

LME

Nickel

Base

Metal

16

5/2025

USD

1,520,064

36,696

LME

Nickel

Base

Metal

23

5/2025

USD

2,182,796

42,347

LME

Nickel

Base

Metal

29

5/2025

USD

2,745,348

117,861

LME

Nickel

Base

Metal

33

5/2025

USD

3,132,431

66,501

LME

Nickel

Base

Metal

36

5/2025

USD

3,418,181

53,873

LME

Nickel

Base

Metal

48

5/2025

USD

4,547,134

159,011

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

(

695

)

LME

Zinc

Base

Metal

7

5/2025

USD

498,335

(

2,677

)

LME

Zinc

Base

Metal

9

5/2025

USD

640,980

2,572

LME

Zinc

Base

Metal

19

5/2025

USD

1,353,826

11,339

LME

Zinc

Base

Metal

68

5/2025

USD

4,836,007

158,525

LME

Zinc

Base

Metal

72

5/2025

USD

5,127,840

5,536

LME

Zinc

Base

Metal

76

5/2025

USD

5,412,720

(

65,587

)

LME

Zinc

Base

Metal

93

5/2025

USD

6,619,391

131,697

LME

Zinc

Base

Metal

93

5/2025

USD

6,623,460

(

119,318

)

LNG

Japan/Korea

Marker

1

5/2025

USD

128,370

(

5,463

)

Low

Sulphur

Gasoil

254

5/2025

USD

17,322,800

243,113

Mont

Belvieu

Propane

70

5/2025

USD

2,513,700

113,630

Phelix

De

Base

Electricity

11

5/2025

EUR

610,783

(

27,893

)

SGX

Iron

Ore

467

5/2025

USD

4,716,233

13,579

Wheat

422

5/2025

USD

11,330,700

(

410,347

)

90-Day

New

Zealand

Bill

79

6/2025

NZD

44,481,530

(

2,425

)

Australia

10

Year

Bond

593

6/2025

AUD

41,728,492

51,198

154

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Australia

3

Year

Bond

375

6/2025

AUD

$

24,948,944

$

38,444

Canada

10

Year

Bond

188

6/2025

CAD

16,251,833

130,639

CBOE

Volatility

Index

99

6/2025

USD

2,018,610

92,172

Crude

Oil

59

6/2025

USD

4,377,033

94,445

Crude

Palm

Oil

125

6/2025

MYR

3,111,972

18,822

DAX

Index

37

6/2025

EUR

22,380,531

(

1,138,741

)

Euro

STOXX

50

Index

238

6/2025

EUR

13,353,860

(

516,746

)

EURO

STOXX

50

Volatility

Index

26

6/2025

EUR

58,196

1,023

Euro-BTP

6

6/2025

EUR

762,836

1,575

Euro-OAT

134

6/2025

EUR

17,785,763

18,010

FTSE/JSE

Top

40

Index

7

6/2025

ZAR

313,788

(

1,534

)

FTSE/MIB

Index

170

6/2025

EUR

34,313,866

(

1,290,332

)

Italian

Base

Electricity

2

6/2025

EUR

587,853

(

1,417

)

KOSPI

200

Index

241

6/2025

KRW

13,658,031

(

597,826

)

Live

Cattle

383

6/2025

USD

31,199,180

991,850

LME

Aluminum

Base

Metal

20

6/2025

USD

1,265,210

(

82,650

)

LME

Aluminum

Base

Metal

30

6/2025

USD

1,898,618

(

59,097

)

LME

Aluminum

Base

Metal

30

6/2025

USD

1,899,750

(

9,390

)

LME

Aluminum

Base

Metal

37

6/2025

USD

2,342,091

(

46,007

)

LME

Aluminum

Base

Metal

48

6/2025

USD

3,037,188

(

94,056

)

LME

Aluminum

Base

Metal

51

6/2025

USD

3,224,067

(

147,260

)

LME

Aluminum

Base

Metal

59

6/2025

USD

3,732,768

(

152,909

)

LME

Aluminum

Base

Metal

67

6/2025

USD

4,239,509

(

309,192

)

LME

Aluminum

Base

Metal

68

6/2025

USD

4,296,886

(

146,817

)

LME

Aluminum

Base

Metal

99

6/2025

USD

6,263,334

(

379,562

)

LME

Aluminum

Base

Metal

128

6/2025

USD

8,094,400

(

410,746

)

LME

Aluminum

Base

Metal

395

6/2025

USD

24,986,811

(

1,109,170

)

LME

Copper

Base

Metal

1

6/2025

USD

242,683

(

5,852

)

LME

Copper

Base

Metal

1

6/2025

USD

242,714

(

3,432

)

LME

Copper

Base

Metal

5

6/2025

USD

1,213,319

(

14,444

)

LME

Copper

Base

Metal

7

6/2025

USD

1,698,253

(

53,095

)

LME

Copper

Base

Metal

7

6/2025

USD

1,697,553

(

44,292

)

LME

Copper

Base

Metal

9

6/2025

USD

2,182,493

36,770

LME

Copper

Base

Metal

22

6/2025

USD

5,336,403

(

35,780

)

LME

Copper

Base

Metal

32

6/2025

USD

7,768,000

(

8,559

)

LME

Copper

Base

Metal

42

6/2025

USD

10,187,678

(

40,483

)

LME

Copper

Base

Metal

44

6/2025

USD

10,668,317

353,021

LME

Copper

Base

Metal

462

6/2025

USD

112,119,315

2,228,341

LME

Lead

Base

Metal

3

6/2025

USD

150,683

(

3,186

)

LME

Lead

Base

Metal

12

6/2025

USD

602,379

(

13,360

)

LME

Lead

Base

Metal

15

6/2025

USD

753,724

(

18,297

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,926

(

3,840

)

LME

Nickel

Base

Metal

3

6/2025

USD

286,362

(

4,527

)

LME

Nickel

Base

Metal

11

6/2025

USD

1,048,526

(

41,261

)

LME

Nickel

Base

Metal

15

6/2025

USD

1,430,483

(

34,761

)

LME

Nickel

Base

Metal

17

6/2025

USD

1,617,822

(

12,711

)

LME

Nickel

Base

Metal

26

6/2025

USD

2,481,038

(

52,324

)

LME

Nickel

Base

Metal

31

6/2025

USD

2,958,616

(

13,087

)

LME

Nickel

Base

Metal

51

6/2025

USD

4,851,630

15,359

LME

Nickel

Base

Metal

65

6/2025

USD

6,208,020

(

32,174

)

LME

Nickel

Base

Metal

68

6/2025

USD

6,478,106

(

327,093

)

LME

Nickel

Base

Metal

141

6/2025

USD

13,434,480

(

571,433

)

LME

Nickel

Base

Metal

276

6/2025

USD

26,312,615

(

1,075,190

)

LME

Zinc

Base

Metal

8

6/2025

USD

570,200

(

22,470

)

LME

Zinc

Base

Metal

10

6/2025

USD

713,125

3,268

LME

Zinc

Base

Metal

19

6/2025

USD

1,355,569

(

40,859

)

LME

Zinc

Base

Metal

25

6/2025

USD

1,781,119

(

44,594

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

155

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Zinc

Base

Metal

51

6/2025

USD

$

3,635,344

$

(

78,921

)

LME

Zinc

Base

Metal

67

6/2025

USD

4,775,425

(

161,000

)

LME

Zinc

Base

Metal

73

6/2025

USD

5,206,360

(

157,681

)

LME

Zinc

Base

Metal

634

6/2025

USD

45,236,217

(

160,357

)

MSCI

EAFE

Index

57

6/2025

USD

6,886,455

(

220,729

)

MSCI

Emerging

Markets

Index

1,046

6/2025

USD

58,094,840

(

1,763,264

)

Phelix

De

Base

Electricity

3

6/2025

EUR

595,851

(

25,017

)

S&P

500

E-Mini

Index

15

6/2025

USD

4,239,938

32,100

S&P/TSX

60

Index

348

6/2025

CAD

72,431,785

246,764

U.S.

Treasury

10

Year

Note

482

6/2025

USD

53,705,344

219,851

U.S.

Treasury

2

Year

Note

935

6/2025

USD

193,764,142

49,030

U.S.

Treasury

5

Year

Note

410

6/2025

USD

44,392,110

168,873

U.S.

Treasury

Long

Bond

333

6/2025

USD

39,189,938

114,022

U.S.

Treasury

Ultra

Bond

269

6/2025

USD

33,053,375

156,927

CBOE

Volatility

Index

57

7/2025

USD

1,174,297

73,585

Cocoa

22

7/2025

USD

1,735,360

(

18,277

)

Cocoa

125

7/2025

GBP

9,969,081

(

70,087

)

Rapeseed

5

7/2025

EUR

131,175

(

494

)

Robusta

Coffee

10

7/2025

USD

529,500

(

10,103

)

White

Sugar

143

7/2025

USD

3,749,460

(

30,101

)

CBOE

Volatility

Index

42

8/2025

USD

863,066

17,743

3

Month

Euro

Euribor

567

9/2025

EUR

150,170,471

8,439

90-Day

Australian

Bank

Bill

94

9/2025

AUD

58,216,260

(

997

)

90-Day

New

Zealand

Bill

334

9/2025

NZD

188,134,762

15,046

3

Month

CORRA

1,345

12/2025

CAD

228,333,623

516,460

3

Month

Euro

Euribor

690

12/2025

EUR

182,859,049

31,023

3

Month

SARON

207

12/2025

CHF

58,438,835

(

3,370

)

3

Month

SOFR

883

12/2025

USD

212,361,500

(

66,627

)

3

Month

SONIA

250

12/2025

GBP

77,476,743

3,549

90-Day

Australian

Bank

Bill

837

12/2025

AUD

518,511,837

3,721

90-Day

New

Zealand

Bill

274

12/2025

NZD

154,349,425

26,951

ECX

Emission

55

12/2025

EUR

4,042,873

(

802,625

)

Italian

Base

Electricity

3

12/2025

EUR

2,959,869

(

91,999

)

Phelix

De

Base

Electricity

3

12/2025

EUR

2,421,091

(

281,930

)

UK

Allowances

Carbon

Dioxide

Emissions

28

12/2025

GBP

1,629,775

82,309

3

Month

CORRA

1,040

3/2026

CAD

176,690,872

362,122

3

Month

Euro

Euribor

413

3/2026

EUR

109,455,998

54,020

3

Month

SARON

228

3/2026

CHF

64,380,298

(

1,302

)

3

Month

SOFR

1,150

3/2026

USD

277,121,250

59,647

3

Month

SONIA

522

3/2026

GBP

161,940,013

(

107,388

)

90-Day

Australian

Bank

Bill

2,137

3/2026

AUD

1,323,976,287

196,143

90-Day

New

Zealand

Bill

129

3/2026

NZD

72,655,717

8,407

3

Month

CORRA

705

6/2026

CAD

119,776,024

77,695

3

Month

Euro

Euribor

257

6/2026

EUR

68,094,476

60,215

3

Month

SARON

228

6/2026

CHF

64,377,077

73,073

3

Month

SOFR

1,258

6/2026

USD

303,523,949

216,830

3

Month

SONIA

402

6/2026

GBP

124,790,316

(

65,349

)

90-Day

Australian

Bank

Bill

449

6/2026

AUD

278,184,317

49,105

3

Month

CORRA

377

9/2026

CAD

64,037,342

28,244

3

Month

Euro

Euribor

232

9/2026

EUR

61,436,006

79,232

3

Month

SARON

97

9/2026

CHF

27,383,011

36,499

3

Month

SOFR

688

9/2026

USD

166,109,000

179,778

3

Month

SONIA

365

9/2026

GBP

113,334,108

54,985

3

Month

Euro

Euribor

232

12/2026

EUR

61,392,105

74,962

3

Month

SOFR

246

12/2026

USD

59,405,925

58,472

3

Month

SONIA

10

12/2026

GBP

3,105,367

(

961

)

3

Month

Euro

Euribor

211

3/2027

EUR

55,792,282

61,502

156

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

3

Month

SOFR

260

3/2027

USD

$

62,780,250

$

60,846

3

Month

Euro

Euribor

14

6/2027

EUR

3,699,019

(

2,332

)

3

Month

SOFR

257

6/2027

USD

62,046,225

63,233

Total

of

long

contracts

(

445,763

)

Short

Contracts

CAC

40

10

Euro

Index

(

99

)

4/2025

EUR

(

8,353,545

)

159,393

CBOE

Volatility

Index

(

114

)

4/2025

USD

(

2,376,159

)

(

171,404

)

LME

Aluminum

Base

Metal

(

27

)

4/2025

USD

(

1,698,401

)

(

25,817

)

LME

Aluminum

Base

Metal

(

61

)

4/2025

USD

(

3,844,754

)

112,439

LME

Aluminum

Base

Metal

(

66

)

4/2025

USD

(

4,158,660

)

163,318

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,956

)

(

11,133

)

LME

Copper

Base

Metal

(

6

)

4/2025

USD

(

1,451,885

)

(

86,225

)

LME

Copper

Base

Metal

(

13

)

4/2025

USD

(

3,142,158

)

(

187,455

)

LME

Copper

Base

Metal

(

29

)

4/2025

USD

(

7,009,068

)

(

504,946

)

LME

Copper

Base

Metal

(

44

)

4/2025

USD

(

10,643,854

)

(

560,278

)

LME

Copper

Base

Metal

(

56

)

4/2025

USD

(

13,547,758

)

(

776,755

)

LME

Copper

Base

Metal

(

63

)

4/2025

USD

(

15,243,213

)

(

746,764

)

LME

Copper

Base

Metal

(

91

)

4/2025

USD

(

22,016,837

)

(

1,526,151

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,813

)

(

881

)

LME

Lead

Base

Metal

(

2

)

4/2025

USD

(

99,595

)

(

1,420

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,561

)

(

2,690

)

LME

Lead

Base

Metal

(

6

)

4/2025

USD

(

299,067

)

(

8,550

)

LME

Lead

Base

Metal

(

7

)

4/2025

USD

(

348,532

)

(

6,385

)

LME

Lead

Base

Metal

(

8

)

4/2025

USD

(

397,870

)

(

10,936

)

LME

Lead

Base

Metal

(

9

)

4/2025

USD

(

447,503

)

(

7,239

)

LME

Lead

Base

Metal

(

10

)

4/2025

USD

(

496,288

)

(

14,905

)

LME

Lead

Base

Metal

(

13

)

4/2025

USD

(

646,149

)

(

15,615

)

LME

Nickel

Base

Metal

(

11

)

4/2025

USD

(

1,038,678

)

15,969

LME

Nickel

Base

Metal

(

12

)

4/2025

USD

(

1,135,426

)

(

26,661

)

LME

Nickel

Base

Metal

(

22

)

4/2025

USD

(

2,076,657

)

18,777

LME

Nickel

Base

Metal

(

23

)

4/2025

USD

(

2,175,861

)

(

5,190

)

LME

Nickel

Base

Metal

(

29

)

4/2025

USD

(

2,737,866

)

29,344

LME

Nickel

Base

Metal

(

33

)

4/2025

USD

(

3,114,469

)

13,784

LME

Nickel

Base

Metal

(

40

)

4/2025

USD

(

3,771,986

)

(

72,820

)

LME

Nickel

Base

Metal

(

41

)

4/2025

USD

(

3,865,644

)

(

72,144

)

LME

Nickel

Base

Metal

(

45

)

4/2025

USD

(

4,242,075

)

(

147,626

)

LME

Nickel

Base

Metal

(

49

)

4/2025

USD

(

4,631,579

)

(

44,149

)

LME

Zinc

Base

Metal

(

6

)

4/2025

USD

(

426,116

)

5,653

LME

Zinc

Base

Metal

(

9

)

4/2025

USD

(

639,347

)

19,652

LME

Zinc

Base

Metal

(

19

)

4/2025

USD

(

1,348,449

)

5,882

LME

Zinc

Base

Metal

(

34

)

4/2025

USD

(

2,417,009

)

(

41,361

)

LME

Zinc

Base

Metal

(

37

)

4/2025

USD

(

2,625,566

)

(

3,087

)

LME

Zinc

Base

Metal

(

54

)

4/2025

USD

(

3,837,200

)

(

7,073

)

LME

Zinc

Base

Metal

(

64

)

4/2025

USD

(

4,540,912

)

104,886

LME

Zinc

Base

Metal

(

73

)

4/2025

USD

(

5,182,599

)

34,858

LME

Zinc

Base

Metal

(

82

)

4/2025

USD

(

5,828,048

)

(

160,043

)

OMXS30

Index

(

324

)

4/2025

SEK

(

7,979,287

)

482,153

Canola

(

274

)

5/2025

CAD

(

2,332,442

)

(

105,586

)

Cotton

No.

2

(

536

)

5/2025

USD

(

17,910,440

)

39,753

French

Base

Electricity

(

13

)

5/2025

EUR

(

412,163

)

31,215

KC

HRW

Wheat

(

497

)

5/2025

USD

(

13,841,450

)

613,447

LME

Aluminum

Base

Metal

(

54

)

5/2025

USD

(

3,411,005

)

123,678

LME

Aluminum

Base

Metal

(

54

)

5/2025

USD

(

3,407,738

)

121,860

LME

Aluminum

Base

Metal

(

67

)

5/2025

USD

(

4,236,779

)

274,533

LME

Aluminum

Base

Metal

(

67

)

5/2025

USD

(

4,236,779

)

277,817

LME

Aluminum

Base

Metal

(

69

)

5/2025

USD

(

4,352,900

)

230,101

LME

Aluminum

Base

Metal

(

97

)

5/2025

USD

(

6,119,973

)

289,906

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

157

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Copper

Base

Metal

(

1

)

5/2025

USD

$

(

242,229

)

$

(

6,882

)

LME

Copper

Base

Metal

(

2

)

5/2025

USD

(

484,112

)

(

30,624

)

LME

Copper

Base

Metal

(

2

)

5/2025

USD

(

484,412

)

(

26,716

)

LME

Copper

Base

Metal

(

6

)

5/2025

USD

(

1,453,653

)

(

41,344

)

LME

Copper

Base

Metal

(

17

)

5/2025

USD

(

4,120,150

)

(

83,969

)

LME

Copper

Base

Metal

(

20

)

5/2025

USD

(

4,848,235

)

(

106,788

)

LME

Copper

Base

Metal

(

37

)

5/2025

USD

(

8,966,765

)

(

280,200

)

LME

Copper

Base

Metal

(

42

)

5/2025

USD

(

10,178,144

)

(

352,429

)

LME

Copper

Base

Metal

(

43

)

5/2025

USD

(

10,423,705

)

(

212,818

)

LME

Copper

Base

Metal

(

69

)

5/2025

USD

(

16,721,236

)

(

408,080

)

LME

Lead

Base

Metal

(

11

)

5/2025

USD

(

550,149

)

(

315

)

LME

Lead

Base

Metal

(

14

)

5/2025

USD

(

699,006

)

4,381

LME

Lead

Base

Metal

(

26

)

5/2025

USD

(

1,299,376

)

(

10,378

)

LME

Lead

Base

Metal

(

29

)

5/2025

USD

(

1,447,673

)

(

9,997

)

LME

Lead

Base

Metal

(

37

)

5/2025

USD

(

1,853,737

)

(

11,697

)

LME

Nickel

Base

Metal

(

10

)

5/2025

USD

(

948,082

)

(

24,694

)

LME

Nickel

Base

Metal

(

11

)

5/2025

USD

(

1,042,230

)

1,725

LME

Nickel

Base

Metal

(

16

)

5/2025

USD

(

1,520,064

)

(

36,647

)

LME

Nickel

Base

Metal

(

23

)

5/2025

USD

(

2,182,796

)

(

63,978

)

LME

Nickel

Base

Metal

(

29

)

5/2025

USD

(

2,745,348

)

(

117,570

)

LME

Nickel

Base

Metal

(

33

)

5/2025

USD

(

3,132,431

)

(

61,620

)

LME

Nickel

Base

Metal

(

36

)

5/2025

USD

(

3,418,181

)

(

61,968

)

LME

Nickel

Base

Metal

(

48

)

5/2025

USD

(

4,547,134

)

(

144,998

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

486

LME

Zinc

Base

Metal

(

7

)

5/2025

USD

(

498,335

)

3,019

LME

Zinc

Base

Metal

(

9

)

5/2025

USD

(

640,980

)

(

2,645

)

LME

Zinc

Base

Metal

(

19

)

5/2025

USD

(

1,353,826

)

(

13,089

)

LME

Zinc

Base

Metal

(

68

)

5/2025

USD

(

4,836,007

)

(

182,260

)

LME

Zinc

Base

Metal

(

72

)

5/2025

USD

(

5,127,840

)

(

12,090

)

LME

Zinc

Base

Metal

(

76

)

5/2025

USD

(

5,412,720

)

58,686

LME

Zinc

Base

Metal

(

93

)

5/2025

USD

(

6,623,460

)

126,220

LME

Zinc

Base

Metal

(

93

)

5/2025

USD

(

6,619,391

)

(

119,763

)

Milling

Wheat

No.

2

(

443

)

5/2025

EUR

(

5,275,163

)

309,120

Red

Wheat

(

192

)

5/2025

USD

(

5,683,200

)

353,529

Silver

(

30

)

5/2025

USD

(

5,191,650

)

(

91,251

)

Soybean

(

2,395

)

5/2025

USD

(

121,516,313

)

5,079,634

Soybean

Meal

(

707

)

5/2025

USD

(

20,693,890

)

516,470

Soybean

Oil

(

317

)

5/2025

USD

(

8,538,078

)

128

100

oz

Gold

(

52

)

6/2025

USD

(

16,381,560

)

(

419,140

)

DJIA

CBOT

E-Mini

Index

(

100

)

6/2025

USD

(

21,129,500

)

62,154

Euro-Bobl

(

46

)

6/2025

EUR

(

5,856,861

)

(

32,382

)

Euro-Bund

(

105

)

6/2025

EUR

(

14,620,095

)

(

3,804

)

Euro-Buxl

(

100

)

6/2025

EUR

(

12,878,283

)

(

61,894

)

Euro-Schatz

(

240

)

6/2025

EUR

(

27,750,916

)

(

30,460

)

French

Base

Electricity

(

3

)

6/2025

EUR

(

394,011

)

28,271

FTSE

100

Index

(

31

)

6/2025

GBP

(

3,440,602

)

42,812

Japan

10

Year

Bond

(

318

)

6/2025

JPY

(

293,194,346

)

(

1,172,500

)

Lean

Hogs

(

83

)

6/2025

USD

(

3,163,130

)

67,383

LME

Aluminum

Base

Metal

(

20

)

6/2025

USD

(

1,265,210

)

80,773

LME

Aluminum

Base

Metal

(

30

)

6/2025

USD

(

1,898,618

)

60,881

LME

Aluminum

Base

Metal

(

30

)

6/2025

USD

(

1,899,750

)

3,079

LME

Aluminum

Base

Metal

(

37

)

6/2025

USD

(

2,342,091

)

37,065

LME

Aluminum

Base

Metal

(

48

)

6/2025

USD

(

3,037,188

)

101,047

LME

Aluminum

Base

Metal

(

51

)

6/2025

USD

(

3,224,067

)

150,293

LME

Aluminum

Base

Metal

(

59

)

6/2025

USD

(

3,732,768

)

137,788

LME

Aluminum

Base

Metal

(

67

)

6/2025

USD

(

4,239,509

)

300,776

LME

Aluminum

Base

Metal

(

68

)

6/2025

USD

(

4,296,886

)

150,264

158

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Aluminum

Base

Metal

(

99

)

6/2025

USD

$

(

6,263,334

)

$

384,441

LME

Aluminum

Base

Metal

(

128

)

6/2025

USD

(

8,094,400

)

388,539

LME

Aluminum

Base

Metal

(

567

)

6/2025

USD

(

35,867,144

)

1,696,812

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,683

)

5,940

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,714

)

3,021

LME

Copper

Base

Metal

(

5

)

6/2025

USD

(

1,213,319

)

14,832

LME

Copper

Base

Metal

(

7

)

6/2025

USD

(

1,697,553

)

47,179

LME

Copper

Base

Metal

(

7

)

6/2025

USD

(

1,698,253

)

53,094

LME

Copper

Base

Metal

(

9

)

6/2025

USD

(

2,182,493

)

(

35,492

)

LME

Copper

Base

Metal

(

22

)

6/2025

USD

(

5,336,403

)

38,756

LME

Copper

Base

Metal

(

32

)

6/2025

USD

(

7,768,000

)

(

3,684

)

LME

Copper

Base

Metal

(

42

)

6/2025

USD

(

10,187,678

)

61,413

LME

Copper

Base

Metal

(

44

)

6/2025

USD

(

10,668,317

)

(

366,383

)

LME

Copper

Base

Metal

(

96

)

6/2025

USD

(

23,297,520

)

187,143

LME

Lead

Base

Metal

(

3

)

6/2025

USD

(

150,683

)

3,809

LME

Lead

Base

Metal

(

12

)

6/2025

USD

(

602,379

)

14,664

LME

Lead

Base

Metal

(

100

)

6/2025

USD

(

5,024,825

)

(

11,963

)

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,926

)

3,389

LME

Nickel

Base

Metal

(

3

)

6/2025

USD

(

286,362

)

5,167

LME

Nickel

Base

Metal

(

11

)

6/2025

USD

(

1,048,526

)

46,711

LME

Nickel

Base

Metal

(

15

)

6/2025

USD

(

1,430,483

)

30,616

LME

Nickel

Base

Metal

(

17

)

6/2025

USD

(

1,617,822

)

26,163

LME

Nickel

Base

Metal

(

26

)

6/2025

USD

(

2,481,038

)

31,135

LME

Nickel

Base

Metal

(

31

)

6/2025

USD

(

2,958,616

)

32,813

LME

Nickel

Base

Metal

(

51

)

6/2025

USD

(

4,851,630

)

(

49,724

)

LME

Nickel

Base

Metal

(

65

)

6/2025

USD

(

6,208,020

)

25,433

LME

Nickel

Base

Metal

(

68

)

6/2025

USD

(

6,478,106

)

351,611

LME

Nickel

Base

Metal

(

141

)

6/2025

USD

(

13,434,480

)

537,148

LME

Nickel

Base

Metal

(

393

)

6/2025

USD

(

37,466,875

)

(

121,737

)

LME

Zinc

Base

Metal

(

8

)

6/2025

USD

(

570,200

)

22,776

LME

Zinc

Base

Metal

(

10

)

6/2025

USD

(

713,125

)

(

6,025

)

LME

Zinc

Base

Metal

(

19

)

6/2025

USD

(

1,355,569

)

27,849

LME

Zinc

Base

Metal

(

25

)

6/2025

USD

(

1,781,119

)

50,682

LME

Zinc

Base

Metal

(

51

)

6/2025

USD

(

3,635,344

)

83,961

LME

Zinc

Base

Metal

(

67

)

6/2025

USD

(

4,775,425

)

166,581

LME

Zinc

Base

Metal

(

67

)

6/2025

USD

(

4,780,484

)

158,054

LME

Zinc

Base

Metal

(

73

)

6/2025

USD

(

5,206,360

)

166,222

Long

Gilt

(

179

)

6/2025

GBP

(

21,186,986

)

205,880

NASDAQ

100

E-Mini

Index

(

5

)

6/2025

USD

(

1,943,950

)

58,586

Nikkei

225

Index

(

335

)

6/2025

JPY

(

79,645,976

)

2,304,648

Palladium

(

67

)

6/2025

USD

(

6,704,690

)

(

539,126

)

Russell

2000

E-Mini

Index

(

85

)

6/2025

USD

(

8,615,175

)

(

60,693

)

S&P

Midcap

400

E-Mini

Index

(

56

)

6/2025

USD

(

16,456,160

)

165,271

SPI

200

Index

(

39

)

6/2025

AUD

(

4,798,895

)

52,107

TOPIX

Index

(

228

)

6/2025

JPY

(

40,465,098

)

171,168

Aluminum

(

15

)

7/2025

USD

(

932,906

)

70,397

Platinum

(

660

)

7/2025

USD

(

33,907,500

)

(

1,058,919

)

Milling

Wheat

No.

2

(

72

)

9/2025

EUR

(

849,577

)

(

873

)

French

Base

Electricity

(

3

)

12/2025

EUR

(

1,772,909

)

50,986

3

Month

SONIA

(

30

)

3/2027

GBP

(

9,315,617

)

(

1,561

)

3

Month

SONIA

(

68

)

6/2027

GBP

(

21,112,104

)

(

2,642

)

3

Month

SOFR

(

237

)

9/2027

USD

(

57,199,950

)

(

79,142

)

3

Month

SONIA

(

164

)

9/2027

GBP

(

50,909,482

)

(

34,980

)

Total

of

short

contracts

6,630,176

Net

unrealized

appreciation

$

6,184,413

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

159

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

5,072,625

USD

3,157,527

CITI

6/18/2025

$

14,139

AUD

5,072,625

USD

3,157,511

JPMC

6/18/2025

14,155

BRL

90,749,836

USD

15,405,685

CITI

**

6/18/2025

237,554

BRL

90,749,836

USD

15,405,608

JPMC

**

6/18/2025

237,631

CAD

8,101,000

USD

5,644,392

CITI

6/18/2025

6,830

CAD

8,101,000

USD

5,644,364

JPMC

6/18/2025

6,858

CHF

4,008,769

USD

4,523,469

CITI

6/18/2025

49,735

CHF

4,008,771

USD

4,523,449

JPMC

6/18/2025

49,758

CLP

3,205,397,998

USD

3,359,597

CITI

**

6/18/2025

14,203

CLP

3,205,397,998

USD

3,359,580

JPMC

**

6/18/2025

14,220

CZK

864,515,436

USD

36,334,015

CITI

6/18/2025

1,183,204

CZK

864,515,436

USD

36,333,834

JPMC

6/18/2025

1,183,385

EUR

4,950,000

USD

5,361,889

CITI

6/18/2025

13,991

EUR

4,950,000

USD

5,361,862

JPMC

6/18/2025

14,018

GBP

45,756,000

USD

58,117,978

CITI

6/18/2025

983,037

GBP

45,756,000

USD

58,117,687

JPMC

6/18/2025

983,328

HUF

9,967,811,355

USD

25,906,160

CITI

6/18/2025

743,651

HUF

9,967,811,355

USD

25,906,030

JPMC

6/18/2025

743,780

INR

1,110,000,000

USD

12,704,849

CITI

**

6/18/2025

207,719

INR

1,110,000,000

USD

12,704,785

JPMC

**

6/18/2025

207,782

NOK

555,974,043

USD

51,451,990

CITI

6/18/2025

1,392,567

NOK

555,974,043

USD

51,451,733

JPMC

6/18/2025

1,392,825

PEN

24,138,118

USD

6,535,704

CITI

**

6/18/2025

21,757

PEN

24,138,118

USD

6,535,671

JPMC

**

6/18/2025

21,789

PHP

755,000,000

USD

13,131,169

CITI

**

6/18/2025

30,855

PHP

755,000,000

USD

13,131,104

JPMC

**

6/18/2025

30,921

PLN

56,565,000

USD

14,164,521

CITI

6/18/2025

397,354

PLN

56,565,000

USD

14,164,450

JPMC

6/18/2025

397,424

SEK

529,000,000

USD

52,111,930

CITI

6/18/2025

758,782

SEK

529,000,000

USD

52,111,669

JPMC

6/18/2025

759,042

SGD

4,108,400

USD

3,062,880

CITI

6/18/2025

7,427

SGD

4,108,400

USD

3,062,865

JPMC

6/18/2025

7,442

USD

121,836,438

AUD

193,287,842

CITI

6/18/2025

982,931

USD

121,837,047

AUD

193,287,842

JPMC

6/18/2025

983,541

USD

12,312,100

CAD

17,611,000

CITI

6/18/2025

26,746

USD

12,312,162

CAD

17,611,000

JPMC

6/18/2025

26,807

USD

4,159,667

CHF

3,625,329

CITI

6/18/2025

23,891

USD

4,159,688

CHF

3,625,329

JPMC

6/18/2025

23,911

USD

33,756,195

CNY

243,293,338

CITI

**

6/18/2025

92,735

USD

33,756,364

CNY

243,293,338

JPMC

**

6/18/2025

92,903

USD

21,787,985

CZK

499,500,000

CITI

6/18/2025

111,275

USD

21,788,094

CZK

499,500,000

JPMC

6/18/2025

111,384

USD

104,448,271

EUR

95,477,000

CITI

6/18/2025

756,777

USD

104,448,793

EUR

95,477,000

JPMC

6/18/2025

757,299

USD

14,450,701

GBP

11,157,000

CITI

6/18/2025

39,694

USD

14,450,773

GBP

11,157,000

JPMC

6/18/2025

39,766

USD

3,049,638

HKD

23,668,500

CITI

6/18/2025

2,500

USD

3,049,653

HKD

23,668,500

JPMC

6/18/2025

2,515

USD

12,308,271

IDR

202,500,451,644

CITI

**

6/18/2025

198,136

USD

12,308,332

IDR

202,500,451,644

JPMC

**

6/18/2025

198,198

USD

11,120,006

ILS

40,186,000

CITI

6/18/2025

292,459

USD

11,120,062

ILS

40,186,000

JPMC

6/18/2025

292,515

USD

28,858,965

JPY

4,270,000,000

CITI

6/18/2025

141,606

USD

28,859,110

JPY

4,270,000,000

JPMC

6/18/2025

141,750

USD

68,374,749

KRW

98,373,314,685

CITI

**

6/18/2025

1,363,733

160

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

68,375,091

KRW

98,373,314,685

JPMC

**

6/18/2025

$

1,364,075

USD

10,351,334

MXN

213,735,969

CITI

6/18/2025

14,681

USD

10,351,385

MXN

213,735,969

JPMC

6/18/2025

14,733

USD

130,263,196

NZD

226,773,133

CITI

6/18/2025

1,264,924

USD

130,263,847

NZD

226,773,133

JPMC

6/18/2025

1,265,576

USD

20,695,339

SGD

27,525,180

CITI

6/18/2025

125,107

USD

20,695,443

SGD

27,525,180

JPMC

6/18/2025

125,210

USD

11,740,550

THB

392,395,090

CITI

6/18/2025

110,142

USD

11,740,608

THB

392,395,090

JPMC

6/18/2025

110,201

USD

33,144,765

TWD

1,082,447,855

CITI

**

6/18/2025

418,897

USD

33,158,833

TWD

1,082,447,855

JPMC

**

6/18/2025

432,965

USD

10,457,004

ZAR

192,000,000

CITI

6/18/2025

50,642

USD

10,457,056

ZAR

192,000,000

JPMC

6/18/2025

50,694

ZAR

1,849,386,943

USD

99,557,748

CITI

6/18/2025

678,660

ZAR

1,849,386,943

USD

99,557,250

JPMC

6/18/2025

679,158

Total

unrealized

appreciation

25,535,900

AUD

8,454,375

USD

5,331,448

CITI

6/18/2025

(

45,338

)

AUD

8,454,375

USD

5,331,421

JPMC

6/18/2025

(

45,311

)

CAD

25,565,500

USD

17,939,392

CITI

6/18/2025

(

105,013

)

CAD

25,565,500

USD

17,939,302

JPMC

6/18/2025

(

104,924

)

CHF

18,585,230

USD

21,293,554

CITI

6/18/2025

(

91,519

)

CHF

18,585,230

USD

21,293,448

JPMC

6/18/2025

(

91,413

)

CLP

23,543,183,985

USD

25,208,818

CITI

**

6/18/2025

(

428,746

)

CLP

23,543,183,985

USD

25,208,692

JPMC

**

6/18/2025

(

428,623

)

CNY

147,908,500

USD

20,518,791

CITI

**

6/18/2025

(

53,323

)

CNY

147,908,500

USD

20,518,688

JPMC

**

6/18/2025

(

53,220

)

COP

63,758,711,188

USD

15,270,335

CITI

**

6/18/2025

(

183,684

)

COP

63,758,711,188

USD

15,270,258

JPMC

**

6/18/2025

(

183,609

)

CZK

879,663,878

USD

38,252,645

CITI

6/18/2025

(

78,031

)

CZK

879,663,878

USD

38,252,454

JPMC

6/18/2025

(

77,841

)

EUR

55,155,500

USD

60,138,264

CITI

6/18/2025

(

237,385

)

EUR

55,155,500

USD

60,137,963

JPMC

6/18/2025

(

237,084

)

GBP

13,094,500

USD

16,977,479

CITI

6/18/2025

(

63,889

)

GBP

13,094,500

USD

16,977,394

JPMC

6/18/2025

(

63,803

)

HUF

4,925,000,000

USD

13,298,316

CITI

6/18/2025

(

130,900

)

HUF

4,925,000,000

USD

13,298,250

JPMC

6/18/2025

(

130,833

)

IDR

46,000,000,000

USD

2,759,820

CITI

**

6/18/2025

(

8,882

)

IDR

46,000,000,000

USD

2,759,806

JPMC

**

6/18/2025

(

8,868

)

ILS

107,268,750

USD

29,989,114

CITI

6/18/2025

(

1,087,074

)

ILS

107,268,750

USD

29,988,964

JPMC

6/18/2025

(

1,086,924

)

JPY

45,545,061,435

USD

309,063,918

CITI

6/18/2025

(

2,756,209

)

JPY

45,545,061,435

USD

309,062,373

JPMC

6/18/2025

(

2,754,664

)

KRW

32,550,000,000

USD

22,539,821

CITI

**

6/18/2025

(

367,055

)

KRW

32,550,000,000

USD

22,539,708

JPMC

**

6/18/2025

(

366,942

)

MXN

395,000,000

USD

19,415,247

CITI

6/18/2025

(

312,344

)

MXN

395,000,000

USD

19,415,150

JPMC

6/18/2025

(

312,246

)

NOK

336,344,407

USD

32,028,997

CITI

6/18/2025

(

59,930

)

NOK

336,344,407

USD

32,028,837

JPMC

6/18/2025

(

59,769

)

NZD

227,450,000

USD

131,017,979

CITI

6/18/2025

(

1,634,676

)

NZD

227,450,000

USD

131,017,324

JPMC

6/18/2025

(

1,634,020

)

PEN

24,769,496

USD

6,766,553

CITI

**

6/18/2025

(

37,570

)

PEN

24,769,496

USD

6,766,520

JPMC

**

6/18/2025

(

37,536

)

PLN

102,791,000

USD

26,610,139

CITI

6/18/2025

(

148,021

)

PLN

102,791,000

USD

26,610,006

JPMC

6/18/2025

(

147,888

)

SEK

147,000,000

USD

14,740,214

CITI

6/18/2025

(

48,352

)

SEK

147,000,000

USD

14,740,140

JPMC

6/18/2025

(

48,278

)

SGD

32,263,750

USD

24,246,520

CITI

6/18/2025

(

135,040

)

SGD

32,263,751

USD

24,246,400

JPMC

6/18/2025

(

134,918

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

161

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

TWD

394,000,000

USD

12,067,491

CITI

**

6/18/2025

$

(

155,607

)

TWD

394,000,000

USD

12,067,430

JPMC

**

6/18/2025

(

155,547

)

USD

21,223,042

AUD

34,131,614

CITI

6/18/2025

(

117,800

)

USD

21,223,148

AUD

34,131,614

JPMC

6/18/2025

(

117,693

)

USD

100,511,729

CAD

144,274,065

CITI

6/18/2025

(

133,213

)

USD

100,512,232

CAD

144,274,065

JPMC

6/18/2025

(

132,710

)

USD

11,589,534

CHF

10,265,324

CITI

6/18/2025

(

121,150

)

USD

11,589,595

CHF

10,265,326

JPMC

6/18/2025

(

121,092

)

USD

8,497,143

CNY

61,597,954

CITI

**

6/18/2025

(

25,903

)

USD

8,497,186

CNY

61,597,954

JPMC

**

6/18/2025

(

25,861

)

USD

147,939,634

EUR

138,583,980

CITI

6/18/2025

(

2,567,608

)

USD

147,940,373

EUR

138,583,980

JPMC

6/18/2025

(

2,566,869

)

USD

8,678,012

GBP

6,722,000

CITI

6/18/2025

(

4,500

)

USD

8,678,055

GBP

6,722,000

JPMC

6/18/2025

(

4,457

)

USD

86,680,827

INR

7,605,193,534

CITI

**

6/18/2025

(

1,789,963

)

USD

86,681,261

INR

7,605,193,534

JPMC

**

6/18/2025

(

1,789,530

)

USD

32,538,403

JPY

4,850,000,000

CITI

6/18/2025

(

79,676

)

USD

32,538,565

JPY

4,850,000,000

JPMC

6/18/2025

(

79,513

)

USD

30,862,879

MXN

641,207,907

CITI

6/18/2025

(

147,078

)

USD

30,863,034

MXN

641,207,907

JPMC

6/18/2025

(

146,924

)

USD

53,638,996

NZD

95,142,788

CITI

6/18/2025

(

482,297

)

USD

53,639,264

NZD

95,142,788

JPMC

6/18/2025

(

482,029

)

USD

2,792,404

PHP

162,043,214

CITI

**

6/18/2025

(

32,519

)

USD

2,792,418

PHP

162,043,214

JPMC

**

6/18/2025

(

32,505

)

USD

2,992,843

PLN

11,937,386

CITI

6/18/2025

(

80,272

)

USD

2,992,858

PLN

11,937,386

JPMC

6/18/2025

(

80,257

)

USD

3,048,606

SEK

32,125,000

CITI

6/18/2025

(

162,115

)

USD

3,048,621

SEK

32,125,000

JPMC

6/18/2025

(

162,100

)

USD

208,232

SGD

279,320

CITI

6/18/2025

(

511

)

USD

208,233

SGD

279,320

JPMC

6/18/2025

(

510

)

USD

6,128,865

THB

208,298,363

CITI

6/18/2025

(

45,001

)

USD

6,128,896

THB

208,298,363

JPMC

6/18/2025

(

44,970

)

ZAR

892,271,361

USD

48,641,953

CITI

6/18/2025

(

281,022

)

ZAR

892,271,361

USD

48,641,710

JPMC

6/18/2025

(

280,778

)

Total

unrealized

depreciation

(

28,471,275

)

Net

unrealized

depreciation

$

(

2,935,375

)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

162

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

195.5%

COMMON

STOCKS

-

112.2%

Australia

-

2

.5

%

AGL

Energy

Ltd.

(2)(a)

21,907

144,600

Aristocrat

Leisure

Ltd.

(2)(a)

17,708

716,167

BlueScope

Steel

Ltd.

(2)(a)

29,280

392,175

Brambles

Ltd.

(2)(a)

56,060

708,219

Computershare

Ltd.

(2)(a)

61,729

1,521,559

Evolution

Mining

Ltd.

(2)(a)

267,622

1,197,445

Harvey

Norman

Holdings

Ltd.

(2)

(a)

19,449

61,171

Insurance

Australia

Group

Ltd.

(2)

(a)

20,444

99,451

JB

Hi-Fi

Ltd.

(2)(a)

23,996

1,402,571

Liontown

Resources

Ltd.

(2)*(a)

148,828

58,744

Northern

Star

Resources

Ltd.

(2)

(a)

128,351

1,481,835

Orica

Ltd.

(2)(a)

30,733

328,479

Pro

Medicus

Ltd.

(2)(a)

7,114

900,458

Qantas

Airways

Ltd.

(2)(a)

146,801

836,933

QBE

Insurance

Group

Ltd.

(2)(a)

33,049

456,643

Qube

Holdings

Ltd.

(2)(a)

37,425

92,663

SGH

Ltd.

(2)(a)

5,807

182,287

South32

Ltd.

(2)(a)

173,711

349,948

Technology

One

Ltd.

(2)(a)

37,580

661,005

Wesfarmers

Ltd.

(2)(a)

2,774

125,756

Westpac

Banking

Corp.

(2)(a)

59,713

1,189,928

WiseTech

Global

Ltd.

(2)(a)

1,179

60,799

Worley

Ltd.

(2)(a)

21,902

199,253

13,168,089

Belgium

-

0

.1

%

Ageas

SA/NV

(2)(a)

4,620

276,938

Solvay

SA

(2)(a)

1,442

51,294

UCB

SA

(2)(a)

2,417

425,549

753,781

Brazil

-

0

.1

%

Wheaton

Precious

Metals

Corp.

4,833

375,040

Canada

-

3

.0

%

Agnico

Eagle

Mines

Ltd.

(a)

8,433

913,651

Alamos

Gold,

Inc.,

Class

A

(a)

27,502

734,826

AltaGas

Ltd.

(a)

3,166

86,836

ARC

Resources

Ltd.

(a)

25,142

505,443

Atco

Ltd.,

Class

I

(a)

6,918

240,944

AtkinsRealis

Group,

Inc.

(a)

8,284

393,577

Bank

of

Nova

Scotia

(The)

(a)

23,156

1,097,901

Barrick

Gold

Corp.

(a)

3,212

62,363

Brookfield

Corp.,

Class

A

(a)

4,523

236,703

Canadian

Imperial

Bank

of

Commerce

(a)

3,153

177,364

Canadian

Natural

Resources

Ltd.

(a)

30,970

952,956

Capital

Power

Corp.

(a)

1,765

58,664

Celestica,

Inc.

*(a)

10,501

828,375

Cenovus

Energy,

Inc.

(a)

106,494

1,480,060

Constellation

Software,

Inc.

(a)

148

468,706

Dollarama,

Inc.

(a)

1,143

122,223

Empire

Co.

Ltd.,

Class

A

(a)

18,901

633,733

Enbridge,

Inc.

(a)

42,351

1,874,385

INVESTMENTS

SHARES

VALUE

($)

Canada

-

3.0%

(continued)

Fairfax

Financial

Holdings

Ltd.

(a)

261

377,220

Finning

International,

Inc.

(a)

8,661

243,691

Franco-Nevada

Corp.

(a)

1,228

193,137

George

Weston

Ltd.

(a)

3,278

558,835

iA

Financial

Corp.,

Inc.

(a)

3,767

357,735

Kinross

Gold

Corp.

(a)

26,047

328,155

Loblaw

Cos.

Ltd.

(a)

2,369

331,978

Lundin

Gold,

Inc.

(a)

3,809

117,945

Manulife

Financial

Corp.

(a)

11,053

344,405

Metro,

Inc.,

Class

A

(a)

7,179

499,220

Onex

Corp.

(a)

1,151

77,032

Pan

American

Silver

Corp.

(a)

20,181

521,266

Pembina

Pipeline

Corp.

(a)

5,526

221,032

Quebecor,

Inc.,

Class

B

(a)

4,018

101,382

Royal

Bank

of

Canada

(a)

3,057

344,352

Saputo,

Inc.

(a)

6,162

106,322

Shopify,

Inc.,

Class

A

*(a)

4,211

400,602

Thomson

Reuters

Corp.

(a)

281

48,491

16,041,510

China

-

0

.2

%

Prosus

NV

(2)

13,766

639,556

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

233,000

408,922

1,048,478

Denmark

-

0

.8

%

Ambu

A/S,

Class

B

(2)(a)

3,793

65,169

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

399

694,431

Carlsberg

A/S,

Class

B

(2)(a)

4,246

537,449

Danske

Bank

A/S

(2)(a)

26,958

882,374

ISS

A/S

(2)(a)

22,666

520,471

Pandora

A/S

(2)(a)

9,232

1,414,908

Royal

Unibrew

A/S

(2)(a)

942

75,002

Vestas

Wind

Systems

A/S

(2)*(a)

22,715

314,251

4,504,055

Finland

-

0

.5

%

Fortum

OYJ

(2)(a)

8,269

135,409

Nokia

OYJ

(2)(a)

136,723

720,092

Nordea

Bank

Abp

(2)(a)

17,430

222,937

Wartsila

OYJ

Abp

(2)(a)

78,621

1,402,871

2,481,309

France

-

3

.3

%

Accor

SA

(2)(a)

1,827

83,321

Air

France-KLM

(2)*(a)

17,300

160,778

Air

Liquide

SA

(2)(a)

317

60,213

Airbus

SE

(2)(a)

7,502

1,320,995

Alstom

SA

(2)*(a)

2,538

56,218

Amundi

SA

(2)(a)(b)

1,023

80,147

AXA

SA

(2)(a)

2,651

113,266

BNP

Paribas

SA

(2)(a)

8,770

732,991

Bouygues

SA

(2)(a)

4,622

182,201

Carrefour

SA

(2)(a)

40,515

579,442

Cie

de

Saint-Gobain

SA

(2)(a)

1,688

168,153

Danone

SA

(2)(a)

13,218

1,010,982

Dassault

Aviation

SA

(2)(a)

1,724

568,448

Eiffage

SA

(2)(a)

2,249

261,848

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

163

(Continued)

INVESTMENTS

SHARES

VALUE

($)

France

-

3.3%

(continued)

Engie

SA

(2)(a)

48,147

938,184

Gaztransport

Et

Technigaz

SA

(2)

(a)

1,362

206,526

Hermes

International

SCA

(2)(a)

463

1,218,208

Ipsen

SA

(2)(a)

953

109,767

Orange

SA

(2)(a)

128,153

1,660,113

Renault

SA

(2)(a)

18,258

924,887

Rexel

SA

(2)(a)

6,534

176,097

Safran

SA

(2)(a)

4,735

1,246,647

SCOR

SE

(2)(a)

9,885

285,477

Societe

Generale

SA

(2)(a)

84,036

3,791,194

TotalEnergies

SE

(2)(a)

6,576

423,711

Valeo

SE

(2)(a)

75,052

704,623

Veolia

Environnement

SA

(2)(a)

2,294

78,895

Vinci

SA

(2)(a)

1,437

181,148

Vivendi

SE

(2)(a)

45,768

137,198

17,461,678

Germany

-

4

.2

%

adidas

AG

(2)(a)

1,315

310,157

Allianz

SE

(Registered)

(2)(a)

4,994

1,911,253

Commerzbank

AG

(2)(a)

129,004

2,952,255

Deutsche

Bank

AG

(Registered)

(2)(a)

118,479

2,824,204

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

98,348

716,586

Deutsche

Telekom

AG

(Registered)

(2)(a)

47,277

1,745,466

Evonik

Industries

AG

(2)(a)

3,395

73,600

Freenet

AG

(a)

16,301

621,150

Fresenius

Medical

Care

AG

(2)(a)

1,549

77,078

GEA

Group

AG

(2)(a)

1,876

114,040

Heidelberg

Materials

AG

(2)(a)

3,025

521,442

LANXESS

AG

(2)(a)

5,302

161,281

MTU

Aero

Engines

AG

(2)(a)

1,016

353,032

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

2,011

1,270,391

Nemetschek

SE

(2)(a)

1,198

139,658

Rheinmetall

AG

(2)(a)

1,982

2,836,089

SAP

SE

(2)(a)

7,449

1,995,957

Scout24

SE

(2)(a)(b)

2,423

253,743

Talanx

AG

(2)(a)

1,296

136,308

thyssenkrupp

AG

(2)(a)

235,349

2,416,303

Zalando

SE

(2)*(a)(b)

30,552

1,059,706

22,489,699

Guatemala

-

0

.1

%

Millicom

International

Cellular

SA,

SDR

(3)

9,649

287,978

Hong

Kong

-

0

.1

%

AIA

Group

Ltd.

(2)(a)

56,600

428,455

HKT

Trust

&

HKT

Ltd.

(2)(a)

50,000

66,796

Techtronic

Industries

Co.

Ltd.

(2)(a)

7,500

89,882

WH

Group

Ltd.

(2)(a)(b)

166,500

152,881

738,014

Ireland

-

0

.1

%

Aptiv

plc

*(a)(c)

8,262

491,589

INVESTMENTS

SHARES

VALUE

($)

Italy

-

3

.1

%

A2A

SpA

(2)(a)

76,063

183,316

Azimut

Holding

SpA

(2)(a)

5,110

143,077

Banca

Generali

SpA

(2)(a)

4,175

235,224

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

211,079

1,678,763

BPER

Banca

SpA

(2)(a)

82,910

650,818

Brunello

Cucinelli

SpA

(2)(a)

584

67,091

Buzzi

SpA

(2)(a)

9,722

467,817

Coca-Cola

HBC

AG

(2)(a)

1,511

68,433

Enel

SpA

(a)

345,622

2,801,787

Intesa

Sanpaolo

SpA

(2)(a)

532,586

2,744,773

Italgas

SpA

(2)(a)

24,767

177,584

Leonardo

SpA

(2)(a)

64,978

3,164,354

Pirelli

&

C

SpA

(2)(a)(b)

104,856

624,150

Poste

Italiane

SpA

(2)(a)(b)

63,680

1,136,071

UniCredit

SpA

(2)(a)

23,730

1,332,016

Unipol

Assicurazioni

SpA

(2)(a)

68,641

1,098,800

16,574,074

Japan

-

14

.8

%

ABC-Mart,

Inc.

(2)(a)

18,400

343,295

Air

Water,

Inc.

(2)(a)

20,800

263,076

Aisin

Corp.

(2)(a)

14,400

157,290

Alfresa

Holdings

Corp.

(2)(a)

7,600

107,578

ANA

Holdings,

Inc.

(2)(a)

8,800

162,437

Asahi

Group

Holdings

Ltd.

(2)(a)

56,500

721,876

Asahi

Intecc

Co.

Ltd.

(2)(a)

30,700

495,917

Asahi

Kasei

Corp.

(2)(a)

28,900

202,608

Asics

Corp.

(2)(a)

44,300

939,496

Astellas

Pharma,

Inc.

(2)(a)

108,100

1,052,300

Azbil

Corp.

(2)(a)

50,600

393,081

Bandai

Namco

Holdings,

Inc.

(2)(a)

60,600

2,032,976

BayCurrent,

Inc.

(2)(a)

22,100

957,684

Canon,

Inc.

(2)(a)

27,100

845,064

Capcom

Co.

Ltd.

(2)(a)

21,700

535,590

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

32,300

350,204

Cosmos

Pharmaceutical

Corp.

(2)

(a)

1,400

70,117

CyberAgent,

Inc.

(2)(a)

24,500

186,435

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

35,400

504,006

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

11,200

85,518

Ebara

Corp.

(2)(a)

37,500

570,772

FANUC

Corp.

(2)(a)

4,500

122,606

Fuji

Electric

Co.

Ltd.

(2)(a)

13,600

581,397

Fujikura

Ltd.

(2)(a)

16,900

625,890

Fujitsu

Ltd.

(2)(a)

22,000

437,820

Fukuoka

Financial

Group,

Inc.

(2)

(a)

12,900

343,288

Haseko

Corp.

(2)(a)

5,800

76,358

Hikari

Tsushin,

Inc.

(2)(a)

900

232,285

Hirose

Electric

Co.

Ltd.

(2)(a)

7,100

822,422

Hitachi

Ltd.

(2)(a)

40,700

955,612

Honda

Motor

Co.

Ltd.

(2)(a)

226,000

2,045,203

IHI

Corp.

(2)(a)

18,900

1,319,009

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

5,500

83,906

Inpex

Corp.

(2)(a)

164,000

2,274,809

Japan

Airlines

Co.

Ltd.

(2)(a)

86,200

1,476,550

Japan

Post

Bank

Co.

Ltd.

(2)(a)

126,200

1,281,382

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

59,300

594,626

164

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

14.8%

(continued)

Japan

Post

Insurance

Co.

Ltd.

(2)

(a)

4,500

91,710

Kawasaki

Heavy

Industries

Ltd.

(2)(a)

8,700

525,133

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

47,300

642,921

Kinden

Corp.

(2)(a)

30,300

679,457

Kirin

Holdings

Co.

Ltd.

(2)(a)

48,200

667,867

Kobe

Steel

Ltd.

(2)(a)

48,200

559,452

Komatsu

Ltd.

(2)(a)

13,600

398,251

Konami

Group

Corp.

(2)(a)

1,000

118,082

Kuraray

Co.

Ltd.

(2)(a)

71,300

878,593

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

112,100

979,061

Kyushu

Railway

Co.

(2)(a)

2,800

68,373

Lixil

Corp.

(2)(a)

38,200

441,820

LY

Corp.

(2)(a)

59,900

202,831

Makita

Corp.

(2)(a)

12,700

420,795

Mazda

Motor

Corp.

(2)(a)

154,200

986,627

MISUMI

Group,

Inc.

(2)(a)

46,300

770,649

Mitsubishi

Electric

Corp.

(2)(a)

52,900

975,597

Mitsubishi

Heavy

Industries

Ltd.

(2)(a)

24,900

427,623

Mitsubishi

Motors

Corp.

(2)(a)

128,600

354,595

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)(a)

60,800

828,936

Mitsui

Chemicals,

Inc.

(2)(a)

15,200

341,402

Mitsui

OSK

Lines

Ltd.

(2)(a)

16,300

567,521

Mizuho

Financial

Group,

Inc.

(2)(a)

34,400

944,064

MonotaRO

Co.

Ltd.

(2)(a)

7,400

138,238

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

78,600

1,709,381

NGK

Insulators

Ltd.

(2)(a)

44,600

549,516

Nintendo

Co.

Ltd.

(2)(a)

2,300

156,349

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

72,300

1,316,932

Nippon

Yusen

KK

(2)(a)

54,100

1,787,902

Nisshin

Seifun

Group,

Inc.

(2)(a)

8,800

101,626

Niterra

Co.

Ltd.

(2)(a)

16,800

512,491

Nitto

Denko

Corp.

(2)(a)

13,900

257,102

Nomura

Holdings,

Inc.

(2)(a)

264,500

1,629,829

Obayashi

Corp.

(2)(a)

8,400

112,059

Oji

Holdings

Corp.

(2)(a)

74,000

310,201

Oracle

Corp.

Japan

(2)(a)

4,900

515,643

Otsuka

Corp.

(2)(a)

20,200

437,359

Otsuka

Holdings

Co.

Ltd.

(2)(a)

8,300

432,513

Panasonic

Holdings

Corp.

(2)(a)

32,000

381,744

Persol

Holdings

Co.

Ltd.

(2)(a)

358,500

597,334

Rakuten

Group,

Inc.

(2)*(a)

243,800

1,398,672

Resonac

Holdings

Corp.

(2)(a)

17,300

345,781

Rinnai

Corp.

(2)(a)

4,800

110,881

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

23,100

631,057

Sanrio

Co.

Ltd.

(2)(a)

7,000

323,859

Sanwa

Holdings

Corp.

(2)(a)

38,800

1,245,070

SCREEN

Holdings

Co.

Ltd.

(2)(a)

6,300

411,021

SCSK

Corp.

(2)(a)

7,200

178,039

Seibu

Holdings,

Inc.

(2)(a)

12,400

274,828

Sekisui

Chemical

Co.

Ltd.

(2)(a)

11,500

196,142

Shimamura

Co.

Ltd.

(2)(a)

6,500

372,545

Shimizu

Corp.

(2)(a)

102,700

914,081

Shionogi

&

Co.

Ltd.

(2)(a)

57,600

869,456

INVESTMENTS

SHARES

VALUE

($)

Japan

-

14.8%

(continued)

Shizuoka

Financial

Group,

Inc.

(2)

(a)

7,000

76,528

Skylark

Holdings

Co.

Ltd.

(2)(a)

7,900

158,296

Socionext,

Inc.

(2)(a)

109,600

1,330,835

SoftBank

Corp.

(2)(a)

948,200

1,322,716

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

32,300

242,969

Sojitz

Corp.

(2)(a)

35,360

779,343

Sompo

Holdings,

Inc.

(2)(a)

3,900

118,760

Sony

Group

Corp.

(2)(a)

43,700

1,105,741

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

25,800

1,198,449

Subaru

Corp.

(2)(a)

69,800

1,250,060

Sumitomo

Corp.

(2)(a)

13,400

305,759

Sumitomo

Electric

Industries

Ltd.

(2)(a)

28,500

475,663

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)(a)

75,200

1,933,738

Sumitomo

Mitsui

Trust

Group,

Inc.

(2)(a)

20,800

523,563

Sundrug

Co.

Ltd.

(2)(a)

7,900

221,441

T&D

Holdings,

Inc.

(2)(a)

10,000

214,030

Taisei

Corp.

(2)(a)

3,000

133,535

Takeda

Pharmaceutical

Co.

Ltd.

(2)(a)

64,300

1,905,774

TBS

Holdings,

Inc.

(2)(a)

9,700

279,787

Tobu

Railway

Co.

Ltd.

(2)(a)

8,900

151,933

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

82,800

571,326

Tokio

Marine

Holdings,

Inc.

(2)(a)

28,500

1,108,731

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

573,100

1,649,783

Tokyo

Electron

Ltd.

(2)(a)

6,500

891,362

Tokyo

Gas

Co.

Ltd.

(2)(a)

8,600

273,571

Tokyu

Corp.

(2)(a)

43,900

494,228

TOPPAN

Holdings,

Inc.

(2)(a)

6,000

164,024

Tosoh

Corp.

(2)(a)

6,100

83,939

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

16,200

958,767

Trend

Micro,

Inc.

(2)(a)

11,000

742,588

USS

Co.

Ltd.

(2)(a)

62,700

582,801

Yamazaki

Baking

Co.

Ltd.

(2)(a)

10,400

199,454

Yokogawa

Electric

Corp.

(2)(a)

45,100

880,172

Yokohama

Rubber

Co.

Ltd.

(The)

(2)(a)

16,000

368,935

Zensho

Holdings

Co.

Ltd.

(2)(a)

12,100

652,485

78,690,580

Luxembourg

-

0

.3

%

ArcelorMittal

SA

(2)

47,996

1,386,440

Netherlands

-

0

.6

%

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(b)

42,380

893,005

Aegon

Ltd.

(2)(a)

92,390

606,802

Argenx

SE

(2)*(a)

474

279,706

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

13,899

519,198

Koninklijke

Vopak

NV

(2)(a)

7,998

347,471

NN

Group

NV

(2)(a)

9,850

548,111

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

165

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Netherlands

-

0.6%

(continued)

SBM

Offshore

NV

(2)(a)

3,109

66,249

3,260,542

New

Zealand

-

0

.0

%

†

Xero

Ltd.

(2)*(a)

1,453

142,021

Norway

-

0

.3

%

Kongsberg

Gruppen

ASA

(2)(a)

8,469

1,241,684

Norsk

Hydro

ASA

(2)(a)

19,968

115,435

Telenor

ASA

(2)(a)

31,388

448,502

1,805,621

Singapore

-

0

.2

%

DBS

Group

Holdings

Ltd.

(2)

11,200

384,623

Grab

Holdings

Ltd.,

Class

A

*(a)(c)

89,580

405,797

Sea

Ltd.,

ADR

*(a)

2,746

358,326

1,148,746

South

Korea

-

0

.0

%

†

Delivery

Hero

SE

(2)*(b)

4,833

115,884

Spain

-

0

.8

%

Acerinox

SA

(2)(a)

20,838

244,102

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

7,873

450,598

Aena

SME

SA

(2)(a)(b)

1,674

392,727

Banco

Santander

SA

(2)(a)

66,448

447,654

CaixaBank

SA

(2)(a)

79,187

616,846

Endesa

SA

(a)

2,873

76,111

Iberdrola

SA

(2)(a)

37,942

612,691

Industria

de

Diseno

Textil

SA

(2)(a)

15,582

775,857

Mapfre

SA

(2)(a)

122,639

377,847

3,994,433

Sweden

-

1

.3

%

AAK

AB

(2)(a)

13,707

382,575

Alfa

Laval

AB

(2)(a)

17,297

741,611

Atlas

Copco

AB,

Class

A

(2)(a)

22,528

359,850

Autoliv,

Inc.

(a)(c)

9,810

867,695

Electrolux

AB,

Class

B

(2)*(a)

59,189

484,669

Hexagon

AB,

Class

B

(2)(a)

26,367

281,857

Saab

AB,

Class

B

(2)(a)

23,143

909,970

Sandvik

AB

(2)(a)

3,787

79,646

Skanska

AB,

Class

B

(2)*(a)

7,203

158,978

Swedish

Orphan

Biovitrum

AB

(2)*(a)

9,303

266,589

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)(a)

307,456

2,392,240

Telia

Co.

AB

(a)

21,793

78,679

Volvo

AB,

Class

B

(2)*(a)

5,578

163,649

7,168,008

Switzerland

-

1

.8

%

ABB

Ltd.

(Registered)

(2)(a)

22,363

1,153,885

Belimo

Holding

AG

(Registered)

(2)(a)

502

309,490

Flughafen

Zurich

AG

(Registered)

(2)(a)

1,143

271,153

Givaudan

SA

(Registered)

(a)

415

1,781,587

Logitech

International

SA

(Registered)

(2)(a)

18,252

1,546,587

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

1.8%

(continued)

Schindler

Holding

AG

(2)(a)

262

82,114

Sika

AG

(Registered)

(2)(a)

1,653

402,645

Swissquote

Group

Holding

SA

(Registered)

(2)(a)

433

187,029

TE

Connectivity

plc

(a)

4,230

597,784

Ypsomed

Holding

AG

(Registered)

(2)(a)

154

59,612

Zurich

Insurance

Group

AG

(2)(a)

4,493

3,136,150

9,528,036

Thailand

-

0

.1

%

Fabrinet

*

2,063

407,463

United

Kingdom

-

3

.2

%

Aviva

plc

(2)(a)

27,279

196,602

Barclays

plc

(2)(a)

376,834

1,416,909

Beazley

plc

(2)(a)

11,507

138,587

British

American

Tobacco

plc

(2)(a)

18,122

743,444

Centrica

plc

(2)(a)

280,359

542,846

CK

Hutchison

Holdings

Ltd.

(2)(a)

12,000

67,643

Compass

Group

plc

(2)(a)

4,494

148,645

ConvaTec

Group

plc

(2)(a)(b)

69,816

233,224

easyJet

plc

(2)(a)

95,354

548,297

Flutter

Entertainment

plc

*(a)

457

101,248

Halma

plc

(2)(a)

4,256

142,796

IMI

plc

(2)(a)

11,803

290,342

Imperial

Brands

plc

(2)(a)

30,595

1,132,072

InterContinental

Hotels

Group

plc

(2)(a)

6,766

728,497

Intermediate

Capital

Group

plc

(2)

(a)

21,768

554,415

International

Distribution

Services

plc

(a)

39,917

187,173

Intertek

Group

plc

(2)(a)

2,171

141,168

Marks

&

Spencer

Group

plc

(2)(a)

116,581

538,237

National

Grid

plc

(2)(a)

7,230

94,310

NatWest

Group

plc

(2)(a)

232,790

1,374,483

Pearson

plc

(2)(a)

17,892

283,042

RELX

plc

(2)(a)

25,685

1,290,175

Rolls-Royce

Holdings

plc

(2)*(a)

196,790

1,912,675

Sage

Group

plc

(The)

(2)(a)

19,861

311,824

Subsea

7

SA

(2)(a)

11,986

191,645

TechnipFMC

plc

(a)

59,778

1,894,366

Tesco

plc

(2)(a)

152,737

657,118

Vodafone

Group

plc

(2)(a)

1,072,951

1,008,167

Weir

Group

plc

(The)

(2)(a)

2,723

82,260

16,952,210

United

States

-

70

.7

%

3M

Co.

(a)(c)

14,379

2,111,700

Abbott

Laboratories

(a)

8,567

1,136,413

AbbVie,

Inc.

(a)

344

72,075

Abercrombie

&

Fitch

Co.,

Class

A

*(a)

16,089

1,228,717

Adobe,

Inc.

*(a)

8,551

3,279,565

AECOM

(a)

4,185

388,075

AES

Corp.

(The)

(a)

89,512

1,111,739

Affirm

Holdings,

Inc.,

Class

A

*(a)

(c)

7,936

358,628

Airbnb,

Inc.,

Class

A

*(a)(c)

1,025

122,447

Alaska

Air

Group,

Inc.

*(a)

6,169

303,638

166

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

Albertsons

Cos.,

Inc.,

Class

A

(a)

(c)

15,513

341,131

Allegion

plc

(a)

6,636

865,733

ALLETE,

Inc.

(a)

7,065

464,171

Allison

Transmission

Holdings,

Inc.

(a)

4,528

433,194

Allstate

Corp.

(The)

(a)

8,369

1,732,969

Ally

Financial,

Inc.

(a)

35,463

1,293,336

Alnylam

Pharmaceuticals,

Inc.

*(a)

4,267

1,152,175

Altria

Group,

Inc.

(a)

2,103

126,222

Amazon.com,

Inc.

*(a)

7,180

1,366,067

Amdocs

Ltd.

(a)

11,970

1,095,255

Ameren

Corp.

(a)

4,229

424,592

American

Electric

Power

Co.,

Inc.

(a)

11,185

1,222,185

American

International

Group,

Inc.

(a)

26,050

2,264,787

American

Water

Works

Co.,

Inc.

(a)(c)

11,475

1,692,792

Ameriprise

Financial,

Inc.

(a)(c)

1,558

754,243

Amphenol

Corp.,

Class

A

(a)

15,143

993,229

Antero

Resources

Corp.

*(a)

8,524

344,711

APA

Corp.

(a)

13,021

273,701

Apellis

Pharmaceuticals,

Inc.

*(a)

(c)

2,509

54,872

Appfolio,

Inc.,

Class

A

*(a)(c)

478

105,112

Apple,

Inc.

(a)(c)

6,813

1,513,372

Applied

Industrial

Technologies,

Inc.

(a)

1,529

344,545

AppLovin

Corp.,

Class

A

*(a)(c)

1,937

513,247

Arista

Networks,

Inc.

*(a)

34,175

2,647,879

Associated

Banc-Corp.

(a)

31,561

711,069

Assurant,

Inc.

(a)

1,052

220,657

Assured

Guaranty

Ltd.

(a)

707

62,287

AT&T,

Inc.

(a)

99,643

2,817,904

Atlassian

Corp.,

Class

A

*(a)

5,309

1,126,623

Atmos

Energy

Corp.

(a)(c)

3,756

580,602

Autodesk,

Inc.

*(a)

5,514

1,443,565

Automatic

Data

Processing,

Inc.

(a)(c)

2,055

627,864

AutoNation,

Inc.

*(a)(c)

1,959

317,201

AutoZone,

Inc.

*(a)

283

1,079,017

Axalta

Coating

Systems

Ltd.

*(a)

9,650

320,091

Axis

Capital

Holdings

Ltd.

(a)

12,341

1,237,062

Baker

Hughes

Co.,

Class

A

(a)(c)

18,011

791,583

Bank

of

America

Corp.

(a)

5,709

238,237

Bank

of

New

York

Mellon

Corp.

(The)

(a)

6,619

555,136

Bank

OZK

(a)(c)

11,445

497,285

Bath

&

Body

Works,

Inc.

(a)(c)

10,330

313,206

Becton

Dickinson

&

Co.

(a)(c)

2,252

515,843

BellRing

Brands,

Inc.

*(a)

16,442

1,224,271

BioMarin

Pharmaceutical,

Inc.

*(a)

33,083

2,338,637

Black

Hills

Corp.

(a)

6,076

368,509

Blackrock,

Inc.

(a)(c)

673

636,981

Boeing

Co.

(The)

*(a)

4,734

807,384

BOK

Financial

Corp.

(a)

6,872

715,719

Booking

Holdings,

Inc.

(a)(c)

736

3,390,686

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(a)

10,852

1,134,902

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

Boston

Scientific

Corp.

*(a)

12,986

1,310,028

Bright

Horizons

Family

Solutions,

Inc.

*(a)

1,012

128,564

Brighthouse

Financial,

Inc.

*(a)

17,506

1,015,173

Bristol-Myers

Squibb

Co.

(a)

34,098

2,079,637

Brixmor

Property

Group,

Inc.,

REIT

(a)

13,989

371,408

Broadcom,

Inc.

(a)

5,255

879,845

Broadridge

Financial

Solutions,

Inc.

(a)

2,988

724,470

Brown

&

Brown,

Inc.

(a)(c)

594

73,894

Brunswick

Corp.

(a)(c)

1,052

56,650

Cabot

Corp.

(a)(c)

2,073

172,349

Capital

One

Financial

Corp.

(a)

10,520

1,886,236

Cardinal

Health,

Inc.

(a)

6,485

893,438

Carnival

Corp.

*(a)(c)

51,484

1,005,483

Carvana

Co.,

Class

A

*(a)

1,076

224,970

CBRE

Group,

Inc.,

Class

A

*(a)(c)

3,734

488,333

Celsius

Holdings,

Inc.

*(a)(c)

29,803

1,061,583

Cencora,

Inc.

(a)

3,047

847,340

Centene

Corp.

*(a)

10,663

647,351

CF

Industries

Holdings,

Inc.

(a)(c)

5,131

400,988

Charles

Schwab

Corp.

(The)

(a)

19,300

1,510,804

Cheniere

Energy,

Inc.

(a)(c)

1,769

409,347

Chewy,

Inc.,

Class

A

*(a)

20,493

666,227

Chubb

Ltd.

(a)(c)

1,955

590,390

Church

&

Dwight

Co.,

Inc.

(a)(c)

2,987

328,839

Cincinnati

Financial

Corp.

(a)

1,586

234,284

Cintas

Corp.

(a)

5,946

1,222,081

Cisco

Systems,

Inc.

(a)

19,778

1,220,500

Citigroup,

Inc.

(a)(c)

43,023

3,054,203

Citizens

Financial

Group,

Inc.

(a)

(c)

14,078

576,776

Cloudflare,

Inc.,

Class

A

*(a)(c)

1,222

137,707

CME

Group,

Inc.

(a)(c)

8,497

2,254,169

CMS

Energy

Corp.

(a)(c)

18,255

1,371,133

CNA

Financial

Corp.

(a)(c)

2,385

121,134

CNO

Financial

Group,

Inc.

(a)

13,053

543,657

CNX

Resources

Corp.

*(a)(c)

5,023

158,124

Coca-Cola

Consolidated,

Inc.

(a)

630

850,500

Coherent

Corp.

*(a)(c)

2,897

188,131

Colgate-Palmolive

Co.

(a)

12,131

1,136,675

Comcast

Corp.,

Class

A

(a)

7,184

265,090

Comerica,

Inc.

(a)

4,158

245,571

Comfort

Systems

USA,

Inc.

(a)(c)

1,293

416,773

Commerce

Bancshares,

Inc.

(a)(c)

6,437

400,575

Commvault

Systems,

Inc.

*(a)(c)

3,548

559,732

ConocoPhillips

(a)

33,413

3,509,033

Corebridge

Financial,

Inc.

(a)

57,389

1,811,771

Corning,

Inc.

(a)

11,354

519,786

Corpay,

Inc.

*(a)(c)

1,398

487,511

Coterra

Energy,

Inc.

(a)(c)

15,794

456,447

Cousins

Properties,

Inc.,

REIT

(a)

6,803

200,689

CRH

plc

(a)

31,643

2,783,635

Crown

Castle,

Inc.,

REIT

(a)

10,254

1,068,774

Crown

Holdings,

Inc.

(a)

18,372

1,639,885

Cullen/Frost

Bankers,

Inc.

(a)

3,509

439,327

Cummins,

Inc.

(a)

8,260

2,589,014

Curtiss-Wright

Corp.

(a)

1,761

558,712

CVS

Health

Corp.

(a)

29,335

1,987,446

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

167

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

Danaher

Corp.

(a)

10,248

2,100,840

Delta

Air

Lines,

Inc.

(a)(c)

46,423

2,024,043

Devon

Energy

Corp.

(a)

35,286

1,319,696

Dick's

Sporting

Goods,

Inc.

(a)

1,028

207,204

Dolby

Laboratories,

Inc.,

Class

A

(a)

1,432

115,004

Donaldson

Co.,

Inc.

(a)

5,160

346,030

DoorDash,

Inc.,

Class

A

*(a)(c)

12,829

2,344,756

Dover

Corp.

(a)

1,164

204,492

DraftKings,

Inc.,

Class

A

*(a)

41,492

1,377,949

Dropbox,

Inc.,

Class

A

*(a)(c)

4,882

130,398

DTE

Energy

Co.

(a)

9,222

1,275,126

Duke

Energy

Corp.

(a)(c)

16,580

2,022,263

Duolingo,

Inc.,

Class

A

*(a)(c)

2,278

707,410

DuPont

de

Nemours,

Inc.

(a)(c)

10,822

808,187

East

West

Bancorp,

Inc.

(a)

7,317

656,774

Eaton

Corp.

plc

(a)(c)

1,935

525,991

Ecolab,

Inc.

(a)(c)

1,681

426,167

Edwards

Lifesciences

Corp.

*(a)

19,556

1,417,419

Elastic

NV

*(a)

11,479

1,022,779

Electronic

Arts,

Inc.

(a)

3,627

524,174

Element

Solutions,

Inc.

(a)(c)

24,238

548,021

Elevance

Health,

Inc.

6,256

2,721,110

Eli

Lilly

&

Co.

(a)

2,655

2,192,791

EMCOR

Group,

Inc.

(a)(c)

970

358,541

Encompass

Health

Corp.

(a)

3,422

346,580

EnerSys

(a)

4,031

369,159

Enphase

Energy,

Inc.

*(a)(c)

1,992

123,604

EPR

Properties,

REIT

(a)

21,237

1,117,279

EQT

Corp.

(a)(c)

18,238

974,456

Essent

Group

Ltd.

(a)

7,236

417,662

Essex

Property

Trust,

Inc.,

REIT

(a)

3,384

1,037,433

Euronet

Worldwide,

Inc.

*(a)

2,047

218,722

Evercore,

Inc.,

Class

A

(a)

916

182,944

Evergy,

Inc.

(a)

22,450

1,547,928

Exact

Sciences

Corp.

*(a)(c)

24,130

1,044,588

Exelixis,

Inc.

*(a)

30,409

1,122,700

Exelon

Corp.

(a)

35,486

1,635,195

Expand

Energy

Corp.

(a)(c)

1,808

201,267

Expedia

Group,

Inc.

(a)

16,366

2,751,125

Experian

plc

(2)(a)

9,491

439,769

F5,

Inc.

*(a)(c)

506

134,733

Fair

Isaac

Corp.

*(a)

806

1,486,393

Federated

Hermes,

Inc.,

Class

B

(a)

15,130

616,850

Fidelity

National

Financial,

Inc.

(a)

10,026

652,492

First

Horizon

Corp.

(a)

8,054

156,409

FirstCash

Holdings,

Inc.

(a)(c)

3,746

450,719

Fiserv,

Inc.

*(a)(c)

1,580

348,911

Flagstar

Financial,

Inc.

(a)(c)

14,351

166,759

Flowserve

Corp.

(a)

18,156

886,739

Fluor

Corp.

*(a)

17,206

616,319

FNB

Corp.

(a)(c)

23,673

318,402

Ford

Motor

Co.

(a)(c)

35,898

360,057

Fortinet,

Inc.

*(a)(c)

21,336

2,053,803

Freeport-McMoRan,

Inc.

(a)

1,449

54,859

Gap,

Inc.

(The)

(a)

37,551

773,926

Garmin

Ltd.

(a)

9,705

2,107,247

Gates

Industrial

Corp.

plc

*(a)

9,043

166,482

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

GE

Aerospace

(a)(c)

11,996

2,400,999

GE

Vernova,

Inc.

(a)

4,035

1,231,805

Gen

Digital,

Inc.

(a)(c)

4,495

119,297

General

Dynamics

Corp.

(a)

5,774

1,573,877

General

Motors

Co.

(a)

74,679

3,512,152

Genuine

Parts

Co.

(a)(c)

911

108,537

Gilead

Sciences,

Inc.

(a)

12,369

1,385,946

Gitlab,

Inc.,

Class

A

*(a)(c)

6,478

304,466

Globe

Life,

Inc.

(a)

2,991

393,975

GoDaddy,

Inc.,

Class

A

*(a)(c)

2,279

410,539

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)(c)

6,863

63,414

Graham

Holdings

Co.,

Class

B

(a)

199

191,211

Grand

Canyon

Education,

Inc.

*(a)

3,889

672,875

Greif,

Inc.,

Class

A

(a)(c)

2,213

121,693

Guidewire

Software,

Inc.

*(a)(c)

3,631

680,304

Halliburton

Co.

(a)(c)

115,518

2,930,692

Hancock

Whitney

Corp.

(a)(c)

13,336

699,473

Hanover

Insurance

Group,

Inc.

(The)

(a)(c)

2,032

353,466

Hartford

Insurance

Group,

Inc.

(The)

(a)

4,134

511,500

Hasbro,

Inc.

(a)

26,227

1,612,698

Hayward

Holdings,

Inc.

*(a)(c)

32,783

456,339

HCA

Healthcare,

Inc.

(a)(c)

1,375

475,131

Hexcel

Corp.

(a)

1,057

57,881

Hilton

Worldwide

Holdings,

Inc.

1,561

355,206

Holcim

AG

(2)(a)

35,219

3,790,029

Howard

Hughes

Holdings,

Inc.

*(a)

3,997

296,098

Howmet

Aerospace,

Inc.

(a)(c)

6,455

837,407

HubSpot,

Inc.

*(a)(c)

675

385,621

Humana,

Inc.

(a)

8,503

2,249,894

Huntington

Bancshares,

Inc.

(a)(c)

48,414

726,694

Huntsman

Corp.

(a)(c)

121,069

1,911,680

IAC,

Inc.

*(a)

3,303

151,740

IDEXX

Laboratories,

Inc.

*(a)(c)

952

399,792

Illinois

Tool

Works,

Inc.

(a)

2,558

634,410

Illumina,

Inc.

*(a)(c)

18,319

1,453,429

Incyte

Corp.

*(a)(c)

55,794

3,378,327

Ingredion,

Inc.

(a)

2,668

360,740

Intel

Corp.

(a)

36,417

827,030

International

Bancshares

Corp.

(a)

1,959

123,535

International

Business

Machines

Corp.

(a)(c)

2,030

504,780

Intuitive

Surgical,

Inc.

*(a)

257

127,284

Invesco

Ltd.

(a)

107,059

1,624,085

IPG

Photonics

Corp.

*(a)(c)

5,222

329,717

IQVIA

Holdings,

Inc.

*(a)

7,680

1,353,984

Iridium

Communications,

Inc.

(a)(c)

7,495

204,763

ITT,

Inc.

(a)(c)

4,554

588,195

Jabil,

Inc.

(a)(c)

4,454

606,056

Jacobs

Solutions,

Inc.

(a)

1,184

143,134

Janus

Henderson

Group

plc

(a)

2,983

107,835

Johnson

&

Johnson

(a)

19,174

3,179,816

Johnson

Controls

International

plc

(a)

19,690

1,577,366

Kemper

Corp.

(a)

1,020

68,187

Keurig

Dr

Pepper,

Inc.

(a)

36,883

1,262,136

Keysight

Technologies,

Inc.

*(a)

1,786

267,489

Kilroy

Realty

Corp.,

REIT

(a)

9,252

303,096

168

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

Kinder

Morgan,

Inc.

(a)(c)

23,853

680,526

Kirby

Corp.

*(a)

3,955

399,495

KLA

Corp.

(a)

233

158,393

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(a)(c)

18,725

814,350

Kyndryl

Holdings,

Inc.

*(a)(c)

9,306

292,208

Lam

Research

Corp.

(a)

6,100

443,470

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

7,243

824,109

Lincoln

Electric

Holdings,

Inc.

(a)

439

83,041

Lincoln

National

Corp.

(a)

41,508

1,490,552

Linde

plc

(a)

1,660

772,962

Lockheed

Martin

Corp.

(a)

141

62,986

Louisiana-Pacific

Corp.

(a)

4,869

447,851

Lyft,

Inc.,

Class

A

*(a)(c)

41,623

494,065

M&T

Bank

Corp.

(a)(c)

2,809

502,109

Marathon

Petroleum

Corp.

(a)

876

127,624

Marsh

&

McLennan

Cos.,

Inc.

(a)

2,309

563,465

Marvell

Technology,

Inc.

(a)

18,885

1,162,749

Masco

Corp.

(a)(c)

6,381

443,735

MasTec,

Inc.

*(a)

2,757

321,769

Mastercard,

Inc.,

Class

A

(a)

1,984

1,087,470

Mattel,

Inc.

*(a)

37,677

732,064

McCormick

&

Co.,

Inc.

(Non-

Voting)

(a)

7,995

658,068

McKesson

Corp.

(a)(c)

1,462

983,911

Medical

Properties

Trust,

Inc.,

REIT

(a)

71,324

430,084

Medpace

Holdings,

Inc.

*(a)(c)

523

159,353

Medtronic

plc

(a)

18,541

1,666,094

Merck

&

Co.,

Inc.

(a)

55,418

4,974,319

Meta

Platforms,

Inc.,

Class

A

(a)

639

368,294

Molina

Healthcare,

Inc.

*(a)(c)

2,161

711,812

Molson

Coors

Beverage

Co.,

Class

B

(a)(c)

8,854

538,943

Monster

Beverage

Corp.

*(a)

16,576

970,028

Moody's

Corp.

(a)(c)

167

77,770

Mosaic

Co.

(The)

(a)

13,475

363,960

Motorola

Solutions,

Inc.

(a)(c)

1,772

775,799

MSCI,

Inc.,

Class

A

(a)

4,392

2,483,676

Mueller

Industries,

Inc.

(a)(c)

13,760

1,047,686

Murphy

Oil

Corp.

(a)(c)

14,819

420,860

Natera,

Inc.

*(a)(c)

7,871

1,113,038

National

Fuel

Gas

Co.

(a)

4,537

359,285

NetApp,

Inc.

(a)

9,095

798,905

Netflix,

Inc.

*(a)

1,280

1,193,638

New

Jersey

Resources

Corp.

(a)

6,076

298,089

New

York

Times

Co.

(The),

Class

A

(a)

48,621

2,411,602

Newell

Brands,

Inc.

(a)(c)

92,661

574,498

NewMarket

Corp.

(a)

311

176,166

Newmont

Corp.

(a)

29,724

1,435,075

News

Corp.,

Class

A

(a)

27,599

751,245

NiSource,

Inc.

(a)

11,933

478,394

Northwestern

Energy

Group,

Inc.

(a)

5,298

306,595

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(c)

19,077

361,700

Novartis

AG

(Registered)

(2)(a)

41,542

4,614,061

Nutanix,

Inc.,

Class

A

*(a)

18,199

1,270,472

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

NVIDIA

Corp.

(a)

21,501

2,330,278

OGE

Energy

Corp.

(a)

9,148

420,442

Okta,

Inc.,

Class

A

*(a)(c)

2,935

308,821

Omega

Healthcare

Investors,

Inc.,

REIT

(a)

59,409

2,262,295

Omnicom

Group,

Inc.

(a)

17,919

1,485,664

OneMain

Holdings,

Inc.

(a)(c)

22,826

1,115,735

O'Reilly

Automotive,

Inc.

*(a)

368

527,189

Ovintiv,

Inc.

(a)

35,190

1,506,132

Owens

Corning

(a)

6,825

974,747

Packaging

Corp.

of

America

(a)(c)

4,722

935,050

Palantir

Technologies,

Inc.,

Class

A

*(a)(c)

7,590

640,596

Palo

Alto

Networks,

Inc.

*(a)(c)

4,970

848,081

Parker-Hannifin

Corp.

(a)(c)

547

332,494

Paylocity

Holding

Corp.

*(a)(c)

2,169

406,340

PayPal

Holdings,

Inc.

*(a)

4,852

316,593

Pegasystems,

Inc.

(a)

8,701

604,894

Penske

Automotive

Group,

Inc.

(a)

3,013

433,812

Pentair

plc

(a)

3,958

346,246

Penumbra,

Inc.

*(a)

412

110,173

PepsiCo,

Inc.

(a)

17,126

2,567,872

Performance

Food

Group

Co.

*(a)

(c)

2,283

179,512

Pfizer,

Inc.

(a)

46,508

1,178,513

PG&E

Corp.

(a)

168,996

2,903,351

Philip

Morris

International,

Inc.

(a)

30,050

4,769,836

Pilgrim's

Pride

Corp.

*(a)

7,411

403,974

Pinterest,

Inc.,

Class

A

*(a)

11,174

346,394

PNC

Financial

Services

Group,

Inc.

(The)

(a)

2,756

484,422

Popular,

Inc.

18,695

1,726,857

PotlatchDeltic

Corp.,

REIT

(a)(c)

11,113

501,419

PPL

Corp.

(a)(c)

26,159

944,601

Primerica,

Inc.

(a)

1,192

339,160

Principal

Financial

Group,

Inc.

(a)

(c)

17,211

1,452,092

Progressive

Corp.

(The)

(a)

2,237

633,093

Prosperity

Bancshares,

Inc.

(a)

6,623

472,684

Pure

Storage,

Inc.,

Class

A

*(a)(c)

3,069

135,865

QUALCOMM,

Inc.

(a)

5,783

888,327

Qualys,

Inc.

*(a)(c)

10,546

1,328,058

Ralph

Lauren

Corp.,

Class

A

(a)

1,187

262,018

Rambus,

Inc.

*(a)(c)

1,266

65,547

Range

Resources

Corp.

(a)(c)

9,409

375,701

Raymond

James

Financial,

Inc.

(a)

917

127,380

Regency

Centers

Corp.,

REIT

(a)

(c)

1,110

81,874

Regions

Financial

Corp.

(a)(c)

2,725

59,214

Reinsurance

Group

of

America,

Inc.

(a)

1,165

229,389

ResMed,

Inc.

(a)(c)

3,034

679,161

Robinhood

Markets,

Inc.,

Class

A

*(a)(c)

14,484

602,824

ROBLOX

Corp.,

Class

A

*(a)

35,421

2,064,690

Roche

Holding

AG

(2)(a)

6,228

2,049,807

Roku,

Inc.,

Class

A

*(a)

8,682

611,560

Rollins,

Inc.

(a)(c)

11,498

621,237

Ross

Stores,

Inc.

(a)

471

60,189

Royal

Gold,

Inc.

(a)

13,755

2,249,080

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

169

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

Royalty

Pharma

plc,

Class

A

(a)

48,552

1,511,424

Ryder

System,

Inc.

(a)

1,619

232,828

S&P

Global,

Inc.

(a)

1,632

829,219

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(c)

26,423

461,610

Samsara,

Inc.,

Class

A

*(a)(c)

3,920

150,254

SBA

Communications

Corp.,

REIT

(a)(c)

9,436

2,076,014

Schlumberger

NV

(a)(c)

11,135

465,443

Schneider

Electric

SE

(2)(a)

4,234

977,399

Science

Applications

International

Corp.

(a)

5,214

585,376

Seagate

Technology

Holdings

plc

(a)(c)

5,124

435,284

Service

Corp.

International

(a)

3,764

301,873

ServiceNow,

Inc.

*(a)(c)

872

694,234

Shell

plc

(2)(a)

34,139

1,242,671

Signify

NV

(2)(a)(b)

16,854

365,935

Simon

Property

Group,

Inc.,

REIT

(a)(c)

894

148,476

Sirius

XM

Holdings,

Inc.

(a)

21,608

487,152

Skechers

USA,

Inc.,

Class

A

*(a)(c)

5,257

298,492

SLM

Corp.

(a)

7,599

223,183

Snap,

Inc.,

Class

A

*(a)(c)

25,690

223,760

Snowflake,

Inc.,

Class

A

*(a)(c)

15,190

2,220,170

Solventum

Corp.

*(a)(c)

4,112

312,676

Sotera

Health

Co.

*(a)(c)

7,585

88,441

SS&C

Technologies

Holdings,

Inc.

(a)(c)

25,093

2,096,018

Steel

Dynamics,

Inc.

(a)

4,347

543,723

STERIS

plc

(a)(c)

916

207,611

Stifel

Financial

Corp.

(a)

2,442

230,183

Stryker

Corp.

(a)

2,385

887,816

Swiss

Re

AG

(2)(a)

5,792

985,676

Synchrony

Financial

(a)

21,990

1,164,151

Synovus

Financial

Corp.

(a)(c)

28,441

1,329,332

Tapestry,

Inc.

(a)

4,126

290,512

Targa

Resources

Corp.

(a)

4,554

912,940

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

4,394

263,816

TD

SYNNEX

Corp.

(a)

3,090

321,236

Texas

Capital

Bancshares,

Inc.

*(a)

16,601

1,240,095

Texas

Pacific

Land

Corp.

(a)(c)

285

377,622

Texas

Roadhouse,

Inc.,

Class

A

(a)

7,591

1,264,888

Thermo

Fisher

Scientific,

Inc.

(a)(c)

2,509

1,248,478

TJX

Cos.,

Inc.

(The)

(a)(c)

5,971

727,268

T-Mobile

US,

Inc.

(a)

5,166

1,377,824

Trane

Technologies

plc

(a)

8,837

2,977,362

TransUnion

(a)(c)

5,194

431,050

Travel

+

Leisure

Co.

(a)

17,900

828,591

Travelers

Cos.,

Inc.

(The)

(a)

6,937

1,834,559

Trimble,

Inc.

*(a)(c)

2,998

196,819

Twilio,

Inc.,

Class

A

*(a)

6,063

593,628

Tyson

Foods,

Inc.,

Class

A

(a)

31,208

1,991,382

Uber

Technologies,

Inc.

*(a)(c)

8,681

632,498

UGI

Corp.

(a)(c)

8,253

272,927

UMB

Financial

Corp.

(a)

1,496

151,246

United

Airlines

Holdings,

Inc.

*(a)

(c)

8,877

612,957

INVESTMENTS

SHARES

VALUE

($)

United

States

-

70.7%

(continued)

United

Parcel

Service,

Inc.,

Class

B

(a)

15,944

1,753,681

United

Rentals,

Inc.

(a)(c)

247

154,795

United

Therapeutics

Corp.

*(a)(c)

1,303

401,676

Universal

Health

Services,

Inc.,

Class

B

(a)

9,647

1,812,671

Unum

Group

(a)

3,722

303,194

US

Foods

Holding

Corp.

*(a)(c)

6,335

414,689

Valero

Energy

Corp.

(a)

10,652

1,406,810

Valley

National

Bancorp

(a)

81,712

726,420

Valmont

Industries,

Inc.

(a)

514

146,680

Veeva

Systems,

Inc.,

Class

A

*(a)

4,204

973,773

Ventas,

Inc.,

REIT

(a)

28,275

1,944,189

VeriSign,

Inc.

*(a)(c)

17,946

4,555,950

Verisk

Analytics,

Inc.,

Class

A

(a)

1,371

408,037

Verizon

Communications,

Inc.

(a)

16,022

726,758

Vertiv

Holdings

Co.,

Class

A

(a)(c)

1,521

109,816

Virtu

Financial,

Inc.,

Class

A

(a)

5,364

204,476

Vistra

Corp.

(a)(c)

1,139

133,764

Vulcan

Materials

Co.

(a)(c)

778

181,507

W

R

Berkley

Corp.

(a)

10,147

722,061

Walmart,

Inc.

(a)

13,909

1,221,071

Warner

Music

Group

Corp.,

Class

A

(a)(c)

10,857

340,367

Waste

Connections,

Inc.

(a)(c)

3,294

642,956

Waters

Corp.

*(a)(c)

1,465

539,955

Watsco,

Inc.

(a)(c)

423

215,011

Wayfair,

Inc.,

Class

A

*(a)(c)

11,322

362,644

WEC

Energy

Group,

Inc.

(a)(c)

8,030

875,109

Welltower,

Inc.,

REIT

(a)(c)

5,612

859,815

Wendy's

Co.

(The)

(a)

49,654

726,438

WESCO

International,

Inc.

(a)(c)

13,053

2,027,131

Westinghouse

Air

Brake

Technologies

Corp.

(a)

4,947

897,138

Whirlpool

Corp.

(a)(c)

3,324

299,592

Williams

Cos.,

Inc.

(The)

(a)(c)

27,838

1,663,599

Willis

Towers

Watson

plc

(a)

758

256,166

Wintrust

Financial

Corp.

(a)(c)

692

77,822

Woodward,

Inc.

(a)

2,127

388,156

WW

Grainger,

Inc.

(a)

525

518,611

Wyndham

Hotels

&

Resorts,

Inc.

(a)

5,394

488,211

Xcel

Energy,

Inc.

(a)

21,187

1,499,828

YETI

Holdings,

Inc.

*(a)(c)

22,005

728,366

Zillow

Group,

Inc.,

Class

C

*(a)(c)

9,838

674,493

Zions

Bancorp

NA

(a)

32,920

1,641,391

Zoom

Communications,

Inc.,

Class

A

*(a)

13,589

1,002,461

Zscaler,

Inc.

*(a)(c)

4,796

951,622

375,926,249

TOTAL

COMMON

STOCKS

(Cost

$571,168,668)

596,941,527

170

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

83.3%

INVESTMENT

COMPANIES

-

31

.8

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

20,860,167

20,860,167

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)

148,103,739

148,059,308

TOTAL

INVESTMENT

COMPANIES

(Cost

$168,910,034)

168,919,475

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

51

.5

%

U.S.

Treasury

Bills

4.31%,

4/3/2025

(2)(f)

$

24,495,000

24,489,225

4.40%,

4/10/2025

(2)(f)

525,000

524,442

4.41%,

4/24/2025

(2)(f)

38,120,000

38,016,871

4.42%,

5/1/2025

(2)(f)

20,200,000

20,128,755

4.35%,

5/8/2025

(2)(f)

2,654,000

2,642,448

4.41%,

5/22/2025

(2)(f)

2,059,000

2,046,676

4.40%,

6/5/2025

(2)(f)

2,267,000

2,249,829

4.29%,

6/12/2025

(2)(f)

1,932,000

1,915,810

4.25%,

6/20/2025

(2)(f)

774,000

766,775

4.27%,

7/17/2025

(2)(f)

4,098,000

4,046,996

4.25%,

7/24/2025

(2)(f)

5,373,000

5,302,106

4.28%,

8/14/2025

(2)(f)

1,109,000

1,091,762

4.31%,

8/21/2025

(2)(f)

3,000,000

2,951,247

4.27%,

8/28/2025

(2)(f)(g)

20,674,000

20,322,318

4.22%,

9/4/2025

(2)(f)(g)

7,267,000

7,138,025

4.16%,

9/11/2025

(2)(f)

3,000,000

2,944,308

4.19%,

9/18/2025

(2)(f)(g)

52,000,000

50,995,678

4.17%,

9/25/2025

(2)(f)

61,257,000

60,026,679

4.16%,

10/2/2025

(2)(f)

27,457,000

26,885,693

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$274,477,215)

274,485,643

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$443,387,249)

443,405,118

TOTAL

LONG

POSITIONS

(Cost

$1,014,555,917)

1,040,346,645

SHARES

SHORT

POSITIONS

-

(109.6)%

COMMON

STOCKS

-

(109.2)%

Australia

-

(

4

.0

)

%

ALS

Ltd.

(2)

(

10,644

)

(

103,323

)

Ampol

Ltd.

(2)

(

51,114

)

(

751,914

)

ANZ

Group

Holdings

Ltd.

(2)

(

44,546

)

(

815,596

)

APA

Group

(2)

(

187,470

)

(

928,685

)

Atlas

Arteria

Ltd.

(2)

(

39,419

)

(

119,943

)

Aurizon

Holdings

Ltd.

(2)

(

36,891

)

(

71,717

)

BHP

Group

Ltd.

(2)

(

28,671

)

(

695,649

)

Cochlear

Ltd.

(2)

(

4,068

)

(

670,443

)

Commonwealth

Bank

of

Australia

(2)

(

24,339

)

(

2,314,490

)

Domino's

Pizza

Enterprises

Ltd.

(2)

(

12,761

)

(

205,812

)

Endeavour

Group

Ltd.

(2)

(

93,257

)

(

225,535

)

Fortescue

Ltd.

(2)

(

30,883

)

(

298,917

)

Glencore

plc

(2)

(

70,943

)

(

259,661

)

IDP

Education

Ltd.

(2)

(

38,836

)

(

230,089

)

IGO

Ltd.

(2)

(

167,745

)

(

418,281

)

INVESTMENTS

SHARES

VALUE

($)

Australia

-

(4.0)%

(continued)

Lynas

Rare

Earths

Ltd.

(2)

(

76,705

)

(

335,845

)

Macquarie

Group

Ltd.

(2)

(

2,336

)

(

290,707

)

Medibank

Pvt

Ltd.

(2)

(

53,758

)

(

150,245

)

Mineral

Resources

Ltd.

(2)

(

16,649

)

(

251,384

)

National

Australia

Bank

Ltd.

(2)

(

124,330

)

(

2,674,177

)

New

Hope

Corp.

Ltd.

(2)

(

40,526

)

(

94,307

)

NEXTDC

Ltd.

(2)

(

85,365

)

(

611,425

)

Origin

Energy

Ltd.

(2)

(

11,278

)

(

74,631

)

Pilbara

Minerals

Ltd.

(2)

(

294,507

)

(

313,574

)

Ramsay

Health

Care

Ltd.

(2)

(

43,385

)

(

931,867

)

Reece

Ltd.

(2)

(

15,381

)

(

152,612

)

Rio

Tinto

plc

(2)

(

9,791

)

(

587,560

)

Santos

Ltd.

(2)

(

14,975

)

(

62,752

)

Telstra

Group

Ltd.

(2)

(

101,950

)

(

269,330

)

Transurban

Group

(2)

(

123,216

)

(

1,037,810

)

Treasury

Wine

Estates

Ltd.

(2)

(

88,616

)

(

543,325

)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)

(

22,185

)

(

483,373

)

Woodside

Energy

Group

Ltd.

(2)

(

174,391

)

(

2,533,541

)

Woolworths

Group

Ltd.

(2)

(

105,226

)

(

1,953,767

)

(21,462,287)

Austria

-

(

0

.1

)

%

Mondi

plc

(2)

(

41,105

)

(

613,173

)

Belgium

-

(

0

.3

)

%

Anheuser-Busch

InBev

SA/NV

(2)

(

3,494

)

(

214,816

)

D'ieteren

Group

(2)

(

2,401

)

(

413,599

)

Elia

Group

SA/NV

(2)

(

3,778

)

(

327,681

)

Liberty

Global

Ltd.,

Class

A

(

6,384

)

(

73,480

)

Lotus

Bakeries

NV

(2)

(

28

)

(

248,921

)

Umicore

SA

(2)

(

29,084

)

(

301,301

)

(1,579,798)

Canada

-

(

3

.9

)

%

Air

Canada

(

29,604

)

(

291,504

)

Algonquin

Power

&

Utilities

Corp.

(

75,103

)

(

385,679

)

Alimentation

Couche-Tard,

Inc.

(

8,953

)

(

441,537

)

Bank

of

Montreal

(

14,681

)

(

1,401,941

)

BCE,

Inc.

(

62,468

)

(

1,433,806

)

Brookfield

Asset

Management

Ltd.,

Class

A

(

8,888

)

(

430,241

)

Brookfield

Infrastructure

Corp.,

Class

A

(

1,784

)

(

64,428

)

Brookfield

Renewable

Corp.

(

2,398

)

(

66,938

)

Cameco

Corp.

(

15,266

)

(

628,441

)

Canadian

National

Railway

Co.

(

27,515

)

(

2,677,601

)

Canadian

Pacific

Kansas

City

Ltd.

(

16,158

)

(

1,133,940

)

Canadian

Tire

Corp.

Ltd.,

Class

A

(

691

)

(

71,758

)

Canadian

Utilities

Ltd.,

Class

A

(

3,487

)

(

89,656

)

Capstone

Copper

Corp.

(

79,111

)

(

407,361

)

CGI,

Inc.

(

10,941

)

(

1,092,237

)

Descartes

Systems

Group,

Inc.

(The)

(

1,550

)

(

156,039

)

Fortis,

Inc.

(

2,282

)

(

103,947

)

Hydro

One

Ltd.

(b)

(

20,131

)

(

676,932

)

Imperial

Oil

Ltd.

(

6,508

)

(

470,106

)

Intact

Financial

Corp.

(

4,878

)

(

996,616

)

Keyera

Corp.

(

2,442

)

(

75,905

)

Magna

International,

Inc.

(

5,701

)

(

193,764

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

171

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Canada

-

(3.9)%

(continued)

MEG

Energy

Corp.

(

3,765

)

(

66,009

)

National

Bank

of

Canada

(

18,169

)

(

1,499,553

)

Northland

Power,

Inc.

(

11,974

)

(

163,669

)

Open

Text

Corp.

(

9,096

)

(

229,573

)

Restaurant

Brands

International,

Inc.

(

5,677

)

(

378,440

)

Rogers

Communications,

Inc.,

Class

B

(

75,271

)

(

2,010,122

)

Stantec,

Inc.

(

1,151

)

(

95,404

)

Sun

Life

Financial,

Inc.

(

16,871

)

(

965,564

)

TC

Energy

Corp.

(

1,236

)

(

58,371

)

Teck

Resources

Ltd.,

Class

B

(

24,347

)

(

886,884

)

TFI

International,

Inc.

(

3,645

)

(

282,218

)

Whitecap

Resources,

Inc.

(

10,378

)

(

66,780

)

WSP

Global,

Inc.

(

5,439

)

(

923,010

)

(20,915,974)

Chile

-

(

0

.3

)

%

Antofagasta

plc

(2)

(

21,230

)

(

462,210

)

Lundin

Mining

Corp.

(

127,089

)

(

1,029,747

)

(1,491,957)

China

-

(

0

.2

)

%

NXP

Semiconductors

NV

(

5,994

)

(

1,139,220

)

Wilmar

International

Ltd.

(2)

(

36,700

)

(

91,003

)

(1,230,223)

Denmark

-

(

1

.4

)

%

Coloplast

A/S,

Class

B

(2)

(

8,314

)

(

872,003

)

DSV

A/S

(2)

(

10,180

)

(

1,968,620

)

Genmab

A/S

(2)

(

2,037

)

(

396,849

)

GN

Store

Nord

A/S

(2)

(

6,274

)

(

98,137

)

Novo

Nordisk

A/S,

Class

B

(2)

(

15,066

)

(

1,030,188

)

Novonesis

(Novozymes),

Class

B

(2)

(

18,195

)

(

1,059,432

)

Orsted

A/S

(2)(b)

(

20,248

)

(

884,253

)

ROCKWOOL

A/S,

Class

B

(2)

(

285

)

(

118,135

)

Tryg

A/S

(2)

(

35,115

)

(

835,332

)

(7,262,949)

Finland

-

(

0

.4

)

%

Elisa

OYJ

(

1,720

)

(

83,841

)

Kesko

OYJ,

Class

B

(2)

(

3,926

)

(

80,249

)

Metso

OYJ

(2)

(

15,581

)

(

161,547

)

Neste

OYJ

(2)

(

47,919

)

(

443,214

)

Sampo

OYJ,

Class

A

(2)

(

111,902

)

(

1,072,378

)

Stora

Enso

OYJ,

Class

R

(2)

(

8,196

)

(

77,668

)

Valmet

OYJ

(2)

(

6,408

)

(

173,804

)

(2,092,701)

France

-

(

1

.9

)

%

Aeroports

de

Paris

SA

(2)

(

3,818

)

(

388,685

)

Arkema

SA

(2)

(

3,675

)

(

281,399

)

BioMerieux

(2)

(

1,357

)

(

167,736

)

Bollore

SE

(2)

(

27,515

)

(

161,194

)

Bureau

Veritas

SA

(2)

(

20,073

)

(

609,017

)

Capgemini

SE

(2)

(

7,092

)

(

1,065,631

)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(

4,649

)

(

163,396

)

Edenred

SE

(2)

(

20,678

)

(

671,963

)

INVESTMENTS

SHARES

VALUE

($)

France

-

(1.9)%

(continued)

EssilorLuxottica

SA

(2)

(

6,868

)

(

1,979,143

)

Getlink

SE

(2)

(

4,859

)

(

83,919

)

Kering

SA

(2)

(

5,723

)

(

1,190,615

)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(

218

)

(

135,003

)

Pernod

Ricard

SA

(2)

(

19,125

)

(

1,889,410

)

Remy

Cointreau

SA

(2)

(

1,373

)

(

64,167

)

Sartorius

Stedim

Biotech

(2)

(

1,664

)

(

329,667

)

SEB

SA

(2)

(

1,590

)

(

150,391

)

Sodexo

SA

(

1,043

)

(

66,991

)

SOITEC

(2)

(

4,684

)

(

250,502

)

Teleperformance

SE

(2)

(

1,788

)

(

179,785

)

Ubisoft

Entertainment

SA

(2)

(

11,609

)

(

140,393

)

Verallia

SA

(2)(b)

(

6,453

)

(

200,403

)

Worldline

SA

(2)(b)

(

27,615

)

(

169,651

)

(10,339,061)

Germany

-

(

2

.8

)

%

BASF

SE

(2)

(

34,927

)

(

1,750,850

)

Bayerische

Motoren

Werke

AG

(2)

(

28,977

)

(

2,336,630

)

Bechtle

AG

(2)

(

14,787

)

(

552,290

)

Beiersdorf

AG

(2)

(

6,842

)

(

883,876

)

Brenntag

SE

(2)

(

25,161

)

(

1,630,875

)

Continental

AG

(2)

(

5,987

)

(

422,202

)

CTS

Eventim

AG

&

Co.

KGaA

(2)

(

729

)

(

73,135

)

Daimler

Truck

Holding

AG

(2)

(

31,340

)

(

1,269,570

)

Deutsche

Post

AG

(2)

(

4,156

)

(

178,431

)

Hannover

Rueck

SE

(2)

(

1,582

)

(

471,527

)

Infineon

Technologies

AG

(2)

(

6,153

)

(

205,110

)

KION

Group

AG

(2)

(

8,463

)

(

354,907

)

Mercedes-Benz

Group

AG

(2)

(

15,663

)

(

925,241

)

Merck

KGaA

(2)

(

11,647

)

(

1,602,743

)

Puma

SE

(2)

(

5,711

)

(

139,304

)

RWE

AG

(

19,112

)

(

682,385

)

Siemens

AG

(Registered)

(2)

(

4,249

)

(

981,291

)

Symrise

AG,

Class

A

(2)

(

1,510

)

(

156,548

)

Wacker

Chemie

AG

(2)

(

2,143

)

(

177,539

)

(14,794,454)

Ireland

-

(

0

.1

)

%

Accenture

plc,

Class

A

(

1,886

)

(

588,507

)

Italy

-

(

1

.4

)

%

Amplifon

SpA

(2)

(

5,647

)

(

114,640

)

Davide

Campari-Milano

NV

(2)

(

167,387

)

(

983,891

)

Ferrari

NV

(2)

(

7,108

)

(

3,035,547

)

FinecoBank

Banca

Fineco

SpA

(2)

(

6,502

)

(

128,782

)

Infrastrutture

Wireless

Italiane

SpA

(b)

(

18,730

)

(

198,274

)

Interpump

Group

SpA

(2)

(

2,494

)

(

89,075

)

Moncler

SpA

(2)

(

16,172

)

(

996,148

)

Prysmian

SpA

(2)

(

2,224

)

(

122,425

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(

9,731

)

(

551,435

)

Reply

SpA

(2)

(

1,494

)

(

244,722

)

Snam

SpA

(

43,510

)

(

225,592

)

Terna

-

Rete

Elettrica

Nazionale

(2)

(

70,116

)

(

633,658

)

(7,324,189)

172

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ivory

Coast

-

(

0

.0

)

%

†

Endeavour

Mining

plc

(2)

(

2,687

)

(

63,356

)

Japan

-

(

15

.5

)

%

Advantest

Corp.

(2)

(

25,100

)

(

1,118,870

)

Aeon

Co.

Ltd.

(2)

(

91,100

)

(

2,284,781

)

AGC,

Inc.

(2)

(

6,200

)

(

188,745

)

Ajinomoto

Co.,

Inc.

(2)

(

35,000

)

(

692,920

)

Amada

Co.

Ltd.

(2)

(

7,500

)

(

73,047

)

Bridgestone

Corp.

(2)

(

42,700

)

(

1,715,380

)

Brother

Industries

Ltd.

(2)

(

3,300

)

(

59,751

)

Central

Japan

Railway

Co.

(2)

(

42,500

)

(

810,651

)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(

6,200

)

(

284,032

)

Daifuku

Co.

Ltd.

(2)

(

21,400

)

(

526,044

)

Daikin

Industries

Ltd.

(2)

(

3,600

)

(

390,667

)

Daiwa

Securities

Group,

Inc.

(2)

(

105,300

)

(

709,011

)

Denso

Corp.

(2)

(

69,100

)

(

857,294

)

Dentsu

Group,

Inc.

(2)

(

31,900

)

(

704,499

)

Disco

Corp.

(2)

(

300

)

(

61,267

)

East

Japan

Railway

Co.

(2)

(

56,800

)

(

1,119,561

)

Eisai

Co.

Ltd.

(2)

(

38,400

)

(

1,068,950

)

ENEOS

Holdings,

Inc.

(2)

(

48,300

)

(

254,735

)

Fast

Retailing

Co.

Ltd.

(2)

(

10,200

)

(

3,036,453

)

FUJIFILM

Holdings

Corp.

(2)

(

87,400

)

(

1,674,494

)

Hakuhodo

DY

Holdings,

Inc.

(2)

(

45,500

)

(

330,151

)

Hamamatsu

Photonics

KK

(2)

(

73,500

)

(

716,513

)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(

17,100

)

(

460,115

)

Hoshizaki

Corp.

(2)

(

9,900

)

(

383,215

)

Ibiden

Co.

Ltd.

(2)

(

47,200

)

(

1,273,213

)

Idemitsu

Kosan

Co.

Ltd.

(2)

(

49,100

)

(

347,299

)

Isetan

Mitsukoshi

Holdings

Ltd.

(2)

(

5,100

)

(

73,960

)

Isuzu

Motors

Ltd.

(2)

(

42,500

)

(

577,898

)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(

19,100

)

(

526,583

)

Kajima

Corp.

(2)

(

18,500

)

(

378,425

)

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)

(

23,700

)

(

281,272

)

Kansai

Paint

Co.

Ltd.

(2)

(

20,600

)

(

294,489

)

Kao

Corp.

(2)

(

12,700

)

(

549,741

)

KDDI

Corp.

(2)

(

147,400

)

(

2,328,281

)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(

67,800

)

(

612,573

)

Kikkoman

Corp.

(2)

(

89,200

)

(

860,484

)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(

30,000

)

(

640,883

)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(

14,500

)

(

549,306

)

Kobe

Bussan

Co.

Ltd.

(2)

(

13,400

)

(

311,984

)

Koito

Manufacturing

Co.

Ltd.

(2)

(

37,200

)

(

458,829

)

Kose

Corp.

(2)

(

6,100

)

(

253,142

)

Kubota

Corp.

(2)

(

97,300

)

(

1,202,375

)

Kurita

Water

Industries

Ltd.

(2)

(

9,100

)

(

281,457

)

Kyocera

Corp.

(2)

(

6,800

)

(

76,806

)

Kyowa

Kirin

Co.

Ltd.

(2)

(

37,200

)

(

542,995

)

Lasertec

Corp.

(2)

(

14,800

)

(

1,272,066

)

Marui

Group

Co.

Ltd.

(2)

(

5,000

)

(

90,915

)

MatsukiyoCocokara

&

Co.

(2)

(

29,300

)

(

458,369

)

McDonald's

Holdings

Co.

Japan

Ltd.

(2)

(

1,600

)

(

61,042

)

Medipal

Holdings

Corp.

(2)

(

3,900

)

(

60,850

)

MEIJI

Holdings

Co.

Ltd.

(

13,800

)

(

299,020

)

MINEBEA

MITSUMI,

Inc.

(2)

(

60,000

)

(

876,990

)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(15.5)%

(continued)

Mitsubishi

Chemical

Group

Corp.

(2)

(

58,600

)

(

289,571

)

Mitsubishi

Corp.

(2)

(

22,400

)

(

395,467

)

Mitsubishi

HC

Capital,

Inc.

(2)

(

230,200

)

(

1,559,930

)

Mitsui

&

Co.

Ltd.

(2)

(

23,100

)

(

435,509

)

Murata

Manufacturing

Co.

Ltd.

(2)

(

45,600

)

(

703,378

)

Nexon

Co.

Ltd.

(2)

(

35,400

)

(

484,851

)

NIDEC

Corp.

(2)

(

37,800

)

(

634,370

)

Nikon

Corp.

(2)

(

70,800

)

(

703,132

)

Nippon

Sanso

Holdings

Corp.

(2)

(

43,000

)

(

1,304,387

)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(

1,143,300

)

(

1,104,967

)

Nissan

Chemical

Corp.

(2)

(

11,800

)

(

351,324

)

Nissan

Motor

Co.

Ltd.

(2)

(

169,100

)

(

433,687

)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(

72,400

)

(

1,477,711

)

Nitori

Holdings

Co.

Ltd.

(2)

(

5,100

)

(

498,981

)

NOF

Corp.

(2)

(

29,100

)

(

395,476

)

Nomura

Research

Institute

Ltd.

(2)

(

33,900

)

(

1,103,525

)

NTT

Data

Group

Corp.

(2)

(

117,300

)

(

2,124,896

)

Obic

Co.

Ltd.

(2)

(

2,800

)

(

80,732

)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(

43,000

)

(

425,144

)

Olympus

Corp.

(2)

(

95,700

)

(

1,252,783

)

Omron

Corp.

(2)

(

7,600

)

(

214,599

)

Ono

Pharmaceutical

Co.

Ltd.

(2)

(

100,800

)

(

1,084,472

)

Open

House

Group

Co.

Ltd.

(2)

(

5,600

)

(

208,748

)

Oriental

Land

Co.

Ltd.

(2)

(

117,200

)

(

2,311,270

)

Osaka

Gas

Co.

Ltd.

(2)

(

9,400

)

(

212,697

)

Pan

Pacific

International

Holdings

Corp.

(2)

(

6,700

)

(

184,038

)

Recruit

Holdings

Co.

Ltd.

(2)

(

19,700

)

(

1,020,682

)

Renesas

Electronics

Corp.

(2)

(

18,700

)

(

250,817

)

Resona

Holdings,

Inc.

(2)

(

176,100

)

(

1,537,672

)

Ricoh

Co.

Ltd.

(2)

(

19,700

)

(

208,390

)

Rohm

Co.

Ltd.

(2)

(

86,500

)

(

835,731

)

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(

26,300

)

(

393,809

)

Secom

Co.

Ltd.

(2)

(

24,500

)

(

834,448

)

Sega

Sammy

Holdings,

Inc.

(2)

(

18,000

)

(

347,558

)

Sekisui

House

Ltd.

(2)

(

65,400

)

(

1,463,791

)

SG

Holdings

Co.

Ltd.

(2)

(

27,000

)

(

269,268

)

Shimadzu

Corp.

(2)

(

47,900

)

(

1,196,477

)

Shimano,

Inc.

(2)

(

8,800

)

(

1,235,634

)

Shiseido

Co.

Ltd.

(2)

(

27,700

)

(

525,328

)

SMC

Corp.

(2)

(

8,100

)

(

2,898,537

)

SoftBank

Group

Corp.

(2)

(

15,000

)

(

767,249

)

Stanley

Electric

Co.

Ltd.

(2)

(

8,300

)

(

156,557

)

SUMCO

Corp.

(2)

(

299,100

)

(

2,026,787

)

Sumitomo

Forestry

Co.

Ltd.

(2)

(

28,600

)

(

862,249

)

Sumitomo

Heavy

Industries

Ltd.

(2)

(

2,800

)

(

57,357

)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(

39,700

)

(

867,795

)

Suntory

Beverage

&

Food

Ltd.

(2)

(

2,900

)

(

95,676

)

Sysmex

Corp.

(2)

(

27,700

)

(

528,793

)

TDK

Corp.

(2)

(

22,700

)

(

237,875

)

Terumo

Corp.

(2)

(

109,600

)

(

2,062,238

)

Toho

Co.

Ltd.

(2)

(

1,500

)

(

74,535

)

Toyota

Motor

Corp.

(2)

(

3,200

)

(

56,567

)

Toyota

Tsusho

Corp.

(2)

(

6,700

)

(

112,881

)

Unicharm

Corp.

(2)

(

54,300

)

(

432,488

)

West

Japan

Railway

Co.

(2)

(

76,000

)

(

1,482,567

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

173

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(15.5)%

(continued)

Yakult

Honsha

Co.

Ltd.

(2)

(

25,200

)

(

479,517

)

Yamaha

Corp.

(2)

(

127,000

)

(

985,561

)

Yamaha

Motor

Co.

Ltd.

(2)

(

81,400

)

(

651,715

)

Yaskawa

Electric

Corp.

(2)

(

95,800

)

(

2,400,568

)

ZOZO,

Inc.

(2)

(

12,300

)

(

117,807

)

(82,512,962)

Luxembourg

-

(

0

.2

)

%

Eurofins

Scientific

SE

(2)

(

15,986

)

(

852,737

)

Netherlands

-

(

1

.2

)

%

Aalberts

NV

(2)

(

2,095

)

(

71,431

)

Adyen

NV

(2)(b)

(

685

)

(

1,049,965

)

Akzo

Nobel

NV

(2)

(

1,801

)

(

110,916

)

ASM

International

NV

(2)

(

2,142

)

(

976,095

)

ASML

Holding

NV

(2)

(

725

)

(

479,786

)

ASR

Nederland

NV

(2)

(

4,145

)

(

238,286

)

BE

Semiconductor

Industries

NV

(2)

(

1,364

)

(

142,547

)

EXOR

NV

(2)

(

2,311

)

(

209,869

)

Heineken

NV

(2)

(

12,995

)

(

1,059,618

)

IMCD

NV

(2)

(

1,462

)

(

194,565

)

Koninklijke

Philips

NV

(2)

(

44,600

)

(

1,135,433

)

Randstad

NV

(2)

(

19,571

)

(

813,494

)

Universal

Music

Group

NV

(2)

(

5,865

)

(

161,950

)

(6,643,955)

Norway

-

(

0

.3

)

%

Equinor

ASA

(2)

(

34,256

)

(

904,658

)

Orkla

ASA

(2)

(

35,334

)

(

387,490

)

Salmar

ASA

(2)

(

3,364

)

(

161,730

)

Schibsted

ASA,

Class

A

(2)

(

2,314

)

(

62,360

)

TOMRA

Systems

ASA

(2)

(

8,636

)

(

123,302

)

(1,639,540)

Portugal

-

(

0

.3

)

%

Banco

Comercial

Portugues

SA,

Class

R

(2)

(

323,454

)

(

195,570

)

EDP

SA

(

54,121

)

(

182,117

)

Galp

Energia

SGPS

SA

(2)

(

30,158

)

(

528,368

)

Jeronimo

Martins

SGPS

SA

(

21,512

)

(

455,914

)

(1,361,969)

Singapore

-

(

0

.8

)

%

CapitaLand

Investment

Ltd.

(2)

(

426,100

)

(

861,789

)

Genting

Singapore

Ltd.

(2)

(

670,700

)

(

372,166

)

Keppel

Ltd.

(2)

(

108,600

)

(

553,960

)

Oversea-Chinese

Banking

Corp.

Ltd.

(2)

(

69,700

)

(

893,277

)

Sembcorp

Industries

Ltd.

(2)

(

33,400

)

(

156,309

)

Singapore

Telecommunications

Ltd.

(2)

(

23,800

)

(

60,365

)

STMicroelectronics

NV

(2)

(

48,101

)

(

1,054,737

)

United

Overseas

Bank

Ltd.

(2)

(

5,500

)

(

155,191

)

(4,107,794)

South

Africa

-

(

0

.1

)

%

Anglo

American

plc

(2)

(

25,885

)

(

725,514

)

INVESTMENTS

SHARES

VALUE

($)

Spain

-

(

0

.4

)

%

Acciona

SA

(2)

(

1,829

)

(

239,384

)

Amadeus

IT

Group

SA

(2)

(

14,417

)

(

1,104,097

)

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)

(

15,178

)

(

207,143

)

Enagas

SA

(2)

(

7,207

)

(

103,755

)

Redeia

Corp.

SA

(2)

(

3,149

)

(

63,204

)

Repsol

SA

(2)

(

17,878

)

(

237,376

)

(1,954,959)

Sweden

-

(

1

.8

)

%

AddTech

AB,

Class

B

(2)

(

8,900

)

(

260,659

)

Assa

Abloy

AB,

Class

B

(2)

(

10,008

)

(

300,453

)

Axfood

AB

(

8,788

)

(

197,410

)

Beijer

Ref

AB,

Class

B

(2)

(

20,109

)

(

282,880

)

Boliden

AB

(2)

(

13,343

)

(

437,819

)

Elekta

AB,

Class

B

(2)

(

12,719

)

(

66,794

)

Epiroc

AB,

Class

A

(2)

(

3,048

)

(

61,369

)

EQT

AB

(2)

(

21,203

)

(

646,544

)

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(2)

(

18,068

)

(

238,318

)

Holmen

AB,

Class

B

(2)

(

5,216

)

(

206,558

)

Husqvarna

AB,

Class

B

(2)

(

54,974

)

(

261,131

)

Indutrade

AB

(2)

(

10,414

)

(

288,592

)

Lifco

AB,

Class

B

(2)

(

25,503

)

(

904,688

)

Nibe

Industrier

AB,

Class

B

(2)

(

28,364

)

(

107,883

)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)

(

145,143

)

(

2,387,785

)

SKF

AB,

Class

B

(2)

(

62,830

)

(

1,272,847

)

SSAB

AB,

Class

B

(2)

(

149,253

)

(

909,419

)

Trelleborg

AB,

Class

B

(2)

(

16,069

)

(

597,633

)

(9,428,782)

Switzerland

-

(

4

.1

)

%

Adecco

Group

AG

(Registered)

(2)

(

8,216

)

(

247,061

)

Bachem

Holding

AG,

Class

B

(2)

(

9,569

)

(

565,187

)

Baloise

Holding

AG

(Registered)

(2)

(

296

)

(

62,123

)

Banque

Cantonale

Vaudoise

(Registered)

(2)

(

2,506

)

(

273,837

)

Barry

Callebaut

AG

(Registered)

(2)

(

1,983

)

(

2,626,311

)

BKW

AG

(2)

(

370

)

(

64,714

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(

159

)

(

2,149,592

)

Clariant

AG

(Registered)

(2)

(

90,247

)

(

978,045

)

EMS-Chemie

Holding

AG

(Registered)

(2)

(

579

)

(

394,489

)

Galenica

AG

(2)(b)

(

5,615

)

(

505,253

)

Georg

Fischer

AG

(Registered)

(2)

(

15,236

)

(

1,115,106

)

Julius

Baer

Group

Ltd.

(2)

(

7,857

)

(

544,616

)

Kuehne

+

Nagel

International

AG

(Registered)

(2)

(

1,132

)

(

261,414

)

Lonza

Group

AG

(Registered)

(2)

(

1,719

)

(

1,061,946

)

Partners

Group

Holding

AG

(2)

(

2,022

)

(

2,877,714

)

Sandoz

Group

AG

(2)

(

18,018

)

(

755,568

)

SGS

SA

(Registered)

(2)

(

3,603

)

(

358,999

)

SIG

Group

AG

(2)

(

44,497

)

(

822,722

)

Sonova

Holding

AG

(Registered)

(2)

(

5,196

)

(

1,517,130

)

174

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

(4.1)%

(continued)

Straumann

Holding

AG

(Registered)

(2)

(

5,325

)

(

644,666

)

Swatch

Group

AG

(The)

(2)

(

8,719

)

(

1,503,562

)

Swisscom

AG

(Registered)

(2)

(

2,917

)

(

1,680,926

)

Tecan

Group

AG

(Registered)

(2)

(

897

)

(

170,680

)

UBS

Group

AG

(Registered)

(2)

(

11,559

)

(

355,030

)

VAT

Group

AG

(2)(b)

(

1,200

)

(

432,555

)

(21,969,246)

United

Kingdom

-

(

1

.6

)

%

Aberdeen

Group

plc

(2)

(

155,743

)

(

312,338

)

Admiral

Group

plc

(2)

(

7,382

)

(

272,544

)

Ashtead

Group

plc

(2)

(

3,281

)

(

177,393

)

AstraZeneca

plc

(2)

(

3,405

)

(

500,007

)

Auto

Trader

Group

plc

(2)(b)

(

10,153

)

(

98,176

)

B&M

European

Value

Retail

SA

(2)

(

19,141

)

(

64,656

)

BAE

Systems

plc

(2)

(

9,719

)

(

196,251

)

Bellway

plc

(2)

(

4,884

)

(

150,505

)

Berkeley

Group

Holdings

plc

(2)

(

1,979

)

(

92,107

)

Bunzl

plc

(2)

(

4,130

)

(

158,866

)

Croda

International

plc

(2)

(

2,818

)

(

107,061

)

DCC

plc

(2)

(

1,047

)

(

69,973

)

Diageo

plc

(2)

(

88,553

)

(

2,314,124

)

Diploma

plc

(2)

(

1,819

)

(

91,058

)

Howden

Joinery

Group

plc

(2)

(

9,433

)

(

88,220

)

Informa

plc

(2)

(

7,249

)

(

72,685

)

Investec

plc

(

11,056

)

(

68,437

)

J

Sainsbury

plc

(2)

(

65,360

)

(

199,223

)

JD

Sports

Fashion

plc

(2)

(

194,133

)

(

171,659

)

Johnson

Matthey

plc

(2)

(

3,957

)

(

68,019

)

Kingfisher

plc

(2)

(

40,669

)

(

133,964

)

Melrose

Industries

plc

(2)

(

25,225

)

(

155,709

)

Next

plc

(2)

(

724

)

(

104,311

)

Persimmon

plc

(2)

(

6,235

)

(

96,437

)

Rentokil

Initial

plc

(2)

(

73,379

)

(

333,004

)

RS

GROUP

plc

(2)

(

14,845

)

(

108,081

)

Schroders

plc

(2)

(

77,632

)

(

351,477

)

Severn

Trent

plc

(2)

(

10,216

)

(

334,450

)

Smith

&

Nephew

plc

(2)

(

37,052

)

(

521,046

)

Spirax

Group

plc

(2)

(

744

)

(

59,977

)

SSE

plc

(2)

(

12,328

)

(

253,937

)

Travis

Perkins

plc

(2)

(

15,967

)

(

113,902

)

Unilever

plc

(2)

(

2,213

)

(

132,043

)

United

Utilities

Group

plc

(2)

(

10,617

)

(

138,530

)

Whitbread

plc

(2)

(

6,496

)

(

206,937

)

WPP

plc

(2)

(

59,538

)

(

452,431

)

(8,769,538)

United

States

-

(

65

.9

)

%

10X

Genomics,

Inc.,

Class

A

(

8,102

)

(

70,730

)

A

O

Smith

Corp.

(

13,406

)

(

876,216

)

AAON,

Inc.

(

12,541

)

(

979,828

)

Acadia

Healthcare

Co.,

Inc.

(

3,436

)

(

104,180

)

Advance

Auto

Parts,

Inc.

(

6,951

)

(

272,549

)

Advanced

Drainage

Systems,

Inc.

(

8,352

)

(

907,445

)

Advanced

Micro

Devices,

Inc.

(

6,805

)

(

699,146

)

Aflac,

Inc.

(

981

)

(

109,077

)

AGCO

Corp.

(

5,913

)

(

547,366

)

Agree

Realty

Corp.,

REIT

(

17,371

)

(

1,340,867

)

Air

Products

and

Chemicals,

Inc.

(

16,869

)

(

4,975,004

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Akamai

Technologies,

Inc.

(

7,718

)

(

621,299

)

Albemarle

Corp.

(

10,164

)

(

732,011

)

Alcoa

Corp.

(

4,271

)

(

130,266

)

Alcon

AG

(2)

(

10,806

)

(

1,025,327

)

Alliant

Energy

Corp.

(

19,289

)

(

1,241,247

)

Amcor

plc

(

15,630

)

(

151,611

)

Amentum

Holdings,

Inc.

(

6,156

)

(

112,039

)

American

Airlines

Group,

Inc.

(

54,446

)

(

574,405

)

American

Express

Co.

(

4,044

)

(

1,088,038

)

American

Financial

Group,

Inc.

(

2,375

)

(

311,933

)

American

Homes

4

Rent,

Class

A,

REIT

(

11,396

)

(

430,883

)

Americold

Realty

Trust,

Inc.,

REIT

(

8,655

)

(

185,736

)

AMETEK,

Inc.

(

2,487

)

(

428,112

)

Amgen,

Inc.

(

1,550

)

(

482,903

)

Amkor

Technology,

Inc.

(

6,663

)

(

120,334

)

Analog

Devices,

Inc.

(

2,614

)

(

527,165

)

Aon

plc,

Class

A

(

3,659

)

(

1,460,270

)

Apollo

Global

Management,

Inc.

(

4,790

)

(

655,943

)

Applied

Materials,

Inc.

(

3,064

)

(

444,648

)

AptarGroup,

Inc.

(

520

)

(

77,158

)

Aramark

(

5,216

)

(

180,056

)

Arch

Capital

Group

Ltd.

(

10,770

)

(

1,035,859

)

Archer-Daniels-Midland

Co.

(

31,416

)

(

1,508,282

)

Armstrong

World

Industries,

Inc.

(

1,440

)

(

202,867

)

Arrow

Electronics,

Inc.

(

5,764

)

(

598,476

)

ASGN,

Inc.

(

4,123

)

(

259,831

)

Ashland,

Inc.

(

2,607

)

(

154,569

)

ATI,

Inc.

(

1,338

)

(

69,616

)

AvalonBay

Communities,

Inc.,

REIT

(

12,010

)

(

2,577,586

)

Avantor,

Inc.

(

29,088

)

(

471,516

)

Avery

Dennison

Corp.

(

1,150

)

(

204,666

)

Avient

Corp.

(

4,054

)

(

150,647

)

Avnet,

Inc.

(

19,956

)

(

959,684

)

Axon

Enterprise,

Inc.

(

1,734

)

(

911,997

)

AZEK

Co.,

Inc.

(The),

Class

A

(

4,251

)

(

207,831

)

Azenta,

Inc.

(

7,579

)

(

262,537

)

Ball

Corp.

(

9,319

)

(

485,240

)

Baxter

International,

Inc.

(

32,498

)

(

1,112,407

)

Belden,

Inc.

(

6,269

)

(

628,467

)

Bentley

Systems,

Inc.,

Class

B

(

19,326

)

(

760,285

)

BILL

Holdings,

Inc.

(

20,357

)

(

934,183

)

Biogen,

Inc.

(

3,166

)

(

433,235

)

Bio-Techne

Corp.

(

31,165

)

(

1,827,204

)

BJ's

Wholesale

Club

Holdings,

Inc.

(

3,995

)

(

455,830

)

Blackbaud,

Inc.

(

5,295

)

(

328,555

)

Blackstone,

Inc.

(

1,052

)

(

147,049

)

Block,

Inc.,

Class

A

(

12,244

)

(

665,217

)

Blue

Owl

Capital,

Inc.,

Class

A

(

56,538

)

(

1,133,022

)

BorgWarner,

Inc.

(

23,111

)

(

662,130

)

Boston

Beer

Co.,

Inc.

(The),

Class

A

(

284

)

(

67,831

)

BP

plc

(2)

(

45,731

)

(

256,617

)

Brink's

Co.

(The)

(

3,162

)

(

272,438

)

Brown-Forman

Corp.,

Class

B

(

25,853

)

(

877,451

)

BRP,

Inc.

(

8,046

)

(

271,676

)

Builders

FirstSource,

Inc.

(

8,896

)

(

1,111,466

)

Bunge

Global

SA

(

7,554

)

(

577,277

)

Burlington

Stores,

Inc.

(

867

)

(

206,632

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

175

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

BWX

Technologies,

Inc.

(

5,225

)

(

515,446

)

BXP,

Inc.,

REIT

(

28,062

)

(

1,885,486

)

CACI

International,

Inc.,

Class

A

(

1,222

)

(

448,376

)

Cadence

Bank

(

13,509

)

(

410,133

)

Cadence

Design

Systems,

Inc.

(

6,649

)

(

1,691,040

)

Caesars

Entertainment,

Inc.

(

19,089

)

(

477,225

)

Camden

Property

Trust,

REIT

(

3,831

)

(

468,531

)

Carlisle

Cos.,

Inc.

(

1,728

)

(

588,384

)

Carpenter

Technology

Corp.

(

3,065

)

(

555,317

)

Carrier

Global

Corp.

(

23,404

)

(

1,483,814

)

Casey's

General

Stores,

Inc.

(

4,339

)

(

1,883,300

)

Caterpillar,

Inc.

(

1,549

)

(

510,860

)

Cava

Group,

Inc.

(

20,071

)

(

1,734,335

)

Cboe

Global

Markets,

Inc.

(

4,140

)

(

936,841

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

44,668

)

(

403,352

)

CDW

Corp.

(

2,146

)

(

343,918

)

Celanese

Corp.,

Class

A

(

13,828

)

(

785,016

)

CenterPoint

Energy,

Inc.

(

80,727

)

(

2,924,738

)

Certara,

Inc.

(

7,443

)

(

73,686

)

Charles

River

Laboratories

International,

Inc.

(

7,668

)

(

1,154,187

)

Chart

Industries,

Inc.

(

3,294

)

(

475,522

)

Charter

Communications,

Inc.,

Class

A

(

973

)

(

358,580

)

Chemours

Co.

(The)

(

28,998

)

(

392,343

)

Chevron

Corp.

(

12,635

)

(

2,113,709

)

Choice

Hotels

International,

Inc.

(

831

)

(

110,340

)

Chord

Energy

Corp.

(

4,827

)

(

544,099

)

Churchill

Downs,

Inc.

(

6,260

)

(

695,298

)

Ciena

Corp.

(

3,744

)

(

226,250

)

Cigna

Group

(The)

(

402

)

(

132,258

)

Cirrus

Logic,

Inc.

(

997

)

(

99,356

)

Civitas

Resources,

Inc.

(

7,071

)

(

246,707

)

Clarivate

plc

(

86,445

)

(

339,729

)

Clean

Harbors,

Inc.

(

2,827

)

(

557,202

)

Clearway

Energy,

Inc.,

Class

C

(

3,727

)

(

112,816

)

Cleveland-Cliffs,

Inc.

(

44,926

)

(

369,292

)

Cognex

Corp.

(

23,785

)

(

709,507

)

Coinbase

Global,

Inc.,

Class

A

(

434

)

(

74,748

)

Commercial

Metals

Co.

(

9,762

)

(

449,150

)

Conagra

Brands,

Inc.

(

24,852

)

(

662,803

)

Concentrix

Corp.

(

2,875

)

(

159,965

)

Confluent,

Inc.,

Class

A

(

13,103

)

(

307,134

)

Constellation

Brands,

Inc.,

Class

A

(

2,162

)

(

396,770

)

Constellation

Energy

Corp.

(

3,020

)

(

608,923

)

Cooper

Cos.,

Inc.

(The)

(

2,567

)

(

216,526

)

Copart,

Inc.

(

21,067

)

(

1,192,182

)

Core

&

Main,

Inc.,

Class

A

(

6,546

)

(

316,237

)

Corteva,

Inc.

(

8,196

)

(

515,774

)

CoStar

Group,

Inc.

(

2,266

)

(

179,535

)

Costco

Wholesale

Corp.

(

644

)

(

609,082

)

Coty,

Inc.,

Class

A

(

29,529

)

(

161,524

)

Crane

Co.

(

1,194

)

(

182,897

)

Crane

NXT

Co.

(

8,864

)

(

455,610

)

Crocs,

Inc.

(

11,857

)

(

1,259,213

)

CSL

Ltd.

(2)

(

19,079

)

(

3,002,828

)

CSX

Corp.

(

37,916

)

(

1,115,868

)

CubeSmart,

REIT

(

1,686

)

(

72,009

)

Darling

Ingredients,

Inc.

(

6,947

)

(

217,024

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Datadog,

Inc.,

Class

A

(

3,234

)

(

320,845

)

DaVita,

Inc.

(

2,400

)

(

367,128

)

Dayforce,

Inc.

(

15,125

)

(

882,241

)

Deckers

Outdoor

Corp.

(

2,874

)

(

321,342

)

Dexcom,

Inc.

(

6,392

)

(

436,510

)

Digital

Realty

Trust,

Inc.,

REIT

(

2,238

)

(

320,683

)

Docusign,

Inc.,

Class

A

(

900

)

(

73,260

)

Dollar

General

Corp.

(

5,841

)

(

513,599

)

Dominion

Energy,

Inc.

(

3,631

)

(

203,590

)

Dow,

Inc.

(

29,003

)

(

1,012,785

)

DR

Horton,

Inc.

(

2,614

)

(

332,318

)

DT

Midstream,

Inc.

(

2,648

)

(

255,479

)

Dun

&

Bradstreet

Holdings,

Inc.

(

34,454

)

(

308,019

)

Dutch

Bros,

Inc.,

Class

A

(

5,891

)

(

363,710

)

DXC

Technology

Co.

(

15,942

)

(

271,811

)

Eagle

Materials,

Inc.

(

1,506

)

(

334,227

)

Eastman

Chemical

Co.

(

18,705

)

(

1,648,098

)

eBay,

Inc.

(

12,456

)

(

843,645

)

Elanco

Animal

Health,

Inc.

(

45,876

)

(

481,698

)

elf

Beauty,

Inc.

(

20,415

)

(

1,281,858

)

Emerson

Electric

Co.

(

13,532

)

(

1,483,648

)

Enovis

Corp.

(

3,816

)

(

145,809

)

Ensign

Group,

Inc.

(The)

(

2,799

)

(

362,191

)

Entegris,

Inc.

(

25,722

)

(

2,250,161

)

Envista

Holdings

Corp.

(

17,824

)

(

307,642

)

EOG

Resources,

Inc.

(

3,334

)

(

427,552

)

EPAM

Systems,

Inc.

(

1,579

)

(

266,598

)

Equifax,

Inc.

(

2,334

)

(

568,469

)

Equinix,

Inc.,

REIT

(

836

)

(

681,633

)

Equity

Residential,

REIT

(

16,174

)

(

1,157,735

)

Erie

Indemnity

Co.,

Class

A

(

5,381

)

(

2,254,908

)

Esab

Corp.

(

5,871

)

(

683,972

)

Essential

Utilities,

Inc.

(

50,658

)

(

2,002,511

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(

22,804

)

(

1,505,064

)

Everest

Group

Ltd.

(

2,003

)

(

727,750

)

Everus

Construction

Group,

Inc.

(

2,763

)

(

102,480

)

ExlService

Holdings,

Inc.

(

2,694

)

(

127,184

)

Expeditors

International

of

Washington,

Inc.

(

4,588

)

(

551,707

)

Exponent,

Inc.

(

1,049

)

(

85,032

)

Extra

Space

Storage,

Inc.,

REIT

(

3,048

)

(

452,598

)

Exxon

Mobil

Corp.

(

7,315

)

(

869,973

)

FactSet

Research

Systems,

Inc.

(

1,774

)

(

806,531

)

Fastenal

Co.

(

7,390

)

(

573,095

)

Federal

Realty

Investment

Trust,

REIT

(

3,053

)

(

298,644

)

FedEx

Corp.

(

1,509

)

(

367,864

)

Ferrovial

SE

(2)

(

19,426

)

(

868,881

)

Fidelity

National

Information

Services,

Inc.

(

13,537

)

(

1,010,943

)

First

American

Financial

Corp.

(

1,290

)

(

84,663

)

First

Citizens

BancShares,

Inc.,

Class

A

(

951

)

(

1,763,268

)

First

Financial

Bankshares,

Inc.

(

12,147

)

(

436,320

)

First

Hawaiian,

Inc.

(

13,563

)

(

331,480

)

First

Industrial

Realty

Trust,

Inc.,

REIT

(

6,645

)

(

358,564

)

First

Solar,

Inc.

(

3,851

)

(

486,882

)

FirstEnergy

Corp.

(

22,953

)

(

927,760

)

176

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Five9,

Inc.

(

7,155

)

(

194,258

)

Flex

Ltd.

(

25,519

)

(

844,169

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

5,486

)

(

441,458

)

Flowers

Foods,

Inc.

(

9,993

)

(

189,967

)

FMC

Corp.

(

7,155

)

(

301,869

)

Fortive

Corp.

(

12,719

)

(

930,776

)

Fortrea

Holdings,

Inc.

(

14,523

)

(

109,649

)

Fortune

Brands

Innovations,

Inc.

(

14,825

)

(

902,546

)

Franklin

Resources,

Inc.

(

46,814

)

(

901,170

)

Freshpet,

Inc.

(

728

)

(

60,548

)

FTI

Consulting,

Inc.

(

1,948

)

(

319,628

)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(

5,747

)

(

292,522

)

GATX

Corp.

(

3,049

)

(

473,418

)

GE

HealthCare

Technologies,

Inc.

(

2,162

)

(

174,495

)

Generac

Holdings,

Inc.

(

4,592

)

(

581,577

)

General

Mills,

Inc.

(

22,917

)

(

1,370,207

)

Genpact

Ltd.

(

1,370

)

(

69,021

)

Gentex

Corp.

(

39,207

)

(

913,523

)

GFL

Environmental,

Inc.

(

1,973

)

(

95,301

)

Glacier

Bancorp,

Inc.

(

20,302

)

(

897,754

)

Globant

SA

(

4,893

)

(

576,004

)

Globus

Medical,

Inc.,

Class

A

(

6,690

)

(

489,708

)

Goldman

Sachs

Group,

Inc.

(The)

(

173

)

(

94,508

)

Graco,

Inc.

(

2,398

)

(

200,257

)

Graphic

Packaging

Holding

Co.

(

36,974

)

(

959,845

)

Grocery

Outlet

Holding

Corp.

(

71,465

)

(

999,081

)

GXO

Logistics,

Inc.

(

20,243

)

(

791,096

)

H&R

Block,

Inc.

(

1,318

)

(

72,371

)

Haemonetics

Corp.

(

1,141

)

(

72,511

)

Haleon

plc

(2)

(

421,750

)

(

2,129,925

)

Hamilton

Lane,

Inc.,

Class

A

(

8,333

)

(

1,238,867

)

Harley-Davidson,

Inc.

(

7,849

)

(

198,187

)

Healthcare

Realty

Trust,

Inc.,

REIT

(

5,966

)

(

100,825

)

HealthEquity,

Inc.

(

2,352

)

(

207,846

)

Healthpeak

Properties,

Inc.,

REIT

(

13,275

)

(

268,421

)

HEICO

Corp.

(

3,052

)

(

815,464

)

Henry

Schein,

Inc.

(

21,074

)

(

1,443,358

)

Hershey

Co.

(The)

(

12,506

)

(

2,138,901

)

Hewlett

Packard

Enterprise

Co.

(

15,684

)

(

242,004

)

Highwoods

Properties,

Inc.,

REIT

(

3,415

)

(

101,221

)

Hilton

Grand

Vacations,

Inc.

(

17,953

)

(

671,622

)

Hologic,

Inc.

(

16,368

)

(

1,011,051

)

Home

BancShares,

Inc.

(

6,426

)

(

181,663

)

Honeywell

International,

Inc.

(

8,342

)

(

1,766,419

)

Hormel

Foods

Corp.

(

21,784

)

(

673,997

)

Host

Hotels

&

Resorts,

Inc.,

REIT

(

37,124

)

(

527,532

)

Houlihan

Lokey,

Inc.,

Class

A

(

2,137

)

(

345,126

)

HP,

Inc.

(

27,117

)

(

750,870

)

Hubbell,

Inc.,

Class

B

(

1,460

)

(

483,129

)

Huntington

Ingalls

Industries,

Inc.

(

1,029

)

(

209,957

)

Hyatt

Hotels

Corp.,

Class

A

(

9,426

)

(

1,154,685

)

IDACORP,

Inc.

(

4,196

)

(

487,659

)

IDEX

Corp.

(

12,643

)

(

2,288,004

)

Independence

Realty

Trust,

Inc.,

REIT

(

16,250

)

(

344,988

)

Ingersoll

Rand,

Inc.

(

24,730

)

(

1,979,142

)

Insperity,

Inc.

(

714

)

(

63,710

)

Insulet

Corp.

(

3,046

)

(

799,910

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Intercontinental

Exchange,

Inc.

(

2,026

)

(

349,485

)

International

Flavors

&

Fragrances,

Inc.

(

3,562

)

(

276,447

)

International

Paper

Co.

(

26,493

)

(

1,413,402

)

Intuit,

Inc.

(

933

)

(

572,853

)

Invitation

Homes,

Inc.,

REIT

(

13,437

)

(

468,279

)

Ionis

Pharmaceuticals,

Inc.

(

70,095

)

(

2,114,766

)

Iron

Mountain,

Inc.,

REIT

(

7,444

)

(

640,482

)

J

M

Smucker

Co.

(The)

(

4,063

)

(

481,100

)

Jack

Henry

&

Associates,

Inc.

(

7,925

)

(

1,447,105

)

James

Hardie

Industries

plc,

CHESS

(2)

(

5,942

)

(

141,802

)

Jefferies

Financial

Group,

Inc.

(

2,059

)

(

110,301

)

Jones

Lang

LaSalle,

Inc.

(

1,129

)

(

279,890

)

JPMorgan

Chase

&

Co.

(

600

)

(

147,180

)

KB

Home

(

4,621

)

(

268,573

)

Kenvue,

Inc.

(

132,606

)

(

3,179,891

)

KeyCorp

(

63,843

)

(

1,020,850

)

Kimberly-Clark

Corp.

(

9,125

)

(

1,297,758

)

Kimco

Realty

Corp.,

REIT

(

16,352

)

(

347,316

)

Kinsale

Capital

Group,

Inc.

(

348

)

(

169,375

)

Kite

Realty

Group

Trust,

REIT

(

2,733

)

(

61,137

)

KKR

&

Co.,

Inc.

(

23,731

)

(

2,743,541

)

Knife

River

Corp.

(

3,899

)

(

351,729

)

Kohl's

Corp.

(

38,002

)

(

310,856

)

Kraft

Heinz

Co.

(The)

(

16,205

)

(

493,118

)

Kroger

Co.

(The)

(

9,174

)

(

620,988

)

L3Harris

Technologies,

Inc.

(

3,534

)

(

739,702

)

Lamb

Weston

Holdings,

Inc.

(

10,583

)

(

564,074

)

Landstar

System,

Inc.

(

4,520

)

(

678,904

)

Las

Vegas

Sands

Corp.

(

12,229

)

(

472,406

)

Lear

Corp.

(

2,606

)

(

229,901

)

Leggett

&

Platt,

Inc.

(

23,447

)

(

185,466

)

Leidos

Holdings,

Inc.

(

1,814

)

(

244,781

)

Lennar

Corp.,

Class

A

(

9,017

)

(

1,034,971

)

Lithia

Motors,

Inc.,

Class

A

(

642

)

(

188,453

)

Littelfuse,

Inc.

(

1,350

)

(

265,599

)

Live

Nation

Entertainment,

Inc.

(

7,921

)

(

1,034,324

)

LKQ

Corp.

(

18,531

)

(

788,309

)

Loews

Corp.

(

12,897

)

(

1,185,363

)

Lowe's

Cos.,

Inc.

(

8,532

)

(

1,989,918

)

LPL

Financial

Holdings,

Inc.

(

605

)

(

197,920

)

Lumentum

Holdings,

Inc.

(

19,021

)

(

1,185,769

)

LyondellBasell

Industries

NV,

Class

A

(

8,061

)

(

567,494

)

MACOM

Technology

Solutions

Holdings,

Inc.

(

2,727

)

(

273,736

)

Maplebear,

Inc.

(

2,414

)

(

96,294

)

Markel

Group,

Inc.

(

946

)

(

1,768,651

)

MarketAxess

Holdings,

Inc.

(

603

)

(

130,459

)

Marriott

International,

Inc.,

Class

A

(

3,068

)

(

730,798

)

Marriott

Vacations

Worldwide

Corp.

(

6,414

)

(

412,035

)

Martin

Marietta

Materials,

Inc.

(

4,893

)

(

2,339,490

)

Masimo

Corp.

(

3,195

)

(

532,287

)

Match

Group,

Inc.

(

13,287

)

(

414,554

)

Maximus,

Inc.

(

2,340

)

(

159,565

)

McDonald's

Corp.

(

2,623

)

(

819,347

)

MDU

Resources

Group,

Inc.

(

8,501

)

(

143,752

)

MetLife,

Inc.

(

722

)

(

57,969

)

MGIC

Investment

Corp.

(

2,883

)

(

71,441

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

177

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Microchip

Technology,

Inc.

(

26,994

)

(

1,306,780

)

Micron

Technology,

Inc.

(

20,248

)

(

1,759,349

)

Microsoft

Corp.

(

2,480

)

(

930,967

)

MicroStrategy,

Inc.,

Class

A

(

3,845

)

(

1,108,398

)

Mid-America

Apartment

Communities,

Inc.,

REIT

(

10,853

)

(

1,818,746

)

MKS

Instruments,

Inc.

(

3,522

)

(

282,288

)

Moderna,

Inc.

(

29,657

)

(

840,776

)

Mohawk

Industries,

Inc.

(

5,454

)

(

622,738

)

Mondelez

International,

Inc.,

Class

A

(

37,101

)

(

2,517,303

)

Monolithic

Power

Systems,

Inc.

(

853

)

(

494,723

)

Morgan

Stanley

(

7,275

)

(

848,774

)

Morningstar,

Inc.

(

302

)

(

90,561

)

MSA

Safety,

Inc.

(

3,328

)

(

488,184

)

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(

6,365

)

(

494,370

)

Murphy

USA,

Inc.

(

1,774

)

(

833,443

)

Nasdaq,

Inc.

(

2,726

)

(

206,794

)

National

Storage

Affiliates

Trust,

REIT

(

20,865

)

(

822,081

)

nCino,

Inc.

(

40,045

)

(

1,100,036

)

Neogen

Corp.

(

129,587

)

(

1,123,519

)

Nestle

SA

(Registered)

(2)

(

14,647

)

(

1,480,176

)

Neurocrine

Biosciences,

Inc.

(

1,514

)

(

167,448

)

New

Fortress

Energy,

Inc.

(

17,291

)

(

143,688

)

Nexstar

Media

Group,

Inc.,

Class

A

(

342

)

(

61,293

)

NextEra

Energy,

Inc.

(

42,987

)

(

3,047,347

)

NIKE,

Inc.,

Class

B

(

21,788

)

(

1,383,102

)

NNN

REIT,

Inc.,

REIT

(

2,568

)

(

109,525

)

Nordson

Corp.

(

5,071

)

(

1,022,922

)

Norfolk

Southern

Corp.

(

3,191

)

(

755,788

)

Northern

Trust

Corp.

(

5,002

)

(

493,447

)

NOV,

Inc.

(

15,857

)

(

241,344

)

Novanta,

Inc.

(

7,630

)

(

975,648

)

NRG

Energy,

Inc.

(

9,954

)

(

950,209

)

Nucor

Corp.

(

4,027

)

(

484,609

)

nVent

Electric

plc

(

5,861

)

(

307,234

)

NVR,

Inc.

(

50

)

(

362,220

)

Occidental

Petroleum

Corp.

(

7,395

)

(

365,017

)

Old

Dominion

Freight

Line,

Inc.

(

8,033

)

(

1,329,060

)

Old

National

Bancorp

(

78,014

)

(

1,653,117

)

Olin

Corp.

(

4,924

)

(

119,358

)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(

14,365

)

(

1,671,511

)

ON

Semiconductor

Corp.

(

28,529

)

(

1,160,845

)

ONE

Gas,

Inc.

(

956

)

(

72,264

)

ONEOK,

Inc.

(

16,344

)

(

1,621,652

)

Onto

Innovation,

Inc.

(

2,882

)

(

349,702

)

Option

Care

Health,

Inc.

(

17,471

)

(

610,611

)

Oracle

Corp.

(

19,390

)

(

2,710,916

)

Organon

&

Co.

(

9,494

)

(

141,366

)

Ormat

Technologies,

Inc.

(

8,319

)

(

588,736

)

Oshkosh

Corp.

(

2,410

)

(

226,733

)

PACCAR,

Inc.

(

8,314

)

(

809,534

)

Paramount

Global,

Class

B

(

5,216

)

(

62,383

)

Parsons

Corp.

(

1,006

)

(

59,565

)

Paychex,

Inc.

(

3,794

)

(

585,338

)

Permian

Resources

Corp.,

Class

A

(

48,920

)

(

677,542

)

Perrigo

Co.

plc

(

22,871

)

(

641,303

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Phillips

66

(

3,137

)

(

387,357

)

Pinnacle

Financial

Partners,

Inc.

(

956

)

(

101,374

)

Pinnacle

West

Capital

Corp.

(

1,776

)

(

169,164

)

Planet

Fitness,

Inc.,

Class

A

(

13,305

)

(

1,285,396

)

Plug

Power,

Inc.

(

7,502

)

(

10,128

)

Polaris,

Inc.

(

5,823

)

(

238,394

)

Pool

Corp.

(

3,994

)

(

1,271,490

)

Portland

General

Electric

Co.

(

5,097

)

(

227,326

)

Post

Holdings,

Inc.

(

4,732

)

(

550,616

)

Power

Integrations,

Inc.

(

2,453

)

(

123,877

)

PPG

Industries,

Inc.

(

14,668

)

(

1,603,946

)

Procter

&

Gamble

Co.

(The)

(

24,097

)

(

4,106,610

)

Prologis,

Inc.,

REIT

(

12,915

)

(

1,443,768

)

Prudential

Financial,

Inc.

(

18,845

)

(

2,104,610

)

PTC,

Inc.

(

3,991

)

(

618,405

)

Public

Service

Enterprise

Group,

Inc.

(

8,300

)

(

683,090

)

Public

Storage,

REIT

(

2,096

)

(

627,312

)

PulteGroup,

Inc.

(

5,292

)

(

544,018

)

PVH

Corp.

(

7,456

)

(

481,956

)

Qorvo,

Inc.

(

18,789

)

(

1,360,511

)

Quanta

Services,

Inc.

(

7,464

)

(

1,897,200

)

Quest

Diagnostics,

Inc.

(

12,665

)

(

2,142,918

)

Rayonier,

Inc.,

REIT

(

8,966

)

(

249,972

)

Realty

Income

Corp.,

REIT

(

37,201

)

(

2,158,030

)

Regal

Rexnord

Corp.

(

4,179

)

(

475,779

)

Regeneron

Pharmaceuticals,

Inc.

(

1,017

)

(

645,012

)

Reliance,

Inc.

(

3,152

)

(

910,140

)

RenaissanceRe

Holdings

Ltd.

(

5,749

)

(

1,379,760

)

Repligen

Corp.

(

4,041

)

(

514,177

)

Revvity,

Inc.

(

16,058

)

(

1,698,936

)

Rexford

Industrial

Realty,

Inc.,

REIT

(

16,259

)

(

636,540

)

Reynolds

Consumer

Products,

Inc.

(

5,653

)

(

134,881

)

RH

(

6,646

)

(

1,557,889

)

Rivian

Automotive,

Inc.,

Class

A

(

17,805

)

(

221,672

)

RLI

Corp.

(

9,672

)

(

776,952

)

Robert

Half,

Inc.

(

1,363

)

(

74,352

)

Rockwell

Automation,

Inc.

(

3,697

)

(

955,231

)

Roivant

Sciences

Ltd.

(

217,749

)

(

2,197,087

)

Roper

Technologies,

Inc.

(

2,175

)

(

1,282,337

)

Royal

Caribbean

Cruises

Ltd.

(

6,628

)

(

1,361,656

)

RPM

International,

Inc.

(

3,287

)

(

380,240

)

RTX

Corp.

(

3,225

)

(

427,184

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

11,727

)

(

866,273

)

Saia,

Inc.

(

3,251

)

(

1,135,997

)

Salesforce,

Inc.

(

1,814

)

(

486,805

)

Sandisk

Corp.

(

2,416

)

(

115,026

)

Schneider

National,

Inc.,

Class

B

(

13,575

)

(

310,189

)

Sealed

Air

Corp.

(

21,466

)

(

620,367

)

SEI

Investments

Co.

(

18,745

)

(

1,455,174

)

Sempra

(

15,785

)

(

1,126,418

)

Sensata

Technologies

Holding

plc

(

44,597

)

(

1,082,369

)

SharkNinja,

Inc.

(

5,649

)

(

471,183

)

Sherwin-Williams

Co.

(The)

(

1,722

)

(

601,305

)

Shift4

Payments,

Inc.,

Class

A

(

17,354

)

(

1,417,995

)

Silgan

Holdings,

Inc.

(

12,500

)

(

639,000

)

Simpson

Manufacturing

Co.,

Inc.

(

6,505

)

(

1,021,805

)

SiteOne

Landscape

Supply,

Inc.

(

2,551

)

(

309,793

)

178

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Skyworks

Solutions,

Inc.

(

3,518

)

(

227,368

)

Snap-on,

Inc.

(

1,011

)

(

340,717

)

SoFi

Technologies,

Inc.

(

27,373

)

(

318,348

)

Southern

Co.

(The)

(

14,569

)

(

1,339,620

)

SouthState

Corp.

(

4,054

)

(

376,292

)

Southwest

Gas

Holdings,

Inc.

(

9,376

)

(

673,197

)

Spire,

Inc.

(

1,163

)

(

91,005

)

Sprouts

Farmers

Market,

Inc.

(

3,786

)

(

577,895

)

STAG

Industrial,

Inc.,

REIT

(

2,198

)

(

79,392

)

Stanley

Black

&

Decker,

Inc.

(

7,525

)

(

578,522

)

Starbucks

Corp.

(

25,670

)

(

2,517,970

)

State

Street

Corp.

(

8,683

)

(

777,389

)

Stellantis

NV

(2)

(

93,354

)

(

1,047,066

)

Sun

Communities,

Inc.,

REIT

(

13,433

)

(

1,728,021

)

Super

Micro

Computer,

Inc.

(

2,640

)

(

90,394

)

Synaptics,

Inc.

(

1,823

)

(

116,162

)

Synopsys,

Inc.

(

4,092

)

(

1,754,854

)

Sysco

Corp.

(

27,918

)

(

2,094,967

)

T.

Rowe

Price

Group,

Inc.

(

10,641

)

(

977,589

)

Target

Corp.

(

2,689

)

(

280,624

)

Teledyne

Technologies,

Inc.

(

649

)

(

323,014

)

Teleflex,

Inc.

(

625

)

(

86,369

)

Tenaris

SA

(2)

(

13,760

)

(

269,266

)

Teradata

Corp.

(

5,960

)

(

133,981

)

Terex

Corp.

(

1,684

)

(

63,622

)

Tesla,

Inc.

(

6,442

)

(

1,669,509

)

Tetra

Tech,

Inc.

(

34,160

)

(

999,180

)

Texas

Instruments,

Inc.

(

3,400

)

(

610,980

)

Textron,

Inc.

(

1,925

)

(

139,081

)

The

Campbell's

Co.

(

13,356

)

(

533,172

)

Thor

Industries,

Inc.

(

1,992

)

(

151,014

)

Timken

Co.

(The)

(

3,157

)

(

226,894

)

Toast,

Inc.,

Class

A

(

28,478

)

(

944,615

)

TopBuild

Corp.

(

3,243

)

(

988,953

)

Toro

Co.

(The)

(

1,661

)

(

120,838

)

TPG,

Inc.

(

35,639

)

(

1,690,358

)

Tractor

Supply

Co.

(

15,053

)

(

829,420

)

Trade

Desk,

Inc.

(The),

Class

A

(

9,020

)

(

493,574

)

TransDigm

Group,

Inc.

(

623

)

(

861,790

)

Trex

Co.,

Inc.

(

36,897

)

(

2,143,716

)

TripAdvisor,

Inc.

(

4,054

)

(

57,445

)

Truist

Financial

Corp.

(

3,983

)

(

163,900

)

Tyler

Technologies,

Inc.

(

3,376

)

(

1,962,773

)

Ubiquiti,

Inc.

(

688

)

(

213,376

)

UFP

Industries,

Inc.

(

1,856

)

(

198,666

)

U-Haul

Holding

Co.

(

592

)

(

38,693

)

Ulta

Beauty,

Inc.

(

1,254

)

(

459,641

)

Under

Armour,

Inc.,

Class

A

(

28,421

)

(

177,631

)

Union

Pacific

Corp.

(

1,749

)

(

413,184

)

United

Bankshares,

Inc.

(

7,735

)

(

268,172

)

UnitedHealth

Group,

Inc.

(

443

)

(

232,021

)

Universal

Display

Corp.

(

813

)

(

113,397

)

US

Bancorp

(

14,491

)

(

611,810

)

Vail

Resorts,

Inc.

(

2,892

)

(

462,778

)

Valaris

Ltd.

(

24,270

)

(

952,840

)

Valvoline,

Inc.

(

27,131

)

(

944,430

)

Vertex

Pharmaceuticals,

Inc.

(

2,869

)

(

1,390,949

)

Viatris,

Inc.

(

46,912

)

(

408,604

)

VICI

Properties,

Inc.,

Class

A,

REIT

(

78,548

)

(

2,562,236

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(65.9)%

(continued)

Viking

Therapeutics,

Inc.

(

29,941

)

(

723,075

)

Visa,

Inc.,

Class

A

(

7,811

)

(

2,737,443

)

Visteon

Corp.

(

1,671

)

(

129,703

)

Vontier

Corp.

(

2,476

)

(

81,337

)

Vornado

Realty

Trust,

REIT

(

14,577

)

(

539,203

)

Voya

Financial,

Inc.

(

7,857

)

(

532,390

)

Walt

Disney

Co.

(The)

(

7,239

)

(

714,489

)

Warner

Bros

Discovery,

Inc.

(

141,057

)

(

1,513,542

)

Waste

Management,

Inc.

(

876

)

(

202,803

)

Watts

Water

Technologies,

Inc.,

Class

A

(

1,200

)

(

244,704

)

Weatherford

International

plc

(

6,947

)

(

372,012

)

Webster

Financial

Corp.

(

4,050

)

(

208,778

)

Wells

Fargo

&

Co.

(

11,464

)

(

823,001

)

West

Pharmaceutical

Services,

Inc.

(

1,308

)

(

292,835

)

Western

Alliance

Bancorp

(

7,701

)

(

591,668

)

Western

Digital

Corp.

(

16,387

)

(

662,526

)

Western

Union

Co.

(The)

(

20,474

)

(

216,615

)

Westlake

Corp.

(

10,971

)

(

1,097,429

)

WEX,

Inc.

(

4,152

)

(

651,947

)

Weyerhaeuser

Co.,

REIT

(

21,720

)

(

635,962

)

White

Mountains

Insurance

Group

Ltd.

(

418

)

(

804,989

)

Williams-Sonoma,

Inc.

(

2,134

)

(

337,385

)

WillScot

Holdings

Corp.

(

39,412

)

(

1,095,654

)

Wolfspeed,

Inc.

(

20,883

)

(

63,902

)

Workday,

Inc.,

Class

A

(

1,408

)

(

328,810

)

Wynn

Resorts

Ltd.

(

6,502

)

(

542,917

)

XPO,

Inc.

(

4,927

)

(

530,047

)

Xylem,

Inc.

(

4,777

)

(

570,660

)

Zimmer

Biomet

Holdings,

Inc.

(

2,346

)

(

265,520

)

(350,444,802)

Zambia

-

(

0

.2

)

%

First

Quantum

Minerals

Ltd.

(

60,017

)

(

807,011

)

TOTAL

COMMON

STOCKS

(Proceeds

$(634,824,482))                                                    

(580,977,438)

PREFERRED

STOCKS

-

(0.4)%

Germany

-

(

0

.4

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(b)

(

40,140

)

(

2,010,326

)

Sartorius

AG

(Preference)

(2)

(

963

)

(

224,495

)

Volkswagen

AG

(Preference)

(2)

(

554

)

(

56,529

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(2,723,549))                                                    

(2,291,350)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

179

(Continued)

INVESTMENTS

NO.

OF

RIGHTS

VALUE

($)

RIGHTS

-

(0.0)%

†

Belgium

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(Proceeds

$–)

(

3,778

)

(

18,432

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(637,548,031))

(583,287,220)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

85.9%

(Cost

$377,007,886)

457,059,425

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

14.1%

‡

74,927,843

NET

ASSETS

-

100.0%

531,987,268

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

9,583,174

1

.8

%

Consumer

Discretionary

(

10,241,463

)

(

2

.0

)

Consumer

Staples

(

30,252,549

)

(

5

.7

)

Energy

13,719,010

2

.6

Financials

30,088,264

5

.7

Health

Care

11,759,038

2

.2

Industrials

1,063,229

0

.2

Information

Technology

1,315,705

0

.2

Materials

(

7,638,336

)

(

1

.4

)

Real

Estate

(

12,968,197

)

(

2

.4

)

Utilities

7,226,432

1

.4

Investment

Companies

168,919,475

31

.8

U.S.

Treasury

Obligations

274,485,643

51

.5

Total

Investments

In

Securities

At

Value

457,059,425

85

.9

Other

Assets

in

Excess

of

Liabilities

‡

74,927,843

14

.1

Net

Assets

$

531,987,268

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)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$586,863,466,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

In

addition,

$45,585,931

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$(918,315),

which

represents

(0.17)%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$92,873,244.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

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.

180

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2025:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Main

Index

Series

43.V1

1

.00

%

Quarterly

6/20/2030

0

.64

%

EUR

300,000

$

(

6,436

)

$

612

$

(

5,824

)

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5

.00

Quarterly

6/20/2030

3

.77

USD

1,522,000

(

81,266

)

(

180

)

(

81,446

)

$

(

87,702

)

$

432

$

(

87,270

)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

March

31,

2025

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

43.V1

5

.00

%

Quarterly

6/20/2030

3

.28

%

EUR

4,779,000

$

424,243

$

(

30,299

)

$

393,944

iTraxx

Europe

Crossover

Index

Series

43.V1

5

.00

Quarterly

6/20/2030

3

.28

EUR

4,779,000

424,243

(

30,299

)

393,944

iTraxx

Europe

Main

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

0

.64

EUR

9,717,000

202,423

(

13,787

)

188,636

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1

.00

Quarterly

6/20/2030

0

.61

USD

3,942,000

74,077

(

1,581

)

72,496

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1

.00

Quarterly

6/20/2030

0

.61

USD

2,750,000

48,087

791

48,878

1,173,073

(

75,175

)

1,097,898

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1

.00

%

Quarterly

6/20/2030

1

.85

%

USD

5,615,000

$

(

217,729

)

$

5,481

$

(

212,248

)

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

1

.85

USD

916,000

(

34,435

)

(

271

)

(

34,706

)

(

252,164

)

5,210

(

246,954

)

$

920,909

$

(

69,965

)

$

850,944

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

March

31,

2025:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

1,207,100,000

$

2,020

$

354

$

2,374

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

1,207,100,000

2,021

354

2,375

Pay

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

375,000,000

6,536

166

6,702

Pay

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

375,000,000

6,536

166

6,702

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

129,500,000

103,011

253,619

356,630

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

129,500,000

102,693

253,937

356,630

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

31,500,000

89,858

4,857

94,715

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

31,600,000

90,350

4,665

95,015

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

2,100,000

4,293

1,445

5,738

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

2,100,000

4,195

1,544

5,739

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

4,600,000

36,613

37,841

74,454

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

181

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

4,600,000

$

38,244

$

36,210

$

74,454

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

1,625,000,000

62,841

14,343

77,184

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

1,625,000,000

62,841

14,342

77,183

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

340,000,000

16,233

1,050

17,283

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

340,000,000

16,240

1,043

17,283

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

1,300,000

(

684

)

10,262

9,578

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

1,300,000

(

641

)

10,219

9,578

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

3,200,000

22,175

1,133

23,308

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

3,300,000

22,985

1,153

24,138

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

2,700,000

(

23,863

)

69,860

45,997

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

2,600,000

(

23,261

)

67,642

44,381

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

2,400,000

51,090

(

2,601

)

48,489

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

2,400,000

51,418

(

3,092

)

48,326

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

5,000,000

49,474

51,974

101,448

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

4,900,000

48,459

51,197

99,656

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

18,800,000

(

26,502

)

35,280

8,778

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

18,800,000

(

26,605

)

35,325

8,720

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

40,900,000

33,458

33,642

67,100

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

41,000,000

33,382

33,919

67,301

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

1,000,000

(

1,035

)

2,624

1,589

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

1,000,000

(

893

)

2,483

1,590

Pay

1D

SORA

Semi

2.50%

Semi

6/16/2027

SGD

2,500,000

(

333

)

12,064

11,731

Pay

1D

SORA

Semi

2.50%

Semi

6/16/2027

SGD

2,600,000

45

12,155

12,200

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

9,100,000

42,822

1,772

44,594

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

9,000,000

42,202

1,901

44,103

Pay

1D

SORA

Semi

2.50%

Semi

6/19/2030

SGD

1,600,000

(

1,791

)

14,592

12,801

Pay

1D

SORA

Semi

2.50%

Semi

6/19/2030

SGD

1,600,000

(

1,606

)

14,407

12,801

Pay

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

2,900,000

18,723

3,509

22,232

Pay

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

2,900,000

18,865

3,367

22,232

Pay

1D

THOR

Qtrly

1.50%

Qtrly

6/21/2027

THB

400,800,000

(

31,388

)

49,845

18,457

Pay

1D

THOR

Qtrly

1.50%

Qtrly

6/21/2027

THB

400,800,000

(

31,388

)

49,845

18,457

Pay

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

312,000,000

(

6,725

)

26,763

20,038

Pay

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

312,000,000

(

6,723

)

26,761

20,038

Pay

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

322,500,000

131,983

75,895

207,878

Pay

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

322,500,000

131,987

75,890

207,877

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

6/16/2027

MXN

97,700,000

1,670

18,277

19,947

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

6/16/2027

MXN

97,700,000

1,670

18,277

19,947

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

88,700,000

12,919

8,083

21,002

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

88,700,000

12,919

8,083

21,002

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

6/12/2030

MXN

4,100,000

163

3,727

3,890

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

6/12/2030

MXN

4,100,000

163

3,727

3,890

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

17,000,000

11,491

3,970

15,461

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

17,000,000

11,491

3,970

15,461

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

631,600,000

114,525

6,861

121,386

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

631,500,000

114,506

6,861

121,367

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

660,900,000

160,783

(

52,893

)

107,890

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

660,900,000

160,786

(

52,897

)

107,889

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

116,900,000

111,118

63,109

174,227

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

116,800,000

110,742

63,316

174,058

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

105,300,000

63,282

64,742

128,024

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

105,400,000

63,402

64,743

128,145

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

5,000,000

31,956

8,298

40,254

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

5,000,000

31,918

8,337

40,255

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

19,800,000

5,072

7,697

12,769

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

19,700,000

5,014

7,690

12,704

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

13,300,000

9,104

12,492

21,596

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

13,300,000

9,024

12,572

21,596

182

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

22,000,000

$

(

459

)

$

3,376

$

2,917

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

22,100,000

(

453

)

3,384

2,931

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

24,500,000

3,479

(

719

)

2,760

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

24,500,000

3,479

(

719

)

2,760

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

6/19/2030

ZAR

5,400,000

(

408

)

2,742

2,334

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

6/19/2030

ZAR

5,400,000

(

408

)

2,742

2,334

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

17,100,000

1,530

2,764

4,294

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

17,100,000

1,530

2,764

4,294

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

219,800,000

(

4,367

)

14,887

10,520

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

219,800,000

(

4,367

)

14,887

10,520

Pay

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

1,300,000

1,039

92

1,131

Pay

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

1,300,000

945

186

1,131

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

3,200,000

3,599

24,738

28,337

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

3,200,000

1,771

26,566

28,337

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

3,600,000

24,670

3,238

27,908

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

3,700,000

25,896

3,326

29,222

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

10,800,000

22,236

26,105

48,341

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

10,700,000

21,437

25,944

47,381

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

28,000,000

(

71,274

)

161,807

90,533

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

28,000,000

(

71,071

)

161,604

90,533

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

52,400,000

2,946

999

3,945

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

52,400,000

2,888

1,057

3,945

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

1,951,500,000

(

1,003

)

3,417

2,414

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

1,951,500,000

(

1,003

)

3,417

2,414

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

1,400,000

38,192

(

12,321

)

25,871

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

1,400,000

37,911

(

12,041

)

25,870

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

2,600,000

56,348

(

2,411

)

53,937

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

2,700,000

59,972

(

4,194

)

55,778

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

4,400,000

(

10,199

)

86,220

76,021

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

4,400,000

(

8,929

)

84,664

75,735

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

7,000,000

1,759

(

407

)

1,352

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

7,000,000

1,759

(

407

)

1,352

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

63,500,000

8,334

83

8,417

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

63,500,000

8,334

83

8,417

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2030

CNY

2,500,000

1,942

(

673

)

1,269

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2030

CNY

2,500,000

1,942

(

673

)

1,269

Receive

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

1,600,000

17,615

(

5,060

)

12,555

Receive

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

1,600,000

17,905

(

5,350

)

12,555

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

59,900,000

(

10,989

)

56,480

45,491

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

59,900,000

(

10,989

)

56,480

45,491

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

56,500,000

11,901

38,478

50,379

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

56,500,000

11,901

38,478

50,379

Receive

3M

TELBOR

Qtrly

4.00%

Annual

6/16/2027

ILS

300,000

(

126

)

210

84

Receive

3M

TELBOR

Qtrly

4.00%

Annual

6/16/2027

ILS

300,000

(

126

)

210

84

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/18/2030

ILS

1,600,000

(

881

)

2,885

2,004

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/18/2030

ILS

1,500,000

(

873

)

2,751

1,878

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

500,000

3,081

(

406

)

2,675

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

600,000

3,477

(

268

)

3,209

Receive

6M

BBR

Semi

4.50%

Semi

9/07/2045

AUD

1,000,000

5,426

389

5,815

Receive

6M

BBR

Semi

4.50%

Semi

9/07/2045

AUD

1,000,000

5,081

735

5,816

Receive

6M

BUBOR

Semi

6.50%

Annual

6/16/2027

HUF

19,600,000

8

70

78

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

183

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

6M

BUBOR

Semi

6.50%

Annual

6/16/2027

HUF

19,600,000

$

8

$

70

$

78

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

195,400,000

(

79

)

705

626

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

195,400,000

(

79

)

705

626

Receive

6M

BUBOR

Semi

6.50%

Annual

9/18/2030

HUF

12,600,000

(

169

)

542

373

Receive

6M

BUBOR

Semi

6.50%

Annual

9/18/2030

HUF

12,600,000

(

169

)

542

373

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

9,700,000

103,777

66,681

170,458

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

9,700,000

102,584

67,581

170,165

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

4,500,000

143,770

(

17,554

)

126,216

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

4,600,000

146,964

(

17,944

)

129,020

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

2,400,000

70,925

(

3,410

)

67,515

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

2,200,000

66,309

(

4,420

)

61,889

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

143,800,000

23,437

56,402

79,839

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

143,700,000

23,425

56,359

79,784

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

525,200,000

137,152

55,843

192,995

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

525,200,000

137,152

55,843

192,995

Receive

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

21,200,000

15,106

636

15,742

Receive

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

21,300,000

15,242

574

15,816

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

14,800,000

11,213

(

2,878

)

8,335

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

14,800,000

11,213

(

2,878

)

8,335

3,424,062

2,810,772

6,234,834

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

34,400,000

(

43,334

)

(

52,877

)

(

96,211

)

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

34,500,000

(

43,986

)

(

52,504

)

(

96,490

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

24,700,000

(

118,207

)

38,048

(

80,159

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

24,800,000

(

117,879

)

37,432

(

80,447

)

Pay

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

119,100,000

(

417,979

)

315,233

(

102,746

)

Pay

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

119,100,000

(

419,263

)

316,494

(

102,769

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

2,600,000

(

62,222

)

17,198

(

45,024

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

2,600,000

(

62,356

)

17,274

(

45,082

)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

7,276,500,000

(

26,567

)

(

145,836

)

(

172,403

)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

7,276,600,000

(

26,576

)

(

145,830

)

(

172,406

)

Pay

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

6,666,900,000

(

217,456

)

(

12,972

)

(

230,428

)

Pay

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

6,666,900,000

(

217,457

)

(

12,971

)

(

230,428

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

6,500,000

(

12,209

)

6,745

(

5,464

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

6,500,000

(

12,209

)

6,788

(

5,421

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

114,500,000

(

120,750

)

72,477

(

48,273

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

114,600,000

(

120,766

)

72,517

(

48,249

)

Pay

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

3,900,000

(

13,295

)

(

10,545

)

(

23,840

)

Pay

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

3,900,000

(

14,103

)

(

9,737

)

(

23,840

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

6,400,000,000

610

(

1,289

)

(

679

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

6,400,000,000

610

(

1,289

)

(

679

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

4,000,000,000

(

8,793

)

2,346

(

6,447

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

4,000,000,000

(

8,793

)

2,346

(

6,447

)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

65,100,000

20,662

(

21,040

)

(

378

)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

65,100,000

20,662

(

21,040

)

(

378

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

10,900,000

(

42,561

)

5,025

(

37,536

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

10,900,000

(

42,550

)

5,004

(

37,546

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

22,100,000

(

78,879

)

9,676

(

69,203

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

22,100,000

(

78,608

)

9,340

(

69,268

)

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

2,300,000

(

47,594

)

11,389

(

36,205

)

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

2,400,000

(

48,958

)

11,179

(

37,779

)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

37,700,000

(

16,926

)

(

1,773

)

(

18,699

)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

37,700,000

(

16,926

)

(

1,773

)

(

18,699

)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

16,400,000

11,269

(

16,570

)

(

5,301

)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

16,400,000

11,269

(

16,570

)

(

5,301

)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

21,700,000

(

4,242

)

1,159

(

3,083

)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

21,700,000

(

4,242

)

1,159

(

3,083

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

5,400,000

(

5,407

)

5,362

(

45

)

184

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

5,500,000

$

(

5,589

)

$

5,544

$

(

45

)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

3,700,000

(

13,220

)

9,895

(

3,325

)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

3,600,000

(

12,859

)

9,625

(

3,234

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

2,800,000

(

7,402

)

6,746

(

656

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

2,700,000

(

7,173

)

6,541

(

632

)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

36,200,000

28,137

(

141,425

)

(

113,288

)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

36,200,000

28,418

(

141,705

)

(

113,287

)

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

400,000

(

9,145

)

3,214

(

5,931

)

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

400,000

(

9,145

)

3,214

(

5,931

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

7,600,000

(

83,304

)

(

51,985

)

(

135,289

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

7,500,000

(

82,238

)

(

51,182

)

(

133,420

)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

1,900,000

(

7,289

)

(

64,340

)

(

71,629

)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

2,000,000

(

9,134

)

(

66,266

)

(

75,400

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

4,800,000

(

194,593

)

7,890

(

186,703

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

4,800,000

(

195,300

)

8,596

(

186,704

)

Receive

1D

SONIA

Annual

4.50%

Annual

6/16/2055

GBP

200,000

(

946

)

(

2,348

)

(

3,294

)

Receive

1D

SONIA

Annual

4.50%

Annual

6/16/2055

GBP

200,000

(

946

)

(

2,348

)

(

3,294

)

Receive

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

4,000,000

(

16,194

)

(

49,094

)

(

65,288

)

Receive

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

4,000,000

(

16,416

)

(

48,872

)

(

65,288

)

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

29,002,400,000

(

794,310

)

449,405

(

344,905

)

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

29,002,300,000

(

794,223

)

449,319

(

344,904

)

Receive

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

42,360,400,000

(

173,826

)

(

5,950

)

(

179,776

)

Receive

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

42,360,500,000

(

173,822

)

(

5,953

)

(

179,775

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

2,408,300,000

(

175,942

)

(

64,056

)

(

239,998

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

2,408,300,000

(

175,941

)

(

64,057

)

(

239,998

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

2,183,000,000

(

186,537

)

14,807

(

171,730

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

2,183,000,000

(

186,534

)

14,803

(

171,731

)

Receive

3M

BBR

Qtrly

4.00%

Semi

9/11/2030

NZD

5,200,000

(

33,514

)

(

2,004

)

(

35,518

)

Receive

3M

BBR

Qtrly

4.00%

Semi

9/11/2030

NZD

5,200,000

(

33,643

)

(

1,875

)

(

35,518

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

20,900,000

(

8,855

)

(

4,976

)

(

13,831

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

20,900,000

(

8,855

)

(

4,976

)

(

13,831

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

4,800,000

1,133

(

3,333

)

(

2,200

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

4,800,000

1,133

(

3,333

)

(

2,200

)

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/15/2027

ILS

5,900,000

(

5,167

)

4,988

(

179

)

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/15/2027

ILS

5,900,000

(

5,191

)

5,013

(

178

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

161,600,000

(

16,532

)

(

11,124

)

(

27,656

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

161,600,000

(

16,532

)

(

11,124

)

(

27,656

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

59,000,000

(

3,736

)

(

13,478

)

(

17,214

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

59,000,000

(

3,736

)

(

13,478

)

(

17,214

)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

3,600,000

9,000

(

13,032

)

(

4,032

)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

3,600,000

9,138

(

13,171

)

(

4,033

)

(

5,796,841

)

583,690

(

5,213,151

)

$

(

2,372,779

)

$

3,394,462

$

1,021,683

Abbreviations:

1D:

1

Day

1W:

1

Week

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

185

(Continued)

(a)

Floating

rate

indices

at

March

31,

2025

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

1

Day

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

(“CLICP”):

4.92%

1

Day

Colombia

Overnight

Interbank

Rate

(“IBR”):

8.97%

1

Day

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIEOIS”):

9.05%

1

Day

Mumbai

Interbank

Overnight

Rate

(“MIBOR”):

7.20%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

4.41%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

2.14%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

1

Day

Thailand

Overnight

Repo

Rate

(“THOR”):

1.99%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.47%

1

Week

China

Fixing

Repo

Rate

(“CNREPOFIX_CFXS”):

2.25%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.13%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

3.88%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

7.56%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

2.84%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.36%

3

Month

Taiwan

Secondary

Markets

Bills

Rate

(“TWCPBA”):

1.68%

3

Month

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.49%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.53%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

2.34%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.67%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

3.61%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.66%

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/17/2025

EUR

(1,979,494)

$

52,803

Total

unrealized

appreciation

52,803

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/29/2025

HKD

154,619,850

(

392,979

)

iBovespa

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/16/2025

BRL

(33,662,631)

(

284,617

)

KOSPI

200

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/12/2025

KRW

31,043,400,000

(

310,573

)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

06/20/2025

CHF

29,073,740

(

998,030

)

TAIEX

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/16/2025

TWD

4,152,800

(

5,959

)

Total

unrealized

depreciation

(

1,992,158

)

Net

unrealized

depreciation

$

(

1,939,355

)

186

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

84

4/2025

USD

$

6,280,680

$

210,577

EURO

STOXX

50

Volatility

Index

104

4/2025

EUR

236,156

13,078

Hang

Seng

Index

100

4/2025

HKD

14,882,830

(

269,198

)

IBEX

35

Index

91

4/2025

EUR

12,909,955

(

152,076

)

IFSC

NIFTY

50

Index

60

4/2025

USD

2,804,220

(

33,821

)

LME

Aluminum

Base

Metal

2

4/2025

USD

125,808

984

LME

Aluminum

Base

Metal

20

4/2025

USD

1,260,575

(

41,708

)

LME

Aluminum

Base

Metal

28

4/2025

USD

1,764,280

(

65,309

)

LME

Copper

Base

Metal

3

4/2025

USD

725,942

42,516

LME

Copper

Base

Metal

8

4/2025

USD

1,933,536

129,415

LME

Copper

Base

Metal

8

4/2025

USD

1,933,636

117,878

LME

Copper

Base

Metal

13

4/2025

USD

3,145,015

180,725

LME

Copper

Base

Metal

13

4/2025

USD

3,144,775

167,525

LME

Copper

Base

Metal

19

4/2025

USD

4,597,159

233,406

LME

Copper

Base

Metal

28

4/2025

USD

6,774,411

465,226

LME

Lead

Base

Metal

1

4/2025

USD

49,813

848

LME

Lead

Base

Metal

1

4/2025

USD

49,845

1,061

LME

Lead

Base

Metal

1

4/2025

USD

49,863

711

LME

Lead

Base

Metal

2

4/2025

USD

99,708

2,702

LME

Lead

Base

Metal

3

4/2025

USD

149,201

4,668

LME

Lead

Base

Metal

3

4/2025

USD

149,371

2,198

LME

Lead

Base

Metal

3

4/2025

USD

149,111

2,595

LME

Lead

Base

Metal

4

4/2025

USD

198,890

2,879

LME

Nickel

Base

Metal

3

4/2025

USD

283,856

5,852

LME

Nickel

Base

Metal

4

4/2025

USD

377,701

(

6,403

)

LME

Nickel

Base

Metal

7

4/2025

USD

662,219

1,886

LME

Nickel

Base

Metal

7

4/2025

USD

660,864

(

7,544

)

LME

Nickel

Base

Metal

7

4/2025

USD

660,755

(

5,652

)

LME

Nickel

Base

Metal

10

4/2025

USD

943,778

(

4,293

)

LME

Nickel

Base

Metal

12

4/2025

USD

1,131,596

22,688

LME

Nickel

Base

Metal

12

4/2025

USD

1,131,408

18,972

LME

Nickel

Base

Metal

14

4/2025

USD

1,323,308

10,163

LME

Nickel

Base

Metal

14

4/2025

USD

1,319,757

38,673

LME

Zinc

Base

Metal

2

4/2025

USD

142,039

(

2,266

)

LME

Zinc

Base

Metal

3

4/2025

USD

213,116

(

6,301

)

LME

Zinc

Base

Metal

6

4/2025

USD

425,826

(

820

)

LME

Zinc

Base

Metal

11

4/2025

USD

780,574

(

2,824

)

LME

Zinc

Base

Metal

11

4/2025

USD

781,974

11,075

LME

Zinc

Base

Metal

17

4/2025

USD

1,208,007

3,859

LME

Zinc

Base

Metal

23

4/2025

USD

1,631,890

(

20,441

)

LME

Zinc

Base

Metal

25

4/2025

USD

1,776,844

42,242

LME

Zinc

Base

Metal

25

4/2025

USD

1,774,863

(

11,339

)

MSCI

Singapore

Index

338

4/2025

SGD

9,805,031

(

147,620

)

Natural

Gas

5

4/2025

GBP

195,736

(

13,513

)

Natural

Gas

15

4/2025

EUR

490,741

(

17,916

)

Natural

Gas

113

4/2025

USD

4,654,470

(

366,103

)

NY

Harbor

ULSD

41

4/2025

USD

3,925,127

54,799

RBOB

Gasoline

8

4/2025

USD

769,675

36,930

SGX

FTSE

China

A50

Index

1,750

4/2025

USD

23,334,500

(

240,680

)

SGX

FTSE

Taiwan

Index

39

4/2025

USD

2,710,890

(

123,184

)

Sugar

No.

11

187

4/2025

USD

3,950,038

(

43,762

)

WTI

Crude

Oil

193

4/2025

USD

13,795,640

499,503

CBOE

Volatility

Index

46

5/2025

USD

942,411

56,086

Cocoa

11

5/2025

USD

869,220

(

287,837

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

187

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Cocoa

86

5/2025

GBP

$

6,885,389

$

(

2,359,139

)

Coffee

'C'

95

5/2025

USD

13,528,594

(

672,476

)

Copper

419

5/2025

USD

52,731,150

3,922,149

Corn

54

5/2025

USD

1,234,575

(

125,908

)

Ethanol

15

5/2025

USD

1,115,100

(

22,618

)

EURO

STOXX

50

Volatility

Index

28

5/2025

EUR

63,429

2,285

Feeder

Cattle

15

5/2025

USD

2,133,750

34,139

Italian

Base

Electricity

1

5/2025

EUR

86,040

(

3,070

)

LME

Aluminum

Base

Metal

12

5/2025

USD

757,110

(

36,820

)

LME

Aluminum

Base

Metal

20

5/2025

USD

1,264,710

(

89,450

)

LME

Aluminum

Base

Metal

20

5/2025

USD

1,261,710

(

65,162

)

LME

Aluminum

Base

Metal

20

5/2025

USD

1,264,710

(

79,450

)

LME

Aluminum

Base

Metal

21

5/2025

USD

1,325,231

(

51,563

)

LME

Copper

Base

Metal

1

5/2025

USD

242,056

17,161

LME

Copper

Base

Metal

1

5/2025

USD

242,206

13,812

LME

Copper

Base

Metal

10

5/2025

USD

2,423,368

54,145

LME

Copper

Base

Metal

11

5/2025

USD

2,666,529

46,330

LME

Copper

Base

Metal

12

5/2025

USD

2,908,341

57,793

LME

Copper

Base

Metal

21

5/2025

USD

5,090,647

112,821

LME

Copper

Base

Metal

26

5/2025

USD

6,300,756

222,727

LME

Lead

Base

Metal

6

5/2025

USD

299,519

3,815

LME

Lead

Base

Metal

7

5/2025

USD

349,503

(

1,565

)

LME

Lead

Base

Metal

11

5/2025

USD

551,111

3,149

LME

Lead

Base

Metal

13

5/2025

USD

649,688

3,229

LME

Nickel

Base

Metal

1

5/2025

USD

95,022

819

LME

Nickel

Base

Metal

7

5/2025

USD

665,028

21,357

LME

Nickel

Base

Metal

8

5/2025

USD

757,856

31,832

LME

Nickel

Base

Metal

10

5/2025

USD

946,672

40,642

LME

Nickel

Base

Metal

11

5/2025

USD

1,043,946

20,253

LME

Nickel

Base

Metal

16

5/2025

USD

1,518,755

32,243

LME

Nickel

Base

Metal

17

5/2025

USD

1,614,141

25,440

LME

Zinc

Base

Metal

3

5/2025

USD

213,660

(

2,086

)

LME

Zinc

Base

Metal

4

5/2025

USD

284,763

(

1,530

)

LME

Zinc

Base

Metal

5

5/2025

USD

356,270

3,412

LME

Zinc

Base

Metal

24

5/2025

USD

1,706,826

55,950

LME

Zinc

Base

Metal

32

5/2025

USD

2,279,040

(

27,616

)

LME

Zinc

Base

Metal

35

5/2025

USD

2,492,700

(

44,905

)

LME

Zinc

Base

Metal

37

5/2025

USD

2,633,521

23,137

Low

Sulphur

Gasoil

120

5/2025

USD

8,184,000

121,316

Mont

Belvieu

Propane

40

5/2025

USD

1,436,400

24,374

Phelix

De

Base

Electricity

5

5/2025

EUR

277,629

(

9,602

)

SGX

Iron

Ore

187

5/2025

USD

1,888,513

4,586

Wheat

200

5/2025

USD

5,370,000

(

170,277

)

90-Day

New

Zealand

Bill

22

6/2025

NZD

12,387,262

(

846

)

Australia

10

Year

Bond

277

6/2025

AUD

19,492,061

11,745

Australia

3

Year

Bond

159

6/2025

AUD

10,578,352

16,321

Canada

10

Year

Bond

88

6/2025

CAD

7,607,241

40,747

CBOE

Volatility

Index

47

6/2025

USD

958,330

31,149

Crude

Oil

28

6/2025

USD

2,077,236

44,748

Crude

Palm

Oil

59

6/2025

MYR

1,468,851

10,314

DAX

Index

17

6/2025

EUR

10,282,947

(

535,953

)

Euro

STOXX

50

Index

113

6/2025

EUR

6,340,278

(

250,793

)

EURO

STOXX

50

Volatility

Index

12

6/2025

EUR

26,859

210

Euro-BTP

3

6/2025

EUR

381,418

(

705

)

Euro-OAT

63

6/2025

EUR

8,361,963

7,110

FTSE/JSE

Top

40

Index

3

6/2025

ZAR

134,481

(

703

)

FTSE/MIB

Index

79

6/2025

EUR

15,945,855

(

593,536

)

188

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Italian

Base

Electricity

1

6/2025

EUR

$

293,926

$

4,029

KOSPI

200

Index

124

6/2025

KRW

7,027,368

(

333,700

)

Live

Cattle

167

6/2025

USD

13,603,820

433,691

LME

Aluminum

Base

Metal

11

6/2025

USD

696,160

(

21,679

)

LME

Aluminum

Base

Metal

13

6/2025

USD

822,458

(

52,481

)

LME

Aluminum

Base

Metal

14

6/2025

USD

886,550

(

4,382

)

LME

Aluminum

Base

Metal

14

6/2025

USD

885,647

(

57,935

)

LME

Aluminum

Base

Metal

20

6/2025

USD

1,265,995

(

24,825

)

LME

Aluminum

Base

Metal

21

6/2025

USD

1,329,011

(

89,452

)

LME

Aluminum

Base

Metal

21

6/2025

USD

1,328,801

(

96,862

)

LME

Aluminum

Base

Metal

23

6/2025

USD

1,455,319

(

45,075

)

LME

Aluminum

Base

Metal

26

6/2025

USD

1,642,927

(

56,201

)

LME

Aluminum

Base

Metal

27

6/2025

USD

1,708,216

(

69,965

)

LME

Aluminum

Base

Metal

60

6/2025

USD

3,794,250

(

192,540

)

LME

Aluminum

Base

Metal

164

6/2025

USD

10,374,271

(

482,513

)

LME

Copper

Base

Metal

1

6/2025

USD

242,714

(

3,432

)

LME

Copper

Base

Metal

2

6/2025

USD

485,365

(

11,703

)

LME

Copper

Base

Metal

3

6/2025

USD

727,646

12,363

LME

Copper

Base

Metal

5

6/2025

USD

1,213,038

(

37,925

)

LME

Copper

Base

Metal

5

6/2025

USD

1,212,538

(

31,637

)

LME

Copper

Base

Metal

8

6/2025

USD

1,940,510

(

20,511

)

LME

Copper

Base

Metal

10

6/2025

USD

2,425,638

(

9,639

)

LME

Copper

Base

Metal

14

6/2025

USD

3,398,500

(

3,744

)

LME

Copper

Base

Metal

26

6/2025

USD

6,304,006

208,603

LME

Copper

Base

Metal

26

6/2025

USD

6,305,468

36,903

LME

Copper

Base

Metal

200

6/2025

USD

48,536,500

847,685

LME

Lead

Base

Metal

1

6/2025

USD

50,198

(

1,416

)

LME

Lead

Base

Metal

2

6/2025

USD

100,456

(

2,124

)

LME

Lead

Base

Metal

3

6/2025

USD

150,617

(

5,091

)

LME

Lead

Base

Metal

3

6/2025

USD

150,745

(

4,126

)

LME

Nickel

Base

Metal

1

6/2025

USD

95,463

(

1,920

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,908

(

3,018

)

LME

Nickel

Base

Metal

8

6/2025

USD

762,924

(

18,749

)

LME

Nickel

Base

Metal

11

6/2025

USD

1,049,670

(

22,137

)

LME

Nickel

Base

Metal

15

6/2025

USD

1,431,589

(

6,332

)

LME

Nickel

Base

Metal

15

6/2025

USD

1,426,950

4,517

LME

Nickel

Base

Metal

16

6/2025

USD

1,524,260

(

76,963

)

LME

Nickel

Base

Metal

19

6/2025

USD

1,811,091

(

71,269

)

LME

Nickel

Base

Metal

24

6/2025

USD

2,285,732

(

103,161

)

LME

Nickel

Base

Metal

25

6/2025

USD

2,382,000

(

114,429

)

LME

Nickel

Base

Metal

31

6/2025

USD

2,960,748

(

15,345

)

LME

Nickel

Base

Metal

109

6/2025

USD

10,391,576

(

451,418

)

LME

Zinc

Base

Metal

4

6/2025

USD

285,250

1,307

LME

Zinc

Base

Metal

7

6/2025

USD

498,925

(

19,661

)

LME

Zinc

Base

Metal

9

6/2025

USD

642,112

(

27,164

)

LME

Zinc

Base

Metal

10

6/2025

USD

713,200

(

21,600

)

LME

Zinc

Base

Metal

17

6/2025

USD

1,211,161

(

30,324

)

LME

Zinc

Base

Metal

25

6/2025

USD

1,782,031

(

38,687

)

LME

Zinc

Base

Metal

29

6/2025

USD

2,066,975

(

69,687

)

LME

Zinc

Base

Metal

53

6/2025

USD

3,780,954

(

11,390

)

LME

Zinc

Base

Metal

295

6/2025

USD

21,048,398

(

100,462

)

MSCI

EAFE

Index

26

6/2025

USD

3,141,190

(

101,564

)

MSCI

Emerging

Markets

Index

491

6/2025

USD

27,270,140

(

823,440

)

Phelix

De

Base

Electricity

1

6/2025

EUR

198,617

(

19,481

)

S&P

500

E-Mini

Index

13

6/2025

USD

3,674,613

(

27,843

)

S&P/TSX

60

Index

163

6/2025

CAD

33,926,382

89,184

U.S.

Treasury

10

Year

Note

227

6/2025

USD

25,292,766

106,997

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

189

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

U.S.

Treasury

2

Year

Note

439

6/2025

USD

$

90,975,891

$

46,837

U.S.

Treasury

5

Year

Note

182

6/2025

USD

19,705,766

67,851

U.S.

Treasury

Long

Bond

156

6/2025

USD

18,359,250

52,045

U.S.

Treasury

Ultra

Bond

126

6/2025

USD

15,482,250

88,057

CBOE

Volatility

Index

29

7/2025

USD

597,449

31,043

Cocoa

6

7/2025

USD

473,280

(

4,985

)

Cocoa

56

7/2025

GBP

4,466,148

(

31,279

)

Rapeseed

7

7/2025

EUR

183,645

789

Robusta

Coffee

5

7/2025

USD

264,750

(

3,183

)

White

Sugar

67

7/2025

USD

1,756,740

(

15,970

)

CBOE

Volatility

Index

26

8/2025

USD

534,279

11,398

3

Month

Euro

Euribor

266

9/2025

EUR

70,450,344

(

4,570

)

90-Day

Australian

Bank

Bill

45

9/2025

AUD

27,869,486

(

477

)

90-Day

New

Zealand

Bill

151

9/2025

NZD

85,054,937

4,618

3

Month

CORRA

604

12/2025

CAD

102,537,924

255,845

3

Month

Euro

Euribor

324

12/2025

EUR

85,864,249

28,125

3

Month

SARON

97

12/2025

CHF

27,384,382

(

87

)

3

Month

SOFR

408

12/2025

USD

98,124,000

(

38,339

)

3

Month

SONIA

112

12/2025

GBP

34,709,581

10,351

90-Day

Australian

Bank

Bill

354

12/2025

AUD

219,298,914

33,304

90-Day

New

Zealand

Bill

130

12/2025

NZD

73,231,479

11,803

ECX

Emission

23

12/2025

EUR

1,690,656

(

309,051

)

Italian

Base

Electricity

1

12/2025

EUR

986,623

(

33,711

)

Phelix

De

Base

Electricity

1

12/2025

EUR

807,030

(

103,291

)

UK

Allowances

Carbon

Dioxide

Emissions

15

12/2025

GBP

873,094

53,365

3

Month

CORRA

496

3/2026

CAD

84,267,955

183,461

3

Month

Euro

Euribor

194

3/2026

EUR

51,415,166

17,640

3

Month

SARON

107

3/2026

CHF

30,213,561

1,763

3

Month

SOFR

531

3/2026

USD

127,957,725

16,068

3

Month

SONIA

225

3/2026

GBP

69,801,730

(

31,977

)

90-Day

Australian

Bank

Bill

953

3/2026

AUD

590,430,231

98,116

90-Day

New

Zealand

Bill

64

3/2026

NZD

36,046,247

3,875

3

Month

CORRA

332

6/2026

CAD

56,405,163

25,243

3

Month

Euro

Euribor

121

6/2026

EUR

32,060,045

9,665

3

Month

SARON

107

6/2026

CHF

30,212,049

33,953

3

Month

SOFR

584

6/2026

USD

140,904,601

95,999

3

Month

SONIA

160

6/2026

GBP

49,667,787

(

20,615

)

90-Day

Australian

Bank

Bill

211

6/2026

AUD

130,728,043

23,280

3

Month

CORRA

180

9/2026

CAD

30,574,858

16,015

3

Month

Euro

Euribor

110

9/2026

EUR

29,129,141

30,019

3

Month

SARON

45

9/2026

CHF

12,703,459

16,840

3

Month

SOFR

318

9/2026

USD

76,777,125

72,695

3

Month

SONIA

170

9/2026

GBP

52,785,749

7,108

3

Month

Euro

Euribor

110

12/2026

EUR

29,108,326

23,623

3

Month

SOFR

122

12/2026

USD

29,461,475

29,396

3

Month

SONIA

14

12/2026

GBP

4,347,514

(

1,346

)

3

Month

Euro

Euribor

99

3/2027

EUR

26,177,422

22,858

3

Month

SOFR

129

3/2027

USD

31,148,663

35,365

3

Month

Euro

Euribor

7

6/2027

EUR

1,849,510

190

3

Month

SOFR

127

6/2027

USD

30,660,975

34,135

Total

of

long

contracts

(

769,269

)

Short

Contracts

CAC

40

10

Euro

Index

(

47

)

4/2025

EUR

(

3,965,825

)

78,260

CBOE

Volatility

Index

(

15

)

4/2025

USD

(

312,653

)

(

40,890

)

LME

Aluminum

Base

Metal

(

2

)

4/2025

USD

(

125,808

)

(

1,912

)

LME

Aluminum

Base

Metal

(

20

)

4/2025

USD

(

1,260,575

)

36,865

LME

Aluminum

Base

Metal

(

28

)

4/2025

USD

(

1,764,280

)

69,286

190

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Copper

Base

Metal

(

3

)

4/2025

USD

$

(

725,942

)

$

(

43,300

)

LME

Copper

Base

Metal

(

8

)

4/2025

USD

(

1,933,636

)

(

115,357

)

LME

Copper

Base

Metal

(

8

)

4/2025

USD

(

1,933,536

)

(

139,295

)

LME

Copper

Base

Metal

(

13

)

4/2025

USD

(

3,144,775

)

(

165,547

)

LME

Copper

Base

Metal

(

13

)

4/2025

USD

(

3,145,015

)

(

179,849

)

LME

Copper

Base

Metal

(

19

)

4/2025

USD

(

4,597,159

)

(

225,228

)

LME

Copper

Base

Metal

(

28

)

4/2025

USD

(

6,774,411

)

(

469,585

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,813

)

(

881

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,863

)

(

591

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,845

)

(

1,115

)

LME

Lead

Base

Metal

(

2

)

4/2025

USD

(

99,708

)

(

1,793

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,201

)

(

4,101

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,111

)

(

3,605

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,371

)

(

2,737

)

LME

Lead

Base

Metal

(

4

)

4/2025

USD

(

198,890

)

(

3,217

)

LME

Nickel

Base

Metal

(

3

)

4/2025

USD

(

283,856

)

(

6,665

)

LME

Nickel

Base

Metal

(

4

)

4/2025

USD

(

377,701

)

5,807

LME

Nickel

Base

Metal

(

7

)

4/2025

USD

(

660,755

)

5,975

LME

Nickel

Base

Metal

(

7

)

4/2025

USD

(

660,864

)

7,083

LME

Nickel

Base

Metal

(

7

)

4/2025

USD

(

662,219

)

(

1,580

)

LME

Nickel

Base

Metal

(

10

)

4/2025

USD

(

943,778

)

4,229

LME

Nickel

Base

Metal

(

12

)

4/2025

USD

(

1,131,596

)

(

21,846

)

LME

Nickel

Base

Metal

(

12

)

4/2025

USD

(

1,131,408

)

(

21,115

)

LME

Nickel

Base

Metal

(

14

)

4/2025

USD

(

1,323,308

)

(

12,614

)

LME

Nickel

Base

Metal

(

14

)

4/2025

USD

(

1,319,757

)

(

45,928

)

LME

Zinc

Base

Metal

(

2

)

4/2025

USD

(

142,039

)

1,884

LME

Zinc

Base

Metal

(

3

)

4/2025

USD

(

213,116

)

6,551

LME

Zinc

Base

Metal

(

6

)

4/2025

USD

(

425,826

)

1,857

LME

Zinc

Base

Metal

(

11

)

4/2025

USD

(

781,974

)

(

13,381

)

LME

Zinc

Base

Metal

(

11

)

4/2025

USD

(

780,574

)

(

918

)

LME

Zinc

Base

Metal

(

17

)

4/2025

USD

(

1,208,007

)

(

2,227

)

LME

Zinc

Base

Metal

(

23

)

4/2025

USD

(

1,631,890

)

37,693

LME

Zinc

Base

Metal

(

25

)

4/2025

USD

(

1,774,863

)

11,938

LME

Zinc

Base

Metal

(

25

)

4/2025

USD

(

1,776,844

)

(

48,794

)

OMXS30

Index

(

152

)

4/2025

SEK

(

3,743,369

)

239,627

Canola

(

137

)

5/2025

CAD

(

1,166,221

)

(

55,059

)

Cotton

No.

2

(

234

)

5/2025

USD

(

7,819,110

)

(

19,456

)

Fcoj-a

(

4

)

5/2025

USD

(

146,130

)

6,700

French

Base

Electricity

(

9

)

5/2025

EUR

(

285,344

)

22,354

KC

HRW

Wheat

(

232

)

5/2025

USD

(

6,461,200

)

394,728

LME

Aluminum

Base

Metal

(

12

)

5/2025

USD

(

757,110

)

37,349

LME

Aluminum

Base

Metal

(

20

)

5/2025

USD

(

1,264,710

)

82,930

LME

Aluminum

Base

Metal

(

20

)

5/2025

USD

(

1,261,710

)

66,696

LME

Aluminum

Base

Metal

(

20

)

5/2025

USD

(

1,264,710

)

81,950

LME

Aluminum

Base

Metal

(

21

)

5/2025

USD

(

1,325,231

)

47,390

LME

Copper

Base

Metal

(

1

)

5/2025

USD

(

242,206

)

(

13,708

)

LME

Copper

Base

Metal

(

1

)

5/2025

USD

(

242,056

)

(

15,312

)

LME

Copper

Base

Metal

(

10

)

5/2025

USD

(

2,423,368

)

(

52,344

)

LME

Copper

Base

Metal

(

11

)

5/2025

USD

(

2,666,529

)

(

59,408

)

LME

Copper

Base

Metal

(

12

)

5/2025

USD

(

2,908,341

)

(

59,273

)

LME

Copper

Base

Metal

(

21

)

5/2025

USD

(

5,090,647

)

(

103,202

)

LME

Copper

Base

Metal

(

26

)

5/2025

USD

(

6,300,756

)

(

218,149

)

LME

Lead

Base

Metal

(

6

)

5/2025

USD

(

299,519

)

(

4,267

)

LME

Lead

Base

Metal

(

7

)

5/2025

USD

(

349,503

)

2,190

LME

Lead

Base

Metal

(

11

)

5/2025

USD

(

551,111

)

(

3,477

)

LME

Lead

Base

Metal

(

13

)

5/2025

USD

(

649,688

)

(

5,189

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

95,022

)

(

1,392

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

191

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(

7

)

5/2025

USD

$

(

665,028

)

$

(

21,291

)

LME

Nickel

Base

Metal

(

8

)

5/2025

USD

(

757,856

)

(

31,108

)

LME

Nickel

Base

Metal

(

10

)

5/2025

USD

(

946,672

)

(

40,541

)

LME

Nickel

Base

Metal

(

11

)

5/2025

USD

(

1,043,946

)

(

30,598

)

LME

Nickel

Base

Metal

(

16

)

5/2025

USD

(

1,518,755

)

(

29,876

)

LME

Nickel

Base

Metal

(

17

)

5/2025

USD

(

1,614,141

)

(

29,262

)

LME

Zinc

Base

Metal

(

3

)

5/2025

USD

(

213,660

)

1,459

LME

Zinc

Base

Metal

(

4

)

5/2025

USD

(

284,763

)

1,725

LME

Zinc

Base

Metal

(

5

)

5/2025

USD

(

356,270

)

(

3,785

)

LME

Zinc

Base

Metal

(

24

)

5/2025

USD

(

1,706,826

)

(

64,208

)

LME

Zinc

Base

Metal

(

32

)

5/2025

USD

(

2,279,040

)

24,710

LME

Zinc

Base

Metal

(

35

)

5/2025

USD

(

2,492,700

)

47,502

LME

Zinc

Base

Metal

(

37

)

5/2025

USD

(

2,633,521

)

(

25,836

)

Milling

Wheat

No.

2

(

209

)

5/2025

EUR

(

2,488,734

)

101,985

Red

Wheat

(

90

)

5/2025

USD

(

2,664,000

)

121,579

Silver

(

14

)

5/2025

USD

(

2,422,770

)

(

35,626

)

Soybean

(

999

)

5/2025

USD

(

50,686,763

)

2,226,549

Soybean

Meal

(

316

)

5/2025

USD

(

9,249,320

)

252,668

Soybean

Oil

(

148

)

5/2025

USD

(

3,986,232

)

(

67,194

)

100

oz

Gold

(

25

)

6/2025

USD

(

7,875,750

)

(

199,826

)

DJIA

CBOT

E-Mini

Index

(

47

)

6/2025

USD

(

9,930,865

)

27,378

Euro-Bobl

(

22

)

6/2025

EUR

(

2,801,108

)

(

14,919

)

Euro-Bund

(

50

)

6/2025

EUR

(

6,961,950

)

(

1,531

)

Euro-Buxl

(

47

)

6/2025

EUR

(

6,052,793

)

(

30,405

)

Euro-Schatz

(

110

)

6/2025

EUR

(

12,719,170

)

(

27,225

)

French

Base

Electricity

(

3

)

6/2025

EUR

(

394,011

)

28,271

FTSE

100

Index

(

10

)

6/2025

GBP

(

1,109,872

)

(

345

)

Japan

10

Year

Bond

(

149

)

6/2025

JPY

(

137,377,224

)

(

469,468

)

Lean

Hogs

(

41

)

6/2025

USD

(

1,562,510

)

35,214

LME

Aluminum

Base

Metal

(

11

)

6/2025

USD

(

696,160

)

22,323

LME

Aluminum

Base

Metal

(

13

)

6/2025

USD

(

822,458

)

51,152

LME

Aluminum

Base

Metal

(

14

)

6/2025

USD

(

885,647

)

56,541

LME

Aluminum

Base

Metal

(

14

)

6/2025

USD

(

886,550

)

1,437

LME

Aluminum

Base

Metal

(

20

)

6/2025

USD

(

1,265,995

)

20,035

LME

Aluminum

Base

Metal

(

21

)

6/2025

USD

(

1,329,011

)

85,741

LME

Aluminum

Base

Metal

(

21

)

6/2025

USD

(

1,328,801

)

94,273

LME

Aluminum

Base

Metal

(

23

)

6/2025

USD

(

1,455,319

)

48,418

LME

Aluminum

Base

Metal

(

26

)

6/2025

USD

(

1,642,927

)

57,454

LME

Aluminum

Base

Metal

(

27

)

6/2025

USD

(

1,708,216

)

63,055

LME

Aluminum

Base

Metal

(

60

)

6/2025

USD

(

3,794,250

)

182,128

LME

Aluminum

Base

Metal

(

245

)

6/2025

USD

(

15,498,149

)

723,009

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,714

)

3,021

LME

Copper

Base

Metal

(

2

)

6/2025

USD

(

485,365

)

11,880

LME

Copper

Base

Metal

(

3

)

6/2025

USD

(

727,646

)

(

12,045

)

LME

Copper

Base

Metal

(

5

)

6/2025

USD

(

1,212,538

)

33,699

LME

Copper

Base

Metal

(

5

)

6/2025

USD

(

1,213,038

)

37,924

LME

Copper

Base

Metal

(

8

)

6/2025

USD

(

1,940,510

)

19,074

LME

Copper

Base

Metal

(

10

)

6/2025

USD

(

2,425,638

)

14,622

LME

Copper

Base

Metal

(

14

)

6/2025

USD

(

3,398,500

)

(

1,612

)

LME

Copper

Base

Metal

(

26

)

6/2025

USD

(

6,305,468

)

(

44,086

)

LME

Copper

Base

Metal

(

26

)

6/2025

USD

(

6,304,006

)

(

216,499

)

LME

Copper

Base

Metal

(

28

)

6/2025

USD

(

6,795,110

)

42,435

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,198

)

1,587

LME

Lead

Base

Metal

(

2

)

6/2025

USD

(

100,456

)

2,539

LME

Lead

Base

Metal

(

3

)

6/2025

USD

(

150,617

)

4,820

LME

Lead

Base

Metal

(

43

)

6/2025

USD

(

2,160,675

)

(

9

)

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,463

)

1,695

192

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

$

(

190,908

)

$

3,445

LME

Nickel

Base

Metal

(

8

)

6/2025

USD

(

762,924

)

16,529

LME

Nickel

Base

Metal

(

11

)

6/2025

USD

(

1,049,670

)

13,172

LME

Nickel

Base

Metal

(

15

)

6/2025

USD

(

1,426,950

)

(

14,625

)

LME

Nickel

Base

Metal

(

15

)

6/2025

USD

(

1,431,589

)

15,877

LME

Nickel

Base

Metal

(

16

)

6/2025

USD

(

1,524,260

)

82,732

LME

Nickel

Base

Metal

(

19

)

6/2025

USD

(

1,811,091

)

80,683

LME

Nickel

Base

Metal

(

24

)

6/2025

USD

(

2,285,732

)

100,996

LME

Nickel

Base

Metal

(

25

)

6/2025

USD

(

2,382,000

)

125,175

LME

Nickel

Base

Metal

(

31

)

6/2025

USD

(

2,960,748

)

12,130

LME

Nickel

Base

Metal

(

165

)

6/2025

USD

(

15,730,367

)

(

17,817

)

LME

Zinc

Base

Metal

(

4

)

6/2025

USD

(

285,250

)

(

2,410

)

LME

Zinc

Base

Metal

(

7

)

6/2025

USD

(

498,925

)

19,929

LME

Zinc

Base

Metal

(

9

)

6/2025

USD

(

642,112

)

27,686

LME

Zinc

Base

Metal

(

10

)

6/2025

USD

(

713,200

)

22,770

LME

Zinc

Base

Metal

(

17

)

6/2025

USD

(

1,211,161

)

34,463

LME

Zinc

Base

Metal

(

25

)

6/2025

USD

(

1,782,031

)

41,222

LME

Zinc

Base

Metal

(

29

)

6/2025

USD

(

2,066,975

)

72,102

LME

Zinc

Base

Metal

(

29

)

6/2025

USD

(

2,069,165

)

68,411

LME

Zinc

Base

Metal

(

53

)

6/2025

USD

(

3,780,954

)

8,388

Long

Gilt

(

84

)

6/2025

GBP

(

9,942,496

)

85,148

NASDAQ

100

E-Mini

Index

(

2

)

6/2025

USD

(

777,580

)

23,434

Nikkei

225

Index

(

157

)

6/2025

JPY

(

37,326,622

)

1,204,103

Palladium

(

27

)

6/2025

USD

(

2,701,890

)

(

205,497

)

Russell

2000

E-Mini

Index

(

39

)

6/2025

USD

(

3,952,845

)

(

27,847

)

S&P

Midcap

400

E-Mini

Index

(

24

)

6/2025

USD

(

7,052,640

)

72,801

SPI

200

Index

(

19

)

6/2025

AUD

(

2,337,923

)

39,812

TOPIX

Index

(

107

)

6/2025

JPY

(

18,990,199

)

74,882

Aluminum

(

8

)

7/2025

USD

(

497,550

)

37,907

Platinum

(

309

)

7/2025

USD

(

15,874,875

)

(

478,587

)

Milling

Wheat

No.

2

(

34

)

9/2025

EUR

(

401,189

)

(

412

)

French

Base

Electricity

(

2

)

12/2025

EUR

(

1,181,940

)

9,889

3

Month

SONIA

(

6

)

3/2027

GBP

(

1,863,123

)

(

312

)

3

Month

SONIA

(

24

)

6/2027

GBP

(

7,451,331

)

(

794

)

3

Month

SOFR

(

105

)

9/2027

USD

(

25,341,750

)

(

32,772

)

3

Month

SONIA

(

79

)

9/2027

GBP

(

24,523,470

)

(

1,502

)

Total

of

short

contracts

3,626,753

Net

unrealized

appreciation

$

2,857,484

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

4,584,939

USD

2,859,918

CITI

6/18/2025

$

6,822

AUD

4,584,936

USD

2,859,902

JPMC

6/18/2025

6,836

BRL

34,355,055

USD

5,828,995

CITI

**

6/18/2025

93,047

BRL

34,355,055

USD

5,828,966

JPMC

**

6/18/2025

93,076

CAD

2,830,500

USD

1,972,158

CITI

6/18/2025

2,386

CAD

2,830,500

USD

1,972,148

JPMC

6/18/2025

2,396

CHF

1,333,937

USD

1,506,803

CITI

6/18/2025

14,953

CHF

1,333,936

USD

1,506,794

JPMC

6/18/2025

14,960

CLP

1,134,660,624

USD

1,189,299

CITI

**

6/18/2025

4,974

CLP

1,134,660,624

USD

1,189,293

JPMC

**

6/18/2025

4,980

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

193

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CZK

297,372,576

USD

12,527,569

CITI

6/18/2025

$

377,454

CZK

297,372,576

USD

12,527,507

JPMC

6/18/2025

377,517

DKK

9,825,500

USD

1,391,207

CITI

6/18/2025

40,108

DKK

9,825,500

USD

1,391,200

JPMC

6/18/2025

40,115

EUR

15,406,500

USD

16,723,851

CITI

6/18/2025

8,169

EUR

15,406,500

USD

16,723,767

JPMC

6/18/2025

8,252

GBP

20,666,000

USD

26,310,133

CITI

6/18/2025

383,231

GBP

20,666,001

USD

26,310,003

JPMC

6/18/2025

383,363

HUF

3,629,211,871

USD

9,419,321

CITI

6/18/2025

283,693

HUF

3,629,211,871

USD

9,419,273

JPMC

6/18/2025

283,740

INR

100,000,000

USD

1,154,890

CITI

**

6/18/2025

8,405

INR

100,000,000

USD

1,154,884

JPMC

**

6/18/2025

8,410

NOK

323,645,303

USD

30,058,256

CITI

6/18/2025

703,779

NOK

323,645,303

USD

30,058,106

JPMC

6/18/2025

703,929

PEN

8,330,606

USD

2,255,618

CITI

**

6/18/2025

7,509

PEN

8,330,606

USD

2,255,607

JPMC

**

6/18/2025

7,520

PHP

275,000,000

USD

4,779,384

CITI

**

6/18/2025

14,731

PHP

275,000,000

USD

4,779,360

JPMC

**

6/18/2025

14,755

PLN

19,820,000

USD

4,966,777

CITI

6/18/2025

135,607

PLN

19,820,000

USD

4,966,752

JPMC

6/18/2025

135,632

SEK

241,000,000

USD

23,723,805

CITI

6/18/2025

362,851

SEK

241,000,000

USD

23,723,687

JPMC

6/18/2025

362,970

SGD

1,726,989

USD

1,287,300

CITI

6/18/2025

3,321

SGD

1,726,989

USD

1,287,293

JPMC

6/18/2025

3,327

USD

53,872,917

AUD

85,422,126

CITI

6/18/2025

462,607

USD

53,873,185

AUD

85,422,124

JPMC

6/18/2025

462,877

USD

16,717,320

CAD

23,895,500

CITI

6/18/2025

47,926

USD

16,717,403

CAD

23,895,500

JPMC

6/18/2025

48,009

USD

1,549,183

CHF

1,349,930

CITI

6/18/2025

9,183

USD

1,549,191

CHF

1,349,930

JPMC

6/18/2025

9,190

USD

12,880,217

CNY

92,843,657

CITI

**

6/18/2025

33,836

USD

12,880,281

CNY

92,843,657

JPMC

**

6/18/2025

33,901

USD

656,880

CZK

15,000,000

CITI

6/18/2025

5,928

USD

656,883

CZK

15,000,000

JPMC

6/18/2025

5,931

USD

47,873,524

EUR

43,826,000

CITI

6/18/2025

276,894

USD

47,873,763

EUR

43,826,000

JPMC

6/18/2025

277,133

USD

3,488,481

GBP

2,695,999

CITI

6/18/2025

6,178

USD

3,488,501

GBP

2,696,001

JPMC

6/18/2025

6,195

USD

4,387,548

IDR

72,185,649,844

CITI

**

6/18/2025

70,630

USD

4,387,570

IDR

72,185,649,844

JPMC

**

6/18/2025

70,652

USD

1,580,692

ILS

5,724,500

CITI

6/18/2025

38,307

USD

1,580,700

ILS

5,724,500

JPMC

6/18/2025

38,315

USD

10,122,659

JPY

1,500,000,000

CITI

6/18/2025

34,593

USD

10,122,709

JPY

1,500,000,000

JPMC

6/18/2025

34,644

USD

27,433,065

KRW

39,506,226,093

CITI

**

6/18/2025

521,779

USD

27,433,202

KRW

39,506,226,093

JPMC

**

6/18/2025

521,916

USD

3,417,242

MXN

70,559,749

CITI

6/18/2025

4,847

USD

3,417,259

MXN

70,559,749

JPMC

6/18/2025

4,864

USD

47,391,197

NZD

82,513,352

CITI

6/18/2025

454,068

USD

47,391,434

NZD

82,513,352

JPMC

6/18/2025

454,305

USD

8,411,403

SGD

11,185,000

CITI

6/18/2025

52,582

USD

8,411,445

SGD

11,185,000

JPMC

6/18/2025

52,624

USD

6,158,496

THB

206,209,376

CITI

6/18/2025

46,546

USD

6,158,527

THB

206,209,376

JPMC

6/18/2025

46,577

USD

13,966,042

TWD

456,238,361

CITI

**

6/18/2025

172,494

USD

13,970,517

TWD

456,238,361

JPMC

**

6/18/2025

176,969

ZAR

687,856,698

USD

37,035,599

CITI

6/18/2025

246,099

194

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ZAR

687,856,698

USD

37,035,414

JPMC

6/18/2025

$

246,284

Total

unrealized

appreciation

9,877,701

AUD

2,976,563

USD

1,877,063

CITI

6/18/2025

(

15,963

)

AUD

2,976,562

USD

1,877,053

JPMC

6/18/2025

(

15,953

)

CAD

12,728,000

USD

8,931,528

CITI

6/18/2025

(

52,532

)

CAD

12,728,000

USD

8,931,483

JPMC

6/18/2025

(

52,488

)

CHF

8,378,063

USD

9,601,253

CITI

6/18/2025

(

43,558

)

CHF

8,378,064

USD

9,601,206

JPMC

6/18/2025

(

43,509

)

CLP

11,377,284,991

USD

12,205,067

CITI

**

6/18/2025

(

230,053

)

CLP

11,377,284,991

USD

12,205,006

JPMC

**

6/18/2025

(

229,993

)

CNY

49,862,500

USD

6,919,216

CITI

**

6/18/2025

(

19,954

)

CNY

49,862,500

USD

6,919,181

JPMC

**

6/18/2025

(

19,920

)

COP

30,565,202,996

USD

7,325,800

CITI

**

6/18/2025

(

93,431

)

COP

30,565,202,996

USD

7,325,764

JPMC

**

6/18/2025

(

93,396

)

CZK

302,384,049

USD

13,148,281

CITI

6/18/2025

(

25,776

)

CZK

302,384,049

USD

13,148,216

JPMC

6/18/2025

(

25,711

)

EUR

5,202,000

USD

5,671,950

CITI

6/18/2025

(

22,389

)

EUR

5,202,000

USD

5,671,922

JPMC

6/18/2025

(

22,360

)

GBP

6,920,000

USD

8,973,971

CITI

6/18/2025

(

35,711

)

GBP

6,920,000

USD

8,973,926

JPMC

6/18/2025

(

35,666

)

HUF

3,425,000,000

USD

9,218,293

CITI

6/18/2025

(

61,258

)

HUF

3,425,000,000

USD

9,218,247

JPMC

6/18/2025

(

61,211

)

IDR

2,500,000,000

USD

150,278

CITI

**

6/18/2025

(

771

)

IDR

2,500,000,000

USD

150,277

JPMC

**

6/18/2025

(

770

)

ILS

33,110,500

USD

9,256,699

CITI

6/18/2025

(

335,544

)

ILS

33,110,500

USD

9,256,653

JPMC

6/18/2025

(

335,499

)

JPY

21,062,732,570

USD

142,902,317

CITI

6/18/2025

(

1,247,501

)

JPY

21,062,732,570

USD

142,901,602

JPMC

6/18/2025

(

1,246,784

)

KRW

8,600,000,000

USD

5,954,044

CITI

**

6/18/2025

(

95,801

)

KRW

8,600,000,000

USD

5,954,014

JPMC

**

6/18/2025

(

95,771

)

MXN

126,000,000

USD

6,206,525

CITI

6/18/2025

(

112,941

)

MXN

126,000,000

USD

6,206,494

JPMC

6/18/2025

(

112,911

)

NOK

101,011,186

USD

9,624,743

CITI

6/18/2025

(

23,771

)

NOK

101,011,186

USD

9,624,695

JPMC

6/18/2025

(

23,722

)

NZD

88,421,500

USD

50,838,087

CITI

6/18/2025

(

540,151

)

NZD

88,421,500

USD

50,837,833

JPMC

6/18/2025

(

539,897

)

PEN

16,065,487

USD

4,381,889

CITI

**

6/18/2025

(

17,473

)

PEN

16,065,487

USD

4,381,867

JPMC

**

6/18/2025

(

17,451

)

PHP

95,000,000

USD

1,658,372

CITI

**

6/18/2025

(

2,224

)

PHP

95,000,000

USD

1,658,364

JPMC

**

6/18/2025

(

2,215

)

PLN

53,089,500

USD

13,746,991

CITI

6/18/2025

(

79,835

)

PLN

53,089,500

USD

13,746,922

JPMC

6/18/2025

(

79,765

)

SEK

65,000,000

USD

6,515,989

CITI

6/18/2025

(

19,587

)

SEK

65,000,000

USD

6,515,956

JPMC

6/18/2025

(

19,555

)

SGD

14,115,719

USD

10,621,681

CITI

6/18/2025

(

72,661

)

SGD

14,115,719

USD

10,621,628

JPMC

6/18/2025

(

72,609

)

TWD

131,500,000

USD

4,029,614

CITI

**

6/18/2025

(

53,948

)

TWD

131,500,000

USD

4,029,594

JPMC

**

6/18/2025

(

53,928

)

USD

13,284,120

AUD

21,320,376

CITI

6/18/2025

(

46,476

)

USD

13,284,185

AUD

21,320,374

JPMC

6/18/2025

(

46,410

)

USD

35,599,870

CAD

51,099,906

CITI

6/18/2025

(

47,196

)

USD

35,600,048

CAD

51,099,906

JPMC

6/18/2025

(

47,018

)

USD

5,386,218

CHF

4,755,105

CITI

6/18/2025

(

38,406

)

USD

5,386,245

CHF

4,755,105

JPMC

6/18/2025

(

38,380

)

USD

3,982,403

CNY

28,852,468

CITI

**

6/18/2025

(

9,789

)

USD

3,982,423

CNY

28,852,468

JPMC

**

6/18/2025

(

9,769

)

USD

60,238,830

EUR

56,323,306

CITI

6/18/2025

(

930,329

)

USD

60,239,131

EUR

56,323,306

JPMC

6/18/2025

(

930,027

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

195

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

5,637,757

GBP

4,378,000

CITI

6/18/2025

$

(

17,114

)

USD

5,637,785

GBP

4,378,000

JPMC

6/18/2025

(

17,086

)

USD

35,818,552

INR

3,139,008,984

CITI

**

6/18/2025

(

697,364

)

USD

35,818,731

INR

3,139,008,984

JPMC

**

6/18/2025

(

697,185

)

USD

14,054,886

JPY

2,095,000,000

CITI

6/18/2025

(

34,779

)

USD

14,054,956

JPY

2,095,000,000

JPMC

6/18/2025

(

34,709

)

USD

12,556,312

MXN

260,679,247

CITI

6/18/2025

(

50,601

)

USD

12,556,375

MXN

260,679,247

JPMC

6/18/2025

(

50,538

)

USD

28,264,910

NZD

50,091,141

CITI

6/18/2025

(

229,076

)

USD

28,265,052

NZD

50,091,141

JPMC

6/18/2025

(

228,935

)

USD

924,533

PHP

53,649,833

CITI

**

6/18/2025

(

10,752

)

USD

924,538

PHP

53,649,833

JPMC

**

6/18/2025

(

10,747

)

USD

886,494

PLN

3,534,850

CITI

6/18/2025

(

23,504

)

USD

886,498

PLN

3,534,850

JPMC

6/18/2025

(

23,500

)

USD

1,067,605

SEK

11,250,000

CITI

6/18/2025

(

56,772

)

USD

1,067,611

SEK

11,250,000

JPMC

6/18/2025

(

56,767

)

USD

1,496,437

THB

50,903,124

CITI

6/18/2025

(

12,308

)

USD

1,496,444

THB

50,903,124

JPMC

6/18/2025

(

12,301

)

ZAR

508,728,302

USD

27,752,352

CITI

6/18/2025

(

179,378

)

ZAR

508,728,302

USD

27,752,213

JPMC

6/18/2025

(

179,240

)

Total

unrealized

depreciation

(

11,170,373

)

Net

unrealized

depreciation

$

(

1,292,672

)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Total

return

basket

swap

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(-0.03%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

54

months

maturity

08/10/2029

$–

$–

$–

$–

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(-0.03%

to

0.03%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

19-55

months

maturity

ranging

from

09/21/2026

-

09/21/2029

$618

$(15,016)

$(43)

$(15,059)

196

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

105.2%

COMMON

STOCKS

-

51.8%

Australia

-

1

.3

%

AGL

Energy

Ltd.

(2)(a)

9,781

64,561

Aristocrat

Leisure

Ltd.

(2)

24,322

983,658

BlueScope

Steel

Ltd.

(2)

37,413

501,108

Computershare

Ltd.

(2)(a)

71,565

1,764,008

Evolution

Mining

Ltd.

(2)(a)

438,223

1,960,780

Harvey

Norman

Holdings

Ltd.

(2)

25,082

78,888

JB

Hi-Fi

Ltd.

(2)

39,286

2,296,273

Northern

Star

Resources

Ltd.

(2)

(a)

108,723

1,255,226

Pro

Medicus

Ltd.

(2)

15,980

2,022,676

Qantas

Airways

Ltd.

(2)

100,214

571,334

QBE

Insurance

Group

Ltd.

(2)

53,533

739,674

Technology

One

Ltd.

(2)

10,660

187,502

Westpac

Banking

Corp.

(2)

33,638

670,320

Whitehaven

Coal

Ltd.

(2)

237,552

817,236

13,913,244

Belgium

-

0

.0

%

†

Ageas

SA/NV

(2)

5,523

331,067

Anheuser-Busch

InBev

SA/NV

(2)

(a)

212

13,034

344,101

Canada

-

1

.2

%

Agnico

Eagle

Mines

Ltd.

(a)

6,302

682,773

AtkinsRealis

Group,

Inc.

7,285

346,114

Bank

of

Nova

Scotia

(The)

31,635

1,499,917

Barrick

Gold

Corp.

(a)

2,199

42,695

Canadian

Natural

Resources

Ltd.

10,619

326,750

CCL

Industries,

Inc.,

Class

B

(a)

2,075

101,353

Celestica,

Inc.

*(a)(b)

3,635

286,748

Cenovus

Energy,

Inc.

53,404

742,212

Empire

Co.

Ltd.,

Class

A

10,324

346,154

Fairfax

Financial

Holdings

Ltd.

600

867,172

iA

Financial

Corp.,

Inc.

8,570

813,854

Imperial

Oil

Ltd.

2,771

200,164

Kinross

Gold

Corp.

(a)

41,383

521,367

Manulife

Financial

Corp.

(a)(b)

15,684

488,705

Pan

American

Silver

Corp.

(a)

55,105

1,423,337

Parkland

Corp.

8,708

217,965

Shopify,

Inc.,

Class

A

*(a)(b)

10,836

1,030,853

Suncor

Energy,

Inc.

51,786

2,005,152

West

Fraser

Timber

Co.

Ltd.

(a)(b)

11,634

893,580

Whitecap

Resources,

Inc.

38,066

244,947

13,081,812

China

-

0

.1

%

NXP

Semiconductors

NV

(a)(b)

238

45,234

Prosus

NV

(2)

14,030

651,823

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

154,400

270,976

968,033

INVESTMENTS

SHARES

VALUE

($)

Denmark

-

0

.4

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

461

802,338

Danske

Bank

A/S

(2)

40,549

1,327,226

ISS

A/S

(2)

3,710

85,191

Novo

Nordisk

A/S,

Class

B

(2)

7,596

519,402

Pandora

A/S

(2)

8,761

1,342,723

Vestas

Wind

Systems

A/S

(2)*

6,865

94,974

4,171,854

Finland

-

0

.2

%

Nordea

Bank

Abp

(2)

134,244

1,717,041

Wartsila

OYJ

Abp

(2)

22,596

403,191

2,120,232

France

-

1

.2

%

Alstom

SA

(2)*

17,202

381,036

BNP

Paribas

SA

(2)(a)

2,057

171,923

Cie

de

Saint-Gobain

SA

(2)

11,170

1,112,720

Dassault

Aviation

SA

(2)

775

255,538

Eiffage

SA

(2)

373

43,428

Engie

SA

(2)(a)

2,914

56,782

Hermes

International

SCA

(2)(a)

117

307,841

Ipsen

SA

(2)

363

41,811

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)(a)

136

84,222

Renault

SA

(2)

24,151

1,223,405

Rexel

SA

(2)

9,045

243,771

Safran

SA

(2)

2,461

647,941

SCOR

SE

(2)

1,616

46,670

Societe

Generale

SA

(2)

139,123

6,276,382

TotalEnergies

SE

(2)

6,949

447,745

Valeo

SE

(2)

89,559

840,821

Vivendi

SE

(2)

141,513

424,212

12,606,248

Germany

-

1

.5

%

adidas

AG

(2)(a)

176

41,511

Allianz

SE

(Registered)

(2)(a)

1,636

626,113

BASF

SE

(2)(a)

8,559

429,053

Commerzbank

AG

(2)

145,538

3,330,635

Daimler

Truck

Holding

AG

(2)

1,501

60,805

Deutsche

Bank

AG

(Registered)

(2)

64,815

1,545,006

Fresenius

Medical

Care

AG

(2)

3,104

154,455

Heidelberg

Materials

AG

(2)(a)

1,778

306,487

Mercedes-Benz

Group

AG

(2)

4,563

269,544

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

491

310,175

Rheinmetall

AG

(2)

2,975

4,256,996

SAP

SE

(2)

4,433

1,187,821

Scout24

SE

(2)(c)

1,458

152,685

TeamViewer

SE

(2)*(c)

3,661

47,792

thyssenkrupp

AG

(2)

236,272

2,425,780

Zalando

SE

(2)*(c)

18,675

647,748

15,792,606

Guatemala

-

0

.1

%

Millicom

International

Cellular

SA,

SDR

(3)

26,015

776,428

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

197

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

0

.0

%

†

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

800

35,587

Techtronic

Industries

Co.

Ltd.

(2)

10,000

119,843

WH

Group

Ltd.

(2)(c)

82,500

75,752

231,182

Italy

-

0

.7

%

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)

99,218

789,105

Banco

BPM

SpA

(2)

5,213

53,048

Intesa

Sanpaolo

SpA

(2)

491,175

2,531,354

Leonardo

SpA

(2)

7,110

346,249

Poste

Italiane

SpA

(2)(c)

37,296

665,372

UniCredit

SpA

(2)

23,449

1,316,243

Unipol

Assicurazioni

SpA

(2)

107,600

1,722,453

7,423,824

Japan

-

3

.6

%

Asics

Corp.

(2)

36,600

776,197

Bandai

Namco

Holdings,

Inc.

(2)

3,700

124,126

Daiichi

Sankyo

Co.

Ltd.

(2)

1,800

42,865

Ebara

Corp.

(2)

17,200

261,794

Fujikura

Ltd.

(2)

30,400

1,125,861

GMO

Payment

Gateway,

Inc.

(2)

4,200

223,477

Honda

Motor

Co.

Ltd.

(2)

244,100

2,209,001

IHI

Corp.

(2)

9,500

662,994

Inpex

Corp.

(2)

141,700

1,965,492

Japan

Post

Bank

Co.

Ltd.

(2)

277,100

2,813,557

Kawasaki

Kisen

Kaisha

Ltd.

(2)

9,000

122,332

Keyence

Corp.

(2)

1,800

707,778

LY

Corp.

(2)

105,700

357,917

Makita

Corp.

(2)

6,100

202,114

Marubeni

Corp.

(2)

2,600

41,709

Mazda

Motor

Corp.

(2)

218,600

1,398,682

MISUMI

Group,

Inc.

(2)

29,300

487,689

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)

110,700

1,509,264

Mitsui

OSK

Lines

Ltd.

(2)

1,800

62,671

Mizuho

Financial

Group,

Inc.

(2)

104,300

2,862,381

MS&AD

Insurance

Group

Holdings,

Inc.

(2)

11,600

252,275

Nippon

Steel

Corp.

(2)(a)

12,400

265,373

Nippon

Yusen

KK

(2)

27,400

905,518

Nomura

Holdings,

Inc.

(2)

330,800

2,038,364

Persol

Holdings

Co.

Ltd.

(2)

370,700

617,662

Rakuten

Group,

Inc.

(2)*

7,200

41,306

Ryohin

Keikaku

Co.

Ltd.

(2)

77,600

2,119,915

Shimamura

Co.

Ltd.

(2)

4,900

280,842

Shimizu

Corp.

(2)

4,600

40,942

Socionext,

Inc.

(2)

125,600

1,525,118

SoftBank

Corp.

(2)(a)

1,203,200

1,678,434

SoftBank

Group

Corp.

(2)(a)

900

46,035

Sojitz

Corp.

(2)

23,080

508,689

Sompo

Holdings,

Inc.

(2)

6,300

191,843

Sony

Group

Corp.

(2)(a)

36,500

923,560

Square

Enix

Holdings

Co.

Ltd.

(2)

29,900

1,388,901

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

56,100

1,442,590

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

188,300

542,059

INVESTMENTS

SHARES

VALUE

($)

Japan

-

3.6%

(continued)

Tokyo

Electron

Ltd.

(2)

21,200

2,907,210

TOPPAN

Holdings,

Inc.

(2)

4,200

114,817

Toyota

Tsusho

Corp.

(2)

6,100

102,772

Trend

Micro,

Inc.

(2)

23,800

1,606,690

USS

Co.

Ltd.

(2)

50,800

472,190

37,971,006

Luxembourg

-

0

.1

%

ArcelorMittal

SA

(2)

24,282

701,424

Netherlands

-

0

.3

%

ABN

AMRO

Bank

NV,

CVA

(2)(c)

4,440

93,557

Argenx

SE

(2)*

428

252,561

ASML

Holding

NV

(2)

2,895

1,915,835

ING

Groep

NV

(2)

5,135

100,601

Koninklijke

Vopak

NV

(2)

2,614

113,565

NN

Group

NV

(2)

20,842

1,159,769

3,635,888

New

Zealand

-

0

.1

%

Xero

Ltd.

(2)*

11,847

1,157,968

Norway

-

0

.3

%

Equinor

ASA

(2)

97,258

2,568,462

TOMRA

Systems

ASA

(2)

5,846

83,468

2,651,930

Russia

-

0

.0

%

Evraz

plc

(3)*

27,473

–

Singapore

-

0

.2

%

Grab

Holdings

Ltd.,

Class

A

*(a)(b)

239,307

1,084,060

Sea

Ltd.,

ADR

*

3,836

500,560

1,584,620

Spain

-

0

.4

%

Acerinox

SA

(2)

3,944

46,201

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)

5,948

340,424

Banco

Santander

SA

(2)

403,392

2,717,616

Bankinter

SA

(2)

5,634

62,623

CaixaBank

SA

(2)

55,618

433,250

Mapfre

SA

(2)

98,572

303,697

Repsol

SA

(2)

3,300

43,816

3,947,627

Sweden

-

0

.1

%

Svenska

Handelsbanken

AB,

Class

A

(2)

23,221

262,432

Swedbank

AB,

Class

A

(2)

7,430

169,214

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)

43,714

340,129

Trelleborg

AB,

Class

B

(2)

1,095

40,725

812,500

Switzerland

-

0

.6

%

ABB

Ltd.

(Registered)

(2)

4,749

245,039

Baloise

Holding

AG

(Registered)

(2)

1,341

281,443

DSM-Firmenich

AG

(2)(a)

3,229

319,665

Julius

Baer

Group

Ltd.

(2)

1,793

124,284

198

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

0.6%

(continued)

Logitech

International

SA

(Registered)

(2)

11,276

955,474

Lonza

Group

AG

(Registered)

(2)

481

297,147

Sandoz

Group

AG

(2)

1,932

81,017

TE

Connectivity

plc

436

61,616

Zurich

Insurance

Group

AG

(2)(a)

6,033

4,211,082

6,576,767

United

Kingdom

-

1

.7

%

Aviva

plc

(2)

5,826

41,989

Barclays

plc

(2)

545,433

2,050,847

British

American

Tobacco

plc

(2)(a)

9,253

379,599

Burberry

Group

plc

(2)

31,264

314,918

Centrica

plc

(2)(a)

158,393

306,689

CK

Hutchison

Holdings

Ltd.

(2)

12,500

70,462

Direct

Line

Insurance

Group

plc

(2)

73,450

267,263

easyJet

plc

(2)

57,588

331,138

Flutter

Entertainment

plc

*(a)(b)

7,245

1,605,130

HSBC

Holdings

plc

(2)

130,617

1,480,738

InterContinental

Hotels

Group

plc

(2)

682

73,431

International

Distribution

Services

plc

39,286

184,214

London

Stock

Exchange

Group

plc

(2)

2,579

383,052

Marks

&

Spencer

Group

plc

(2)

138,350

638,742

NatWest

Group

plc

(2)

463,304

2,735,527

Ocado

Group

plc

(2)*

253,238

927,273

Rolls-Royce

Holdings

plc

(2)*

223,281

2,170,149

Standard

Chartered

plc

(2)

14,883

220,854

Subsea

7

SA

(2)

6,280

100,411

TechnipFMC

plc

105,072

3,329,731

17,612,157

United

States

-

37

.7

%

3M

Co.

(a)(b)

9,583

1,407,359

Abbott

Laboratories

(a)

442

58,631

AbbVie,

Inc.

954

199,882

Abercrombie

&

Fitch

Co.,

Class

A

*

44,166

3,372,957

Adobe,

Inc.

*

19,140

7,340,763

Advanced

Micro

Devices,

Inc.

*(a)

(b)

1,082

111,165

Airbnb,

Inc.,

Class

A

*(a)(b)

47,128

5,629,911

Alaska

Air

Group,

Inc.

*

28,564

1,405,920

Align

Technology,

Inc.

*

264

41,939

Allison

Transmission

Holdings,

Inc.

8,929

854,237

Allstate

Corp.

(The)

(a)

1,702

352,433

Alnylam

Pharmaceuticals,

Inc.

*

1,115

301,072

Alphabet,

Inc.,

Class

A

16,131

2,494,498

Alphabet,

Inc.,

Class

C

30,119

4,705,491

Altria

Group,

Inc.

(a)(b)

24,108

1,446,962

Amazon.com,

Inc.

*(a)

47,351

9,009,000

Amedisys,

Inc.

*

665

61,599

American

Express

Co.

1,121

301,605

American

International

Group,

Inc.

(a)(b)

18,363

1,596,479

Amphenol

Corp.,

Class

A

22,148

1,452,687

Apellis

Pharmaceuticals,

Inc.

*(a)

(b)

33,165

725,319

Appfolio,

Inc.,

Class

A

*(a)(b)

190

41,781

INVESTMENTS

SHARES

VALUE

($)

United

States

-

37.7%

(continued)

Apple,

Inc.

(a)(b)

77,695

17,258,389

Applied

Materials,

Inc.

2,099

304,607

Arista

Networks,

Inc.

*(a)(b)

86,780

6,723,714

Arrow

Electronics,

Inc.

*(a)(b)

1,810

187,932

Assurant,

Inc.

404

84,739

Assured

Guaranty

Ltd.

3,535

311,434

AT&T,

Inc.

(a)

58,512

1,654,719

Atlassian

Corp.,

Class

A

*

17,189

3,647,678

Autodesk,

Inc.

*

3,360

879,648

Axis

Capital

Holdings

Ltd.

12,032

1,206,088

Baker

Hughes

Co.,

Class

A

(a)(b)

44,563

1,958,544

Bank

of

America

Corp.

57,536

2,400,977

Bank

of

New

York

Mellon

Corp.

(The)

2,208

185,185

Bank

OZK

(a)(b)

14,114

613,253

Bath

&

Body

Works,

Inc.

(a)(b)

43,793

1,327,804

BellRing

Brands,

Inc.

*(a)

3,625

269,918

Berkshire

Hathaway,

Inc.,

Class

B

*(a)(b)

8,190

4,361,830

Best

Buy

Co.,

Inc.

(a)(b)

5,484

403,677

Biogen,

Inc.

*

4,225

578,149

BioMarin

Pharmaceutical,

Inc.

*(a)

(b)

25,961

1,835,183

Blackrock,

Inc.

(a)(b)

666

630,356

Booking

Holdings,

Inc.

(a)(b)

1,427

6,574,061

BP

plc

(2)

370,261

2,077,703

Bristol-Myers

Squibb

Co.

15,997

975,657

Broadcom,

Inc.

20,492

3,430,976

Bruker

Corp.

(a)(b)

8,816

367,980

Builders

FirstSource,

Inc.

*(a)(b)

874

109,198

Burlington

Stores,

Inc.

*(a)(b)

2,264

539,579

Capital

One

Financial

Corp.

4,932

884,308

Cardinal

Health,

Inc.

4,950

681,962

CarMax,

Inc.

*(a)

1,318

102,699

Celsius

Holdings,

Inc.

*(a)(b)

19,401

691,064

Centene

Corp.

*

96,569

5,862,704

Charles

Schwab

Corp.

(The)

541

42,349

Cheniere

Energy,

Inc.

5,794

1,340,732

Chewy,

Inc.,

Class

A

*

66,241

2,153,495

Chipotle

Mexican

Grill,

Inc.,

Class

A

*(a)(b)

7,997

401,529

Chubb

Ltd.

(a)(b)

2,638

796,650

Ciena

Corp.

*(a)(b)

1,061

64,116

Cigna

Group

(The)

(a)(b)

4,076

1,341,004

Cincinnati

Financial

Corp.

2,954

436,365

Cisco

Systems,

Inc.

11,928

736,077

Citigroup,

Inc.

61,638

4,375,682

Citizens

Financial

Group,

Inc.

(a)

(b)

34,911

1,430,304

Cloudflare,

Inc.,

Class

A

*(a)(b)

1,847

208,138

CME

Group,

Inc.

(a)(b)

9,983

2,648,390

CNA

Financial

Corp.

(a)(b)

3,029

153,843

CNO

Financial

Group,

Inc.

1,041

43,358

Coca-Cola

Co.

(The)

(a)

3,795

271,798

Coca-Cola

Consolidated,

Inc.

538

726,300

Cognizant

Technology

Solutions

Corp.,

Class

A

(a)(b)

633

48,425

Coherent

Corp.

*(a)(b)

2,356

152,999

Colgate-Palmolive

Co.

(a)

454

42,540

Comcast

Corp.,

Class

A

30,901

1,140,247

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

199

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

37.7%

(continued)

Comfort

Systems

USA,

Inc.

(a)(b)

6,583

2,121,898

Commvault

Systems,

Inc.

*(a)(b)

4,884

770,500

Concentrix

Corp.

44,615

2,482,379

ConocoPhillips

60,945

6,400,444

Corebridge

Financial,

Inc.

56,420

1,781,179

Costco

Wholesale

Corp.

(a)

786

743,383

CRH

plc

(a)(b)

2,863

251,858

Crowdstrike

Holdings,

Inc.,

Class

A

*(a)(b)

227

80,036

Crown

Holdings,

Inc.

(a)(b)

1,057

94,348

Cummins,

Inc.

1,250

391,800

CVS

Health

Corp.

(a)

14,617

990,302

Danaher

Corp.

6,456

1,323,480

Datadog,

Inc.,

Class

A

*

893

88,595

Dell

Technologies,

Inc.,

Class

C

1,881

171,453

Delta

Air

Lines,

Inc.

(a)(b)

76,250

3,324,500

Devon

Energy

Corp.

28,344

1,060,066

Dick's

Sporting

Goods,

Inc.

(a)

1,020

205,591

Discover

Financial

Services

512

87,398

DoorDash,

Inc.,

Class

A

*

11,719

2,141,882

DraftKings,

Inc.,

Class

A

*

45,193

1,500,860

Elastic

NV

*

15,124

1,347,548

Elevance

Health,

Inc.

(a)

1,874

815,115

Eli

Lilly

&

Co.

4,084

3,373,016

Enphase

Energy,

Inc.

*(a)(b)

9,444

586,000

EOG

Resources,

Inc.

13,305

1,706,233

Equinix,

Inc.,

REIT

(a)

61

49,736

Etsy,

Inc.

*(a)(b)

35,065

1,654,367

Evercore,

Inc.,

Class

A

5,633

1,125,023

Exelixis,

Inc.

*(a)(b)

47,594

1,757,170

Expedia

Group,

Inc.

13,092

2,200,765

Exxon

Mobil

Corp.

(a)

8,000

951,440

Fair

Isaac

Corp.

*

36

66,390

Federated

Hermes,

Inc.,

Class

B

1,071

43,665

Fidelity

National

Information

Services,

Inc.

(a)(b)

3,530

263,620

First

Horizon

Corp.

40,301

782,645

Fiserv,

Inc.

*(a)(b)

739

163,193

Flowserve

Corp.

13,657

667,008

FMC

Corp.

36,769

1,551,284

Fortinet,

Inc.

*

42,217

4,063,808

Gap,

Inc.

(The)

4,098

84,460

Garmin

Ltd.

(a)(b)

10,261

2,227,971

Gartner,

Inc.

*

101

42,394

Gates

Industrial

Corp.

plc

*

51,970

956,768

GE

Aerospace

(a)(b)

30,494

6,103,374

GE

Vernova,

Inc.

11,025

3,365,712

General

Motors

Co.

(a)(b)

128,905

6,062,402

Gilead

Sciences,

Inc.

5,158

577,954

Gitlab,

Inc.,

Class

A

*(a)(b)

7,295

342,865

Global

Payments,

Inc.

3,124

305,902

Globe

Life,

Inc.

4,150

546,638

GoDaddy,

Inc.,

Class

A

*(a)(b)

5,532

996,534

GSK

plc

(2)

26,456

505,580

Guidewire

Software,

Inc.

*(a)(b)

5,391

1,010,058

HealthEquity,

Inc.

*(a)(b)

2,017

178,242

Hewlett

Packard

Enterprise

Co.

(a)(b)

165,937

2,560,408

HF

Sinclair

Corp.

11,394

374,635

Holcim

AG

(2)(a)

1,393

149,905

INVESTMENTS

SHARES

VALUE

($)

United

States

-

37.7%

(continued)

Home

Depot,

Inc.

(The)

(a)

305

111,779

Howmet

Aerospace,

Inc.

(a)(b)

9,827

1,274,857

HubSpot,

Inc.

*(a)(b)

3,435

1,962,381

Humana,

Inc.

9,992

2,643,883

Huntington

Bancshares,

Inc.

(a)(b)

59,126

887,481

Illumina,

Inc.

*(a)(b)

23,553

1,868,695

Incyte

Corp.

*(a)(b)

60,066

3,636,996

Inspire

Medical

Systems,

Inc.

*(a)

(b)

1,142

181,898

Insulet

Corp.

*(a)(b)

1,871

491,343

Intel

Corp.

46,146

1,047,976

Intuit,

Inc.

615

377,604

Invesco

Ltd.

78,043

1,183,912

Jacobs

Solutions,

Inc.

(a)

347

41,949

Johnson

&

Johnson

(a)(b)

27,974

4,639,208

Johnson

Controls

International

plc

19,051

1,526,176

JPMorgan

Chase

&

Co.

11,612

2,848,424

KB

Home

(a)(b)

3,577

207,895

Kemper

Corp.

695

46,461

KLA

Corp.

(a)

447

303,871

Kyndryl

Holdings,

Inc.

*(a)(b)

12,598

395,577

LivaNova

plc

*

8,106

318,404

Lockheed

Martin

Corp.

839

374,790

Lyft,

Inc.,

Class

A

*

39,768

472,046

Manhattan

Associates,

Inc.

*

4,179

723,134

Marathon

Petroleum

Corp.

(a)(b)

4,870

709,510

Marvell

Technology,

Inc.

45,345

2,791,892

MasTec,

Inc.

*

7,193

839,495

Mastercard,

Inc.,

Class

A

519

284,474

Matador

Resources

Co.

3,921

200,324

Mattel,

Inc.

*

60,349

1,172,581

McKesson

Corp.

2,672

1,798,229

Medpace

Holdings,

Inc.

*(a)(b)

1,488

453,379

Medtronic

plc

(a)

1,443

129,668

Merck

&

Co.,

Inc.

40,863

3,667,863

Meta

Platforms,

Inc.,

Class

A

11,243

6,480,015

MetLife,

Inc.

6,160

494,586

Microsoft

Corp.

26,229

9,846,103

Molina

Healthcare,

Inc.

*(a)(b)

6,801

2,240,181

Mosaic

Co.

(The)

(a)

1,622

43,810

MSCI,

Inc.,

Class

A

7,199

4,071,035

Natera,

Inc.

*(a)(b)

13,640

1,928,832

NetApp,

Inc.

5,233

459,667

Netflix,

Inc.

*

2,110

1,967,638

Neurocrine

Biosciences,

Inc.

*

9,456

1,045,834

Newell

Brands,

Inc.

(a)(b)

187,333

1,161,465

Northern

Trust

Corp.

(a)(b)

2,322

229,065

Northrop

Grumman

Corp.

4,847

2,481,712

Novartis

AG

(Registered)

(2)

36,633

4,068,820

Nutanix,

Inc.,

Class

A

*

15,953

1,113,679

NVIDIA

Corp.

(a)

162,575

17,619,878

Okta,

Inc.,

Class

A

*(a)(b)

5,104

537,043

Oracle

Corp.

299

41,803

Oshkosh

Corp.

502

47,228

Ovintiv,

Inc.

61,164

2,617,819

Owens

Corning

3,628

518,151

PACCAR,

Inc.

(a)(b)

905

88,120

Palantir

Technologies,

Inc.,

Class

A

*(a)(b)

16,735

1,412,434

Palo

Alto

Networks,

Inc.

*(a)(b)

9,456

1,613,572

200

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

37.7%

(continued)

PayPal

Holdings,

Inc.

*(a)(b)

56,874

3,711,029

Pegasystems,

Inc.

3,194

222,047

Penumbra,

Inc.

*

1,187

317,416

Pfizer,

Inc.

55,623

1,409,487

Philip

Morris

International,

Inc.

(a)

21,028

3,337,774

Pinterest,

Inc.,

Class

A

*

34,206

1,060,386

PNC

Financial

Services

Group,

Inc.

(The)

15,889

2,792,810

Popular,

Inc.

1,585

146,406

Progressive

Corp.

(The)

(a)

3,891

1,101,192

Prologis,

Inc.,

REIT

(a)(b)

514

57,460

Prosperity

Bancshares,

Inc.

1,478

105,485

QUALCOMM,

Inc.

(a)(b)

10,086

1,549,310

Qualys,

Inc.

*

1,695

213,451

Ralph

Lauren

Corp.,

Class

A

8,015

1,769,231

Range

Resources

Corp.

(a)(b)

2,118

84,572

Regeneron

Pharmaceuticals,

Inc.

4,156

2,635,860

Reinsurance

Group

of

America,

Inc.

1,515

298,304

ResMed,

Inc.

(a)(b)

753

168,559

Robert

Half,

Inc.

3,865

210,836

Robinhood

Markets,

Inc.,

Class

A

*(a)(b)

16,360

680,903

ROBLOX

Corp.,

Class

A

*

95,448

5,563,664

Roche

Holding

AG

(2)

2,252

741,195

Ross

Stores,

Inc.

(a)(b)

336

42,937

Royal

Gold,

Inc.

(a)

4,016

656,656

RTX

Corp.

320

42,387

Salesforce,

Inc.

5,775

1,549,779

Schlumberger

NV

(a)(b)

1,004

41,967

Schneider

Electric

SE

(2)

284

65,560

Seagate

Technology

Holdings

plc

(a)(b)

4,817

409,204

SentinelOne,

Inc.,

Class

A

*(a)(b)

3,510

63,812

ServiceNow,

Inc.

*(a)(b)

4,153

3,306,369

Shell

plc

(2)

103,225

3,757,424

Signify

NV

(2)(c)

2,642

57,363

Skechers

USA,

Inc.,

Class

A

*(a)(b)

4,425

251,252

Skyworks

Solutions,

Inc.

745

48,149

SLM

Corp.

10,223

300,250

Snap,

Inc.,

Class

A

*(a)(b)

318,333

2,772,680

Snowflake,

Inc.,

Class

A

*(a)(b)

30,453

4,451,010

SS&C

Technologies

Holdings,

Inc.

(a)(b)

1,732

144,674

State

Street

Corp.

2,835

253,818

Stifel

Financial

Corp.

10,208

962,206

Swiss

Re

AG

(2)

7,803

1,327,906

Synchrony

Financial

(a)(b)

9,665

511,665

Tapestry,

Inc.

15,223

1,071,851

TD

SYNNEX

Corp.

3,017

313,647

Tenet

Healthcare

Corp.

*

5,927

797,182

Teradyne,

Inc.

(a)(b)

12,952

1,069,835

Terex

Corp.

(a)(b)

1,463

55,272

Tesla,

Inc.

*(a)

15,848

4,107,168

Texas

Capital

Bancshares,

Inc.

*

17,605

1,315,094

Texas

Pacific

Land

Corp.

(a)(b)

350

463,747

Texas

Roadhouse,

Inc.,

Class

A

7,114

1,185,406

T-Mobile

US,

Inc.

(a)

1,908

508,883

Toll

Brothers,

Inc.

7,475

789,285

Toro

Co.

(The)

573

41,686

INVESTMENTS

SHARES

VALUE

($)

United

States

-

37.7%

(continued)

Trane

Technologies

plc

4,786

1,612,499

Travelers

Cos.,

Inc.

(The)

(a)

973

257,320

Trimble,

Inc.

*

8,270

542,926

Twilio,

Inc.,

Class

A

*

6,895

675,089

Uber

Technologies,

Inc.

*(a)(b)

16,138

1,175,815

United

Airlines

Holdings,

Inc.

*(a)

(b)

16,559

1,143,399

United

Parcel

Service,

Inc.,

Class

B

(a)

12,776

1,405,232

United

Therapeutics

Corp.

*(a)(b)

1,075

331,390

UnitedHealth

Group,

Inc.

12,581

6,589,299

Unity

Software,

Inc.

*

3,584

70,211

Unum

Group

7,822

637,180

US

Bancorp

996

42,051

Valero

Energy

Corp.

(a)(b)

6,088

804,042

Valley

National

Bancorp

(a)(b)

63,277

562,533

Veeva

Systems,

Inc.,

Class

A

*

483

111,877

VeriSign,

Inc.

*(a)(b)

7,012

1,780,136

Verizon

Communications,

Inc.

(a)

1,724

78,201

Vertiv

Holdings

Co.,

Class

A

(a)(b)

11,160

805,752

Vestis

Corp.

4,164

41,224

VF

Corp.

81,188

1,260,038

Visa,

Inc.,

Class

A

(a)(b)

810

283,873

Walmart,

Inc.

(a)

15,838

1,390,418

Walt

Disney

Co.

(The)

(a)

5,034

496,856

Wells

Fargo

&

Co.

4,922

353,350

Wendy's

Co.

(The)

18,628

272,528

Westinghouse

Air

Brake

Technologies

Corp.

1,676

303,943

Willis

Towers

Watson

plc

874

295,368

Wingstop,

Inc.

8,919

2,011,948

Woodward,

Inc.

683

124,641

Workday,

Inc.,

Class

A

*(a)(b)

1,469

343,056

Xcel

Energy,

Inc.

(a)

603

42,686

Zebra

Technologies

Corp.,

Class

A

*(a)(b)

460

129,978

Zions

Bancorp

NA

15,906

793,073

Zoom

Communications,

Inc.,

Class

A

*

16,899

1,246,639

ZoomInfo

Technologies,

Inc.,

Class

A

*

31,199

311,990

Zscaler,

Inc.

*(a)(b)

6,156

1,221,474

398,363,707

TOTAL

COMMON

STOCKS

(Cost

$487,364,393)

546,445,158

PREFERRED

STOCKS

-

0.0%

†

Germany

-

0

.0

%

†

Volkswagen

AG

(Preference)

(2)

(Cost

$334,934)

3,796

387,337

PRINCIPAL

AMOUNT

FOREIGN

GOVERNMENT

SECURITIES

-

9

.9

%

French

Republic

0.10%,

3/1/2029

(2)(d)(e)

EUR

24,228,600

25,704,547

0.10%,

7/25/2031

(2)(d)(e)

12,254,484

12,661,114

0.10%,

3/1/2032

(2)(d)(e)

800,338

805,808

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

201

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

FOREIGN

GOVERNMENT

SECURITIES

-

9.9%

(continued)

0.10%,

3/1/2036

(2)(d)(e)

EUR

11,514,505

10,736,356

0.10%,

7/25/2036

(2)(d)(e)

14,979,679

14,031,027

United

Kingdom

Gilt

Inflation-Linked

0.13%,

8/10/2031

(2)(d)(e)

GBP

2,001,165

2,489,945

1.25%,

11/22/2032

(2)(d)(e)

8,478,659

11,209,891

0.75%,

11/22/2033

(2)(d)(e)

5,997,996

7,545,408

0.75%,

3/22/2034

(2)(d)(e)

8,096,160

10,096,883

0.13%,

11/22/2036

(2)(d)(e)

7,984,079

8,942,263

Cost:

$104,460,020

$–

TOTAL

FOREIGN

GOVERNMENT

SECURITIES

(Cost

$104,460,020)

104,223,242

U.S.

TREASURY

OBLIGATIONS

-

20

.3

%

U.S.

Treasury

Inflation-Linked

Notes

1.25%,

4/15/2028

(2)(d)

$

1,800,436

1,800,873

2.38%,

10/15/2028

(2)(d)

14,312,532

14,910,455

2.13%,

4/15/2029

(2)(d)

15,200,192

15,649,768

1.63%,

10/15/2029

(2)(d)

16,052,322

16,278,512

0.13%,

7/15/2030

(2)(d)

13,629,110

12,765,423

0.13%,

1/15/2031

(2)(d)

18,304,950

16,905,061

0.13%,

7/15/2031

(2)(d)

19,438,100

17,847,358

0.13%,

1/15/2032

(2)(d)

20,742,419

18,771,524

0.63%,

7/15/2032

(2)(d)

18,805,620

17,553,848

1.13%,

1/15/2033

(2)(d)

18,769,520

17,980,106

1.38%,

7/15/2033

(2)(d)

17,467,699

17,037,889

1.75%,

1/15/2034

(2)(d)

18,808,608

18,776,068

1.88%,

7/15/2034

(2)(d)

19,842,844

20,027,282

2.13%,

1/15/2035

(2)(d)

7,247,520

7,439,123

Cost:

$210,203,569

$–

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$210,203,569)

213,743,290

SHARES

SHORT-TERM

INVESTMENTS

-

23.2%

INVESTMENT

COMPANIES

-

19

.2

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(f)(g)

18,247,632

18,247,632

Limited

Purpose

Cash

Investment

Fund,

4.32%

(f)

184,251,240

184,195,966

TOTAL

INVESTMENT

COMPANIES

(Cost

$202,427,325)

202,443,598

—

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

4

.0

%

U.S.

Treasury

Bills

4.41%,

5/22/2025

(2)(h)(i)

$

2,030,000

2,017,850

4.44%,

5/29/2025

(2)(h)

1,110,000

1,102,422

4.40%,

6/5/2025

(2)(h)(i)

1,100,000

1,091,668

4.25%,

6/20/2025

(2)(h)(i)

2,176,000

2,155,687

4.22%,

7/3/2025

(2)(h)(i)

3,944,000

3,901,271

4.27%,

7/17/2025

(2)(h)(i)

20,000

19,751

4.25%,

7/24/2025

(2)(h)(i)

3,010,000

2,970,285

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

4.0%

(continued)

4.19%,

9/18/2025

(2)(h)(i)

$

29,804,000

29,228,369

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$42,486,061)

42,487,303

—

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$244,913,386)

244,930,901

TOTAL

LONG

POSITIONS

(Cost

$1,047,276,302)

1,109,729,928

SHARES

SHORT

POSITIONS

-

(11.9)%

COMMON

STOCKS

-

(11.8)%

Australia

-

(

0

.6

)

%

Ampol

Ltd.

(2)

(

4,569

)

(

67,212

)

Domino's

Pizza

Enterprises

Ltd.

(2)

(

26,964

)

(

434,882

)

IDP

Education

Ltd.

(2)

(

49,322

)

(

292,215

)

IGO

Ltd.

(2)

(

17,106

)

(

42,655

)

Liontown

Resources

Ltd.

(2)

(

263,788

)

(

104,120

)

Lynas

Rare

Earths

Ltd.

(2)

(

169,923

)

(

743,990

)

Mineral

Resources

Ltd.

(2)

(

28,897

)

(

436,317

)

NEXTDC

Ltd.

(2)

(

17,669

)

(

126,554

)

Pilbara

Minerals

Ltd.

(2)

(

2,129,219

)

(

2,267,072

)

Telix

Pharmaceuticals

Ltd.

(2)

(

22,812

)

(

381,936

)

Treasury

Wine

Estates

Ltd.

(2)

(

11,913

)

(

73,041

)

Woodside

Energy

Group

Ltd.

(2)

(

154,346

)

(

2,242,328

)

(7,212,322)

Canada

-

(

0

.1

)

%

Cameco

Corp.

(

10,724

)

(

441,465

)

Restaurant

Brands

International,

Inc.

(

1,485

)

(

98,993

)

(540,458)

Chile

-

(

0

.1

)

%

Lundin

Mining

Corp.

(

86,763

)

(

703,003

)

Denmark

-

(

0

.1

)

%

Coloplast

A/S,

Class

B

(2)

(

1,807

)

(

189,525

)

DSV

A/S

(2)

(

1,578

)

(

305,156

)

Zealand

Pharma

A/S

(2)

(

4,715

)

(

354,070

)

(848,751)

France

-

(

0

.1

)

%

Edenred

SE

(2)

(

12,251

)

(

398,114

)

Sartorius

Stedim

Biotech

(2)

(

2,639

)

(

522,832

)

(920,946)

Germany

-

(

0

.1

)

%

Infineon

Technologies

AG

(2)

(

6,651

)

(

221,710

)

KION

Group

AG

(2)

(

12,157

)

(

509,820

)

(731,530)

Italy

-

(

0

.0

)

%

†

ERG

SpA

(2)

(

2,751

)

(

52,256

)

Japan

-

(

1

.1

)

%

Ajinomoto

Co.,

Inc.

(2)

(

4,200

)

(

83,150

)

Allegro

MicroSystems,

Inc.

(

66,899

)

(

1,681,172

)

Chugai

Pharmaceutical

Co.

Ltd.

(2)

(

1,100

)

(

50,393

)

Denso

Corp.

(2)

(

4,800

)

(

59,552

)

202

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(1.1)%

(continued)

Dentsu

Group,

Inc.

(2)

(

6,400

)

(

141,341

)

Eisai

Co.

Ltd.

(2)

(

3,700

)

(

102,998

)

ENEOS

Holdings,

Inc.

(2)

(

7,700

)

(

40,610

)

Ibiden

Co.

Ltd.

(2)

(

1,400

)

(

37,765

)

Idemitsu

Kosan

Co.

Ltd.

(2)

(

103,400

)

(

731,379

)

KDDI

Corp.

(2)

(

53,000

)

(

837,170

)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(

18,000

)

(

162,630

)

Kubota

Corp.

(2)

(

37,700

)

(

465,874

)

Lasertec

Corp.

(2)

(

12,300

)

(

1,057,190

)

M3,

Inc.

(2)

(

121,200

)

(

1,384,521

)

Nippon

Sanso

Holdings

Corp.

(2)

(

13,400

)

(

406,483

)

Nissan

Motor

Co.

Ltd.

(2)

(

387,900

)

(

994,837

)

Nitori

Holdings

Co.

Ltd.

(2)

(

1,400

)

(

136,975

)

Oriental

Land

Co.

Ltd.

(2)

(

18,900

)

(

372,722

)

Rakuten

Bank

Ltd.

(2)

(

12,200

)

(

530,510

)

Seibu

Holdings,

Inc.

(2)

(

9,200

)

(

203,904

)

SUMCO

Corp.

(2)

(

234,800

)

(

1,591,072

)

Sysmex

Corp.

(2)

(

2,300

)

(

43,907

)

Toyota

Motor

Corp.

(2)

(

2,400

)

(

42,426

)

Yamaha

Motor

Co.

Ltd.

(2)

(

46,000

)

(

368,291

)

Yaskawa

Electric

Corp.

(2)

(

31,600

)

(

791,836

)

(12,318,708)

Netherlands

-

(

0

.3

)

%

OCI

NV

(2)

(

6,936

)

(

80,543

)

Universal

Music

Group

NV

(2)

(

98,089

)

(

2,708,532

)

(2,789,075)

Poland

-

(

0

.1

)

%

InPost

SA

(2)

(

37,939

)

(

556,803

)

Spain

-

(

0

.0

)

%

†

Cellnex

Telecom

SA

(2)(c)

(

5,101

)

(

181,334

)

Sweden

-

(

0

.0

)

%

†

Axfood

AB

(

10,326

)

(

231,959

)

Epiroc

AB,

Class

A

(2)

(

3,453

)

(

69,524

)

EQT

AB

(2)

(

1,346

)

(

41,044

)

(342,527)

Switzerland

-

(

0

.4

)

%

Avolta

AG

(2)

(

7,738

)

(

338,959

)

Bachem

Holding

AG,

Class

B

(2)

(

690

)

(

40,754

)

Barry

Callebaut

AG

(Registered)

(2)

(

2,646

)

(

3,504,397

)

SIG

Group

AG

(2)

(

13,776

)

(

254,710

)

Straumann

Holding

AG

(Registered)

(2)

(

343

)

(

41,525

)

Swatch

Group

AG

(The)

(2)

(

1,540

)

(

265,568

)

Tecan

Group

AG

(Registered)

(2)

(

214

)

(

40,720

)

Temenos

AG

(Registered)

(2)

(

2,002

)

(

155,440

)

(4,642,073)

United

Kingdom

-

(

0

.1

)

%

Harbour

Energy

plc

(2)

(

84,219

)

(

229,022

)

JD

Sports

Fashion

plc

(2)

(

415,218

)

(

367,151

)

Wise

plc,

Class

A

(2)

(

18,672

)

(

229,197

)

(825,370)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(

8

.6

)

%

10X

Genomics,

Inc.,

Class

A

(

4,579

)

(

39,975

)

AAON,

Inc.

(

9,262

)

(

723,640

)

Advance

Auto

Parts,

Inc.

(

8,654

)

(

339,323

)

Affirm

Holdings,

Inc.,

Class

A

(

5,289

)

(

239,010

)

AGCO

Corp.

(

2,789

)

(

258,178

)

Air

Products

and

Chemicals,

Inc.

(

3,344

)

(

986,212

)

Albemarle

Corp.

(

3,651

)

(

262,945

)

Amentum

Holdings,

Inc.

(

40,470

)

(

736,554

)

API

Group

Corp.

(

3,173

)

(

113,466

)

AppLovin

Corp.,

Class

A

(

1,704

)

(

451,509

)

Avient

Corp.

(

3,523

)

(

130,915

)

Avis

Budget

Group,

Inc.

(

4,053

)

(

307,623

)

Azenta,

Inc.

(

9,247

)

(

320,316

)

Belden,

Inc.

(

4,005

)

(

401,501

)

Bentley

Systems,

Inc.,

Class

B

(

1,058

)

(

41,622

)

BILL

Holdings,

Inc.

(

9,351

)

(

429,117

)

Bio-Techne

Corp.

(

1,839

)

(

107,821

)

Boeing

Co.

(The)

(

243

)

(

41,444

)

BRP,

Inc.

(

15,429

)

(

520,965

)

Brunswick

Corp.

(

3,821

)

(

205,761

)

BXP,

Inc.,

REIT

(

34,815

)

(

2,339,220

)

Caesars

Entertainment,

Inc.

(

8,537

)

(

213,425

)

Capri

Holdings

Ltd.

(

49,058

)

(

967,914

)

Carvana

Co.,

Class

A

(

3,408

)

(

712,545

)

Casey's

General

Stores,

Inc.

(

1,165

)

(

505,657

)

Cava

Group,

Inc.

(

3,629

)

(

313,582

)

Celanese

Corp.,

Class

A

(

27,826

)

(

1,579,682

)

CenterPoint

Energy,

Inc.

(

22,001

)

(

797,096

)

Certara,

Inc.

(

19,534

)

(

193,387

)

Chart

Industries,

Inc.

(

2,337

)

(

337,369

)

Chemours

Co.

(The)

(

51,623

)

(

698,459

)

Choice

Hotels

International,

Inc.

(

970

)

(

128,797

)

Churchill

Downs,

Inc.

(

4,878

)

(

541,799

)

Clarivate

plc

(

490,444

)

(

1,927,445

)

Constellation

Energy

Corp.

(

3,609

)

(

727,683

)

Core

&

Main,

Inc.,

Class

A

(

16,657

)

(

804,700

)

Coty,

Inc.,

Class

A

(

15,987

)

(

87,449

)

Crane

NXT

Co.

(

28,341

)

(

1,456,727

)

Crocs,

Inc.

(

930

)

(

98,766

)

Dollar

Tree,

Inc.

(

13,650

)

(

1,024,706

)

DXC

Technology

Co.

(

26,571

)

(

453,036

)

Elanco

Animal

Health,

Inc.

(

10,811

)

(

113,516

)

elf

Beauty,

Inc.

(

19,946

)

(

1,252,409

)

Entegris,

Inc.

(

13,441

)

(

1,175,819

)

Erie

Indemnity

Co.,

Class

A

(

2,342

)

(

981,415

)

Everus

Construction

Group,

Inc.

(

5,193

)

(

192,608

)

First

Citizens

BancShares,

Inc.,

Class

A

(

380

)

(

704,566

)

First

Solar,

Inc.

(

9,989

)

(

1,262,909

)

Five9,

Inc.

(

25,125

)

(

682,144

)

Flagstar

Financial,

Inc.

(

153,262

)

(

1,780,904

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

6,849

)

(

551,139

)

Fortrea

Holdings,

Inc.

(

9,413

)

(

71,068

)

GCI

Liberty,

Inc.

Escrow,

Class

A

(3)

(

114

)

–

Grocery

Outlet

Holding

Corp.

(

106,753

)

(

1,492,407

)

GXO

Logistics,

Inc.

(

1,500

)

(

58,620

)

Harley-Davidson,

Inc.

(

4,620

)

(

116,655

)

Hershey

Co.

(The)

(

5,250

)

(

897,908

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

203

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(8.6)%

(continued)

Highwoods

Properties,

Inc.,

REIT

(

2,234

)

(

66,216

)

Hilton

Grand

Vacations,

Inc.

(

16,933

)

(

633,464

)

Huntington

Ingalls

Industries,

Inc.

(

1,503

)

(

306,672

)

Hyatt

Hotels

Corp.,

Class

A

(

10,793

)

(

1,322,143

)

Independence

Realty

Trust,

Inc.,

REIT

(

2,016

)

(

42,800

)

Ingersoll

Rand,

Inc.

(

1,880

)

(

150,456

)

International

Paper

Co.

(

790

)

(

42,147

)

Ionis

Pharmaceuticals,

Inc.

(

91,824

)

(

2,770,330

)

Iridium

Communications,

Inc.

(

9,343

)

(

255,251

)

Kenvue,

Inc.

(

26,895

)

(

644,942

)

Kilroy

Realty

Corp.,

REIT

(

4,268

)

(

139,820

)

Kinsale

Capital

Group,

Inc.

(

753

)

(

366,493

)

Kohl's

Corp.

(

73,947

)

(

604,886

)

Lamb

Weston

Holdings,

Inc.

(

807

)

(

43,013

)

Lantheus

Holdings,

Inc.

(

2,373

)

(

231,605

)

Lattice

Semiconductor

Corp.

(

5,340

)

(

280,083

)

Leggett

&

Platt,

Inc.

(

40,733

)

(

322,198

)

Liberty

Broadband

Corp.,

Class

C

(

295

)

(

25,090

)

Lucid

Group,

Inc.

(

211,902

)

(

512,803

)

Lumentum

Holdings,

Inc.

(

28,292

)

(

1,763,723

)

Macy's,

Inc.

(

5,869

)

(

73,715

)

Marriott

Vacations

Worldwide

Corp.

(

7,047

)

(

452,699

)

Masimo

Corp.

(

3,347

)

(

557,610

)

MGM

Resorts

International

(

1,385

)

(

41,051

)

Microchip

Technology,

Inc.

(

3,802

)

(

184,055

)

Micron

Technology,

Inc.

(

475

)

(

41,273

)

MicroStrategy,

Inc.,

Class

A

(

3,004

)

(

865,963

)

Moderna,

Inc.

(

16,194

)

(

459,100

)

MP

Materials

Corp.

(

20,739

)

(

506,239

)

Murphy

USA,

Inc.

(

92

)

(

43,223

)

National

Storage

Affiliates

Trust,

REIT

(

14,010

)

(

551,994

)

nCino,

Inc.

(

77,188

)

(

2,120,354

)

Neogen

Corp.

(

389,721

)

(

3,378,880

)

New

Fortress

Energy,

Inc.

(

110,224

)

(

915,961

)

New

Jersey

Resources

Corp.

(

851

)

(

41,750

)

NIKE,

Inc.,

Class

B

(

12,458

)

(

790,834

)

Novanta,

Inc.

(

898

)

(

114,827

)

nVent

Electric

plc

(

1,093

)

(

57,295

)

Old

National

Bancorp

(

54,539

)

(

1,155,681

)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(

371

)

(

43,170

)

Option

Care

Health,

Inc.

(

16,370

)

(

572,132

)

Ormat

Technologies,

Inc.

(

20,051

)

(

1,419,009

)

Park

Hotels

&

Resorts,

Inc.,

REIT

(

15,350

)

(

163,938

)

Paycor

HCM,

Inc.

(

1,721

)

(

38,619

)

Penn

Entertainment,

Inc.

(

81,078

)

(

1,322,382

)

Perrigo

Co.

plc

(

20,446

)

(

573,306

)

Planet

Fitness,

Inc.,

Class

A

(

9,039

)

(

873,258

)

Plug

Power,

Inc.

(

75,821

)

(

102,358

)

Pool

Corp.

(

2,694

)

(

857,635

)

Quanta

Services,

Inc.

(

5,271

)

(

1,339,783

)

QuantumScape

Corp.

(

276,208

)

(

1,149,025

)

Repligen

Corp.

(

2,583

)

(

328,661

)

RH

(

2,841

)

(

665,959

)

Rivian

Automotive,

Inc.,

Class

A

(

176,200

)

(

2,193,690

)

Rockwell

Automation,

Inc.

(

1,703

)

(

440,021

)

Roivant

Sciences

Ltd.

(

156,185

)

(

1,575,907

)

Royal

Caribbean

Cruises

Ltd.

(

3,876

)

(

796,285

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(8.6)%

(continued)

Saia,

Inc.

(

1,193

)

(

416,870

)

Scotts

Miracle-Gro

Co.

(The)

(

769

)

(

42,210

)

Sensata

Technologies

Holding

plc

(

6,295

)

(

152,780

)

Shift4

Payments,

Inc.,

Class

A

(

43,051

)

(

3,517,696

)

Simpson

Manufacturing

Co.,

Inc.

(

1,768

)

(

277,717

)

Somnigroup

International,

Inc.

(

15,352

)

(

919,278

)

Sotera

Health

Co.

(

21,126

)

(

246,329

)

Sun

Communities,

Inc.,

REIT

(

9,816

)

(

1,262,730

)

Super

Micro

Computer,

Inc.

(

29,764

)

(

1,019,119

)

Thor

Industries,

Inc.

(

21,815

)

(

1,653,795

)

Toast,

Inc.,

Class

A

(

49,991

)

(

1,658,201

)

TopBuild

Corp.

(

505

)

(

154,000

)

Trex

Co.,

Inc.

(

19,179

)

(

1,114,300

)

UGI

Corp.

(

29,618

)

(

979,467

)

Ultragenyx

Pharmaceutical,

Inc.

(

1,264

)

(

45,769

)

Under

Armour,

Inc.,

Class

A

(

200,250

)

(

1,251,563

)

Valvoline,

Inc.

(

1,197

)

(

41,668

)

Viking

Therapeutics,

Inc.

(

39,161

)

(

945,738

)

Vornado

Realty

Trust,

REIT

(

52,453

)

(

1,940,236

)

West

Pharmaceutical

Services,

Inc.

(

1,102

)

(

246,716

)

WillScot

Holdings

Corp.

(

60,714

)

(

1,687,849

)

Wolfspeed,

Inc.

(

70,303

)

(

215,127

)

XPO,

Inc.

(

2,488

)

(

267,659

)

(91,290,022)

Zambia

-

(

0

.1

)

%

First

Quantum

Minerals

Ltd.

(

83,957

)

(

1,128,917

)

TOTAL

COMMON

STOCKS

(Proceeds

$(147,942,116))                                                    

(125,084,095)

PREFERRED

STOCKS

-

(0.1)%

Germany

-

(

0

.1

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(c)

(

8,460

)

(

423,701

)

Sartorius

AG

(Preference)

(2)

(

652

)

(

151,994

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(1,043,171))                                                    

(575,695)

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)

(Proceeds

$–)

(

97

)

–

TOTAL

SHORT

POSITIONS

(Proceeds

$(148,985,287))

(125,659,790)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

93.3%

(Cost

$898,291,015)

984,070,138

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

6.7%

‡

70,854,212

NET

ASSETS

-

100.0%

1,054,924,350

204

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

30,411,722

2

.9

%

Consumer

Discretionary

54,877,802

5

.2

Consumer

Staples

1,459,671

0

.1

Energy

33,004,872

3

.1

Financials

99,437,943

9

.5

Foreign

Government

Securities

104,223,242

9

.9

Health

Care

52,096,032

4

.9

Industrials

44,779,080

4

.2

Information

Technology

110,302,380

10

.5

Materials

4,207,444

0

.4

Real

Estate

(

6,399,757

)

(

0

.6

)

Utilities

(

3,004,484

)

(

0

.3

)

Investment

Companies

202,443,598

19

.2

U.S.

Treasury

Obligations

256,230,593

24

.3

Total

Investments

In

Securities

At

Value

984,070,138

93

.3

Other

Assets

in

Excess

of

Liabilities

‡

70,854,212

6

.7

Net

Assets

$

1,054,924,350

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)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$125,760,409,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

Additional

securities

sold

but

not

yet

settled

totaling

$5,678,434

were

also

segregated.

(b)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$91,791,168.

Additional

securities

sold

but

not

yet

settled

totaling

$4,880,752

were

also

rehypothecated.

(c)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$1,135,234,

which

represents

0.11%

of

net

assets

of

the

Fund.

(d)

Inflation-protected

security.

(e)

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

March

31,

2025

amounted

to

$104,223,242,

which

represents

9.88%

of

net

assets

of

the

Fund.

(f)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(h)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(i)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(2)

Level

2

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

MSCS

04/17/2025

EUR

(19,255,078)

$

455,373

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

205

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

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

(-0.67%)

Monthly

BANA

06/18/2025

EUR

(5,516,334)

$

172,984

MSCI

Netherlands

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

(0.25%)

Monthly

BANA

06/18/2025

EUR

(11,236,878)

410,929

Total

unrealized

appreciation

1,039,286

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

06/20/2025

CHF

12,727,560

(

438,895

)

MSCI

Hong

Kong

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.40%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

HKD

88,893,128

(

487,389

)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.45%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

EUR

3,427,157

(

14,117

)

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.14%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

EUR

2,952,971

(

29,881

)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(0.07%)

Increases

in

total

return

of

reference

entity

Monthly

BANA

06/18/2025

CHF

3,088,157

(

55,760

)

Total

unrealized

depreciation

(

1,026,042

)

Net

unrealized

appreciation

$

13,244

206

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

411

4/2025

USD

$

30,730,470

$

1,294,130

Hang

Seng

Index

2

4/2025

HKD

297,657

(

4,925

)

IBEX

35

Index

281

4/2025

EUR

39,864,807

(

461,223

)

LME

Aluminum

Base

Metal

1

4/2025

USD

63,010

(

2,443

)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,933

(

186

)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,904

(

3,008

)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,901

(

3,822

)

LME

Aluminum

Base

Metal

1

4/2025

USD

62,904

492

LME

Aluminum

Base

Metal

3

4/2025

USD

188,768

(

4,604

)

LME

Aluminum

Base

Metal

6

4/2025

USD

377,498

(

14,843

)

LME

Aluminum

Base

Metal

12

4/2025

USD

756,570

(

25,378

)

LME

Copper

Base

Metal

1

4/2025

USD

241,729

16,534

LME

Copper

Base

Metal

1

4/2025

USD

241,981

10,641

LME

Copper

Base

Metal

1

4/2025

USD

241,924

13,370

LME

Copper

Base

Metal

2

4/2025

USD

483,021

41,660

LME

Copper

Base

Metal

4

4/2025

USD

967,823

49,138

LME

Copper

Base

Metal

5

4/2025

USD

1,209,529

64,433

LME

Copper

Base

Metal

18

4/2025

USD

4,355,654

277,014

LME

Lead

Base

Metal

1

4/2025

USD

49,813

851

LME

Lead

Base

Metal

1

4/2025

USD

49,802

1,321

LME

Lead

Base

Metal

1

4/2025

USD

49,734

1,112

LME

Lead

Base

Metal

2

4/2025

USD

99,581

2,001

LME

Lead

Base

Metal

3

4/2025

USD

149,168

2,371

LME

Lead

Base

Metal

3

4/2025

USD

149,111

3,579

LME

Lead

Base

Metal

3

4/2025

USD

148,886

4,424

LME

Lead

Base

Metal

3

4/2025

USD

149,534

3,182

LME

Nickel

Base

Metal

1

4/2025

USD

94,284

1,771

LME

Nickel

Base

Metal

1

4/2025

USD

94,425

(

1,308

)

LME

Nickel

Base

Metal

4

4/2025

USD

378,411

(

549

)

LME

Nickel

Base

Metal

4

4/2025

USD

378,088

2,452

LME

Zinc

Base

Metal

1

4/2025

USD

70,971

(

137

)

LME

Zinc

Base

Metal

4

4/2025

USD

284,354

6,230

LME

Zinc

Base

Metal

4

4/2025

USD

284,237

525

LME

Zinc

Base

Metal

4

4/2025

USD

284,077

(

4,533

)

LME

Zinc

Base

Metal

6

4/2025

USD

425,967

(

2,788

)

Natural

Gas

47

4/2025

USD

1,935,930

(

101,369

)

OMXS30

Index

150

4/2025

SEK

3,694,114

(

247,733

)

Sugar

No.

11

203

4/2025

USD

4,288,010

(

33,791

)

Brent

Crude

Oil

354

5/2025

USD

26,185,380

1,015,381

Coffee

'C'

64

5/2025

USD

9,114,000

934,153

Feeder

Cattle

4

5/2025

USD

569,000

29,202

LME

Aluminum

Base

Metal

2

5/2025

USD

126,471

(

7,945

)

LME

Aluminum

Base

Metal

2

5/2025

USD

126,221

(

4,639

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,707

(

13,417

)

LME

Aluminum

Base

Metal

4

5/2025

USD

252,767

(

10,945

)

LME

Aluminum

Base

Metal

7

5/2025

USD

441,599

(

22,810

)

LME

Aluminum

Base

Metal

9

5/2025

USD

567,956

(

22,146

)

LME

Aluminum

Base

Metal

13

5/2025

USD

820,203

(

39,781

)

LME

Aluminum

Base

Metal

16

5/2025

USD

1,010,668

(

42,555

)

LME

Copper

Base

Metal

1

5/2025

USD

242,275

6,695

LME

Copper

Base

Metal

4

5/2025

USD

968,823

51,086

LME

Copper

Base

Metal

4

5/2025

USD

969,447

19,264

LME

Copper

Base

Metal

5

5/2025

USD

1,212,059

26,862

LME

Copper

Base

Metal

7

5/2025

USD

1,696,882

29,483

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

207

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Copper

Base

Metal

7

5/2025

USD

$

1,696,357

$

37,902

LME

Copper

Base

Metal

7

5/2025

USD

1,696,628

18,424

LME

Copper

Base

Metal

8

5/2025

USD

1,938,694

68,531

LME

Copper

Base

Metal

11

5/2025

USD

2,665,795

87,297

LME

Lead

Base

Metal

1

5/2025

USD

50,004

251

LME

Lead

Base

Metal

1

5/2025

USD

49,948

274

LME

Lead

Base

Metal

2

5/2025

USD

100,086

(

70

)

LME

Lead

Base

Metal

3

5/2025

USD

149,759

1,073

LME

Lead

Base

Metal

3

5/2025

USD

150,041

1,195

LME

Lead

Base

Metal

3

5/2025

USD

149,928

745

LME

Lead

Base

Metal

4

5/2025

USD

200,404

1,393

LME

Lead

Base

Metal

5

5/2025

USD

250,366

2,603

LME

Lead

Base

Metal

5

5/2025

USD

250,146

8

LME

Nickel

Base

Metal

1

5/2025

USD

94,748

51

LME

Nickel

Base

Metal

1

5/2025

USD

94,832

1,619

LME

Nickel

Base

Metal

3

5/2025

USD

284,712

5,524

LME

Nickel

Base

Metal

3

5/2025

USD

285,066

2,457

LME

Nickel

Base

Metal

3

5/2025

USD

285,012

9,153

LME

Nickel

Base

Metal

3

5/2025

USD

284,766

6,046

LME

Nickel

Base

Metal

3

5/2025

USD

284,848

4,489

LME

Nickel

Base

Metal

4

5/2025

USD

378,928

8,331

LME

Nickel

Base

Metal

6

5/2025

USD

568,849

16,854

LME

Zinc

Base

Metal

1

5/2025

USD

71,191

(

383

)

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

(

863

)

LME

Zinc

Base

Metal

2

5/2025

USD

142,440

(

1,366

)

LME

Zinc

Base

Metal

2

5/2025

USD

142,525

2,969

LME

Zinc

Base

Metal

2

5/2025

USD

142,353

1,547

LME

Zinc

Base

Metal

3

5/2025

USD

213,762

1,912

LME

Zinc

Base

Metal

5

5/2025

USD

356,100

1,794

LME

Zinc

Base

Metal

7

5/2025

USD

498,540

(

5,850

)

LME

Zinc

Base

Metal

7

5/2025

USD

498,540

2,459

Low

Sulphur

Gasoil

2

5/2025

USD

136,400

7,431

Natural

Gas

62

5/2025

USD

2,639,340

60,764

NY

Harbor

ULSD

63

5/2025

USD

5,977,579

268,905

RBOB

Gasoline

61

5/2025

USD

5,842,641

303,786

Silver

27

5/2025

USD

4,672,485

103,545

Soybean

262

5/2025

USD

13,293,225

(

335,876

)

Soybean

Meal

32

5/2025

USD

936,640

(

34,023

)

Soybean

Oil

112

5/2025

USD

3,016,608

139,586

WTI

Crude

Oil

318

5/2025

USD

22,562,100

1,282,185

100

oz

Gold

151

6/2025

USD

47,569,530

2,425,041

Australia

10

Year

Bond

1,398

6/2025

AUD

98,375,095

81,095

Australia

3

Year

Bond

307

6/2025

AUD

20,424,869

32,178

Euro

STOXX

50

Index

343

6/2025

EUR

19,245,269

(

687,514

)

Euro-Bobl

347

6/2025

EUR

44,181,107

(

177,933

)

Euro-BTP

224

6/2025

EUR

28,479,193

(

375,805

)

Euro-Bund

1,642

6/2025

EUR

228,630,439

(

2,738,196

)

Euro-Buxl

82

6/2025

EUR

10,560,192

(

526,511

)

Euro-OAT

300

6/2025

EUR

39,818,873

(

514,350

)

Euro-Schatz

103

6/2025

EUR

11,909,768

14,378

FTSE

100

Index

239

6/2025

GBP

26,525,931

(

367,596

)

FTSE/MIB

Index

238

6/2025

EUR

48,039,413

(

1,627,083

)

Japan

10

Year

Bond

20

6/2025

JPY

18,439,896

46,085

Lean

Hogs

87

6/2025

USD

3,315,570

(

19,856

)

Live

Cattle

93

6/2025

USD

7,575,780

53,452

LME

Aluminum

Base

Metal

5

6/2025

USD

316,085

(

14,505

)

LME

Aluminum

Base

Metal

6

6/2025

USD

379,604

(

15,589

)

208

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Aluminum

Base

Metal

9

6/2025

USD

$

568,706

$

(

19,396

)

LME

Aluminum

Base

Metal

9

6/2025

USD

569,473

(

17,629

)

LME

Aluminum

Base

Metal

9

6/2025

USD

569,698

(

11,130

)

LME

Aluminum

Base

Metal

12

6/2025

USD

759,447

(

23,639

)

LME

Aluminum

Base

Metal

21

6/2025

USD

1,329,011

(

91,177

)

LME

Aluminum

Base

Metal

26

6/2025

USD

1,644,773

(

107,525

)

LME

Aluminum

Base

Metal

27

6/2025

USD

1,708,182

(

108,999

)

LME

Aluminum

Base

Metal

75

6/2025

USD

4,742,813

(

202,607

)

LME

Aluminum

Base

Metal

203

6/2025

USD

12,841,323

(

360,708

)

LME

Copper

Base

Metal

1

6/2025

USD

242,608

(

7,585

)

LME

Copper

Base

Metal

4

6/2025

USD

969,847

32,093

LME

Copper

Base

Metal

4

6/2025

USD

970,855

(

13,456

)

LME

Copper

Base

Metal

7

6/2025

USD

1,697,946

(

16,819

)

LME

Copper

Base

Metal

7

6/2025

USD

1,697,495

28,599

LME

Copper

Base

Metal

8

6/2025

USD

1,940,510

(

11,896

)

LME

Copper

Base

Metal

13

6/2025

USD

3,154,629

(

36,221

)

LME

Copper

Base

Metal

16

6/2025

USD

3,880,900

31,478

LME

Copper

Base

Metal

22

6/2025

USD

5,335,165

(

85,057

)

LME

Copper

Base

Metal

33

6/2025

USD

8,004,101

131,815

LME

Copper

Base

Metal

191

6/2025

USD

46,352,358

1,357,713

LME

Lead

Base

Metal

1

6/2025

USD

50,123

408

LME

Lead

Base

Metal

1

6/2025

USD

50,154

(

223

)

LME

Lead

Base

Metal

1

6/2025

USD

50,213

(

1,740

)

LME

Lead

Base

Metal

2

6/2025

USD

100,456

(

2,550

)

LME

Lead

Base

Metal

2

6/2025

USD

100,600

(

377

)

LME

Lead

Base

Metal

4

6/2025

USD

200,793

(

4,690

)

LME

Lead

Base

Metal

27

6/2025

USD

1,356,703

28,957

LME

Nickel

Base

Metal

1

6/2025

USD

95,166

(

1,137

)

LME

Nickel

Base

Metal

1

6/2025

USD

95,130

958

LME

Nickel

Base

Metal

2

6/2025

USD

190,908

(

3,018

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,849

(

4,025

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,560

(

10,086

)

LME

Nickel

Base

Metal

2

6/2025

USD

190,878

(

844

)

LME

Nickel

Base

Metal

3

6/2025

USD

285,717

(

11,742

)

LME

Nickel

Base

Metal

3

6/2025

USD

286,097

(

6,082

)

LME

Nickel

Base

Metal

3

6/2025

USD

285,799

(

15,170

)

LME

Nickel

Base

Metal

10

6/2025

USD

953,356

2,104

LME

Zinc

Base

Metal

1

6/2025

USD

71,313

327

LME

Zinc

Base

Metal

2

6/2025

USD

142,661

(

444

)

LME

Zinc

Base

Metal

2

6/2025

USD

142,690

(

5,944

)

LME

Zinc

Base

Metal

2

6/2025

USD

142,563

(

3,095

)

LME

Zinc

Base

Metal

5

6/2025

USD

356,375

(

14,044

)

LME

Zinc

Base

Metal

7

6/2025

USD

498,925

(

17,504

)

LME

Zinc

Base

Metal

8

6/2025

USD

570,358

(

21,885

)

LME

Zinc

Base

Metal

13

6/2025

USD

926,182

(

22,080

)

LME

Zinc

Base

Metal

89

6/2025

USD

6,350,195

(

97,731

)

Long

Gilt

1,058

6/2025

GBP

125,228,110

(

1,040,862

)

Low

Sulphur

Gasoil

112

6/2025

USD

7,579,600

320,359

S&P

500

E-Mini

Index

10

6/2025

USD

2,826,625

44,341

S&P/TSX

60

Index

97

6/2025

CAD

20,189,319

223,555

Sugar

No.

11

253

6/2025

USD

5,284,664

(

226,109

)

U.S.

Treasury

10

Year

Note

1,139

6/2025

USD

126,909,516

678,262

U.S.

Treasury

2

Year

Note

131

6/2025

USD

27,147,703

76,846

U.S.

Treasury

5

Year

Note

1,312

6/2025

USD

142,054,750

1,024,790

U.S.

Treasury

Long

Bond

486

6/2025

USD

57,196,125

472,126

U.S.

Treasury

Ultra

Bond

256

6/2025

USD

31,456,000

165,113

Cocoa

18

7/2025

USD

1,419,840

(

35,841

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

209

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Coffee

'C'

25

7/2025

USD

$

3,519,375

$

(

86,802

)

Corn

77

7/2025

USD

1,783,513

(

42,200

)

Cotton

No.

2

32

7/2025

USD

1,087,840

13,757

KC

HRW

Wheat

17

7/2025

USD

484,500

(

29,212

)

Silver

13

7/2025

USD

2,270,710

(

3,809

)

Soybean

Meal

122

7/2025

USD

3,652,680

(

100,080

)

Soybean

Oil

14

7/2025

USD

381,276

(

1,644

)

Wheat

50

7/2025

USD

1,376,250

(

61,553

)

Feeder

Cattle

10

8/2025

USD

1,447,500

7,202

Platinum

23

2/2026

JPY

357,827

4,942

Total

of

long

contracts

2,151,820

Short

Contracts

CAC

40

10

Euro

Index

(

301

)

4/2025

EUR

(

25,398,153

)

988,004

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

62,933

)

290

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

62,904

)

2,993

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

62,904

)

(

956

)

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

63,010

)

2,320

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

62,901

)

3,921

LME

Aluminum

Base

Metal

(

3

)

4/2025

USD

(

188,768

)

5,124

LME

Aluminum

Base

Metal

(

6

)

4/2025

USD

(

377,498

)

15,188

LME

Aluminum

Base

Metal

(

12

)

4/2025

USD

(

756,570

)

23,394

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,729

)

(

17,562

)

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,981

)

(

11,196

)

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,924

)

(

13,027

)

LME

Copper

Base

Metal

(

2

)

4/2025

USD

(

483,021

)

(

43,277

)

LME

Copper

Base

Metal

(

4

)

4/2025

USD

(

967,823

)

(

46,709

)

LME

Copper

Base

Metal

(

5

)

4/2025

USD

(

1,209,529

)

(

63,638

)

LME

Copper

Base

Metal

(

18

)

4/2025

USD

(

4,355,654

)

(

273,526

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,734

)

(

1,236

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,813

)

(

759

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,802

)

(

1,479

)

LME

Lead

Base

Metal

(

2

)

4/2025

USD

(

99,581

)

(

2,148

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,168

)

(

1,875

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,534

)

(

3,346

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

149,111

)

(

4,144

)

LME

Lead

Base

Metal

(

3

)

4/2025

USD

(

148,886

)

(

4,669

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,284

)

(

1,617

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,425

)

1,002

LME

Nickel

Base

Metal

(

4

)

4/2025

USD

(

378,088

)

(

2,997

)

LME

Nickel

Base

Metal

(

4

)

4/2025

USD

(

378,411

)

(

1,274

)

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

70,971

)

310

LME

Zinc

Base

Metal

(

4

)

4/2025

USD

(

284,237

)

(

974

)

LME

Zinc

Base

Metal

(

4

)

4/2025

USD

(

284,077

)

3,769

LME

Zinc

Base

Metal

(

4

)

4/2025

USD

(

284,354

)

(

6,866

)

LME

Zinc

Base

Metal

(

6

)

4/2025

USD

(

425,967

)

2,646

NY

Harbor

ULSD

(

78

)

4/2025

USD

(

7,467,314

)

(

190,093

)

RBOB

Gasoline

(

14

)

4/2025

USD

(

1,346,932

)

(

63,142

)

WTI

Crude

Oil

(

209

)

4/2025

USD

(

14,939,320

)

(

640,404

)

Cocoa

(

15

)

5/2025

GBP

(

1,200,940

)

42,403

Copper

(

3

)

5/2025

USD

(

377,550

)

3,280

Corn

(

95

)

5/2025

USD

(

2,171,938

)

18,038

Cotton

No.

2

(

5

)

5/2025

USD

(

167,075

)

(

3,191

)

KC

HRW

Wheat

(

48

)

5/2025

USD

(

1,336,800

)

75,494

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,471

)

8,195

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,221

)

4,624

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,707

)

12,440

LME

Aluminum

Base

Metal

(

4

)

5/2025

USD

(

252,767

)

11,200

210

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Aluminum

Base

Metal

(

7

)

5/2025

USD

$

(

441,599

)

$

23,344

LME

Aluminum

Base

Metal

(

9

)

5/2025

USD

(

567,956

)

20,310

LME

Aluminum

Base

Metal

(

13

)

5/2025

USD

(

820,203

)

40,047

LME

Aluminum

Base

Metal

(

16

)

5/2025

USD

(

1,010,668

)

42,212

LME

Copper

Base

Metal

(

1

)

5/2025

USD

(

242,275

)

(

6,891

)

LME

Copper

Base

Metal

(

4

)

5/2025

USD

(

968,823

)

(

51,039

)

LME

Copper

Base

Metal

(

4

)

5/2025

USD

(

969,447

)

(

20,664

)

LME

Copper

Base

Metal

(

5

)

5/2025

USD

(

1,212,059

)

(

25,322

)

LME

Copper

Base

Metal

(

7

)

5/2025

USD

(

1,696,357

)

(

36,601

)

LME

Copper

Base

Metal

(

7

)

5/2025

USD

(

1,696,628

)

(

14,721

)

LME

Copper

Base

Metal

(

7

)

5/2025

USD

(

1,696,882

)

(

36,901

)

LME

Copper

Base

Metal

(

8

)

5/2025

USD

(

1,938,694

)

(

67,140

)

LME

Copper

Base

Metal

(

11

)

5/2025

USD

(

2,665,795

)

(

88,403

)

LME

Lead

Base

Metal

(

1

)

5/2025

USD

(

49,948

)

(

388

)

LME

Lead

Base

Metal

(

1

)

5/2025

USD

(

50,004

)

(

261

)

LME

Lead

Base

Metal

(

2

)

5/2025

USD

(

100,086

)

100

LME

Lead

Base

Metal

(

3

)

5/2025

USD

(

150,041

)

(

1,201

)

LME

Lead

Base

Metal

(

3

)

5/2025

USD

(

149,928

)

(

1,198

)

LME

Lead

Base

Metal

(

3

)

5/2025

USD

(

149,759

)

(

1,170

)

LME

Lead

Base

Metal

(

4

)

5/2025

USD

(

200,404

)

(

1,219

)

LME

Lead

Base

Metal

(

5

)

5/2025

USD

(

250,366

)

(

2,784

)

LME

Lead

Base

Metal

(

5

)

5/2025

USD

(

250,146

)

(

14

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,832

)

(

1,703

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,748

)

157

LME

Nickel

Base

Metal

(

3

)

5/2025

USD

(

284,848

)

(

5,164

)

LME

Nickel

Base

Metal

(

3

)

5/2025

USD

(

284,712

)

(

8,345

)

LME

Nickel

Base

Metal

(

3

)

5/2025

USD

(

285,066

)

(

4,176

)

LME

Nickel

Base

Metal

(

3

)

5/2025

USD

(

284,766

)

(

5,602

)

LME

Nickel

Base

Metal

(

3

)

5/2025

USD

(

285,012

)

(

9,125

)

LME

Nickel

Base

Metal

(

4

)

5/2025

USD

(

378,928

)

(

8,229

)

LME

Nickel

Base

Metal

(

6

)

5/2025

USD

(

568,849

)

(

14,653

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,191

)

431

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

772

LME

Zinc

Base

Metal

(

2

)

5/2025

USD

(

142,440

)

972

LME

Zinc

Base

Metal

(

2

)

5/2025

USD

(

142,525

)

(

2,774

)

LME

Zinc

Base

Metal

(

2

)

5/2025

USD

(

142,353

)

(

1,805

)

LME

Zinc

Base

Metal

(

3

)

5/2025

USD

(

213,762

)

(

1,587

)

LME

Zinc

Base

Metal

(

5

)

5/2025

USD

(

356,100

)

(

1,365

)

LME

Zinc

Base

Metal

(

7

)

5/2025

USD

(

498,540

)

5,051

LME

Zinc

Base

Metal

(

7

)

5/2025

USD

(

498,540

)

(

3,629

)

Wheat

(

11

)

5/2025

USD

(

295,350

)

10,735

Canada

10

Year

Bond

(

1,036

)

6/2025

CAD

(

89,557,972

)

(

491,386

)

DAX

Index

(

60

)

6/2025

EUR

(

36,292,753

)

769,381

LME

Aluminum

Base

Metal

(

5

)

6/2025

USD

(

316,085

)

14,735

LME

Aluminum

Base

Metal

(

6

)

6/2025

USD

(

379,604

)

14,012

LME

Aluminum

Base

Metal

(

9

)

6/2025

USD

(

568,706

)

19,888

LME

Aluminum

Base

Metal

(

9

)

6/2025

USD

(

569,698

)

9,016

LME

Aluminum

Base

Metal

(

9

)

6/2025

USD

(

569,473

)

18,946

LME

Aluminum

Base

Metal

(

12

)

6/2025

USD

(

759,447

)

24,352

LME

Aluminum

Base

Metal

(

21

)

6/2025

USD

(

1,329,011

)

89,572

LME

Aluminum

Base

Metal

(

26

)

6/2025

USD

(

1,644,773

)

105,005

LME

Aluminum

Base

Metal

(

27

)

6/2025

USD

(

1,708,182

)

106,239

LME

Aluminum

Base

Metal

(

75

)

6/2025

USD

(

4,742,813

)

208,428

LME

Aluminum

Base

Metal

(

140

)

6/2025

USD

(

8,856,085

)

470,873

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,608

)

7,585

LME

Copper

Base

Metal

(

4

)

6/2025

USD

(

970,855

)

13,513

LME

Copper

Base

Metal

(

4

)

6/2025

USD

(

969,847

)

(

33,308

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

211

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Copper

Base

Metal

(

7

)

6/2025

USD

$

(

1,697,946

)

$

18,260

LME

Copper

Base

Metal

(

7

)

6/2025

USD

(

1,697,495

)

(

27,738

)

LME

Copper

Base

Metal

(

8

)

6/2025

USD

(

1,940,510

)

7,869

LME

Copper

Base

Metal

(

13

)

6/2025

USD

(

3,154,629

)

37,487

LME

Copper

Base

Metal

(

16

)

6/2025

USD

(

3,880,900

)

(

37,742

)

LME

Copper

Base

Metal

(

22

)

6/2025

USD

(

5,335,165

)

90,983

LME

Copper

Base

Metal

(

24

)

6/2025

USD

(

5,824,380

)

84,882

LME

Copper

Base

Metal

(

33

)

6/2025

USD

(

8,004,101

)

(

131,212

)

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,213

)

1,889

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,154

)

389

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,123

)

(

367

)

LME

Lead

Base

Metal

(

2

)

6/2025

USD

(

100,456

)

2,019

LME

Lead

Base

Metal

(

2

)

6/2025

USD

(

100,600

)

45

LME

Lead

Base

Metal

(

4

)

6/2025

USD

(

200,793

)

4,143

LME

Lead

Base

Metal

(

23

)

6/2025

USD

(

1,155,710

)

5,559

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,166

)

1,501

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,130

)

(

1,593

)

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,849

)

2,395

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,878

)

2,117

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,908

)

3,445

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

190,560

)

9,930

LME

Nickel

Base

Metal

(

3

)

6/2025

USD

(

285,717

)

11,755

LME

Nickel

Base

Metal

(

3

)

6/2025

USD

(

286,097

)

5,626

LME

Nickel

Base

Metal

(

3

)

6/2025

USD

(

285,799

)

13,757

LME

Nickel

Base

Metal

(

59

)

6/2025

USD

(

5,624,798

)

26,569

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,313

)

(

602

)

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,661

)

403

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,690

)

6,554

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,563

)

3,382

LME

Zinc

Base

Metal

(

5

)

6/2025

USD

(

356,375

)

14,235

LME

Zinc

Base

Metal

(

7

)

6/2025

USD

(

498,925

)

17,129

LME

Zinc

Base

Metal

(

8

)

6/2025

USD

(

570,804

)

(

2,402

)

LME

Zinc

Base

Metal

(

8

)

6/2025

USD

(

570,358

)

22,418

LME

Zinc

Base

Metal

(

13

)

6/2025

USD

(

926,182

)

20,342

Russell

2000

E-Mini

Index

(

27

)

6/2025

USD

(

2,736,585

)

82,490

S&P

Midcap

400

E-Mini

Index

(

20

)

6/2025

USD

(

5,877,200

)

37,233

SPI

200

Index

(

501

)

6/2025

AUD

(

61,647,342

)

300,746

TOPIX

Index

(

54

)

6/2025

JPY

(

9,583,839

)

81,743

Aluminum

(

2

)

7/2025

USD

(

124,388

)

9,499

Cocoa

(

9

)

7/2025

GBP

(

717,774

)

5,903

Total

of

short

contracts

1,622,479

Net

unrealized

appreciation

$

3,774,299

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

26,140,969

USD

16,285,404

CITI

6/18/2025

$

59,276

AUD

26,140,970

USD

16,285,323

JPMC

6/18/2025

59,357

BRL

156,151,210

USD

26,504,351

CITI

**

6/18/2025

412,620

BRL

156,151,210

USD

26,504,218

JPMC

**

6/18/2025

412,752

CAD

21,580,875

USD

15,036,592

CITI

6/18/2025

18,130

CAD

21,580,875

USD

15,036,517

JPMC

6/18/2025

18,205

212

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

CLP

1,148,453,302

USD

1,203,267

CITI

**

6/18/2025

$

5,523

CLP

1,148,453,302

USD

1,203,261

JPMC

**

6/18/2025

5,529

CNY

27,461,250

USD

3,787,569

CITI

**

6/18/2025

12,127

CNY

27,461,250

USD

3,787,550

JPMC

**

6/18/2025

12,146

COP

50,000,000

USD

11,798

CITI

**

6/18/2025

33

COP

50,000,000

USD

11,798

JPMC

**

6/18/2025

33

CZK

6,676,772

USD

280,340

CITI

6/18/2025

9,411

CZK

6,676,772

USD

280,339

JPMC

6/18/2025

9,412

GBP

14,369,000

USD

18,494,296

CITI

6/18/2025

65,510

GBP

14,369,000

USD

18,494,203

JPMC

6/18/2025

65,603

HUF

2,731,759,001

USD

7,125,629

CITI

6/18/2025

177,966

HUF

2,731,758,998

USD

7,125,594

JPMC

6/18/2025

178,002

INR

3,634,923,500

USD

41,534,227

CITI

**

6/18/2025

750,635

INR

3,634,923,500

USD

41,534,019

JPMC

**

6/18/2025

750,843

JPY

270,000,000

USD

1,815,487

CITI

6/18/2025

364

JPY

270,000,000

USD

1,815,478

JPMC

6/18/2025

374

MXN

283,417,376

USD

13,655,000

CITI

6/18/2025

51,570

MXN

283,417,374

USD

13,654,932

JPMC

6/18/2025

51,638

NOK

542,937,502

USD

48,786,996

CITI

6/18/2025

2,818,456

NOK

542,937,498

USD

48,786,752

JPMC

6/18/2025

2,818,700

PLN

24,708,500

USD

6,223,839

CITI

6/18/2025

137,022

PLN

24,708,500

USD

6,223,808

JPMC

6/18/2025

137,053

SEK

123,500,000

USD

12,302,442

CITI

6/18/2025

40,720

SEK

123,500,000

USD

12,302,380

JPMC

6/18/2025

40,782

USD

3,320,667

AUD

5,266,375

CITI

6/18/2025

27,858

USD

3,320,683

AUD

5,266,375

JPMC

6/18/2025

27,875

USD

32,758,614

CAD

46,748,500

CITI

6/18/2025

147,070

USD

32,750,506

CAD

46,748,500

JPMC

6/18/2025

138,961

USD

8,762,750

CHF

7,659,975

CITI

6/18/2025

24,249

USD

8,762,794

CHF

7,659,975

JPMC

6/18/2025

24,292

USD

269,450

CLP

250,000,001

CITI

**

6/18/2025

6,316

USD

269,451

CLP

249,999,999

JPMC

**

6/18/2025

6,317

USD

67,348

CNY

486,000

CITI

**

6/18/2025

102

USD

67,348

CNY

486,000

JPMC

**

6/18/2025

103

USD

55,147

COP

232,750,000

CITI

**

6/18/2025

73

USD

55,147

COP

232,750,000

JPMC

**

6/18/2025

74

USD

1,689,978

CZK

38,875,001

CITI

6/18/2025

2,927

USD

1,689,987

CZK

38,875,001

JPMC

6/18/2025

2,935

USD

589,096

DKK

4,017,000

CITI

6/18/2025

3,926

USD

589,099

DKK

4,017,000

JPMC

6/18/2025

3,929

USD

15,818,244

EUR

14,493,001

CITI

6/18/2025

78,317

USD

15,818,321

EUR

14,492,999

JPMC

6/18/2025

78,397

USD

18,154,481

GBP

14,006,999

CITI

6/18/2025

62,255

USD

18,154,574

GBP

14,007,001

JPMC

6/18/2025

62,346

USD

160,162

HKD

1,243,000

CITI

6/18/2025

135

USD

160,162

HKD

1,243,000

JPMC

6/18/2025

136

USD

876,712

HUF

325,000,000

CITI

6/18/2025

7,797

USD

876,717

HUF

325,000,000

JPMC

6/18/2025

7,801

USD

243,311

IDR

4,000,000,000

CITI

**

6/18/2025

4,099

USD

243,312

IDR

4,000,000,000

JPMC

**

6/18/2025

4,100

USD

3,054,241

ILS

11,230,500

CITI

6/18/2025

28,343

USD

3,054,257

ILS

11,230,500

JPMC

6/18/2025

28,358

USD

14,282,595

JPY

2,105,824,000

CITI

6/18/2025

120,135

USD

14,282,667

JPY

2,105,824,000

JPMC

6/18/2025

120,206

USD

1,178,679

KRW

1,700,000,000

CITI

**

6/18/2025

20,654

USD

1,178,685

KRW

1,700,000,000

JPMC

**

6/18/2025

20,660

USD

1,799,293

MXN

36,968,750

CITI

6/18/2025

11,418

USD

1,799,302

MXN

36,968,750

JPMC

6/18/2025

11,427

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

MULTI-ASSET

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

213

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

5,662,647

NOK

59,464,143

CITI

6/18/2025

$

10,663

USD

5,662,676

NOK

59,464,143

JPMC

6/18/2025

10,692

USD

15,868,555

NZD

27,577,428

CITI

6/18/2025

181,332

USD

15,868,634

NZD

27,577,428

JPMC

6/18/2025

181,412

USD

240,141

PHP

13,750,000

CITI

**

6/18/2025

435

USD

240,142

PHP

13,750,000

JPMC

**

6/18/2025

436

USD

478,181

PLN

1,856,473

CITI

6/18/2025

258

USD

478,183

PLN

1,856,473

JPMC

6/18/2025

260

USD

6,508,905

SGD

8,663,464

CITI

6/18/2025

34,489

USD

6,508,937

SGD

8,663,463

JPMC

6/18/2025

34,522

USD

3,120,144

THB

104,625,000

CITI

6/18/2025

19,107

USD

3,120,159

THB

104,625,000

JPMC

6/18/2025

19,123

USD

490,345

ZAR

9,000,000

CITI

6/18/2025

2,547

USD

490,347

ZAR

9,000,000

JPMC

6/18/2025

2,549

ZAR

306,819,813

USD

16,505,128

CITI

6/18/2025

124,446

ZAR

306,819,813

USD

16,505,045

JPMC

6/18/2025

124,528

Total

unrealized

appreciation

10,950,182

AUD

41,107,780

USD

25,915,803

CITI

6/18/2025

(

213,104

)

AUD

41,107,781

USD

25,915,674

JPMC

6/18/2025

(

212,973

)

BRL

698,710

USD

120,895

CITI

**

6/18/2025

(

452

)

BRL

698,710

USD

120,894

JPMC

**

6/18/2025

(

452

)

CHF

12,566,000

USD

14,409,027

CITI

6/18/2025

(

73,731

)

CHF

12,566,000

USD

14,408,955

JPMC

6/18/2025

(

73,659

)

CLP

4,687,626,413

USD

4,990,896

CITI

**

6/18/2025

(

56,999

)

CLP

4,687,626,412

USD

4,990,871

JPMC

**

6/18/2025

(

56,970

)

CNY

131,445,750

USD

18,238,955

CITI

**

6/18/2025

(

51,367

)

CNY

131,445,750

USD

18,238,769

JPMC

**

6/18/2025

(

51,182

)

COP

4,145,000,000

USD

993,612

CITI

**

6/18/2025

(

12,818

)

COP

4,145,000,000

USD

993,607

JPMC

**

6/18/2025

(

12,813

)

CZK

8,823,228

USD

384,729

CITI

6/18/2025

(

1,828

)

CZK

8,823,228

USD

384,727

JPMC

6/18/2025

(

1,828

)

EUR

8,720,000

USD

9,523,069

CITI

6/18/2025

(

52,831

)

EUR

8,720,000

USD

9,523,021

JPMC

6/18/2025

(

52,784

)

GBP

16,183,500

USD

20,927,937

CITI

6/18/2025

(

24,422

)

GBP

16,183,500

USD

20,927,833

JPMC

6/18/2025

(

24,317

)

HKD

63,000

USD

8,119

CITI

6/18/2025

(

8

)

HKD

63,000

USD

8,119

JPMC

6/18/2025

(

8

)

HUF

439,999,999

USD

1,182,981

CITI

6/18/2025

(

6,604

)

HUF

440,000,001

USD

1,182,975

JPMC

6/18/2025

(

6,597

)

ILS

9,027,000

USD

2,516,556

CITI

6/18/2025

(

84,360

)

ILS

9,027,000

USD

2,516,544

JPMC

6/18/2025

(

84,345

)

JPY

10,563,727,313

USD

71,599,524

CITI

6/18/2025

(

554,476

)

JPY

10,563,727,313

USD

71,599,166

JPMC

6/18/2025

(

554,117

)

KRW

16,997,996,786

USD

11,758,534

CITI

**

6/18/2025

(

179,650

)

KRW

16,997,996,787

USD

11,758,475

JPMC

**

6/18/2025

(

179,595

)

MXN

165,639,124

USD

8,075,799

CITI

6/18/2025

(

65,196

)

MXN

165,639,126

USD

8,075,759

JPMC

6/18/2025

(

65,155

)

NZD

2,713,000

USD

1,559,694

CITI

6/18/2025

(

16,424

)

NZD

2,713,000

USD

1,559,687

JPMC

6/18/2025

(

16,416

)

PLN

14,270,500

USD

3,690,716

CITI

6/18/2025

(

16,973

)

PLN

14,270,500

USD

3,690,698

JPMC

6/18/2025

(

16,955

)

SEK

53,500,000

USD

5,366,050

CITI

6/18/2025

(

19,013

)

SEK

53,500,000

USD

5,366,023

JPMC

6/18/2025

(

18,985

)

SGD

1,301,500

USD

980,926

CITI

6/18/2025

(

8,284

)

SGD

1,301,500

USD

980,921

JPMC

6/18/2025

(

8,279

)

TWD

326,000,000

USD

9,990,833

CITI

**

6/18/2025

(

134,807

)

TWD

326,000,000

USD

9,990,783

JPMC

**

6/18/2025

(

134,759

)

USD

2,055,212

AUD

3,296,124

CITI

6/18/2025

(

5,695

)

214

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

MULTI-ASSET

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

2,055,223

AUD

3,296,126

JPMC

6/18/2025

$

(

5,684

)

USD

453,415

BRL

2,687,500

CITI

**

6/18/2025

(

9,849

)

USD

453,418

BRL

2,687,500

JPMC

**

6/18/2025

(

9,847

)

USD

8,988,122

CAD

12,899,000

CITI

6/18/2025

(

10,163

)

USD

8,988,167

CAD

12,899,000

JPMC

6/18/2025

(

10,118

)

USD

47,184,705

CHF

41,796,649

CITI

6/18/2025

(

496,921

)

USD

47,184,941

CHF

41,796,649

JPMC

6/18/2025

(

496,685

)

USD

298,687

CNY

2,160,500

CITI

**

6/18/2025

(

252

)

USD

298,689

CNY

2,160,500

JPMC

**

6/18/2025

(

250

)

USD

27,686

COP

117,250,000

CITI

**

6/18/2025

(

58

)

USD

27,686

COP

117,250,000

JPMC

**

6/18/2025

(

58

)

USD

4,693,803

CZK

110,624,999

CITI

6/18/2025

(

106,970

)

USD

4,693,826

CZK

110,624,999

JPMC

6/18/2025

(

106,947

)

USD

777,105

DKK

5,433,500

CITI

6/18/2025

(

14,411

)

USD

777,109

DKK

5,433,500

JPMC

6/18/2025

(

14,407

)

USD

151,150,714

EUR

141,710,737

CITI

6/18/2025

(

2,752,300

)

USD

151,151,471

EUR

141,710,738

JPMC

6/18/2025

(

2,751,545

)

USD

26,455,435

GBP

20,848,680

CITI

6/18/2025

(

473,889

)

USD

26,455,566

GBP

20,848,679

JPMC

6/18/2025

(

473,757

)

USD

440,661

HUF

165,000,001

CITI

6/18/2025

(

481

)

USD

440,663

HUF

164,999,999

JPMC

6/18/2025

(

479

)

USD

4,028,473

JPY

600,000,000

CITI

6/18/2025

(

6,753

)

USD

4,028,494

JPY

600,000,000

JPMC

6/18/2025

(

6,733

)

USD

1,656,098

MXN

34,406,251

CITI

6/18/2025

(

7,850

)

USD

1,656,106

MXN

34,406,250

JPMC

6/18/2025

(

7,841

)

USD

18,413,021

NOK

197,098,858

CITI

6/18/2025

(

320,951

)

USD

18,413,113

NOK

197,098,855

JPMC

6/18/2025

(

320,859

)

USD

5,643,414

NZD

10,005,572

CITI

6/18/2025

(

48,184

)

USD

5,643,442

NZD

10,005,572

JPMC

6/18/2025

(

48,156

)

USD

1,577,463

PHP

91,250,000

CITI

**

6/18/2025

(

13,311

)

USD

1,577,471

PHP

91,250,000

JPMC

**

6/18/2025

(

13,303

)

USD

5,290,282

PLN

21,014,027

CITI

6/18/2025

(

119,488

)

USD

5,290,308

PLN

21,014,027

JPMC

6/18/2025

(

119,462

)

USD

14,669,211

SEK

150,093,730

CITI

6/18/2025

(

331,852

)

USD

14,669,284

SEK

150,093,730

JPMC

6/18/2025

(

331,779

)

USD

1,333,344

SGD

1,788,536

CITI

6/18/2025

(

3,272

)

USD

1,333,351

SGD

1,788,537

JPMC

6/18/2025

(

3,266

)

USD

719,225

THB

24,375,000

CITI

6/18/2025

(

3,238

)

USD

719,229

THB

24,375,000

JPMC

6/18/2025

(

3,235

)

USD

1,682,449

ZAR

31,125,000

CITI

6/18/2025

(

4,520

)

USD

1,682,457

ZAR

31,125,000

JPMC

6/18/2025

(

4,512

)

ZAR

64,045,688

USD

3,490,587

CITI

6/18/2025

(

19,322

)

ZAR

64,045,688

USD

3,490,569

JPMC

6/18/2025

(

19,306

)

Total

unrealized

depreciation

(

12,643,495

)

Net

unrealized

depreciation

$

(

1,693,313

)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

215

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

48.5%

INVESTMENT

COMPANIES

-

48.5%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(1)^(a)

(Cost

$353,653,982)

$366,980,709

$564,883,249

$(578,070,904)

$7,457

$(48,334)

$353,752,177

353,858,335

$3,585,070

$–

^    No

longer

affiliated

as

of

March

31,

2025.

(1)

Level

1

security.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

93.9%

INVESTMENT

COMPANIES

-

48

.5

%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(1)(a)(b)

(Cost

$353,653,982)

353,858,335

353,752,177

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

45

.4

%

U.S.

Treasury

Bills

4.31%,

4/3/2025

(c)

$

10,076,000

10,073,624

4.40%,

4/10/2025

(c)

38,517,000

38,476,076

4.36%,

4/17/2025

(c)

26,000,000

25,950,785

4.41%,

4/24/2025

(c)

17,678,000

17,630,174

4.42%,

5/1/2025

(c)

15,468,000

15,413,445

4.35%,

5/8/2025

(c)

2,068,000

2,058,999

4.41%,

5/22/2025

(c)

10,568,000

10,504,746

4.44%,

5/29/2025

(c)

12,425,000

12,340,178

4.40%,

6/5/2025

(c)

20,975,000

20,816,129

4.29%,

6/12/2025

(c)

9,382,000

9,303,379

4.25%,

6/20/2025

(c)

43,050,000

42,648,133

4.22%,

7/3/2025

(c)

2,507,000

2,479,840

4.20%,

7/10/2025

(c)

1,377,000

1,360,992

4.27%,

7/17/2025

(c)

5,758,000

5,686,335

4.22%,

9/4/2025

(c)

27,839,000

27,344,914

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

45.4%

(continued)

4.16%,

9/11/2025

(c)

$

35,253,000

34,598,567

4.17%,

9/25/2025

(c)

40,303,000

39,493,531

4.16%,

10/2/2025

(c)

15,681,000

15,354,720

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$331,531,650)

331,534,567

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$685,185,632)

685,286,744

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

93.9%

(Cost

$685,185,632)

685,286,744

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

6.1%

‡

44,655,211

NET

ASSETS

-

100.0%

729,941,955

SECURITY

TYPE

VALUE

%

OF

NET

ASSETS

Investment

Companies

$

353,752,177

48

.5

%

U.S.

Treasury

Obligations

331,534,567

45

.4

Total

Investments

In

Securities

At

Value

685,286,744

93

.9

Other

Assets

in

Excess

of

Liabilities

‡

44,655,211

6

.1

Net

Assets

$

729,941,955

100

.0

%

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(b)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(c)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

216

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

18

4/2025

USD

$

1,345,860

$

46,538

LME

Aluminum

Base

Metal

3

4/2025

USD

188,711

(

8,923

)

LME

Aluminum

Base

Metal

5

4/2025

USD

314,566

(

6,400

)

LME

Aluminum

Base

Metal

7

4/2025

USD

440,305

(

26,455

)

LME

Aluminum

Base

Metal

15

4/2025

USD

943,988

(

6,739

)

LME

Aluminum

Base

Metal

34

4/2025

USD

2,142,340

(

89,862

)

LME

Aluminum

Base

Metal

47

4/2025

USD

2,957,358

(

73,273

)

LME

Aluminum

Base

Metal

71

4/2025

USD

4,467,054

(

178,334

)

LME

Copper

Base

Metal

1

4/2025

USD

241,729

16,402

LME

Copper

Base

Metal

2

4/2025

USD

483,937

27,323

LME

Copper

Base

Metal

3

4/2025

USD

725,717

37,584

LME

Copper

Base

Metal

4

4/2025

USD

966,768

76,930

LME

Copper

Base

Metal

10

4/2025

USD

2,415,107

208,298

LME

Copper

Base

Metal

10

4/2025

USD

2,419,558

112,606

LME

Copper

Base

Metal

17

4/2025

USD

4,113,673

240,923

LME

Copper

Base

Metal

29

4/2025

USD

7,015,803

405,017

LME

Copper

Base

Metal

36

4/2025

USD

8,710,407

442,242

LME

Copper

Base

Metal

56

4/2025

USD

13,535,452

811,962

LME

Lead

Base

Metal

1

4/2025

USD

49,798

932

LME

Lead

Base

Metal

1

4/2025

USD

49,802

1,321

LME

Lead

Base

Metal

2

4/2025

USD

99,727

1,271

LME

Lead

Base

Metal

4

4/2025

USD

199,161

4,192

LME

Lead

Base

Metal

6

4/2025

USD

299,067

5,501

LME

Lead

Base

Metal

8

4/2025

USD

398,462

4,041

LME

Lead

Base

Metal

9

4/2025

USD

447,503

7,113

LME

Lead

Base

Metal

11

4/2025

USD

545,916

16,220

LME

Lead

Base

Metal

15

4/2025

USD

745,556

17,894

LME

Nickel

Base

Metal

1

4/2025

USD

94,635

2,102

LME

Nickel

Base

Metal

2

4/2025

USD

188,412

8,255

LME

Nickel

Base

Metal

3

4/2025

USD

283,227

(

3,430

)

LME

Nickel

Base

Metal

5

4/2025

USD

471,498

9,455

LME

Nickel

Base

Metal

10

4/2025

USD

942,840

17,008

LME

Nickel

Base

Metal

10

4/2025

USD

946,027

(

800

)

LME

Nickel

Base

Metal

10

4/2025

USD

943,778

(

4,254

)

LME

Nickel

Base

Metal

17

4/2025

USD

1,606,874

11,604

LME

Zinc

Base

Metal

2

4/2025

USD

142,177

2,077

LME

Zinc

Base

Metal

3

4/2025

USD

212,740

(

5,082

)

LME

Zinc

Base

Metal

5

4/2025

USD

355,193

(

4,322

)

LME

Zinc

Base

Metal

10

4/2025

USD

709,518

(

8,887

)

LME

Zinc

Base

Metal

11

4/2025

USD

780,940

(

4,891

)

LME

Zinc

Base

Metal

13

4/2025

USD

923,501

(

26,188

)

LME

Zinc

Base

Metal

14

4/2025

USD

994,830

1,488

LME

Zinc

Base

Metal

21

4/2025

USD

1,490,391

(

2,872

)

LME

Zinc

Base

Metal

23

4/2025

USD

1,632,109

(

5,905

)

LME

Zinc

Base

Metal

39

4/2025

USD

2,769,751

(

41,431

)

Natural

Gas

50

4/2025

GBP

1,957,363

(

119,025

)

Natural

Gas

125

4/2025

EUR

4,089,510

(

135,521

)

Natural

Gas

243

4/2025

USD

10,009,170

(

462,550

)

NY

Harbor

ULSD

7

4/2025

USD

670,144

8,164

RBOB

Gasoline

1

4/2025

USD

96,209

4,563

Sugar

No.

11

1,829

4/2025

USD

38,634,333

1,032,081

WTI

Crude

Oil

46

4/2025

USD

3,288,080

135,620

Brent

Crude

Oil

1,953

5/2025

USD

144,463,410

6,100,862

Cocoa

6

5/2025

USD

474,120

(

158,813

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

217

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Coffee

'C'

223

5/2025

USD

$

31,756,594

$

2,203,468

Corn

1,048

5/2025

USD

23,959,900

(

2,284,339

)

Feeder

Cattle

6

5/2025

USD

853,500

47,038

KC

HRW

Wheat

182

5/2025

USD

5,068,700

(

528,480

)

LME

Aluminum

Base

Metal

2

5/2025

USD

126,233

(

5,723

)

LME

Aluminum

Base

Metal

8

5/2025

USD

504,882

(

21,456

)

LME

Aluminum

Base

Metal

10

5/2025

USD

632,355

(

44,829

)

LME

Aluminum

Base

Metal

10

5/2025

USD

630,850

(

15,317

)

LME

Aluminum

Base

Metal

16

5/2025

USD

1,010,068

(

45,125

)

LME

Aluminum

Base

Metal

23

5/2025

USD

1,454,417

(

93,525

)

LME

Aluminum

Base

Metal

28

5/2025

USD

1,766,394

(

91,480

)

LME

Aluminum

Base

Metal

30

5/2025

USD

1,892,775

(

91,987

)

LME

Aluminum

Base

Metal

30

5/2025

USD

1,895,753

(

82,969

)

LME

Aluminum

Base

Metal

37

5/2025

USD

2,334,931

(

84,310

)

LME

Aluminum

Base

Metal

61

5/2025

USD

3,853,172

(

163,606

)

LME

Copper

Base

Metal

2

5/2025

USD

484,551

13,389

LME

Copper

Base

Metal

3

5/2025

USD

726,687

19,915

LME

Copper

Base

Metal

4

5/2025

USD

969,502

10,528

LME

Copper

Base

Metal

19

5/2025

USD

4,601,909

183,332

LME

Copper

Base

Metal

20

5/2025

USD

4,841,115

343,222

LME

Copper

Base

Metal

28

5/2025

USD

6,785,429

239,860

LME

Copper

Base

Metal

31

5/2025

USD

7,513,214

149,299

LME

Copper

Base

Metal

33

5/2025

USD

7,999,588

138,989

LME

Copper

Base

Metal

33

5/2025

USD

7,997,385

263,096

LME

Copper

Base

Metal

35

5/2025

USD

8,484,411

188,034

LME

Copper

Base

Metal

37

5/2025

USD

8,966,460

211,372

LME

Lead

Base

Metal

3

5/2025

USD

149,928

970

LME

Lead

Base

Metal

4

5/2025

USD

199,679

768

LME

Lead

Base

Metal

7

5/2025

USD

350,299

(

244

)

LME

Lead

Base

Metal

7

5/2025

USD

349,634

2,241

LME

Lead

Base

Metal

10

5/2025

USD

501,010

2,984

LME

Lead

Base

Metal

11

5/2025

USD

550,149

4,382

LME

Lead

Base

Metal

11

5/2025

USD

550,806

3,527

LME

Lead

Base

Metal

16

5/2025

USD

800,468

26

LME

Nickel

Base

Metal

1

5/2025

USD

94,832

1,679

LME

Nickel

Base

Metal

2

5/2025

USD

189,334

7,768

LME

Nickel

Base

Metal

3

5/2025

USD

284,244

87

LME

Nickel

Base

Metal

5

5/2025

USD

473,861

1,348

LME

Nickel

Base

Metal

5

5/2025

USD

474,521

12,776

LME

Nickel

Base

Metal

9

5/2025

USD

855,198

7,374

LME

Nickel

Base

Metal

13

5/2025

USD

1,235,052

39,668

LME

Nickel

Base

Metal

13

5/2025

USD

1,233,988

25,914

LME

Nickel

Base

Metal

14

5/2025

USD

1,329,292

20,956

LME

Nickel

Base

Metal

14

5/2025

USD

1,327,314

39,137

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

317

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

(

1,708

)

LME

Zinc

Base

Metal

4

5/2025

USD

285,016

2,829

LME

Zinc

Base

Metal

5

5/2025

USD

356,100

(

6,016

)

LME

Zinc

Base

Metal

5

5/2025

USD

356,100

(

3,415

)

LME

Zinc

Base

Metal

5

5/2025

USD

356,313

7,348

LME

Zinc

Base

Metal

6

5/2025

USD

427,058

3,871

LME

Zinc

Base

Metal

13

5/2025

USD

925,860

(

15,826

)

LME

Zinc

Base

Metal

14

5/2025

USD

997,080

(

332

)

LME

Zinc

Base

Metal

15

5/2025

USD

1,066,766

36,250

LME

Zinc

Base

Metal

17

5/2025

USD

1,210,740

(

22,408

)

Low

Sulphur

Gasoil

26

5/2025

USD

1,773,200

25,039

Milling

Wheat

No.

2

881

5/2025

EUR

10,490,786

(

809,867

)

218

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

Natural

Gas

391

5/2025

USD

$

16,644,870

$

405,060

RBOB

Gasoline

102

5/2025

USD

9,769,662

422,386

SGX

Iron

Ore

1,169

5/2025

USD

11,805,731

8,615

Silver

141

5/2025

USD

24,400,755

968,738

Soybean

1,026

5/2025

USD

52,056,675

(

2,125,118

)

Soybean

Oil

788

5/2025

USD

21,223,992

238,418

Wheat

383

5/2025

USD

10,283,550

(

1,057,056

)

100

oz

Gold

509

6/2025

USD

160,350,269

10,143,922

Lean

Hogs

148

6/2025

USD

5,640,280

(

84,508

)

Live

Cattle

237

6/2025

USD

19,306,020

144,841

LME

Aluminum

Base

Metal

5

6/2025

USD

316,155

(

19,983

)

LME

Aluminum

Base

Metal

9

6/2025

USD

569,925

(

1,300

)

LME

Aluminum

Base

Metal

24

6/2025

USD

1,518,414

(

60,849

)

LME

Aluminum

Base

Metal

26

6/2025

USD

1,645,794

(

28,025

)

LME

Aluminum

Base

Metal

29

6/2025

USD

1,834,968

(

57,359

)

LME

Aluminum

Base

Metal

29

6/2025

USD

1,834,555

(

123,312

)

LME

Aluminum

Base

Metal

31

6/2025

USD

1,961,905

(

61,702

)

LME

Aluminum

Base

Metal

36

6/2025

USD

2,275,812

(

104,608

)

LME

Aluminum

Base

Metal

38

6/2025

USD

2,401,201

(

79,349

)

LME

Aluminum

Base

Metal

45

6/2025

USD

2,845,688

(

136,281

)

LME

Aluminum

Base

Metal

56

6/2025

USD

3,542,896

(

234,451

)

LME

Aluminum

Base

Metal

57

6/2025

USD

3,607,316

(

236,771

)

LME

Aluminum

Base

Metal

68

6/2025

USD

4,302,785

(

321,394

)

LME

Aluminum

Base

Metal

1,182

6/2025

USD

74,770,661

(

1,091,296

)

LME

Copper

Base

Metal

1

6/2025

USD

242,651

(

7,144

)

LME

Copper

Base

Metal

1

6/2025

USD

242,608

(

7,770

)

LME

Copper

Base

Metal

2

6/2025

USD

485,097

7,989

LME

Copper

Base

Metal

4

6/2025

USD

970,655

(

11,145

)

LME

Copper

Base

Metal

4

6/2025

USD

970,255

(

5,948

)

LME

Copper

Base

Metal

5

6/2025

USD

1,213,750

(

1,263

)

LME

Copper

Base

Metal

5

6/2025

USD

1,213,413

(

28,726

)

LME

Copper

Base

Metal

11

6/2025

USD

2,667,079

88,925

LME

Copper

Base

Metal

11

6/2025

USD

2,668,201

(

26,431

)

LME

Copper

Base

Metal

12

6/2025

USD

2,912,565

(

40,367

)

LME

Copper

Base

Metal

18

6/2025

USD

4,364,987

73,541

LME

Copper

Base

Metal

22

6/2025

USD

5,336,238

43,282

LME

Copper

Base

Metal

24

6/2025

USD

5,820,180

(

100,420

)

LME

Copper

Base

Metal

584

6/2025

USD

141,726,580

5,416,529

LME

Lead

Base

Metal

1

6/2025

USD

50,250

(

1,178

)

LME

Lead

Base

Metal

1

6/2025

USD

50,260

(

1,668

)

LME

Lead

Base

Metal

2

6/2025

USD

100,600

(

377

)

LME

Lead

Base

Metal

3

6/2025

USD

150,595

(

3,522

)

LME

Lead

Base

Metal

4

6/2025

USD

200,617

(

894

)

LME

Lead

Base

Metal

5

6/2025

USD

251,139

(

6,374

)

LME

Lead

Base

Metal

5

6/2025

USD

251,028

(

8,140

)

LME

Lead

Base

Metal

16

6/2025

USD

801,968

6,526

LME

Lead

Base

Metal

249

6/2025

USD

12,511,814

263,232

LME

Nickel

Base

Metal

1

6/2025

USD

95,454

(

1,119

)

LME

Nickel

Base

Metal

3

6/2025

USD

285,552

(

3,716

)

LME

Nickel

Base

Metal

3

6/2025

USD

286,274

(

6,036

)

LME

Nickel

Base

Metal

4

6/2025

USD

381,757

(

1,687

)

LME

Nickel

Base

Metal

4

6/2025

USD

381,852

(

7,679

)

LME

Nickel

Base

Metal

4

6/2025

USD

382,032

(

1,979

)

LME

Nickel

Base

Metal

9

6/2025

USD

856,494

(

9,107

)

LME

Nickel

Base

Metal

11

6/2025

USD

1,049,021

(

25,366

)

LME

Nickel

Base

Metal

15

6/2025

USD

1,426,950

14,361

LME

Nickel

Base

Metal

25

6/2025

USD

2,382,000

(

112,970

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

219

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Nickel

Base

Metal

146

6/2025

USD

$

13,918,992

$

(

49,459

)

LME

Zinc

Base

Metal

4

6/2025

USD

285,100

(

9,940

)

LME

Zinc

Base

Metal

5

6/2025

USD

356,694

(

7,696

)

LME

Zinc

Base

Metal

8

6/2025

USD

570,642

(

1,778

)

LME

Zinc

Base

Metal

8

6/2025

USD

570,760

(

24,264

)

LME

Zinc

Base

Metal

10

6/2025

USD

712,750

(

28,397

)

LME

Zinc

Base

Metal

16

6/2025

USD

1,140,716

(

44,679

)

LME

Zinc

Base

Metal

17

6/2025

USD

1,212,878

(

52,576

)

LME

Zinc

Base

Metal

17

6/2025

USD

1,211,781

(

26,820

)

LME

Zinc

Base

Metal

18

6/2025

USD

1,283,639

6,935

LME

Zinc

Base

Metal

19

6/2025

USD

1,353,650

(

33,190

)

LME

Zinc

Base

Metal

20

6/2025

USD

1,426,250

6,351

LME

Zinc

Base

Metal

529

6/2025

USD

37,744,415

(

393,418

)

Low

Sulphur

Gasoil

245

6/2025

USD

16,580,375

850,072

Sugar

No.

11

143

6/2025

USD

2,986,984

(

90,837

)

Aluminum

1

7/2025

USD

62,194

(

88

)

Cocoa

11

7/2025

USD

867,680

(

15,486

)

Coffee

'C'

19

7/2025

USD

2,674,725

(

35,518

)

Corn

10

7/2025

USD

231,625

(

1,032

)

Cotton

No.

2

320

7/2025

USD

10,878,400

123,015

Silver

36

7/2025

USD

6,288,120

(

4,205

)

Soybean

151

7/2025

USD

7,763,288

32,698

Soybean

Meal

942

7/2025

USD

28,203,480

(

863,604

)

Feeder

Cattle

9

8/2025

USD

1,302,750

2,651

Milling

Wheat

No.

2

122

9/2025

EUR

1,439,562

(

189

)

ECX

Emission

332

12/2025

EUR

24,404,249

(

2,425,340

)

Phelix

De

Base

Electricity

22

12/2025

EUR

17,754,669

(

856,118

)

Platinum

164

2/2026

JPY

2,551,463

48,338

Total

of

long

contracts

16,396,874

Short

Contracts

LME

Aluminum

Base

Metal

(

3

)

4/2025

USD

(

188,711

)

8,677

LME

Aluminum

Base

Metal

(

5

)

4/2025

USD

(

314,566

)

7,421

LME

Aluminum

Base

Metal

(

7

)

4/2025

USD

(

440,305

)

26,926

LME

Aluminum

Base

Metal

(

15

)

4/2025

USD

(

943,988

)

5,518

LME

Aluminum

Base

Metal

(

34

)

4/2025

USD

(

2,142,340

)

78,883

LME

Aluminum

Base

Metal

(

47

)

4/2025

USD

(

2,957,358

)

65,078

LME

Aluminum

Base

Metal

(

71

)

4/2025

USD

(

4,467,054

)

175,379

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,729

)

(

16,724

)

LME

Copper

Base

Metal

(

2

)

4/2025

USD

(

483,937

)

(

27,192

)

LME

Copper

Base

Metal

(

3

)

4/2025

USD

(

725,717

)

(

39,127

)

LME

Copper

Base

Metal

(

4

)

4/2025

USD

(

966,768

)

(

77,578

)

LME

Copper

Base

Metal

(

10

)

4/2025

USD

(

2,415,107

)

(

216,384

)

LME

Copper

Base

Metal

(

10

)

4/2025

USD

(

2,419,558

)

(

104,334

)

LME

Copper

Base

Metal

(

17

)

4/2025

USD

(

4,113,673

)

(

244,093

)

LME

Copper

Base

Metal

(

29

)

4/2025

USD

(

7,015,803

)

(

401,942

)

LME

Copper

Base

Metal

(

36

)

4/2025

USD

(

8,710,407

)

(

441,347

)

LME

Copper

Base

Metal

(

56

)

4/2025

USD

(

13,535,452

)

(

823,568

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,802

)

(

1,379

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,798

)

(

550

)

LME

Lead

Base

Metal

(

2

)

4/2025

USD

(

99,727

)

(

1,183

)

LME

Lead

Base

Metal

(

4

)

4/2025

USD

(

199,161

)

(

4,622

)

LME

Lead

Base

Metal

(

6

)

4/2025

USD

(

299,067

)

(

6,692

)

LME

Lead

Base

Metal

(

8

)

4/2025

USD

(

398,462

)

(

3,225

)

LME

Lead

Base

Metal

(

9

)

4/2025

USD

(

447,503

)

(

9,901

)

LME

Lead

Base

Metal

(

11

)

4/2025

USD

(

545,916

)

(

17,120

)

LME

Lead

Base

Metal

(

15

)

4/2025

USD

(

745,556

)

(

20,721

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,635

)

(

2,268

)

220

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(

2

)

4/2025

USD

$

(

188,412

)

$

(

8,633

)

LME

Nickel

Base

Metal

(

3

)

4/2025

USD

(

283,227

)

2,873

LME

Nickel

Base

Metal

(

5

)

4/2025

USD

(

471,498

)

(

9,104

)

LME

Nickel

Base

Metal

(

10

)

4/2025

USD

(

943,778

)

5,010

LME

Nickel

Base

Metal

(

10

)

4/2025

USD

(

946,027

)

(

2,285

)

LME

Nickel

Base

Metal

(

10

)

4/2025

USD

(

942,840

)

(

16,166

)

LME

Nickel

Base

Metal

(

17

)

4/2025

USD

(

1,606,874

)

(

14,454

)

LME

Zinc

Base

Metal

(

2

)

4/2025

USD

(

142,177

)

(

2,182

)

LME

Zinc

Base

Metal

(

3

)

4/2025

USD

(

212,740

)

3,627

LME

Zinc

Base

Metal

(

5

)

4/2025

USD

(

355,193

)

3,619

LME

Zinc

Base

Metal

(

10

)

4/2025

USD

(

709,518

)

16,388

LME

Zinc

Base

Metal

(

11

)

4/2025

USD

(

780,940

)

5,255

LME

Zinc

Base

Metal

(

13

)

4/2025

USD

(

923,501

)

27,002

LME

Zinc

Base

Metal

(

14

)

4/2025

USD

(

994,830

)

(

3,410

)

LME

Zinc

Base

Metal

(

21

)

4/2025

USD

(

1,490,391

)

7,473

LME

Zinc

Base

Metal

(

23

)

4/2025

USD

(

1,632,109

)

(

1,919

)

LME

Zinc

Base

Metal

(

39

)

4/2025

USD

(

2,769,751

)

36,293

Cocoa

(

21

)

5/2025

GBP

(

1,681,316

)

68,729

Cotton

No.

2

(

69

)

5/2025

USD

(

2,305,635

)

(

57,263

)

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,233

)

5,635

LME

Aluminum

Base

Metal

(

8

)

5/2025

USD

(

504,882

)

21,497

LME

Aluminum

Base

Metal

(

10

)

5/2025

USD

(

632,355

)

43,069

LME

Aluminum

Base

Metal

(

10

)

5/2025

USD

(

630,850

)

11,999

LME

Aluminum

Base

Metal

(

16

)

5/2025

USD

(

1,010,068

)

43,490

LME

Aluminum

Base

Metal

(

23

)

5/2025

USD

(

1,454,417

)

96,038

LME

Aluminum

Base

Metal

(

28

)

5/2025

USD

(

1,766,394

)

92,732

LME

Aluminum

Base

Metal

(

30

)

5/2025

USD

(

1,892,775

)

91,069

LME

Aluminum

Base

Metal

(

30

)

5/2025

USD

(

1,895,753

)

90,544

LME

Aluminum

Base

Metal

(

37

)

5/2025

USD

(

2,334,931

)

84,796

LME

Aluminum

Base

Metal

(

61

)

5/2025

USD

(

3,853,172

)

163,936

LME

Copper

Base

Metal

(

2

)

5/2025

USD

(

484,551

)

(

13,656

)

LME

Copper

Base

Metal

(

3

)

5/2025

USD

(

726,687

)

(

21,570

)

LME

Copper

Base

Metal

(

4

)

5/2025

USD

(

969,502

)

(

7,512

)

LME

Copper

Base

Metal

(

19

)

5/2025

USD

(

4,601,909

)

(

174,959

)

LME

Copper

Base

Metal

(

20

)

5/2025

USD

(

4,841,115

)

(

317,028

)

LME

Copper

Base

Metal

(

28

)

5/2025

USD

(

6,785,429

)

(

234,578

)

LME

Copper

Base

Metal

(

31

)

5/2025

USD

(

7,513,214

)

(

153,121

)

LME

Copper

Base

Metal

(

33

)

5/2025

USD

(

7,999,588

)

(

133,175

)

LME

Copper

Base

Metal

(

33

)

5/2025

USD

(

7,997,385

)

(

268,614

)

LME

Copper

Base

Metal

(

35

)

5/2025

USD

(

8,484,411

)

(

182,878

)

LME

Copper

Base

Metal

(

37

)

5/2025

USD

(

8,966,460

)

(

202,795

)

LME

Lead

Base

Metal

(

3

)

5/2025

USD

(

149,928

)

(

1,198

)

LME

Lead

Base

Metal

(

4

)

5/2025

USD

(

199,679

)

(

924

)

LME

Lead

Base

Metal

(

7

)

5/2025

USD

(

349,634

)

(

2,140

)

LME

Lead

Base

Metal

(

7

)

5/2025

USD

(

350,299

)

351

LME

Lead

Base

Metal

(

10

)

5/2025

USD

(

501,010

)

(

3,048

)

LME

Lead

Base

Metal

(

11

)

5/2025

USD

(

550,149

)

(

4,402

)

LME

Lead

Base

Metal

(

11

)

5/2025

USD

(

550,806

)

(

6,125

)

LME

Lead

Base

Metal

(

16

)

5/2025

USD

(

800,468

)

(

46

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,832

)

(

1,685

)

LME

Nickel

Base

Metal

(

2

)

5/2025

USD

(

189,334

)

(

8,440

)

LME

Nickel

Base

Metal

(

3

)

5/2025

USD

(

284,244

)

472

LME

Nickel

Base

Metal

(

5

)

5/2025

USD

(

474,521

)

(

13,485

)

LME

Nickel

Base

Metal

(

5

)

5/2025

USD

(

473,861

)

(

1,848

)

LME

Nickel

Base

Metal

(

9

)

5/2025

USD

(

855,198

)

(

11,811

)

LME

Nickel

Base

Metal

(

13

)

5/2025

USD

(

1,235,052

)

(

39,709

)

LME

Nickel

Base

Metal

(

13

)

5/2025

USD

(

1,233,988

)

(

24,114

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

221

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(

14

)

5/2025

USD

$

(

1,329,292

)

$

(

23,677

)

LME

Nickel

Base

Metal

(

14

)

5/2025

USD

(

1,327,314

)

(

35,010

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

(

294

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

1,642

LME

Zinc

Base

Metal

(

4

)

5/2025

USD

(

285,016

)

(

2,589

)

LME

Zinc

Base

Metal

(

5

)

5/2025

USD

(

356,100

)

2,431

LME

Zinc

Base

Metal

(

5

)

5/2025

USD

(

356,100

)

4,262

LME

Zinc

Base

Metal

(

5

)

5/2025

USD

(

356,313

)

(

7,117

)

LME

Zinc

Base

Metal

(

6

)

5/2025

USD

(

427,058

)

(

4,472

)

LME

Zinc

Base

Metal

(

13

)

5/2025

USD

(

925,860

)

10,727

LME

Zinc

Base

Metal

(

14

)

5/2025

USD

(

997,080

)

(

1,671

)

LME

Zinc

Base

Metal

(

15

)

5/2025

USD

(

1,066,766

)

(

36,681

)

LME

Zinc

Base

Metal

(

17

)

5/2025

USD

(

1,210,740

)

22,857

NY

Harbor

ULSD

(

77

)

5/2025

USD

(

7,305,929

)

(

52,126

)

Soybean

Meal

(

83

)

5/2025

USD

(

2,429,410

)

33,166

WTI

Crude

Oil

(

224

)

5/2025

USD

(

15,892,800

)

(

398,529

)

LME

Aluminum

Base

Metal

(

5

)

6/2025

USD

(

316,155

)

19,922

LME

Aluminum

Base

Metal

(

9

)

6/2025

USD

(

569,925

)

1,551

LME

Aluminum

Base

Metal

(

24

)

6/2025

USD

(

1,518,414

)

57,127

LME

Aluminum

Base

Metal

(

26

)

6/2025

USD

(

1,645,794

)

27,975

LME

Aluminum

Base

Metal

(

29

)

6/2025

USD

(

1,834,555

)

118,236

LME

Aluminum

Base

Metal

(

29

)

6/2025

USD

(

1,834,968

)

60,162

LME

Aluminum

Base

Metal

(

31

)

6/2025

USD

(

1,961,905

)

61,955

LME

Aluminum

Base

Metal

(

36

)

6/2025

USD

(

2,275,812

)

104,447

LME

Aluminum

Base

Metal

(

38

)

6/2025

USD

(

2,401,201

)

82,961

LME

Aluminum

Base

Metal

(

45

)

6/2025

USD

(

2,845,688

)

132,394

LME

Aluminum

Base

Metal

(

56

)

6/2025

USD

(

3,542,896

)

223,399

LME

Aluminum

Base

Metal

(

57

)

6/2025

USD

(

3,607,316

)

242,525

LME

Aluminum

Base

Metal

(

68

)

6/2025

USD

(

4,302,785

)

308,953

LME

Aluminum

Base

Metal

(

732

)

6/2025

USD

(

46,304,673

)

2,168,633

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,651

)

8,554

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,608

)

7,991

LME

Copper

Base

Metal

(

2

)

6/2025

USD

(

485,097

)

(

7,952

)

LME

Copper

Base

Metal

(

4

)

6/2025

USD

(

970,255

)

3,934

LME

Copper

Base

Metal

(

4

)

6/2025

USD

(

970,655

)

11,534

LME

Copper

Base

Metal

(

5

)

6/2025

USD

(

1,213,413

)

28,978

LME

Copper

Base

Metal

(

5

)

6/2025

USD

(

1,213,750

)

1,305

LME

Copper

Base

Metal

(

11

)

6/2025

USD

(

2,668,201

)

28,695

LME

Copper

Base

Metal

(

11

)

6/2025

USD

(

2,667,079

)

(

96,027

)

LME

Copper

Base

Metal

(

12

)

6/2025

USD

(

2,912,565

)

40,538

LME

Copper

Base

Metal

(

18

)

6/2025

USD

(

4,364,987

)

(

70,684

)

LME

Copper

Base

Metal

(

22

)

6/2025

USD

(

5,336,238

)

(

51,895

)

LME

Copper

Base

Metal

(

24

)

6/2025

USD

(

5,820,180

)

105,321

LME

Copper

Base

Metal

(

60

)

6/2025

USD

(

14,560,950

)

39,507

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,260

)

1,531

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,250

)

1,209

LME

Lead

Base

Metal

(

2

)

6/2025

USD

(

100,600

)

45

LME

Lead

Base

Metal

(

3

)

6/2025

USD

(

150,595

)

3,885

LME

Lead

Base

Metal

(

4

)

6/2025

USD

(

200,617

)

1,554

LME

Lead

Base

Metal

(

5

)

6/2025

USD

(

251,139

)

5,049

LME

Lead

Base

Metal

(

5

)

6/2025

USD

(

251,028

)

7,834

LME

Lead

Base

Metal

(

16

)

6/2025

USD

(

801,968

)

(

5,874

)

LME

Lead

Base

Metal

(

111

)

6/2025

USD

(

5,577,556

)

(

27,585

)

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,454

)

1,368

LME

Nickel

Base

Metal

(

3

)

6/2025

USD

(

286,274

)

3,791

LME

Nickel

Base

Metal

(

3

)

6/2025

USD

(

285,552

)

3,368

LME

Nickel

Base

Metal

(

4

)

6/2025

USD

(

382,032

)

1,435

222

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(

4

)

6/2025

USD

$

(

381,757

)

$

4,351

LME

Nickel

Base

Metal

(

4

)

6/2025

USD

(

381,852

)

6,632

LME

Nickel

Base

Metal

(

9

)

6/2025

USD

(

856,494

)

12,561

LME

Nickel

Base

Metal

(

11

)

6/2025

USD

(

1,049,021

)

24,618

LME

Nickel

Base

Metal

(

15

)

6/2025

USD

(

1,426,950

)

(

6,573

)

LME

Nickel

Base

Metal

(

25

)

6/2025

USD

(

2,382,000

)

120,356

LME

Nickel

Base

Metal

(

161

)

6/2025

USD

(

15,349,025

)

(

106,347

)

LME

Zinc

Base

Metal

(

4

)

6/2025

USD

(

285,100

)

9,789

LME

Zinc

Base

Metal

(

5

)

6/2025

USD

(

356,694

)

7,654

LME

Zinc

Base

Metal

(

8

)

6/2025

USD

(

570,642

)

1,612

LME

Zinc

Base

Metal

(

8

)

6/2025

USD

(

570,760

)

26,219

LME

Zinc

Base

Metal

(

10

)

6/2025

USD

(

712,750

)

28,474

LME

Zinc

Base

Metal

(

16

)

6/2025

USD

(

1,140,716

)

44,842

LME

Zinc

Base

Metal

(

17

)

6/2025

USD

(

1,211,781

)

25,774

LME

Zinc

Base

Metal

(

17

)

6/2025

USD

(

1,212,878

)

52,303

LME

Zinc

Base

Metal

(

18

)

6/2025

USD

(

1,283,639

)

(

6,817

)

LME

Zinc

Base

Metal

(

19

)

6/2025

USD

(

1,353,650

)

32,681

LME

Zinc

Base

Metal

(

20

)

6/2025

USD

(

1,426,250

)

(

12,053

)

LME

Zinc

Base

Metal

(

125

)

6/2025

USD

(

8,918,813

)

71,624

Cocoa

(

14

)

7/2025

GBP

(

1,116,537

)

8,715

Copper

(

12

)

7/2025

USD

(

1,524,300

)

12,804

KC

HRW

Wheat

(

152

)

7/2025

USD

(

4,332,000

)

236,712

Soybean

Oil

(

92

)

7/2025

USD

(

2,505,528

)

9,983

Wheat

(

44

)

7/2025

USD

(

1,211,100

)

50,784

Total

of

short

contracts

712,818

Net

unrealized

appreciation

$

17,109,692

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

223

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

265.4%

COMMON

STOCKS

-

204.3%

Australia

-

6

.8

%

AGL

Energy

Ltd.

(2)(a)

731,236

4,826,615

ANZ

Group

Holdings

Ltd.

(2)(a)

232,267

4,252,594

Aristocrat

Leisure

Ltd.

(2)(a)

186,757

7,553,036

Aurizon

Holdings

Ltd.

(2)(a)

1,328,335

2,582,313

BHP

Group

Ltd.

(2)(a)

179,284

4,349,993

BlueScope

Steel

Ltd.

(2)(a)

379,891

5,088,238

Brambles

Ltd.

(2)(a)

271,892

3,434,873

CAR

Group

Ltd.

(2)(a)

42,208

841,231

Cleanaway

Waste

Management

Ltd.

(2)(a)

221,038

362,592

Fortescue

Ltd.

(2)(a)

55,807

540,158

GPT

Group

(The),

REIT

(2)(a)

650,402

1,783,926

Harvey

Norman

Holdings

Ltd.

(2)

(a)

549,610

1,728,637

Incitec

Pivot

Ltd.

(2)(a)

1,234,760

1,980,305

JB

Hi-Fi

Ltd.

(2)(a)

130,285

7,615,182

Lendlease

Corp.

Ltd.

(2)(a)

468,156

1,739,189

Medibank

Pvt

Ltd.

(2)(a)

377,370

1,054,690

Orica

Ltd.

(2)(a)

23,366

249,740

Origin

Energy

Ltd.

(2)(a)

96,080

635,797

Pro

Medicus

Ltd.

(2)(a)

61,529

7,788,062

Qantas

Airways

Ltd.

(2)(a)

342,861

1,954,699

QBE

Insurance

Group

Ltd.

(2)(a)

516,378

7,134,878

Qube

Holdings

Ltd.

(2)(a)

671,022

1,661,430

REA

Group

Ltd.

(2)(a)

14,033

1,947,002

Scentre

Group,

REIT

(2)(a)

1,147,899

2,428,718

SGH

Ltd.

(2)(a)

52,673

1,653,450

Suncorp

Group

Ltd.

(2)(a)

21,099

255,544

Tabcorp

Holdings

Ltd.

(2)

734,251

272,413

Technology

One

Ltd.

(2)(a)

63,612

1,118,888

Telstra

Group

Ltd.

(2)(a)

517,427

1,366,931

Vicinity

Ltd.,

REIT

(2)(a)

2,802,987

3,881,274

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(2)(a)

16,664

363,080

Wesfarmers

Ltd.

(2)(a)

90,423

4,099,232

Westpac

Banking

Corp.

(2)(a)

136,460

2,719,300

Worley

Ltd.

(2)(a)

278,502

2,533,670

Yancoal

Australia

Ltd.

(2)(a)

285,590

906,079

92,703,759

Austria

-

0

.0

%

†

Mondi

plc

(2)(a)

16,768

250,132

Belgium

-

1

.0

%

Ageas

SA/NV

(2)(a)

95,336

5,714,758

Anheuser-Busch

InBev

SA/NV

(2)

(a)

14,544

894,186

KBC

Group

NV

(2)(a)

39,491

3,599,351

Liberty

Global

Ltd.,

Class

A

*(a)(b)

78,168

899,714

Proximus

SADP

(2)(a)

35,589

262,968

Solvay

SA

(2)(a)

37,968

1,350,588

Umicore

SA

(2)(a)

65,540

678,973

13,400,538

Brazil

-

0

.4

%

Ambev

SA,

ADR

32,188

74,998

Embraer

SA,

ADR

*(a)

30,127

1,391,867

Gerdau

SA,

ADR

(a)(b)

186,094

528,507

INVESTMENTS

SHARES

VALUE

($)

Brazil

-

0.4%

(continued)

Vale

SA,

Class

B,

ADR

(a)

24,562

245,129

Yara

International

ASA

(2)

92,532

2,791,277

5,031,778

Canada

-

8

.5

%

Air

Canada

*(a)

395,410

3,893,513

AltaGas

Ltd.

(a)

156,114

4,281,866

ARC

Resources

Ltd.

(a)

27,252

547,862

Atco

Ltd.,

Class

I

(a)

69,733

2,428,698

Bank

of

Montreal

(a)

19,106

1,824,500

Bank

of

Nova

Scotia

(The)

(a)

147,151

6,976,903

Barrick

Gold

Corp.

(a)

64,979

1,261,605

Bombardier,

Inc.,

Class

B

*(a)

25,860

1,455,226

CAE,

Inc.

*(a)

17,658

434,134

Canadian

Imperial

Bank

of

Commerce

(a)

88,403

4,972,880

Canadian

Tire

Corp.

Ltd.,

Class

A

(a)

30,071

3,122,762

Capital

Power

Corp.

(a)

141,850

4,714,698

CCL

Industries,

Inc.,

Class

B

(a)

29,230

1,427,731

Celestica,

Inc.

*(a)

31,886

2,515,339

Cenovus

Energy,

Inc.

(a)

227,430

3,160,835

CGI,

Inc.

(a)

29,132

2,908,240

Constellation

Software,

Inc.

(a)

486

1,539,128

Descartes

Systems

Group,

Inc.

(The)

*(a)

3,257

327,884

Dollarama,

Inc.

(a)

6,615

707,353

Empire

Co.

Ltd.,

Class

A

(a)

145,623

4,882,603

Fairfax

Financial

Holdings

Ltd.

(a)

5,780

8,353,758

Finning

International,

Inc.

(a)

70,474

1,982,900

Fortis,

Inc.

(a)

26,483

1,206,324

George

Weston

Ltd.

(a)

16,592

2,828,613

iA

Financial

Corp.,

Inc.

(a)

35,670

3,387,417

IGM

Financial,

Inc.

(a)

65,445

2,012,853

Imperial

Oil

Ltd.

(a)

6,508

470,106

Intact

Financial

Corp.

(a)

3,738

763,705

Kinross

Gold

Corp.

(a)

219,812

2,769,321

Loblaw

Cos.

Ltd.

(a)

18,438

2,583,793

Magna

International,

Inc.

(a)

105,613

3,589,543

Manulife

Financial

Corp.

(a)

270,996

8,444,085

MEG

Energy

Corp.

(a)

97,989

1,717,982

National

Bank

of

Canada

(a)

14,694

1,212,749

Northland

Power,

Inc.

(a)

43,956

600,823

Onex

Corp.

(a)

32,644

2,184,736

Open

Text

Corp.

(a)

212,378

5,360,181

Parkland

Corp.

(a)

53,193

1,331,442

Quebecor,

Inc.,

Class

B

(a)

16,330

412,037

Saputo,

Inc.

(a)

50,612

873,282

Sun

Life

Financial,

Inc.

(a)

52,776

3,020,487

Suncor

Energy,

Inc.

(a)

28,091

1,087,683

West

Fraser

Timber

Co.

Ltd.

(a)

40,069

3,077,604

Whitecap

Resources,

Inc.

(a)

524,826

3,377,151

116,032,335

China

-

1

.3

%

Autohome,

Inc.,

ADR

(a)(b)

90,789

2,516,671

BOC

Hong

Kong

Holdings

Ltd.

(2)

634,000

2,567,017

Qifu

Technology,

Inc.,

ADR

(a)

20,484

919,936

Wilmar

International

Ltd.

(2)

787,500

1,952,720

224

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

1.3%

(continued)

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

5,610,600

9,846,761

17,803,105

Denmark

-

2

.1

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)(a)

2,305

4,011,689

Carlsberg

A/S,

Class

B

(2)(a)

9,442

1,195,147

Danske

Bank

A/S

(2)(a)

104,650

3,425,343

Demant

A/S

(2)*(a)

19,529

656,292

Genmab

A/S

(2)*(a)

13,317

2,594,424

ISS

A/S

(2)(a)

205,640

4,722,032

Jyske

Bank

A/S

(Registered)

(2)

28,826

2,309,942

Pandora

A/S

(2)(a)

27,949

4,283,500

ROCKWOOL

A/S,

Class

B

(2)(a)

12,545

5,200,007

Royal

Unibrew

A/S

(2)(a)

5,718

455,270

28,853,646

Finland

-

1

.7

%

Elisa

OYJ

(a)

5,871

286,182

Fortum

OYJ

(2)(a)

368,534

6,034,930

Huhtamaki

OYJ

(2)(a)

1,307

46,533

Kone

OYJ,

Class

B

(2)(a)

12,264

676,674

Nokia

OYJ

(2)(a)

1,969,064

10,370,658

Nordea

Bank

Abp

(2)(a)

198,788

2,542,587

Valmet

OYJ

(2)(a)

58,838

1,595,864

Wartsila

OYJ

Abp

(2)(a)

60,127

1,072,874

22,626,302

France

-

6

.4

%

Amundi

SA

(2)(a)(c)

41,024

3,214,043

Arkema

SA

(2)(a)

6,162

471,832

AXA

SA

(2)(a)

37,712

1,611,274

BNP

Paribas

SA

(2)(a)

84,279

7,043,985

Bouygues

SA

(2)(a)

219,580

8,655,924

Carrefour

SA

(2)(a)

245,457

3,510,503

Cie

de

Saint-Gobain

SA

(2)(a)

96,290

9,592,106

Credit

Agricole

SA

(2)(a)

313,541

5,708,657

Dassault

Aviation

SA

(2)(a)

3,792

1,250,321

Eiffage

SA

(2)(a)

81,450

9,483,128

Engie

SA

(2)(a)

200,229

3,901,628

Forvia

SE

(2)(a)

79,340

651,063

Gaztransport

Et

Technigaz

SA

(2)

(a)

14,690

2,227,508

Ipsen

SA

(2)(a)

8,715

1,003,799

Orange

SA

(2)(a)

252,248

3,267,658

Rexel

SA

(2)(a)

129,085

3,478,962

Safran

SA

(2)(a)

12,301

3,238,650

Societe

Generale

SA

(2)(a)

244,676

11,038,292

Sodexo

SA

(a)

3,933

252,614

SPIE

SA

(2)(a)

9,372

400,965

Teleperformance

SE

(2)(a)

15,240

1,532,400

TotalEnergies

SE

(2)(a)

21,388

1,378,093

Ubisoft

Entertainment

SA

(2)*(a)

12,131

146,706

Valeo

SE

(2)(a)

163,967

1,539,397

Vinci

SA

(2)(a)

10,279

1,295,772

Vivendi

SE

(2)(a)

177,394

531,772

Worldline

SA

(2)*(a)(c)

178,578

1,097,085

87,524,137

INVESTMENTS

SHARES

VALUE

($)

Germany

-

7

.2

%

Allianz

SE

(Registered)

(2)(a)

17,355

6,641,930

Aroundtown

SA

(2)*(a)

677,152

1,855,340

Aurubis

AG

(2)*(a)

47,612

4,516,976

BASF

SE

(2)(a)

37,886

1,899,182

Bechtle

AG

(2)(a)

42,812

1,599,016

Beiersdorf

AG

(2)(a)

18,608

2,403,855

Commerzbank

AG

(2)(a)

364,298

8,336,954

Continental

AG

(2)(a)

27,621

1,947,828

CTS

Eventim

AG

&

Co.

KGaA

(2)

(a)

8,921

894,975

Deutsche

Bank

AG

(Registered)

(2)(a)

601,508

14,338,248

Deutsche

Lufthansa

AG

(Registered)

(2)(a)

393,300

2,865,672

Evonik

Industries

AG

(2)(a)

174,082

3,773,923

Freenet

AG

(a)

53,195

2,026,996

GEA

Group

AG

(2)(a)

21,405

1,301,187

Hannover

Rueck

SE

(2)(a)

4,420

1,317,416

Heidelberg

Materials

AG

(2)(a)

82,218

14,172,544

HUGO

BOSS

AG

(2)(a)

41,087

1,562,050

KION

Group

AG

(2)(a)

24,674

1,034,735

Knorr-Bremse

AG

(2)(a)

26,106

2,375,774

LANXESS

AG

(2)(a)

9,171

278,972

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)(a)

5,526

3,490,890

RWE

AG

(a)

110,003

3,927,605

Talanx

AG

(2)(a)

38,218

4,019,628

TeamViewer

SE

(2)*(a)(c)

32,777

427,878

thyssenkrupp

AG

(2)(a)

508,466

5,220,366

Zalando

SE

(2)*(a)(c)

186,340

6,463,261

98,693,201

Guatemala

-

0

.1

%

Millicom

International

Cellular

SA,

SDR

(3)

62,682

1,870,769

Hong

Kong

-

0

.9

%

CK

Asset

Holdings

Ltd.

(2)(a)

252,872

1,023,109

CLP

Holdings

Ltd.

(2)(a)

58,000

472,165

Sun

Hung

Kai

Properties

Ltd.

(2)(a)

298,000

2,839,239

Swire

Pacific

Ltd.,

Class

A

(a)

206,000

1,816,063

WH

Group

Ltd.

(2)(a)(c)

6,687,000

6,140,031

12,290,607

Italy

-

5

.4

%

A2A

SpA

(2)(a)

1,916,168

4,618,070

Azimut

Holding

SpA

(2)(a)

111,108

3,110,951

Banca

Monte

dei

Paschi

di

Siena

SpA

(2)(a)

556,121

4,422,965

BPER

Banca

SpA

(2)(a)

500,387

3,927,885

Buzzi

SpA

(2)(a)

100,416

4,831,956

Coca-Cola

HBC

AG

(2)(a)

120,624

5,463,036

Eni

SpA

(2)(a)

93,307

1,443,136

Generali

(2)(a)

195,523

6,868,546

Hera

SpA

(2)(a)

670,077

2,902,693

Intesa

Sanpaolo

SpA

(2)(a)

612,948

3,158,932

Italgas

SpA

(2)(a)

199,761

1,432,326

Leonardo

SpA

(2)(a)

201,061

9,791,439

Pirelli

&

C

SpA

(2)(a)(c)

45,406

270,277

Poste

Italiane

SpA

(2)(a)(c)

89,314

1,593,390

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

225

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Italy

-

5.4%

(continued)

Prysmian

SpA

(2)(a)

74,518

4,101,993

Telecom

Italia

SpA

(2)*(a)

2,580,021

871,531

UniCredit

SpA

(2)(a)

96,114

5,395,086

Unipol

Assicurazioni

SpA

(2)(a)

605,328

9,690,047

73,894,259

Japan

-

25

.1

%

ABC-Mart,

Inc.

(2)(a)

83,900

1,565,350

AGC,

Inc.

(2)(a)

8,500

258,763

Air

Water,

Inc.

(2)(a)

50,400

637,454

Amada

Co.

Ltd.

(2)(a)

326,100

3,176,084

Asahi

Group

Holdings

Ltd.

(2)(a)

242,600

3,099,596

Asahi

Kasei

Corp.

(2)(a)

279,900

1,962,284

Bandai

Namco

Holdings,

Inc.

(2)(a)

72,000

2,415,418

Brother

Industries

Ltd.

(2)(a)

185,600

3,360,545

Canon,

Inc.

(2)(a)

37,900

1,181,842

Central

Japan

Railway

Co.

(2)(a)

334,500

6,380,303

Chubu

Electric

Power

Co.,

Inc.

(2)

(a)

396,000

4,293,520

Concordia

Financial

Group

Ltd.

(2)(a)

65,900

437,512

Dai

Nippon

Printing

Co.

Ltd.

(2)(a)

148,000

2,107,142

Dai-ichi

Life

Holdings,

Inc.

(2)(a)

730,400

5,576,991

Daito

Trust

Construction

Co.

Ltd.

(2)(a)

18,900

1,933,928

Daiwa

House

Industry

Co.

Ltd.

(2)

(a)

67,400

2,229,225

Daiwa

House

REIT

Investment

Corp.,

REIT

(2)(a)

172

271,748

Ebara

Corp.

(2)(a)

30,100

458,139

ENEOS

Holdings,

Inc.

(2)(a)

622,400

3,282,544

Fuji

Electric

Co.

Ltd.

(2)(a)

11,800

504,447

Fujikura

Ltd.

(2)(a)

45,100

1,670,274

Fujitsu

Ltd.

(2)(a)

39,400

784,095

Hakuhodo

DY

Holdings,

Inc.

(2)(a)

102,400

743,021

Haseko

Corp.

(2)(a)

153,200

2,016,904

Hikari

Tsushin,

Inc.

(2)(a)

9,600

2,477,705

Hirose

Electric

Co.

Ltd.

(2)(a)

15,200

1,760,679

Hitachi

Construction

Machinery

Co.

Ltd.

(2)(a)

12,200

325,068

Idemitsu

Kosan

Co.

Ltd.

(2)(a)

530,200

3,750,261

Iida

Group

Holdings

Co.

Ltd.

(2)(a)

167,600

2,556,839

Inpex

Corp.

(2)(a)

286,500

3,973,983

Isuzu

Motors

Ltd.

(2)(a)

52,000

707,075

ITOCHU

Corp.

(2)(a)

24,000

1,114,151

Japan

Post

Bank

Co.

Ltd.

(2)(a)

314,000

3,188,224

Japan

Post

Holdings

Co.

Ltd.

(2)(a)

260,500

2,612,143

Japan

Post

Insurance

Co.

Ltd.

(2)

206,600

4,210,503

Japan

Real

Estate

Investment

Corp.,

REIT

(2)(a)

615

440,649

Kajima

Corp.

(2)(a)

15,400

315,014

Kansai

Electric

Power

Co.,

Inc.

(The)

(2)(a)

245,900

2,918,349

Kansai

Paint

Co.

Ltd.

(2)(a)

90,100

1,288,030

Kao

Corp.

(2)(a)

7,700

333,308

Kawasaki

Kisen

Kaisha

Ltd.

(2)(a)

213,000

2,895,182

KDDI

Corp.

(2)(a)

329,400

5,203,090

Keyence

Corp.

(2)(a)

1,500

589,815

Kinden

Corp.

(2)(a)

133,000

2,982,435

Kirin

Holdings

Co.

Ltd.

(2)(a)

149,600

2,072,883

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.1%

(continued)

Kobe

Steel

Ltd.

(2)(a)

37,900

439,901

Komatsu

Ltd.

(2)(a)

73,900

2,164,023

Konami

Group

Corp.

(2)(a)

18,200

2,149,098

Kose

Corp.

(2)(a)

40,300

1,672,399

Kuraray

Co.

Ltd.

(2)(a)

267,600

3,297,495

Kyocera

Corp.

(2)(a)

184,100

2,079,417

Kyowa

Kirin

Co.

Ltd.

(2)(a)

39,800

580,947

Kyushu

Electric

Power

Co.,

Inc.

(2)(a)

225,100

1,965,983

Kyushu

Railway

Co.

(2)(a)

33,400

815,586

Lixil

Corp.

(2)(a)

1,300

15,036

LY

Corp.

(2)(a)

558,300

1,890,492

Makita

Corp.

(2)(a)

76,100

2,521,458

Mazda

Motor

Corp.

(2)(a)

719,900

4,606,180

McDonald's

Holdings

Co.

Japan

Ltd.

(2)(a)

9,400

358,621

Medipal

Holdings

Corp.

(2)(a)

173,200

2,702,369

MEIJI

Holdings

Co.

Ltd.

(a)

51,000

1,105,074

MISUMI

Group,

Inc.

(2)(a)

119,000

1,980,718

Mitsubishi

Chemical

Group

Corp.

(2)(a)

235,300

1,162,731

Mitsubishi

Electric

Corp.

(2)(a)

371,600

6,853,152

Mitsubishi

Gas

Chemical

Co.,

Inc.

(2)(a)

92,300

1,442,064

Mitsubishi

HC

Capital,

Inc.

(2)(a)

483,500

3,276,395

Mitsui

OSK

Lines

Ltd.

(2)(a)

68,100

2,371,052

Mizuho

Financial

Group,

Inc.

(2)(a)

133,300

3,658,250

MS&AD

Insurance

Group

Holdings,

Inc.

(2)(a)

204,500

4,447,434

Murata

Manufacturing

Co.

Ltd.

(2)

(a)

57,800

891,562

NGK

Insulators

Ltd.

(2)(a)

353,900

4,360,398

NH

Foods

Ltd.

(2)(a)

49,900

1,667,896

Nintendo

Co.

Ltd.

(2)(a)

68,500

4,656,473

NIPPON

EXPRESS

HOLDINGS,

Inc.

(2)(a)

128,400

2,338,785

Nippon

Steel

Corp.

(2)(a)

136,400

2,919,106

Nippon

Yusen

KK

(2)(a)

186,400

6,160,165

Nisshin

Seifun

Group,

Inc.

(2)(a)

143,600

1,658,355

Nitto

Denko

Corp.

(2)(a)

240,900

4,455,822

NOF

Corp.

(2)(a)

17,900

243,265

Nomura

Holdings,

Inc.

(2)(a)

443,300

2,731,581

Nomura

Real

Estate

Holdings,

Inc.

(2)(a)

136,500

796,555

Nomura

Real

Estate

Master

Fund,

Inc.,

REIT

(2)(a)

269

256,030

Obayashi

Corp.

(2)(a)

152,600

2,035,737

Obic

Co.

Ltd.

(2)(a)

46,500

1,340,735

Oji

Holdings

Corp.

(2)(a)

1,346,100

5,642,721

Open

House

Group

Co.

Ltd.

(2)(a)

52,600

1,960,741

Oracle

Corp.

Japan

(2)(a)

18,300

1,925,770

Orix

JREIT,

Inc.,

REIT

(2)(a)

503

591,637

Osaka

Gas

Co.

Ltd.

(2)(a)

270,000

6,109,378

Otsuka

Corp.

(2)(a)

223,100

4,830,432

Otsuka

Holdings

Co.

Ltd.

(2)(a)

88,300

4,601,312

Pan

Pacific

International

Holdings

Corp.

(2)(a)

22,600

620,785

Panasonic

Holdings

Corp.

(2)(a)

1,051,300

12,541,486

Persol

Holdings

Co.

Ltd.

(2)(a)

1,850,200

3,082,811

Ricoh

Co.

Ltd.

(2)(a)

211,900

2,241,512

226

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.1%

(continued)

Ryohin

Keikaku

Co.

Ltd.

(2)(a)

168,300

4,597,703

Santen

Pharmaceutical

Co.

Ltd.

(2)(a)

229,500

2,185,764

Sanwa

Holdings

Corp.

(2)(a)

62,100

1,992,753

SCSK

Corp.

(2)(a)

87,300

2,158,728

Sega

Sammy

Holdings,

Inc.

(2)(a)

39,300

758,835

Seiko

Epson

Corp.

(2)(a)

130,700

2,093,886

Sekisui

Chemical

Co.

Ltd.

(2)(a)

221,100

3,771,044

Sharp

Corp.

(2)*(a)

261,700

1,654,401

Shimamura

Co.

Ltd.

(2)(a)

112,700

6,459,363

Shionogi

&

Co.

Ltd.

(2)(a)

238,100

3,594,052

Skylark

Holdings

Co.

Ltd.

(2)(a)

79,900

1,600,997

Socionext,

Inc.

(2)(a)

133,600

1,622,259

SoftBank

Group

Corp.

(2)(a)

13,900

710,984

Sohgo

Security

Services

Co.

Ltd.

(2)(a)

390,600

2,938,192

Sojitz

Corp.

(2)(a)

61,800

1,362,087

Sompo

Holdings,

Inc.

(2)(a)

227,000

6,912,421

Square

Enix

Holdings

Co.

Ltd.

(2)

(a)

144,100

6,693,665

Stanley

Electric

Co.

Ltd.

(2)(a)

12,200

230,120

Subaru

Corp.

(2)(a)

320,000

5,730,933

Sugi

Holdings

Co.

Ltd.

(2)(a)

91,400

1,713,360

Sumitomo

Corp.

(2)(a)

73,600

1,679,394

Sumitomo

Forestry

Co.

Ltd.

(2)(a)

10,600

319,575

Sumitomo

Heavy

Industries

Ltd.

(2)(a)

35,500

727,203

Sumitomo

Mitsui

Trust

Group,

Inc.

(2)(a)

42,400

1,067,262

Suntory

Beverage

&

Food

Ltd.

(2)

(a)

99,000

3,266,175

T&D

Holdings,

Inc.

(2)(a)

116,500

2,493,454

TBS

Holdings,

Inc.

(2)(a)

93,600

2,699,797

TDK

Corp.

(2)(a)

145,500

1,524,707

TIS,

Inc.

(2)(a)

27,900

772,074

Toei

Animation

Co.

Ltd.

(2)(a)

14,600

304,319

Toho

Co.

Ltd.

(2)(a)

24,500

1,217,399

Tohoku

Electric

Power

Co.,

Inc.

(2)(a)

408,200

2,816,607

Tokyo

Century

Corp.

(2)(a)

147,800

1,447,681

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(2)*(a)

1,511,800

4,352,020

Tokyo

Gas

Co.

Ltd.

(2)(a)

134,900

4,291,253

Tokyu

Fudosan

Holdings

Corp.

(2)

(a)

157,500

1,056,755

TOPPAN

Holdings,

Inc.

(2)(a)

233,400

6,380,520

Toray

Industries,

Inc.

(2)(a)

225,800

1,543,099

Tosoh

Corp.

(2)(a)

279,000

3,839,192

TOTO

Ltd.

(2)(a)

40,400

1,049,960

Toyo

Suisan

Kaisha

Ltd.

(2)(a)

36,500

2,160,185

Toyota

Boshoku

Corp.

(2)(a)

1,100

14,669

Toyota

Industries

Corp.

(2)(a)

25,600

2,189,498

Toyota

Tsusho

Corp.

(2)(a)

142,700

2,404,190

Tsuruha

Holdings,

Inc.

(2)(a)

6,400

397,417

Welcia

Holdings

Co.

Ltd.

(2)(a)

101,000

1,457,613

Yamazaki

Baking

Co.

Ltd.

(2)(a)

23,000

441,100

Yokogawa

Electric

Corp.

(2)(a)

44,200

862,607

Zensho

Holdings

Co.

Ltd.

(2)(a)

36,300

1,957,456

INVESTMENTS

SHARES

VALUE

($)

Japan

-

25.1%

(continued)

ZOZO,

Inc.

(2)(a)

26,700

255,727

344,049,895

Jordan

-

0

.0

%

†

Hikma

Pharmaceuticals

plc

(2)

14,939

377,390

Luxembourg

-

0

.4

%

ArcelorMittal

SA

(2)(a)

197,622

5,708,622

Mexico

-

0

.1

%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(a)(b)

4,211

1,153,056

Grupo

Televisa

SAB,

ADR

71,300

124,775

1,277,831

Netherlands

-

2

.6

%

Aalberts

NV

(2)(a)

17,553

598,486

ABN

AMRO

Bank

NV,

CVA

(2)(a)

(c)

404,505

8,523,479

Arcadis

NV

(2)(a)

6,812

347,766

ASR

Nederland

NV

(2)(a)

25,069

1,441,158

EXOR

NV

(2)(a)

4,464

405,390

Koninklijke

Ahold

Delhaize

NV

(2)

(a)

245,033

9,153,222

Koninklijke

KPN

NV

(2)(a)

339,583

1,438,358

Koninklijke

Philips

NV

(2)*(a)

54,142

1,378,354

NN

Group

NV

(2)(a)

148,991

8,290,719

Randstad

NV

(2)(a)

52,686

2,189,961

Wolters

Kluwer

NV

(2)(a)

14,580

2,270,052

36,036,945

New

Zealand

-

0

.0

%

†

Xero

Ltd.

(2)*(a)

4,038

394,688

Norway

-

1

.0

%

Equinor

ASA

(2)(a)

202,073

5,336,495

Kongsberg

Gruppen

ASA

(2)(a)

44,227

6,484,348

Norsk

Hydro

ASA

(2)(a)

247,116

1,428,576

13,249,419

Portugal

-

0

.0

%

†

Banco

Comercial

Portugues

SA,

Class

R

(2)

535,918

324,032

Singapore

-

1

.0

%

Genting

Singapore

Ltd.

(2)

5,798,200

3,217,374

Jardine

Cycle

&

Carriage

Ltd.

(2)

29,100

571,155

Mapletree

Pan

Asia

Commercial

Trust,

REIT

(2)

246,000

228,002

Oversea-Chinese

Banking

Corp.

Ltd.

(2)

223,300

2,861,820

Singapore

Airlines

Ltd.

(2)

212,900

1,072,480

STMicroelectronics

NV

(2)

171,266

3,755,442

United

Overseas

Bank

Ltd.

(2)

72,400

2,042,875

13,749,148

South

Africa

-

0

.1

%

Gold

Fields

Ltd.,

ADR

27,412

605,531

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(a)(b)

89,934

1,328,325

1,933,856

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

227

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Spain

-

2

.9

%

Acciona

SA

(2)(a)

4,889

639,886

Acerinox

SA

(2)(a)

224,450

2,629,271

ACS

Actividades

de

Construccion

y

Servicios

SA

(2)(a)

83,625

4,786,135

Aena

SME

SA

(2)(a)(c)

10,254

2,405,631

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)(a)

467,146

6,375,414

Banco

Santander

SA

(2)(a)

1,459,170

9,830,301

CaixaBank

SA

(2)(a)

101,481

790,510

Endesa

SA

(a)

41,396

1,096,657

Industria

de

Diseno

Textil

SA

(2)(a)

74,564

3,712,682

Mapfre

SA

(2)

876,604

2,700,790

Repsol

SA

(2)(a)

305,704

4,058,993

39,026,270

Sweden

-

3

.5

%

AAK

AB

(2)(a)

17,495

488,302

Alfa

Laval

AB

(2)(a)

10,625

455,548

Asmodee

Group

AB,

Class

B

*(a)

100,574

915,510

Billerud

Aktiebolag

(2)(a)

79,697

822,797

Boliden

AB

(2)

20,626

676,794

Elekta

AB,

Class

B

(2)(a)

50,073

262,959

Embracer

Group

AB

(2)*(a)

231,133

2,444,068

Essity

AB,

Class

B

(2)(a)

168,594

4,789,963

Evolution

AB

(2)(a)(c)

3,483

259,515

Getinge

AB,

Class

B

(2)(a)

122,499

2,640,315

Hexpol

AB

(2)(a)

10,524

92,030

Sandvik

AB

(2)(a)

79,595

1,674,002

Securitas

AB,

Class

B

(2)(a)

262,236

3,710,893

Skandinaviska

Enskilda

Banken

AB,

Class

A

(2)*(a)

74,887

1,231,986

Skanska

AB,

Class

B

(2)*(a)

56,237

1,241,210

SKF

AB,

Class

B

(2)*(a)

265,503

5,378,714

SSAB

AB,

Class

B

(2)(a)

474,559

2,891,553

Swedbank

AB,

Class

A

(2)(a)

94,514

2,152,508

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)(a)

926,502

7,208,887

Telia

Co.

AB

(a)

129,802

468,624

Trelleborg

AB,

Class

B

(2)(a)

95,779

3,562,178

Volvo

AB,

Class

B

(2)*(a)

93,527

2,743,929

Volvo

Car

AB,

Class

B

(2)*(a)

723,607

1,394,868

47,507,153

Switzerland

-

3

.3

%

ABB

Ltd.

(Registered)

(2)(a)

42,445

2,190,075

Adecco

Group

AG

(Registered)

(2)(a)

152,319

4,580,337

BKW

AG

(2)(a)

15,569

2,723,081

DKSH

Holding

AG

(2)(a)

10,924

831,836

Flughafen

Zurich

AG

(Registered)

(2)(a)

16,174

3,836,950

Geberit

AG

(Registered)

(2)(a)

4,720

2,957,018

Georg

Fischer

AG

(Registered)

(2)(a)

14,916

1,091,686

Helvetia

Holding

AG

(Registered)

(2)(a)

11,232

2,329,651

Logitech

International

SA

(Registered)

(2)(a)

61,048

5,172,914

Schindler

Holding

AG

(2)(a)

7,823

2,451,819

SGS

SA

(Registered)

(2)(a)

9,999

996,288

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

3.3%

(continued)

Sonova

Holding

AG

(Registered)

(2)(a)

3,446

1,006,165

Swiss

Prime

Site

AG

(Registered)

(2)(a)

6,612

811,413

Swisscom

AG

(Registered)

(2)(a)

6,270

3,613,098

TE

Connectivity

plc

(a)

19,583

2,767,470

Tecan

Group

AG

(Registered)

(2)

1,411

268,483

Temenos

AG

(Registered)

(2)(a)

9,761

757,865

UBS

Group

AG

(Registered)

(2)(a)

135,269

4,154,733

Zurich

Insurance

Group

AG

(2)(a)

4,224

2,948,386

45,489,268

Taiwan

-

0

.0

%

†

ASE

Technology

Holding

Co.

Ltd.,

ADR

(a)(b)

32,291

282,869

United

Kingdom

-

9

.6

%

Anglogold

Ashanti

plc

(a)

28,190

1,046,413

Auto

Trader

Group

plc

(2)(a)(c)

88,414

854,929

Aviva

plc

(2)(a)

46,598

335,836

Barclays

plc

(2)(a)

2,604,093

9,791,478

Beazley

plc

(2)(a)

166,459

2,004,790

British

American

Tobacco

plc

(2)(a)

81,891

3,359,527

BT

Group

plc

(2)(a)

3,833,471

8,222,641

Bunzl

plc

(2)(a)

26,232

1,009,051

Centrica

plc

(2)(a)

5,264,073

10,192,572

CK

Hutchison

Holdings

Ltd.

(2)(a)

787,500

4,439,089

Compass

Group

plc

(2)(a)

69,009

2,282,563

DCC

plc

(2)

74,189

4,958,188

easyJet

plc

(2)(a)

405,012

2,328,869

Harbour

Energy

plc

(2)(a)

269,436

732,695

Howden

Joinery

Group

plc

(2)(a)

75,166

702,974

HSBC

Holdings

plc

(2)(a)

153,008

1,734,573

Imperial

Brands

plc

(2)(a)

155,300

5,746,391

Inchcape

plc

(a)

144,518

1,250,764

InterContinental

Hotels

Group

plc

(2)(a)

35,161

3,785,793

International

Distribution

Services

plc

(a)

261,397

1,225,704

Intertek

Group

plc

(2)(a)

7,256

471,817

Investec

plc

(a)

175,256

1,084,846

ITV

plc

(2)(a)

348,118

357,721

J

Sainsbury

plc

(2)(a)

558,843

1,703,400

JD

Sports

Fashion

plc

(2)(a)

3,582,688

3,167,940

Just

Eat

Takeaway.com

NV

(2)*(a)

(c)

192,041

4,055,978

Kingfisher

plc

(2)(a)

1,333,929

4,393,973

Lloyds

Banking

Group

plc

(2)(a)

3,121,548

2,927,752

Man

Group

plc

(2)(a)

558,634

1,433,661

Marks

&

Spencer

Group

plc

(2)(a)

1,396,051

6,445,363

NatWest

Group

plc

(2)(a)

973,796

5,749,672

Next

plc

(2)(a)

12,996

1,872,402

Pearson

plc

(2)(a)

189,537

2,998,374

Rightmove

plc

(2)(a)

43,343

385,889

Rolls-Royce

Holdings

plc

(2)*(a)

393,036

3,820,061

Sage

Group

plc

(The)

(2)(a)

22,886

359,318

Schroders

plc

(2)(a)

251,380

1,138,118

Standard

Chartered

plc

(2)(a)

551,737

8,187,432

Subsea

7

SA

(2)(a)

95,015

1,519,199

Tate

&

Lyle

plc

(a)

9,046

60,471

228

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.6%

(continued)

Tesco

plc

(2)(a)

930,791

4,004,529

Travis

Perkins

plc

(2)(a)

167,904

1,197,760

Vodafone

Group

plc

(2)(a)

7,996,497

7,513,677

130,854,193

United

States

-

112

.9

%

3M

Co.

(a)(b)

57,770

8,484,102

A

O

Smith

Corp.

(a)

14,967

978,243

Abbott

Laboratories

(a)

30,129

3,996,612

AbbVie,

Inc.

(a)

19,098

4,001,413

Abercrombie

&

Fitch

Co.,

Class

A

*(a)(b)

32,229

2,461,329

Acuity,

Inc.

(a)

23,495

6,187,408

Adobe,

Inc.

*(a)

20,943

8,032,269

ADT,

Inc.

(a)

699,742

5,695,900

AES

Corp.

(The)

(a)

84,041

1,043,789

Agilent

Technologies,

Inc.

(a)

2,142

250,571

Airbnb,

Inc.,

Class

A

*(a)(b)

28,401

3,392,783

Albertsons

Cos.,

Inc.,

Class

A

(a)

(b)

211,755

4,656,492

Alcoa

Corp.

(a)(b)

71,565

2,182,733

Alcon

AG

(2)(a)

10,474

993,826

Allegion

plc

(a)

2,278

297,188

ALLETE,

Inc.

(a)

33,220

2,182,554

Allison

Transmission

Holdings,

Inc.

(a)

62,491

5,978,514

Allstate

Corp.

(The)

(a)(b)

18,791

3,891,052

Ally

Financial,

Inc.

(a)

26,153

953,800

Alphabet,

Inc.,

Class

A

(a)

35,259

5,452,452

Altria

Group,

Inc.

(a)(b)

254,425

15,270,588

Amdocs

Ltd.

(a)

47,401

4,337,192

American

Electric

Power

Co.,

Inc.

(a)(b)

44,368

4,848,091

American

Financial

Group,

Inc.

(a)

7,804

1,024,977

Ameriprise

Financial,

Inc.

(a)(b)

13,889

6,723,804

Amkor

Technology,

Inc.

(a)

243,690

4,401,041

Applied

Industrial

Technologies,

Inc.

(a)

6,517

1,468,541

Applied

Materials,

Inc.

(a)

10,771

1,563,088

AppLovin

Corp.,

Class

A

*(a)(b)

7,317

1,938,785

Aramark

(a)(b)

91,923

3,173,182

Arch

Capital

Group

Ltd.

(a)(b)

36,014

3,463,827

Archer-Daniels-Midland

Co.

(a)(b)

37,039

1,778,242

Arista

Networks,

Inc.

*(a)(b)

92,927

7,199,984

Armstrong

World

Industries,

Inc.

(a)(b)

8,375

1,179,870

Arrow

Electronics,

Inc.

*(a)(b)

53,888

5,595,191

Associated

Banc-Corp.

(a)

64,549

1,454,289

Assurant,

Inc.

(a)

20,403

4,279,529

Assured

Guaranty

Ltd.

(a)

23,474

2,068,059

AT&T,

Inc.

(a)

482,514

13,645,495

Atlassian

Corp.,

Class

A

*(a)

8,163

1,732,270

Autodesk,

Inc.

*(a)

5,467

1,431,261

AutoNation,

Inc.

*(a)(b)

11,705

1,895,274

AvalonBay

Communities,

Inc.,

REIT

(a)

13,859

2,974,419

Avantor,

Inc.

*(a)(b)

234,666

3,803,936

Avient

Corp.

(a)(b)

51,488

1,913,294

Avnet,

Inc.

(a)(b)

149,734

7,200,708

Axalta

Coating

Systems

Ltd.

*(a)

48,540

1,610,072

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Axis

Capital

Holdings

Ltd.

(a)

45,072

4,518,017

Bank

of

New

York

Mellon

Corp.

(The)

(a)(b)

82,037

6,880,443

Bank

OZK

(a)

113,477

4,930,576

Becton

Dickinson

&

Co.

(a)(b)

6,165

1,412,155

Belden,

Inc.

(a)(b)

6,401

641,700

BellRing

Brands,

Inc.

*(a)

30,031

2,236,108

Best

Buy

Co.,

Inc.

(a)

31,925

2,349,999

Biogen,

Inc.

*(a)

54,582

7,469,001

Black

Hills

Corp.

(a)(b)

60,968

3,697,709

Booking

Holdings,

Inc.

(a)(b)

1,628

7,500,049

BorgWarner,

Inc.

(a)(b)

125,989

3,609,585

Boston

Beer

Co.,

Inc.

(The),

Class

A

*(a)

6,099

1,456,685

Brink's

Co.

(The)

(a)(b)

16,979

1,462,911

Bristol-Myers

Squibb

Co.

(a)

59,771

3,645,433

Brixmor

Property

Group,

Inc.,

REIT

(a)

138,456

3,676,007

Builders

FirstSource,

Inc.

*(a)

9,130

1,140,702

Bunge

Global

SA

(a)

56,565

4,322,697

BWX

Technologies,

Inc.

(a)(b)

27,844

2,746,811

Cabot

Corp.

(a)(b)

47,044

3,911,238

CACI

International,

Inc.,

Class

A

*(a)(b)

697

255,743

Camden

Property

Trust,

REIT

(a)

12,702

1,553,455

Capital

One

Financial

Corp.

(a)

49,629

8,898,480

Cardinal

Health,

Inc.

(a)

63,756

8,783,664

Carnival

Corp.

*(a)(b)

131,579

2,569,738

Carter's,

Inc.

(a)(b)

75,561

3,090,445

Casey's

General

Stores,

Inc.

(a)

1,903

825,978

CBRE

Group,

Inc.,

Class

A

*(a)

42,521

5,560,896

Cencora,

Inc.

(a)

30,298

8,425,571

Centene

Corp.

*(a)

36,840

2,236,556

Charter

Communications,

Inc.,

Class

A

*(a)(b)

2,946

1,085,689

Chevron

Corp.

(a)(b)

19,461

3,255,631

Chubb

Ltd.

(a)

12,509

3,777,593

Ciena

Corp.

*(a)(b)

44,206

2,671,369

Cigna

Group

(The)

(a)(b)

13,273

4,366,817

Cincinnati

Financial

Corp.

(a)

23,502

3,471,715

Cintas

Corp.

(a)

26,014

5,346,657

Cirrus

Logic,

Inc.

*(a)

57,104

5,690,699

Cisco

Systems,

Inc.

(a)

49,617

3,061,865

Citigroup,

Inc.

(a)

90,671

6,436,734

Citizens

Financial

Group,

Inc.

(a)

(b)

64,817

2,655,552

Civitas

Resources,

Inc.

(a)

92,746

3,235,908

Clean

Harbors,

Inc.

*(a)

8,522

1,679,686

CME

Group,

Inc.

(a)(b)

8,215

2,179,357

CNA

Financial

Corp.

(a)(b)

46,356

2,354,421

CNO

Financial

Group,

Inc.

162,262

6,758,212

Coca-Cola

Consolidated,

Inc.

(a)

4,853

6,551,550

Cognizant

Technology

Solutions

Corp.,

Class

A

(a)(b)

49,800

3,809,700

Colgate-Palmolive

Co.

(a)

27,118

2,540,957

Columbia

Sportswear

Co.

(a)(b)

56,217

4,255,065

Comcast

Corp.,

Class

A

(a)

297,709

10,985,462

Commercial

Metals

Co.

(a)

99,325

4,569,943

Commvault

Systems,

Inc.

*(a)(b)

29,235

4,612,114

Concentrix

Corp.

(a)

46,132

2,566,784

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

229

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Constellation

Brands,

Inc.,

Class

A

(a)(b)

10,755

1,973,758

Copart,

Inc.

*(a)(b)

54,103

3,061,689

COPT

Defense

Properties,

REIT

(a)

65,627

1,789,648

Corebridge

Financial,

Inc.

(a)

222,490

7,024,009

Corpay,

Inc.

*(a)(b)

2,621

913,995

Costco

Wholesale

Corp.

(a)

5,707

5,397,566

Cousins

Properties,

Inc.,

REIT

(a)

41,969

1,238,086

Crane

Co.

(a)(b)

6,582

1,008,231

CRH

plc

(a)

24,888

2,189,397

Cummins,

Inc.

(a)

14,218

4,456,490

Curtiss-Wright

Corp.

(a)

16,527

5,243,521

CVS

Health

Corp.

(a)

29,575

2,003,706

Darden

Restaurants,

Inc.

(a)

13,075

2,716,462

Deckers

Outdoor

Corp.

*(a)(b)

2,182

243,969

DENTSPLY

SIRONA,

Inc.

(a)(b)

193,463

2,890,337

Devon

Energy

Corp.

(a)

22,914

856,984

Dillard's,

Inc.,

Class

A

(a)

4,080

1,461,170

Docusign,

Inc.,

Class

A

*(a)(b)

55,511

4,518,595

Dolby

Laboratories,

Inc.,

Class

A

(a)

40,858

3,281,306

Domino's

Pizza,

Inc.

(a)(b)

3,132

1,438,997

Donaldson

Co.,

Inc.

(a)

35,628

2,389,214

DoorDash,

Inc.,

Class

A

*(a)(b)

22,536

4,118,905

DoubleVerify

Holdings,

Inc.

*(a)(b)

97,362

1,301,730

Dover

Corp.

(a)

8,052

1,414,575

Doximity,

Inc.,

Class

A

*(a)(b)

119,759

6,949,615

Dropbox,

Inc.,

Class

A

*(a)(b)

257,604

6,880,603

DT

Midstream,

Inc.

(a)(b)

10,756

1,037,739

Duke

Energy

Corp.

(a)(b)

22,568

2,752,619

Duolingo,

Inc.,

Class

A

*(a)(b)

9,352

2,904,170

DXC

Technology

Co.

*(a)(b)

233,535

3,981,772

Eastman

Chemical

Co.

(a)(b)

17,635

1,553,820

eBay,

Inc.

(a)

79,986

5,417,452

Edison

International

(a)

93,972

5,536,830

Elanco

Animal

Health,

Inc.

*(a)(b)

132,027

1,386,284

Electronic

Arts,

Inc.

(a)

39,323

5,682,960

Element

Solutions,

Inc.

(a)

47,345

1,070,470

Elevance

Health,

Inc.

(a)

6,992

3,041,240

EMCOR

Group,

Inc.

(a)(b)

14,484

5,353,721

Encompass

Health

Corp.

(a)

6,445

652,750

EnerSys

(a)

50,747

4,647,410

Entergy

Corp.

(a)

61,182

5,230,449

Envista

Holdings

Corp.

*(a)(b)

264,264

4,561,197

EOG

Resources,

Inc.

(a)

71,354

9,150,437

EPR

Properties,

REIT

(a)

42,692

2,246,026

Equitable

Holdings,

Inc.

(a)(b)

104,189

5,427,205

Equity

Residential,

REIT

(a)

53,194

3,807,627

Esab

Corp.

(a)

4,023

468,680

Essent

Group

Ltd.

(a)

23,313

1,345,626

Etsy,

Inc.

*(a)(b)

70,464

3,324,492

Euronet

Worldwide,

Inc.

*(a)

30,754

3,286,065

Evercore,

Inc.,

Class

A

(a)

3,790

756,939

Everest

Group

Ltd.

(a)

21,331

7,750,192

Evergy,

Inc.

(a)(b)

22,063

1,521,244

Exelixis,

Inc.

*(a)(b)

117,828

4,350,210

Exelon

Corp.

(a)

101,465

4,675,507

Expedia

Group,

Inc.

(a)

38,241

6,428,312

F5,

Inc.

*(a)

18,154

4,833,866

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Fair

Isaac

Corp.

*(a)

1,084

1,999,069

Fastenal

Co.

(a)(b)

32,061

2,486,331

Federated

Hermes,

Inc.,

Class

B

(a)

159,729

6,512,151

Fidelity

National

Financial,

Inc.

(a)

43,320

2,819,266

Fidelity

National

Information

Services,

Inc.

(a)(b)

55,078

4,113,225

Fifth

Third

Bancorp

(a)

14,925

585,060

First

Horizon

Corp.

(a)

93,693

1,819,518

First

Industrial

Realty

Trust,

Inc.,

REIT

(a)

18,479

997,127

First

Solar,

Inc.

*(a)(b)

25,650

3,242,930

FirstCash

Holdings,

Inc.

(a)(b)

21,537

2,591,332

Fiserv,

Inc.

*(a)(b)

16,836

3,717,894

Flowers

Foods,

Inc.

(a)(b)

64,866

1,233,103

Flowserve

Corp.

(a)

56,436

2,756,334

Fluor

Corp.

*(a)

237,517

8,507,859

FNB

Corp.

(a)(b)

174,417

2,345,909

Fortinet,

Inc.

*(a)(b)

39,534

3,805,543

Fortune

Brands

Innovations,

Inc.

(a)(b)

23,405

1,424,896

Fox

Corp.,

Class

A

(a)(b)

81,332

4,603,391

Franklin

Resources,

Inc.

(a)

47,590

916,108

Gaming

and

Leisure

Properties,

Inc.,

REIT

(a)(b)

19,454

990,209

Gap,

Inc.

(The)

(a)

127,793

2,633,814

Garmin

Ltd.

(a)

8,681

1,884,906

Gartner,

Inc.

*(a)

3,155

1,324,280

Gates

Industrial

Corp.

plc

*(a)

177,728

3,271,972

GE

Aerospace

(a)(b)

46,897

9,386,435

GE

HealthCare

Technologies,

Inc.

(a)(b)

41,274

3,331,225

GE

Vernova,

Inc.

(a)(b)

834

254,604

Gen

Digital,

Inc.

(a)(b)

71,064

1,886,039

Generac

Holdings,

Inc.

*(a)

5,879

744,575

General

Dynamics

Corp.

(a)

27,054

7,374,379

General

Motors

Co.

(a)

136,026

6,397,303

Genpact

Ltd.

(a)(b)

36,200

1,823,756

Gilead

Sciences,

Inc.

(a)

47,323

5,302,542

Global

Payments,

Inc.

(a)

69,239

6,779,883

Globe

Life,

Inc.

(a)

4,679

616,318

GoDaddy,

Inc.,

Class

A

*(a)(b)

19,813

3,569,114

Graco,

Inc.

(a)

17,990

1,502,345

Graham

Holdings

Co.,

Class

B

(a)

6,136

5,895,837

GRAIL,

Inc.

*

161,616

4,127,673

Grand

Canyon

Education,

Inc.

*(a)

35,542

6,149,477

Greif,

Inc.,

Class

A

(a)(b)

34,928

1,920,691

H&R

Block,

Inc.

(a)(b)

153,506

8,429,014

Hancock

Whitney

Corp.

(a)(b)

38,533

2,021,056

Hanover

Insurance

Group,

Inc.

(The)

(a)

10,438

1,815,690

Hartford

Insurance

Group,

Inc.

(The)

(a)

54,765

6,776,073

Healthcare

Realty

Trust,

Inc.,

REIT

(a)(b)

81,318

1,374,274

Healthpeak

Properties,

Inc.,

REIT

(a)(b)

92,918

1,878,802

Henry

Schein,

Inc.

*(a)(b)

14,173

970,709

Hewlett

Packard

Enterprise

Co.

(a)(b)

341,450

5,268,574

230

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Hexcel

Corp.

(a)

21,127

1,156,915

HF

Sinclair

Corp.

(a)

106,409

3,498,728

Highwoods

Properties,

Inc.,

REIT

(a)

125,403

3,716,945

Holcim

AG

(2)(a)

84,142

9,054,791

Hologic,

Inc.

*(a)

67,200

4,150,944

Howmet

Aerospace,

Inc.

(a)(b)

34,699

4,501,501

HP,

Inc.

(a)

171,839

4,758,222

HubSpot,

Inc.

*(a)

1,095

625,563

Humana,

Inc.

(a)

17,489

4,627,589

Huntington

Bancshares,

Inc.

(a)(b)

52,112

782,201

IAC,

Inc.

*(a)(b)

20,379

936,211

Incyte

Corp.

*(a)(b)

98,977

5,993,057

Ingredion,

Inc.

(a)

25,245

3,413,376

Insperity,

Inc.

(a)

12,006

1,071,295

International

Bancshares

Corp.

(a)

36,347

2,292,042

International

Business

Machines

Corp.

(a)(b)

12,301

3,058,767

International

Paper

Co.

(a)(b)

29,862

1,593,138

Intuit,

Inc.

(a)

2,095

1,286,309

Invesco

Ltd.

(a)

246,127

3,733,747

IQVIA

Holdings,

Inc.

*(a)(b)

4,832

851,882

ITT,

Inc.

(a)(b)

13,875

1,792,095

Jabil,

Inc.

(a)

35,465

4,825,723

Jacobs

Solutions,

Inc.

(a)

15,826

1,913,205

Janus

Henderson

Group

plc

(a)

131,338

4,747,869

Jazz

Pharmaceuticals

plc

*(a)

50,399

6,257,036

Johnson

&

Johnson

(a)

70,061

11,618,915

Jones

Lang

LaSalle,

Inc.

*(a)

27,064

6,709,436

KB

Home

(a)(b)

49,214

2,860,318

Kilroy

Realty

Corp.,

REIT

(a)

108,454

3,552,953

Kimberly-Clark

Corp.

(a)

34,643

4,926,927

Kimco

Realty

Corp.,

REIT

(a)(b)

83,773

1,779,339

Kinder

Morgan,

Inc.

(a)(b)

39,727

1,133,411

KLA

Corp.

(a)

1,712

1,163,818

Knife

River

Corp.

*(a)(b)

24,291

2,191,291

Kraft

Heinz

Co.

(The)

(a)(b)

157,475

4,791,964

Kroger

Co.

(The)

(a)

154,529

10,460,068

Kyndryl

Holdings,

Inc.

*(a)(b)

20,731

650,953

L3Harris

Technologies,

Inc.

(a)

23,422

4,902,459

Lam

Research

Corp.

(a)

30,644

2,227,819

Lamar

Advertising

Co.,

Class

A,

REIT

(a)

19,725

2,244,311

Landstar

System,

Inc.

(a)(b)

15,155

2,276,281

Lantheus

Holdings,

Inc.

*(a)(b)

23,734

2,316,438

Leidos

Holdings,

Inc.

(a)

27,816

3,753,491

Lennar

Corp.,

Class

A

(a)

27,515

3,158,172

Lennox

International,

Inc.

(a)

1,946

1,091,375

Lincoln

Electric

Holdings,

Inc.

(a)

1,405

265,770

Lincoln

National

Corp.

(a)

40,770

1,464,051

Lithia

Motors,

Inc.,

Class

A

(a)(b)

1,812

531,894

Lockheed

Martin

Corp.

(a)(b)

15,430

6,892,735

Loews

Corp.

(a)(b)

42,067

3,866,378

Louisiana-Pacific

Corp.

(a)

16,085

1,479,498

Lyft,

Inc.,

Class

A

*(a)

231,482

2,747,691

LyondellBasell

Industries

NV,

Class

A

(a)(b)

44,735

3,149,344

M&T

Bank

Corp.

(a)(b)

21,324

3,811,665

Macy's,

Inc.

(a)(b)

329,419

4,137,503

ManpowerGroup,

Inc.

(a)

84,267

4,877,374

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Markel

Group,

Inc.

*(a)(b)

1,434

2,681,021

Masco

Corp.

(a)(b)

32,843

2,283,902

Mastercard,

Inc.,

Class

A

(a)

2,606

1,428,401

Matador

Resources

Co.

(a)(b)

5,488

280,382

Match

Group,

Inc.

(a)

99,390

3,100,968

Mattel,

Inc.

*(a)

257,579

5,004,760

Maximus,

Inc.

(a)

24,523

1,672,223

McKesson

Corp.

(a)

11,721

7,888,116

MDU

Resources

Group,

Inc.

(a)(b)

120,772

2,042,255

Medical

Properties

Trust,

Inc.,

REIT

(a)

302,533

1,824,274

Medpace

Holdings,

Inc.

*(a)(b)

1,700

517,973

Medtronic

plc

(a)

78,954

7,094,806

Merck

&

Co.,

Inc.

(a)(b)

76,625

6,877,860

Meta

Platforms,

Inc.,

Class

A

(a)

12,818

7,387,782

MetLife,

Inc.

(a)

26,310

2,112,430

Mettler-Toledo

International,

Inc.

*(a)(b)

2,748

3,245,141

MGIC

Investment

Corp.

(a)

31,086

770,311

Micron

Technology,

Inc.

(a)

20,083

1,745,012

Microsoft

Corp.

(a)

13,501

5,068,140

Mid-America

Apartment

Communities,

Inc.,

REIT

(a)

24,777

4,152,130

Middleby

Corp.

(The)

*(a)(b)

9,282

1,410,678

Mohawk

Industries,

Inc.

*(a)(b)

39,002

4,453,248

Molina

Healthcare,

Inc.

*(a)

4,485

1,477,314

Molson

Coors

Beverage

Co.,

Class

B

(a)

189,103

11,510,699

Monster

Beverage

Corp.

*(a)

19,722

1,154,131

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(a)

35,878

2,786,644

Mueller

Industries,

Inc.

(a)(b)

31,960

2,433,434

Murphy

Oil

Corp.

(a)(b)

86,313

2,451,289

Murphy

USA,

Inc.

(a)

6,610

3,105,444

Natera,

Inc.

*(a)(b)

12,989

1,836,774

National

Fuel

Gas

Co.

(a)

54,872

4,345,314

NetApp,

Inc.

(a)

2,800

245,952

Neurocrine

Biosciences,

Inc.

*(a)

8,100

895,860

New

York

Times

Co.

(The),

Class

A

(a)

51,508

2,554,797

NewMarket

Corp.

(a)

3,057

1,731,638

Newmont

Corp.

(a)

8,892

429,306

News

Corp.,

Class

A

(a)

40,349

1,098,300

Nexstar

Media

Group,

Inc.,

Class

A

(a)

6,229

1,116,361

NiSource,

Inc.

(a)

48,798

1,956,312

NNN

REIT,

Inc.,

REIT

(a)

58,686

2,502,958

Northern

Trust

Corp.

(a)

55,755

5,500,231

Northrop

Grumman

Corp.

(a)

7,879

4,034,127

Northwestern

Energy

Group,

Inc.

(a)(b)

34,296

1,984,710

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(b)

30,286

574,223

NOV,

Inc.

(a)(b)

268,037

4,079,523

Novartis

AG

(Registered)

(2)(a)

67,605

7,508,874

NRG

Energy,

Inc.

(a)(b)

58,851

5,617,916

Nutanix,

Inc.,

Class

A

*(a)

25,354

1,769,963

OGE

Energy

Corp.

(a)

12,541

576,384

Old

National

Bancorp

(a)(b)

69,482

1,472,324

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

231

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Old

Republic

International

Corp.

(a)

111,850

4,386,757

Omega

Healthcare

Investors,

Inc.,

REIT

(a)

107,049

4,076,426

Omnicom

Group,

Inc.

(a)(b)

47,799

3,963,015

OneMain

Holdings,

Inc.

(a)(b)

27,496

1,344,004

O'Reilly

Automotive,

Inc.

*(a)

933

1,336,597

Organon

&

Co.

(a)(b)

82,310

1,225,596

Ormat

Technologies,

Inc.

(a)

14,004

991,063

Oshkosh

Corp.

(a)(b)

58,113

5,467,271

Otis

Worldwide

Corp.

(a)

13,960

1,440,672

Ovintiv,

Inc.

(a)

75,598

3,235,594

Owens

Corning

(a)

1,735

247,793

PACCAR,

Inc.

(a)(b)

8,674

844,587

Paramount

Global,

Class

B

(a)

140,127

1,675,919

Parker-Hannifin

Corp.

(a)(b)

3,598

2,187,044

Paychex,

Inc.

(a)(b)

7,751

1,195,824

PayPal

Holdings,

Inc.

*(a)(b)

37,143

2,423,581

Pegasystems,

Inc.

(a)

20,675

1,437,326

Penske

Automotive

Group,

Inc.

(a)

13,582

1,955,536

Pentair

plc

(a)

14,911

1,304,414

Performance

Food

Group

Co.

*(a)

(b)

20,190

1,587,540

Perrigo

Co.

plc

(a)

10,463

293,383

Philip

Morris

International,

Inc.

(a)

45,632

7,243,167

Pilgrim's

Pride

Corp.

*(a)

72,184

3,934,750

Pinnacle

Financial

Partners,

Inc.

(a)(b)

15,327

1,625,275

Pinnacle

West

Capital

Corp.

(a)(b)

8,846

842,582

Pinterest,

Inc.,

Class

A

*(a)

29,147

903,557

Playtika

Holding

Corp.

(a)

142,421

736,317

PNC

Financial

Services

Group,

Inc.

(The)

(a)

1,460

256,624

Popular,

Inc.

(a)

37,987

3,508,859

Portland

General

Electric

Co.

(a)(b)

37,228

1,660,369

Post

Holdings,

Inc.

*(a)(b)

2,967

345,240

PPG

Industries,

Inc.

(a)

7,167

783,711

Premier,

Inc.,

Class

A

(a)(b)

88,154

1,699,609

Primerica,

Inc.

(a)

887

252,378

Procter

&

Gamble

Co.

(The)

(a)

27,033

4,606,964

Progressive

Corp.

(The)

(a)

11,843

3,351,687

Prosperity

Bancshares,

Inc.

(a)

10,965

782,572

Prudential

Financial,

Inc.

(a)

7,185

802,421

Public

Storage,

REIT

(a)

3,200

957,728

PulteGroup,

Inc.

(a)

30,116

3,095,925

PVH

Corp.

(a)(b)

50,156

3,242,084

Qorvo,

Inc.

*(a)(b)

36,447

2,639,127

QUALCOMM,

Inc.

(a)

44,214

6,791,713

Qualys,

Inc.

*(a)(b)

24,680

3,107,952

Ralph

Lauren

Corp.,

Class

A

(a)

8,130

1,794,616

Rambus,

Inc.

*(a)(b)

13,386

693,060

Raymond

James

Financial,

Inc.

(a)

22,436

3,116,585

Rayonier,

Inc.,

REIT

(a)

89,419

2,493,002

Regeneron

Pharmaceuticals,

Inc.

(a)(b)

9,261

5,873,604

Regions

Financial

Corp.

(a)(b)

95,607

2,077,540

Reinsurance

Group

of

America,

Inc.

(a)

23,373

4,602,144

Reliance,

Inc.

(a)

12,752

3,682,140

RenaissanceRe

Holdings

Ltd.

(a)

12,723

3,053,520

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Republic

Services,

Inc.,

Class

A

(a)

10,048

2,433,224

ResMed,

Inc.

(a)(b)

9,360

2,095,236

Reynolds

Consumer

Products,

Inc.

(a)

10,817

258,094

RingCentral,

Inc.,

Class

A

*(a)(b)

155,072

3,839,583

Robert

Half,

Inc.

(a)

9,276

506,006

ROBLOX

Corp.,

Class

A

*(a)

42,995

2,506,179

Roche

Holding

AG

(2)(a)

16,954

5,580,030

Roku,

Inc.,

Class

A

*(a)

3,310

233,156

Roper

Technologies,

Inc.

(a)

3,383

1,994,549

Royal

Caribbean

Cruises

Ltd.

(a)

(b)

9,128

1,875,256

Royal

Gold,

Inc.

(a)

32,572

5,325,848

Royalty

Pharma

plc,

Class

A

(a)

109,298

3,402,447

RPM

International,

Inc.

(a)(b)

20,217

2,338,703

RTX

Corp.

(a)

33,186

4,395,818

Ryder

System,

Inc.

(a)(b)

30,203

4,343,493

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(b)

199,291

3,481,614

Salesforce,

Inc.

(a)

6,005

1,611,502

SBA

Communications

Corp.,

REIT

(a)

21,251

4,675,433

Schneider

National,

Inc.,

Class

B

(a)

154,575

3,532,039

Seaboard

Corp.

(a)

214

577,184

SEI

Investments

Co.

(a)

61,304

4,759,030

Sensata

Technologies

Holding

plc

(a)(b)

59,550

1,445,279

Service

Corp.

International

(a)(b)

25,749

2,065,070

ServiceNow,

Inc.

*(a)(b)

2,617

2,083,498

Shell

plc

(2)(a)

124,059

4,515,788

Signify

NV

(2)(a)(c)

174,857

3,796,508

Skyworks

Solutions,

Inc.

(a)

32,703

2,113,595

Snap-on,

Inc.

(a)

9,174

3,091,730

Snowflake,

Inc.,

Class

A

*(a)(b)

8,529

1,246,599

Solventum

Corp.

*(a)

73,719

5,605,593

Sonoco

Products

Co.

(a)(b)

30,114

1,422,585

Southern

Co.

(The)

(a)(b)

24,895

2,289,095

Spire,

Inc.

(a)(b)

6,143

480,690

SS&C

Technologies

Holdings,

Inc.

(a)(b)

24,920

2,081,568

STAG

Industrial,

Inc.,

REIT

(a)

80,596

2,911,128

Stanley

Black

&

Decker,

Inc.

(a)(b)

22,085

1,697,895

State

Street

Corp.

(a)

57,772

5,172,327

STERIS

plc

(a)(b)

3,161

716,441

Stifel

Financial

Corp.

(a)(b)

42,349

3,991,817

Stryker

Corp.

(a)

7,317

2,723,753

Swiss

Re

AG

(2)(a)

17,689

3,010,294

Synchrony

Financial

(a)(b)

192,028

10,165,962

T.

Rowe

Price

Group,

Inc.

(a)

73,857

6,785,243

Tapestry,

Inc.

(a)

46,908

3,302,792

Taylor

Morrison

Home

Corp.,

Class

A

*(a)

54,528

3,273,861

TD

SYNNEX

Corp.

(a)

52,119

5,418,291

TEGNA,

Inc.

(a)

76,510

1,394,012

Teleflex,

Inc.

(a)

9,069

1,253,245

Tenaris

SA

(2)(a)

276,374

5,408,291

Tenet

Healthcare

Corp.

*(a)

20,251

2,723,760

Teradata

Corp.

*(a)(b)

164,628

3,700,837

Teradyne,

Inc.

(a)(b)

2,972

245,487

232

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Terex

Corp.

(a)(b)

21,335

806,036

Texas

Pacific

Land

Corp.

(a)(b)

1,911

2,532,056

Texas

Roadhouse,

Inc.,

Class

A

(a)

15,658

2,609,093

Textron,

Inc.

(a)(b)

25,744

1,860,004

Timken

Co.

(The)

(a)

26,709

1,919,576

Toll

Brothers,

Inc.

(a)

8,428

889,913

Trane

Technologies

plc

(a)

5,011

1,688,306

TransDigm

Group,

Inc.

(a)(b)

1,982

2,741,681

Travel

+

Leisure

Co.

(a)(b)

88,861

4,113,376

Travelers

Cos.,

Inc.

(The)

(a)

19,389

5,127,615

Trimble,

Inc.

*(a)

9,168

601,879

TripAdvisor,

Inc.

*(a)

117,820

1,669,509

Twilio,

Inc.,

Class

A

*(a)

20,880

2,044,361

Tyler

Technologies,

Inc.

*(a)

2,036

1,183,710

Tyson

Foods,

Inc.,

Class

A

(a)

67,530

4,309,089

Ubiquiti,

Inc.

(a)(b)

3,991

1,237,769

UFP

Industries,

Inc.

(a)

65,931

7,057,254

UGI

Corp.

(a)

37,942

1,254,742

U-Haul

Holding

Co.

*(a)(b)

4,250

277,780

UiPath,

Inc.,

Class

A

*(a)(b)

178,939

1,843,072

Ulta

Beauty,

Inc.

*(a)

3,523

1,291,320

UMB

Financial

Corp.

(a)

14,620

1,478,082

United

Airlines

Holdings,

Inc.

*(a)

(b)

34,157

2,358,541

United

Bankshares,

Inc.

(a)(b)

30,514

1,057,920

United

Therapeutics

Corp.

*(a)(b)

20,120

6,202,392

Universal

Display

Corp.

(a)(b)

7,890

1,100,497

Universal

Health

Services,

Inc.,

Class

B

(a)

11,695

2,197,491

Unum

Group

(a)

93,301

7,600,299

US

Bancorp

(a)

42,556

1,796,714

US

Foods

Holding

Corp.

*(a)(b)

50,517

3,306,843

Valero

Energy

Corp.

(a)(b)

17,446

2,304,093

Valley

National

Bancorp

(a)(b)

303,893

2,701,609

Veeva

Systems,

Inc.,

Class

A

*(a)

(b)

62,437

14,462,281

Ventas,

Inc.,

REIT

(a)

32,222

2,215,585

Veralto

Corp.

(a)

15,075

1,469,059

VeriSign,

Inc.

*(a)(b)

21,742

5,519,642

Verisk

Analytics,

Inc.,

Class

A

(a)

5,767

1,716,375

Verizon

Communications,

Inc.

(a)

146,681

6,653,450

Vestis

Corp.

(a)

93,280

923,472

VICI

Properties,

Inc.,

Class

A,

REIT

(a)

335,857

10,955,655

Virtu

Financial,

Inc.,

Class

A

(a)

16,504

629,132

Voya

Financial,

Inc.

(a)(b)

35,518

2,406,700

W

R

Berkley

Corp.

(a)

19,241

1,369,190

Walmart,

Inc.

(a)

75,073

6,590,659

Walt

Disney

Co.

(The)

(a)

25,678

2,534,419

Warner

Bros

Discovery,

Inc.

*(a)(b)

202,392

2,171,666

Watts

Water

Technologies,

Inc.,

Class

A

(a)(b)

5,294

1,079,552

Wayfair,

Inc.,

Class

A

*(a)(b)

12,331

394,962

Webster

Financial

Corp.

(a)

29,184

1,504,435

Welltower,

Inc.,

REIT

(a)

29,822

4,569,029

WESCO

International,

Inc.

(a)

16,694

2,592,578

Western

Union

Co.

(The)

(a)

193,342

2,045,558

Westinghouse

Air

Brake

Technologies

Corp.

(a)

11,129

2,018,244

Weyerhaeuser

Co.,

REIT

(a)

46,965

1,375,135

INVESTMENTS

SHARES

VALUE

($)

United

States

-

112.9%

(continued)

Williams-Sonoma,

Inc.

(a)

29,317

4,635,018

Wintrust

Financial

Corp.

(a)(b)

9,841

1,106,719

Woodward,

Inc.

(a)

24,594

4,488,159

WW

Grainger,

Inc.

(a)

2,029

2,004,307

Wyndham

Hotels

&

Resorts,

Inc.

(a)

8,648

782,730

Xcel

Energy,

Inc.

(a)

35,058

2,481,756

Zimmer

Biomet

Holdings,

Inc.

(a)

25,861

2,926,948

Zions

Bancorp

NA

(a)

72,824

3,631,005

Zoom

Communications,

Inc.,

Class

A

*(a)

154,400

11,390,087

1,544,286,114

TOTAL

COMMON

STOCKS

(Cost

$2,496,777,209)

2,795,522,261

PREFERRED

STOCKS

-

0.2%

Brazil

-

0

.1

%

Banco

Bradesco

SA

323,647

721,733

Cia

Energetica

de

Minas

Gerais

493,852

869,180

1,590,913

Germany

-

0

.1

%

Henkel

AG

&

Co.

KGaA

(Preference)

(2)(a)

16,292

1,296,308

TOTAL

PREFERRED

STOCKS

(Cost

$3,061,460)                                                    

2,887,221

SHORT-TERM

INVESTMENTS

-

60.9%

INVESTMENT

COMPANIES

-

36

.8

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

37,481,092

37,481,092

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)(f)

467,308,408

467,168,215

TOTAL

INVESTMENT

COMPANIES

(Cost

$504,585,676)

504,649,307

—

PRINCIPAL

AMOUNT

U.S.

TREASURY

OBLIGATIONS

-

24

.1

%

U.S.

Treasury

Bills

4.31%,

4/3/2025

(2)(g)

$

3,615,000

3,614,148

4.41%,

4/24/2025

(2)(g)(h)

40,649,000

40,539,029

4.42%,

5/1/2025

(2)(g)

1,900,000

1,893,299

4.35%,

5/8/2025

(2)(g)(h)

880,000

876,170

4.41%,

5/22/2025

(2)(g)(h)

6,134,000

6,097,285

4.44%,

5/29/2025

(2)(g)(h)

830,000

824,334

4.29%,

6/12/2025

(2)(g)(h)

20,000,000

19,832,400

4.25%,

6/20/2025

(2)(g)(h)

65,027,000

64,419,981

4.27%,

7/17/2025

(2)(g)(h)

14,736,000

14,552,593

4.25%,

7/24/2025

(2)(g)(h)

11,127,000

10,980,185

4.24%,

8/7/2025

(2)(g)

2,376,000

2,340,851

4.28%,

8/14/2025

(2)(g)(h)

39,738,000

39,120,322

4.31%,

8/21/2025

(2)(g)(h)

40,826,000

40,162,532

4.27%,

8/28/2025

(2)(g)(h)

50,976,000

50,108,856

4.22%,

9/4/2025

(2)(g)

12,619,000

12,395,038

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

233

(Continued)

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

24.1%

(continued)

4.16%,

9/11/2025

(2)(g)

$

22,105,000

21,694,645

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost

$329,418,104)

329,451,668

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$834,003,780)

834,100,975

TOTAL

LONG

POSITIONS

(Cost

$3,333,842,449)

3,632,510,457

SHARES

SHORT

POSITIONS

-

(181.9)%

COMMON

STOCKS

-

(180.9)%

Australia

-

(

6

.0

)

%

ALS

Ltd.

(2)

(

65,024

)

(

631,200

)

Ampol

Ltd.

(2)

(

112,106

)

(

1,649,139

)

APA

Group

(2)

(

944,587

)

(

4,679,274

)

Charter

Hall

Group,

REIT

(2)

(

95,760

)

(

975,544

)

Cochlear

Ltd.

(2)

(

2,620

)

(

431,800

)

Coles

Group

Ltd.

(2)

(

120,792

)

(

1,478,586

)

Commonwealth

Bank

of

Australia

(2)

(

27,561

)

(

2,620,882

)

Dexus,

REIT

(2)

(

739,202

)

(

3,287,157

)

Endeavour

Group

Ltd.

(2)

(

1,006,815

)

(

2,434,901

)

Glencore

plc

(2)

(

139,760

)

(

511,540

)

Goodman

Group,

REIT

(2)

(

374,837

)

(

6,727,064

)

IDP

Education

Ltd.

(2)

(

365,655

)

(

2,166,373

)

Liontown

Resources

Ltd.

(2)

(

3,627,208

)

(

1,431,699

)

Lynas

Rare

Earths

Ltd.

(2)

(

1,270,981

)

(

5,564,854

)

Macquarie

Group

Ltd.

(2)

(

22,946

)

(

2,855,553

)

Mineral

Resources

Ltd.

(2)

(

236,601

)

(

3,572,447

)

Mirvac

Group,

REIT

(2)

(

1,289,855

)

(

1,698,615

)

National

Australia

Bank

Ltd.

(2)

(

27,051

)

(

581,832

)

NEXTDC

Ltd.

(2)

(

349,456

)

(

2,502,969

)

Northern

Star

Resources

Ltd.

(2)

(

113,383

)

(

1,309,027

)

Pilbara

Minerals

Ltd.

(2)

(

996,362

)

(

1,060,870

)

Ramsay

Health

Care

Ltd.

(2)

(

151,430

)

(

3,252,568

)

Reece

Ltd.

(2)

(

26,147

)

(

259,434

)

Rio

Tinto

plc

(2)

(

38,886

)

(

2,333,557

)

Santos

Ltd.

(2)

(

324,918

)

(

1,361,550

)

Sonic

Healthcare

Ltd.

(2)

(

252,728

)

(

4,103,514

)

South32

Ltd.

(2)

(

511,246

)

(

1,029,926

)

Stockland,

REIT

(2)

(

145,580

)

(

449,195

)

Telix

Pharmaceuticals

Ltd.

(2)

(

28,030

)

(

469,300

)

Transurban

Group

(2)

(

284,699

)

(

2,397,930

)

Treasury

Wine

Estates

Ltd.

(2)

(

751,836

)

(

4,609,682

)

Whitehaven

Coal

Ltd.

(2)

(

917,109

)

(

3,155,074

)

Woodside

Energy

Group

Ltd.

(2)

(

460,216

)

(

6,685,987

)

Woolworths

Group

Ltd.

(2)

(

192,399

)

(

3,572,339

)

(81,851,382)

Belgium

-

(

0

.4

)

%

D'ieteren

Group

(2)

(

6,896

)

(

1,187,912

)

Elia

Group

SA/NV

(2)

(

18,104

)

(

1,570,232

)

Lotus

Bakeries

NV

(2)

(

146

)

(

1,297,947

)

UCB

SA

(2)

(

6,445

)

(

1,134,738

)

(5,190,829)

INVESTMENTS

SHARES

VALUE

($)

Brazil

-

(

0

.5

)

%

MercadoLibre,

Inc.

(

1,952

)

(

3,808,098

)

NU

Holdings

Ltd.,

Class

A

(

276,329

)

(

2,829,609

)

StoneCo

Ltd.,

Class

A

(

60,173

)

(

630,613

)

XP,

Inc.,

Class

A

(

7,471

)

(

102,726

)

(7,371,046)

Canada

-

(

7

.5

)

%

Agnico

Eagle

Mines

Ltd.

(

9,436

)

(

1,022,318

)

Alamos

Gold,

Inc.,

Class

A

(

45,864

)

(

1,225,441

)

Alimentation

Couche-Tard,

Inc.

(

44,093

)

(

2,174,546

)

AtkinsRealis

Group,

Inc.

(

73,894

)

(

3,510,742

)

BCE,

Inc.

(

74,661

)

(

1,713,667

)

Boyd

Group

Services,

Inc.

(

6,964

)

(

1,001,204

)

Brookfield

Asset

Management

Ltd.,

Class

A

(

54,707

)

(

2,648,198

)

Brookfield

Corp.,

Class

A

(

109,664

)

(

5,739,061

)

Brookfield

Infrastructure

Corp.,

Class

A

(

59,056

)

(

2,132,754

)

Brookfield

Renewable

Corp.

(

15,509

)

(

432,922

)

Cameco

Corp.

(

119,373

)

(

4,914,115

)

Canadian

National

Railway

Co.

(

48,734

)

(

4,742,510

)

Canadian

Pacific

Kansas

City

Ltd.

(

98,504

)

(

6,912,837

)

Capstone

Copper

Corp.

(

477,125

)

(

2,456,827

)

Colliers

International

Group,

Inc.

(

3,943

)

(

477,171

)

Element

Fleet

Management

Corp.

(

211,388

)

(

4,202,641

)

Enbridge,

Inc.

(

64,909

)

(

2,872,766

)

Franco-Nevada

Corp.

(

34,911

)

(

5,490,710

)

Gildan

Activewear,

Inc.

(

5,794

)

(

256,151

)

Hydro

One

Ltd.

(c)

(

15,955

)

(

536,508

)

Nutrien

Ltd.

(

21,299

)

(

1,057,069

)

Pan

American

Silver

Corp.

(

93,833

)

(

2,423,663

)

Pembina

Pipeline

Corp.

(

41,422

)

(

1,656,822

)

PrairieSky

Royalty

Ltd.

(

72,549

)

(

1,308,257

)

RB

Global,

Inc.

(

41,804

)

(

4,195,651

)

Restaurant

Brands

International,

Inc.

(

48,539

)

(

3,235,708

)

Rogers

Communications,

Inc.,

Class

B

(

88,613

)

(

2,366,421

)

Royal

Bank

of

Canada

(

16,938

)

(

1,907,960

)

Shopify,

Inc.,

Class

A

(

37,350

)

(

3,553,188

)

Stantec,

Inc.

(

18,530

)

(

1,535,915

)

TC

Energy

Corp.

(

81,279

)

(

3,838,450

)

Teck

Resources

Ltd.,

Class

B

(

146,834

)

(

5,348,694

)

Thomson

Reuters

Corp.

(

25,589

)

(

4,415,772

)

TMX

Group

Ltd.

(

7,188

)

(

262,435

)

Toromont

Industries

Ltd.

(

4,408

)

(

345,001

)

Toronto-Dominion

Bank

(The)

(

53,514

)

(

3,206,638

)

Tourmaline

Oil

Corp.

(

64,238

)

(

3,097,959

)

WSP

Global,

Inc.

(

27,485

)

(

4,664,266

)

(102,882,958)

Chile

-

(

0

.6

)

%

Antofagasta

plc

(2)

(

189,664

)

(

4,129,279

)

Banco

Santander

Chile,

ADR

(

2,764

)

(

63,019

)

Lundin

Mining

Corp.

(

301,271

)

(

2,441,069

)

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

(

25,335

)

(

1,006,560

)

(7,639,927)

234

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

(

0

.7

)

%

H

World

Group

Ltd.,

ADR

(

53,579

)

(

1,982,959

)

Kanzhun

Ltd.,

ADR

(

46,391

)

(

889,315

)

NXP

Semiconductors

NV

(

6,575

)

(

1,249,645

)

Prosus

NV

(2)

(

100,348

)

(

4,662,084

)

Tencent

Music

Entertainment

Group,

ADR

(

48,523

)

(

699,216

)

(9,483,219)

Denmark

-

(

2

.1

)

%

Coloplast

A/S,

Class

B

(2)

(

24,084

)

(

2,526,018

)

DSV

A/S

(2)

(

30,955

)

(

5,986,115

)

GN

Store

Nord

A/S

(2)

(

89,412

)

(

1,398,576

)

Novo

Nordisk

A/S,

Class

B

(2)

(

115,504

)

(

7,897,971

)

Novonesis

(Novozymes),

Class

B

(2)

(

44,854

)

(

2,611,692

)

Orsted

A/S

(2)(c)

(

80,723

)

(

3,525,264

)

Tryg

A/S

(2)

(

68,777

)

(

1,636,100

)

Vestas

Wind

Systems

A/S

(2)

(

264,857

)

(

3,664,165

)

(29,245,901)

Finland

-

(

1

.3

)

%

Kesko

OYJ,

Class

B

(2)

(

33,064

)

(

675,843

)

Metso

OYJ

(2)

(

159,252

)

(

1,651,161

)

Neste

OYJ

(2)

(

310,149

)

(

2,868,641

)

Sampo

OYJ,

Class

A

(2)

(

475,986

)

(

4,561,459

)

Stora

Enso

OYJ,

Class

R

(2)

(

316,798

)

(

3,002,066

)

UPM-Kymmene

OYJ

(2)

(

163,041

)

(

4,374,116

)

(17,133,286)

France

-

(

6

.3

)

%

Accor

SA

(2)

(

62,921

)

(

2,869,530

)

Aeroports

de

Paris

SA

(2)

(

18,062

)

(

1,838,772

)

Air

France-KLM

(2)

(

25,702

)

(

238,862

)

Air

Liquide

SA

(2)

(

33,496

)

(

6,362,405

)

Airbus

SE

(2)

(

29,196

)

(

5,140,998

)

Alstom

SA

(2)

(

113,434

)

(

2,512,641

)

BioMerieux

(2)

(

12,178

)

(

1,505,302

)

Bollore

SE

(2)

(

70,017

)

(

410,188

)

Bureau

Veritas

SA

(2)

(

17,105

)

(

518,967

)

Capgemini

SE

(2)

(

11,599

)

(

1,742,843

)

Cie

Generale

des

Etablissements

Michelin

SCA

(2)

(

44,687

)

(

1,570,595

)

Danone

SA

(2)

(

19,212

)

(

1,469,435

)

Dassault

Systemes

SE

(2)

(

153,504

)

(

5,844,317

)

Edenred

SE

(2)

(

57,058

)

(

1,854,185

)

Getlink

SE

(2)

(

108,255

)

(

1,869,660

)

Hermes

International

SCA

(2)

(

2,908

)

(

7,651,295

)

Kering

SA

(2)

(

14,702

)

(

3,058,608

)

Legrand

SA

(2)

(

41,545

)

(

4,399,764

)

L'Oreal

SA

(2)

(

17,253

)

(

6,412,819

)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

(

9,332

)

(

5,779,108

)

Pernod

Ricard

SA

(2)

(

58,642

)

(

5,793,398

)

Publicis

Groupe

SA

(2)

(

16,435

)

(

1,550,620

)

Remy

Cointreau

SA

(2)

(

19,468

)

(

909,840

)

Renault

SA

(2)

(

45,916

)

(

2,325,945

)

Sartorius

Stedim

Biotech

(2)

(

25,713

)

(

5,094,185

)

SCOR

SE

(2)

(

64,122

)

(

1,851,831

)

SEB

SA

(2)

(

6,924

)

(

654,912

)

SOITEC

(2)

(

9,626

)

(

514,803

)

INVESTMENTS

SHARES

VALUE

($)

France

-

(6.3)%

(continued)

Thales

SA

(2)

(

12,606

)

(

3,350,946

)

Veolia

Environnement

SA

(2)

(

28,084

)

(

965,860

)

(86,062,634)

Germany

-

(

4

.6

)

%

adidas

AG

(2)

(

5,872

)

(

1,384,973

)

Bayer

AG

(Registered)

(2)

(

49,343

)

(

1,182,848

)

Bayerische

Motoren

Werke

AG

(2)

(

50,812

)

(

4,097,346

)

Carl

Zeiss

Meditec

AG

(2)

(

31,852

)

(

2,105,455

)

Daimler

Truck

Holding

AG

(2)

(

80,588

)

(

3,264,586

)

Deutsche

Post

AG

(2)

(

69,997

)

(

3,005,202

)

E.ON

SE

(2)

(

286,402

)

(

4,323,166

)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(2)

(

10,686

)

(

670,599

)

Fresenius

Medical

Care

AG

(2)

(

20,588

)

(

1,024,459

)

Infineon

Technologies

AG

(2)

(

107,096

)

(

3,570,035

)

LEG

Immobilien

SE

(2)

(

14,889

)

(

1,052,439

)

Mercedes-Benz

Group

AG

(2)

(

67,119

)

(

3,964,836

)

Merck

KGaA

(2)

(

22,032

)

(

3,031,822

)

MTU

Aero

Engines

AG

(2)

(

8,631

)

(

2,999,036

)

Nemetschek

SE

(2)

(

8,733

)

(

1,018,059

)

Puma

SE

(2)

(

20,077

)

(

489,724

)

Rational

AG

(2)

(

302

)

(

251,613

)

SAP

SE

(2)

(

35,600

)

(

9,539,007

)

Scout24

SE

(2)(c)

(

3,743

)

(

391,976

)

Siemens

AG

(Registered)

(2)

(

8,898

)

(

2,054,960

)

Siemens

Energy

AG

(2)

(

3,954

)

(

234,401

)

Siemens

Healthineers

AG

(2)(c)

(

72,515

)

(

3,912,210

)

Symrise

AG,

Class

A

(2)

(

35,081

)

(

3,636,989

)

Vonovia

SE

(2)

(

149,169

)

(

4,014,186

)

Wacker

Chemie

AG

(2)

(

19,424

)

(

1,609,202

)

(62,829,129)

Hong

Kong

-

(

0

.4

)

%

Prudential

plc

(2)

(

499,907

)

(

5,394,510

)

Ireland

-

(

0

.4

)

%

Accenture

plc,

Class

A

(

4,967

)

(

1,549,903

)

Aptiv

plc

(

66,324

)

(

3,946,278

)

(5,496,181)

Italy

-

(

4

.1

)

%

Amplifon

SpA

(2)

(

112,975

)

(

2,293,511

)

Brunello

Cucinelli

SpA

(2)

(

22,205

)

(

2,550,963

)

Davide

Campari-Milano

NV

(2)

(

537,013

)

(

3,156,531

)

DiaSorin

SpA

(2)

(

18,469

)

(

1,834,188

)

Enel

SpA

(

466,715

)

(

3,783,428

)

ERG

SpA

(2)

(

77,977

)

(

1,481,191

)

Ferrari

NV

(2)

(

24,357

)

(

10,401,915

)

FinecoBank

Banca

Fineco

SpA

(2)

(

287,934

)

(

5,702,991

)

Infrastrutture

Wireless

Italiane

SpA

(c)

(

325,628

)

(

3,447,074

)

Interpump

Group

SpA

(2)

(

38,355

)

(

1,369,878

)

Moncler

SpA

(2)

(

41,209

)

(

2,538,354

)

Nexi

SpA

(2)(c)

(

101,660

)

(

542,203

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(2)

(

41,234

)

(

2,336,644

)

Snam

SpA

(

1,436,429

)

(

7,447,646

)

Terna

-

Rete

Elettrica

Nazionale

(2)

(

743,031

)

(

6,714,977

)

(55,601,494)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

235

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ivory

Coast

-

(

0

.2

)

%

Endeavour

Mining

plc

(2)

(

98,449

)

(

2,321,311

)

Japan

-

(

22

.9

)

%

Advance

Residence

Investment

Corp.,

REIT

(2)

(

580

)

(

552,908

)

Advantest

Corp.

(2)

(

32,400

)

(

1,444,278

)

Aeon

Co.

Ltd.

(2)

(

308,000

)

(

7,724,616

)

Ajinomoto

Co.,

Inc.

(2)

(

186,400

)

(

3,690,294

)

Allegro

MicroSystems,

Inc.

(

161,147

)

(

4,049,624

)

ANA

Holdings,

Inc.

(2)

(

195,300

)

(

3,604,994

)

Asahi

Intecc

Co.

Ltd.

(2)

(

128,800

)

(

2,080,589

)

Asics

Corp.

(2)

(

68,600

)

(

1,454,840

)

Astellas

Pharma,

Inc.

(2)

(

290,300

)

(

2,825,927

)

BayCurrent,

Inc.

(2)

(

9,000

)

(

390,007

)

Bridgestone

Corp.

(2)

(

160,100

)

(

6,431,672

)

Capcom

Co.

Ltd.

(2)

(

56,400

)

(

1,392,040

)

Chiba

Bank

Ltd.

(The)

(2)

(

188,700

)

(

1,786,167

)

Cosmos

Pharmaceutical

Corp.

(2)

(

31,500

)

(

1,577,638

)

CyberAgent,

Inc.

(2)

(

57,800

)

(

439,834

)

Daifuku

Co.

Ltd.

(2)

(

100,800

)

(

2,477,817

)

Daiichi

Sankyo

Co.

Ltd.

(2)

(

72,100

)

(

1,716,981

)

Daikin

Industries

Ltd.

(2)

(

25,200

)

(

2,734,671

)

Daiwa

Securities

Group,

Inc.

(2)

(

343,500

)

(

2,312,871

)

Denso

Corp.

(2)

(

502,500

)

(

6,234,305

)

Disco

Corp.

(2)

(

6,400

)

(

1,307,019

)

East

Japan

Railway

Co.

(2)

(

149,900

)

(

2,954,615

)

Eisai

Co.

Ltd.

(2)

(

237,000

)

(

6,597,427

)

FANUC

Corp.

(2)

(

153,800

)

(

4,190,398

)

Fast

Retailing

Co.

Ltd.

(2)

(

15,300

)

(

4,554,679

)

FUJIFILM

Holdings

Corp.

(2)

(

76,000

)

(

1,456,082

)

Fukuoka

Financial

Group,

Inc.

(2)

(

67,900

)

(

1,806,917

)

GMO

Payment

Gateway,

Inc.

(2)

(

73,900

)

(

3,932,138

)

Hamamatsu

Photonics

KK

(2)

(

240,200

)

(

2,341,584

)

Hankyu

Hanshin

Holdings,

Inc.

(2)

(

37,200

)

(

1,000,951

)

Hitachi

Ltd.

(2)

(

136,100

)

(

3,195,547

)

Honda

Motor

Co.

Ltd.

(2)

(

58,200

)

(

526,685

)

Hoshizaki

Corp.

(2)

(

62,700

)

(

2,427,031

)

Hoya

Corp.

(2)

(

5,900

)

(

665,865

)

Hulic

Co.

Ltd.

(2)

(

266,300

)

(

2,556,270

)

Ibiden

Co.

Ltd.

(2)

(

47,300

)

(

1,275,911

)

Isetan

Mitsukoshi

Holdings

Ltd.

(2)

(

54,800

)

(

794,707

)

Japan

Airlines

Co.

Ltd.

(2)

(

156,100

)

(

2,673,891

)

Japan

Airport

Terminal

Co.

Ltd.

(2)

(

78,200

)

(

2,155,958

)

Japan

Metropolitan

Fund

Investment

Corp.,

REIT

(2)

(

799

)

(

509,670

)

Japan

Tobacco,

Inc.

(2)

(

58,100

)

(

1,596,945

)

Kadokawa

Corp.

(2)

(

179,600

)

(

4,294,300

)

Kawasaki

Heavy

Industries

Ltd.

(2)

(

111,600

)

(

6,736,184

)

KDX

Realty

Investment

Corp.,

REIT

(2)

(

1,400

)

(

1,380,429

)

Keio

Corp.

(2)

(

72,800

)

(

1,861,813

)

Keisei

Electric

Railway

Co.

Ltd.

(2)

(

186,000

)

(

1,680,510

)

Kikkoman

Corp.

(2)

(

206,900

)

(

1,995,899

)

Kintetsu

Group

Holdings

Co.

Ltd.

(2)

(

42,600

)

(

910,054

)

Kobayashi

Pharmaceutical

Co.

Ltd.

(2)

(

48,700

)

(

1,844,912

)

Kobe

Bussan

Co.

Ltd.

(2)

(

204,500

)

(

4,761,255

)

Kubota

Corp.

(2)

(

336,300

)

(

4,155,794

)

Kurita

Water

Industries

Ltd.

(2)

(

24,400

)

(

754,675

)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(22.9)%

(continued)

Kyoto

Financial

Group,

Inc.

(2)

(

223,596

)

(

3,433,387

)

Lasertec

Corp.

(2)

(

67,000

)

(

5,758,678

)

M3,

Inc.

(2)

(

288,400

)

(

3,294,521

)

Marubeni

Corp.

(2)

(

159,500

)

(

2,558,670

)

Marui

Group

Co.

Ltd.

(2)

(

204,800

)

(

3,723,878

)

MatsukiyoCocokara

&

Co.

(2)

(

39,400

)

(

616,373

)

Mitsubishi

Corp.

(2)

(

106,100

)

(

1,873,170

)

Mitsubishi

Estate

Co.

Ltd.

(2)

(

259,300

)

(

4,238,501

)

Mitsubishi

Heavy

Industries

Ltd.

(2)

(

608,400

)

(

10,448,415

)

Mitsui

Chemicals,

Inc.

(2)

(

10,800

)

(

242,575

)

Mitsui

Fudosan

Co.

Ltd.

(2)

(

525,500

)

(

4,705,892

)

MonotaRO

Co.

Ltd.

(2)

(

108,600

)

(

2,028,729

)

Nexon

Co.

Ltd.

(2)

(

64,400

)

(

882,045

)

NIDEC

Corp.

(2)

(

130,800

)

(

2,195,122

)

Nikon

Corp.

(2)

(

104,300

)

(

1,035,828

)

Nippon

Building

Fund,

Inc.,

REIT

(

872

)

(

740,668

)

Nippon

Paint

Holdings

Co.

Ltd.

(2)

(

550,500

)

(

4,134,010

)

Nippon

Prologis

REIT,

Inc.,

REIT

(2)

(

751

)

(

1,158,996

)

Nippon

Sanso

Holdings

Corp.

(2)

(

40,100

)

(

1,216,417

)

Nippon

Telegraph

&

Telephone

Corp.

(2)

(

1,660,500

)

(

1,604,826

)

Nissan

Chemical

Corp.

(2)

(

128,000

)

(

3,810,969

)

Nissan

Motor

Co.

Ltd.

(2)

(

2,507,400

)

(

6,430,666

)

Nissin

Foods

Holdings

Co.

Ltd.

(2)

(

64,400

)

(

1,314,428

)

Niterra

Co.

Ltd.

(2)

(

65,600

)

(

2,001,154

)

Nitori

Holdings

Co.

Ltd.

(2)

(

52,900

)

(

5,175,705

)

Nomura

Research

Institute

Ltd.

(2)

(

45,900

)

(

1,494,153

)

NTT

Data

Group

Corp.

(2)

(

252,000

)

(

4,564,995

)

Odakyu

Electric

Railway

Co.

Ltd.

(2)

(

91,400

)

(

903,679

)

Olympus

Corp.

(2)

(

245,800

)

(

3,217,702

)

Omron

Corp.

(2)

(

204,200

)

(

5,765,936

)

Oriental

Land

Co.

Ltd.

(2)

(

265,300

)

(

5,231,909

)

ORIX

Corp.

(2)

(

55,800

)

(

1,165,043

)

Rakuten

Bank

Ltd.

(2)

(

26,800

)

(

1,165,382

)

Rakuten

Group,

Inc.

(2)

(

594,700

)

(

3,411,774

)

Recruit

Holdings

Co.

Ltd.

(2)

(

15,000

)

(

777,169

)

Renesas

Electronics

Corp.

(2)

(

120,900

)

(

1,621,589

)

Resona

Holdings,

Inc.

(2)

(

365,200

)

(

3,188,857

)

Resonac

Holdings

Corp.

(2)

(

47,800

)

(

955,395

)

Rinnai

Corp.

(2)

(

20,600

)

(

475,865

)

Rohm

Co.

Ltd.

(2)

(

57,900

)

(

559,408

)

Rohto

Pharmaceutical

Co.

Ltd.

(2)

(

34,200

)

(

512,101

)

Sanrio

Co.

Ltd.

(2)

(

70,700

)

(

3,270,980

)

SCREEN

Holdings

Co.

Ltd.

(2)

(

19,200

)

(

1,252,636

)

Secom

Co.

Ltd.

(2)

(

28,600

)

(

974,090

)

Seibu

Holdings,

Inc.

(2)

(

68,900

)

(

1,527,066

)

Sekisui

House

Ltd.

(2)

(

136,100

)

(

3,046,208

)

Seven

&

i

Holdings

Co.

Ltd.

(2)

(

20,800

)

(

301,203

)

SG

Holdings

Co.

Ltd.

(2)

(

209,000

)

(

2,084,337

)

Shimadzu

Corp.

(2)

(

20,300

)

(

507,067

)

Shimano,

Inc.

(2)

(

8,500

)

(

1,193,511

)

Shin-Etsu

Chemical

Co.

Ltd.

(2)

(

67,100

)

(

1,914,710

)

Shiseido

Co.

Ltd.

(2)

(

307,900

)

(

5,839,301

)

Shizuoka

Financial

Group,

Inc.

(2)

(

85,100

)

(

930,361

)

SMC

Corp.

(2)

(

12,400

)

(

4,437,265

)

SUMCO

Corp.

(2)

(

75,400

)

(

510,932

)

Sumitomo

Electric

Industries

Ltd.

(2)

(

87,900

)

(

1,467,044

)

236

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

(22.9)%

(continued)

Sumitomo

Metal

Mining

Co.

Ltd.

(2)

(

83,000

)

(

1,814,283

)

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

(

44,400

)

(

1,141,729

)

Sumitomo

Realty

&

Development

Co.

Ltd.

(2)

(

32,200

)

(

1,209,867

)

Sundrug

Co.

Ltd.

(2)

(

2,300

)

(

64,470

)

Suzuki

Motor

Corp.

(2)

(

50,700

)

(

622,349

)

Sysmex

Corp.

(2)

(

71,400

)

(

1,363,027

)

Taisei

Corp.

(2)

(

31,700

)

(

1,411,017

)

Terumo

Corp.

(2)

(

132,400

)

(

2,491,243

)

Tobu

Railway

Co.

Ltd.

(2)

(

12,200

)

(

208,268

)

Tokyo

Electron

Ltd.

(2)

(

15,400

)

(

2,111,842

)

Tokyu

Corp.

(2)

(

154,700

)

(

1,741,620

)

Toyota

Motor

Corp.

(2)

(

537,800

)

(

9,506,852

)

Trend

Micro,

Inc.

(2)

(

17,700

)

(

1,194,891

)

Unicharm

Corp.

(2)

(

464,400

)

(

3,698,846

)

West

Japan

Railway

Co.

(2)

(

81,800

)

(

1,595,710

)

Yamaha

Corp.

(2)

(

212,300

)

(

1,647,516

)

Yamaha

Motor

Co.

Ltd.

(2)

(

352,100

)

(

2,819,026

)

Yamato

Holdings

Co.

Ltd.

(2)

(

37,500

)

(

491,431

)

Yaskawa

Electric

Corp.

(2)

(

176,700

)

(

4,427,769

)

Yokohama

Rubber

Co.

Ltd.

(The)

(2)

(

66,300

)

(

1,528,776

)

(313,800,011)

Luxembourg

-

(

0

.0

)

%

†

Eurofins

Scientific

SE

(2)

(

10,890

)

(

580,902

)

Mexico

-

(

0

.1

)

%

Cemex

SAB

de

CV,

ADR

(

132,518

)

(

743,426

)

Coca-Cola

Femsa

SAB

de

CV,

ADR

(

437

)

(

39,894

)

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

(

3,455

)

(

337,139

)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

(

1,611

)

(

126,673

)

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

(

1,826

)

(

338,741

)

(1,585,873)

Netherlands

-

(

2

.5

)

%

Adyen

NV

(2)(c)

(

2,398

)

(

3,675,645

)

Aegon

Ltd.

(2)

(

430,857

)

(

2,829,797

)

Akzo

Nobel

NV

(2)

(

18,332

)

(

1,128,989

)

Argenx

SE

(2)

(

3,832

)

(

2,261,249

)

ASM

International

NV

(2)

(

2,490

)

(

1,134,676

)

ASML

Holding

NV

(2)

(

8,739

)

(

5,783,242

)

BE

Semiconductor

Industries

NV

(2)

(

24,412

)

(

2,551,212

)

Heineken

NV

(2)

(

62,085

)

(

5,062,436

)

IMCD

NV

(2)

(

23,403

)

(

3,114,509

)

Koninklijke

Vopak

NV

(2)

(

12,847

)

(

558,135

)

SBM

Offshore

NV

(2)

(

109,545

)

(

2,334,279

)

Universal

Music

Group

NV

(2)

(

116,662

)

(

3,221,388

)

(33,655,557)

Norway

-

(

0

.9

)

%

DNB

Bank

ASA

(2)

(

214,410

)

(

5,641,702

)

Gjensidige

Forsikring

ASA

(

75,360

)

(

1,732,019

)

Mowi

ASA

(2)

(

37,272

)

(

690,925

)

INVESTMENTS

SHARES

VALUE

($)

Norway

-

(0.9)%

(continued)

Salmar

ASA

(2)

(

25,593

)

(

1,230,425

)

Telenor

ASA

(2)

(

66,358

)

(

948,188

)

TOMRA

Systems

ASA

(2)

(

132,088

)

(

1,885,917

)

(12,129,176)

Poland

-

(

0

.1

)

%

InPost

SA

(2)

(

109,115

)

(

1,601,402

)

Portugal

-

(

0

.0

)

%

†

EDP

SA

(

76,539

)

(

257,554

)

Singapore

-

(

1

.8

)

%

CapitaLand

Investment

Ltd.

(2)

(

2,373,300

)

(

4,800,008

)

DBS

Group

Holdings

Ltd.

(2)

(

82,560

)

(

2,835,220

)

Grab

Holdings

Ltd.,

Class

A

(

494,978

)

(

2,242,250

)

Keppel

Ltd.

(2)

(

1,264,000

)

(

6,447,565

)

Mapletree

Logistics

Trust,

REIT

(2)

(

32,700

)

(

31,780

)

Sea

Ltd.,

ADR

(

15,541

)

(

2,027,945

)

Sembcorp

Industries

Ltd.

(2)

(

77,000

)

(

360,353

)

Singapore

Technologies

Engineering

Ltd.

(2)

(

50,900

)

(

255,628

)

Singapore

Telecommunications

Ltd.

(2)

(

2,428,800

)

(

6,160,297

)

(25,161,046)

South

Africa

-

(

0

.3

)

%

Anglo

American

plc

(2)

(

91,679

)

(

2,569,613

)

Old

Mutual

Ltd.

(

534,953

)

(

345,513

)

Sibanye

Stillwater

Ltd.,

ADR

(

136,895

)

(

626,979

)

(3,542,105)

South

Korea

-

(

0

.1

)

%

Delivery

Hero

SE

(2)(c)

(

69,787

)

(

1,673,327

)

Spain

-

(

2

.1

)

%

Amadeus

IT

Group

SA

(2)

(

75,875

)

(

5,810,735

)

Bankinter

SA

(2)

(

228,803

)

(

2,543,187

)

Cellnex

Telecom

SA

(2)(c)

(

213,260

)

(

7,581,129

)

Enagas

SA

(2)

(

20,487

)

(

294,939

)

Fluidra

SA

(2)

(

92,446

)

(

2,176,495

)

Grifols

SA

(2)

(

306,518

)

(

2,728,912

)

Iberdrola

SA

(2)

(

329,191

)

(

5,315,805

)

Redeia

Corp.

SA

(2)

(

105,748

)

(

2,122,498

)

(28,573,700)

Sweden

-

(

3

.4

)

%

AddTech

AB,

Class

B

(2)

(

41,143

)

(

1,204,978

)

Assa

Abloy

AB,

Class

B

(2)

(

165,168

)

(

4,958,552

)

Atlas

Copco

AB,

Class

A

(2)

(

327,457

)

(

5,230,612

)

Autoliv,

Inc.

(

28,862

)

(

2,552,844

)

Axfood

AB

(

38,471

)

(

864,199

)

Beijer

Ref

AB,

Class

B

(2)

(

126,459

)

(

1,778,942

)

Castellum

AB

(2)

(

89,839

)

(

990,108

)

Epiroc

AB,

Class

A

(2)

(

184,276

)

(

3,710,275

)

EQT

AB

(2)

(

163,333

)

(

4,980,521

)

Fastighets

AB

Balder,

Class

B

(

138,254

)

(

865,136

)

Hexagon

AB,

Class

B

(2)

(

215,460

)

(

2,303,217

)

Holmen

AB,

Class

B

(2)

(

49,963

)

(

1,978,578

)

Lifco

AB,

Class

B

(2)

(

49,333

)

(

1,750,028

)

Nibe

Industrier

AB,

Class

B

(2)

(

1,331,508

)

(

5,064,398

)

Sagax

AB,

Class

B

(2)

(

99,022

)

(

2,077,577

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

237

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

(3.4)%

(continued)

Svenska

Cellulosa

AB

SCA,

Class

B

(2)

(

271,088

)

(

3,576,787

)

Swedish

Orphan

Biovitrum

AB

(2)

(

8,980

)

(

257,333

)

Tele2

AB,

Class

B

(

132,706

)

(

1,789,560

)

(45,933,645)

Switzerland

-

(

4

.8

)

%

Avolta

AG

(2)

(

53,120

)

(

2,326,898

)

Bachem

Holding

AG,

Class

B

(2)

(

13,538

)

(

799,613

)

Baloise

Holding

AG

(Registered)

(2)

(

7,680

)

(

1,611,842

)

Banque

Cantonale

Vaudoise

(Registered)

(2)

(

22,575

)

(

2,466,829

)

Barry

Callebaut

AG

(Registered)

(2)

(

5,611

)

(

7,431,283

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(2)

(

292

)

(

3,947,678

)

Cie

Financiere

Richemont

SA

(Registered)

(2)

(

1,498

)

(

261,500

)

Clariant

AG

(Registered)

(2)

(

112,473

)

(

1,218,917

)

DSM-Firmenich

AG

(2)

(

54,678

)

(

5,413,019

)

EMS-Chemie

Holding

AG

(Registered)

(2)

(

1,135

)

(

773,307

)

Galenica

AG

(2)(c)

(

4,986

)

(

448,654

)

Givaudan

SA

(Registered)

(

1,009

)

(

4,331,618

)

Julius

Baer

Group

Ltd.

(2)

(

10,627

)

(

736,621

)

Kuehne

+

Nagel

International

AG

(Registered)

(2)

(

17,187

)

(

3,969,007

)

Lonza

Group

AG

(Registered)

(2)

(

11,027

)

(

6,812,148

)

Partners

Group

Holding

AG

(2)

(

3,342

)

(

4,756,342

)

Sandoz

Group

AG

(2)

(

46,022

)

(

1,929,889

)

SIG

Group

AG

(2)

(

315,040

)

(

5,824,896

)

Sika

AG

(Registered)

(2)

(

15,273

)

(

3,720,262

)

Straumann

Holding

AG

(Registered)

(2)

(

2,061

)

(

249,513

)

Swiss

Life

Holding

AG

(Registered)

(2)

(

446

)

(

406,890

)

Swissquote

Group

Holding

SA

(Registered)

(2)

(

896

)

(

387,016

)

VAT

Group

AG

(2)(c)

(

15,205

)

(

5,480,827

)

(65,304,569)

United

Kingdom

-

(

7

.3

)

%

Aberdeen

Group

plc

(2)

(

315,171

)

(

632,067

)

Admiral

Group

plc

(2)

(

91,019

)

(

3,360,432

)

Ashtead

Group

plc

(2)

(

61,628

)

(

3,332,027

)

AstraZeneca

plc

(2)

(

41,283

)

(

6,062,196

)

BAE

Systems

plc

(2)

(

45,421

)

(

917,163

)

Bellway

plc

(2)

(

38,860

)

(

1,197,509

)

Berkeley

Group

Holdings

plc

(2)

(

16,989

)

(

790,704

)

Burberry

Group

plc

(2)

(

327,994

)

(

3,303,835

)

ConvaTec

Group

plc

(2)(c)

(

165,201

)

(

551,863

)

Croda

International

plc

(2)

(

45,656

)

(

1,734,549

)

Diageo

plc

(2)

(

289,305

)

(

7,560,305

)

Diploma

plc

(2)

(

30,542

)

(

1,528,911

)

Entain

plc

(2)

(

162,463

)

(

1,227,478

)

Flutter

Entertainment

plc

(

5,454

)

(

1,208,334

)

Hiscox

Ltd.

(

48,366

)

(

734,727

)

Informa

plc

(2)

(

451,283

)

(

4,524,971

)

Intermediate

Capital

Group

plc

(2)

(

68,850

)

(

1,753,560

)

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

(7.3)%

(continued)

Legal

&

General

Group

plc

(2)

(

2,188,319

)

(

6,901,168

)

M&G

plc

(2)

(

471,272

)

(

1,213,973

)

Melrose

Industries

plc

(2)

(

238,860

)

(

1,474,440

)

National

Grid

plc

(2)

(

544,149

)

(

7,098,005

)

Ocado

Group

plc

(2)

(

543,321

)

(

1,989,461

)

Pennon

Group

plc

(2)

(

299,434

)

(

1,734,572

)

Persimmon

plc

(2)

(

198,971

)

(

3,077,489

)

Reckitt

Benckiser

Group

plc

(2)

(

111,269

)

(

7,524,069

)

RELX

plc

(2)

(

131,833

)

(

6,622,063

)

Rentokil

Initial

plc

(2)

(

879,949

)

(

3,993,335

)

RS

GROUP

plc

(2)

(

148,701

)

(

1,082,635

)

Severn

Trent

plc

(2)

(

28,241

)

(

924,549

)

Spirax

Group

plc

(2)

(

18,386

)

(

1,482,165

)

SSE

plc

(2)

(

58,342

)

(

1,201,750

)

St

James's

Place

plc

(2)

(

48,336

)

(

614,442

)

Taylor

Wimpey

plc

(2)

(

796,844

)

(

1,119,560

)

TechnipFMC

plc

(

19,011

)

(

602,459

)

Unilever

plc

(2)

(

89,494

)

(

5,339,845

)

United

Utilities

Group

plc

(2)

(

64,428

)

(

840,655

)

Weir

Group

plc

(The)

(2)

(

59,167

)

(

1,787,395

)

WH

Smith

plc

(

78

)

(

1,022

)

Wise

plc,

Class

A

(2)

(

68,466

)

(

840,413

)

WPP

plc

(2)

(

358,009

)

(

2,720,520

)

(100,606,616)

United

States

-

(

99

.1

)

%

10X

Genomics,

Inc.,

Class

A

(

265,588

)

(

2,318,583

)

AAON,

Inc.

(

29,319

)

(

2,290,693

)

Acadia

Healthcare

Co.,

Inc.

(

118,520

)

(

3,593,526

)

Advance

Auto

Parts,

Inc.

(

33,033

)

(

1,295,224

)

Advanced

Drainage

Systems,

Inc.

(

26,344

)

(

2,862,276

)

Advanced

Micro

Devices,

Inc.

(

39,905

)

(

4,099,840

)

Affirm

Holdings,

Inc.,

Class

A

(

28,165

)

(

1,272,776

)

Aflac,

Inc.

(

44,207

)

(

4,915,376

)

AGCO

Corp.

(

16,360

)

(

1,514,445

)

Agree

Realty

Corp.,

REIT

(

17,826

)

(

1,375,989

)

Air

Lease

Corp.,

Class

A

(

80,877

)

(

3,907,168

)

Air

Products

and

Chemicals,

Inc.

(

27,557

)

(

8,127,110

)

Alaska

Air

Group,

Inc.

(

78,983

)

(

3,887,543

)

Albemarle

Corp.

(

91,416

)

(

6,583,780

)

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(

35,373

)

(

3,272,356

)

Alliant

Energy

Corp.

(

16,660

)

(

1,072,071

)

Alnylam

Pharmaceuticals,

Inc.

(

12,631

)

(

3,410,623

)

Amazon.com,

Inc.

(

41,374

)

(

7,871,817

)

Amcor

plc

(

30,489

)

(

295,743

)

Amentum

Holdings,

Inc.

(

130,095

)

(

2,367,729

)

Ameren

Corp.

(

20,463

)

(

2,054,485

)

American

Express

Co.

(

8,674

)

(

2,333,740

)

American

Homes

4

Rent,

Class

A,

REIT

(

43,065

)

(

1,628,288

)

American

International

Group,

Inc.

(

34,330

)

(

2,984,650

)

American

Tower

Corp.,

REIT

(

15,404

)

(

3,351,910

)

American

Water

Works

Co.,

Inc.

(

6,399

)

(

943,980

)

Americold

Realty

Trust,

Inc.,

REIT

(

185,103

)

(

3,972,310

)

AMETEK,

Inc.

(

20,970

)

(

3,609,776

)

Amgen,

Inc.

(

10,092

)

(

3,144,163

)

Amphenol

Corp.,

Class

A

(

32,632

)

(

2,140,333

)

Analog

Devices,

Inc.

(

1,890

)

(

381,156

)

Antero

Resources

Corp.

(

115,718

)

(

4,679,636

)

238

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Aon

plc,

Class

A

(

13,895

)

(

5,545,356

)

APA

Corp.

(

137,258

)

(

2,885,163

)

Apellis

Pharmaceuticals,

Inc.

(

163,767

)

(

3,581,584

)

API

Group

Corp.

(

102,918

)

(

3,680,348

)

Apollo

Global

Management,

Inc.

(

71,571

)

(

9,800,932

)

Appfolio,

Inc.,

Class

A

(

4,910

)

(

1,079,709

)

Apple,

Inc.

(

13,042

)

(

2,897,019

)

AptarGroup,

Inc.

(

18,329

)

(

2,719,657

)

Arrowhead

Pharmaceuticals,

Inc.

(

71,743

)

(

914,006

)

Ashland,

Inc.

(

35,989

)

(

2,133,788

)

ATI,

Inc.

(

14,209

)

(

739,294

)

Atmos

Energy

Corp.

(

10,579

)

(

1,635,302

)

Automatic

Data

Processing,

Inc.

(

15,465

)

(

4,725,021

)

Avery

Dennison

Corp.

(

13,891

)

(

2,472,181

)

Avis

Budget

Group,

Inc.

(

14,834

)

(

1,125,901

)

Axon

Enterprise,

Inc.

(

4,748

)

(

2,497,211

)

Azenta,

Inc.

(

102,675

)

(

3,556,662

)

Baker

Hughes

Co.,

Class

A

(

19,231

)

(

845,202

)

Ball

Corp.

(

95,382

)

(

4,966,541

)

Bank

of

America

Corp.

(

76,821

)

(

3,205,740

)

Bath

&

Body

Works,

Inc.

(

26,421

)

(

801,085

)

Baxter

International,

Inc.

(

10,573

)

(

361,914

)

Bentley

Systems,

Inc.,

Class

B

(

28,723

)

(

1,129,963

)

BILL

Holdings,

Inc.

(

28,270

)

(

1,297,310

)

BioMarin

Pharmaceutical,

Inc.

(

44,367

)

(

3,136,303

)

Bio-Techne

Corp.

(

15,391

)

(

902,374

)

BJ's

Wholesale

Club

Holdings,

Inc.

(

10,734

)

(

1,224,749

)

Blackbaud,

Inc.

(

6,735

)

(

417,907

)

Blackrock,

Inc.

(

2,723

)

(

2,577,265

)

Blackstone,

Inc.

(

44,888

)

(

6,274,445

)

Block,

Inc.,

Class

A

(

22,369

)

(

1,215,308

)

Blue

Owl

Capital,

Inc.,

Class

A

(

112,103

)

(

2,246,544

)

Boeing

Co.

(The)

(

82,301

)

(

14,036,435

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(

7,696

)

(

804,848

)

Boston

Scientific

Corp.

(

60,483

)

(

6,101,525

)

BP

plc

(2)

(

94,986

)

(

533,010

)

Broadcom,

Inc.

(

8,169

)

(

1,367,736

)

Brown

&

Brown,

Inc.

(

49,679

)

(

6,180,068

)

Brown-Forman

Corp.,

Class

B

(

109,966

)

(

3,732,246

)

Bruker

Corp.

(

68,584

)

(

2,862,696

)

Brunswick

Corp.

(

53,346

)

(

2,872,682

)

Burlington

Stores,

Inc.

(

11,143

)

(

2,655,711

)

BXP,

Inc.,

REIT

(

63,144

)

(

4,242,645

)

Cadence

Bank

(

26,225

)

(

796,191

)

Cadence

Design

Systems,

Inc.

(

10,139

)

(

2,578,652

)

Caesars

Entertainment,

Inc.

(

61,620

)

(

1,540,500

)

Capri

Holdings

Ltd.

(

110,000

)

(

2,170,300

)

Carpenter

Technology

Corp.

(

8,685

)

(

1,573,548

)

Carrier

Global

Corp.

(

95,194

)

(

6,035,300

)

Carvana

Co.,

Class

A

(

12,568

)

(

2,627,717

)

Caterpillar,

Inc.

(

10,541

)

(

3,476,422

)

Cava

Group,

Inc.

(

29,025

)

(

2,508,050

)

Cboe

Global

Markets,

Inc.

(

6,160

)

(

1,393,946

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

36,262

)

(

327,446

)

CDW

Corp.

(

15,761

)

(

2,525,858

)

Celanese

Corp.,

Class

A

(

33,728

)

(

1,914,739

)

Celsius

Holdings,

Inc.

(

52,502

)

(

1,870,121

)

Certara,

Inc.

(

159,501

)

(

1,579,060

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

CF

Industries

Holdings,

Inc.

(

21,471

)

(

1,677,959

)

CH

Robinson

Worldwide,

Inc.

(

11,653

)

(

1,193,267

)

Charles

Schwab

Corp.

(The)

(

102,767

)

(

8,044,601

)

Chart

Industries,

Inc.

(

7,010

)

(

1,011,964

)

Chemed

Corp.

(

1,350

)

(

830,682

)

Chemours

Co.

(The)

(

254,199

)

(

3,439,312

)

Cheniere

Energy,

Inc.

(

18,317

)

(

4,238,554

)

Chewy,

Inc.,

Class

A

(

7,789

)

(

253,220

)

Chipotle

Mexican

Grill,

Inc.,

Class

A

(

57,349

)

(

2,879,493

)

Chord

Energy

Corp.

(

30,925

)

(

3,485,866

)

Church

&

Dwight

Co.,

Inc.

(

23,659

)

(

2,604,619

)

Churchill

Downs,

Inc.

(

21,271

)

(

2,362,570

)

Cleveland-Cliffs,

Inc.

(

275,957

)

(

2,268,367

)

Clorox

Co.

(The)

(

24,147

)

(

3,555,646

)

Cloudflare,

Inc.,

Class

A

(

14,877

)

(

1,676,489

)

CMS

Energy

Corp.

(

44,077

)

(

3,310,623

)

CNH

Industrial

NV

(

267,406

)

(

3,283,746

)

CNH

Industrial

NV

(2)

(

19,351

)

(

236,998

)

CNX

Resources

Corp.

(

40,025

)

(

1,259,987

)

Coca-Cola

Co.

(The)

(

134,401

)

(

9,625,799

)

Cognex

Corp.

(

164,543

)

(

4,908,318

)

Coherent

Corp.

(

39,394

)

(

2,558,246

)

Coinbase

Global,

Inc.,

Class

A

(

8,962

)

(

1,543,525

)

Comfort

Systems

USA,

Inc.

(

6,521

)

(

2,101,914

)

Commerce

Bancshares,

Inc.

(

4,658

)

(

289,867

)

Conagra

Brands,

Inc.

(

37,107

)

(

989,644

)

Confluent,

Inc.,

Class

A

(

176,363

)

(

4,133,949

)

ConocoPhillips

(

34,089

)

(

3,580,027

)

Consolidated

Edison,

Inc.

(

11,705

)

(

1,294,456

)

Constellation

Energy

Corp.

(

22,679

)

(

4,572,767

)

Cooper

Cos.,

Inc.

(The)

(

32,896

)

(

2,774,778

)

Core

&

Main,

Inc.,

Class

A

(

68,741

)

(

3,320,878

)

Corning,

Inc.

(

43,335

)

(

1,983,876

)

Corteva,

Inc.

(

23,812

)

(

1,498,489

)

CoStar

Group,

Inc.

(

95,100

)

(

7,534,773

)

Coterra

Energy,

Inc.

(

53,303

)

(

1,540,457

)

Coty,

Inc.,

Class

A

(

105,716

)

(

578,267

)

Crane

NXT

Co.

(

17,961

)

(

923,195

)

Credit

Acceptance

Corp.

(

7,650

)

(

3,950,078

)

Crocs,

Inc.

(

18,282

)

(

1,941,548

)

Crowdstrike

Holdings,

Inc.,

Class

A

(

6,678

)

(

2,354,529

)

Crown

Castle,

Inc.,

REIT

(

47,318

)

(

4,931,955

)

Crown

Holdings,

Inc.

(

13,627

)

(

1,216,346

)

CSL

Ltd.

(2)

(

57,988

)

(

9,126,687

)

CSX

Corp.

(

127,311

)

(

3,746,763

)

Cullen/Frost

Bankers,

Inc.

(

5,563

)

(

696,488

)

Danaher

Corp.

(

10,039

)

(

2,057,995

)

Darling

Ingredients,

Inc.

(

19,077

)

(

595,965

)

Datadog,

Inc.,

Class

A

(

7,637

)

(

757,667

)

DaVita,

Inc.

(

7,431

)

(

1,136,720

)

Dayforce,

Inc.

(

90,722

)

(

5,291,814

)

Deere

&

Co.

(

18,818

)

(

8,832,228

)

Dell

Technologies,

Inc.,

Class

C

(

23,695

)

(

2,159,799

)

Dexcom,

Inc.

(

43,789

)

(

2,990,351

)

Dick's

Sporting

Goods,

Inc.

(

5,068

)

(

1,021,506

)

Digital

Realty

Trust,

Inc.,

REIT

(

13,904

)

(

1,992,304

)

Dollar

General

Corp.

(

36,003

)

(

3,165,744

)

Dollar

Tree,

Inc.

(

32,752

)

(

2,458,693

)

Dominion

Energy,

Inc.

(

80,760

)

(

4,528,213

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

239

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Dow,

Inc.

(

74,719

)

(

2,609,187

)

DR

Horton,

Inc.

(

14,800

)

(

1,881,524

)

DraftKings,

Inc.,

Class

A

(

44,046

)

(

1,462,768

)

DTE

Energy

Co.

(

11,375

)

(

1,572,821

)

DuPont

de

Nemours,

Inc.

(

20,143

)

(

1,504,279

)

EastGroup

Properties,

Inc.,

REIT

(

6,671

)

(

1,175,097

)

Eaton

Corp.

plc

(

17,875

)

(

4,858,961

)

Ecolab,

Inc.

(

15,415

)

(

3,908,011

)

Edwards

Lifesciences

Corp.

(

33,763

)

(

2,447,142

)

Elastic

NV

(

19,236

)

(

1,713,928

)

elf

Beauty,

Inc.

(

44,874

)

(

2,817,638

)

Eli

Lilly

&

Co.

(

8,043

)

(

6,642,794

)

Enovis

Corp.

(

71,830

)

(

2,744,624

)

Enphase

Energy,

Inc.

(

38,823

)

(

2,408,967

)

Ensign

Group,

Inc.

(The)

(

24,070

)

(

3,114,658

)

Entegris,

Inc.

(

34,418

)

(

3,010,887

)

EQT

Corp.

(

15,243

)

(

814,433

)

Equifax,

Inc.

(

15,526

)

(

3,781,513

)

Equinix,

Inc.,

REIT

(

7,273

)

(

5,930,041

)

Equity

LifeStyle

Properties,

Inc.,

REIT

(

13,406

)

(

894,180

)

Erie

Indemnity

Co.,

Class

A

(

7,536

)

(

3,157,961

)

Essential

Utilities,

Inc.

(

34,059

)

(

1,346,352

)

Essex

Property

Trust,

Inc.,

REIT

(

2,453

)

(

752,016

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

(

77,100

)

(

5,088,600

)

Eversource

Energy

(

63,714

)

(

3,957,277

)

Everus

Construction

Group,

Inc.

(

16,207

)

(

601,118

)

Exact

Sciences

Corp.

(

67,364

)

(

2,916,188

)

Expeditors

International

of

Washington,

Inc.

(

34,715

)

(

4,174,479

)

Experian

plc

(2)

(

50,463

)

(

2,338,220

)

Extra

Space

Storage,

Inc.,

REIT

(

35,114

)

(

5,214,078

)

Exxon

Mobil

Corp.

(

48,076

)

(

5,717,679

)

FactSet

Research

Systems,

Inc.

(

2,357

)

(

1,071,586

)

Federal

Realty

Investment

Trust,

REIT

(

30,431

)

(

2,976,760

)

FedEx

Corp.

(

15,035

)

(

3,665,232

)

Ferguson

Enterprises,

Inc.

(

14,177

)

(

2,271,581

)

Ferrovial

SE

(2)

(

209,696

)

(

9,379,226

)

First

American

Financial

Corp.

(

56,414

)

(

3,702,451

)

First

Financial

Bankshares,

Inc.

(

61,668

)

(

2,215,115

)

FirstEnergy

Corp.

(

55,689

)

(

2,250,949

)

Five

Below,

Inc.

(

26,821

)

(

2,009,563

)

Five9,

Inc.

(

67,403

)

(

1,829,991

)

Flagstar

Financial,

Inc.

(

291,764

)

(

3,390,298

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

37,658

)

(

3,030,339

)

FMC

Corp.

(

79,470

)

(

3,352,839

)

Ford

Motor

Co.

(

401,538

)

(

4,027,426

)

Fortive

Corp.

(

22,674

)

(

1,659,283

)

Fortrea

Holdings,

Inc.

(

89,440

)

(

675,272

)

Freeport-McMoRan,

Inc.

(

52,962

)

(

2,005,141

)

Freshpet,

Inc.

(

28,693

)

(

2,386,397

)

FTI

Consulting,

Inc.

(

6,481

)

(

1,063,402

)

GATX

Corp.

(

26,984

)

(

4,189,806

)

General

Mills,

Inc.

(

33,177

)

(

1,983,653

)

Gentex

Corp.

(

92,517

)

(

2,155,646

)

Genuine

Parts

Co.

(

52,047

)

(

6,200,880

)

GFL

Environmental,

Inc.

(

108,789

)

(

5,254,802

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Gitlab,

Inc.,

Class

A

(

34,519

)

(

1,622,393

)

Glacier

Bancorp,

Inc.

(

34,443

)

(

1,523,069

)

Globant

SA

(

21,907

)

(

2,578,892

)

Goodyear

Tire

&

Rubber

Co.

(The)

(

159,385

)

(

1,472,717

)

Graphic

Packaging

Holding

Co.

(

34,104

)

(

885,340

)

Grocery

Outlet

Holding

Corp.

(

170,741

)

(

2,386,959

)

GXO

Logistics,

Inc.

(

98,652

)

(

3,855,320

)

Haemonetics

Corp.

(

40,025

)

(

2,543,589

)

Haleon

plc

(2)

(

1,093,053

)

(

5,520,145

)

Halliburton

Co.

(

113,699

)

(

2,884,544

)

Hamilton

Lane,

Inc.,

Class

A

(

6,700

)

(

996,089

)

Harley-Davidson,

Inc.

(

82,598

)

(

2,085,600

)

Hasbro,

Inc.

(

52,113

)

(

3,204,428

)

Hayward

Holdings,

Inc.

(

217,102

)

(

3,022,060

)

HCA

Healthcare,

Inc.

(

2,789

)

(

963,739

)

HealthEquity,

Inc.

(

10,306

)

(

910,741

)

Hershey

Co.

(The)

(

26,405

)

(

4,516,047

)

Hilton

Grand

Vacations,

Inc.

(

137,270

)

(

5,135,271

)

Hilton

Worldwide

Holdings,

Inc.

(

5,146

)

(

1,170,972

)

Home

BancShares,

Inc.

(

13,847

)

(

391,455

)

Home

Depot,

Inc.

(The)

(

17,945

)

(

6,576,663

)

Honeywell

International,

Inc.

(

12,716

)

(

2,692,613

)

Hormel

Foods

Corp.

(

75,194

)

(

2,326,502

)

Hubbell,

Inc.,

Class

B

(

3,730

)

(

1,234,294

)

Huntsman

Corp.

(

246,192

)

(

3,887,372

)

Hyatt

Hotels

Corp.,

Class

A

(

21,808

)

(

2,671,480

)

IDEX

Corp.

(

13,662

)

(

2,472,412

)

IDEXX

Laboratories,

Inc.

(

1,384

)

(

581,211

)

Illinois

Tool

Works,

Inc.

(

15,106

)

(

3,746,439

)

Illumina,

Inc.

(

13,299

)

(

1,055,143

)

Independence

Realty

Trust,

Inc.,

REIT

(

13,107

)

(

278,262

)

Informatica,

Inc.,

Class

A

(

13,743

)

(

239,815

)

Ingersoll

Rand,

Inc.

(

57,384

)

(

4,592,442

)

Inspire

Medical

Systems,

Inc.

(

22,358

)

(

3,561,182

)

Intel

Corp.

(

213,115

)

(

4,839,842

)

Intercontinental

Exchange,

Inc.

(

25,971

)

(

4,479,998

)

International

Flavors

&

Fragrances,

Inc.

(

43,605

)

(

3,384,184

)

Intuitive

Surgical,

Inc.

(

4,331

)

(

2,145,014

)

Invitation

Homes,

Inc.,

REIT

(

110,325

)

(

3,844,826

)

Ionis

Pharmaceuticals,

Inc.

(

252,165

)

(

7,607,818

)

Iridium

Communications,

Inc.

(

84,091

)

(

2,297,366

)

Iron

Mountain,

Inc.,

REIT

(

49,654

)

(

4,272,230

)

J

M

Smucker

Co.

(The)

(

40,158

)

(

4,755,109

)

Jack

Henry

&

Associates,

Inc.

(

6,033

)

(

1,101,626

)

James

Hardie

Industries

plc,

CHESS

(2)

(

188,101

)

(

4,488,900

)

JB

Hunt

Transport

Services,

Inc.

(

7,399

)

(

1,094,682

)

Johnson

Controls

International

plc

(

9,567

)

(

766,412

)

KBR,

Inc.

(

35,249

)

(

1,755,753

)

Kemper

Corp.

(

28,117

)

(

1,879,621

)

Kenvue,

Inc.

(

150,642

)

(

3,612,395

)

Keurig

Dr

Pepper,

Inc.

(

43,119

)

(

1,475,532

)

KeyCorp

(

360,728

)

(

5,768,041

)

Keysight

Technologies,

Inc.

(

20,193

)

(

3,024,306

)

Kinsale

Capital

Group,

Inc.

(

8,909

)

(

4,336,099

)

Kirby

Corp.

(

9,107

)

(

919,898

)

Kite

Realty

Group

Trust,

REIT

(

209,664

)

(

4,690,184

)

KKR

&

Co.,

Inc.

(

52,312

)

(

6,047,790

)

240

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(

23,944

)

(

1,041,325

)

Labcorp

Holdings,

Inc.

(

3,680

)

(

856,483

)

Lamb

Weston

Holdings,

Inc.

(

84,033

)

(

4,478,959

)

Lancaster

Colony

Corp.

(

1,445

)

(

252,875

)

Las

Vegas

Sands

Corp.

(

28,119

)

(

1,086,237

)

Lattice

Semiconductor

Corp.

(

54,744

)

(

2,871,323

)

Lear

Corp.

(

8,358

)

(

737,343

)

Leggett

&

Platt,

Inc.

(

97,524

)

(

771,415

)

Liberty

Media

Corp.-Liberty

Live,

Class

C

(

45,633

)

(

3,109,433

)

Linde

plc

(

13,574

)

(

6,320,597

)

LivaNova

plc

(

10,342

)

(

406,234

)

Live

Nation

Entertainment,

Inc.

(

5,150

)

(

672,487

)

LKQ

Corp.

(

58,102

)

(

2,471,659

)

Lowe's

Cos.,

Inc.

(

4,747

)

(

1,107,143

)

Lucid

Group,

Inc.

(

1,029,875

)

(

2,492,298

)

Lululemon

Athletica,

Inc.

(

3,415

)

(

966,650

)

Madison

Square

Garden

Sports

Corp.,

Class

A

(

15,563

)

(

3,030,427

)

Maplebear,

Inc.

(

42,365

)

(

1,689,940

)

Marathon

Petroleum

Corp.

(

17,193

)

(

2,504,848

)

MarketAxess

Holdings,

Inc.

(

6,276

)

(

1,357,813

)

Marriott

International,

Inc.,

Class

A

(

11,275

)

(

2,685,705

)

Marriott

Vacations

Worldwide

Corp.

(

18,844

)

(

1,210,539

)

Marsh

&

McLennan

Cos.,

Inc.

(

19,237

)

(

4,694,405

)

Martin

Marietta

Materials,

Inc.

(

11,233

)

(

5,370,834

)

Marvell

Technology,

Inc.

(

31,071

)

(

1,913,041

)

MasTec,

Inc.

(

7,690

)

(

897,500

)

McCormick

&

Co.,

Inc.

(Non-Voting)

(

62,545

)

(

5,148,079

)

McDonald's

Corp.

(

5,934

)

(

1,853,604

)

MGM

Resorts

International

(

38,131

)

(

1,130,203

)

Microchip

Technology,

Inc.

(

79,873

)

(

3,866,652

)

MicroStrategy,

Inc.,

Class

A

(

11,319

)

(

3,262,928

)

MKS

Instruments,

Inc.

(

4,629

)

(

371,014

)

Moderna,

Inc.

(

159,065

)

(

4,509,493

)

Mondelez

International,

Inc.,

Class

A

(

63,792

)

(

4,328,287

)

MongoDB,

Inc.,

Class

A

(

16,637

)

(

2,918,130

)

Moody's

Corp.

(

3,583

)

(

1,668,567

)

Morgan

Stanley

(

18,985

)

(

2,214,980

)

Mosaic

Co.

(The)

(

48,393

)

(

1,307,095

)

Motorola

Solutions,

Inc.

(

12,812

)

(

5,609,222

)

MP

Materials

Corp.

(

193,551

)

(

4,724,580

)

MSA

Safety,

Inc.

(

9,078

)

(

1,331,652

)

MSCI,

Inc.,

Class

A

(

2,401

)

(

1,357,766

)

Nasdaq,

Inc.

(

49,299

)

(

3,739,822

)

National

Storage

Affiliates

Trust,

REIT

(

54,946

)

(

2,164,872

)

nCino,

Inc.

(

63,743

)

(

1,751,020

)

Neogen

Corp.

(

232,588

)

(

2,016,538

)

Nestle

SA

(Registered)

(2)

(

70,984

)

(

7,173,404

)

Netflix,

Inc.

(

1,124

)

(

1,048,164

)

New

Fortress

Energy,

Inc.

(

66,325

)

(

551,161

)

Newell

Brands,

Inc.

(

383,420

)

(

2,377,204

)

NextEra

Energy,

Inc.

(

103,206

)

(

7,316,273

)

NIKE,

Inc.,

Class

B

(

87,369

)

(

5,546,184

)

Nordson

Corp.

(

13,872

)

(

2,798,260

)

Norfolk

Southern

Corp.

(

22,483

)

(

5,325,099

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Novanta,

Inc.

(

26,008

)

(

3,325,643

)

Nucor

Corp.

(

20,548

)

(

2,472,746

)

nVent

Electric

plc

(

39,460

)

(

2,068,493

)

NVIDIA

Corp.

(

45,646

)

(

4,947,113

)

NVR,

Inc.

(

173

)

(

1,253,279

)

Occidental

Petroleum

Corp.

(

105,912

)

(

5,227,816

)

Okta,

Inc.,

Class

A

(

8,832

)

(

929,303

)

Old

Dominion

Freight

Line,

Inc.

(

18,353

)

(

3,036,504

)

Olin

Corp.

(

70,003

)

(

1,696,873

)

ON

Semiconductor

Corp.

(

12,498

)

(

508,544

)

ONE

Gas,

Inc.

(

60,068

)

(

4,540,540

)

ONEOK,

Inc.

(

22,136

)

(

2,196,334

)

Onto

Innovation,

Inc.

(

6,765

)

(

820,865

)

Option

Care

Health,

Inc.

(

30,880

)

(

1,079,256

)

Oracle

Corp.

(

34,331

)

(

4,799,817

)

Packaging

Corp.

of

America

(

13,171

)

(

2,608,121

)

Palantir

Technologies,

Inc.,

Class

A

(

5,417

)

(

457,195

)

Palo

Alto

Networks,

Inc.

(

7,170

)

(

1,223,489

)

Park

Hotels

&

Resorts,

Inc.,

REIT

(

59,515

)

(

635,620

)

Parsons

Corp.

(

27,592

)

(

1,633,722

)

Paycom

Software,

Inc.

(

1,327

)

(

289,923

)

Paycor

HCM,

Inc.

(

19,298

)

(

433,047

)

PBF

Energy,

Inc.,

Class

A

(

41,278

)

(

787,997

)

Penn

Entertainment,

Inc.

(

36,784

)

(

599,947

)

Penumbra,

Inc.

(

4,805

)

(

1,284,905

)

PepsiCo,

Inc.

(

9,102

)

(

1,364,754

)

Permian

Resources

Corp.,

Class

A

(

172,948

)

(

2,395,330

)

Pfizer,

Inc.

(

198,049

)

(

5,018,562

)

PG&E

Corp.

(

122,975

)

(

2,112,711

)

Phillips

66

(

13,744

)

(

1,697,109

)

Planet

Fitness,

Inc.,

Class

A

(

22,562

)

(

2,179,715

)

Plug

Power,

Inc.

(

361,755

)

(

488,369

)

Polaris,

Inc.

(

38,379

)

(

1,571,236

)

Pool

Corp.

(

15,725

)

(

5,006,054

)

PotlatchDeltic

Corp.,

REIT

(

63,926

)

(

2,884,341

)

Power

Integrations,

Inc.

(

42,446

)

(

2,143,523

)

PPL

Corp.

(

26,604

)

(

960,670

)

Principal

Financial

Group,

Inc.

(

10,648

)

(

898,372

)

Prologis,

Inc.,

REIT

(

64,399

)

(

7,199,164

)

PTC,

Inc.

(

5,731

)

(

888,018

)

Public

Service

Enterprise

Group,

Inc.

(

55,871

)

(

4,598,183

)

QIAGEN

NV

(2)

(

6,714

)

(

266,731

)

Quanta

Services,

Inc.

(

15,819

)

(

4,020,873

)

QuantumScape

Corp.

(

942,812

)

(

3,922,098

)

Quest

Diagnostics,

Inc.

(

18,806

)

(

3,181,975

)

QuidelOrtho

Corp.

(

64,204

)

(

2,245,214

)

Range

Resources

Corp.

(

116,657

)

(

4,658,114

)

RBC

Bearings,

Inc.

(

1,765

)

(

567,924

)

Realty

Income

Corp.,

REIT

(

55,911

)

(

3,243,397

)

Regal

Rexnord

Corp.

(

8,133

)

(

925,942

)

Regency

Centers

Corp.,

REIT

(

19,090

)

(

1,408,078

)

Repligen

Corp.

(

49,042

)

(

6,240,104

)

Revvity,

Inc.

(

11,498

)

(

1,216,488

)

Rexford

Industrial

Realty,

Inc.,

REIT

(

106,303

)

(

4,161,762

)

RH

(

23,873

)

(

5,596,070

)

Rivian

Automotive,

Inc.,

Class

A

(

107,037

)

(

1,332,611

)

RLI

Corp.

(

39,111

)

(

3,141,787

)

Robinhood

Markets,

Inc.,

Class

A

(

93,749

)

(

3,901,833

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

241

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Rocket

Cos.,

Inc.,

Class

A

(

38,227

)

(

461,400

)

Rockwell

Automation,

Inc.

(

16,805

)

(

4,342,076

)

Roivant

Sciences

Ltd.

(

203,056

)

(

2,048,835

)

Rollins,

Inc.

(

37,606

)

(

2,031,852

)

Ross

Stores,

Inc.

(

13,085

)

(

1,672,132

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

80,679

)

(

5,959,758

)

S&P

Global,

Inc.

(

5,736

)

(

2,914,462

)

Saia,

Inc.

(

17,097

)

(

5,974,205

)

Sanofi

SA

(2)

(

3,541

)

(

392,066

)

Schlumberger

NV

(

124,415

)

(

5,200,547

)

Schneider

Electric

SE

(2)

(

40,504

)

(

9,350,161

)

Scotts

Miracle-Gro

Co.

(The)

(

11,722

)

(

643,421

)

Seagate

Technology

Holdings

plc

(

23,156

)

(

1,967,102

)

Sealed

Air

Corp.

(

16,363

)

(

472,891

)

Selective

Insurance

Group,

Inc.

(

11,529

)

(

1,055,365

)

Sempra

(

19,673

)

(

1,403,865

)

SentinelOne,

Inc.,

Class

A

(

95,567

)

(

1,737,408

)

SharkNinja,

Inc.

(

28,283

)

(

2,359,085

)

Sherwin-Williams

Co.

(The)

(

19,873

)

(

6,939,453

)

Shift4

Payments,

Inc.,

Class

A

(

4,196

)

(

342,855

)

Silgan

Holdings,

Inc.

(

5,161

)

(

263,830

)

Silicon

Laboratories,

Inc.

(

24,417

)

(

2,748,622

)

Simon

Property

Group,

Inc.,

REIT

(

38,817

)

(

6,446,727

)

Simpson

Manufacturing

Co.,

Inc.

(

13,726

)

(

2,156,080

)

Sirius

XM

Holdings,

Inc.

(

75,135

)

(

1,693,919

)

SiteOne

Landscape

Supply,

Inc.

(

14,612

)

(

1,774,481

)

Skechers

USA,

Inc.,

Class

A

(

22,607

)

(

1,283,625

)

Snap,

Inc.,

Class

A

(

515,765

)

(

4,492,313

)

SoFi

Technologies,

Inc.

(

137,785

)

(

1,602,440

)

Somnigroup

International,

Inc.

(

46,332

)

(

2,774,360

)

Sotera

Health

Co.

(

228,258

)

(

2,661,488

)

SouthState

Corp.

(

23,978

)

(

2,225,638

)

Southwest

Airlines

Co.

(

149,294

)

(

5,013,293

)

Southwest

Gas

Holdings,

Inc.

(

32,321

)

(

2,320,648

)

Spectrum

Brands

Holdings,

Inc.

(

12,736

)

(

911,261

)

Sprouts

Farmers

Market,

Inc.

(

7,697

)

(

1,174,870

)

Starbucks

Corp.

(

30,652

)

(

3,006,655

)

Steel

Dynamics,

Inc.

(

22,862

)

(

2,859,579

)

Stellantis

NV

(2)

(

219,558

)

(

2,462,581

)

Sun

Communities,

Inc.,

REIT

(

19,593

)

(

2,520,444

)

Super

Micro

Computer,

Inc.

(

13,779

)

(

471,793

)

Synaptics,

Inc.

(

21,616

)

(

1,377,372

)

Sysco

Corp.

(

20,395

)

(

1,530,441

)

Take-Two

Interactive

Software,

Inc.

(

2,390

)

(

495,328

)

Targa

Resources

Corp.

(

8,619

)

(

1,727,851

)

Target

Corp.

(

7,004

)

(

730,937

)

Teledyne

Technologies,

Inc.

(

2,405

)

(

1,196,993

)

Tesla,

Inc.

(

30,273

)

(

7,845,551

)

Tetra

Tech,

Inc.

(

59,339

)

(

1,735,666

)

Texas

Capital

Bancshares,

Inc.

(

16,444

)

(

1,228,367

)

Texas

Instruments,

Inc.

(

24,023

)

(

4,316,933

)

The

Campbell's

Co.

(

85,106

)

(

3,397,432

)

Thermo

Fisher

Scientific,

Inc.

(

1,962

)

(

976,291

)

Thor

Industries,

Inc.

(

14,228

)

(

1,078,625

)

TJX

Cos.,

Inc.

(The)

(

36,871

)

(

4,490,888

)

T-Mobile

US,

Inc.

(

7,825

)

(

2,087,006

)

Toast,

Inc.,

Class

A

(

85,722

)

(

2,843,399

)

TopBuild

Corp.

(

9,673

)

(

2,949,781

)

Toro

Co.

(The)

(

31,943

)

(

2,323,853

)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

TPG,

Inc.

(

56,289

)

(

2,669,787

)

Tractor

Supply

Co.

(

38,195

)

(

2,104,545

)

Trade

Desk,

Inc.

(The),

Class

A

(

64,597

)

(

3,534,748

)

Tradeweb

Markets,

Inc.,

Class

A

(

9,337

)

(

1,386,171

)

TransUnion

(

4,489

)

(

372,542

)

Trex

Co.,

Inc.

(

106,387

)

(

6,181,085

)

Truist

Financial

Corp.

(

240,923

)

(

9,913,980

)

TXNM

Energy,

Inc.

(

4,746

)

(

253,816

)

Uber

Technologies,

Inc.

(

93,445

)

(

6,808,403

)

UDR,

Inc.,

REIT

(

240,515

)

(

10,864,062

)

Ultragenyx

Pharmaceutical,

Inc.

(

49,310

)

(

1,785,515

)

Under

Armour,

Inc.,

Class

A

(

517,780

)

(

3,236,125

)

Union

Pacific

Corp.

(

16,925

)

(

3,998,362

)

United

Parcel

Service,

Inc.,

Class

B

(

49,933

)

(

5,492,131

)

United

Rentals,

Inc.

(

4,887

)

(

3,062,683

)

UnitedHealth

Group,

Inc.

(

12,141

)

(

6,358,849

)

Unity

Software,

Inc.

(

93,334

)

(

1,828,413

)

UWM

Holdings

Corp.,

Class

A

(

111,156

)

(

606,912

)

Vail

Resorts,

Inc.

(

7,791

)

(

1,246,716

)

Valaris

Ltd.

(

89,293

)

(

3,505,643

)

Valvoline,

Inc.

(

105,098

)

(

3,658,461

)

Vertiv

Holdings

Co.,

Class

A

(

44,949

)

(

3,245,318

)

VF

Corp.

(

137,051

)

(

2,127,032

)

Vishay

Intertechnology,

Inc.

(

8,649

)

(

137,519

)

Visteon

Corp.

(

37,133

)

(

2,882,263

)

Vistra

Corp.

(

16,399

)

(

1,925,899

)

Vornado

Realty

Trust,

REIT

(

76,207

)

(

2,818,897

)

Vulcan

Materials

Co.

(

20,784

)

(

4,848,907

)

Warner

Music

Group

Corp.,

Class

A

(

25,911

)

(

812,310

)

Waste

Connections,

Inc.

(

23,795

)

(

4,644,546

)

Waste

Management,

Inc.

(

27,230

)

(

6,304,017

)

Waters

Corp.

(

1,859

)

(

685,172

)

Watsco,

Inc.

(

963

)

(

489,493

)

Weatherford

International

plc

(

38,712

)

(

2,073,028

)

Wells

Fargo

&

Co.

(

44,787

)

(

3,215,259

)

Wendy's

Co.

(The)

(

33,638

)

(

492,124

)

West

Pharmaceutical

Services,

Inc.

(

13,649

)

(

3,055,738

)

Western

Alliance

Bancorp

(

42,399

)

(

3,257,515

)

Western

Digital

Corp.

(

25,279

)

(

1,022,030

)

Westlake

Corp.

(

15,046

)

(

1,505,051

)

WEX,

Inc.

(

9,414

)

(

1,478,186

)

Whirlpool

Corp.

(

17,064

)

(

1,537,978

)

White

Mountains

Insurance

Group

Ltd.

(

1,070

)

(

2,060,617

)

Williams

Cos.,

Inc.

(The)

(

33,222

)

(

1,985,347

)

Willis

Towers

Watson

plc

(

22,898

)

(

7,738,379

)

WillScot

Holdings

Corp.

(

120,277

)

(

3,343,701

)

Wingstop,

Inc.

(

10,884

)

(

2,455,213

)

Wolfspeed,

Inc.

(

330,842

)

(

1,012,377

)

Workday,

Inc.,

Class

A

(

11,382

)

(

2,658,038

)

WP

Carey,

Inc.,

REIT

(

13,614

)

(

859,180

)

Wynn

Resorts

Ltd.

(

8,517

)

(

711,170

)

XPO,

Inc.

(

50,968

)

(

5,483,137

)

Xylem,

Inc.

(

37,445

)

(

4,473,180

)

YETI

Holdings,

Inc.

(

26,125

)

(

864,738

)

Zebra

Technologies

Corp.,

Class

A

(

7,792

)

(

2,201,708

)

Zillow

Group,

Inc.,

Class

C

(

60,978

)

(

4,180,652

)

242

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

(99.1)%

(continued)

Zoetis,

Inc.,

Class

A

(

19,165

)

(

3,155,517

)

ZoomInfo

Technologies,

Inc.,

Class

A

(

119,928

)

(

1,199,280

)

Zscaler,

Inc.

(

2,020

)

(

400,808

)

(1,357,635,340)

Zambia

-

(

0

.4

)

%

First

Quantum

Minerals

Ltd.

(

415,240

)

(

5,583,471

)

TOTAL

COMMON

STOCKS

(Proceeds

$(2,774,537,551))                                                    

(2,476,128,101)

PREFERRED

STOCKS

-

(1.0)%

Germany

-

(

1

.0

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(2)(c)

(

76,383

)

(

3,825,479

)

Sartorius

AG

(Preference)

(2)

(

18,559

)

(

4,326,476

)

Volkswagen

AG

(Preference)

(2)

(

47,914

)

(

4,889,059

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(17,740,527))                                                    

(13,041,014)

NO.

OF

RIGHTS

RIGHTS

-

(0.0)%

†

Belgium

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(

16,855

)

(

82,233

)

Italy

-

0

.0

%

DiaSorin

SpA,

expiring

4/30/2025

(3)

(

18,469

)

–

TOTAL

RIGHTS

(Cost

$–)

(

82,233

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(2,792,278,078))

(2,489,251,348)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

83.5%

(Cost

$541,564,371)

1,143,259,109

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

16.5%

‡

225,557,718

NET

ASSETS

-

100.0%

1,368,816,827

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

78,398,028

5

.7

%

Consumer

Discretionary

(

55,317,204

)

(

4

.0

)

Consumer

Staples

3,137,927

0

.2

Energy

(

16,601,411

)

(

1

.2

)

Financials

299,010,621

21

.9

Health

Care

10,084,610

0

.7

Industrials

828,318

0

.1

Information

Technology

67,244,653

4

.9

Materials

(

68,323,874

)

(

5

.0

)

Real

Estate

(

39,770,198

)

(

2

.9

)

Utilities

30,466,664

2

.2

Investment

Companies

504,649,307

36

.8

U.S.

Treasury

Obligations

329,451,668

24

.1

Total

Investments

In

Securities

At

Value

1,143,259,109

83

.5

Other

Assets

in

Excess

of

Liabilities

‡

225,557,718

16

.5

Net

Assets

$

1,368,816,827

100

.0

%

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

243

(Continued)

*

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)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$2,693,106,299,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

Additional

securities

sold

but

not

yet

settled

totaling

$25,177,669

were

also

segregated.

(b)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$311,267,265.

Additional

securities

sold

but

not

yet

settled

totaling

$812,705

were

also

rehypothecated.

(c)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$3,509,846,

which

represents

0.26%

of

net

assets

of

the

Fund.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

For

the

period

ended

March

31,

2025,

transactions

with

and

earnings

from

issuers

considered

to

be

an

affiliated

issuer

were

as

follows:

(g)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

(h)

All

or

a

portion

of

the

security

pledged

as

collateral

for

swap

contracts.

Affiliate

Value

At

12/31/2024

Purchases

At

Cost

Proceeds

From

Sales

Net

Realized

Gain

(Loss)

Net

Change

In

Unrealized

App/Dep

Value

At

3/31/2025

Shares

Held

At

3/31/2025

Dividend

Income

Capital

Gain

Distributions

SHORT-TERM

INVESTMENTS

-

34.1%

INVESTMENT

COMPANIES

-

34.1%

Limited

Purpose

Cash

Investment

Fund,

4.32%

(a)

(Cost

$467,104,584)

$377,523,770

$668,445,667

$(578,764,299)

$(1,828)

$(35,095)

$467,168,215

467,308,408

$4,569,938

$–

(a)

Represents

7-day

effective

yield

as

of

March

31,

2025.

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.

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

March

31,

2025:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

195,200,000

$

10,169

$

527,400

$

537,569

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

564,200,000

1,187,721

508,748

1,696,469

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

10,500,000

(

104,310

)

315,738

211,428

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

42,000,000

366,315

486,586

852,901

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

92,200,000

(

592,105

)

605,853

13,748

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

265,500,000

97,693

323,766

421,459

Pay

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

2,252,700,000

28,280

(

1,495

)

26,785

Pay

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

28,094,100,000

137,090

(

17,868

)

119,222

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

213,500,000

333,976

(

15,777

)

318,199

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

1,169,200,000

725,687

772,300

1,497,987

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

1,707,200,000

(

119,952

)

201,667

81,715

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

345,500,000

1,044,673

2,041,475

3,086,148

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

88,100,000

713,051

(

17,257

)

695,794

Receive

1D

SOFR

Annual

3.50%

Annual

6/16/2027

USD

814,400,000

3,396,461

(

1,400,953

)

1,995,508

Receive

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

420,800,000

1,287,411

(

909,245

)

378,166

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

1,200,000

(

30,069

)

86,156

56,087

Receive

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

9,500,000

41,990

133,827

175,817

Receive

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

1,975,700,000

3,005,017

(

1,355,058

)

1,649,959

244

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

1,008,600,000

$

1,282,997

$

(

821,049

)

$

461,948

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

111,300,000

(

408,775

)

2,160,775

1,752,000

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

39,100,000

730,798

(

44,875

)

685,923

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

388,800,000

14,793

201,074

215,867

13,148,911

3,781,788

16,930,699

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

8,200,000

(

24,396

)

1,376

(

23,020

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

244,300,000

(

1,404,244

)

583,577

(

820,667

)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

437,000,000

(

16,352

)

13,815

(

2,537

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

504,100,000

(

2,567,869

)

836,433

(

1,731,436

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

467,600,000

(

3,373,684

)

1,696,848

(

1,676,836

)

Receive

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

41,400,000

(

232,016

)

(

438,069

)

(

670,085

)

Receive

1D

CORRA

Semi

3.00%

Semi

9/19/2035

CAD

64,200,000

(

1,438,177

)

486,203

(

951,974

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

5,283,900,000

(

388,835

)

(

137,729

)

(

526,564

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

5,903,400,000

(

542,019

)

77,519

(

464,500

)

(

9,987,592

)

3,119,973

(

6,867,619

)

$

3,161,319

$

6,901,761

$

10,063,080

Abbreviations:

1D:

1

Day

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

March

31,

2025

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

4.41%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.47%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.13%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.36%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

2.34%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.67%

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

245

(Continued)

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/17/2025

EUR

(94,295,896)

$

2,124,099

iBovespa

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/16/2025

BRL

193,592,874

486,300

MSCI

Brazil

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

CDI

plus

or

minus

a

specified

spread

(-1.20%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

BRL

88,515,436

473,747

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

(-0.70%)

Monthly

CITI

06/18/2025

EUR

(3,618,459)

116,518

MSCI

Netherlands

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

(0.15%)

Monthly

CITI

06/18/2025

EUR

(52,956,484)

1,939,095

MSCI

Spain

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.35%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

EUR

25,075,209

465,047

Tel

Aviv

Stock

Exchange

35

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

TELBOR

plus

or

minus

a

specified

spread

(0.26%)

Monthly

BANA

06/18/2025

ILS

(10,584,271)

90,659

Total

unrealized

appreciation

5,695,465

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

CITI

04/29/2025

HKD

62,614,650

(

124,376

)

KOSPI

200

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

CITI

06/12/2025

KRW

31,961,350,000

(

323,516

)

246

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

MLIN

06/20/2025

CHF

131,393,340

$

(

4,542,857

)

TAIEX

Index

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

MLIN

04/16/2025

TWD

120,431,200

(

230,316

)

WIG20

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/20/2025

PLN

8,914,200

(

61,023

)

MSCI

Australia

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

BBR

plus

or

minus

a

specified

spread

(0.20%)

Monthly

CITI

06/18/2025

AUD

(21,651,054)

(

117,338

)

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

(-0.40%)

Monthly

CITI

06/18/2025

CAD

(1,276,963)

(

17,959

)

MSCI

Emerging

Markets

Taiwan

Net

Total

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

OBFR

Increases

in

total

return

of

reference

entity

Monthly

JPMC

06/18/2025

USD

5,663,914

(

438,719

)

MSCI

Italy

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(-0.30%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

EUR

15,532,599

(

64,959

)

MSCI

Mexico

Net

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TIIEOIS

plus

or

minus

a

specified

spread

(-0.25%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

MXN

41,519,107

(

7,861

)

MSCI

Poland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

WIBOR

plus

or

minus

a

specified

spread

(0.69%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

PLN

451,272

(

2,209

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

247

(Continued)

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

MSCI

South

Africa

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

JIBAR

plus

or

minus

a

specified

spread

(-1.40%)

Monthly

CITI

06/18/2025

ZAR

(899,604,594)

$

(

1,960,162

)

MSCI

Sweden

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

STIBOR

plus

or

minus

a

specified

spread

(-0.95%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

SEK

175,994,097

(

774,356

)

MSCI

Switzerland

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SARON

plus

or

minus

a

specified

spread

(-0.40%)

Increases

in

total

return

of

reference

entity

Monthly

CITI

06/18/2025

CHF

10,177,349

(

181,662

)

Total

unrealized

depreciation

(

8,847,313

)

Net

unrealized

depreciation

$

(

3,151,848

)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

3,995

4/2025

USD

$

298,706,150

$

12,120,883

Hang

Seng

Index

30

4/2025

HKD

4,464,849

(

87,552

)

IBEX

35

Index

821

4/2025

EUR

116,473,334

(

1,203,401

)

LME

Copper

Base

Metal

1

4/2025

USD

241,956

11,261

LME

Copper

Base

Metal

52

4/2025

USD

12,580,061

699,577

Natural

Gas

597

4/2025

USD

24,590,430

(

1,430,765

)

OMXS30

Index

4,776

4/2025

SEK

117,620,605

(

8,295,421

)

RBOB

Gasoline

177

4/2025

USD

17,029,064

790,966

SGX

FTSE

Taiwan

Index

360

4/2025

USD

25,023,600

(

1,504,020

)

Brent

Crude

Oil

805

5/2025

USD

59,545,850

843,722

Copper

4

5/2025

USD

503,400

28,438

LME

Copper

Base

Metal

1

5/2025

USD

242,229

6,407

LME

Copper

Base

Metal

27

5/2025

USD

6,541,438

180,756

LME

Copper

Base

Metal

28

5/2025

USD

6,785,429

239,860

LME

Copper

Base

Metal

51

5/2025

USD

12,362,999

273,993

LME

Copper

Base

Metal

65

5/2025

USD

15,754,407

171,078

LME

Copper

Base

Metal

92

5/2025

USD

22,301,881

387,485

LME

Copper

Base

Metal

110

5/2025

USD

26,657,043

669,162

LME

Copper

Base

Metal

112

5/2025

USD

27,144,516

539,403

Australia

10

Year

Bond

2,269

6/2025

AUD

159,666,016

59,751

Euro

STOXX

50

Index

90

6/2025

EUR

5,049,779

(

208,770

)

Euro-Bund

3,818

6/2025

EUR

531,614,507

(

8,078,934

)

248

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

FTSE

100

Index

478

6/2025

GBP

$

53,051,862

$

(

880,272

)

FTSE/MIB

Index

818

6/2025

EUR

165,110,250

(

5,461,840

)

KOSPI

200

Index

86

6/2025

KRW

4,873,820

(

180,279

)

LME

Copper

Base

Metal

10

6/2025

USD

2,425,563

19,674

LME

Copper

Base

Metal

14

6/2025

USD

3,395,252

19,871

LME

Copper

Base

Metal

25

6/2025

USD

6,067,844

(

84,097

)

LME

Copper

Base

Metal

32

6/2025

USD

7,768,000

(

8,084

)

LME

Copper

Base

Metal

49

6/2025

USD

11,882,463

200,194

LME

Copper

Base

Metal

105

6/2025

USD

25,481,663

517,068

Long

Gilt

1,417

6/2025

GBP

167,720,445

(

1,886,495

)

MEX

BOLSA

Index

4

6/2025

MXN

102,910

(

1,407

)

S&P/TSX

60

Index

14

6/2025

CAD

2,913,922

7,632

SET50

Index

1,578

6/2025

THB

6,795,749

(

189,305

)

Total

of

long

contracts

(

11,713,461

)

Short

Contracts

CAC

40

10

Euro

Index

(

1,850

)

4/2025

EUR

(

156,101,604

)

6,355,437

IFSC

NIFTY

50

Index

(

498

)

4/2025

USD

(

23,275,026

)

469,659

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,956

)

(

11,133

)

LME

Copper

Base

Metal

(

52

)

4/2025

USD

(

12,580,061

)

(

683,460

)

MSCI

Singapore

Index

(

196

)

4/2025

SGD

(

5,685,758

)

117,773

NY

Harbor

ULSD

(

983

)

4/2025

USD

(

94,107,308

)

(

2,578,528

)

WTI

Crude

Oil

(

1,330

)

4/2025

USD

(

95,068,400

)

(

2,796,378

)

Corn

(

1,407

)

5/2025

USD

(

32,167,538

)

316,290

LME

Copper

Base

Metal

(

1

)

5/2025

USD

(

242,229

)

(

6,882

)

LME

Copper

Base

Metal

(

27

)

5/2025

USD

(

6,541,438

)

(

186,047

)

LME

Copper

Base

Metal

(

28

)

5/2025

USD

(

6,785,429

)

(

234,753

)

LME

Copper

Base

Metal

(

51

)

5/2025

USD

(

12,362,999

)

(

251,908

)

LME

Copper

Base

Metal

(

65

)

5/2025

USD

(

15,754,407

)

(

134,961

)

LME

Copper

Base

Metal

(

92

)

5/2025

USD

(

22,301,881

)

(

494,123

)

LME

Copper

Base

Metal

(

110

)

5/2025

USD

(

26,657,043

)

(

641,607

)

LME

Copper

Base

Metal

(

112

)

5/2025

USD

(

27,144,516

)

(

582,729

)

Low

Sulphur

Gasoil

(

127

)

5/2025

USD

(

8,661,400

)

(

293,535

)

Silver

(

388

)

5/2025

USD

(

67,145,340

)

(

2,227,190

)

Soybean

(

882

)

5/2025

USD

(

44,750,475

)

991,632

100

oz

Gold

(

178

)

6/2025

USD

(

56,075,340

)

(

1,492,359

)

Canada

10

Year

Bond

(

4,421

)

6/2025

CAD

(

382,177,409

)

(

3,275,189

)

DAX

Index

(

198

)

6/2025

EUR

(

119,766,086

)

4,389,560

FTSE/JSE

Top

40

Index

(

106

)

6/2025

ZAR

(

4,751,644

)

23,019

Japan

10

Year

Bond

(

122

)

6/2025

JPY

(

112,483,366

)

(

385,560

)

LME

Copper

Base

Metal

(

10

)

6/2025

USD

(

2,425,563

)

(

23,589

)

LME

Copper

Base

Metal

(

14

)

6/2025

USD

(

3,395,252

)

(

23,739

)

LME

Copper

Base

Metal

(

25

)

6/2025

USD

(

6,067,844

)

84,454

LME

Copper

Base

Metal

(

32

)

6/2025

USD

(

7,768,000

)

8,353

LME

Copper

Base

Metal

(

49

)

6/2025

USD

(

11,882,463

)

(

193,567

)

LME

Copper

Base

Metal

(

94

)

6/2025

USD

(

22,812,155

)

(

122,815

)

S&P

500

E-Mini

Index

(

652

)

6/2025

USD

(

184,295,950

)

(

1,761,657

)

SPI

200

Index

(

736

)

6/2025

AUD

(

90,563,760

)

461,910

TOPIX

Index

(

238

)

6/2025

JPY

(

42,239,883

)

225,209

U.S.

Treasury

10

Year

Note

(

4,566

)

6/2025

USD

(

508,752,280

)

(

5,455,049

)

Total

of

short

contracts

(

10,413,462

)

Net

unrealized

depreciation

$

(

22,126,923

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

249

(Continued)

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

116,961,094

USD

72,792,677

CITI

6/18/2025

$

337,419

AUD

116,961,092

USD

72,792,311

JPMC

6/18/2025

337,783

BRL

349,560,757

USD

59,206,371

CITI

**

6/18/2025

1,050,072

BRL

349,560,755

USD

59,206,075

JPMC

**

6/18/2025

1,050,368

CAD

138,003,757

USD

96,154,459

CITI

6/18/2025

116,345

CAD

138,003,757

USD

96,153,978

JPMC

6/18/2025

116,825

CNY

43,828,918

USD

6,056,826

CITI

**

6/18/2025

7,594

CNY

43,828,918

USD

6,056,796

JPMC

**

6/18/2025

7,625

EUR

12,425,500

USD

13,455,267

CITI

6/18/2025

39,278

EUR

12,425,500

USD

13,455,199

JPMC

6/18/2025

39,346

GBP

22,561,625

USD

28,987,679

CITI

6/18/2025

154,181

GBP

22,561,624

USD

28,987,532

JPMC

6/18/2025

154,326

HUF

145,000,000

USD

373,617

CITI

6/18/2025

14,053

HUF

145,000,000

USD

373,615

JPMC

6/18/2025

14,055

ILS

6,108,000

USD

1,645,293

CITI

6/18/2025

421

ILS

6,108,000

USD

1,645,285

JPMC

6/18/2025

429

INR

3,587,244,845

USD

41,039,177

CITI

**

6/18/2025

691,042

INR

3,587,244,845

USD

41,038,971

JPMC

**

6/18/2025

691,247

JPY

1,895,000,000

USD

12,737,424

CITI

6/18/2025

7,165

JPY

1,895,000,000

USD

12,737,361

JPMC

6/18/2025

7,229

NOK

2,381,468,129

USD

214,039,747

CITI

6/18/2025

12,315,479

NOK

2,381,468,130

USD

214,038,677

JPMC

6/18/2025

12,316,549

PLN

6,902,000

USD

1,768,857

CITI

6/18/2025

7,967

PLN

6,902,000

USD

1,768,849

JPMC

6/18/2025

7,976

SEK

165,500,000

USD

16,443,279

CITI

6/18/2025

97,558

SEK

165,500,000

USD

16,443,196

JPMC

6/18/2025

97,640

SGD

1

USD

1

CITI

6/18/2025

–

USD

11,677,649

AUD

18,375,876

CITI

6/18/2025

188,106

USD

11,677,707

AUD

18,375,874

JPMC

6/18/2025

188,164

USD

82,067,744

CAD

117,091,500

CITI

6/18/2025

385,237

USD

82,031,364

CAD

117,091,500

JPMC

6/18/2025

348,858

USD

50,949,852

CHF

44,416,514

CITI

6/18/2025

279,484

USD

50,950,108

CHF

44,416,515

JPMC

6/18/2025

279,738

USD

1,037,644

CLP

976,680,056

CITI

**

6/18/2025

9,652

USD

1,037,650

CLP

976,680,056

JPMC

**

6/18/2025

9,658

USD

12,774,911

CNY

92,105,396

CITI

**

6/18/2025

30,681

USD

12,774,976

CNY

92,105,401

JPMC

**

6/18/2025

30,745

USD

58,276,179

EUR

53,472,500

CITI

6/18/2025

203,099

USD

58,276,470

EUR

53,472,500

JPMC

6/18/2025

203,391

USD

6,230,389

GBP

4,811,500

CITI

6/18/2025

15,586

USD

6,230,421

GBP

4,811,500

JPMC

6/18/2025

15,617

USD

9,166,567

HKD

71,142,500

CITI

6/18/2025

7,514

USD

9,166,613

HKD

71,142,500

JPMC

6/18/2025

7,559

USD

9,055,615

HUF

3,350,000,000

CITI

6/18/2025

99,099

USD

9,055,660

HUF

3,350,000,000

JPMC

6/18/2025

99,144

USD

370,850

IDR

6,101,362,000

CITI

**

6/18/2025

5,970

USD

370,851

IDR

6,101,362,000

JPMC

**

6/18/2025

5,972

USD

4,745,837

ILS

17,043,376

CITI

6/18/2025

153,741

USD

4,745,859

ILS

17,043,373

JPMC

6/18/2025

153,765

USD

20,391,004

JPY

3,003,926,851

CITI

6/18/2025

188,463

USD

20,391,106

JPY

3,003,926,849

JPMC

6/18/2025

188,565

USD

16,731,306

KRW

24,076,883,299

CITI

**

6/18/2025

330,350

USD

16,731,390

KRW

24,076,883,299

JPMC

**

6/18/2025

330,434

USD

21,510,429

MXN

439,762,359

CITI

6/18/2025

242,737

USD

21,510,537

MXN

439,762,356

JPMC

6/18/2025

242,845

250

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

16,043,034

NOK

168,480,080

CITI

6/18/2025

$

29,238

USD

16,043,115

NOK

168,480,080

JPMC

6/18/2025

29,318

USD

87,352,147

NZD

151,999,158

CITI

6/18/2025

888,515

USD

87,352,583

NZD

151,999,158

JPMC

6/18/2025

888,952

USD

1,536,023

PLN

5,963,371

CITI

6/18/2025

835

USD

1,536,030

PLN

5,963,371

JPMC

6/18/2025

843

USD

904,440

SEK

9,000,000

CITI

6/18/2025

4,938

USD

904,445

SEK

9,000,000

JPMC

6/18/2025

4,943

USD

37,124,666

SGD

49,414,731

CITI

6/18/2025

195,842

USD

37,124,850

SGD

49,414,729

JPMC

6/18/2025

196,028

USD

9,302,400

TWD

305,529,003

CITI

**

6/18/2025

65,279

USD

9,304,389

TWD

305,528,997

JPMC

**

6/18/2025

67,268

USD

3,954,997

ZAR

72,500,000

CITI

6/18/2025

25,512

USD

3,955,017

ZAR

72,500,000

JPMC

6/18/2025

25,531

ZAR

215,577,676

USD

11,609,021

CITI

6/18/2025

75,247

ZAR

215,577,676

USD

11,608,963

JPMC

6/18/2025

75,305

Total

unrealized

appreciation

36,497,740

AUD

229,081,988

USD

144,459,386

CITI

6/18/2025

(

1,225,537

)

AUD

229,081,986

USD

144,458,662

JPMC

6/18/2025

(

1,224,815

)

BRL

8,231,155

USD

1,425,517

CITI

**

6/18/2025

(

6,650

)

BRL

8,231,155

USD

1,425,510

JPMC

**

6/18/2025

(

6,643

)

CAD

15,754,000

USD

11,007,197

CITI

6/18/2025

(

17,276

)

CAD

15,754,000

USD

11,007,142

JPMC

6/18/2025

(

17,222

)

CHF

18,124,000

USD

20,789,857

CITI

6/18/2025

(

113,994

)

CHF

18,124,000

USD

20,789,753

JPMC

6/18/2025

(

113,890

)

CNY

58,787,183

USD

8,168,781

CITI

**

6/18/2025

(

34,650

)

CNY

58,787,186

USD

8,168,718

JPMC

**

6/18/2025

(

34,586

)

EUR

588,000

USD

644,590

CITI

6/18/2025

(

6,001

)

EUR

588,000

USD

644,587

JPMC

6/18/2025

(

5,998

)

GBP

60,360,002

USD

78,100,530

CITI

6/18/2025

(

136,167

)

GBP

60,359,998

USD

78,100,135

JPMC

6/18/2025

(

135,778

)

HUF

315,000,000

USD

845,196

CITI

6/18/2025

(

3,015

)

HUF

315,000,000

USD

845,191

JPMC

6/18/2025

(

3,011

)

ILS

69,335,646

USD

19,112,852

CITI

6/18/2025

(

431,348

)

ILS

69,335,643

USD

19,112,755

JPMC

6/18/2025

(

431,250

)

JPY

24,736,143,414

USD

167,789,550

CITI

6/18/2025

(

1,429,661

)

JPY

24,736,143,412

USD

167,788,711

JPMC

6/18/2025

(

1,428,821

)

KRW

40,450,000,000

USD

27,861,145

CITI

**

6/18/2025

(

306,970

)

KRW

40,450,000,000

USD

27,861,005

JPMC

**

6/18/2025

(

306,831

)

MXN

254,000,003

USD

12,406,056

CITI

6/18/2025

(

122,162

)

MXN

253,999,997

USD

12,405,994

JPMC

6/18/2025

(

122,102

)

NZD

32,823,500

USD

18,799,637

CITI

6/18/2025

(

128,225

)

NZD

32,823,500

USD

18,799,543

JPMC

6/18/2025

(

128,129

)

PLN

37,207,000

USD

9,604,493

CITI

6/18/2025

(

26,067

)

PLN

37,207,000

USD

9,604,445

JPMC

6/18/2025

(

26,018

)

SEK

16,000,000

USD

1,600,736

CITI

6/18/2025

(

1,622

)

SEK

16,000,000

USD

1,600,728

JPMC

6/18/2025

(

1,613

)

SGD

16,509,001

USD

12,457,553

CITI

6/18/2025

(

119,976

)

SGD

16,508,999

USD

12,457,489

JPMC

6/18/2025

(

119,915

)

TWD

1,406,271,619

USD

43,107,472

CITI

**

6/18/2025

(

591,374

)

TWD

1,406,271,613

USD

43,107,257

JPMC

**

6/18/2025

(

591,159

)

USD

33,588

AUD

54,126

CITI

6/18/2025

(

254

)

USD

33,587

AUD

54,124

JPMC

6/18/2025

(

254

)

USD

13,824,601

BRL

81,316,001

CITI

**

6/18/2025

(

192,456

)

USD

13,824,670

BRL

81,315,999

JPMC

**

6/18/2025

(

192,387

)

USD

19,152,723

CAD

27,486,000

CITI

6/18/2025

(

21,388

)

USD

19,152,819

CAD

27,486,000

JPMC

6/18/2025

(

21,292

)

USD

190,364,139

CHF

168,704,551

CITI

6/18/2025

(

2,094,050

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

251

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

190,365,090

CHF

168,704,550

JPMC

6/18/2025

$

(

2,093,098

)

USD

293,532

CLP

279,051,444

CITI

**

6/18/2025

(

179

)

USD

293,534

CLP

279,051,444

JPMC

**

6/18/2025

(

178

)

USD

7,073,346

CNY

51,203,198

CITI

**

6/18/2025

(

11,421

)

USD

7,073,382

CNY

51,203,197

JPMC

**

6/18/2025

(

11,386

)

USD

345,579

DKK

2,443,712

CITI

6/18/2025

(

10,405

)

USD

345,581

DKK

2,443,711

JPMC

6/18/2025

(

10,403

)

USD

156,798,669

EUR

146,860,425

CITI

6/18/2025

(

2,697,094

)

USD

156,799,453

EUR

146,860,425

JPMC

6/18/2025

(

2,696,310

)

USD

8,999,164

GBP

7,051,502

CITI

6/18/2025

(

108,952

)

USD

8,999,203

GBP

7,051,498

JPMC

6/18/2025

(

108,907

)

USD

4,140,012

HUF

1,597,500,000

CITI

6/18/2025

(

131,044

)

USD

4,140,032

HUF

1,597,500,000

JPMC

6/18/2025

(

131,023

)

USD

1,209,365

JPY

180,000,000

CITI

6/18/2025

(

1,203

)

USD

1,209,371

JPY

180,000,000

JPMC

6/18/2025

(

1,197

)

USD

31,039,349

MXN

644,787,080

CITI

6/18/2025

(

143,704

)

USD

31,039,504

MXN

644,787,078

JPMC

6/18/2025

(

143,549

)

USD

90,981,897

NOK

972,519,920

CITI

6/18/2025

(

1,454,765

)

USD

90,982,352

NOK

972,519,921

JPMC

6/18/2025

(

1,454,311

)

USD

28,007,438

NZD

49,668,413

CITI

6/18/2025

(

246,083

)

USD

28,007,578

NZD

49,668,414

JPMC

6/18/2025

(

245,943

)

USD

18,685,698

PLN

74,230,127

CITI

6/18/2025

(

423,818

)

USD

18,685,792

PLN

74,230,127

JPMC

6/18/2025

(

423,725

)

USD

52,303,710

SEK

529,410,634

CITI

6/18/2025

(

608,042

)

USD

52,303,972

SEK

529,410,634

JPMC

6/18/2025

(

607,780

)

USD

7,831,010

SGD

10,504,449

CITI

6/18/2025

(

19,219

)

USD

7,831,047

SGD

10,504,447

JPMC

6/18/2025

(

19,180

)

USD

32,854,782

THB

1,111,000,000

CITI

6/18/2025

(

74,740

)

USD

32,854,946

THB

1,111,000,000

JPMC

6/18/2025

(

74,575

)

USD

4,206,054

ZAR

78,000,000

CITI

6/18/2025

(

21,531

)

USD

4,206,075

ZAR

78,000,000

JPMC

6/18/2025

(

21,510

)

ZAR

104,903,546

USD

5,710,312

CITI

6/18/2025

(

24,559

)

ZAR

104,903,546

USD

5,710,283

JPMC

6/18/2025

(

24,532

)

Total

unrealized

depreciation

(

25,964,923

)

Net

unrealized

appreciation

$

10,532,817

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

252

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Total

return

basket

swap

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(0.02%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

25

months

maturity

04/05/2027

$295,678

$(2,082)

$11,619

$9,537

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

CORRA

plus

or

minus

a

specified

spread

(0.20%),

which

is

denominated

in

CAD

based

on

the

local

currencies

of

the

positions

within

the

swap.

42

months

maturity

08/24/2028

$–

$–

$–

$–

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

equity

positions

and

pays

or

receives

the

SONIA

plus

or

minus

a

specified

spread

(0.23%),

which

is

denominated

in

GBP

based

on

the

local

currencies

of

the

positions

within

the

swap.

59

months

maturity

01/21/2030

$–

$(10)

$–

$(10)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

TIIE

plus

or

minus

a

specified

spread

(-2.38%

to

0.50%),

which

is

denominated

in

MXN

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-61

months

maturity

ranging

from

04/16/2026

-

03/29/2030

$6,158,178

$(19,278)

$(7,355)

$(26,633)

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

WIBOR

plus

or

minus

a

specified

spread

(-0.95%

to

0.70%),

which

is

denominated

in

PLN

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-59

months

maturity

ranging

from

04/17/2026

-

01/18/2030

$10,873,695

$175,646

$(20,040)

$155,606

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

253

(Continued)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-0.78%

to

0.45%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24-29

months

maturity

ranging

from

04/04/2025

-

01/29/2027

$5,776,442

$(6,280)

$121,667

$115,387

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

HONIX

plus

or

minus

a

specified

spread

(-1.18%

to

0.02%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-61

months

maturity

ranging

from

04/17/2026

-

04/01/2030

$107,752,327

$655,330

$(65,418)

$589,912

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

China

Baidu,

Inc.

114,350

1,319,845

(32,435)

(

5

.5

)

China

CITIC

Bank

Corp.

Ltd.

3,525,000

2,765,029

119,506

20

.3

China

Communications

Services

Corp.

Ltd.

1,642,000

898,701

(145,066)

(

24

.6

)

China

Construction

Bank

Corp.

3,706,000

3,284,126

97,020

16

.4

China

Feihe

Ltd.

1,802,000

1,359,719

30,471

5

.2

China

Hongqiao

Group

Ltd.

1,379,000

2,852,642

268,828

45

.6

China

Merchants

Port

Holdings

Co.

Ltd.

660,000

1,134,828

68,460

11

.6

China

Minsheng

Banking

Corp.

Ltd.

2,519,000

1,135,859

(68,364)

(

11

.6

)

China

Resources

Pharmaceutical

Group

Ltd.

2,683,500

1,744,593

(62,376)

(

10

.6

)

China

Resources

Power

Holdings

Co.

Ltd.

386,000

918,246

8,011

1

.4

China

Taiping

Insurance

Holdings

Co.

Ltd.

760,800

1,158,272

(1,888)

(

0

.3

)

CITIC

Ltd.

1,070,000

1,320,648

16,258

2

.8

CSPC

Pharmaceutical

Group

Ltd.

1,916,000

1,217,723

37,569

6

.4

Far

East

Horizon

Ltd.

1,259,000

1,030,634

25,057

4

.2

Geely

Automobile

Holdings

Ltd.

1,137,000

2,440,693

(66,670)

(

11

.3

)

Great

Wall

Motor

Co.

Ltd.

609,000

1,068,027

23,998

4

.1

Hansoh

Pharmaceutical

Group

Co.

Ltd.

542,000

1,705,859

429,818

72

.9

Hisense

Home

Appliances

Group

Co.

Ltd.

492,000

1,650,528

58,935

10

.0

JD.com,

Inc.

97,500

2,005,725

(29,684)

(

5

.0

)

Jiangxi

Copper

Co.

Ltd.

912,000

1,604,842

29,650

5

.0

Kunlun

Energy

Co.

Ltd.

2,824,000

2,759,527

(15,034)

(

2

.5

)

254

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

China

(continued)

Lenovo

Group

Ltd.

1,350,000

1,834,599

(206,527)

(

35

.0

)

Li

Auto,

Inc.

96,100

1,211,091

(112,208)

(

19

.0

)

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

2,492,000

1,290,870

(22,150)

(

3

.8

)

Sinotruk

Hong

Kong

Ltd.

1,056,000

2,868,219

(241,430)

(

40

.9

)

Zhongsheng

Group

Holdings

Ltd.

631,500

1,112,140

323

0

.1

Hong

Kong

Sino

Biopharmaceutical

Ltd.

2,203,000

1,065,202

116,786

19

.8

Short

Positions

Common

Stocks

China

Akeso,

Inc.

(246,000)

(2,424,016)

(190,446)

(

32

.3

)

Beijing

Enterprises

Water

Group

Ltd.

(3,144,000)

(907,580)

5,545

0

.9

BYD

Co.

Ltd.

(43,500)

(2,202,689)

(270,710)

(

45

.9

)

CGN

Power

Co.

Ltd.

(3,378,000)

(1,057,653)

14,480

2

.5

China

Longyuan

Power

Group

Corp.

Ltd.

(1,856,000)

(1,489,232)

(46,210)

(

7

.8

)

China

Merchants

Bank

Co.

Ltd.

(294,000)

(1,743,114)

40,204

6

.8

China

Resources

Beer

Holdings

Co.

Ltd.

(305,500)

(1,103,913)

(75,300)

(

12

.8

)

China

Ruyi

Holdings

Ltd.

(2,844,000)

(874,383)

65,091

11

.0

Chow

Tai

Fook

Jewellery

Group

Ltd.

(911,800)

(1,033,080)

15,429

2

.6

GCL

Technology

Holdings

Ltd.

(11,831,000)

(1,495,295)

221,205

37

.5

Innovent

Biologics,

Inc.

(201,000)

(1,209,388)

(201,992)

(

34

.2

)

Jiangsu

Expressway

Co.

Ltd.

(744,000)

(883,455)

(43,025)

(

7

.3

)

Kingdee

International

Software

Group

Co.

Ltd.

(792,000)

(1,348,300)

155,867

26

.4

NIO,

Inc.

(449,420)

(1,701,399)

240,169

40

.7

Nongfu

Spring

Co.

Ltd.

(310,200)

(1,345,675)

105,417

17

.9

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(297,500)

(1,775,764)

68,928

11

.7

Shandong

Gold

Mining

Co.

Ltd.

(405,750)

(968,940)

(158,634)

(

26

.9

)

Shenzhou

International

Group

Holdings

Ltd.

(147,000)

(1,105,323)

32,865

5

.6

Wuxi

Biologics

Cayman,

Inc.

(373,500)

(1,306,294)

(166,323)

(

28

.2

)

XPeng,

Inc.

(148,300)

(1,532,580)

154,500

26

.2

Yankuang

Energy

Group

Co.

Ltd.

(1,657,800)

(1,720,756)

100,779

17

.1

Zhaojin

Mining

Industry

Co.

Ltd.

(694,500)

(1,387,248)

(126,553)

(

21

.5

)

Zijin

Mining

Group

Co.

Ltd.

(580,000)

(1,323,500)

(120,485)

(

20

.4

)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

GSIN

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

ZARONIA

plus

or

minus

a

specified

spread

(-0.05%

to

0.06%),

which

is

denominated

in

ZAR

based

on

the

local

currencies

of

the

positions

within

the

swap.

14-61

months

maturity

ranging

from

04/20/2026

-

03/14/2030

$14,122,163

$(433,856)

$8,037

$(425,819)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

255

(Continued)

The

following

table

represents

disclosures

associated

with

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Luxembourg

Reinet

Investments

SCA

16,894

410,220

(1,763)

0

.4

South

Africa

Absa

Group

Ltd.

26,460

255,422

(16,394)

3

.9

Aspen

Pharmacare

Holdings

Ltd.

91,999

821,543

(80,325)

18

.9

Exxaro

Resources

Ltd.

88,447

716,180

(10,064)

2

.4

FirstRand

Ltd.

19,068

74,934

(1,993)

0

.5

Kumba

Iron

Ore

Ltd.

13,064

222,341

(17,600)

4

.1

Nedbank

Group

Ltd.

40,367

566,371

(45,926)

10

.8

Old

Mutual

Ltd.

774,819

502,882

24,555

(

5

.8

)

OUTsurance

Group

Ltd.

63,747

242,332

16,341

(

3

.8

)

Sasol

Ltd.

382,198

1,601,430

(33,556)

7

.9

Standard

Bank

Group

Ltd.

14,679

191,801

14,988

(

3

.5

)

Vodacom

Group

Ltd.

13,529

92,937

5,733

(

1

.3

)

Woolworths

Holdings

Ltd.

81,568

226,887

(16,849)

4

.0

Short

Positions

Common

Stocks

South

Africa

Anglo

American

Platinum

Ltd.

(37,779)

(1,519,410)

(79,381)

18

.6

Bidvest

Group

Ltd.

(2,704)

(34,731)

516

(

0

.1

)

Capitec

Bank

Holdings

Ltd.

(12,313)

(2,094,203)

(81,154)

19

.1

Clicks

Group

Ltd.

(12,016)

(221,990)

1,329

(

0

.3

)

Discovery

Ltd.

(61,029)

(664,046)

(8,654)

2

.0

Impala

Platinum

Holdings

Ltd.

(190,339)

(1,310,363)

(87,252)

20

.5

MTN

Group

Ltd.

(93,518)

(628,537)

(37,943)

8

.9

Naspers

Ltd.

(6,261)

(1,552,669)

23,481

(

5

.5

)

Pepkor

Holdings

Ltd.

(54,050)

(75,260)

(2,417)

0

.6

Sanlam

Ltd.

(15,092)

(68,114)

263

(

0

.1

)

Shoprite

Holdings

Ltd.

(1,848)

(27,560)

209

(

0

.0

)

(a)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

JPMC

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

OBFR

plus

or

minus

a

specified

spread

(-5.00%

to

1.00%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

13-62

months

maturity

ranging

from

04/17/2026

-

04/01/2030

$39,501,266

$720,291

$(317,916)

$402,375

256

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Brazil

Banco

do

Brasil

SA

208,200

1,028,513

(12,696)

(

3

.2

)

BRF

SA

184,900

637,670

39,962

9

.9

Hapvida

Participacoes

e

Investimentos

S/A

1,272,900

492,970

(19,485)

(

4

.8

)

Hypera

SA

65,600

222,673

(13,150)

(

3

.3

)

TIM

SA/Brazil

158,000

498,383

16,732

4

.2

Vibra

Energia

SA

218,500

680,796

(158)

0

.0

(a)

WEG

SA

37,200

295,178

(16,447)

(

4

.1

)

Chile

Cencosud

SA

478,453

1,461,248

164,092

40

.8

Empresas

Copec

SA

72,687

501,374

(44,722)

(

11

.1

)

Enel

Chile

SA

9,729,139

639,770

(19,924)

(

5

.0

)

Falabella

SA

72,600

302,774

(2,827)

(

0

.7

)

Indonesia

Alamtri

Resources

Indonesia

Tbk.

PT

8,399,200

933,078

691

0

.2

Indofood

Sukses

Makmur

Tbk.

PT

587,900

251,889

(9,700)

(

2

.4

)

United

Tractors

Tbk.

PT

221,000

313,290

(639)

(

0

.2

)

Malaysia

Genting

Bhd.

506,000

371,962

(10,853)

(

2

.7

)

South

Korea

DB

Insurance

Co.

Ltd.

9,026

545,240

(45,856)

(

11

.4

)

Hana

Financial

Group,

Inc.

6,367

259,967

(7,205)

(

1

.8

)

HMM

Co.

Ltd.

20,778

277,463

(20,550)

(

5

.1

)

Industrial

Bank

of

Korea

31,754

308,118

(31,246)

(

7

.8

)

Kia

Corp.

5,991

378,923

(20,356)

(

5

.1

)

Korea

Electric

Power

Corp.

87,843

1,296,396

(41,652)

(

10

.4

)

SK

Hynix,

Inc.

4,601

613,341

(38,655)

(

9

.6

)

Taiwan

Asia

Cement

Corp.

254,000

358,953

17,822

4

.4

Evergreen

Marine

Corp.

Taiwan

Ltd.

317,000

2,125,367

(81,349)

(

20

.2

)

International

Games

System

Co.

Ltd.

56,000

1,318,470

(70,283)

(

17

.5

)

Pegatron

Corp.

310,000

792,278

(67,315)

(

16

.7

)

PharmaEssentia

Corp.

49,000

772,779

(54,227)

(

13

.5

)

Pou

Chen

Corp.

519,000

556,512

(10,714)

(

2

.7

)

United

Microelectronics

Corp.

328,000

458,617

20,047

5

.0

Yang

Ming

Marine

Transport

Corp.

568,000

1,284,938

(22,056)

(

5

.5

)

United

States

JBS

S/A

312,200

2,249,129

451,621

112

.2

Short

Positions

Common

Stocks

Brazil

Equatorial

Energia

SA

(69,100)

(387,491)

8,406

2

.1

Inter

&

Co.,

Inc.

(81,733)

(447,018)

33,232

8

.3

Localiza

Rent

a

Car

SA

(174,900)

(1,029,518)

(3,459)

(

0

.9

)

Natura

&

Co.

Holding

SA

(145,300)

(254,370)

(19,363)

(

4

.8

)

PRIO

SA/Brazil

(33,600)

(234,345)

162

0

.0

(a)

Raia

Drogasil

SA

(127,800)

(426,638)

22,040

5

.5

Rede

D'Or

Sao

Luiz

SA

(116,400)

(575,223)

16,785

4

.2

Rumo

SA

(188,600)

(536,076)

66,045

16

.4

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

257

(Continued)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Taiwan

Acer,

Inc.

(206,000)

(222,320)

16,562

4

.1

Asia

Vital

Components

Co.

Ltd.

(41,000)

(580,559)

116,758

29

.0

China

Steel

Corp.

(873,000)

(591,799)

46,045

11

.4

Chunghwa

Telecom

Co.

Ltd.

(67,000)

(260,287)

84

0

.0

(a)

E

Ink

Holdings,

Inc.

(37,000)

(301,210)

23,558

5

.9

Formosa

Plastics

Corp.

(647,000)

(718,921)

75,486

18

.8

Mega

Financial

Holding

Co.

Ltd.

(544,000)

(659,397)

(6,090)

(

1

.5

)

Quanta

Computer,

Inc.

(166,000)

(1,154,970)

128,341

31

.9

Unimicron

Technology

Corp.

(86,000)

(244,986)

35,293

8

.8

Wiwynn

Corp.

(37,000)

(1,873,665)

186,875

46

.4

Preferred

Stocks

Brazil

Petroleo

Brasileiro

SA

(Preference)

(189,600)

(1,234,662)

(29,368)

(

7

.3

)

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MSIP

The

Fund

receives

the

total

return

on

a

portfolio

of

long

and

short

equity

positions

and

pays

or

receives

the

Federal

Funds

Effective

Rate

plus

or

minus

a

specified

spread

(-7.75%

to

0.40%),

which

is

denominated

in

USD

based

on

the

local

currencies

of

the

positions

within

the

swap.

5-49

months

maturity

ranging

from

04/21/2025

-

03/26/2027

$66,466,318

$513,762

$722,028

$1,235,790

The

following

table

represents

disclosures

associated

with

a

subset

of

the

underlying

components

of

the

total

return

basket

swap

contract

as

of

period

end:

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Long

Positions

Common

Stocks

Brazil

Banco

do

Brasil

SA

449,100

2,218,565

(28,455)

(

2

.3

)

Telefonica

Brasil

SA

93,800

819,083

(30,169)

(

2

.4

)

TIM

SA/Brazil

417,800

1,317,877

44,246

3

.6

Vibra

Energia

SA

489,000

1,523,613

1,125

0

.1

WEG

SA

82,700

656,215

(36,564)

(

3

.0

)

South

Korea

DB

Insurance

Co.

Ltd.

24,118

1,456,912

(128,966)

(

10

.4

)

Doosan

Bobcat,

Inc.

15,265

521,250

(11,201)

(

0

.9

)

Hana

Financial

Group,

Inc.

15,191

620,254

(19,787)

(

1

.6

)

Hankook

Tire

&

Technology

Co.

Ltd.

26,172

704,692

(28,334)

(

2

.3

)

HMM

Co.

Ltd.

49,858

665,787

(52,226)

(

4

.2

)

Hyundai

Glovis

Co.

Ltd.

11,251

865,029

(80,714)

(

6

.5

)

Kia

Corp.

26,341

1,666,033

(131,516)

(

10

.6

)

Korea

Electric

Power

Corp.

46,562

687,167

(25,189)

(

2

.0

)

Woori

Financial

Group,

Inc.

178,432

2,014,978

(14,843)

(

1

.2

)

258

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

REFERENCE

ENTITY

SHARES

NOTIONAL

VALUE

($)

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

($)

PERCENTAGE

OF

SWAP

VALUE

(%)

Taiwan

Compal

Electronics,

Inc.

860,000

835,949

(161,908)

(

13

.1

)

Hon

Hai

Precision

Industry

Co.

Ltd.

229,000

1,032,971

(132,538)

(

10

.7

)

MediaTek,

Inc.

28,000

1,206,813

(1,958)

(

0

.2

)

Pegatron

Corp.

726,000

1,855,465

(163,585)

(

13

.2

)

PharmaEssentia

Corp.

32,000

504,672

(40,153)

(

3

.2

)

Pou

Chen

Corp.

1,294,000

1,387,526

(25,685)

(

2

.1

)

President

Chain

Store

Corp.

69,000

522,660

(19,787)

(

1

.6

)

Realtek

Semiconductor

Corp.

94,000

1,498,596

(24,939)

(

2

.0

)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

53,300

1,501,087

(65,194)

(

5

.3

)

Yang

Ming

Marine

Transport

Corp.

519,000

1,174,089

(19,295)

(

1

.6

)

United

States

JBS

SA

66,200

476,913

95,764

7

.7

Preferred

Stocks

Brazil

Banco

Bradesco

SA

(Preference)

259,400

575,944

14,568

1

.2

Short

Positions

Common

Stocks

Brazil

Equatorial

Energia

SA

(188,406)

(1,056,522)

28,897

2

.3

Localiza

Rent

a

Car

SA

(186,400)

(1,097,210)

(3,686)

(

0

.3

)

Rede

D'Or

Sao

Luiz

SA

(117,200)

(579,176)

16,901

1

.4

Suzano

SA

(55,200)

(512,103)

17,754

1

.4

South

Korea

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(3,231)

(617,898)

85,076

6

.9

Kakao

Corp.

(32,451)

(865,095)

109,915

8

.9

Korea

Aerospace

Industries

Ltd.

(11,487)

(590,038)

163,702

13

.2

KT&G

Corp.

(11,149)

(766,848)

(25,275)

(

2

.0

)

LG

Energy

Solution

Ltd.

(5,104)

(1,169,081)

(23,343)

(

1

.9

)

Samsung

Biologics

Co.

Ltd.

(2,002)

(1,389,410)

88,790

7

.2

SKC

Co.

Ltd.

(9,531)

(676,384)

205,092

16

.6

Taiwan

Alchip

Technologies

Ltd.

(6,000)

(505,785)

(3,191)

(

0

.3

)

AUO

Corp.

(2,127,924)

(871,225)

121,535

9

.8

China

Steel

Corp.

(2,334,000)

(1,582,198)

121,864

9

.9

Delta

Electronics,

Inc.

(56,000)

(619,375)

49,054

4

.0

E

Ink

Holdings,

Inc.

(124,000)

(1,009,460)

81,826

6

.6

E.Sun

Financial

Holding

Co.

Ltd.

(2,214,167)

(1,935,597)

70,026

5

.7

Far

EasTone

Telecommunications

Co.

Ltd.

(177,000)

(493,091)

(3,521)

(

0

.3

)

First

Financial

Holding

Co.

Ltd.

(685,888)

(562,789)

9,667

0

.8

Formosa

Plastics

Corp.

(1,274,000)

(1,415,618)

147,501

11

.9

Hotai

Motor

Co.

Ltd.

(66,500)

(1,218,262)

14,684

1

.2

Mega

Financial

Holding

Co.

Ltd.

(825,869)

(1,001,058)

(10,278)

(

0

.8

)

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(826,461)

(602,900)

4,258

0

.3

Unimicron

Technology

Corp.

(320,000)

(911,575)

130,574

10

.6

(a)

Represents

less

than

0.05%

of

swap

value.

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

March

2025

259

INVESTMENTS

SHARES

VALUE

($)

LONG

POSITIONS

-

172.5%

COMMON

STOCKS

-

94.7%

Communication

Services

-

4

.7

%

Diversified

Telecommunication

Services

-

1

.2

%

AT&T,

Inc.

(a)

5,772

163,232

Cellnex

Telecom

SA

(Spain)

(2)(a)

(b)

220

7,821

Deutsche

Telekom

AG

(Registered)

(Germany)

(2)(a)

2,439

90,048

Iridium

Communications,

Inc.

(a)(c)

1,340

36,609

Orange

SA

(France)

(2)(a)

10,188

131,977

Telenor

ASA

(Norway)

(2)(a)

10,037

143,418

Telia

Co.

AB

(Sweden)

(a)

7,046

25,438

Verizon

Communications,

Inc.

(a)

1,037

47,038

645,581

Entertainment

-

1

.1

%

Electronic

Arts,

Inc.

(a)

471

68,069

Netflix,

Inc.

*(a)

94

87,658

ROBLOX

Corp.,

Class

A

*(a)

2,291

133,542

Roku,

Inc.,

Class

A

*(a)

270

19,019

Sea

Ltd.,

ADR

(Singapore)

*(a)(c)

369

48,151

Square

Enix

Holdings

Co.

Ltd.

(Japan)

(2)(a)

3,400

157,935

Vivendi

SE

(France)

(2)(a)

5,152

15,444

Warner

Music

Group

Corp.,

Class

A

(a)(c)

1,087

34,077

563,895

Interactive

Media

&

Services

-

0

.4

%

LY

Corp.

(Japan)

(2)(a)

5,200

17,608

Pinterest,

Inc.,

Class

A

*(a)

1,831

56,761

Rightmove

plc

(United

Kingdom)

(2)

(a)

1,023

9,108

Scout24

SE

(Germany)

(2)(a)(b)

546

57,178

Snap,

Inc.,

Class

A

*(a)(c)

11,877

103,449

244,104

Media

-

1

.3

%

Comcast

Corp.,

Class

A

(a)

9,733

359,148

CyberAgent,

Inc.

(Japan)

(2)(a)

3,200

24,351

ITV

plc

(United

Kingdom)

(2)(a)

8,576

8,813

New

York

Times

Co.

(The),

Class

A

(a)

3,099

153,710

News

Corp.,

Class

A

(a)

943

25,668

Omnicom

Group,

Inc.

(a)

864

71,634

Sirius

XM

Holdings,

Inc.

(a)

1,906

42,971

TBS

Holdings,

Inc.

(Japan)

(2)(a)

200

5,769

692,064

Wireless

Telecommunication

Services

-

0

.7

%

Freenet

AG

(Germany)

(a)

1,488

56,700

Millicom

International

Cellular

SA,

SDR

(Guatemala)

(3)

1,654

49,365

SoftBank

Corp.

(Japan)

(2)(a)

105,300

146,891

INVESTMENTS

SHARES

VALUE

($)

Wireless

Telecommunication

Services

-

0.7%

(continued)

Vodafone

Group

plc

(United

Kingdom)

(2)(a)

120,951

113,648

366,604

Total

Communication

Services

2,512,248

Consumer

Discretionary

-

10

.1

%

Automobile

Components

-

1

.3

%

Aisin

Corp.

(Japan)

(2)(a)

6,700

73,183

Aptiv

plc

(Ireland)

*(a)(c)

1,053

62,653

Autoliv,

Inc.

(Sweden)

(a)(c)

1,068

94,465

Forvia

SE

(France)

(2)(a)

1,435

11,776

Goodyear

Tire

&

Rubber

Co.

(The)

*(a)(c)

786

7,263

Lear

Corp.

(a)(c)

1,069

94,307

Niterra

Co.

Ltd.

(Japan)

(2)(a)

1,300

39,657

Pirelli

&

C

SpA

(Italy)

(2)(a)(b)

16,702

99,418

Sumitomo

Electric

Industries

Ltd.

(Japan)

(2)(a)

3,200

53,408

Valeo

SE

(France)

(2)(a)

9,206

86,430

Yokohama

Rubber

Co.

Ltd.

(The)

(Japan)

(2)(a)

2,500

57,646

680,206

Automobiles

-

1

.6

%

Ford

Motor

Co.

(a)(c)

2,117

21,233

General

Motors

Co.

(a)

4,037

189,860

Honda

Motor

Co.

Ltd.

(Japan)

(2)(a)

17,300

156,558

Mazda

Motor

Corp.

(Japan)

(2)(a)

17,700

113,251

Mercedes-Benz

Group

AG

(Germany)

(2)(a)

1,585

93,629

Mitsubishi

Motors

Corp.

(Japan)

(2)

(a)

16,800

46,323

Renault

SA

(France)

(2)(a)

2,304

116,713

Subaru

Corp.

(Japan)

(2)(a)

5,300

94,918

832,485

Broadline

Retail

-

0

.6

%

Amazon.com,

Inc.

*(a)

539

102,550

Dollarama,

Inc.

(Canada)

(a)

61

6,523

eBay,

Inc.

(a)(c)

767

51,949

Prosus

NV

(China)

(2)

520

24,159

Rakuten

Group,

Inc.

(Japan)

(2)*(a)

16,200

92,939

Ryohin

Keikaku

Co.

Ltd.

(Japan)

(2)

(a)

1,000

27,318

305,438

Distributors

-

0

.2

%

Genuine

Parts

Co.

(a)(c)

672

80,062

Diversified

Consumer

Services

-

0

.7

%

ADT,

Inc.

(a)

2,658

21,636

Bright

Horizons

Family

Solutions,

Inc.

*(a)

366

46,497

Duolingo,

Inc.,

Class

A

*(a)(c)

88

27,327

Graham

Holdings

Co.,

Class

B

(a)

14

13,452

Grand

Canyon

Education,

Inc.

*(a)

580

100,351

H&R

Block,

Inc.

(a)(c)

103

5,656

260

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

0.7%

(continued)

Pearson

plc

(United

Kingdom)

(2)(a)

5,567

88,067

Service

Corp.

International

(a)

580

46,516

349,502

Hotels,

Restaurants

&

Leisure

-

2

.0

%

Airbnb,

Inc.,

Class

A

*(a)(c)

846

101,063

Aristocrat

Leisure

Ltd.

(Australia)

(2)(a)

2,347

94,920

Booking

Holdings,

Inc.

(a)(c)

23

105,959

Carnival

Corp.

*(a)(c)

537

10,488

DoorDash,

Inc.,

Class

A

*(a)(c)

704

128,670

DraftKings,

Inc.,

Class

A

*(a)

325

10,793

Evolution

AB

(Sweden)

(2)(a)(b)

636

47,388

Expedia

Group,

Inc.

(a)

927

155,829

FDJ

UNITED

(France)

(2)(a)(b)

267

8,401

Flutter

Entertainment

plc

(United

Kingdom)

*(a)(c)

137

30,352

Hilton

Worldwide

Holdings,

Inc.

(a)

(c)

247

56,205

InterContinental

Hotels

Group

plc

(United

Kingdom)

(2)(a)

97

10,444

McDonald's

Holdings

Co.

Japan

Ltd.

(Japan)

(2)(a)

300

11,445

Norwegian

Cruise

Line

Holdings

Ltd.

*(a)(c)

367

6,958

Skylark

Holdings

Co.

Ltd.

(Japan)

(2)(a)

3,000

60,113

Tabcorp

Holdings

Ltd.

(Australia)

(2)(a)

6,264

2,324

Texas

Roadhouse,

Inc.,

Class

A

(a)

451

75,150

Travel

+

Leisure

Co.

(a)(c)

1,552

71,842

Wendy's

Co.

(The)

(a)

2,990

43,744

Zensho

Holdings

Co.

Ltd.

(Japan)

(2)(a)

800

43,140

1,075,228

Household

Durables

-

0

.7

%

Electrolux

AB,

Class

B

(Sweden)

(2)*(a)

1,962

16,066

Garmin

Ltd.

(a)(c)

272

59,059

Haseko

Corp.

(Japan)

(2)(a)

1,600

21,064

KB

Home

(a)(c)

557

32,373

Leggett

&

Platt,

Inc.

(a)(c)

592

4,683

Newell

Brands,

Inc.

(a)(c)

905

5,611

Panasonic

Holdings

Corp.

(Japan)

(2)(a)

5,100

60,841

Rinnai

Corp.

(Japan)

(2)(a)

800

18,480

SEB

SA

(France)

(2)(a)

81

7,661

Sony

Group

Corp.

(Japan)

(2)(a)

3,100

78,439

Toll

Brothers,

Inc.

(a)

579

61,137

Whirlpool

Corp.

(a)(c)

236

21,271

386,685

Leisure

Products

-

0

.6

%

Bandai

Namco

Holdings,

Inc.

(Japan)

(2)(a)

4,200

140,899

Hasbro,

Inc.

(a)

1,579

97,093

Mattel,

Inc.

*(a)

2,808

54,559

INVESTMENTS

SHARES

VALUE

($)

Leisure

Products

-

0.6%

(continued)

Polaris,

Inc.

(a)(c)

141

5,773

YETI

Holdings,

Inc.

*(a)(c)

1,326

43,891

342,215

Specialty

Retail

-

1

.6

%

ABC-Mart,

Inc.

(Japan)

(2)(a)

1,200

22,389

Abercrombie

&

Fitch

Co.,

Class

A

*(a)(c)

1,130

86,298

AutoNation,

Inc.

*(a)(c)

93

15,059

AutoZone,

Inc.

*(a)

34

129,634

Bath

&

Body

Works,

Inc.

(a)(c)

828

25,105

CarMax,

Inc.

*(a)(c)

181

14,103

JB

Hi-Fi

Ltd.

(Australia)

(2)(a)

1,926

112,575

O'Reilly

Automotive,

Inc.

*(a)

48

68,764

Penske

Automotive

Group,

Inc.

(a)

152

21,885

Sanrio

Co.

Ltd.

(Japan)

(2)(a)

1,000

46,266

Shimamura

Co.

Ltd.

(Japan)

(2)(a)

900

51,583

TJX

Cos.,

Inc.

(The)

(a)(c)

383

46,649

Ulta

Beauty,

Inc.

*(a)(c)

50

18,327

USS

Co.

Ltd.

(Japan)

(2)(a)

8,600

79,938

Williams-Sonoma,

Inc.

(a)

143

22,608

Zalando

SE

(Germany)

(2)*(a)(b)

2,715

94,171

855,354

Textiles,

Apparel

&

Luxury

Goods

-

0

.8

%

Asics

Corp.

(Japan)

(2)(a)

1,200

25,449

Brunello

Cucinelli

SpA

(Italy)

(2)(a)

205

23,551

Gildan

Activewear,

Inc.

(Canada)

(a)

402

17,772

Hermes

International

SCA

(France)

(2)(a)

46

121,032

Lululemon

Athletica,

Inc.

*(a)(c)

16

4,529

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(France)

(2)(a)

40

24,771

Moncler

SpA

(Italy)

(2)(a)

124

7,638

Pandora

A/S

(Denmark)

(2)(a)

471

72,186

Ralph

Lauren

Corp.,

Class

A

(a)

354

78,142

Tapestry,

Inc.

(a)

1,034

72,804

447,874

Total

Consumer

Discretionary

5,355,049

Consumer

Staples

-

5

.5

%

Beverages

-

1

.7

%

Anheuser-Busch

InBev

SA/NV

(Belgium)

(2)(a)

380

23,363

Asahi

Group

Holdings

Ltd.

(Japan)

(2)(a)

8,800

112,434

Carlsberg

A/S,

Class

B

(Denmark)

(2)(a)

1,177

148,982

Celsius

Holdings,

Inc.

*(a)(c)

2,469

87,946

Coca-Cola

Consolidated,

Inc.

(a)

66

89,100

Constellation

Brands,

Inc.,

Class

A

(a)(c)

57

10,460

Keurig

Dr

Pepper,

Inc.

(a)

5,429

185,780

Kirin

Holdings

Co.

Ltd.

(Japan)

(2)

(a)

3,200

44,340

Molson

Coors

Beverage

Co.,

Class

B

(a)

176

10,713

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

261

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Beverages

-

1.7%

(continued)

Monster

Beverage

Corp.

*(a)

1,113

65,133

PepsiCo,

Inc.

(a)

999

149,790

928,041

Consumer

Staples

Distribution

&

Retail

-

1

.2

%

Albertsons

Cos.,

Inc.,

Class

A

(a)(c)

1,514

33,293

BJ's

Wholesale

Club

Holdings,

Inc.

*(a)(c)

245

27,954

Carrefour

SA

(France)

(2)(a)

4,517

64,602

Costco

Wholesale

Corp.

(a)

72

68,096

Empire

Co.

Ltd.,

Class

A

(Canada)

(a)

618

20,721

George

Weston

Ltd.

(Canada)

(a)

687

117,120

Koninklijke

Ahold

Delhaize

NV

(Netherlands)

(2)(a)

881

32,910

Marks

&

Spencer

Group

plc

(United

Kingdom)

(2)(a)

2,573

11,879

Metro,

Inc.,

Class

A

(Canada)

(a)

1,094

76,076

Sprouts

Farmers

Market,

Inc.

*(a)(c)

185

28,238

Sundrug

Co.

Ltd.

(Japan)

(2)(a)

2,000

56,061

Tesco

plc

(United

Kingdom)

(2)(a)

6,919

29,768

US

Foods

Holding

Corp.

*(a)(c)

932

61,009

627,727

Food

Products

-

1

.0

%

AAK

AB

(Sweden)

(2)(a)

2,910

81,221

Danone

SA

(France)

(2)(a)

1,436

109,833

Lancaster

Colony

Corp.

(a)

112

19,600

McCormick

&

Co.,

Inc.

(Non-Voting)

(a)

464

38,192

Mowi

ASA

(Norway)

(2)(a)

363

6,729

Orkla

ASA

(Norway)

(2)(a)

4,136

45,357

Saputo,

Inc.

(Canada)

(a)

894

15,425

Tate

&

Lyle

plc

(United

Kingdom)

(a)

687

4,592

Toyo

Suisan

Kaisha

Ltd.

(Japan)

(2)

(a)

1,000

59,183

Tyson

Foods,

Inc.,

Class

A

(a)

1,686

107,584

WH

Group

Ltd.

(Hong

Kong)

(2)(a)

(b)

20,500

18,823

Yamazaki

Baking

Co.

Ltd.

(Japan)

(2)(a)

2,000

38,357

544,896

Household

Products

-

0

.3

%

Church

&

Dwight

Co.,

Inc.

(a)(c)

633

69,687

Colgate-Palmolive

Co.

(a)

866

81,144

150,831

Personal

Care

Products

-

0

.4

%

Beiersdorf

AG

(Germany)

(2)(a)

271

35,009

BellRing

Brands,

Inc.

*(a)

1,039

77,364

Kao

Corp.

(Japan)

(2)(a)

2,000

86,573

L'Oreal

SA

(France)

(2)(a)

27

10,036

208,982

INVESTMENTS

SHARES

VALUE

($)

Tobacco

-

0

.9

%

British

American

Tobacco

plc

(United

Kingdom)

(2)(a)

1,127

46,234

Imperial

Brands

plc

(United

Kingdom)

(2)(a)

1,483

54,874

Philip

Morris

International,

Inc.

(a)(c)

2,278

361,587

462,695

Total

Consumer

Staples

2,923,172

Energy

-

4

.8

%

Energy

Equipment

&

Services

-

1

.1

%

Halliburton

Co.

(a)(c)

10,155

257,632

NOV,

Inc.

(a)(c)

5,918

90,072

Schlumberger

NV

(a)(c)

1,517

63,411

Subsea

7

SA

(United

Kingdom)

(2)

(a)

2,392

38,246

TechnipFMC

plc

(United

Kingdom)

(a)

3,856

122,197

Tenaris

SA

(2)(a)

591

11,565

583,123

Oil,

Gas

&

Consumable

Fuels

-

3

.7

%

Antero

Resources

Corp.

*(a)

594

24,021

ARC

Resources

Ltd.

(Canada)

(a)

1,952

39,242

Canadian

Natural

Resources

Ltd.

(Canada)

(a)

2,201

67,725

Cenovus

Energy,

Inc.

(Canada)

(a)

6,725

93,464

Cheniere

Energy,

Inc.

(a)

220

50,908

ConocoPhillips

(a)

2,144

225,163

Cosmo

Energy

Holdings

Co.

Ltd.

(Japan)

(2)(a)

500

21,502

Coterra

Energy,

Inc.

(a)(c)

2,613

75,516

Devon

Energy

Corp.

(a)

1,791

66,983

Enbridge,

Inc.

(Canada)

(a)

4,204

186,062

Eni

SpA

(Italy)

(2)(a)

3,662

56,639

EOG

Resources,

Inc.

(a)

45

5,771

EQT

Corp.

(a)(c)

1,420

75,871

Gaztransport

Et

Technigaz

SA

(France)

(2)(a)

144

21,835

HF

Sinclair

Corp.

(a)

2,599

85,455

Inpex

Corp.

(Japan)

(2)(a)

14,100

195,578

Kinder

Morgan,

Inc.

(a)(c)

2,429

69,299

Koninklijke

Vopak

NV

(Netherlands)

(2)(a)

969

42,098

Matador

Resources

Co.

(a)(c)

251

12,824

Murphy

Oil

Corp.

(a)(c)

1,093

31,041

Ovintiv,

Inc.

(a)

2,109

90,265

Parkland

Corp.

(Canada)

(a)

355

8,886

PBF

Energy,

Inc.,

Class

A

(a)(c)

1,456

27,795

Pembina

Pipeline

Corp.

(Canada)

(a)

1,264

50,558

Range

Resources

Corp.

(a)(c)

275

10,981

Repsol

SA

(Spain)

(2)(a)

929

12,335

Targa

Resources

Corp.

(a)

390

78,183

TotalEnergies

SE

(France)

(2)(a)

1,336

86,083

Valero

Energy

Corp.

(a)(c)

782

103,279

262

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

3.7%

(continued)

Williams

Cos.,

Inc.

(The)

(a)(c)

581

34,721

1,950,083

Total

Energy

2,533,206

Financials

-

17

.5

%

Banks

-

7

.3

%

ABN

AMRO

Bank

NV,

CVA

(Netherlands)

(2)(a)(b)

2,446

51,541

Banca

Monte

dei

Paschi

di

Siena

SpA

(Italy)

(2)(a)

15,410

122,559

Banco

Santander

SA

(Spain)

(2)(a)

11,656

78,525

Bank

of

America

Corp.

(a)

863

36,013

Bank

OZK

(a)(c)

505

21,942

Barclays

plc

(United

Kingdom)

(2)(a)

26,803

100,780

BNP

Paribas

SA

(France)

(2)(a)

1,529

127,793

BOC

Hong

Kong

Holdings

Ltd.

(China)

(2)

19,000

76,930

BOK

Financial

Corp.

(a)

460

47,909

Cadence

Bank

(a)(c)

832

25,260

CaixaBank

SA

(Spain)

(2)(a)

2,158

16,810

Citigroup,

Inc.

(a)(c)

3,734

265,077

Citizens

Financial

Group,

Inc.

(a)(c)

2,276

93,248

Comerica,

Inc.

(a)

438

25,868

Commerce

Bancshares,

Inc.

(a)(c)

942

58,621

Commerzbank

AG

(Germany)

(2)(a)

6,440

147,379

Cullen/Frost

Bankers,

Inc.

(a)

101

12,645

Danske

Bank

A/S

(Denmark)

(2)(a)

790

25,858

DBS

Group

Holdings

Ltd.

(Singapore)

(2)

1,800

61,814

East

West

Bancorp,

Inc.

(a)(c)

713

63,999

FinecoBank

Banca

Fineco

SpA

(Italy)

(2)(a)

3,029

59,994

First

Horizon

Corp.

(a)

516

10,021

FNB

Corp.

(a)(c)

383

5,151

Fukuoka

Financial

Group,

Inc.

(Japan)

(2)(a)

400

10,645

Hancock

Whitney

Corp.

(a)(c)

1,324

69,444

Intesa

Sanpaolo

SpA

(Italy)

(2)(a)

22,821

117,612

Japan

Post

Bank

Co.

Ltd.

(Japan)

(2)(a)

9,200

93,413

Mitsubishi

UFJ

Financial

Group,

Inc.

(Japan)

(2)(a)

8,200

111,797

Mizuho

Financial

Group,

Inc.

(Japan)

(2)(a)

3,900

107,031

NatWest

Group

plc

(United

Kingdom)

(2)(a)

22,026

130,050

Nordea

Bank

Abp

(Finland)

(2)(a)

13,761

176,009

PNC

Financial

Services

Group,

Inc.

(The)

(a)

1,281

225,161

Popular,

Inc.

1,051

97,081

Prosperity

Bancshares,

Inc.

(a)

617

44,035

Regions

Financial

Corp.

(a)(c)

694

15,081

Societe

Generale

SA

(France)

(2)(a)

5,487

247,540

Sumitomo

Mitsui

Financial

Group,

Inc.

(Japan)

(2)(a)

5,800

149,145

Sumitomo

Mitsui

Trust

Group,

Inc.

(Japan)

(2)(a)

2,700

67,962

INVESTMENTS

SHARES

VALUE

($)

Banks

-

7.3%

(continued)

Svenska

Handelsbanken

AB,

Class

A

(Sweden)

(2)(a)

4,170

47,127

Swedbank

AB,

Class

A

(Sweden)

(2)(a)

2,196

50,013

Synovus

Financial

Corp.

(a)(c)

1,190

55,621

Texas

Capital

Bancshares,

Inc.

*(a)

(c)

1,469

109,734

UniCredit

SpA

(Italy)

(2)(a)

2,398

134,605

Valley

National

Bancorp

(a)(c)

10,398

92,438

Webster

Financial

Corp.

(a)

1,084

55,880

Zions

Bancorp

NA

(a)

2,823

140,755

3,883,916

Capital

Markets

-

2

.5

%

Ameriprise

Financial,

Inc.

(a)(c)

154

74,553

Amundi

SA

(France)

(2)(a)(b)

704

55,155

Azimut

Holding

SpA

(Italy)

(2)(a)

1,546

43,287

Banca

Generali

SpA

(Italy)

(2)(a)

973

54,820

Bank

of

New

York

Mellon

Corp.

(The)

(a)

1,352

113,392

Blackrock,

Inc.

(a)(c)

47

44,485

Brookfield

Corp.,

Class

A

(Canada)

(a)

315

16,485

Charles

Schwab

Corp.

(The)

(a)

891

69,747

CME

Group,

Inc.

(a)(c)

734

194,723

Deutsche

Bank

AG

(Registered)

(Germany)

(2)(a)

269

6,412

Federated

Hermes,

Inc.,

Class

B

(a)

874

35,633

IGM

Financial,

Inc.

(Canada)

(a)

276

8,489

Intermediate

Capital

Group

plc

(United

Kingdom)

(2)(a)

2,295

58,452

Invesco

Ltd.

(a)

8,086

122,665

Janus

Henderson

Group

plc

(a)

132

4,772

Moody's

Corp.

(a)(c)

15

6,985

MSCI,

Inc.,

Class

A

(a)

355

200,752

Nomura

Holdings,

Inc.

(Japan)

(2)(a)

19,600

120,774

Raymond

James

Financial,

Inc.

(a)

34

4,723

Robinhood

Markets,

Inc.,

Class

A

*(a)(c)

1,137

47,322

S&P

Global,

Inc.

(a)

18

9,146

St

James's

Place

plc

(United

Kingdom)

(2)(a)

780

9,915

Stifel

Financial

Corp.

(a)(c)

227

21,397

1,324,084

Consumer

Finance

-

0

.6

%

Ally

Financial,

Inc.

(a)

2,802

102,189

Capital

One

Financial

Corp.

(a)

622

111,525

OneMain

Holdings,

Inc.

(a)(c)

1,147

56,065

SLM

Corp.

(a)

1,027

30,163

Synchrony

Financial

(a)(c)

615

32,558

332,500

Financial

Services

-

1

.3

%

Affirm

Holdings,

Inc.,

Class

A

*(a)(c)

414

18,708

Corebridge

Financial,

Inc.

(a)

3,674

115,988

Corpay,

Inc.

*(a)(c)

59

20,574

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

263

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financial

Services

-

1.3%

(continued)

Equitable

Holdings,

Inc.

(a)(c)

355

18,492

Essent

Group

Ltd.

(a)

1,261

72,785

Global

Payments,

Inc.

(a)

53

5,190

GMO

Payment

Gateway,

Inc.

(Japan)

(2)(a)

1,000

53,209

Mastercard,

Inc.,

Class

A

(a)

292

160,051

MGIC

Investment

Corp.

(a)

256

6,344

UWM

Holdings

Corp.,

Class

A

(a)(c)

3,531

19,279

Visa,

Inc.,

Class

A

(a)(c)

456

159,810

Western

Union

Co.

(The)

(a)(c)

4,022

42,553

692,983

Insurance

-

5

.8

%

Aegon

Ltd.

(Netherlands)

(2)(a)

4,862

31,933

Ageas

SA/NV

(Belgium)

(2)(a)

462

27,694

AIA

Group

Ltd.

(Hong

Kong)

(2)(a)

3,600

27,251

Allianz

SE

(Registered)

(Germany)

(2)(a)

235

89,937

Allstate

Corp.

(The)

(a)(c)

480

99,394

American

International

Group,

Inc.

(a)(c)

2,802

243,606

Aon

plc,

Class

A

(a)(c)

215

85,804

Assurant,

Inc.

(a)

217

45,516

Assured

Guaranty

Ltd.

(a)

217

19,118

Axis

Capital

Holdings

Ltd.

(a)

1,036

103,849

Brighthouse

Financial,

Inc.

*(a)

1,448

83,969

Cincinnati

Financial

Corp.

(a)

76

11,227

CNA

Financial

Corp.

(a)(c)

428

21,738

CNO

Financial

Group,

Inc.

(a)

1,181

49,189

Everest

Group

Ltd.

(a)(c)

293

106,456

First

American

Financial

Corp.

(a)

328

21,527

Globe

Life,

Inc.

(a)

122

16,070

Hanover

Insurance

Group,

Inc.

(The)

(a)(c)

451

78,451

Hiscox

Ltd.

(United

Kingdom)

(a)

328

4,983

iA

Financial

Corp.,

Inc.

(Canada)

(a)

542

51,471

Insurance

Australia

Group

Ltd.

(Australia)

(2)(a)

5,757

28,005

Intact

Financial

Corp.

(Canada)

(a)

86

17,570

Japan

Post

Holdings

Co.

Ltd.

(Japan)

(2)(a)

3,900

39,107

Kemper

Corp.

(a)

305

20,389

Lincoln

National

Corp.

(a)

2,485

89,236

Manulife

Financial

Corp.

(Canada)

(a)

681

21,220

Mapfre

SA

(Spain)

(2)(a)

15,804

48,692

Marsh

&

McLennan

Cos.,

Inc.

(a)

341

83,214

MS&AD

Insurance

Group

Holdings,

Inc.

(Japan)

(2)(a)

600

13,049

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(Germany)

(2)(a)

255

161,089

Old

Republic

International

Corp.

(a)

2,023

79,342

Poste

Italiane

SpA

(Italy)

(2)(a)(b)

8,815

157,262

Primerica,

Inc.

(a)(c)

562

159,906

Principal

Financial

Group,

Inc.

(a)(c)

584

49,272

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

5.8%

(continued)

QBE

Insurance

Group

Ltd.

(Australia)

(2)(a)

3,041

42,018

SCOR

SE

(France)

(2)(a)

1,354

39,103

Swiss

Re

AG

(2)(a)

132

22,464

T&D

Holdings,

Inc.

(Japan)

(2)(a)

1,900

40,666

Talanx

AG

(Germany)

(2)(a)

96

10,097

Travelers

Cos.,

Inc.

(The)

(a)

629

166,345

Unipol

Assicurazioni

SpA

(Italy)

(2)

(a)

6,569

105,156

Unum

Group

(a)

545

44,396

W

R

Berkley

Corp.

(a)

416

29,602

Willis

Towers

Watson

plc

(a)

153

51,706

Zurich

Insurance

Group

AG

(Switzerland)

(2)(a)

508

354,588

3,092,677

Total

Financials

9,326,160

Health

Care

-

10

.9

%

Biotechnology

-

1

.5

%

Alnylam

Pharmaceuticals,

Inc.

*(a)

334

90,187

Apellis

Pharmaceuticals,

Inc.

*(a)(c)

1,543

33,745

Argenx

SE

(Netherlands)

(2)*(a)

73

43,077

BioMarin

Pharmaceutical,

Inc.

*(a)

1,534

108,438

Exact

Sciences

Corp.

*(a)(c)

240

10,390

Exelixis,

Inc.

*(a)(c)

3,080

113,714

Gilead

Sciences,

Inc.

(a)

312

34,960

GRAIL,

Inc.

*(a)

418

10,676

Incyte

Corp.

*(a)(c)

3,285

198,907

Natera,

Inc.

*(a)(c)

283

40,019

Regeneron

Pharmaceuticals,

Inc.

(a)

131

83,084

Swedish

Orphan

Biovitrum

AB

(Sweden)

(2)*(a)

508

14,557

Ultragenyx

Pharmaceutical,

Inc.

*(a)

359

12,999

794,753

Health

Care

Equipment

&

Supplies

-

2

.0

%

Abbott

Laboratories

(a)

1,567

207,863

Align

Technology,

Inc.

*(a)

436

69,263

Asahi

Intecc

Co.

Ltd.

(Japan)

(2)(a)

3,500

56,538

Becton

Dickinson

&

Co.

(a)(c)

223

51,080

Boston

Scientific

Corp.

*(a)

1,274

128,521

Demant

A/S

(Denmark)

(2)*(a)

777

26,112

Edwards

Lifesciences

Corp.

*(a)

1,076

77,989

IDEXX

Laboratories,

Inc.

*(a)(c)

220

92,389

LivaNova

plc

*(a)

957

37,591

Medtronic

plc

(a)

1,554

139,642

Penumbra,

Inc.

*(a)

58

15,510

QuidelOrtho

Corp.

*(a)

1,551

54,238

Siemens

Healthineers

AG

(Germany)

(2)(a)(b)

305

16,455

Solventum

Corp.

*(a)(c)

224

17,033

STERIS

plc

(a)(c)

269

60,969

Ypsomed

Holding

AG

(Registered)

(Switzerland)

(2)(a)

67

25,935

1,077,128

264

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

2

.2

%

Cardinal

Health,

Inc.

(a)

282

38,851

Cencora,

Inc.

(a)

350

97,331

Centene

Corp.

*(a)

4,077

247,515

Cigna

Group

(The)

(a)(c)

249

81,921

CVS

Health

Corp.

(a)

1,922

130,215

Elevance

Health,

Inc.

109

47,411

Encompass

Health

Corp.

(a)

465

47,095

Fresenius

Medical

Care

AG

(Germany)

(2)(a)

492

24,482

HCA

Healthcare,

Inc.

(a)(c)

353

121,979

Humana,

Inc.

(a)

596

157,702

McKesson

Corp.

(a)

134

90,181

Molina

Healthcare,

Inc.

*(a)(c)

34

11,199

Universal

Health

Services,

Inc.,

Class

B

(a)

221

41,526

1,137,408

Health

Care

Technology

-

0

.3

%

Pro

Medicus

Ltd.

(Australia)

(2)(a)

738

93,412

Veeva

Systems,

Inc.,

Class

A

*(a)(c)

371

85,935

179,347

Life

Sciences

Tools

&

Services

-

0

.8

%

Agilent

Technologies,

Inc.

(a)

97

11,347

Danaher

Corp.

(a)

534

109,470

Illumina,

Inc.

*(a)(c)

2,024

160,584

IQVIA

Holdings,

Inc.

*(a)(c)

469

82,685

Medpace

Holdings,

Inc.

*(a)(c)

93

28,336

Waters

Corp.

*(a)(c)

136

50,126

442,548

Pharmaceuticals

-

4

.1

%

Astellas

Pharma,

Inc.

(Japan)

(2)(a)

14,000

136,283

Bayer

AG

(Registered)

(Germany)

(2)(a)

719

17,236

Bristol-Myers

Squibb

Co.

(a)

889

54,220

Eli

Lilly

&

Co.

(a)

136

112,324

Ipsen

SA

(France)

(2)(a)

230

26,491

Jazz

Pharmaceuticals

plc

*(a)

83

10,304

Johnson

&

Johnson

(a)(c)

1,941

321,895

Merck

&

Co.,

Inc.

(a)(c)

3,146

282,385

Novartis

AG

(Registered)

(2)(a)

3,135

348,204

Otsuka

Holdings

Co.

Ltd.

(Japan)

(2)(a)

2,300

119,853

Roche

Holding

AG

(2)(a)

534

175,754

Royalty

Pharma

plc,

Class

A

(a)

5,874

182,858

Santen

Pharmaceutical

Co.

Ltd.

(Japan)

(2)(a)

5,000

47,620

Shionogi

&

Co.

Ltd.

(Japan)

(2)(a)

4,200

63,398

Takeda

Pharmaceutical

Co.

Ltd.

(Japan)

(2)(a)

8,300

246,002

UCB

SA

(Belgium)

(2)(a)

91

16,022

2,160,849

Total

Health

Care

5,792,033

INVESTMENTS

SHARES

VALUE

($)

Industrials

-

16

.5

%

Aerospace

&

Defense

-

2

.5

%

Curtiss-Wright

Corp.

(a)

38

12,056

Dassault

Aviation

SA

(France)

(2)(a)

199

65,615

GE

Aerospace

(a)(c)

234

46,835

Howmet

Aerospace,

Inc.

(a)(c)

767

99,503

Kongsberg

Gruppen

ASA

(Norway)

(2)(a)

770

112,894

Leonardo

SpA

(Italy)

(2)(a)

3,094

150,674

Lockheed

Martin

Corp.

(a)(c)

222

99,170

Rheinmetall

AG

(Germany)

(2)(a)

209

299,063

Rolls-Royce

Holdings

plc

(United

Kingdom)

(2)*(a)

12,936

125,730

Saab

AB,

Class

B

(Sweden)

(2)(a)

4,730

185,981

Safran

SA

(France)

(2)(a)

308

81,091

Woodward,

Inc.

(a)

336

61,317

1,339,929

Air

Freight

&

Logistics

-

0

.7

%

International

Distribution

Services

plc

(United

Kingdom)

(a)

8,160

38,263

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Japan)

(2)(a)

8,700

158,469

United

Parcel

Service,

Inc.,

Class

B

(a)

1,381

151,896

348,628

Building

Products

-

1

.2

%

AGC,

Inc.

(Japan)

(2)(a)

2,000

60,885

Allegion

plc

(a)

458

59,751

AZEK

Co.,

Inc.

(The),

Class

A

*(a)

308

15,058

Belimo

Holding

AG

(Registered)

(Switzerland)

(2)(a)

52

32,059

Cie

de

Saint-Gobain

SA

(France)

(2)(a)

109

10,858

Geberit

AG

(Registered)

(Switzerland)

(2)(a)

37

23,180

Hayward

Holdings,

Inc.

*(a)

3,225

44,892

Johnson

Controls

International

plc

(a)

1,270

101,740

Lennox

International,

Inc.

(a)

20

11,217

Lixil

Corp.

(Japan)

(2)(a)

5,300

61,300

Owens

Corning

(a)

297

42,417

Sanwa

Holdings

Corp.

(Japan)

(2)

(a)

4,600

147,611

Trane

Technologies

plc

(a)

129

43,463

654,431

Commercial

Services

&

Supplies

-

0

.7

%

Brambles

Ltd.

(Australia)

(2)(a)

9,721

122,808

Dai

Nippon

Printing

Co.

Ltd.

(Japan)

(2)(a)

1,700

24,204

ISS

A/S

(Denmark)

(2)(a)

1,948

44,731

Rollins,

Inc.

(a)(c)

1,028

55,543

Sohgo

Security

Services

Co.

Ltd.

(Japan)

(2)(a)

5,000

37,611

Veralto

Corp.

(a)

199

19,392

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

265

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Commercial

Services

&

Supplies

-

0.7%

(continued)

Waste

Connections,

Inc.

(a)(c)

333

64,998

369,287

Construction

&

Engineering

-

0

.8

%

ACS

Actividades

de

Construccion

y

Servicios

SA

(Spain)

(2)(a)

445

25,469

AECOM

(a)

91

8,438

AtkinsRealis

Group,

Inc.

(Canada)

(a)

1,224

58,153

Bouygues

SA

(France)

(2)(a)

680

26,806

Comfort

Systems

USA,

Inc.

(a)(c)

138

44,481

Eiffage

SA

(France)

(2)(a)

275

32,018

Kinden

Corp.

(Japan)

(2)(a)

3,600

80,728

MasTec,

Inc.

*(a)

404

47,151

Obayashi

Corp.

(Japan)

(2)(a)

2,300

30,683

Shimizu

Corp.

(Japan)

(2)(a)

8,500

75,654

Skanska

AB,

Class

B

(Sweden)

(2)*(a)

582

12,845

442,426

Electrical

Equipment

-

0

.9

%

ABB

Ltd.

(Registered)

(Switzerland)

(2)(a)

2,949

152,162

Acuity,

Inc.

28

7,374

Eaton

Corp.

plc

(a)(c)

170

46,211

Fujikura

Ltd.

(Japan)

(2)(a)

1,900

70,366

GE

Vernova,

Inc.

(a)(c)

145

44,266

Signify

NV

(2)(a)(b)

2,274

49,373

Vertiv

Holdings

Co.,

Class

A

(a)(c)

439

31,696

Vestas

Wind

Systems

A/S

(Denmark)

(2)*(a)

3,957

54,743

456,191

Ground

Transportation

-

0

.7

%

Aurizon

Holdings

Ltd.

(Australia)

(2)

(a)

4,005

7,786

Grab

Holdings

Ltd.,

Class

A

(Singapore)

*(a)(c)

12,699

57,527

Keio

Corp.

(Japan)

(2)(a)

500

12,787

Lyft,

Inc.,

Class

A

*(a)

8,490

100,776

Ryder

System,

Inc.

(a)(c)

162

23,297

Tobu

Railway

Co.

Ltd.

(Japan)

(2)(a)

2,100

35,849

Tokyu

Corp.

(Japan)

(2)(a)

3,200

36,026

Uber

Technologies,

Inc.

*(a)(c)

451

32,860

Union

Pacific

Corp.

(a)(c)

398

94,024

400,932

Industrial

Conglomerates

-

0

.8

%

3M

Co.

(a)(c)

1,269

186,365

CK

Hutchison

Holdings

Ltd.

(United

Kingdom)

(2)(a)

1,000

5,637

Hikari

Tsushin,

Inc.

(Japan)

(2)(a)

300

77,428

Sekisui

Chemical

Co.

Ltd.

(Japan)

(2)(a)

3,600

61,401

Siemens

AG

(Registered)

(Germany)

(2)(a)

346

79,907

INVESTMENTS

SHARES

VALUE

($)

Industrial

Conglomerates

-

0.8%

(continued)

Swire

Pacific

Ltd.,

Class

A

(Hong

Kong)

(a)

3,000

26,448

437,186

Machinery

-

3

.8

%

Alfa

Laval

AB

(Sweden)

(2)(a)

1,038

44,504

Allison

Transmission

Holdings,

Inc.

(a)

725

69,361

Alstom

SA

(France)

(2)*(a)

263

5,826

Amada

Co.

Ltd.

(Japan)

(2)(a)

600

5,844

Atlas

Copco

AB,

Class

A

(Sweden)

(2)(a)

1,403

22,411

Cummins,

Inc.

(a)

268

84,002

Donaldson

Co.,

Inc.

(a)

1,500

100,590

Dover

Corp.

(a)

110

19,325

Ebara

Corp.

(Japan)

(2)(a)

4,100

62,404

FANUC

Corp.

(Japan)

(2)(a)

300

8,174

Flowserve

Corp.

(a)(c)

1,372

67,008

GEA

Group

AG

(Germany)

(2)(a)

997

60,607

IHI

Corp.

(Japan)

(2)(a)

2,800

195,409

Illinois

Tool

Works,

Inc.

(a)

564

139,878

IMI

plc

(United

Kingdom)

(2)(a)

875

21,524

ITT,

Inc.

(a)(c)

283

36,552

Kawasaki

Heavy

Industries

Ltd.

(Japan)

(2)(a)

800

48,288

Komatsu

Ltd.

(Japan)

(2)(a)

2,000

58,566

Lincoln

Electric

Holdings,

Inc.

(a)

58

10,971

MISUMI

Group,

Inc.

(Japan)

(2)(a)

4,700

78,230

Mitsubishi

Heavy

Industries

Ltd.

(Japan)

(2)(a)

900

15,456

Mueller

Industries,

Inc.

(a)(c)

577

43,933

NGK

Insulators

Ltd.

(Japan)

(2)(a)

5,100

62,837

Oshkosh

Corp.

(a)(c)

738

69,431

Otis

Worldwide

Corp.

(a)(c)

181

18,679

Parker-Hannifin

Corp.

(a)(c)

121

73,550

Pentair

plc

(a)

637

55,725

Rotork

plc

(United

Kingdom)

(2)(a)

3,950

16,057

Schindler

Holding

AG

(Switzerland)

(2)(a)

41

12,850

Snap-on,

Inc.

(a)(c)

188

63,358

Stanley

Black

&

Decker,

Inc.

(a)(c)

807

62,042

Toro

Co.

(The)

(a)

987

71,804

Volvo

AB,

Class

B

(Sweden)

(2)*(a)

1,615

47,381

Wartsila

OYJ

Abp

(Finland)

(2)(a)

4,517

80,599

Weir

Group

plc

(The)

(United

Kingdom)

(2)(a)

2,046

61,808

Westinghouse

Air

Brake

Technologies

Corp.

(a)

500

90,675

Yangzijiang

Shipbuilding

Holdings

Ltd.

(China)

(2)

18,900

33,170

2,018,829

266

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Marine

Transportation

-

0

.5

%

AP

Moller

-

Maersk

A/S,

Class

B

(Denmark)

(2)(a)

34

59,175

Kawasaki

Kisen

Kaisha

Ltd.

(Japan)

(2)(a)

600

8,155

Kirby

Corp.

*(a)

180

18,182

Mitsui

OSK

Lines

Ltd.

(Japan)

(2)(a)

2,100

73,116

Nippon

Yusen

KK

(Japan)

(2)(a)

3,300

109,059

267,687

Passenger

Airlines

-

1

.0

%

Air

France-KLM

(France)

(2)*(a)

2,638

24,516

Alaska

Air

Group,

Inc.

*(a)(c)

965

47,497

ANA

Holdings,

Inc.

(Japan)

(2)(a)

3,400

62,760

Delta

Air

Lines,

Inc.

(a)(c)

3,116

135,858

Deutsche

Lufthansa

AG

(Registered)

(Germany)

(2)(a)

1,318

9,603

easyJet

plc

(United

Kingdom)

(2)(a)

14,285

82,141

Japan

Airlines

Co.

Ltd.

(Japan)

(2)

(a)

7,600

130,183

Qantas

Airways

Ltd.

(Australia)

(2)

(a)

9,297

53,003

545,561

Professional

Services

-

2

.0

%

Automatic

Data

Processing,

Inc.

(a)

(c)

254

77,605

BayCurrent,

Inc.

(Japan)

(2)(a)

2,000

86,668

Broadridge

Financial

Solutions,

Inc.

(a)

413

100,136

Computershare

Ltd.

(Australia)

(2)

(a)

3,063

75,500

Concentrix

Corp.

(a)

863

48,017

Experian

plc

(2)(a)

305

14,132

Genpact

Ltd.

(a)(c)

209

10,529

Intertek

Group

plc

(United

Kingdom)

(2)(a)

1,254

81,541

Jacobs

Solutions,

Inc.

(a)

233

28,167

ManpowerGroup,

Inc.

(a)

317

18,348

Persol

Holdings

Co.

Ltd.

(Japan)

(2)(a)

24,200

40,322

RELX

plc

(United

Kingdom)

(2)(a)

1,151

57,816

Robert

Half,

Inc.

(a)

743

40,531

Science

Applications

International

Corp.

(a)

950

106,657

SS&C

Technologies

Holdings,

Inc.

(a)(c)

2,699

225,447

Verisk

Analytics,

Inc.,

Class

A

(a)

147

43,750

1,055,166

Trading

Companies

&

Distributors

-

0

.6

%

AddTech

AB,

Class

B

(Sweden)

(2)

(a)

1,112

32,568

Fastenal

Co.

(a)(c)

160

12,408

Finning

International,

Inc.

(Canada)

(a)

755

21,243

Marubeni

Corp.

(Japan)

(2)(a)

900

14,438

MonotaRO

Co.

Ltd.

(Japan)

(2)(a)

1,400

26,153

Sojitz

Corp.

(Japan)

(2)(a)

400

8,816

INVESTMENTS

SHARES

VALUE

($)

Trading

Companies

&

Distributors

-

0.6%

(continued)

Sumitomo

Corp.

(Japan)

(2)(a)

900

20,536

WESCO

International,

Inc.

(a)

771

119,736

WW

Grainger,

Inc.

(a)

56

55,319

311,217

Transportation

Infrastructure

-

0

.3

%

Aena

SME

SA

(Spain)

(2)(a)(b)

550

129,032

Flughafen

Zurich

AG

(Registered)

(Switzerland)

(2)(a)

56

13,285

Qube

Holdings

Ltd.

(Australia)

(2)(a)

2,704

6,695

149,012

Total

Industrials

8,796,482

Information

Technology

-

9

.6

%

Communications

Equipment

-

0

.9

%

Arista

Networks,

Inc.

*(a)(c)

2,275

176,267

F5,

Inc.

*(a)(c)

59

15,710

Nokia

OYJ

(Finland)

(2)(a)

14,557

76,669

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Sweden)

(2)(a)

22,089

171,869

Ubiquiti,

Inc.

(a)(c)

52

16,127

456,642

Electronic

Equipment,

Instruments

&

Components

-

1

.2

%

Amphenol

Corp.,

Class

A

(a)

1,332

87,366

Azbil

Corp.

(Japan)

(2)(a)

7,700

59,817

Celestica,

Inc.

(Canada)

*(a)

1,104

87,089

Corning,

Inc.

(a)(c)

1,021

46,741

Fabrinet

(Thailand)

*

64

12,641

Hexagon

AB,

Class

B

(Sweden)

(2)

(a)

4,877

52,134

Hirose

Electric

Co.

Ltd.

(Japan)

(2)

(a)

600

69,500

IPG

Photonics

Corp.

*(a)(c)

437

27,592

Jabil,

Inc.

(a)(c)

295

40,141

TE

Connectivity

plc

(Switzerland)

(a)

184

26,003

Trimble,

Inc.

*(a)

478

31,381

Yokogawa

Electric

Corp.

(Japan)

(2)(a)

3,900

76,112

616,517

IT

Services

-

1

.7

%

Amdocs

Ltd.

(a)

746

68,259

Cloudflare,

Inc.,

Class

A

*(a)(c)

292

32,906

EPAM

Systems,

Inc.

*(a)

93

15,702

Fujitsu

Ltd.

(Japan)

(2)(a)

1,200

23,881

Gartner,

Inc.

*(a)

42

17,629

GoDaddy,

Inc.,

Class

A

*(a)(c)

324

58,365

Kyndryl

Holdings,

Inc.

*(a)(c)

920

28,888

Okta,

Inc.,

Class

A

*(a)(c)

332

34,933

Shopify,

Inc.,

Class

A

(Canada)

*(a)

461

43,856

Snowflake,

Inc.,

Class

A

*(a)(c)

1,098

160,484

Twilio,

Inc.,

Class

A

*(a)

692

67,754

VeriSign,

Inc.

*(a)(c)

1,305

331,300

883,957

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

267

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

1

.8

%

Broadcom,

Inc.

(a)

607

101,630

Cirrus

Logic,

Inc.

*(a)

375

37,371

Intel

Corp.

(a)

2,840

64,497

KLA

Corp.

(a)

158

107,408

Lam

Research

Corp.

(a)

116

8,433

Marvell

Technology,

Inc.

(a)

451

27,768

NVIDIA

Corp.

(a)(c)

1,528

165,605

QUALCOMM,

Inc.

(a)(c)

377

57,911

Rambus,

Inc.

*(a)(c)

390

20,192

SCREEN

Holdings

Co.

Ltd.

(Japan)

(2)(a)

800

52,193

Skyworks

Solutions,

Inc.

(a)(c)

700

45,241

Socionext,

Inc.

(Japan)

(2)(a)

9,000

109,284

Teradyne,

Inc.

(a)(c)

479

39,565

Tokyo

Electron

Ltd.

(Japan)

(2)(a)

700

95,993

Universal

Display

Corp.

(a)(c)

354

49,376

982,467

Software

-

3

.6

%

Adobe,

Inc.

*(a)(c)

556

213,243

AppLovin

Corp.,

Class

A

*(a)(c)

293

77,636

Atlassian

Corp.,

Class

A

*(a)

341

72,364

Commvault

Systems,

Inc.

*(a)(c)

243

38,336

Constellation

Software,

Inc.

(Canada)

(a)

7

22,168

Descartes

Systems

Group,

Inc.

(The)

(Canada)

*(a)

137

13,792

Dolby

Laboratories,

Inc.,

Class

A

(a)

376

30,196

Elastic

NV

*(a)

237

21,117

Fair

Isaac

Corp.

*(a)

23

42,416

Fortinet,

Inc.

*(a)(c)

1,445

139,096

Gitlab,

Inc.,

Class

A

*(a)(c)

992

46,624

Guidewire

Software,

Inc.

*(a)

349

65,389

HubSpot,

Inc.

*(a)(c)

120

68,555

Manhattan

Associates,

Inc.

*(a)(c)

417

72,158

Nutanix,

Inc.,

Class

A

*(a)(c)

1,120

78,187

Oracle

Corp.

Japan

(Japan)

(2)(a)

600

63,140

Palantir

Technologies,

Inc.,

Class

A

*(a)(c)

679

57,307

Palo

Alto

Networks,

Inc.

*(a)(c)

414

70,645

Pegasystems,

Inc.

(a)

388

26,974

Qualys,

Inc.

*(a)

787

99,107

Salesforce,

Inc.

(a)

311

83,460

SAP

SE

(Germany)

(2)(a)

493

132,099

ServiceNow,

Inc.

*(a)(c)

93

74,041

TeamViewer

SE

(Germany)

(2)*(a)

(b)

3,330

43,470

Technology

One

Ltd.

(Australia)

(2)

(a)

2,408

42,355

Trend

Micro,

Inc.

(Japan)

(2)(a)

400

27,003

UiPath,

Inc.,

Class

A

*(a)(c)

3,628

37,368

Xero

Ltd.

(New

Zealand)

(2)*(a)

222

21,699

Zoom

Communications,

Inc.,

Class

A

*(a)

932

68,754

Zscaler,

Inc.

*(a)(c)

452

89,686

1,938,385

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

0

.4

%

Canon,

Inc.

(Japan)

(2)(a)

1,600

49,893

Hewlett

Packard

Enterprise

Co.

(a)

(c)

3,221

49,700

Logitech

International

SA

(Registered)

(Switzerland)

(2)(a)

838

71,008

Seiko

Epson

Corp.

(Japan)

(2)(a)

2,200

35,245

205,846

Total

Information

Technology

5,083,814

Materials

-

5

.5

%

Chemicals

-

1

.9

%

Air

Liquide

SA

(France)

(2)(a)

144

27,352

Air

Water,

Inc.

(Japan)

(2)(a)

2,600

32,884

Axalta

Coating

Systems

Ltd.

*(a)

413

13,699

Cabot

Corp.

(a)(c)

536

44,563

DSM-Firmenich

AG

(Switzerland)

(2)(a)

775

76,723

Ecolab,

Inc.

(a)(c)

129

32,704

Element

Solutions,

Inc.

(a)(c)

1,383

31,270

FMC

Corp.

(a)

3,259

137,497

Givaudan

SA

(Registered)

(Switzerland)

(a)

22

94,446

Huntsman

Corp.

(a)(c)

10,699

168,937

Incitec

Pivot

Ltd.

(Australia)

(2)(a)

3,066

4,917

Johnson

Matthey

plc

(United

Kingdom)

(2)(a)

574

9,867

Kuraray

Co.

Ltd.

(Japan)

(2)(a)

5,600

69,006

Mosaic

Co.

(The)

(a)

1,126

30,413

NewMarket

Corp.

(a)

80

45,316

Nitto

Denko

Corp.

(Japan)

(2)(a)

2,300

42,542

Orica

Ltd.

(Australia)

(2)(a)

677

7,236

Resonac

Holdings

Corp.

(Japan)

(2)(a)

1,500

29,981

Sika

AG

(Registered)

(Switzerland)

(2)(a)

328

79,896

Solvay

SA

(Belgium)

(2)(a)

806

28,671

Toray

Industries,

Inc.

(Japan)

(2)(a)

5,000

34,170

1,042,090

Construction

Materials

-

1

.1

%

Buzzi

SpA

(Italy)

(2)(a)

235

11,308

CRH

plc

(a)(c)

1,851

162,833

Heidelberg

Materials

AG

(Germany)

(2)(a)

385

66,365

Holcim

AG

(2)(a)

2,272

244,497

Vulcan

Materials

Co.

(a)(c)

379

88,421

573,424

Containers

&

Packaging

-

0

.5

%

CCL

Industries,

Inc.,

Class

B

(Canada)

(a)

387

18,903

Crown

Holdings,

Inc.

(a)(c)

1,563

139,513

Greif,

Inc.,

Class

A

(a)

348

19,137

Packaging

Corp.

of

America

(a)(c)

399

79,010

Sonoco

Products

Co.

(a)

199

9,401

265,964

268

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Metals

&

Mining

-

1

.8

%

Acerinox

SA

(Spain)

(2)(a)

3,016

35,330

Agnico

Eagle

Mines

Ltd.

(Canada)

(a)

712

77,140

Alamos

Gold,

Inc.,

Class

A

(Canada)

(a)

2,081

55,602

ArcelorMittal

SA

(Luxembourg)

(2)

5,312

153,446

Barrick

Gold

Corp.

(Canada)

(a)

2,250

43,685

BlueScope

Steel

Ltd.

(Australia)

(2)

(a)

1,290

17,278

Evolution

Mining

Ltd.

(Australia)

(2)

(a)

16,436

73,541

Franco-Nevada

Corp.

(Canada)

(a)

73

11,481

JFE

Holdings,

Inc.

(Japan)

(2)(a)

1,200

14,732

Kinross

Gold

Corp.

(Canada)

(a)

3,215

40,504

Newmont

Corp.

(a)

1,232

59,481

Norsk

Hydro

ASA

(Norway)

(2)(a)

2,724

15,747

Northern

Star

Resources

Ltd.

(Australia)

(2)(a)

4,782

55,209

Pan

American

Silver

Corp.

(Canada)

(a)

2,142

55,327

Royal

Gold,

Inc.

(a)

641

104,810

South32

Ltd.

(Australia)

(2)(a)

5,717

11,517

thyssenkrupp

AG

(Germany)

(2)(a)

13,039

133,870

Wheaton

Precious

Metals

Corp.

(Brazil)

241

18,702

977,402

Paper

&

Forest

Products

-

0

.2

%

Louisiana-Pacific

Corp.

(a)

554

50,957

Oji

Holdings

Corp.

(Japan)

(2)(a)

7,800

32,697

West

Fraser

Timber

Co.

Ltd.

(Canada)

(a)

62

4,762

88,416

Total

Materials

2,947,296

Real

Estate

-

3

.0

%

Health

Care

REITs

-

1

.0

%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

(a)

1,338

123,778

Medical

Properties

Trust,

Inc.,

REIT

(a)(c)

8,738

52,690

Omega

Healthcare

Investors,

Inc.,

REIT

(a)

3,495

133,090

Sabra

Health

Care

REIT,

Inc.,

REIT

(a)(c)

1,567

27,375

Ventas,

Inc.,

REIT

(a)

2,889

198,648

535,581

Hotel

&

Resort

REITs

-

0

.1

%

Park

Hotels

&

Resorts,

Inc.,

REIT

(a)

3,298

35,223

Industrial

REITs

-

0

.2

%

EastGroup

Properties,

Inc.,

REIT

(a)

67

11,802

STAG

Industrial,

Inc.,

REIT

(a)

1,980

71,518

83,320

INVESTMENTS

SHARES

VALUE

($)

Office

REITs

-

0

.0

%

†

Cousins

Properties,

Inc.,

REIT

(a)

971

28,644

Real

Estate

Management

&

Development

-

0

.2

%

CBRE

Group,

Inc.,

Class

A

*(a)

278

36,357

CK

Asset

Holdings

Ltd.

(Hong

Kong)

(2)(a)

9,000

36,414

Zillow

Group,

Inc.,

Class

C

*(a)(c)

218

14,946

87,717

Residential

REITs

-

0

.4

%

Equity

LifeStyle

Properties,

Inc.,

REIT

(a)

1,828

121,927

Essex

Property

Trust,

Inc.,

REIT

(a)

280

85,840

207,767

Retail

REITs

-

0

.3

%

Brixmor

Property

Group,

Inc.,

REIT

(a)

2,106

55,914

NNN

REIT,

Inc.,

REIT

(a)

2,400

102,360

Simon

Property

Group,

Inc.,

REIT

(a)(c)

104

17,273

175,547

Specialized

REITs

-

0

.8

%

EPR

Properties,

REIT

(a)

2,437

128,211

Lamar

Advertising

Co.,

Class

A,

REIT

(a)(c)

103

11,719

Millrose

Properties,

Inc.,

Class

A,

REIT

*(a)

1,583

41,965

PotlatchDeltic

Corp.,

REIT

(a)(c)

2,007

90,556

SBA

Communications

Corp.,

REIT

(a)

738

162,367

434,818

Total

Real

Estate

1,588,617

Utilities

-

6

.6

%

Electric

Utilities

-

3

.5

%

ALLETE,

Inc.

(a)

184

12,089

Chubu

Electric

Power

Co.,

Inc.

(Japan)

(2)(a)

6,600

71,559

Duke

Energy

Corp.

(a)(c)

1,857

226,498

Edison

International

(a)

3,703

218,181

Emera,

Inc.

(Canada)

(a)

289

12,172

Endesa

SA

(Spain)

(a)

945

25,035

Enel

SpA

(Italy)

(a)

33,399

270,749

Evergy,

Inc.

(a)(c)

3,586

247,255

Eversource

Energy

(a)(c)

646

40,123

Exelon

Corp.

(a)

425

19,584

Fortum

OYJ

(Finland)

(2)(a)

1,914

31,343

Iberdrola

SA

(Spain)

(2)(a)

1,714

27,678

Kansai

Electric

Power

Co.,

Inc.

(The)

(Japan)

(2)(a)

2,300

27,296

Kyushu

Electric

Power

Co.,

Inc.

(Japan)

(2)(a)

7,200

62,883

OGE

Energy

Corp.

(a)

1,590

73,076

Origin

Energy

Ltd.

(Australia)

(2)(a)

1,075

7,114

PG&E

Corp.

(a)

5,265

90,453

Portland

General

Electric

Co.

(a)(c)

3,980

177,508

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

269

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electric

Utilities

-

3.5%

(continued)

Tohoku

Electric

Power

Co.,

Inc.

(Japan)

(2)(a)

3,800

26,220

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Japan)

(2)*(a)

17,100

49,226

Xcel

Energy,

Inc.

(a)

2,048

144,978

1,861,020

Gas

Utilities

-

0

.9

%

AltaGas

Ltd.

(Canada)

(a)

563

15,442

Atmos

Energy

Corp.

(a)(c)

307

47,456

Enagas

SA

(Spain)

(2)(a)

5,156

74,228

Italgas

SpA

(Italy)

(2)(a)

13,972

100,182

National

Fuel

Gas

Co.

(a)

391

30,963

New

Jersey

Resources

Corp.

(a)

1,540

75,552

ONE

Gas,

Inc.

(a)(c)

630

47,622

Osaka

Gas

Co.

Ltd.

(Japan)

(2)(a)

300

6,788

Spire,

Inc.

(a)(c)

216

16,902

Tokyo

Gas

Co.

Ltd.

(Japan)

(2)(a)

200

6,362

UGI

Corp.

(a)(c)

1,525

50,432

471,929

Independent

Power

and

Renewable

Electricity

Producers

-

0

.1

%

AES

Corp.

(The)

(a)

3,163

39,284

Multi-Utilities

-

1

.5

%

Centrica

plc

(United

Kingdom)

(2)(a)

21,010

40,681

CMS

Energy

Corp.

(a)(c)

1,211

90,958

DTE

Energy

Co.

(a)

2,589

357,981

E.ON

SE

(Germany)

(2)(a)

1,384

20,891

NiSource,

Inc.

(a)

2,308

92,528

Veolia

Environnement

SA

(France)

(2)(a)

638

21,942

WEC

Energy

Group,

Inc.

(a)(c)

1,939

211,312

836,293

Water

Utilities

-

0

.6

%

American

Water

Works

Co.,

Inc.

(a)

(c)

2,073

305,809

Total

Utilities

3,514,335

TOTAL

COMMON

STOCKS

(Cost

$46,916,645)

50,372,412

SHORT-TERM

INVESTMENTS

-

77.8%

INVESTMENT

COMPANIES

-

77

.6

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.15%

(d)(e)

570,242

570,242

Limited

Purpose

Cash

Investment

Fund,

4.32%

(d)

40,739,484

40,727,262

TOTAL

INVESTMENT

COMPANIES

(Cost

$41,293,863)

41,297,504

INVESTMENTS

PRINCIPAL

AMOUNT

VALUE

($)

U.S.

TREASURY

OBLIGATIONS

-

0

.2

%

U.S.

Treasury

Bills

4.22%,

9/4/2025

(2)(f)

(Cost

$115,886)

118,000

115,906

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$41,409,749)

41,413,410

TOTAL

LONG

POSITIONS

(Cost

$88,326,394)

91,785,822

SHARES

SHORT

POSITIONS

-

(86.9)%

COMMON

STOCKS

-

(86.5)%

Communication

Services

-

(

2

.9

)

%

Diversified

Telecommunication

Services

-

(

0

.6

)

%

BCE,

Inc.

(Canada)

(

2,103

)

(

48,270

)

BT

Group

plc

(United

Kingdom)

(2)

(

2,325

)

(

4,987

)

Infrastrutture

Wireless

Italiane

SpA

(Italy)

(b)

(

5,422

)

(

57,397

)

Nippon

Telegraph

&

Telephone

Corp.

(Japan)

(2)

(

39,700

)

(

38,369

)

Swisscom

AG

(Registered)

(Switzerland)

(2)

(

275

)

(

158,469

)

Telstra

Group

Ltd.

(Australia)

(2)

(

2,679

)

(

7,077

)

(

314,569

)

Entertainment

-

(

1

.2

)

%

Bollore

SE

(France)

(2)

(

3,339

)

(

19,561

)

Capcom

Co.

Ltd.

(Japan)

(2)

(

700

)

(

17,277

)

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

(2)

(

239

)

(

23,977

)

Konami

Group

Corp.

(Japan)

(2)

(

800

)

(

94,466

)

Live

Nation

Entertainment,

Inc.

(

387

)

(

50,535

)

Nexon

Co.

Ltd.

(Japan)

(2)

(

2,100

)

(

28,762

)

Nintendo

Co.

Ltd.

(Japan)

(2)

(

900

)

(

61,180

)

Toho

Co.

Ltd.

(Japan)

(2)

(

500

)

(

24,845

)

Ubisoft

Entertainment

SA

(France)

(2)

(

2,698

)

(

32,628

)

Universal

Music

Group

NV

(Netherlands)

(2)

(

707

)

(

19,523

)

Walt

Disney

Co.

(The)

(

1,630

)

(

160,881

)

Warner

Bros

Discovery,

Inc.

(

8,625

)

(

92,546

)

(

626,181

)

Interactive

Media

&

Services

-

(

0

.1

)

%

IAC,

Inc.

(

460

)

(

21,132

)

Match

Group,

Inc.

(

1,020

)

(

31,824

)

SEEK

Ltd.

(Australia)

(2)

(

445

)

(

6,017

)

(

58,973

)

Media

-

(

0

.4

)

%

Charter

Communications,

Inc.,

Class

A

(

122

)

(

44,961

)

Dentsu

Group,

Inc.

(Japan)

(2)

(

2,400

)

(

53,003

)

Hakuhodo

DY

Holdings,

Inc.

(Japan)

(2)

(

1,900

)

(

13,786

)

Publicis

Groupe

SA

(France)

(2)

(

49

)

(

4,623

)

Trade

Desk,

Inc.

(The),

Class

A

(

447

)

(

24,460

)

270

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Media

-

(0.4)%

(continued)

WPP

plc

(United

Kingdom)

(2)

(

9,180

)

(

69,759

)

(

210,592

)

Wireless

Telecommunication

Services

-

(

0

.6

)

%

KDDI

Corp.

(Japan)

(2)

(

15,000

)

(

236,935

)

Rogers

Communications,

Inc.,

Class

B

(Canada)

(

1,326

)

(

35,411

)

SoftBank

Group

Corp.

(Japan)

(2)

(

1,000

)

(

51,150

)

(

323,496

)

Total

Communication

Services

(

1,533,811

)

Consumer

Discretionary

-

(

9

.9

)

%

Automobile

Components

-

(

0

.7

)

%

BorgWarner,

Inc.

(

3,018

)

(

86,466

)

Bridgestone

Corp.

(Japan)

(2)

(

200

)

(

8,035

)

Denso

Corp.

(Japan)

(2)

(

5,500

)

(

68,236

)

Gentex

Corp.

(

5,717

)

(

133,206

)

Koito

Manufacturing

Co.

Ltd.

(Japan)

(2)

(

3,500

)

(

43,169

)

Magna

International,

Inc.

(Canada)

(

381

)

(

12,949

)

Visteon

Corp.

(

71

)

(

5,511

)

(

357,572

)

Automobiles

-

(

1

.5

)

%

Bayerische

Motoren

Werke

AG

(Germany)

(2)

(

2,708

)

(

218,366

)

Ferrari

NV

(Italy)

(2)

(

389

)

(

166,126

)

Harley-Davidson,

Inc.

(

639

)

(

16,135

)

Isuzu

Motors

Ltd.

(Japan)

(2)

(

2,400

)

(

32,634

)

Rivian

Automotive,

Inc.,

Class

A

(

733

)

(

9,126

)

Stellantis

NV

(2)

(

4,256

)

(

47,735

)

Suzuki

Motor

Corp.

(Japan)

(2)

(

8,400

)

(

103,111

)

Tesla,

Inc.

(

398

)

(

103,146

)

Thor

Industries,

Inc.

(

168

)

(

12,736

)

Toyota

Motor

Corp.

(Japan)

(2)

(

3,000

)

(

53,032

)

Yamaha

Motor

Co.

Ltd.

(Japan)

(2)

(

2,500

)

(

20,016

)

(

782,163

)

Broadline

Retail

-

(

0

.4

)

%

Canadian

Tire

Corp.

Ltd.,

Class

A

(Canada)

(

180

)

(

18,692

)

Dillard's,

Inc.,

Class

A

(

45

)

(

16,116

)

Kohl's

Corp.

(

2,043

)

(

16,712

)

Macy's,

Inc.

(

382

)

(

4,798

)

Next

plc

(United

Kingdom)

(2)

(

298

)

(

42,935

)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(

976

)

(

113,567

)

(

212,820

)

Distributors

-

(

0

.2

)

%

D'ieteren

Group

(Belgium)

(2)

(

177

)

(

30,490

)

Pool

Corp.

(

222

)

(

70,674

)

(

101,164

)

Diversified

Consumer

Services

-

(

0

.0

)

%

†

IDP

Education

Ltd.

(Australia)

(2)

(

3,900

)

(

23,106

)

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

(

3

.0

)

%

Amadeus

IT

Group

SA

(Spain)

(2)

(

1,201

)

(

91,976

)

Aramark

(

327

)

(

11,288

)

Caesars

Entertainment,

Inc.

(

1,827

)

(

45,675

)

Cava

Group,

Inc.

(

1,520

)

(

131,343

)

Choice

Hotels

International,

Inc.

(

211

)

(

28,017

)

Churchill

Downs,

Inc.

(

709

)

(

78,749

)

Domino's

Pizza

Enterprises

Ltd.

(Australia)

(2)

(

1,112

)

(

17,935

)

Dutch

Bros,

Inc.,

Class

A

(

375

)

(

23,152

)

Genting

Singapore

Ltd.

(Singapore)

(2)

(

39,000

)

(

21,641

)

Hilton

Grand

Vacations,

Inc.

(

2,100

)

(

78,561

)

Hyatt

Hotels

Corp.,

Class

A

(

1,315

)

(

161,087

)

Las

Vegas

Sands

Corp.

(

1,456

)

(

56,245

)

Light

&

Wonder,

Inc.

(

55

)

(

4,764

)

Marriott

International,

Inc.,

Class

A

(

466

)

(

111,001

)

Marriott

Vacations

Worldwide

Corp.

(

443

)

(

28,458

)

McDonald's

Corp.

(

465

)

(

145,252

)

MGM

Resorts

International

(

540

)

(

16,006

)

Oriental

Land

Co.

Ltd.

(Japan)

(2)

(

10,800

)

(

212,984

)

Planet

Fitness,

Inc.,

Class

A

(

497

)

(

48,015

)

Restaurant

Brands

International,

Inc.

(Canada)

(

1,925

)

(

128,324

)

Royal

Caribbean

Cruises

Ltd.

(

471

)

(

96,762

)

Sodexo

SA

(France)

(

86

)

(

5,524

)

Starbucks

Corp.

(

687

)

(

67,388

)

Vail

Resorts,

Inc.

(

80

)

(

12,802

)

(

1,622,949

)

Household

Durables

-

(

1

.3

)

%

Barratt

Redrow

plc

(United

Kingdom)

(2)

(

10,405

)

(

57,236

)

Berkeley

Group

Holdings

plc

(United

Kingdom)

(2)

(

445

)

(

20,711

)

DR

Horton,

Inc.

(

312

)

(

39,665

)

Iida

Group

Holdings

Co.

Ltd.

(Japan)

(2)

(

1,600

)

(

24,409

)

Lennar

Corp.,

Class

A

(

617

)

(

70,819

)

Mohawk

Industries,

Inc.

(

180

)

(

20,552

)

Nikon

Corp.

(Japan)

(2)

(

4,300

)

(

42,704

)

NVR,

Inc.

(

4

)

(

28,978

)

Open

House

Group

Co.

Ltd.

(Japan)

(2)

(

1,400

)

(

52,187

)

PulteGroup,

Inc.

(

443

)

(

45,540

)

Sekisui

House

Ltd.

(Japan)

(2)

(

3,500

)

(

78,338

)

SharkNinja,

Inc.

(

447

)

(

37,284

)

Sharp

Corp.

(Japan)

(2)

(

2,300

)

(

14,540

)

Sumitomo

Forestry

Co.

Ltd.

(Japan)

(2)

(

2,500

)

(

75,372

)

Taylor

Wimpey

plc

(United

Kingdom)

(2)

(

21,041

)

(

29,563

)

TopBuild

Corp.

(

132

)

(

40,253

)

(

678,151

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

271

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Leisure

Products

-

(

0

.4

)

%

BRP,

Inc.

(

1,035

)

(

34,947

)

Brunswick

Corp.

(

193

)

(

10,393

)

Sega

Sammy

Holdings,

Inc.

(Japan)

(2)

(

500

)

(

9,655

)

Shimano,

Inc.

(Japan)

(2)

(

600

)

(

84,248

)

Yamaha

Corp.

(Japan)

(2)

(

10,500

)

(

81,483

)

(

220,726

)

Specialty

Retail

-

(

1

.6

)

%

Advance

Auto

Parts,

Inc.

(

436

)

(

17,096

)

Avolta

AG

(Switzerland)

(2)

(

293

)

(

12,835

)

Best

Buy

Co.,

Inc.

(

112

)

(

8,244

)

Carvana

Co.,

Class

A

(

200

)

(

41,816

)

Dick's

Sporting

Goods,

Inc.

(

111

)

(

22,373

)

Fast

Retailing

Co.

Ltd.

(Japan)

(2)

(

300

)

(

89,307

)

Floor

&

Decor

Holdings,

Inc.,

Class

A

(

604

)

(

48,604

)

Home

Depot,

Inc.

(The)

(

179

)

(

65,602

)

JD

Sports

Fashion

plc

(United

Kingdom)

(2)

(

35,902

)

(

31,746

)

Kingfisher

plc

(United

Kingdom)

(2)

(

1,391

)

(

4,582

)

Lithia

Motors,

Inc.,

Class

A

(

145

)

(

42,563

)

Lowe's

Cos.,

Inc.

(

431

)

(

100,522

)

Murphy

USA,

Inc.

(

160

)

(

75,170

)

Nitori

Holdings

Co.

Ltd.

(Japan)

(2)

(

700

)

(

68,488

)

RH

(

417

)

(

97,749

)

Tractor

Supply

Co.

(

1,505

)

(

82,925

)

Valvoline,

Inc.

(

1,777

)

(

61,857

)

(

871,479

)

Textiles,

Apparel

&

Luxury

Goods

-

(

0

.8

)

%

Cie

Financiere

Richemont

SA

(Registered)

(Switzerland)

(2)

(

157

)

(

27,407

)

Columbia

Sportswear

Co.

(

653

)

(

49,426

)

Crocs,

Inc.

(

961

)

(

102,058

)

Deckers

Outdoor

Corp.

(

50

)

(

5,590

)

Kering

SA

(France)

(2)

(

301

)

(

62,620

)

NIKE,

Inc.,

Class

B

(

321

)

(

20,377

)

PVH

Corp.

(

768

)

(

49,644

)

Swatch

Group

AG

(The)

(Switzerland)

(2)

(

510

)

(

87,948

)

Under

Armour,

Inc.,

Class

A

(

2,090

)

(

13,062

)

(

418,132

)

Total

Consumer

Discretionary

(

5,288,262

)

Consumer

Staples

-

(

7

.0

)

%

Beverages

-

(

1

.0

)

%

Brown-Forman

Corp.,

Class

B

(

4,629

)

(

157,108

)

Davide

Campari-Milano

NV

(Italy)

(2)

(

16,129

)

(

94,805

)

Diageo

plc

(United

Kingdom)

(2)

(

2,329

)

(

60,863

)

Heineken

NV

(Netherlands)

(2)

(

301

)

(

24,544

)

Pernod

Ricard

SA

(France)

(2)

(

1,521

)

(

150,264

)

Remy

Cointreau

SA

(France)

(2)

(

474

)

(

22,152

)

INVESTMENTS

SHARES

VALUE

($)

Beverages

-

(1.0)%

(continued)

Treasury

Wine

Estates

Ltd.

(Australia)

(2)

(

6,218

)

(

38,124

)

(

547,860

)

Consumer

Staples

Distribution

&

Retail

-

(

1

.6

)

%

Aeon

Co.

Ltd.

(Japan)

(2)

(

6,400

)

(

160,512

)

Alimentation

Couche-Tard,

Inc.

(Canada)

(

726

)

(

35,804

)

Axfood

AB

(Sweden)

(

881

)

(

19,790

)

Casey's

General

Stores,

Inc.

(

87

)

(

37,762

)

Coles

Group

Ltd.

(Australia)

(2)

(

5,177

)

(

63,370

)

Dollar

General

Corp.

(

624

)

(

54,868

)

Dollar

Tree,

Inc.

(

205

)

(

15,389

)

Endeavour

Group

Ltd.

(Australia)

(2)

(

21,666

)

(

52,398

)

Grocery

Outlet

Holding

Corp.

(

4,563

)

(

63,791

)

Jeronimo

Martins

SGPS

SA

(Portugal)

(

668

)

(

14,157

)

Kesko

OYJ,

Class

B

(Finland)

(2)

(

1,771

)

(

36,200

)

Kobe

Bussan

Co.

Ltd.

(Japan)

(2)

(

700

)

(

16,298

)

MatsukiyoCocokara

&

Co.

(Japan)

(2)

(

500

)

(

7,822

)

Sysco

Corp.

(

1,251

)

(

93,875

)

Target

Corp.

(

319

)

(

33,291

)

Walmart,

Inc.

(

861

)

(

75,587

)

Woolworths

Group

Ltd.

(Australia)

(2)

(

4,454

)

(

82,699

)

(

863,613

)

Food

Products

-

(

3

.1

)

%

Ajinomoto

Co.,

Inc.

(Japan)

(2)

(

1,800

)

(

35,636

)

Archer-Daniels-Midland

Co.

(

2,212

)

(

106,198

)

Barry

Callebaut

AG

(Registered)

(Switzerland)

(2)

(

158

)

(

209,257

)

Bunge

Global

SA

(

455

)

(

34,771

)

Chocoladefabriken

Lindt

&

Spruengli

AG

(Switzerland)

(2)

(

11

)

(

148,714

)

Conagra

Brands,

Inc.

(

3,027

)

(

80,730

)

Darling

Ingredients,

Inc.

(

265

)

(

8,279

)

General

Mills,

Inc.

(

442

)

(

26,427

)

Hershey

Co.

(The)

(

1,564

)

(

267,491

)

Hormel

Foods

Corp.

(

1,053

)

(

32,580

)

J

M

Smucker

Co.

(The)

(

426

)

(

50,443

)

Kikkoman

Corp.

(Japan)

(2)

(

5,900

)

(

56,916

)

Kraft

Heinz

Co.

(The)

(

1,831

)

(

55,717

)

Lamb

Weston

Holdings,

Inc.

(

1,143

)

(

60,922

)

Lotus

Bakeries

NV

(Belgium)

(2)

(

4

)

(

35,560

)

MEIJI

Holdings

Co.

Ltd.

(Japan)

(

300

)

(

6,501

)

Mondelez

International,

Inc.,

Class

A

(

1,656

)

(

112,360

)

Nestle

SA

(Registered)

(2)

(

198

)

(

20,009

)

Nissin

Foods

Holdings

Co.

Ltd.

(Japan)

(2)

(

6,300

)

(

128,585

)

Post

Holdings,

Inc.

(

461

)

(

53,642

)

Salmar

ASA

(Norway)

(2)

(

654

)

(

31,442

)

The

Campbell's

Co.

(

558

)

(

22,275

)

Wilmar

International

Ltd.

(China)

(2)

(

5,200

)

(

12,894

)

272

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Food

Products

-

(3.1)%

(continued)

Yakult

Honsha

Co.

Ltd.

(Japan)

(2)

(

3,100

)

(

58,988

)

(

1,656,337

)

Household

Products

-

(

0

.6

)

%

Clorox

Co.

(The)

(

280

)

(

41,230

)

Kimberly-Clark

Corp.

(

133

)

(

18,915

)

Procter

&

Gamble

Co.

(The)

(

924

)

(

157,468

)

Reynolds

Consumer

Products,

Inc.

(

2,339

)

(

55,809

)

Unicharm

Corp.

(Japan)

(2)

(

5,400

)

(

43,010

)

(

316,432

)

Personal

Care

Products

-

(

0

.7

)

%

Coty,

Inc.,

Class

A

(

5,781

)

(

31,622

)

elf

Beauty,

Inc.

(

1,300

)

(

81,627

)

Kenvue,

Inc.

(

5,942

)

(

142,489

)

Kobayashi

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(

800

)

(

30,307

)

Kose

Corp.

(Japan)

(2)

(

600

)

(

24,899

)

Rohto

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(

2,200

)

(

32,942

)

Shiseido

Co.

Ltd.

(Japan)

(2)

(

300

)

(

5,689

)

Unilever

plc

(United

Kingdom)

(2)

(

124

)

(

7,399

)

(

356,974

)

Tobacco

-

(

0

.0

)

%

†

Japan

Tobacco,

Inc.

(Japan)

(2)

(

200

)

(

5,497

)

Total

Consumer

Staples

(

3,746,713

)

Energy

-

(

2

.8

)

%

Energy

Equipment

&

Services

-

(

0

.2

)

%

Baker

Hughes

Co.,

Class

A

(

162

)

(

7,120

)

Valaris

Ltd.

(

1,758

)

(

69,019

)

Weatherford

International

plc

(

792

)

(

42,412

)

(

118,551

)

Oil,

Gas

&

Consumable

Fuels

-

(

2

.6

)

%

Ampol

Ltd.

(Australia)

(2)

(

1,711

)

(

25,170

)

APA

Corp.

(

1,489

)

(

31,299

)

Cameco

Corp.

(Canada)

(

1,764

)

(

72,617

)

Chevron

Corp.

(

504

)

(

84,314

)

Chord

Energy

Corp.

(

552

)

(

62,221

)

Civitas

Resources,

Inc.

(

1,064

)

(

37,123

)

DT

Midstream,

Inc.

(

506

)

(

48,819

)

ENEOS

Holdings,

Inc.

(Japan)

(2)

(

6,600

)

(

34,808

)

Equinor

ASA

(Norway)

(2)

(

1,910

)

(

50,441

)

Galp

Energia

SGPS

SA

(Portugal)

(2)

(

634

)

(

11,108

)

Idemitsu

Kosan

Co.

Ltd.

(Japan)

(2)

(

4,700

)

(

33,244

)

Imperial

Oil

Ltd.

(Canada)

(

842

)

(

60,822

)

Keyera

Corp.

(Canada)

(

162

)

(

5,035

)

MEG

Energy

Corp.

(Canada)

(

460

)

(

8,065

)

Neste

OYJ

(Finland)

(2)

(

5,475

)

(

50,640

)

New

Fortress

Energy,

Inc.

(

630

)

(

5,235

)

New

Hope

Corp.

Ltd.

(Australia)

(2)

(

8,033

)

(

18,693

)

Occidental

Petroleum

Corp.

(

1,111

)

(

54,839

)

ONEOK,

Inc.

(

2,898

)

(

287,540

)

Permian

Resources

Corp.,

Class

A

(

10,510

)

(

145,563

)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

(2.6)%

(continued)

Santos

Ltd.

(Australia)

(2)

(

4,168

)

(

17,466

)

Shell

plc

(2)

(

216

)

(

7,862

)

Texas

Pacific

Land

Corp.

(

43

)

(

56,975

)

Whitecap

Resources,

Inc.

(Canada)

(

2,998

)

(

19,292

)

Woodside

Energy

Group

Ltd.

(Australia)

(2)

(

10,293

)

(

149,536

)

(

1,378,727

)

Total

Energy

(

1,497,278

)

Financials

-

(

12

.9

)

%

Banks

-

(

3

.9

)

%

ANZ

Group

Holdings

Ltd.

(Australia)

(2)

(

2,617

)

(

47,915

)

Associated

Banc-Corp.

(

908

)

(

20,457

)

Bank

of

Montreal

(Canada)

(

935

)

(

89,286

)

Bank

of

Nova

Scotia

(The)

(Canada)

(

1,490

)

(

70,646

)

Bankinter

SA

(Spain)

(2)

(

1,423

)

(

15,817

)

Chiba

Bank

Ltd.

(The)

(Japan)

(2)

(

2,100

)

(

19,878

)

Commonwealth

Bank

of

Australia

(Australia)

(2)

(

538

)

(

51,161

)

DNB

Bank

ASA

(Norway)

(2)

(

8,607

)

(

226,473

)

First

Citizens

BancShares,

Inc.,

Class

A

(

36

)

(

66,748

)

First

Financial

Bankshares,

Inc.

(

1,123

)

(

40,338

)

First

Hawaiian,

Inc.

(

3,260

)

(

79,674

)

Glacier

Bancorp,

Inc.

(

589

)

(

26,046

)

Home

BancShares,

Inc.

(

1,514

)

(

42,801

)

International

Bancshares

Corp.

(

304

)

(

19,170

)

Jyske

Bank

A/S

(Registered)

(Denmark)

(2)

(

280

)

(

22,438

)

KeyCorp

(

1,657

)

(

26,495

)

Kyoto

Financial

Group,

Inc.

(Japan)

(2)

(

1,300

)

(

19,962

)

M&T

Bank

Corp.

(

208

)

(

37,180

)

National

Australia

Bank

Ltd.

(Australia)

(2)

(

9,390

)

(

201,967

)

National

Bank

of

Canada

(Canada)

(

484

)

(

39,946

)

Old

National

Bancorp

(

8,377

)

(

177,509

)

Resona

Holdings,

Inc.

(Japan)

(2)

(

600

)

(

5,239

)

Royal

Bank

of

Canada

(Canada)

(

475

)

(

53,506

)

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Sweden)

(2)

(

16,805

)

(

276,463

)

SouthState

Corp.

(

842

)

(

78,154

)

Truist

Financial

Corp.

(

2,961

)

(

121,845

)

United

Bankshares,

Inc.

(

1,346

)

(

46,666

)

US

Bancorp

(

1,521

)

(

64,217

)

Western

Alliance

Bancorp

(

690

)

(

53,013

)

Wintrust

Financial

Corp.

(

335

)

(

37,674

)

(

2,078,684

)

Capital

Markets

-

(

2

.6

)

%

Aberdeen

Group

plc

(United

Kingdom)

(2)

(

5,281

)

(

10,591

)

Blue

Owl

Capital,

Inc.,

Class

A

(

1,322

)

(

26,493

)

Daiwa

Securities

Group,

Inc.

(Japan)

(2)

(

14,700

)

(

98,979

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

273

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

(2.6)%

(continued)

EQT

AB

(Sweden)

(2)

(

1,537

)

(

46,868

)

FactSet

Research

Systems,

Inc.

(

158

)

(

71,833

)

Franklin

Resources,

Inc.

(

3,564

)

(

68,607

)

Hamilton

Lane,

Inc.,

Class

A

(

699

)

(

103,920

)

Houlihan

Lokey,

Inc.,

Class

A

(

486

)

(

78,489

)

Intercontinental

Exchange,

Inc.

(

264

)

(

45,540

)

Jefferies

Financial

Group,

Inc.

(

342

)

(

18,321

)

Julius

Baer

Group

Ltd.

(Switzerland)

(2)

(

587

)

(

40,688

)

KKR

&

Co.,

Inc.

(

1,230

)

(

142,200

)

LPL

Financial

Holdings,

Inc.

(

113

)

(

36,967

)

Macquarie

Group

Ltd.

(Australia)

(2)

(

270

)

(

33,601

)

MarketAxess

Holdings,

Inc.

(

87

)

(

18,822

)

Morningstar,

Inc.

(

132

)

(

39,583

)

Northern

Trust

Corp.

(

244

)

(

24,071

)

Partners

Group

Holding

AG

(Switzerland)

(2)

(

50

)

(

71,160

)

Schroders

plc

(United

Kingdom)

(2)

(

4,687

)

(

21,220

)

SEI

Investments

Co.

(

1,560

)

(

121,103

)

State

Street

Corp.

(

869

)

(

77,802

)

T.

Rowe

Price

Group,

Inc.

(

956

)

(

87,828

)

TPG,

Inc.

(

1,761

)

(

83,524

)

Tradeweb

Markets,

Inc.,

Class

A

(

35

)

(

5,196

)

(

1,373,406

)

Consumer

Finance

-

(

0

.3

)

%

American

Express

Co.

(

241

)

(

64,841

)

Marui

Group

Co.

Ltd.

(Japan)

(2)

(

2,600

)

(

47,276

)

SoFi

Technologies,

Inc.

(

2,251

)

(

26,179

)

(

138,296

)

Financial

Services

-

(

1

.8

)

%

Adyen

NV

(Netherlands)

(2)(b)

(

60

)

(

91,968

)

Apollo

Global

Management,

Inc.

(

553

)

(

75,728

)

Edenred

SE

(France)

(2)

(

2,699

)

(

87,708

)

Euronet

Worldwide,

Inc.

(

98

)

(

10,471

)

EXOR

NV

(Netherlands)

(2)

(

49

)

(

4,450

)

Fidelity

National

Information

Services,

Inc.

(

516

)

(

38,535

)

Fiserv,

Inc.

(

154

)

(

34,008

)

Jack

Henry

&

Associates,

Inc.

(

760

)

(

138,776

)

Mitsubishi

HC

Capital,

Inc.

(Japan)

(2)

(

25,500

)

(

172,798

)

Rocket

Cos.,

Inc.,

Class

A

(

2,372

)

(

28,630

)

Shift4

Payments,

Inc.,

Class

A

(

1,026

)

(

83,834

)

Toast,

Inc.,

Class

A

(

2,216

)

(

73,505

)

Tokyo

Century

Corp.

(Japan)

(2)

(

1,100

)

(

10,774

)

Voya

Financial,

Inc.

(

1,225

)

(

83,006

)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Australia)

(2)

(

1,301

)

(

28,347

)

WEX,

Inc.

(

103

)

(

16,173

)

Worldline

SA

(France)

(2)(b)

(

733

)

(

4,503

)

(

983,214

)

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

(

4

.3

)

%

Aflac,

Inc.

(

275

)

(

30,577

)

American

Financial

Group,

Inc.

(

252

)

(

33,098

)

Arch

Capital

Group

Ltd.

(

886

)

(

85,215

)

Arthur

J

Gallagher

&

Co.

(

177

)

(

61,107

)

ASR

Nederland

NV

(Netherlands)

(2)

(

666

)

(

38,287

)

Baloise

Holding

AG

(Registered)

(Switzerland)

(2)

(

43

)

(

9,025

)

Brown

&

Brown,

Inc.

(

387

)

(

48,143

)

Dai-ichi

Life

Holdings,

Inc.

(Japan)

(2)

(

800

)

(

6,108

)

Erie

Indemnity

Co.,

Class

A

(

333

)

(

139,544

)

Generali

(Italy)

(2)

(

4,821

)

(

169,357

)

Hartford

Insurance

Group,

Inc.

(The)

(

63

)

(

7,795

)

Japan

Post

Insurance

Co.

Ltd.

(Japan)

(2)

(

1,900

)

(

38,722

)

Kinsale

Capital

Group,

Inc.

(

185

)

(

90,041

)

Loews

Corp.

(

1,711

)

(

157,258

)

Markel

Group,

Inc.

(

41

)

(

76,654

)

Medibank

Pvt

Ltd.

(Australia)

(2)

(

23,540

)

(

65,791

)

MetLife,

Inc.

(

873

)

(

70,093

)

NN

Group

NV

(Netherlands)

(2)

(

439

)

(

24,429

)

Prudential

Financial,

Inc.

(

2,979

)

(

332,695

)

RenaissanceRe

Holdings

Ltd.

(

680

)

(

163,200

)

RLI

Corp.

(

1,275

)

(

102,421

)

Ryan

Specialty

Holdings,

Inc.,

Class

A

(

743

)

(

54,885

)

Sampo

OYJ,

Class

A

(Finland)

(2)

(

15,797

)

(

151,385

)

Swiss

Life

Holding

AG

(Registered)

(Switzerland)

(2)

(

212

)

(

193,410

)

Tryg

A/S

(Denmark)

(2)

(

231

)

(

5,495

)

White

Mountains

Insurance

Group

Ltd.

(

56

)

(

107,845

)

(

2,262,580

)

Total

Financials

(

6,836,180

)

Health

Care

-

(

7

.1

)

%

Biotechnology

-

(

1

.3

)

%

Amgen,

Inc.

(

88

)

(

27,416

)

CSL

Ltd.

(2)

(

1,214

)

(

191,070

)

Genmab

A/S

(Denmark)

(2)

(

44

)

(

8,572

)

Ionis

Pharmaceuticals,

Inc.

(

4,764

)

(

143,730

)

Moderna,

Inc.

(

2,725

)

(

77,254

)

Roivant

Sciences

Ltd.

(

12,053

)

(

121,615

)

United

Therapeutics

Corp.

(

59

)

(

18,188

)

Vertex

Pharmaceuticals,

Inc.

(

62

)

(

30,059

)

Viking

Therapeutics,

Inc.

(

2,104

)

(

50,812

)

(

668,716

)

Health

Care

Equipment

&

Supplies

-

(

2

.3

)

%

Alcon

AG

(2)

(

75

)

(

7,116

)

Ambu

A/S,

Class

B

(Denmark)

(2)

(

1,129

)

(

19,398

)

Baxter

International,

Inc.

(

2,859

)

(

97,864

)

BioMerieux

(France)

(2)

(

191

)

(

23,609

)

Carl

Zeiss

Meditec

AG

(Germany)

(2)

(

272

)

(

17,980

)

274

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

(2.3)%

(continued)

Cochlear

Ltd.

(Australia)

(2)

(

104

)

(

17,140

)

Coloplast

A/S,

Class

B

(Denmark)

(2)

(

50

)

(

5,244

)

Cooper

Cos.,

Inc.

(The)

(

143

)

(

12,062

)

Dexcom,

Inc.

(

713

)

(

48,691

)

DiaSorin

SpA

(Italy)

(2)

(

532

)

(

52,834

)

Enovis

Corp.

(

431

)

(

16,468

)

Envista

Holdings

Corp.

(

1,288

)

(

22,231

)

EssilorLuxottica

SA

(France)

(2)

(

251

)

(

72,330

)

GE

HealthCare

Technologies,

Inc.

(

411

)

(

33,172

)

Hologic,

Inc.

(

1,575

)

(

97,288

)

Insulet

Corp.

(

58

)

(

15,231

)

Koninklijke

Philips

NV

(Netherlands)

(2)

(

836

)

(

21,283

)

Lantheus

Holdings,

Inc.

(

78

)

(

7,613

)

Masimo

Corp.

(

422

)

(

70,305

)

Neogen

Corp.

(

9,781

)

(

84,801

)

Olympus

Corp.

(Japan)

(2)

(

4,900

)

(

64,145

)

Smith

&

Nephew

plc

(United

Kingdom)

(2)

(

3,064

)

(

43,088

)

Sonova

Holding

AG

(Registered)

(Switzerland)

(2)

(

294

)

(

85,842

)

Stryker

Corp.

(

254

)

(

94,551

)

Sysmex

Corp.

(Japan)

(2)

(

2,500

)

(

47,725

)

Terumo

Corp.

(Japan)

(2)

(

7,800

)

(

146,765

)

Zimmer

Biomet

Holdings,

Inc.

(

199

)

(

22,523

)

(

1,247,299

)

Health

Care

Providers

&

Services

-

(

0

.8

)

%

Acadia

Healthcare

Co.,

Inc.

(

301

)

(

9,126

)

Amplifon

SpA

(Italy)

(2)

(

1,379

)

(

27,995

)

DaVita,

Inc.

(

43

)

(

6,578

)

Ensign

Group,

Inc.

(The)

(

61

)

(

7,893

)

Galenica

AG

(Switzerland)

(2)(b)

(

472

)

(

42,472

)

HealthEquity,

Inc.

(

209

)

(

18,469

)

Henry

Schein,

Inc.

(

307

)

(

21,027

)

Labcorp

Holdings,

Inc.

(

25

)

(

5,819

)

Option

Care

Health,

Inc.

(

1,912

)

(

66,824

)

Premier,

Inc.,

Class

A

(

2,788

)

(

53,753

)

Quest

Diagnostics,

Inc.

(

247

)

(

41,792

)

Ramsay

Health

Care

Ltd.

(Australia)

(2)

(

2,675

)

(

57,456

)

UnitedHealth

Group,

Inc.

(

145

)

(

75,944

)

(

435,148

)

Health

Care

Technology

-

(

0

.1

)

%

M3,

Inc.

(Japan)

(2)

(

4,700

)

(

53,690

)

Life

Sciences

Tools

&

Services

-

(

1

.3

)

%

Avantor,

Inc.

(

3,530

)

(

57,221

)

Azenta,

Inc.

(

1,807

)

(

62,595

)

Bachem

Holding

AG,

Class

B

(Switzerland)

(2)

(

856

)

(

50,559

)

Bio-Techne

Corp.

(

1,435

)

(

84,134

)

Charles

River

Laboratories

International,

Inc.

(

565

)

(

85,044

)

Eurofins

Scientific

SE

(Luxembourg)

(2)

(

807

)

(

43,048

)

INVESTMENTS

SHARES

VALUE

($)

Life

Sciences

Tools

&

Services

-

(1.3)%

(continued)

Fortrea

Holdings,

Inc.

(

1,146

)

(

8,652

)

Lonza

Group

AG

(Registered)

(Switzerland)

(2)

(

93

)

(

57,453

)

Revvity,

Inc.

(

408

)

(

43,166

)

Sartorius

Stedim

Biotech

(France)

(2)

(

185

)

(

36,652

)

Tecan

Group

AG

(Registered)

(Switzerland)

(2)

(

127

)

(

24,165

)

Thermo

Fisher

Scientific,

Inc.

(

225

)

(

111,960

)

West

Pharmaceutical

Services,

Inc.

(

134

)

(

30,000

)

(

694,649

)

Pharmaceuticals

-

(

1

.3

)

%

AstraZeneca

plc

(United

Kingdom)

(2)

(

327

)

(

48,018

)

Eisai

Co.

Ltd.

(Japan)

(2)

(

2,700

)

(

75,161

)

Elanco

Animal

Health,

Inc.

(

2,401

)

(

25,211

)

Haleon

plc

(2)

(

16,819

)

(

84,940

)

Kyowa

Kirin

Co.

Ltd.

(Japan)

(2)

(

2,600

)

(

37,951

)

Merck

KGaA

(Germany)

(2)

(

158

)

(

21,742

)

Novo

Nordisk

A/S,

Class

B

(Denmark)

(2)

(

1,053

)

(

72,002

)

Ono

Pharmaceutical

Co.

Ltd.

(Japan)

(2)

(

11,300

)

(

121,573

)

Organon

&

Co.

(

1,572

)

(

23,407

)

Orion

OYJ,

Class

B

(Finland)

(2)

(

343

)

(

20,373

)

Perrigo

Co.

plc

(

2,206

)

(

61,856

)

Pfizer,

Inc.

(

464

)

(

11,758

)

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Italy)

(2)

(

800

)

(

45,334

)

Viatris,

Inc.

(

1,481

)

(

12,900

)

(

662,226

)

Total

Health

Care

(

3,761,728

)

Industrials

-

(

16

.9

)

%

Aerospace

&

Defense

-

(

1

.0

)

%

Axon

Enterprise,

Inc.

(

100

)

(

52,595

)

Boeing

Co.

(The)

(

132

)

(

22,513

)

Bombardier,

Inc.,

Class

B

(Canada)

(

126

)

(

7,090

)

BWX

Technologies,

Inc.

(

628

)

(

61,952

)

CAE,

Inc.

(Canada)

(

466

)

(

11,457

)

HEICO

Corp.

(

468

)

(

125,045

)

Huntington

Ingalls

Industries,

Inc.

(

89

)

(

18,160

)

L3Harris

Technologies,

Inc.

(

505

)

(

105,702

)

MTU

Aero

Engines

AG

(Germany)

(2)

(

201

)

(

69,842

)

Textron,

Inc.

(

541

)

(

39,087

)

TransDigm

Group,

Inc.

(

22

)

(

30,432

)

(

543,875

)

Air

Freight

&

Logistics

-

(

0

.6

)

%

CH

Robinson

Worldwide,

Inc.

(

263

)

(

26,931

)

Deutsche

Post

AG

(Germany)

(2)

(

1,507

)

(

64,700

)

DSV

A/S

(Denmark)

(2)

(

749

)

(

144,843

)

FedEx

Corp.

(

300

)

(

73,134

)

GXO

Logistics,

Inc.

(

433

)

(

16,922

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

275

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Air

Freight

&

Logistics

-

(0.6)%

(continued)

InPost

SA

(Poland)

(2)

(

598

)

(

8,776

)

(

335,306

)

Building

Products

-

(

1

.3

)

%

A

O

Smith

Corp.

(

645

)

(

42,157

)

AAON,

Inc.

(

519

)

(

40,549

)

Advanced

Drainage

Systems,

Inc.

(

357

)

(

38,788

)

Armstrong

World

Industries,

Inc.

(

88

)

(

12,397

)

Builders

FirstSource,

Inc.

(

131

)

(

16,367

)

Carlisle

Cos.,

Inc.

(

87

)

(

29,624

)

Carrier

Global

Corp.

(

1,938

)

(

122,869

)

Daikin

Industries

Ltd.

(Japan)

(2)

(

700

)

(

75,963

)

Fortune

Brands

Innovations,

Inc.

(

1,762

)

(

107,271

)

Nibe

Industrier

AB,

Class

B

(Sweden)

(2)

(

3,736

)

(

14,210

)

ROCKWOOL

A/S,

Class

B

(Denmark)

(2)

(

34

)

(

14,093

)

Simpson

Manufacturing

Co.,

Inc.

(

245

)

(

38,485

)

TOTO

Ltd.

(Japan)

(2)

(

400

)

(

10,396

)

Trex

Co.,

Inc.

(

1,287

)

(

74,775

)

UFP

Industries,

Inc.

(

625

)

(

66,900

)

(

704,844

)

Commercial

Services

&

Supplies

-

(

0

.9

)

%

Brink's

Co.

(The)

(

296

)

(

25,503

)

Clean

Harbors,

Inc.

(

176

)

(

34,690

)

Cleanaway

Waste

Management

Ltd.

(Australia)

(2)

(

10,801

)

(

17,718

)

Copart,

Inc.

(

836

)

(

47,309

)

Element

Fleet

Management

Corp.

(Canada)

(

911

)

(

18,112

)

MSA

Safety,

Inc.

(

210

)

(

30,805

)

RB

Global,

Inc.

(Canada)

(

340

)

(

34,124

)

Rentokil

Initial

plc

(United

Kingdom)

(2)

(

5,930

)

(

26,911

)

Secom

Co.

Ltd.

(Japan)

(2)

(

1,000

)

(

34,059

)

Securitas

AB,

Class

B

(Sweden)

(2)

(

895

)

(

12,665

)

Tetra

Tech,

Inc.

(

2,393

)

(

69,995

)

TOPPAN

Holdings,

Inc.

(Japan)

(2)

(

200

)

(

5,468

)

Waste

Management,

Inc.

(

602

)

(

139,369

)

(

496,728

)

Construction

&

Engineering

-

(

0

.6

)

%

Ferrovial

SE

(2)

(

1,747

)

(

78,139

)

Fluor

Corp.

(

317

)

(

11,355

)

Quanta

Services,

Inc.

(

439

)

(

111,585

)

Stantec,

Inc.

(Canada)

(

91

)

(

7,543

)

Valmont

Industries,

Inc.

(

46

)

(

13,127

)

WillScot

Holdings

Corp.

(

2,057

)

(

57,185

)

WSP

Global,

Inc.

(Canada)

(

297

)

(

50,401

)

(

329,335

)

Electrical

Equipment

-

(

1

.3

)

%

AMETEK,

Inc.

(

228

)

(

39,248

)

Emerson

Electric

Co.

(

1,708

)

(

187,265

)

Fuji

Electric

Co.

Ltd.

(Japan)

(2)

(

300

)

(

12,825

)

Generac

Holdings,

Inc.

(

498

)

(

63,072

)

INVESTMENTS

SHARES

VALUE

($)

Electrical

Equipment

-

(1.3)%

(continued)

Hubbell,

Inc.,

Class

B

(

115

)

(

38,054

)

Legrand

SA

(France)

(2)

(

58

)

(

6,142

)

NIDEC

Corp.

(Japan)

(2)

(

3,700

)

(

62,094

)

nVent

Electric

plc

(

357

)

(

18,714

)

Plug

Power,

Inc.

(

14,262

)

(

19,254

)

Prysmian

SpA

(Italy)

(2)

(

830

)

(

45,689

)

Regal

Rexnord

Corp.

(

462

)

(

52,599

)

Rockwell

Automation,

Inc.

(

260

)

(

67,179

)

Sensata

Technologies

Holding

plc

(

3,447

)

(

83,659

)

(

695,794

)

Ground

Transportation

-

(

1

.7

)

%

Canadian

National

Railway

Co.

(Canada)

(

841

)

(

81,841

)

Canadian

Pacific

Kansas

City

Ltd.

(Canada)

(

343

)

(

24,071

)

Central

Japan

Railway

Co.

(Japan)

(2)

(

1,900

)

(

36,241

)

CSX

Corp.

(

355

)

(

10,448

)

East

Japan

Railway

Co.

(Japan)

(2)

(

3,800

)

(

74,900

)

Hankyu

Hanshin

Holdings,

Inc.

(Japan)

(2)

(

1,400

)

(

37,670

)

Keisei

Electric

Railway

Co.

Ltd.

(Japan)

(2)

(

12,000

)

(

108,420

)

Kintetsu

Group

Holdings

Co.

Ltd.

(Japan)

(2)

(

1,400

)

(

29,908

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

(

172

)

(

7,480

)

Landstar

System,

Inc.

(

470

)

(

70,594

)

Norfolk

Southern

Corp.

(

302

)

(

71,529

)

Odakyu

Electric

Railway

Co.

Ltd.

(Japan)

(2)

(

5,900

)

(

58,334

)

Saia,

Inc.

(

64

)

(

22,364

)

Schneider

National,

Inc.,

Class

B

(

2,522

)

(

57,628

)

Seibu

Holdings,

Inc.

(Japan)

(2)

(

700

)

(

15,514

)

TFI

International,

Inc.

(Canada)

(

159

)

(

12,311

)

U-Haul

Holding

Co.

(

65

)

(

4,248

)

West

Japan

Railway

Co.

(Japan)

(2)

(

6,300

)

(

122,897

)

XPO,

Inc.

(

588

)

(

63,257

)

(

909,655

)

Industrial

Conglomerates

-

(

1

.2

)

%

Hitachi

Ltd.

(Japan)

(2)

(

4,100

)

(

96,266

)

Honeywell

International,

Inc.

(

1,455

)

(

308,096

)

Keppel

Ltd.

(Singapore)

(2)

(

26,700

)

(

136,195

)

Lifco

AB,

Class

B

(Sweden)

(2)

(

2,263

)

(

80,277

)

(

620,834

)

Machinery

-

(

4

.9

)

%

Aalberts

NV

(Netherlands)

(2)

(

573

)

(

19,537

)

AGCO

Corp.

(

478

)

(

44,248

)

Caterpillar,

Inc.

(

351

)

(

115,760

)

Chart

Industries,

Inc.

(

267

)

(

38,544

)

Crane

Co.

(

195

)

(

29,870

)

Daimler

Truck

Holding

AG

(Germany)

(2)

(

3,344

)

(

135,464

)

Deere

&

Co.

(

241

)

(

113,113

)

276

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

(4.9)%

(continued)

Epiroc

AB,

Class

A

(Sweden)

(2)

(

1,809

)

(

36,423

)

Esab

Corp.

(

331

)

(

38,561

)

Fluidra

SA

(Spain)

(2)

(

290

)

(

6,828

)

Fortive

Corp.

(

134

)

(

9,806

)

Gates

Industrial

Corp.

plc

(

2,609

)

(

48,032

)

Georg

Fischer

AG

(Registered)

(Switzerland)

(2)

(

1,353

)

(

99,025

)

Graco,

Inc.

(

434

)

(

36,243

)

Hoshizaki

Corp.

(Japan)

(2)

(

800

)

(

30,967

)

Husqvarna

AB,

Class

B

(Sweden)

(2)

(

3,299

)

(

15,671

)

IDEX

Corp.

(

260

)

(

47,052

)

Indutrade

AB

(Sweden)

(2)

(

287

)

(

7,953

)

Ingersoll

Rand,

Inc.

(

1,911

)

(

152,937

)

Interpump

Group

SpA

(Italy)

(2)

(

786

)

(

28,073

)

Knorr-Bremse

AG

(Germany)

(2)

(

196

)

(

17,837

)

Kubota

Corp.

(Japan)

(2)

(

6,400

)

(

79,087

)

Kurita

Water

Industries

Ltd.

(Japan)

(2)

(

400

)

(

12,372

)

Metso

OYJ

(Finland)

(2)

(

392

)

(

4,064

)

MINEBEA

MITSUMI,

Inc.

(Japan)

(2)

(

8,500

)

(

124,240

)

Nordson

Corp.

(

555

)

(

111,955

)

RBC

Bearings,

Inc.

(

214

)

(

68,859

)

SKF

AB,

Class

B

(Sweden)

(2)

(

9,178

)

(

185,933

)

SMC

Corp.

(Japan)

(2)

(

700

)

(

250,491

)

Spirax

Group

plc

(United

Kingdom)

(2)

(

505

)

(

40,710

)

Sumitomo

Heavy

Industries

Ltd.

(Japan)

(2)

(

400

)

(

8,194

)

Terex

Corp.

(

578

)

(

21,837

)

Timken

Co.

(The)

(

497

)

(

35,719

)

TOMRA

Systems

ASA

(Norway)

(2)

(

338

)

(

4,826

)

Toyota

Industries

Corp.

(Japan)

(2)

(

2,100

)

(

179,607

)

Valmet

OYJ

(Finland)

(2)

(

239

)

(

6,482

)

VAT

Group

AG

(Switzerland)

(2)(b)

(

95

)

(

34,244

)

Watts

Water

Technologies,

Inc.,

Class

A

(

389

)

(

79,325

)

Xylem,

Inc.

(

834

)

(

99,630

)

Yaskawa

Electric

Corp.

(Japan)

(2)

(

8,100

)

(

202,971

)

(

2,622,490

)

Marine

Transportation

-

(

0

.1

)

%

Kuehne

+

Nagel

International

AG

(Registered)

(Switzerland)

(2)

(

116

)

(

26,788

)

Passenger

Airlines

-

(

0

.3

)

%

Air

Canada

(Canada)

(

2,308

)

(

22,726

)

American

Airlines

Group,

Inc.

(

3,515

)

(

37,083

)

Southwest

Airlines

Co.

(

1,339

)

(

44,964

)

United

Airlines

Holdings,

Inc.

(

833

)

(

57,519

)

(

162,292

)

Professional

Services

-

(

1

.6

)

%

Adecco

Group

AG

(Registered)

(Switzerland)

(2)

(

2,899

)

(

87,175

)

ALS

Ltd.

(Australia)

(2)

(

5,352

)

(

51,953

)

Amentum

Holdings,

Inc.

(

801

)

(

14,578

)

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

(1.6)%

(continued)

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

(

172

)

(

17,988

)

Bureau

Veritas

SA

(France)

(2)

(

1,836

)

(

55,704

)

CACI

International,

Inc.,

Class

A

(

55

)

(

20,181

)

Clarivate

plc

(

11,756

)

(

46,201

)

Dayforce,

Inc.

(

654

)

(

38,148

)

Dun

&

Bradstreet

Holdings,

Inc.

(

3,973

)

(

35,519

)

ExlService

Holdings,

Inc.

(

478

)

(

22,566

)

Exponent,

Inc.

(

113

)

(

9,160

)

FTI

Consulting,

Inc.

(

99

)

(

16,244

)

Insperity,

Inc.

(

280

)

(

24,984

)

Maximus,

Inc.

(

809

)

(

55,166

)

Paychex,

Inc.

(

706

)

(

108,922

)

Paycom

Software,

Inc.

(

64

)

(

13,983

)

Randstad

NV

(Netherlands)

(2)

(

1,836

)

(

76,316

)

Recruit

Holdings

Co.

Ltd.

(Japan)

(2)

(

200

)

(

10,362

)

Teleperformance

SE

(France)

(2)

(

253

)

(

25,439

)

Thomson

Reuters

Corp.

(Canada)

(

464

)

(

80,070

)

TransUnion

(

369

)

(

30,623

)

(

841,282

)

Trading

Companies

&

Distributors

-

(

1

.0

)

%

Ashtead

Group

plc

(United

Kingdom)

(2)

(

271

)

(

14,652

)

Beijer

Ref

AB,

Class

B

(Sweden)

(2)

(

2,610

)

(

36,716

)

Brenntag

SE

(Germany)

(2)

(

1,722

)

(

111,616

)

Core

&

Main,

Inc.,

Class

A

(

119

)

(

5,749

)

GATX

Corp.

(

288

)

(

44,718

)

IMCD

NV

(Netherlands)

(2)

(

491

)

(

65,343

)

Mitsubishi

Corp.

(Japan)

(2)

(

300

)

(

5,296

)

Mitsui

&

Co.

Ltd.

(Japan)

(2)

(

3,000

)

(

56,560

)

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

(

483

)

(

37,515

)

Reece

Ltd.

(Australia)

(2)

(

650

)

(

6,449

)

Rexel

SA

(France)

(2)

(

240

)

(

6,468

)

RS

GROUP

plc

(United

Kingdom)

(2)

(

4,093

)

(

29,800

)

SGH

Ltd.

(Australia)

(2)

(

812

)

(

25,489

)

SiteOne

Landscape

Supply,

Inc.

(

50

)

(

6,072

)

Toromont

Industries

Ltd.

(Canada)

(

80

)

(

6,261

)

Toyota

Tsusho

Corp.

(Japan)

(2)

(

1,100

)

(

18,533

)

Watsco,

Inc.

(

87

)

(

44,222

)

(

521,459

)

Transportation

Infrastructure

-

(

0

.4

)

%

Aeroports

de

Paris

SA

(France)

(2)

(

443

)

(

45,099

)

Atlas

Arteria

Ltd.

(Australia)

(2)

(

2,960

)

(

9,007

)

Japan

Airport

Terminal

Co.

Ltd.

(Japan)

(2)

(

2,200

)

(

60,653

)

Transurban

Group

(Australia)

(2)

(

8,901

)

(

74,970

)

(

189,729

)

Total

Industrials

(

9,000,411

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

277

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Information

Technology

-

(

9

.3

)

%

Communications

Equipment

-

(

0

.2

)

%

Ciena

Corp.

(

182

)

(

10,998

)

Lumentum

Holdings,

Inc.

(

1,278

)

(

79,671

)

(

90,669

)

Electronic

Equipment,

Instruments

&

Components

-

(

1

.6

)

%

Arrow

Electronics,

Inc.

(

121

)

(

12,563

)

Avnet,

Inc.

(

2,862

)

(

137,634

)

Belden,

Inc.

(

681

)

(

68,270

)

CDW

Corp.

(

101

)

(

16,186

)

Cognex

Corp.

(

1,210

)

(

36,094

)

Coherent

Corp.

(

361

)

(

23,443

)

Crane

NXT

Co.

(

600

)

(

30,840

)

Flex

Ltd.

(

2,433

)

(

80,484

)

Hamamatsu

Photonics

KK

(Japan)

(2)

(

11,300

)

(

110,158

)

Ibiden

Co.

Ltd.

(Japan)

(2)

(

1,800

)

(

48,555

)

Kyocera

Corp.

(Japan)

(2)

(

1,300

)

(

14,684

)

Murata

Manufacturing

Co.

Ltd.

(Japan)

(2)

(

700

)

(

10,797

)

Novanta,

Inc.

(

523

)

(

66,876

)

Omron

Corp.

(Japan)

(2)

(

1,200

)

(

33,884

)

Shimadzu

Corp.

(Japan)

(2)

(

4,300

)

(

107,408

)

Spectris

plc

(United

Kingdom)

(2)

(

326

)

(

9,837

)

TD

SYNNEX

Corp.

(

260

)

(

27,030

)

TDK

Corp.

(Japan)

(2)

(

1,500

)

(

15,719

)

(

850,462

)

IT

Services

-

(

1

.5

)

%

Akamai

Technologies,

Inc.

(

387

)

(

31,153

)

ASGN,

Inc.

(

1,099

)

(

69,259

)

Bechtle

AG

(Germany)

(2)

(

1,096

)

(

40,935

)

Capgemini

SE

(France)

(2)

(

689

)

(

103,528

)

CGI,

Inc.

(Canada)

(

1,265

)

(

126,285

)

DXC

Technology

Co.

(

1,295

)

(

22,080

)

Globant

SA

(

196

)

(

23,073

)

NEXTDC

Ltd.

(Australia)

(2)

(

9,247

)

(

66,231

)

Nomura

Research

Institute

Ltd.

(Japan)

(2)

(

1,500

)

(

48,829

)

NTT

Data

Group

Corp.

(Japan)

(2)

(

7,500

)

(

135,863

)

Obic

Co.

Ltd.

(Japan)

(2)

(

1,700

)

(

49,016

)

Reply

SpA

(Italy)

(2)

(

195

)

(

31,942

)

SCSK

Corp.

(Japan)

(2)

(

1,000

)

(

24,728

)

TIS,

Inc.

(Japan)

(2)

(

400

)

(

11,069

)

(

783,991

)

Semiconductors

&

Semiconductor

Equipment

-

(

3

.1

)

%

Advanced

Micro

Devices,

Inc.

(

388

)

(

39,863

)

Advantest

Corp.

(Japan)

(2)

(

700

)

(

31,204

)

Allegro

MicroSystems,

Inc.

(Japan)

(

3,945

)

(

99,138

)

Amkor

Technology,

Inc.

(

500

)

(

9,030

)

Analog

Devices,

Inc.

(

254

)

(

51,224

)

Applied

Materials,

Inc.

(

250

)

(

36,280

)

ASM

International

NV

(Netherlands)

(2)

(

67

)

(

30,531

)

ASML

Holding

NV

(Netherlands)

(2)

(

65

)

(

43,015

)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

(3.1)%

(continued)

BE

Semiconductor

Industries

NV

(Netherlands)

(2)

(

65

)

(

6,793

)

Entegris,

Inc.

(

1,704

)

(

149,066

)

First

Solar,

Inc.

(

148

)

(

18,712

)

GLOBALFOUNDRIES,

Inc.

(

909

)

(

33,551

)

Infineon

Technologies

AG

(Germany)

(2)

(

486

)

(

16,201

)

Lasertec

Corp.

(Japan)

(2)

(

900

)

(

77,355

)

Lattice

Semiconductor

Corp.

(

436

)

(

22,868

)

MACOM

Technology

Solutions

Holdings,

Inc.

(

121

)

(

12,146

)

Microchip

Technology,

Inc.

(

1,531

)

(

74,116

)

Micron

Technology,

Inc.

(

1,430

)

(

124,253

)

MKS

Instruments,

Inc.

(

671

)

(

53,781

)

ON

Semiconductor

Corp.

(

2,137

)

(

86,954

)

Onto

Innovation,

Inc.

(

249

)

(

30,214

)

Power

Integrations,

Inc.

(

707

)

(

35,703

)

Qorvo,

Inc.

(

251

)

(

18,175

)

Renesas

Electronics

Corp.

(Japan)

(2)

(

600

)

(

8,048

)

Rohm

Co.

Ltd.

(Japan)

(2)

(

9,200

)

(

88,887

)

Silicon

Laboratories,

Inc.

(

233

)

(

26,229

)

SOITEC

(France)

(2)

(

777

)

(

41,554

)

STMicroelectronics

NV

(Singapore)

(2)

(

5,489

)

(

120,360

)

SUMCO

Corp.

(Japan)

(2)

(

24,100

)

(

163,308

)

Synaptics,

Inc.

(

177

)

(

11,278

)

Texas

Instruments,

Inc.

(

378

)

(

67,927

)

Wolfspeed,

Inc.

(

2,999

)

(

9,177

)

(

1,636,941

)

Software

-

(

2

.5

)

%

Bentley

Systems,

Inc.,

Class

B

(

1,770

)

(

69,632

)

BILL

Holdings,

Inc.

(

1,584

)

(

72,690

)

Blackbaud,

Inc.

(

417

)

(

25,875

)

Cadence

Design

Systems,

Inc.

(

450

)

(

114,448

)

CCC

Intelligent

Solutions

Holdings,

Inc.

(

7,080

)

(

63,932

)

Confluent,

Inc.,

Class

A

(

866

)

(

20,299

)

Docusign,

Inc.,

Class

A

(

355

)

(

28,897

)

Five9,

Inc.

(

388

)

(

10,534

)

Gen

Digital,

Inc.

(

274

)

(

7,272

)

Microsoft

Corp.

(

315

)

(

118,248

)

MicroStrategy,

Inc.,

Class

A

(

292

)

(

84,175

)

nCino,

Inc.

(

1,931

)

(

53,045

)

Nemetschek

SE

(Germany)

(2)

(

126

)

(

14,689

)

Open

Text

Corp.

(Canada)

(

579

)

(

14,613

)

Oracle

Corp.

(

960

)

(

134,218

)

PTC,

Inc.

(

573

)

(

88,786

)

Roper

Technologies,

Inc.

(

30

)

(

17,687

)

Synopsys,

Inc.

(

327

)

(

140,234

)

Temenos

AG

(Registered)

(Switzerland)

(2)

(

980

)

(

76,089

)

Tyler

Technologies,

Inc.

(

284

)

(

165,115

)

Workday,

Inc.,

Class

A

(

114

)

(

26,622

)

(

1,347,100

)

278

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

(

0

.4

)

%

Dell

Technologies,

Inc.,

Class

C

(

211

)

(

19,233

)

FUJIFILM

Holdings

Corp.

(Japan)

(2)

(

2,700

)

(

51,729

)

HP,

Inc.

(

3,060

)

(

84,731

)

Ricoh

Co.

Ltd.

(Japan)

(2)

(

1,800

)

(

19,041

)

Seagate

Technology

Holdings

plc

(

201

)

(

17,075

)

Super

Micro

Computer,

Inc.

(

180

)

(

6,163

)

Western

Digital

Corp.

(

721

)

(

29,150

)

(

227,122

)

Total

Information

Technology

(

4,936,285

)

Materials

-

(

7

.5

)

%

Chemicals

-

(

3

.7

)

%

Air

Products

and

Chemicals,

Inc.

(

769

)

(

226,793

)

Akzo

Nobel

NV

(Netherlands)

(2)

(

876

)

(

53,949

)

Albemarle

Corp.

(

798

)

(

57,472

)

Ashland,

Inc.

(

257

)

(

15,237

)

Avient

Corp.

(

455

)

(

16,908

)

BASF

SE

(Germany)

(2)

(

1,694

)

(

84,918

)

Celanese

Corp.,

Class

A

(

1,233

)

(

69,997

)

Chemours

Co.

(The)

(

1,637

)

(

22,149

)

Clariant

AG

(Registered)

(Switzerland)

(2)

(

9,746

)

(

105,621

)

Corteva,

Inc.

(

398

)

(

25,046

)

Croda

International

plc

(United

Kingdom)

(2)

(

987

)

(

37,498

)

Dow,

Inc.

(

3,070

)

(

107,204

)

Eastman

Chemical

Co.

(

978

)

(

86,172

)

EMS-Chemie

Holding

AG

(Registered)

(Switzerland)

(2)

(

60

)

(

40,880

)

International

Flavors

&

Fragrances,

Inc.

(

420

)

(

32,596

)

Kansai

Paint

Co.

Ltd.

(Japan)

(2)

(

3,100

)

(

44,316

)

Linde

plc

(

105

)

(

48,892

)

LyondellBasell

Industries

NV,

Class

A

(

969

)

(

68,218

)

Mitsubishi

Chemical

Group

Corp.

(Japan)

(2)

(

3,900

)

(

19,272

)

Mitsui

Chemicals,

Inc.

(Japan)

(2)

(

400

)

(

8,984

)

Nippon

Sanso

Holdings

Corp.

(Japan)

(2)

(

4,800

)

(

145,606

)

Nissan

Chemical

Corp.

(Japan)

(2)

(

2,100

)

(

62,524

)

NOF

Corp.

(Japan)

(2)

(

4,900

)

(

66,592

)

Novonesis

(Novozymes),

Class

B

(Denmark)

(2)

(

1,451

)

(

84,487

)

Olin

Corp.

(

296

)

(

7,175

)

PPG

Industries,

Inc.

(

976

)

(

106,726

)

RPM

International,

Inc.

(

357

)

(

41,298

)

Sherwin-Williams

Co.

(The)

(

299

)

(

104,408

)

Tosoh

Corp.

(Japan)

(2)

(

1,300

)

(

17,889

)

Umicore

SA

(Belgium)

(2)

(

3,516

)

(

36,425

)

Wacker

Chemie

AG

(Germany)

(2)

(

364

)

(

30,156

)

Westlake

Corp.

(

1,044

)

(

104,431

)

Yara

International

ASA

(Brazil)

(2)

(

149

)

(

4,495

)

(

1,984,334

)

INVESTMENTS

SHARES

VALUE

($)

Construction

Materials

-

(

0

.7

)

%

Eagle

Materials,

Inc.

(

199

)

(

44,164

)

James

Hardie

Industries

plc,

CHESS

(2)

(

452

)

(

10,787

)

Knife

River

Corp.

(

1,177

)

(

106,177

)

Martin

Marietta

Materials,

Inc.

(

423

)

(

202,249

)

(

363,377

)

Containers

&

Packaging

-

(

1

.0

)

%

Amcor

plc

(

3,033

)

(

29,420

)

AptarGroup,

Inc.

(

191

)

(

28,340

)

Avery

Dennison

Corp.

(

79

)

(

14,060

)

Ball

Corp.

(

560

)

(

29,159

)

Graphic

Packaging

Holding

Co.

(

3,382

)

(

87,797

)

International

Paper

Co.

(

1,102

)

(

58,792

)

Sealed

Air

Corp.

(

2,497

)

(

72,163

)

SIG

Group

AG

(Switzerland)

(2)

(

6,890

)

(

127,392

)

Silgan

Holdings,

Inc.

(

1,798

)

(

91,914

)

(

539,037

)

Metals

&

Mining

-

(

1

.9

)

%

Alcoa

Corp.

(

681

)

(

20,770

)

Anglo

American

plc

(South

Africa)

(2)

(

2,445

)

(

68,529

)

Antofagasta

plc

(Chile)

(2)

(

3,878

)

(

84,430

)

BHP

Group

Ltd.

(Australia)

(2)

(

358

)

(

8,686

)

Capstone

Copper

Corp.

(Canada)

(

8,062

)

(

41,513

)

Carpenter

Technology

Corp.

(

263

)

(

47,650

)

Cleveland-Cliffs,

Inc.

(

2,470

)

(

20,303

)

Commercial

Metals

Co.

(

1,382

)

(

63,586

)

Endeavour

Mining

plc

(Ivory

Coast)

(2)

(

814

)

(

19,193

)

First

Quantum

Minerals

Ltd.

(Zambia)

(

3,774

)

(

50,747

)

Glencore

plc

(Australia)

(2)

(

9,581

)

(

35,068

)

IGO

Ltd.

(Australia)

(2)

(

4,224

)

(

10,533

)

Lundin

Mining

Corp.

(Chile)

(

9,205

)

(

74,584

)

Lynas

Rare

Earths

Ltd.

(Australia)

(2)

(

6,936

)

(

30,369

)

Mineral

Resources

Ltd.

(Australia)

(2)

(

1,135

)

(

17,137

)

Nucor

Corp.

(

262

)

(

31,529

)

Pilbara

Minerals

Ltd.

(Australia)

(2)

(

43,581

)

(

46,403

)

Reliance,

Inc.

(

325

)

(

93,844

)

Rio

Tinto

plc

(Australia)

(2)

(

1,420

)

(

85,215

)

SSAB

AB,

Class

B

(Sweden)

(2)

(

14,593

)

(

88,917

)

Steel

Dynamics,

Inc.

(

124

)

(

15,510

)

Sumitomo

Metal

Mining

Co.

Ltd.

(Japan)

(2)

(

1,400

)

(

30,602

)

Teck

Resources

Ltd.,

Class

B

(Canada)

(

914

)

(

33,294

)

(

1,018,412

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

279

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Paper

&

Forest

Products

-

(

0

.2

)

%

Holmen

AB,

Class

B

(Sweden)

(2)

(

719

)

(

28,473

)

Mondi

plc

(Austria)

(2)

(

2,181

)

(

32,535

)

UPM-Kymmene

OYJ

(Finland)

(2)

(

1,541

)

(

41,342

)

(

102,350

)

Total

Materials

(

4,007,510

)

Real

Estate

-

(

4

.8

)

%

Diversified

REITs

-

(

0

.0

)

%

†

WP

Carey,

Inc.,

REIT

(

91

)

(

5,743

)

Health

Care

REITs

-

(

0

.1

)

%

Healthcare

Realty

Trust,

Inc.,

REIT

(

1,427

)

(

24,116

)

Welltower,

Inc.,

REIT

(

112

)

(

17,160

)

(

41,276

)

Hotel

&

Resort

REITs

-

(

0

.1

)

%

Host

Hotels

&

Resorts,

Inc.,

REIT

(

4,793

)

(

68,109

)

Industrial

REITs

-

(

0

.1

)

%

First

Industrial

Realty

Trust,

Inc.,

REIT

(

445

)

(

24,012

)

Rexford

Industrial

Realty,

Inc.,

REIT

(

1,073

)

(

42,008

)

(

66,020

)

Office

REITs

-

(

0

.4

)

%

BXP,

Inc.,

REIT

(

1,546

)

(

103,876

)

Highwoods

Properties,

Inc.,

REIT

(

719

)

(

21,311

)

Kilroy

Realty

Corp.,

REIT

(

198

)

(

6,486

)

Vornado

Realty

Trust,

REIT

(

1,799

)

(

66,545

)

(

198,218

)

Real

Estate

Management

&

Development

-

(

0

.4

)

%

CapitaLand

Investment

Ltd.

(Singapore)

(2)

(

73,400

)

(

148,452

)

CoStar

Group,

Inc.

(

448

)

(

35,495

)

Howard

Hughes

Holdings,

Inc.

(

76

)

(

5,630

)

Jones

Lang

LaSalle,

Inc.

(

150

)

(

37,186

)

Lendlease

Corp.

Ltd.

(Australia)

(2)

(

1,404

)

(

5,216

)

(

231,979

)

Residential

REITs

-

(

1

.2

)

%

American

Homes

4

Rent,

Class

A,

REIT

(

557

)

(

21,060

)

AvalonBay

Communities,

Inc.,

REIT

(

744

)

(

159,677

)

Camden

Property

Trust,

REIT

(

640

)

(

78,272

)

Equity

Residential,

REIT

(

2,319

)

(

165,994

)

Independence

Realty

Trust,

Inc.,

REIT

(

2,992

)

(

63,520

)

Invitation

Homes,

Inc.,

REIT

(

578

)

(

20,143

)

Mid-America

Apartment

Communities,

Inc.,

REIT

(

30

)

(

5,028

)

Sun

Communities,

Inc.,

REIT

(

964

)

(

124,009

)

(

637,703

)

Retail

REITs

-

(

1

.0

)

%

Agree

Realty

Corp.,

REIT

(

1,578

)

(

121,806

)

Federal

Realty

Investment

Trust,

REIT

(

335

)

(

32,770

)

Kimco

Realty

Corp.,

REIT

(

2,226

)

(

47,280

)

INVESTMENTS

SHARES

VALUE

($)

Retail

REITs

-

(1.0)%

(continued)

Kite

Realty

Group

Trust,

REIT

(

1,387

)

(

31,027

)

Realty

Income

Corp.,

REIT

(

4,624

)

(

268,238

)

Regency

Centers

Corp.,

REIT

(

90

)

(

6,639

)

(

507,760

)

Specialized

REITs

-

(

1

.5

)

%

Crown

Castle,

Inc.,

REIT

(

495

)

(

51,594

)

Digital

Realty

Trust,

Inc.,

REIT

(

397

)

(

56,886

)

Equinix,

Inc.,

REIT

(

81

)

(

66,043

)

Extra

Space

Storage,

Inc.,

REIT

(

482

)

(

71,572

)

Gaming

and

Leisure

Properties,

Inc.,

REIT

(

1,328

)

(

67,595

)

Iron

Mountain,

Inc.,

REIT

(

514

)

(

44,225

)

National

Storage

Affiliates

Trust,

REIT

(

2,500

)

(

98,500

)

Public

Storage,

REIT

(

348

)

(

104,153

)

Rayonier,

Inc.,

REIT

(

1,386

)

(

38,642

)

VICI

Properties,

Inc.,

Class

A,

REIT

(

6,038

)

(

196,959

)

(

796,169

)

Total

Real

Estate

(

2,552,977

)

Utilities

-

(

5

.4

)

%

Electric

Utilities

-

(

2

.8

)

%

Acciona

SA

(Spain)

(2)

(

136

)

(

17,800

)

Alliant

Energy

Corp.

(

4,239

)

(

272,780

)

American

Electric

Power

Co.,

Inc.

(

87

)

(

9,506

)

BKW

AG

(Switzerland)

(2)

(

188

)

(

32,882

)

Constellation

Energy

Corp.

(

253

)

(

51,012

)

EDP

SA

(Portugal)

(

5,084

)

(

17,108

)

Elia

Group

SA/NV

(Belgium)

(2)

(

608

)

(

52,734

)

Entergy

Corp.

(

905

)

(

77,368

)

FirstEnergy

Corp.

(

1,899

)

(

76,758

)

Hydro

One

Ltd.

(Canada)

(b)

(

1,711

)

(

57,535

)

IDACORP,

Inc.

(

180

)

(

20,920

)

NextEra

Energy,

Inc.

(

2,850

)

(

202,037

)

NRG

Energy,

Inc.

(

607

)

(

57,944

)

Pinnacle

West

Capital

Corp.

(

341

)

(

32,480

)

PPL

Corp.

(

3,783

)

(

136,604

)

Redeia

Corp.

SA

(Spain)

(2)

(

563

)

(

11,300

)

Southern

Co.

(The)

(

2,392

)

(

219,944

)

SSE

plc

(United

Kingdom)

(2)

(

1,280

)

(

26,366

)

Terna

-

Rete

Elettrica

Nazionale

(Italy)

(2)

(

2,938

)

(

26,552

)

TXNM

Energy,

Inc.

(

1,197

)

(

64,016

)

(

1,463,646

)

Gas

Utilities

-

(

0

.4

)

%

APA

Group

(Australia)

(2)

(

14,229

)

(

70,487

)

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

(

193

)

(

6,970

)

MDU

Resources

Group,

Inc.

(

772

)

(

13,055

)

Snam

SpA

(Italy)

(

4,822

)

(

25,001

)

Southwest

Gas

Holdings,

Inc.

(

1,465

)

(

105,187

)

(

220,700

)

280

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Independent

Power

and

Renewable

Electricity

Producers

-

(

0

.6

)

%

Brookfield

Renewable

Corp.

(Canada)

(

370

)

(

10,328

)

Clearway

Energy,

Inc.,

Class

C

(

319

)

(

9,656

)

ERG

SpA

(Italy)

(2)

(

312

)

(

5,926

)

Northland

Power,

Inc.

(Canada)

(

838

)

(

11,454

)

Ormat

Technologies,

Inc.

(

1,006

)

(

71,195

)

Orsted

A/S

(Denmark)

(2)(b)

(

2,783

)

(

121,537

)

RWE

AG

(Germany)

(

1,636

)

(

58,413

)

Vistra

Corp.

(

163

)

(

19,143

)

(

307,652

)

Multi-Utilities

-

(

1

.1

)

%

Ameren

Corp.

(

819

)

(

82,228

)

Atco

Ltd.,

Class

I

(Canada)

(

208

)

(

7,244

)

Black

Hills

Corp.

(

1,360

)

(

82,484

)

Canadian

Utilities

Ltd.,

Class

A

(Canada)

(

724

)

(

18,615

)

CenterPoint

Energy,

Inc.

(

2,294

)

(

83,112

)

Dominion

Energy,

Inc.

(

723

)

(

40,539

)

Public

Service

Enterprise

Group,

Inc.

(

1,381

)

(

113,656

)

Sempra

(

2,579

)

(

184,037

)

(

611,915

)

Water

Utilities

-

(

0

.5

)

%

Essential

Utilities,

Inc.

(

1,560

)

(

61,667

)

Severn

Trent

plc

(United

Kingdom)

(2)

(

3,138

)

(

102,731

)

United

Utilities

Group

plc

(United

Kingdom)

(2)

(

6,545

)

(

85,399

)

(

249,797

)

Total

Utilities

(

2,853,710

)

TOTAL

COMMON

STOCKS

(Proceeds

$(51,749,587))

(46,014,865)

PREFERRED

STOCKS

-

(0.4)%

Consumer

Discretionary

-

(

0

.2

)

%

Automobiles

-

(

0

.2

)

%

Dr

Ing

hc

F

Porsche

AG

(Preference)

(Germany)

(2)(b)

(

2,236

)

(

111,985

)

Consumer

Staples

-

(

0

.2

)

%

Household

Products

-

(

0

.2

)

%

Henkel

AG

&

Co.

KGaA

(Preference)

(Germany)

(2)

(

1,302

)

(

103,596

)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

-

(

0

.0

)

%

†

Life

Sciences

Tools

&

Services

-

(

0

.0

)

%

†

Sartorius

AG

(Preference)

(Germany)

(2)

(

104

)

(

24,245

)

TOTAL

PREFERRED

STOCKS

(Proceeds

$(289,896))

(239,826)

NO.

OF

RIGHTS

RIGHTS

-

(0.0)%

†

Health

Care

-

0

.0

%

Health

Care

Equipment

&

Supplies

-

0

.0

%

DiaSorin

SpA,

expiring

4/30/2025

(Italy)

(3)

(

532

)

–

Utilities

-

(

0

.0

)

%

†

Electric

Utilities

-

(

0

.0

)

%

†

Elia

Group

SA/NV,

expiring

4/3/2025

(Belgium)

(

608

)

(

2,966

)

TOTAL

RIGHTS

(Proceeds

$–)

(

2,966

)

TOTAL

SHORT

POSITIONS

(Proceeds

$(52,039,483))

(46,257,657)

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

85.6%

(Cost

$36,286,911)

45,528,165

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

14.4%

‡

7,680,527

NET

ASSETS

-

100.0%

53,208,692

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

978,437

1

.8

%

Consumer

Discretionary

(

45,198

)

0.0

Consumer

Staples

(

927,137

)

(

1

.7

)

Energy

1,035,928

2

.0

Financials

2,489,980

4

.6

Health

Care

2,006,060

3

.8

Industrials

(

203,929

)

(

0

.4

)

Information

Technology

147,529

0

.3

Materials

(

1,060,214

)

(

2

.0

)

Real

Estate

(

964,360

)

(

1

.8

)

Utilities

657,659

1

.2

Investment

Companies

41,297,504

77

.6

U.S.

Treasury

Obligations

115,906

0

.2

Total

Investments

In

Securities

At

Value

45,528,165

85

.6

Other

Assets

in

Excess

of

Liabilities

‡

7,680,527

14

.4

Net

Assets

$

53,208,692

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.

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

281

(Continued)

(a)

All

or

a

portion

of

this

security

is

segregated

in

connection

with

obligations

for

securities

sold

short.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$49,720,467,

which

is

inclusive

of

rehypothecated

amounts disclosed

below.

Additional

securities

sold

but

not

yet

settled

totaling

$6,192

were

also

segregated.

In

addition,

$454,686

of

cash

collateral

was

also

pledged.

(b)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$313,847,

which

represents

0.59%

of

net

assets

of

the

Fund.

(c)

All

or

a

portion

of

this

security

has

been

rehypothecated

in

connection

with

the

Fund's

Master

Securities

Loan

Agreement

with

State

Street

Bank

and

Trust

Company.

Total

value

of

all

such

securities

at

March

31,

2025

amounted

to

$13,086,064.

(d)

Represents

7-day

effective

yield

as

of

March

31,

2025.

(e)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts.

(f)

The

rate

shown

was

the

effective

yield

at

the

date

of

purchase.

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.

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2025:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

PAID

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5

.00

%

Quarterly

6/20/2030

3

.77

%

USD

47,000

$

(

2,510

)

$

8

$

(

2,502

)

Markit

CDX

North

America

High

Yield

Index

Series

44.V1

5

.00

Quarterly

6/20/2030

3

.77

USD

47,000

(

2,509

)

8

(

2,501

)

$

(

5,019

)

$

16

$

(

5,003

)

Credit

default

swap

contracts

outstanding

-

sell

protection

as

of

March

31,

2025

:

Exchange-Cleared

REFERENCE

ENTITY

FINANCING

RATE

RECEIVED

PAYMENT

FREQUENCY

MATURITY

DATE

CREDIT

SPREAD

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

iTraxx

Europe

Crossover

Index

Series

43.V1

5

.00

%

Quarterly

6/20/2030

3

.28

%

EUR

310,000

$

26,974

$

(

1,440

)

$

25,534

iTraxx

Europe

Crossover

Index

Series

43.V1

5

.00

Quarterly

6/20/2030

3

.28

EUR

310,000

26,974

(

1,440

)

25,534

iTraxx

Europe

Main

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

0

.64

EUR

301,000

6,271

(

428

)

5,843

iTraxx

Europe

Main

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

0

.64

EUR

301,000

6,271

(

428

)

5,843

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1

.00

Quarterly

6/20/2030

0

.61

USD

215,000

3,978

(

50

)

3,928

Markit

CDX

North

America

Investment

Grade

Index

Series

44.V1

1

.00

Quarterly

6/20/2030

0

.61

USD

215,000

3,978

(

50

)

3,928

74,446

(

3,836

)

70,610

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1

.00

%

Quarterly

6/20/2030

1

.85

%

USD

239,000

$

(

9,268

)

$

234

$

(

9,034

)

Markit

CDX

North

America

Emerging

Markets

Index

Series

43.V1

1

.00

Quarterly

6/20/2030

1

.85

USD

239,000

(

9,268

)

234

(

9,034

)

(

18,536

)

468

(

18,068

)

$

55,910

$

(

3,368

)

$

52,542

282

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

Forward

effective

interest

rate

swap

contracts

outstanding

as

of

March

31,

2025:

Exchange-Cleared

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

79,900,000

$

128

$

29

$

157

Pay

1D

CLICP

Semi

5.00%

Semi

9/20/2027

CLP

79,900,000

128

30

158

Pay

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

25,000,000

429

18

447

Pay

1D

CLICP

Semi

5.50%

Semi

9/17/2030

CLP

25,000,000

430

16

446

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

10,000,000

5,655

21,885

27,540

Pay

1D

CORRA

Semi

2.50%

Semi

6/16/2027

CAD

10,000,000

5,897

21,643

27,540

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

800,000

1,958

446

2,404

Pay

1D

CORRA

Semi

2.50%

Semi

9/15/2027

CAD

800,000

1,988

417

2,405

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

100,000

318

(

45

)

273

Pay

1D

CORRA

Semi

2.50%

Semi

9/18/2030

CAD

100,000

137

137

274

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

100,000

742

877

1,619

Pay

1D

CORRA

Semi

3.00%

Semi

6/20/2035

CAD

200,000

2,119

1,118

3,237

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

110,000,000

3,999

1,226

5,225

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2027

INR

110,000,000

3,999

1,226

5,225

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

25,000,000

1,265

6

1,271

Pay

1D

MIBOR

Semi

6.00%

Semi

9/17/2030

INR

25,000,000

1,264

7

1,271

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

100,000

(

80

)

817

737

Pay

1D

SARON

Annual

0.50%

Annual

6/19/2030

CHF

100,000

(

144

)

882

738

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

200,000

1,165

163

1,328

Pay

1D

SARON

Annual

0.50%

Annual

9/18/2030

CHF

300,000

1,776

107

1,883

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

100,000

(

1,205

)

2,909

1,704

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2030

USD

100,000

(

1,205

)

2,960

1,755

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

300,000

3,135

2,906

6,041

Pay

1D

SOFR

Annual

4.00%

Annual

6/20/2035

USD

300,000

3,135

2,906

6,041

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

200,000

2,096

1,965

4,061

Pay

1D

SOFR

Annual

4.00%

Annual

9/19/2035

USD

200,000

2,096

1,965

4,061

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

1,100,000

(

1,145

)

1,654

509

Pay

1D

SONIA

Annual

4.00%

Annual

6/16/2027

GBP

1,100,000

(

1,145

)

1,654

509

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

3,000,000

1,826

3,118

4,944

Pay

1D

SONIA

Annual

4.00%

Annual

9/15/2027

GBP

2,900,000

1,227

3,479

4,706

Pay

1D

SONIA

Annual

4.00%

Annual

9/18/2030

GBP

100,000

79

87

166

Pay

1D

SORA

Semi

2.50%

Semi

6/16/2027

SGD

300,000

176

1,232

1,408

Pay

1D

SORA

Semi

2.50%

Semi

6/16/2027

SGD

300,000

79

1,328

1,407

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

500,000

2,293

157

2,450

Pay

1D

SORA

Semi

2.50%

Semi

9/15/2027

SGD

500,000

2,149

301

2,450

Pay

1D

SORA

Semi

2.50%

Semi

6/19/2030

SGD

100,000

(

292

)

1,092

800

Pay

1D

SORA

Semi

2.50%

Semi

6/19/2030

SGD

200,000

(

6

)

1,606

1,600

Pay

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

100,000

529

238

767

Pay

1D

SORA

Semi

2.50%

Semi

9/18/2030

SGD

200,000

1,251

282

1,533

Pay

1D

THOR

Qtrly

1.50%

Qtrly

6/21/2027

THB

37,800,000

(

2,961

)

4,701

1,740

Pay

1D

THOR

Qtrly

1.50%

Qtrly

6/21/2027

THB

37,800,000

(

2,960

)

4,700

1,740

Pay

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

10,000,000

135

507

642

Pay

1D

THOR

Qtrly

1.50%

Qtrly

9/17/2027

THB

10,000,000

134

507

641

Pay

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

21,500,000

8,644

5,215

13,859

Pay

1D

THOR

Qtrly

2.00%

Qtrly

9/17/2030

THB

21,500,000

8,644

5,214

13,858

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

6/16/2027

MXN

9,600,000

164

1,796

1,960

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

6/16/2027

MXN

9,600,000

164

1,796

1,960

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

4,300,000

619

399

1,018

Pay

1D

TIIEOIS

Monthly

8.00%

Monthly

9/15/2027

MXN

4,300,000

619

399

1,018

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

6/12/2030

MXN

500,000

249

225

474

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

6/12/2030

MXN

500,000

249

225

474

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

1,500,000

1,024

340

1,364

Pay

1D

TIIEOIS

Monthly

8.50%

Monthly

9/11/2030

MXN

1,500,000

1,024

340

1,364

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

28,300,000

5,099

340

5,439

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

283

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

1D

TONAR

Annual

2.00%

Annual

6/21/2045

JPY

28,300,000

$

5,099

$

340

$

5,439

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

67,200,000

17,037

(

6,067

)

10,970

Pay

1D

TONAR

Annual

2.00%

Annual

9/20/2045

JPY

67,200,000

17,037

(

6,067

)

10,970

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

9,500,000

4,334

9,814

14,148

Pay

3M

BBR

Qtrly

3.50%

Semi

6/16/2027

NZD

9,600,000

4,739

9,569

14,308

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

5,400,000

1,981

4,584

6,565

Pay

3M

BBR

Qtrly

3.50%

Semi

9/15/2027

NZD

5,400,000

1,855

4,711

6,566

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

200,000

1,248

362

1,610

Pay

3M

BBR

Qtrly

4.00%

Semi

6/12/2030

NZD

100,000

624

181

805

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

1,300,000

419

419

838

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/15/2027

HKD

1,400,000

434

469

903

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

900,000

640

821

1,461

Pay

3M

HIBOR

Qtrly

3.50%

Qtrly

9/18/2030

HKD

900,000

586

876

1,462

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

2,100,000

(

50

)

329

279

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

6/17/2027

ZAR

2,100,000

(

50

)

329

279

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

1,000,000

157

(

45

)

112

Pay

3M

JIBAR

Qtrly

7.50%

Qtrly

9/15/2027

ZAR

1,000,000

157

(

45

)

112

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

6/19/2030

ZAR

1,000,000

(

80

)

512

432

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

6/19/2030

ZAR

1,000,000

(

80

)

512

432

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

500,000

21

104

125

Pay

3M

JIBAR

Qtrly

8.00%

Qtrly

9/18/2030

ZAR

500,000

21

104

125

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

16,700,000

188

612

800

Pay

3M

STIBOR

Qtrly

2.50%

Annual

6/16/2027

SEK

16,700,000

188

612

800

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

300,000

(

455

)

3,134

2,679

Pay

6M

BBR

Semi

4.50%

Semi

6/07/2035

AUD

300,000

(

64

)

2,744

2,680

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

400,000

2,806

353

3,159

Pay

6M

BBR

Semi

4.50%

Semi

9/13/2035

AUD

300,000

2,006

363

2,369

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

800,000

3,074

507

3,581

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/19/2030

EUR

800,000

3,074

507

3,581

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

2,100,000

(

6,952

)

13,742

6,790

Pay

6M

EURIBOR

Semi

2.50%

Annual

9/18/2030

EUR

2,100,000

(

7,634

)

14,424

6,790

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

3,400,000

257

(

1

)

256

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/15/2027

CZK

3,400,000

256

–

256

Receive

1D

IBR

Qtrly

8.00%

Qtrly

6/21/2027

COP

70,000,000

(

79

)

175

96

Receive

1D

IBR

Qtrly

8.00%

Qtrly

6/21/2027

COP

70,000,000

(

79

)

175

96

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

81,800,000

124

(

23

)

101

Receive

1D

IBR

Qtrly

8.00%

Qtrly

9/17/2027

COP

81,800,000

124

(

23

)

101

Receive

1D

IBR

Qtrly

8.50%

Qtrly

9/17/2030

COP

30,000,000

(

18

)

65

47

Receive

1D

IBR

Qtrly

8.50%

Qtrly

9/17/2030

COP

30,000,000

(

18

)

65

47

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

200,000

8,007

(

4,311

)

3,696

Receive

1D

SARON

Annual

0.50%

Annual

6/20/2035

CHF

100,000

3,548

(

1,700

)

1,848

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

100,000

3,647

(

1,517

)

2,130

Receive

1D

SARON

Annual

0.50%

Annual

9/19/2035

CHF

200,000

2,505

1,475

3,980

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

300,000

209

4,870

5,079

Receive

1D

SONIA

Annual

4.00%

Annual

6/20/2035

GBP

300,000

(

661

)

5,741

5,080

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

500,000

125

(

28

)

97

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

6/21/2027

CNY

500,000

125

(

28

)

97

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

4,500,000

576

20

596

Receive

1W

CNREPOFIX_

CFXS

Qtrly

1.50%

Qtrly

9/17/2027

CNY

4,500,000

576

20

596

Receive

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

100,000

1,153

(

368

)

785

Receive

3M

BBR

Qtrly

4.00%

Semi

9/12/2035

NZD

100,000

1,022

(

237

)

785

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

6,900,000

(

1,098

)

6,338

5,240

Receive

3M

STIBOR

Qtrly

2.50%

Annual

6/19/2030

SEK

6,900,000

(

1,098

)

6,338

5,240

284

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

500,000

$

547

$

(

102

)

$

445

Receive

3M

STIBOR

Qtrly

2.50%

Annual

9/18/2030

SEK

500,000

547

(

102

)

445

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/18/2030

ILS

100,000

(

63

)

188

125

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/18/2030

ILS

100,000

(

78

)

203

125

Receive

6M

BBR

Semi

4.50%

Semi

6/08/2045

AUD

100,000

1,757

(

1,222

)

535

Receive

6M

BBR

Semi

4.50%

Semi

9/07/2045

AUD

100,000

961

(

379

)

582

Receive

6M

BBR

Semi

4.50%

Semi

9/07/2045

AUD

100,000

961

(

379

)

582

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

5,300,000

(

2

)

19

17

Receive

6M

BUBOR

Semi

6.50%

Annual

9/15/2027

HUF

5,300,000

(

2

)

19

17

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

700,000

14,184

(

1,904

)

12,280

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/19/2035

EUR

800,000

16,051

(

2,017

)

14,034

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

300,000

9,750

(

1,336

)

8,414

Receive

6M

EURIBOR

Semi

2.50%

Annual

6/16/2055

EUR

400,000

13,000

(

1,781

)

11,219

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

100,000

3,344

(

531

)

2,813

Receive

6M

EURIBOR

Semi

2.50%

Annual

9/15/2055

EUR

100,000

3,344

(

531

)

2,813

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

14,400,000

2,214

5,781

7,995

Receive

6M

NIBOR

Semi

4.00%

Annual

6/16/2027

NOK

14,400,000

2,214

5,781

7,995

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

31,200,000

11,408

54

11,462

Receive

6M

NIBOR

Semi

4.00%

Annual

9/15/2027

NOK

31,200,000

11,408

54

11,462

Receive

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

1,500,000

704

410

1,114

Receive

6M

NIBOR

Semi

4.00%

Annual

6/20/2035

NOK

1,500,000

704

410

1,114

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

1,500,000

307

538

845

Receive

6M

NIBOR

Semi

4.00%

Annual

9/19/2035

NOK

1,500,000

307

538

845

234,223

189,115

423,338

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

2,600,000

(

4,960

)

(

2,401

)

(

7,361

)

Pay

1D

SARON

Annual

0.00%

Annual

6/16/2027

CHF

2,600,000

(

5,117

)

(

2,154

)

(

7,271

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

1,200,000

(

5,287

)

1,170

(

4,117

)

Pay

1D

SARON

Annual

0.00%

Annual

9/15/2027

CHF

1,300,000

(

5,784

)

1,416

(

4,368

)

Pay

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

8,300,000

(

24,441

)

17,281

(

7,160

)

Pay

1D

SOFR

Annual

3.50%

Annual

9/15/2027

USD

8,300,000

(

24,468

)

17,307

(

7,161

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

200,000

(

4,498

)

979

(

3,519

)

Pay

1D

SONIA

Annual

4.00%

Annual

9/19/2035

GBP

200,000

(

3,771

)

252

(

3,519

)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

595,000,000

(

9,006

)

(

5,091

)

(

14,097

)

Pay

1D

TONAR

Annual

1.00%

Annual

6/19/2030

JPY

595,000,000

(

9,006

)

(

5,091

)

(

14,097

)

Pay

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

511,200,000

(

14,563

)

(

3,114

)

(

17,677

)

Pay

1D

TONAR

Annual

1.00%

Annual

9/18/2030

JPY

511,200,000

(

14,563

)

(

3,114

)

(

17,677

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

400,000

(

601

)

267

(

334

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

6/10/2027

AUD

400,000

(

615

)

281

(

334

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

8,300,000

(

7,938

)

4,399

(

3,539

)

Pay

3M

BBR

Qtrly

3.50%

Qtrly

9/09/2027

AUD

8,200,000

(

7,947

)

4,323

(

3,624

)

Pay

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

300,000

(

1,602

)

(

232

)

(

1,834

)

Pay

3M

BBR

Qtrly

4.00%

Semi

6/13/2035

NZD

300,000

(

2,256

)

422

(

1,834

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

450,000,000

28

(

76

)

(

48

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/17/2027

KRW

450,000,000

28

(

76

)

(

48

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

250,000,000

(

559

)

208

(

351

)

Pay

3M

CD_KSDA

Qtrly

2.50%

Qtrly

9/18/2030

KRW

250,000,000

(

559

)

208

(

351

)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

6,500,000

2,750

(

2,788

)

(

38

)

Pay

3M

STIBOR

Qtrly

2.50%

Annual

9/15/2027

SEK

6,500,000

2,750

(

2,788

)

(

38

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

200,000

(

800

)

113

(

687

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

6/16/2027

EUR

100,000

(

400

)

57

(

343

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

1,800,000

(

6,560

)

898

(

5,662

)

Pay

6M

EURIBOR

Semi

2.00%

Annual

9/15/2027

EUR

1,700,000

(

6,522

)

1,060

(

5,462

)

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

200,000

(

4,307

)

1,159

(

3,148

)

Pay

6M

EURIBOR

Semi

2.50%

Annual

6/20/2035

EUR

100,000

(

1,969

)

394

(

1,575

)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

3,500,000

(

1,997

)

261

(

1,736

)

Pay

6M

NIBOR

Semi

4.00%

Annual

6/19/2030

NOK

3,500,000

(

1,997

)

261

(

1,736

)

Pay

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

1,500,000

(

297

)

(

188

)

(

485

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

285

(Continued)

PAY/

RECEIVE

FLOATING

RATE

FLOATING

RATE

INDEX

(a)

FIXED

RATE

MATURITY

DATE

NOTIONAL

AMOUNT

UPFRONT

PREMIUM

PAID

(RECEIVED)

UNREALIZED

APPRECIATION

(DEPRECIATION)

VALUE

Pay

6M

NIBOR

Semi

4.00%

Annual

9/18/2030

NOK

1,500,000

$

(

297

)

$

(

188

)

$

(

485

)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

1,500,000

(

284

)

71

(

213

)

Pay

6M

PRIBOR

Semi

3.50%

Annual

9/18/2030

CZK

1,500,000

(

284

)

71

(

213

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

400,000

(

409

)

406

(

3

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/15/2027

PLN

500,000

(

417

)

413

(

4

)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

300,000

(

1,068

)

799

(

269

)

Pay

6M

WIBOR

Semi

4.50%

Annual

6/19/2030

PLN

300,000

(

1,075

)

805

(

270

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

200,000

(

563

)

516

(

47

)

Pay

6M

WIBOR

Semi

4.50%

Annual

9/18/2030

PLN

200,000

(

663

)

616

(

47

)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

1,800,000

(

340

)

(

5,293

)

(

5,633

)

Receive

1D

CORRA

Semi

2.50%

Semi

6/19/2030

CAD

1,900,000

(

359

)

(

5,587

)

(

5,946

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

500,000

(

5,631

)

(

3,269

)

(

8,900

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/18/2030

USD

400,000

(

4,505

)

(

2,615

)

(

7,120

)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

200,000

(

545

)

(

6,995

)

(

7,540

)

Receive

1D

SOFR

Annual

4.00%

Annual

6/16/2055

USD

200,000

(

692

)

(

6,848

)

(

7,540

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

300,000

(

12,607

)

938

(

11,669

)

Receive

1D

SOFR

Annual

4.00%

Annual

9/15/2055

USD

300,000

(

12,878

)

1,209

(

11,669

)

Receive

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

300,000

(

960

)

(

3,876

)

(

4,836

)

Receive

1D

SONIA

Annual

4.50%

Annual

9/15/2055

GBP

300,000

(

960

)

(

3,876

)

(

4,836

)

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

1,308,500,000

(

40,444

)

24,884

(

15,560

)

Receive

1D

TONAR

Annual

1.00%

Annual

6/16/2027

JPY

1,308,500,000

(

40,444

)

24,884

(

15,560

)

Receive

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

3,790,700,000

(

17,062

)

972

(

16,090

)

Receive

1D

TONAR

Annual

1.00%

Annual

9/15/2027

JPY

3,790,800,000

(

17,062

)

972

(

16,090

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

168,700,000

(

12,910

)

(

3,902

)

(

16,812

)

Receive

1D

TONAR

Annual

1.50%

Annual

6/20/2035

JPY

168,700,000

(

12,908

)

(

3,904

)

(

16,812

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

167,400,000

(

15,385

)

2,213

(

13,172

)

Receive

1D

TONAR

Annual

1.50%

Annual

9/19/2035

JPY

167,400,000

(

15,385

)

2,213

(

13,172

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

900,000

(

69

)

(

527

)

(

596

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

6/20/2035

SEK

900,000

(

69

)

(

527

)

(

596

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

1,500,000

(

4

)

(

683

)

(

687

)

Receive

3M

STIBOR

Qtrly

3.00%

Annual

9/19/2035

SEK

1,500,000

(

4

)

(

683

)

(

687

)

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/15/2027

ILS

500,000

(

443

)

428

(

15

)

Receive

3M

TELBOR

Qtrly

4.00%

Annual

9/15/2027

ILS

400,000

(

374

)

362

(

12

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

11,300,000

(

1,240

)

(

694

)

(

1,934

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2027

TWD

11,300,000

(

1,240

)

(

694

)

(

1,934

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

4,000,000

(

194

)

(

972

)

(

1,166

)

Receive

3M

TWCPBA

Qtrly

2.00%

Qtrly

9/17/2030

TWD

4,000,000

(

194

)

(

972

)

(

1,166

)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

200,000

218

(

442

)

(

224

)

Receive

6M

BBR

Semi

4.00%

Semi

6/13/2030

AUD

200,000

354

(

578

)

(

224

)

Receive

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

400,000

117

(

465

)

(

348

)

Receive

6M

BBR

Semi

4.00%

Semi

9/12/2030

AUD

500,000

146

(

581

)

(

435

)

(

385,967

)

34,204

(

351,763

)

$

(

151,744

)

$

223,319

$

71,575

Abbreviations:

1D:

1

Day

1W:

1

Week

3M:

3

Month

6M:

6

Month

Qtrly:

Quarterly

Semi:

Semi-Annually

Annual:

Annually

(a)

Floating

rate

indices

at

March

31,

2025

were

as

follows:

1

Day

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

1

Day

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

(“CLICP”):

4.92%

286

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

1

Day

Colombia

Overnight

Interbank

Rate

(“IBR”):

8.97%

1

Day

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIEOIS”):

9.05%

1

Day

Mumbai

Interbank

Overnight

Rate

(“MIBOR”):

7.20%

1

Day

Secured

Overnight

Financing

Rate

(“SOFR”):

4.41%

1

Day

Singapore

Overnight

Rate

Average

(“SORA”):

2.14%

1

Day

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

1

Day

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

1

Day

Thailand

Overnight

Repo

Rate

(“THOR”):

1.99%

1

Day

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.47%

1

Week

China

Fixing

Repo

Rate

(“CNREPOFIX_CFXS”):

2.25%

3

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.13%

3

Month

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

3.88%

3

Month

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

7.56%

3

Month

Korean

Certificate

of

Deposit

(“CD_KSDA”):

2.84%

3

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.36%

3

Month

Taiwan

Secondary

Markets

Bills

Rate

(“TWCPBA”):

1.68%

3

Month

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.49%

6

Month

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.30%

6

Month

Budapest

Interbank

Offered

Rate

(“BUBOR”):

6.53%

6

Month

Euro

Interbank

Offered

Rate

(“EURIBOR”):

2.34%

6

Month

Norwegian

Interbank

Offered

Rate

(“NIBOR”):

4.67%

6

Month

Prague

Interbank

Offered

Rate

(“PRIBOR”):

3.61%

6

Month

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.66%

Total

return

swap

contracts

outstanding

as

of

March

31,

2025

:

Over-the-Counter

REFERENCE

ENTITY

PAYMENTS

MADE

BY

FUND

PAYMENTS

RECEIVED

BY

FUND

PAYMENT

FREQUENCY

COUNTERPARTY

MATURITY

DATE

NOTIONAL

AMOUNT

VALUE

AND

UNREALIZED

APPRECIATION

(DEPRECIATION)

Amsterdam

Exchange

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/17/2025

EUR

(179,954)

$

4,800

Total

unrealized

appreciation

4,800

HSCEI

April

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

04/29/2025

HKD

10,222,800

(

26,160

)

iBovespa

Index

April

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

04/16/2025

BRL

(2,226,711)

(

18,827

)

KOSPI

200

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

06/12/2025

KRW

1,919,350,000

(

19,040

)

Swiss

Market

Index

June

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

JPMC

06/20/2025

CHF

1,996,480

(

64,172

)

Total

unrealized

depreciation

(

128,199

)

Net

unrealized

depreciation

$

(

123,399

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

287

(Continued)

Futures

contracts

outstanding

as

of

March

31,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Brent

Crude

Oil

6

4/2025

USD

$

448,620

$

14,941

EURO

STOXX

50

Volatility

Index

7

4/2025

EUR

15,895

819

Hang

Seng

Index

7

4/2025

HKD

1,041,798

(

18,768

)

IBEX

35

Index

6

4/2025

EUR

851,206

(

6,284

)

IFSC

NIFTY

50

Index

4

4/2025

USD

186,948

(

2,151

)

LME

Aluminum

Base

Metal

1

4/2025

USD

63,029

(

1,199

)

LME

Aluminum

Base

Metal

4

4/2025

USD

251,783

1,043

LME

Aluminum

Base

Metal

5

4/2025

USD

315,238

(

13,276

)

LME

Aluminum

Base

Metal

7

4/2025

USD

441,070

(

16,027

)

LME

Copper

Base

Metal

1

4/2025

USD

241,511

21,508

LME

Copper

Base

Metal

2

4/2025

USD

483,849

28,468

LME

Copper

Base

Metal

7

4/2025

USD

1,693,340

100,715

LME

Lead

Base

Metal

1

4/2025

USD

49,734

1,556

LME

Nickel

Base

Metal

1

4/2025

USD

94,394

(

780

)

LME

Nickel

Base

Metal

1

4/2025

USD

94,619

2,066

LME

Nickel

Base

Metal

1

4/2025

USD

94,284

1,581

LME

Nickel

Base

Metal

1

4/2025

USD

94,378

(

560

)

LME

Nickel

Base

Metal

1

4/2025

USD

94,300

1,891

LME

Nickel

Base

Metal

1

4/2025

USD

94,425

(

1,491

)

LME

Nickel

Base

Metal

1

4/2025

USD

94,268

2,763

LME

Nickel

Base

Metal

2

4/2025

USD

189,270

5,444

LME

Nickel

Base

Metal

2

4/2025

USD

189,205

739

LME

Nickel

Base

Metal

2

4/2025

USD

188,412

8,802

LME

Zinc

Base

Metal

1

4/2025

USD

70,961

(

256

)

LME

Zinc

Base

Metal

1

4/2025

USD

71,074

2,146

LME

Zinc

Base

Metal

1

4/2025

USD

71,039

(

2,004

)

LME

Zinc

Base

Metal

1

4/2025

USD

71,039

(

870

)

LME

Zinc

Base

Metal

1

4/2025

USD

70,971

(

136

)

LME

Zinc

Base

Metal

3

4/2025

USD

212,740

(

4,318

)

LME

Zinc

Base

Metal

8

4/2025

USD

568,474

3,583

MSCI

Singapore

Index

22

4/2025

SGD

638,197

(

9,754

)

Natural

Gas

7

4/2025

USD

288,330

(

4,254

)

NY

Harbor

ULSD

3

4/2025

USD

287,204

4,004

RBOB

Gasoline

1

4/2025

USD

96,209

4,706

SGX

FTSE

China

A50

Index

114

4/2025

USD

1,520,076

(

14,617

)

SGX

FTSE

Taiwan

Index

3

4/2025

USD

208,530

(

7,384

)

Sugar

No.

11

13

4/2025

USD

274,602

(

3,425

)

WTI

Crude

Oil

13

4/2025

USD

929,240

34,459

CBOE

Volatility

Index

3

5/2025

USD

61,462

4,073

Cocoa

2

5/2025

USD

158,040

(

49,616

)

Cocoa

6

5/2025

GBP

480,376

(

167,326

)

Coffee

'C'

8

5/2025

USD

1,139,250

(

59,460

)

Copper

28

5/2025

USD

3,523,800

232,524

Corn

3

5/2025

USD

68,588

(

6,639

)

EURO

STOXX

50

Volatility

Index

2

5/2025

EUR

4,531

209

Feeder

Cattle

1

5/2025

USD

142,250

884

LME

Aluminum

Base

Metal

2

5/2025

USD

126,171

(

6,534

)

LME

Aluminum

Base

Metal

2

5/2025

USD

126,471

(

8,944

)

LME

Aluminum

Base

Metal

2

5/2025

USD

126,185

(

6,333

)

LME

Aluminum

Base

Metal

2

5/2025

USD

126,213

(

4,405

)

LME

Aluminum

Base

Metal

3

5/2025

USD

189,707

(

11,916

)

LME

Copper

Base

Metal

1

5/2025

USD

242,337

5,415

LME

Copper

Base

Metal

1

5/2025

USD

242,362

4,816

LME

Copper

Base

Metal

2

5/2025

USD

484,824

10,745

288

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Copper

Base

Metal

2

5/2025

USD

$

484,824

$

8,424

LME

Copper

Base

Metal

3

5/2025

USD

727,010

25,699

LME

Lead

Base

Metal

1

5/2025

USD

49,920

255

LME

Lead

Base

Metal

1

5/2025

USD

50,101

286

LME

Lead

Base

Metal

1

5/2025

USD

49,929

(

224

)

LME

Nickel

Base

Metal

1

5/2025

USD

94,748

29

LME

Nickel

Base

Metal

1

5/2025

USD

94,667

4,065

LME

Nickel

Base

Metal

1

5/2025

USD

94,732

3,979

LME

Nickel

Base

Metal

1

5/2025

USD

95,004

3,051

LME

Nickel

Base

Metal

1

5/2025

USD

94,904

2,502

LME

Nickel

Base

Metal

2

5/2025

USD

189,899

2,994

LME

Nickel

Base

Metal

2

5/2025

USD

189,844

4,031

LME

Zinc

Base

Metal

1

5/2025

USD

71,220

1,019

LME

Zinc

Base

Metal

1

5/2025

USD

71,254

757

LME

Zinc

Base

Metal

1

5/2025

USD

71,118

2,417

LME

Zinc

Base

Metal

3

5/2025

USD

213,529

3,205

LME

Zinc

Base

Metal

3

5/2025

USD

213,660

(

3,698

)

LME

Zinc

Base

Metal

3

5/2025

USD

213,660

(

3,848

)

Low

Sulphur

Gasoil

8

5/2025

USD

545,600

8,643

SGX

Iron

Ore

13

5/2025

USD

131,287

328

Wheat

14

5/2025

USD

375,900

(

14,144

)

90-Day

New

Zealand

Bill

1

6/2025

NZD

563,057

(

51

)

Australia

10

Year

Bond

18

6/2025

AUD

1,266,632

2,097

Australia

3

Year

Bond

8

6/2025

AUD

532,244

840

Canada

10

Year

Bond

6

6/2025

CAD

518,676

4,410

CBOE

Volatility

Index

3

6/2025

USD

61,170

1,718

Crude

Oil

2

6/2025

USD

148,374

3,180

Crude

Palm

Oil

4

6/2025

MYR

99,583

468

DAX

Index

1

6/2025

EUR

604,879

(

31,000

)

Euro

STOXX

50

Index

8

6/2025

EUR

448,869

(

16,066

)

EURO

STOXX

50

Volatility

Index

1

6/2025

EUR

2,238

(

40

)

Euro-OAT

4

6/2025

EUR

530,918

852

FTSE/MIB

Index

5

6/2025

EUR

1,009,231

(

35,942

)

KOSPI

200

Index

10

6/2025

KRW

566,723

(

29,010

)

Live

Cattle

11

6/2025

USD

896,060

26,724

LME

Aluminum

Base

Metal

1

6/2025

USD

63,275

(

1,978

)

LME

Aluminum

Base

Metal

1

6/2025

USD

63,287

(

1,990

)

LME

Aluminum

Base

Metal

1

6/2025

USD

63,261

(

4,252

)

LME

Aluminum

Base

Metal

2

6/2025

USD

126,650

(

625

)

LME

Aluminum

Base

Metal

2

6/2025

USD

126,535

(

5,071

)

LME

Aluminum

Base

Metal

4

6/2025

USD

252,950

(

12,786

)

LME

Aluminum

Base

Metal

5

6/2025

USD

316,381

(

23,632

)

LME

Aluminum

Base

Metal

6

6/2025

USD

379,596

(

21,370

)

LME

Aluminum

Base

Metal

18

6/2025

USD

1,138,640

(

55,308

)

LME

Copper

Base

Metal

1

6/2025

USD

242,750

(

267

)

LME

Copper

Base

Metal

1

6/2025

USD

242,664

(

2,889

)

LME

Copper

Base

Metal

1

6/2025

USD

242,508

(

6,327

)

LME

Copper

Base

Metal

1

6/2025

USD

242,683

(

5,852

)

LME

Copper

Base

Metal

2

6/2025

USD

485,036

2,839

LME

Copper

Base

Metal

4

6/2025

USD

970,255

(

3,856

)

LME

Copper

Base

Metal

18

6/2025

USD

4,368,285

56,979

LME

Lead

Base

Metal

1

6/2025

USD

50,198

(

690

)

LME

Lead

Base

Metal

1

6/2025

USD

50,248

(

698

)

LME

Nickel

Base

Metal

1

6/2025

USD

95,463

(

1,920

)

LME

Nickel

Base

Metal

1

6/2025

USD

95,321

(

3,853

)

LME

Nickel

Base

Metal

1

6/2025

USD

95,439

(

422

)

LME

Nickel

Base

Metal

1

6/2025

USD

95,366

(

2,737

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

289

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

LME

Nickel

Base

Metal

1

6/2025

USD

$

95,425

$

(

2,012

)

LME

Nickel

Base

Metal

2

6/2025

USD

191,016

(

989

)

LME

Nickel

Base

Metal

4

6/2025

USD

381,065

(

19,444

)

LME

Nickel

Base

Metal

7

6/2025

USD

666,960

(

27,357

)

LME

Nickel

Base

Metal

13

6/2025

USD

1,239,362

(

54,129

)

LME

Zinc

Base

Metal

1

6/2025

USD

71,346

(

1,877

)

LME

Zinc

Base

Metal

1

6/2025

USD

71,345

(

3,308

)

LME

Zinc

Base

Metal

2

6/2025

USD

142,550

(

4,805

)

LME

Zinc

Base

Metal

2

6/2025

USD

142,563

(

3,155

)

LME

Zinc

Base

Metal

3

6/2025

USD

213,734

(

5,618

)

LME

Zinc

Base

Metal

22

6/2025

USD

1,569,711

(

2,204

)

MSCI

EAFE

Index

2

6/2025

USD

241,630

(

8,023

)

MSCI

Emerging

Markets

Index

33

6/2025

USD

1,832,820

(

55,798

)

S&P

500

E-Mini

Index

96

6/2025

USD

27,135,601

241,188

S&P/TSX

60

Index

11

6/2025

CAD

2,289,510

1,792

U.S.

Treasury

10

Year

Note

15

6/2025

USD

1,671,328

5,862

U.S.

Treasury

2

Year

Note

29

6/2025

USD

6,009,797

1,488

U.S.

Treasury

5

Year

Note

12

6/2025

USD

1,299,281

5,386

U.S.

Treasury

Long

Bond

10

6/2025

USD

1,176,875

4,070

U.S.

Treasury

Ultra

Bond

8

6/2025

USD

983,000

3,828

CBOE

Volatility

Index

2

7/2025

USD

41,203

2,788

Cocoa

2

7/2025

GBP

159,505

(

1,191

)

Rapeseed

1

7/2025

EUR

26,235

(

99

)

White

Sugar

5

7/2025

USD

131,100

(

833

)

CBOE

Volatility

Index

2

8/2025

USD

41,098

1,509

3

Month

Euro

Euribor

17

9/2025

EUR

4,502,466

4

90-Day

Australian

Bank

Bill

3

9/2025

AUD

1,857,966

(

25

)

90-Day

New

Zealand

Bill

9

9/2025

NZD

5,069,500

457

3

Month

CORRA

40

12/2025

CAD

6,790,591

13,706

3

Month

Euro

Euribor

21

12/2025

EUR

5,565,275

1,640

3

Month

SARON

6

12/2025

CHF

1,693,879

435

3

Month

SOFR

27

12/2025

USD

6,493,500

(

2,790

)

3

Month

SONIA

7

12/2025

GBP

2,169,349

548

90-Day

Australian

Bank

Bill

26

12/2025

AUD

16,106,700

2,068

90-Day

New

Zealand

Bill

8

12/2025

NZD

4,506,553

359

ECX

Emission

2

12/2025

EUR

147,014

(

10,854

)

UK

Allowances

Carbon

Dioxide

Emissions

2

12/2025

GBP

116,413

(

708

)

3

Month

CORRA

33

3/2026

CAD

5,606,537

9,267

3

Month

Euro

Euribor

13

3/2026

EUR

3,445,346

1,142

3

Month

SARON

7

3/2026

CHF

1,976,588

352

3

Month

SOFR

35

3/2026

USD

8,434,125

792

3

Month

SONIA

15

3/2026

GBP

4,653,449

(

1,750

)

90-Day

Australian

Bank

Bill

67

3/2026

AUD

41,509,786

5,865

90-Day

New

Zealand

Bill

7

3/2026

NZD

3,942,558

445

3

Month

CORRA

22

6/2026

CAD

3,737,692

1,338

3

Month

Euro

Euribor

7

6/2026

EUR

1,854,713

2,216

3

Month

SARON

7

6/2026

CHF

1,976,489

2,411

3

Month

SOFR

39

6/2026

USD

9,409,725

5,660

3

Month

SONIA

11

6/2026

GBP

3,414,660

(

1,718

)

90-Day

Australian

Bank

Bill

15

6/2026

AUD

9,293,463

1,496

3

Month

CORRA

12

9/2026

CAD

2,038,324

328

3

Month

Euro

Euribor

8

9/2026

EUR

2,118,483

3,084

3

Month

SARON

3

9/2026

CHF

846,897

998

3

Month

SOFR

21

9/2026

USD

5,070,188

4,588

3

Month

SONIA

11

9/2026

GBP

3,415,548

1,818

3

Month

Euro

Euribor

7

12/2026

EUR

1,852,348

3,055

3

Month

SOFR

8

12/2026

USD

1,931,900

1,637

290

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

(continued)

3

Month

SONIA

1

12/2026

GBP

$

310,537

$

(

101

)

3

Month

Euro

Euribor

7

3/2027

EUR

1,850,929

2,351

3

Month

SOFR

8

3/2027

USD

1,931,700

1,742

3

Month

Euro

Euribor

1

6/2027

EUR

264,216

(

18

)

3

Month

SOFR

8

6/2027

USD

1,931,400

1,889

Total

of

long

contracts

83,214

Short

Contracts

CAC

40

10

Euro

Index

(

3

)

4/2025

EUR

(

253,138

)

3,608

CBOE

Volatility

Index

(

4

)

4/2025

USD

(

83,374

)

(

6,750

)

LME

Aluminum

Base

Metal

(

1

)

4/2025

USD

(

63,029

)

1,181

LME

Aluminum

Base

Metal

(

4

)

4/2025

USD

(

251,783

)

(

1,394

)

LME

Aluminum

Base

Metal

(

5

)

4/2025

USD

(

315,238

)

12,859

LME

Aluminum

Base

Metal

(

7

)

4/2025

USD

(

441,070

)

15,599

LME

Copper

Base

Metal

(

1

)

4/2025

USD

(

241,511

)

(

21,134

)

LME

Copper

Base

Metal

(

2

)

4/2025

USD

(

483,849

)

(

28,679

)

LME

Copper

Base

Metal

(

7

)

4/2025

USD

(

1,693,340

)

(

98,871

)

LME

Lead

Base

Metal

(

1

)

4/2025

USD

(

49,734

)

(

1,367

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,284

)

(

1,789

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,378

)

510

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,394

)

854

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,268

)

(

3,353

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,619

)

(

2,221

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,300

)

(

1,821

)

LME

Nickel

Base

Metal

(

1

)

4/2025

USD

(

94,425

)

1,452

LME

Nickel

Base

Metal

(

2

)

4/2025

USD

(

188,412

)

(

8,083

)

LME

Nickel

Base

Metal

(

2

)

4/2025

USD

(

189,270

)

(

5,289

)

LME

Nickel

Base

Metal

(

2

)

4/2025

USD

(

189,205

)

(

451

)

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

70,961

)

7

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

71,039

)

2,184

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

71,074

)

(

2,127

)

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

70,971

)

458

LME

Zinc

Base

Metal

(

1

)

4/2025

USD

(

71,039

)

759

LME

Zinc

Base

Metal

(

3

)

4/2025

USD

(

212,740

)

4,298

LME

Zinc

Base

Metal

(

8

)

4/2025

USD

(

568,474

)

(

2,642

)

OMXS30

Index

(

11

)

4/2025

SEK

(

270,902

)

16,127

Canola

(

11

)

5/2025

CAD

(

93,638

)

(

4,994

)

Cotton

No.

2

(

18

)

5/2025

USD

(

601,470

)

1,181

Fcoj-a

(

1

)

5/2025

USD

(

36,533

)

9,217

French

Base

Electricity

(

1

)

5/2025

EUR

(

31,705

)

462

KC

HRW

Wheat

(

15

)

5/2025

USD

(

417,750

)

27,085

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,471

)

8,614

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,171

)

6,624

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,185

)

6,164

LME

Aluminum

Base

Metal

(

2

)

5/2025

USD

(

126,213

)

4,584

LME

Aluminum

Base

Metal

(

3

)

5/2025

USD

(

189,707

)

12,357

LME

Copper

Base

Metal

(

1

)

5/2025

USD

(

242,337

)

(

5,214

)

LME

Copper

Base

Metal

(

1

)

5/2025

USD

(

242,362

)

(

4,939

)

LME

Copper

Base

Metal

(

2

)

5/2025

USD

(

484,824

)

(

10,479

)

LME

Copper

Base

Metal

(

2

)

5/2025

USD

(

484,824

)

(

10,279

)

LME

Copper

Base

Metal

(

3

)

5/2025

USD

(

727,010

)

(

25,118

)

LME

Lead

Base

Metal

(

1

)

5/2025

USD

(

49,920

)

(

231

)

LME

Lead

Base

Metal

(

1

)

5/2025

USD

(

49,929

)

313

LME

Lead

Base

Metal

(

1

)

5/2025

USD

(

50,101

)

(

316

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,667

)

(

4,113

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,748

)

157

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,732

)

(

3,933

)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

(

94,904

)

(

2,804

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

291

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

LME

Nickel

Base

Metal

(

1

)

5/2025

USD

$

(

95,004

)

$

(

3,055

)

LME

Nickel

Base

Metal

(

2

)

5/2025

USD

(

189,844

)

(

3,710

)

LME

Nickel

Base

Metal

(

2

)

5/2025

USD

(

189,899

)

(

3,382

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,118

)

(

2,445

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,254

)

(

757

)

LME

Zinc

Base

Metal

(

1

)

5/2025

USD

(

71,220

)

(

785

)

LME

Zinc

Base

Metal

(

3

)

5/2025

USD

(

213,529

)

(

3,053

)

LME

Zinc

Base

Metal

(

3

)

5/2025

USD

(

213,660

)

4,000

LME

Zinc

Base

Metal

(

3

)

5/2025

USD

(

213,660

)

2,546

Milling

Wheat

No.

2

(

15

)

5/2025

EUR

(

178,617

)

11,352

Red

Wheat

(

6

)

5/2025

USD

(

177,600

)

8,696

Silver

(

1

)

5/2025

USD

(

173,055

)

(

3,083

)

Soybean

(

67

)

5/2025

USD

(

3,399,413

)

136,470

Soybean

Meal

(

21

)

5/2025

USD

(

614,670

)

17,476

Soybean

Oil

(

10

)

5/2025

USD

(

269,340

)

2,938

100

oz

Gold

(

2

)

6/2025

USD

(

630,060

)

(

9,366

)

DJIA

CBOT

E-Mini

Index

(

3

)

6/2025

USD

(

633,885

)

1,967

Euro-Bobl

(

2

)

6/2025

EUR

(

254,646

)

(

1,613

)

Euro-Bund

(

3

)

6/2025

EUR

(

417,717

)

(

82

)

Euro-Buxl

(

3

)

6/2025

EUR

(

386,348

)

(

1,393

)

Euro-Schatz

(

7

)

6/2025

EUR

(

809,402

)

(

1,214

)

FTSE

100

Index

(

1

)

6/2025

GBP

(

110,987

)

(

160

)

Japan

10

Year

Bond

(

10

)

6/2025

JPY

(

9,219,948

)

(

40,954

)

Lean

Hogs

(

4

)

6/2025

USD

(

152,440

)

3,696

LME

Aluminum

Base

Metal

(

1

)

6/2025

USD

(

63,287

)

1,999

LME

Aluminum

Base

Metal

(

1

)

6/2025

USD

(

63,275

)

2,075

LME

Aluminum

Base

Metal

(

1

)

6/2025

USD

(

63,261

)

4,077

LME

Aluminum

Base

Metal

(

2

)

6/2025

USD

(

126,535

)

4,761

LME

Aluminum

Base

Metal

(

2

)

6/2025

USD

(

126,650

)

276

LME

Aluminum

Base

Metal

(

4

)

6/2025

USD

(

252,950

)

12,356

LME

Aluminum

Base

Metal

(

5

)

6/2025

USD

(

316,381

)

22,717

LME

Aluminum

Base

Metal

(

6

)

6/2025

USD

(

379,596

)

22,952

LME

Aluminum

Base

Metal

(

24

)

6/2025

USD

(

1,518,186

)

78,215

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,664

)

2,966

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,750

)

(

115

)

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,683

)

5,940

LME

Copper

Base

Metal

(

1

)

6/2025

USD

(

242,508

)

6,740

LME

Copper

Base

Metal

(

2

)

6/2025

USD

(

485,036

)

(

3,391

)

LME

Copper

Base

Metal

(

4

)

6/2025

USD

(

970,255

)

5,849

LME

Copper

Base

Metal

(

6

)

6/2025

USD

(

1,456,095

)

10,079

LME

Lead

Base

Metal

(

1

)

6/2025

USD

(

50,198

)

712

LME

Lead

Base

Metal

(

4

)

6/2025

USD

(

200,993

)

(

754

)

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,463

)

1,658

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,321

)

4,247

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,425

)

1,264

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,366

)

2,596

LME

Nickel

Base

Metal

(

1

)

6/2025

USD

(

95,439

)

1,088

LME

Nickel

Base

Metal

(

2

)

6/2025

USD

(

191,016

)

717

LME

Nickel

Base

Metal

(

4

)

6/2025

USD

(

381,065

)

20,684

LME

Nickel

Base

Metal

(

7

)

6/2025

USD

(

666,960

)

26,502

LME

Nickel

Base

Metal

(

18

)

6/2025

USD

(

1,716,040

)

498

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,345

)

3,027

LME

Zinc

Base

Metal

(

1

)

6/2025

USD

(

71,346

)

1,277

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,563

)

3,032

LME

Zinc

Base

Metal

(

2

)

6/2025

USD

(

142,550

)

4,915

LME

Zinc

Base

Metal

(

3

)

6/2025

USD

(

213,734

)

6,083

LME

Zinc

Base

Metal

(

4

)

6/2025

USD

(

285,402

)

10,031

292

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Short

Contracts

(continued)

Long

Gilt

(

6

)

6/2025

GBP

$

(

710,178

)

$

7,526

Nikkei

225

Index

(

10

)

6/2025

JPY

(

2,377,492

)

79,385

Palladium

(

2

)

6/2025

USD

(

200,140

)

(

18,014

)

Russell

2000

E-Mini

Index

(

3

)

6/2025

USD

(

304,065

)

(

2,142

)

S&P

Midcap

400

E-Mini

Index

(

2

)

6/2025

USD

(

587,720

)

6,964

SPI

200

Index

(

1

)

6/2025

AUD

(

123,049

)

1,959

TOPIX

Index

(

7

)

6/2025

JPY

(

1,242,350

)

7,832

Aluminum

(

1

)

7/2025

USD

(

62,194

)

4,874

Platinum

(

20

)

7/2025

USD

(

1,027,500

)

(

29,721

)

Milling

Wheat

No.

2

(

2

)

9/2025

EUR

(

23,599

)

(

24

)

3

Month

SONIA

(

2

)

6/2027

GBP

(

620,944

)

(

303

)

3

Month

SOFR

(

7

)

9/2027

USD

(

1,689,450

)

(

1,997

)

3

Month

SONIA

(

5

)

9/2027

GBP

(

1,552,118

)

(

957

)

Total

of

short

contracts

312,807

Net

unrealized

appreciation

$

396,021

Forward

foreign

currency

exchange

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

210,750

USD

131,184

CITI

6/18/2025

$

587

AUD

210,750

USD

131,184

JPMC

6/18/2025

588

BRL

3,483,375

USD

592,880

CITI

**

6/18/2025

7,576

BRL

3,483,375

USD

592,877

JPMC

**

6/18/2025

7,579

CAD

923,501

USD

643,922

CITI

6/18/2025

309

CAD

923,499

USD

643,917

JPMC

6/18/2025

312

CHF

220,750

USD

249,359

CITI

6/18/2025

2,473

CHF

220,748

USD

249,355

JPMC

6/18/2025

2,474

CLP

154,814,815

USD

162,303

CITI

**

6/18/2025

646

CLP

154,814,815

USD

162,302

JPMC

**

6/18/2025

646

CZK

29,407,387

USD

1,237,922

CITI

6/18/2025

38,265

CZK

29,407,387

USD

1,237,916

JPMC

6/18/2025

38,271

DKK

91,500

USD

12,939

CITI

6/18/2025

390

DKK

91,500

USD

12,939

JPMC

6/18/2025

390

EUR

1,756,000

USD

1,903,915

CITI

6/18/2025

3,165

EUR

1,756,000

USD

1,903,906

JPMC

6/18/2025

3,174

GBP

1,983,500

USD

2,519,742

CITI

6/18/2025

42,258

GBP

1,983,500

USD

2,519,729

JPMC

6/18/2025

42,271

HUF

425,000,000

USD

1,109,139

CITI

6/18/2025

27,135

HUF

425,000,000

USD

1,109,133

JPMC

6/18/2025

27,141

INR

70,000,000

USD

799,910

CITI

**

6/18/2025

14,396

INR

70,000,000

USD

799,906

JPMC

**

6/18/2025

14,400

NOK

18,471,751

USD

1,714,873

CITI

6/18/2025

40,841

NOK

18,471,751

USD

1,714,865

JPMC

6/18/2025

40,849

PEN

948,665

USD

256,824

CITI

**

6/18/2025

894

PEN

948,665

USD

256,823

JPMC

**

6/18/2025

896

PHP

25,000,000

USD

434,871

CITI

**

6/18/2025

957

PHP

25,000,000

USD

434,869

JPMC

**

6/18/2025

959

PLN

2,537,500

USD

642,260

CITI

6/18/2025

10,985

PLN

2,537,500

USD

642,256

JPMC

6/18/2025

10,988

SEK

15,000,000

USD

1,471,510

CITI

6/18/2025

27,660

SEK

15,000,000

USD

1,471,503

JPMC

6/18/2025

27,667

SGD

119,994

USD

89,445

CITI

6/18/2025

230

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

293

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

SGD

119,994

USD

89,444

JPMC

6/18/2025

$

230

USD

3,826,490

AUD

6,075,875

CITI

6/18/2025

27,540

USD

3,826,509

AUD

6,075,875

JPMC

6/18/2025

27,559

USD

513,175

CAD

733,000

CITI

6/18/2025

1,837

USD

513,177

CAD

733,000

JPMC

6/18/2025

1,840

USD

348,191

CHF

303,384

CITI

6/18/2025

2,091

USD

348,194

CHF

303,385

JPMC

6/18/2025

2,093

USD

1,224,088

CNY

8,822,565

CITI

**

6/18/2025

3,347

USD

1,224,094

CNY

8,822,565

JPMC

**

6/18/2025

3,353

USD

807,278

CZK

18,500,000

CITI

6/18/2025

4,437

USD

807,282

CZK

18,500,000

JPMC

6/18/2025

4,441

USD

4,112,826

EUR

3,769,500

CITI

6/18/2025

19,012

USD

4,112,846

EUR

3,769,500

JPMC

6/18/2025

19,032

USD

603,829

GBP

467,000

CITI

6/18/2025

626

USD

603,832

GBP

467,000

JPMC

6/18/2025

629

USD

165,312

HKD

1,283,000

CITI

6/18/2025

135

USD

165,313

HKD

1,283,000

JPMC

6/18/2025

136

USD

425,470

IDR

7,000,000,000

CITI

**

6/18/2025

6,849

USD

425,472

IDR

7,000,000,000

JPMC

**

6/18/2025

6,851

USD

500,111

ILS

1,813,000

CITI

6/18/2025

11,624

USD

500,114

ILS

1,813,000

JPMC

6/18/2025

11,627

USD

1,191,462

JPY

175,000,000

CITI

6/18/2025

14,521

USD

1,191,468

JPY

175,000,000

JPMC

6/18/2025

14,527

USD

2,465,742

KRW

3,550,000,000

CITI

**

6/18/2025

47,514

USD

2,465,754

KRW

3,550,000,000

JPMC

**

6/18/2025

47,526

USD

326,906

MXN

6,750,000

CITI

6/18/2025

464

USD

326,907

MXN

6,750,000

JPMC

6/18/2025

465

USD

4,879,512

NZD

8,501,166

CITI

6/18/2025

43,684

USD

4,879,536

NZD

8,501,166

JPMC

6/18/2025

43,709

USD

14,953

PEN

55,000

CITI

**

6/18/2025

12

USD

14,953

PEN

55,000

JPMC

**

6/18/2025

12

USD

781,836

SGD

1,039,500

CITI

6/18/2025

4,992

USD

781,839

SGD

1,039,500

JPMC

6/18/2025

4,996

USD

425,156

THB

14,212,501

CITI

6/18/2025

3,904

USD

425,158

THB

14,212,501

JPMC

6/18/2025

3,906

USD

1,275,451

TWD

41,666,666

CITI

**

6/18/2025

15,735

USD

1,275,894

TWD

41,666,666

JPMC

**

6/18/2025

16,177

USD

219,013

ZAR

4,000,000

CITI

6/18/2025

2,213

USD

219,014

ZAR

4,000,000

JPMC

6/18/2025

2,214

ZAR

68,062,500

USD

3,662,940

CITI

6/18/2025

26,034

ZAR

68,062,500

USD

3,662,921

JPMC

6/18/2025

26,053

Total

unrealized

appreciation

911,319

AUD

351,250

USD

221,503

CITI

6/18/2025

(

1,882

)

AUD

351,250

USD

221,502

JPMC

6/18/2025

(

1,882

)

CAD

931,500

USD

654,188

CITI

6/18/2025

(

4,378

)

CAD

931,500

USD

654,185

JPMC

6/18/2025

(

4,375

)

CHF

731,751

USD

839,075

CITI

6/18/2025

(

4,293

)

CHF

731,751

USD

839,070

JPMC

6/18/2025

(

4,289

)

CLP

738,518,517

USD

789,443

CITI

**

6/18/2025

(

12,122

)

CLP

738,518,517

USD

789,439

JPMC

**

6/18/2025

(

12,120

)

CNY

6,878,000

USD

955,133

CITI

**

6/18/2025

(

3,453

)

CNY

6,878,000

USD

955,128

JPMC

**

6/18/2025

(

3,449

)

COP

2,350,000,000

USD

563,747

CITI

**

6/18/2025

(

7,687

)

COP

2,350,000,000

USD

563,745

JPMC

**

6/18/2025

(

7,686

)

CZK

27,967,613

USD

1,216,313

CITI

6/18/2025

(

2,608

)

CZK

27,967,613

USD

1,216,306

JPMC

6/18/2025

(

2,602

)

EUR

539,000

USD

585,702

CITI

6/18/2025

(

328

)

EUR

539,000

USD

585,699

JPMC

6/18/2025

(

325

)

294

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

AQR

TREND

TOTAL

RETURN

FUND

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

(Continued)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

GBP

306,000

USD

396,204

CITI

6/18/2025

$

(

957

)

GBP

306,000

USD

396,202

JPMC

6/18/2025

(

955

)

HUF

50,000,000

USD

135,232

CITI

6/18/2025

(

1,552

)

HUF

50,000,000

USD

135,231

JPMC

6/18/2025

(

1,552

)

IDR

3,500,000,000

USD

210,817

CITI

**

6/18/2025

(

1,507

)

IDR

3,500,000,000

USD

210,816

JPMC

**

6/18/2025

(

1,506

)

ILS

3,334,000

USD

932,086

CITI

6/18/2025

(

33,788

)

ILS

3,334,000

USD

932,081

JPMC

6/18/2025

(

33,783

)

JPY

1,369,913,750

USD

9,294,277

CITI

6/18/2025

(

81,092

)

JPY

1,369,913,750

USD

9,294,230

JPMC

6/18/2025

(

81,044

)

KRW

1,500,000,000

USD

1,038,605

CITI

**

6/18/2025

(

16,818

)

KRW

1,500,000,000

USD

1,038,600

JPMC

**

6/18/2025

(

16,812

)

MXN

17,000,000

USD

832,498

CITI

6/18/2025

(

10,349

)

MXN

17,000,000

USD

832,494

JPMC

6/18/2025

(

10,343

)

NOK

9,500,000

USD

904,422

CITI

6/18/2025

(

1,461

)

NOK

9,500,000

USD

904,417

JPMC

6/18/2025

(

1,455

)

NZD

8,727,500

USD

5,019,032

CITI

6/18/2025

(

54,457

)

NZD

8,727,500

USD

5,019,007

JPMC

6/18/2025

(

54,431

)

PEN

934,835

USD

255,278

CITI

**

6/18/2025

(

1,317

)

PEN

934,835

USD

255,277

JPMC

**

6/18/2025

(

1,315

)

PHP

5,000,000

USD

87,303

CITI

**

6/18/2025

(

138

)

PHP

5,000,000

USD

87,303

JPMC

**

6/18/2025

(

137

)

PLN

2,518,000

USD

650,302

CITI

6/18/2025

(

2,077

)

PLN

2,518,000

USD

650,298

JPMC

6/18/2025

(

2,074

)

SEK

6,000,000

USD

601,254

CITI

6/18/2025

(

1,586

)

SEK

6,000,000

USD

601,251

JPMC

6/18/2025

(

1,582

)

SGD

1,226,484

USD

921,578

CITI

6/18/2025

(

4,997

)

SGD

1,226,484

USD

921,573

JPMC

6/18/2025

(

4,994

)

TWD

19,000,000

USD

582,043

CITI

**

6/18/2025

(

7,612

)

TWD

19,000,000

USD

582,040

JPMC

**

6/18/2025

(

7,611

)

USD

631,685

AUD

1,017,125

CITI

6/18/2025

(

4,274

)

USD

631,688

AUD

1,017,125

JPMC

6/18/2025

(

4,271

)

USD

199,571

BRL

1,167,500

CITI

**

6/18/2025

(

1,680

)

USD

199,572

BRL

1,167,500

JPMC

**

6/18/2025

(

1,679

)

USD

3,660,610

CAD

5,254,563

CITI

6/18/2025

(

4,950

)

USD

3,660,627

CAD

5,254,561

JPMC

6/18/2025

(

4,932

)

USD

424,636

CHF

376,117

CITI

6/18/2025

(

4,439

)

USD

424,634

CHF

376,114

JPMC

6/18/2025

(

4,437

)

USD

398,557

CNY

2,887,935

CITI

**

6/18/2025

(

1,034

)

USD

398,559

CNY

2,887,935

JPMC

**

6/18/2025

(

1,032

)

USD

4,538,455

EUR

4,267,500

CITI

6/18/2025

(

96,205

)

USD

4,538,478

EUR

4,267,500

JPMC

6/18/2025

(

96,183

)

USD

489,188

GBP

379,500

CITI

6/18/2025

(

995

)

USD

489,191

GBP

379,500

JPMC

6/18/2025

(

993

)

USD

3,156,257

INR

276,698,996

CITI

**

6/18/2025

(

62,567

)

USD

3,156,273

INR

276,698,996

JPMC

**

6/18/2025

(

62,551

)

USD

570,468

JPY

85,000,000

CITI

6/18/2025

(

1,189

)

USD

570,471

JPY

85,000,000

JPMC

6/18/2025

(

1,186

)

USD

1,071,071

MXN

22,250,000

CITI

6/18/2025

(

4,979

)

USD

1,071,076

MXN

22,250,000

JPMC

6/18/2025

(

4,973

)

USD

1,762,336

NZD

3,126,334

CITI

6/18/2025

(

16,057

)

USD

1,762,345

NZD

3,126,334

JPMC

6/18/2025

(

16,048

)

USD

86,192

PHP

5,000,000

CITI

**

6/18/2025

(

973

)

USD

86,193

PHP

5,000,000

JPMC

**

6/18/2025

(

973

)

USD

92,325

PLN

368,142

CITI

6/18/2025

(

2,448

)

USD

92,326

PLN

368,142

JPMC

6/18/2025

(

2,447

)

USD

203,785

SEK

2,098,750

CITI

6/18/2025

(

5,974

)

USD

203,786

SEK

2,098,750

JPMC

6/18/2025

(

5,973

)

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

AQR

TREND

TOTAL

RETURN

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

March

2025

295

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

USD

188,790

THB

6,404,167

CITI

6/18/2025

$

(

1,026

)

USD

188,791

THB

6,404,167

JPMC

6/18/2025

(

1,025

)

USD

784,286

ZAR

14,500,000

CITI

6/18/2025

(

1,612

)

USD

784,290

ZAR

14,500,000

JPMC

6/18/2025

(

1,608

)

ZAR

30,500,000

USD

1,665,183

CITI

6/18/2025

(

12,090

)

ZAR

30,500,000

USD

1,665,175

JPMC

6/18/2025

(

12,080

)

Total

unrealized

depreciation

(

957,664

)

Net

unrealized

depreciation

$

(

46,345

)

**

Non-deliverable

forward

foreign

currency

exchange

contracts.

Total

return

basket

swap

contracts

outstanding

as

of

March

31,

2025:

Over-the-Counter

COUNTERPARTY

DESCRIPTION

TERMINATION

DATE

ABSOLUTE

NOTIONAL

VALUE

NET

UNREALIZED

APPRECIATION

(DEPRECIATION)

NET

CASH

AND

OTHER

RECEIVABLES

(PAYABLES)

VALUE

MLIN

The

Fund

receives

the

total

return

on

a

portfolio

of

short

equity

positions

and

pays

or

receives

the

HIBOR

plus

or

minus

a

specified

spread

(-0.90%),

which

is

denominated

in

HKD

based

on

the

local

currencies

of

the

positions

within

the

swap.

24

months

maturity

07/27/2026

$421

$15

$–

$15

296

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

See

notes

to

Schedule

of

Investments.

Abbreviations

ADR

-

American

Depositary

Receipt

CHESS

-

Clearing

House

Electronic

Subregister

System

Depository

Interest

CVA

-

Dutch

Certification

CVR

-

Contingent

Value

Rights

OYJ

-

Public

Traded

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

SDR

-

Swedish

Depositary

Receipt

Currencies

AUD

-

Australian

dollar

BRL

-

Brazilian

real

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

CLP

-

Chilean

peso

CNY

-

Chinese

renminbi

COP

-

Colombian

peso

CZK

-

Czech

Republic

koruna

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

HUF

-

Hungarian

forint

IDR

-

Indonesian

rupiah

ILS

-

Israeli

shekel

INR

-

Indian

rupee

JPY

-

Japanese

yen

KRW

-

Korean

won

MXN

-

Mexican

peso

MYR

-

Malaysian

ringgit

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

PEN

-

Peruvian

Nuevo

sol

PHP

-

Philippine

peso

PLN

-

Poland

zloty

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

THB

-

Thai

baht

TWD

-

New

Taiwan

dollar

USD

-

United

States

dollar

ZAR

-

South

African

rand

The

following

abbreviations

are

used

for

counterparty

descriptions:

BANA

-

Bank

of

America,

NA

BNPP

-

BNP

Paribas

SA

CITI

-

Citibank

NA

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

MLIN

-

Merrill

Lynch

International

MSCS

-

Morgan

Stanley

Capital

Services

LLC

MSIP

-

Morgan

Stanley

&

Co.

International

plc

297

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

See

notes

to

Schedule

of

Investments.

March

31,

2025

(Unaudited)

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

1

Month

Stockholm

Interbank

Offered

Rate

(“STIBOR”):

2.32%

Australian

Bank-Bill

Reference

Rate

(“BBR”):

4.10%

Australian

Overnight

Indexed

Swap

Rate

(“AOISR”):

4.09%

Brazilian

Interbank

Certificate

of

Deposit

(“CDI”):

14.15%

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.77%

Denmark

Tomorrow/Next

:

2.27%

Euro

Short-Term

Rate

(“ESTR”):

2.42%

Federal

Funds

Floating

Rate:

4.33%

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

3.73%

Hong

Kong

Overnight

Index

Average

(“HONIX”):

3.72%

Johannesburg

Interbank

Agreed

Rate

(“JIBAR”):

7.46%

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIE”):

9.27%

1

Day

Mexico

Equilibrium

Interbank

Interest

Rate

(“TIIEOIS”):

9.05%

Overnight

Bank

Funding

Rate

(“OBFR”):

4.33%

Singapore

Overnight

Rate

Average

(“SORA”):

2.14%

South

African

Overnight

Index

(“ZARONIA”):

7.36%

Sterling

Overnight

Index

Average

(“SONIA”):

4.46%

Swiss

Average

Rate

Overnight

(“SARON”):

0.21%

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.51%

Tokyo

Overnight

Average

Rate

(“TONAR”):

0.48%

Warsaw

Interbank

Offered

Rate

(“WIBOR”):

5.75%

298

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

The

Consolidated

Schedules

of

Investments

of the

AQR

Alternative

Risk

Premia

Fund,

AQR

Macro

Opportunities

Fund,

AQR

Managed

Futures

Strategy

Fund,

AQR

Managed

Futures

Strategy

HV

Fund,

AQR

Multi-Asset

Fund,

AQR

Risk-Balanced

Commodities

Strategy

Fund,

AQR

Style

Premia

Alternative

Fund

and

AQR

Trend

Total

Return

Fund

(collectively,

the

“Consolidated

Funds”)

include

the

accounts

of

AQR

Alternative

Risk

Premia

Offshore

Fund

Ltd.,

AQR

Macro

Opportunities

Offshore

Fund

Ltd.,

AQR

Managed

Futures

Strategy

Offshore

Fund

Ltd.,

AQR

Managed

Futures

Strategy

HV

Offshore

Fund

Ltd.,

AQR

Multi-Asset

Offshore

Fund

Ltd.,

AQR

Risk-Balanced

Commodities

Strategy

Offshore

Fund

Ltd.,

AQR

Style

Premia

Alternative

Offshore

Fund

Ltd.

and

AQR

Trend

Total

Return

Offshore

Fund

Ltd.,

respectively,

which

are

wholly-owned

and

controlled

subsidiaries

(collectively,

the

“Subsidiaries”).

Subsequent

references

to

the

Funds

collectively

refer

to

the

Consolidated

Funds

and

their

Subsidiaries.

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

methodologies

used

for

valuing

securities

are

not

necessarily

indication

of

the

risks 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

ALTERNATIVE

RISK

PREMIA

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

280,293,094

$

194,383,607

$

369,725

$

475,046,426

Preferred

Stocks

†

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

–

140,197

–

140,197

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

153,120,378

–

–

153,120,378

U.S.

Treasury

Obligations

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

–

28,776,211

–

28,776,211

Interest

Rate

Swap

Contracts*

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

–

2,177,690

–

2,177,690

Total

Return

Swap

Contracts*

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

–

433,365

–

433,365

Futures

Contracts*

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

6,874,531

–

–

6,874,531

Forward

Foreign

Currency

Exchange

Contracts*

........

–

5,592,715

–

5,592,715

Total

Assets

$

440,288,003

$

231,503,785

$

369,725

$

672,161,513

299

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

AQR

ALTERNATIVE

RISK

PREMIA

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(253,204,256)

$

(171,802,952)

$

–

$

(425,007,208)

Preferred

Stocks

(Sold

Short)

†

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

–

(2,174,054)

–

(2,174,054)

Rights

(Sold

Short)

†

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

(28,551)

–

–

(a)

(28,551)

Warrants

(Sold

Short)

†

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

(6,323)

–

–

(6,323)

Interest

Rate

Swap

Contracts*

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

–

(890,068)

–

(890,068)

Total

Return

Swap

Contracts*

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

–

(1,078,819)

–

(1,078,819)

Futures

Contracts*

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

(9,139,562)

–

–

(9,139,562)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(4,605,453)

–

(4,605,453)

Total

Liabilities

$

(262,378,692)

$

(180,551,346)

$

–

(a)

$

(442,930,038)

AQR

DIVERSIFIED

ARBITRAGE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

210,753,300

$

2,726,020

$

83,277

$

213,562,597

Convertible

Preferred

Stocks

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

–

43,332,962

–

43,332,962

Closed-End

Funds

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

27,762,152

–

–

27,762,152

Corporate

Bonds

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

–

137,554,644

125,629

137,680,273

Convertible

Bonds

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

–

767,432,511

–

767,432,511

Rights

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

683,827

616,135

120,199

1,420,161

Warrants

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

1,872,053

312,752

570,727

2,755,532

Securities

in

Litigation

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

–

–

–

(a)

–

(a)

Units

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

23,050,315

7,926,376

1,075,231

32,051,922

Investment

Companies

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

554,331,610

–

–

554,331,610

U.S.

Treasury

Obligations

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

–

460,040,240

–

460,040,240

Options

Purchased

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

547,468

–

–

547,468

Total

Return

Swap

Contracts*

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

–

–

(a)

–

–

(a)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

258,003

–

258,003

Total

Return

Basket

Swap

Contracts*

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

–

3,144,222

–

3,144,222

Total

Assets

$

819,000,725

$

1,423,343,865

$

1,975,063

$

2,244,319,653

LIABILITIES

Common

Stocks

(Sold

Short)

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

$

(445,819,011)

$

(10,229,643)

$

–

(a)

$

(456,048,654)

Corporate

Bonds

(Sold

Short)

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

–

(30,787,278)

–

(30,787,278)

Convertible

Bonds

(Sold

Short)

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

–

(45,179,565)

–

(45,179,565)

Credit

Default

Swap

Contracts*

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

–

(524,290)

–

(524,290)

Written

Options

(Sold

Short)

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

(419,840)

–

–

(419,840)

Futures

Contracts*

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

(686,877)

–

–

(686,877)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(121,453)

–

(121,453)

Total

Return

Basket

Swap

Contracts*

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

–

(5,191,543)

–

(5,191,543)

Total

Liabilities

$

(446,925,728)

$

(92,033,772)

$

–

(a)

$

(538,959,500)

AQR

DIVERSIFYING

STRATEGIES

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Investment

Companies

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

$

2,932,724,576

$

–

$

–

$

2,932,724,576

Total

Assets

$

2,932,724,576

$

–

$

–

$

2,932,724,576

AQR

EQUITY

MARKET

NEUTRAL

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

1,739,284,347

$

1,080,667,897

$

1,462,842

$

2,821,415,086

Preferred

Stocks

†

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

–

2,639,626

–

2,639,626

Investment

Companies

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

909,750,977

–

–

909,750,977

U.S.

Treasury

Obligations

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

–

397,867,629

–

397,867,629

Forward

Foreign

Currency

Exchange

Contracts*

........

–

335,065

–

335,065

Total

Return

Basket

Swap

Contracts*

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

–

–

–

(a)

–

(a)

Total

Assets

$

2,649,035,324

$

1,481,510,217

$

1,462,842

$

4,132,008,383

300

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

AQR

EQUITY

MARKET

NEUTRAL

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(1,659,522,563)

$

(987,788,781)

$

–

$

(2,647,311,344)

Preferred

Stocks

(Sold

Short)

†

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

–

(11,286,474)

–

(11,286,474)

Rights

(Sold

Short)

†

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

(63,810)

–

–

(a)

(63,810)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(2,798,142)

–

(2,798,142)

Total

Return

Basket

Swap

Contracts*

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

–

(9)

–

(9)

Total

Liabilities

$

(1,659,586,373)

$

(1,001,873,406)

$

–

(a)

$

(2,661,459,779)

AQR

LONG-SHORT

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

4,268,923,621

$

2,526,382,374

$

2,744,971

$

6,798,050,966

Investment

Companies

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

1,001,733,526

–

–

1,001,733,526

U.S.

Treasury

Obligations

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

–

1,770,379,868

–

1,770,379,868

Total

Return

Swap

Contracts*

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

–

702,889

–

702,889

Futures

Contracts*

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

9,311,140

–

–

9,311,140

Forward

Foreign

Currency

Exchange

Contracts*

........

–

6,416,514

–

6,416,514

Total

Return

Basket

Swap

Contracts*

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

–

–

–

(a)

–

(a)

Total

Assets

$

5,279,968,287

$

4,303,881,645

$

2,744,971

$

9,586,594,903

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(4,048,946,807)

$

(2,280,074,561)

$

–

$

(6,329,021,368)

Preferred

Stocks

(Sold

Short)

†

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

–

(27,740,701)

–

(27,740,701)

Rights

(Sold

Short)

†

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

(163,450)

–

–

(163,450)

Total

Return

Swap

Contracts*

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

–

(2,452,289)

–

(2,452,289)

Futures

Contracts*

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

(2,707,912)

–

–

(2,707,912)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(5,443,827)

–

(5,443,827)

Total

Return

Basket

Swap

Contracts*

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

–

–

(401,020)

(401,020)

Total

Liabilities

$

(4,051,818,169)

$

(2,315,711,378)

$

(401,020)

$

(6,367,930,567)

AQR

MACRO

OPPORTUNITIES

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

13,412,917

$

–

$

–

$

13,412,917

Investment

Companies

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

180,763,110

–

–

180,763,110

U.S.

Treasury

Obligations

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

–

138,525,631

–

138,525,631

Credit

Default

Swap

Contracts*

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

–

1,456,833

–

1,456,833

Interest

Rate

Swap

Contracts*

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

–

26,633,506

–

26,633,506

Total

Return

Swap

Contracts*

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

–

434,827

–

434,827

Futures

Contracts*

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

14,909,855

–

–

14,909,855

Forward

Foreign

Currency

Exchange

Contracts*

........

–

9,982,817

–

9,982,817

Total

Assets

$

209,085,882

$

177,033,614

$

–

$

386,119,496

LIABILITIES

Reverse

Repurchase

Agreements

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

$

–

$

(17,169,772)

$

–

$

(17,169,772)

Credit

Default

Swap

Contracts*

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

–

(605,106)

–

(605,106)

Interest

Rate

Swap

Contracts*

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

–

(9,105,626)

–

(9,105,626)

Total

Return

Swap

Contracts*

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

–

(1,700,938)

–

(1,700,938)

Futures

Contracts*

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

(13,653,202)

–

–

(13,653,202)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(11,183,281)

–

(11,183,281)

Total

Liabilities

$

(13,653,202)

$

(39,764,723)

$

–

$

(53,417,925)

AQR

MANAGED

FUTURES

STRATEGY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

875,843,571

$

494,168,610

$

528,830

$

1,370,541,011

Preferred

Stocks

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

–

537,741

–

537,741

Investment

Companies

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

562,562,046

–

–

562,562,046

U.S.

Treasury

Obligations

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

–

997,240,746

–

997,240,746

Credit

Default

Swap

Contracts*

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

–

2,324,977

–

2,324,977

Interest

Rate

Swap

Contracts*

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

–

13,728,736

–

13,728,736

Total

Return

Swap

Contracts*

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

–

113,235

–

113,235

Futures

Contracts*

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

44,672,362

–

–

44,672,362

Forward

Foreign

Currency

Exchange

Contracts*

........

–

25,535,900

–

25,535,900

Total

Assets

$

1,483,077,979

$

1,533,649,945

$

528,830

$

3,017,256,754

301

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

AQR

MANAGED

FUTURES

STRATEGY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Common

Stocks

(Sold

Short)

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

$

(782,981,603)

$

(449,797,261)

$

–

$

(1,232,778,864)

Preferred

Stocks

(Sold

Short)

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

–

(6,538,833)

–

(6,538,833)

Rights

(Sold

Short)

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

(54,297)

–

–

(54,297)

Credit

Default

Swap

Contracts*

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

–

(716,749)

–

(716,749)

Interest

Rate

Swap

Contracts*

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

–

(11,029,418)

–

(11,029,418)

Total

Return

Swap

Contracts*

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

–

(4,368,355)

–

(4,368,355)

Futures

Contracts*

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

(38,487,949)

–

–

(38,487,949)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(28,471,275)

–

(28,471,275)

Total

Liabilities

$

(821,523,849)

$

(500,921,891)

$

–

$

(1,322,445,740)

AQR

MANAGED

FUTURES

STRATEGY

HV

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

388,548,207

$

208,105,342

$

287,978

$

596,941,527

Investment

Companies

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

168,919,475

–

–

168,919,475

U.S.

Treasury

Obligations

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

–

274,485,643

–

274,485,643

Credit

Default

Swap

Contracts*

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

–

1,097,898

–

1,097,898

Interest

Rate

Swap

Contracts*

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

–

6,234,834

–

6,234,834

Total

Return

Swap

Contracts*

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

–

52,803

–

52,803

Futures

Contracts*

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

18,671,927

–

–

18,671,927

Forward

Foreign

Currency

Exchange

Contracts*

........

–

9,877,701

–

9,877,701

Total

Return

Basket

Swap

Contracts*

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

–

–

–

(a)

–

Total

Assets

$

576,139,609

$

499,854,221

$

287,978

$

1,076,281,808

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(367,236,834)

$

(213,740,604)

$

–

$

(580,977,438)

Preferred

Stocks

(Sold

Short)

†

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

–

(2,291,350)

–

(2,291,350)

Rights

(Sold

Short)

†

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

(18,432)

–

–

(18,432)

Credit

Default

Swap

Contracts*

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

–

(334,224)

–

(334,224)

Interest

Rate

Swap

Contracts*

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

–

(5,213,151)

–

(5,213,151)

Total

Return

Swap

Contracts*

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

–

(1,992,158)

–

(1,992,158)

Futures

Contracts*

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

(15,814,443)

–

–

(15,814,443)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(11,170,373)

–

(11,170,373)

Total

Return

Basket

Swap

Contracts*

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

–

–

(15,059)

(15,059)

Total

Liabilities

$

(383,069,709)

$

(234,741,860)

$

(15,059)

$

(617,826,628)

AQR

MULTI-ASSET

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

405,504,608

$

140,164,122

$

776,428

$

546,445,158

Preferred

Stocks

†

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

–

387,337

–

387,337

Foreign

Government

Securities

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

–

104,223,242

–

104,223,242

Investment

Companies

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

202,443,598

–

–

202,443,598

U.S.

Treasury

Obligations

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

–

256,230,593

–

256,230,593

Total

Return

Swap

Contracts*

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

–

1,039,286

–

1,039,286

Futures

Contracts*

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

17,831,442

–

–

17,831,442

Forward

Foreign

Currency

Exchange

Contracts*

........

–

10,950,182

–

10,950,182

Total

Assets

$

625,779,648

$

512,994,762

$

776,428

$

1,139,550,838

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(95,575,531)

$

(29,508,564)

$

–

(a)

$

(125,084,095)

Preferred

Stocks

(Sold

Short)

†

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

–

(575,695)

–

(575,695)

Warrants

(Sold

Short)

†

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

–

–

–

(a)

–

(a)

Total

Return

Swap

Contracts*

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

–

(1,026,042)

–

(1,026,042)

Futures

Contracts*

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

(14,057,143)

–

–

(14,057,143)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(12,643,495)

–

(12,643,495)

Total

Liabilities

$

(109,632,674)

$

(43,753,796)

$

–

(a)

$

(153,386,470)

302

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

AQR

RISK-BALANCED

COMMODITIES

STRATEGY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Investment

Companies

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

$

353,752,177

$

–

$

–

$

353,752,177

U.S.

Treasury

Obligations

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

–

331,534,567

–

331,534,567

Futures

Contracts*

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

39,463,833

–

–

39,463,833

Total

Assets

$

393,216,010

$

331,534,567

$

–

$

724,750,577

LIABILITIES

Futures

Contracts*

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

$

(22,354,141)

$

–

$

–

$

(22,354,141)

Total

Liabilities

$

(22,354,141)

$

–

$

–

$

(22,354,141)

AQR

STYLE

PREMIA

ALTERNATIVE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

1,649,852,418

$

1,143,799,074

$

1,870,769

$

2,795,522,261

Preferred

Stocks

†

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

1,590,913

1,296,308

–

2,887,221

Investment

Companies

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

504,649,307

–

–

504,649,307

U.S.

Treasury

Obligations

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

–

329,451,668

–

329,451,668

Interest

Rate

Swap

Contracts*

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

–

16,930,699

–

16,930,699

Total

Return

Swap

Contracts*

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

–

5,695,465

–

5,695,465

Futures

Contracts*

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

31,230,477

–

–

31,230,477

Forward

Foreign

Currency

Exchange

Contracts*

........

–

36,497,740

–

36,497,740

Total

Return

Basket

Swap

Contracts*

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

–

2,508,607

–

(a)

2,508,607

Total

Assets

$

2,187,323,115

$

1,536,179,561

$

1,870,769

$

3,725,373,445

LIABILITIES

Common

Stocks

(Sold

Short)

†

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

$

(1,477,269,122)

$

(998,858,979)

$

–

$

(2,476,128,101)

Preferred

Stocks

(Sold

Short)

†

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

–

(13,041,014)

–

(13,041,014)

Rights

(Sold

Short)

†

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

(82,233)

–

–

(a)

(82,233)

Interest

Rate

Swap

Contracts*

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

–

(6,867,619)

–

(6,867,619)

Total

Return

Swap

Contracts*

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

–

(8,847,313)

–

(8,847,313)

Futures

Contracts*

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

(53,357,400)

–

–

(53,357,400)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(25,964,923)

–

(25,964,923)

Total

Return

Basket

Swap

Contracts*

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

–

(452,452)

(10)

(452,462)

Total

Liabilities

$

(1,530,708,755)

$

(1,054,032,300)

$

(10)

$

(2,584,741,065)

AQR

TREND

TOTAL

RETURN

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

31,734,981

$

18,588,066

$

49,365

$

50,372,412

Investment

Companies

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

41,297,504

–

–

41,297,504

U.S.

Treasury

Obligations

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

–

115,906

–

115,906

Credit

Default

Swap

Contracts*

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

–

70,610

–

70,610

Interest

Rate

Swap

Contracts*

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

–

423,338

–

423,338

Total

Return

Swap

Contracts*

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

–

4,800

–

4,800

Futures

Contracts*

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

1,714,961

–

–

1,714,961

Forward

Foreign

Currency

Exchange

Contracts*

........

–

911,319

–

911,319

Total

Return

Basket

Swap

Contracts*

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

–

15

–

15

Total

Assets

$

74,747,446

$

20,114,054

$

49,365

$

94,910,865

LIABILITIES

Common

Stocks

(Sold

Short)

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

$

(28,788,690)

$

(17,226,175)

$

–

$

(46,014,865)

Preferred

Stocks

(Sold

Short)

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

–

(239,826)

–

(239,826)

Rights

(Sold

Short)

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

(2,966)

–

–

(a)

(2,966)

Credit

Default

Swap

Contracts*

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

–

(23,071)

–

(23,071)

Interest

Rate

Swap

Contracts*

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

–

(351,763)

–

(351,763)

Total

Return

Swap

Contracts*

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

–

(128,199)

–

(128,199)

Futures

Contracts*

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

(1,318,940)

–

–

(1,318,940)

Forward

Foreign

Currency

Exchange

Contracts*

........

–

(957,664)

–

(957,664)

Total

Liabilities

$

(30,110,596)

$

(18,926,698)

$

–

(a)

$

(49,037,294)

*

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.

Credit

default

swaps,

interest

rate

swaps

and

total

return

basket

swap

contracts

are

reported

at

market

value.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Securities

have

zero

value.

303

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

March

2025

March

31,

2025

(Unaudited)

Transfers

to

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

Alternative

Risk

Premia

Fund,

AQR

Diversified

Arbitrage

Fund,

AQR

Equity

Market

Neutral

Fund,

AQR

Long-Short

Equity

Fund,

AQR

Managed

Futures

Strategy

Fund,

AQR

Managed

Futures

Strategy

HV

Fund,

AQR

Multi-Asset

Fund,

AQR

Style

Premia

Alternative

Fund

and

AQR

Trend

Total

Return

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.