Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

June

2025

1

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.2%

Communication

Services

-

9

.6

%

Diversified

Telecommunication

Services

-

2

.5

%

AT&T,

Inc.

592,157

17,137,024

Liberty

Global

Ltd.,

Class

A

(Belgium)

*

247,039

2,472,860

Verizon

Communications,

Inc.

235,908

10,207,739

29,817,623

Entertainment

-

1

.9

%

Netflix,

Inc.

*

4,704

6,299,267

Playtika

Holding

Corp.

242,253

1,145,857

ROBLOX

Corp.,

Class

A

*

11,045

1,161,934

Spotify

Technology

SA

*

17,656

13,548,155

22,155,213

Interactive

Media

&

Services

-

5

.0

%

Alphabet,

Inc.,

Class

A

79,400

13,992,662

Alphabet,

Inc.,

Class

C

95,238

16,894,269

Meta

Platforms,

Inc.,

Class

A

38,724

28,581,797

59,468,728

Media

-

0

.2

%

Comcast

Corp.,

Class

A

62,205

2,220,097

Total

Communication

Services

113,661,661

Consumer

Discretionary

-

9

.9

%

Automobiles

-

2

.0

%

General

Motors

Co.

107,733

5,301,541

Tesla,

Inc.

*

57,225

18,178,093

23,479,634

Broadline

Retail

-

2

.2

%

Amazon.com,

Inc.

*

119,764

26,275,024

Macy's,

Inc.

54,287

632,986

26,908,010

Diversified

Consumer

Services

-

1

.3

%

ADT,

Inc.

473,494

4,010,494

Duolingo,

Inc.,

Class

A

*

3,395

1,392,018

Grand

Canyon

Education,

Inc.

*

17,325

3,274,425

H&R

Block,

Inc.

118,211

6,488,602

15,165,539

Hotels,

Restaurants

&

Leisure

-

1

.7

%

Aramark

69,159

2,895,687

Booking

Holdings,

Inc.

1,546

8,950,165

Expedia

Group,

Inc.

44,544

7,513,682

Travel

+

Leisure

Co.

15,350

792,214

20,151,748

Specialty

Retail

-

2

.7

%

AutoNation,

Inc.

*

46,364

9,210,209

Best

Buy

Co.,

Inc.

29,052

1,950,261

Gap,

Inc.

(The)

169,034

3,686,631

Murphy

USA,

Inc.

11,942

4,858,006

Penske

Automotive

Group,

Inc.

51,358

8,823,818

INVESTMENTS

SHARES

VALUE

($)

Specialty

Retail

-

2.7%

(continued)

Williams-Sonoma,

Inc.

19,298

3,152,714

31,681,639

Total

Consumer

Discretionary

117,386,570

Consumer

Staples

-

3

.9

%

Beverages

-

0

.3

%

Molson

Coors

Beverage

Co.,

Class

B

70,460

3,388,421

Consumer

Staples

Distribution

&

Retail

-

1

.2

%

Albertsons

Cos.,

Inc.,

Class

A

229,740

4,941,707

Kroger

Co.

(The)

79,194

5,680,586

Walmart,

Inc.

33,685

3,293,719

13,916,012

Food

Products

-

0

.9

%

Pilgrim's

Pride

Corp.

232,997

10,480,205

Tyson

Foods,

Inc.,

Class

A

16,915

946,225

11,426,430

Tobacco

-

1

.5

%

Altria

Group,

Inc.

225,303

13,209,515

Philip

Morris

International,

Inc.

27,367

4,984,352

18,193,867

Total

Consumer

Staples

46,924,730

Financials

-

19

.4

%

Banks

-

4

.6

%

Bank

OZK

97,009

4,565,244

BOK

Financial

Corp.

11,805

1,152,522

Citigroup,

Inc.

166,570

14,178,438

Citizens

Financial

Group,

Inc.

149,431

6,687,037

First

Hawaiian,

Inc.

16,989

424,045

FNB

Corp.

92,627

1,350,502

JPMorgan

Chase

&

Co.

14,700

4,261,677

M&T

Bank

Corp.

9,378

1,819,238

PNC

Financial

Services

Group,

Inc.

(The)

5,106

951,861

Popular,

Inc.

72,810

8,024,390

Regions

Financial

Corp.

33,426

786,180

US

Bancorp

34,270

1,550,717

Wells

Fargo

&

Co.

28,644

2,294,957

Zions

Bancorp

NA

121,569

6,314,294

54,361,102

Capital

Markets

-

2

.5

%

Bank

of

New

York

Mellon

Corp.

(The)

100,491

9,155,735

Invesco

Ltd.

110,098

1,736,245

Janus

Henderson

Group

plc

93,626

3,636,434

Northern

Trust

Corp.

14,991

1,900,709

State

Street

Corp.

60,776

6,462,920

Stifel

Financial

Corp.

4,146

430,272

Virtu

Financial,

Inc.,

Class

A

154,908

6,938,329

30,260,644

2

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Finance

-

1

.8

%

Capital

One

Financial

Corp.

32,536

6,922,359

Synchrony

Financial

212,817

14,203,407

21,125,766

Financial

Services

-

3

.4

%

Berkshire

Hathaway,

Inc.,

Class

B

*

37,908

18,414,569

Corebridge

Financial,

Inc.

129,710

4,604,705

Equitable

Holdings,

Inc.

12,934

725,598

Global

Payments,

Inc.

14,577

1,166,743

MGIC

Investment

Corp.

271,654

7,562,847

PayPal

Holdings,

Inc.

*

9,409

699,277

Western

Union

Co.

(The)

898,410

7,564,612

40,738,351

Insurance

-

7

.1

%

Allstate

Corp.

(The)

67,033

13,494,413

Arch

Capital

Group

Ltd.

3,810

346,901

Assurant,

Inc.

22,489

4,441,353

Assured

Guaranty

Ltd.

10,974

955,835

Axis

Capital

Holdings

Ltd.

130,583

13,557,127

Brighthouse

Financial,

Inc.

*

5,601

301,166

CNA

Financial

Corp.

113,280

5,270,918

Everest

Group

Ltd.

30,124

10,237,641

Hanover

Insurance

Group,

Inc.

(The)

2,765

469,691

Hartford

Insurance

Group,

Inc.

(The)

61,266

7,772,818

Lincoln

National

Corp.

34,312

1,187,195

MetLife,

Inc.

9,641

775,329

Old

Republic

International

Corp.

145,087

5,577,144

Reinsurance

Group

of

America,

Inc.

13,854

2,748,080

RenaissanceRe

Holdings

Ltd.

17,453

4,239,334

Travelers

Cos.,

Inc.

(The)

2,517

673,398

Unum

Group

153,332

12,383,092

84,431,435

Total

Financials

230,917,298

Health

Care

-

4

.4

%

Biotechnology

-

2

.0

%

AbbVie,

Inc.

3,580

664,520

Exelixis,

Inc.

*

134,070

5,909,135

Gilead

Sciences,

Inc.

12,173

1,349,620

GRAIL,

Inc.

*

90,300

4,643,226

United

Therapeutics

Corp.

*

37,328

10,726,201

23,292,702

Health

Care

Equipment

&

Supplies

-

0

.1

%

Solventum

Corp.

*

17,616

1,335,997

Health

Care

Providers

&

Services

-

2

.2

%

Cigna

Group

(The)

20,894

6,907,138

CVS

Health

Corp.

17,818

1,229,086

Elevance

Health,

Inc.

19,577

7,614,670

McKesson

Corp.

9,346

6,848,562

Tenet

Healthcare

Corp.

*

14,706

2,588,256

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Providers

&

Services

-

2.2%

(continued)

Universal

Health

Services,

Inc.,

Class

B

5,286

957,559

26,145,271

Pharmaceuticals

-

0

.1

%

Jazz

Pharmaceuticals

plc

*

9,322

989,251

Total

Health

Care

51,763,221

Industrials

-

14

.2

%

Aerospace

&

Defense

-

5

.8

%

ATI,

Inc.

*

20,337

1,755,896

Curtiss-Wright

Corp.

12,713

6,210,936

GE

Aerospace

58,425

15,038,011

Howmet

Aerospace,

Inc.

40,076

7,459,346

Huntington

Ingalls

Industries,

Inc.

16,119

3,892,094

L3Harris

Technologies,

Inc.

2,496

626,096

Lockheed

Martin

Corp.

17,734

8,213,325

Northrop

Grumman

Corp.

667

333,487

RTX

Corp.

101,232

14,781,897

Textron,

Inc.

120,313

9,659,931

Woodward,

Inc.

4,244

1,040,162

69,011,181

Building

Products

-

0

.5

%

Builders

FirstSource,

Inc.

*

19,218

2,242,548

Owens

Corning

19,637

2,700,480

Trane

Technologies

plc

1,767

772,904

5,715,932

Construction

&

Engineering

-

1

.2

%

EMCOR

Group,

Inc.

19,228

10,284,865

Everus

Construction

Group,

Inc.

*

8,567

544,261

MasTec,

Inc.

*

14,143

2,410,391

Valmont

Industries,

Inc.

2,029

662,611

13,902,128

Electrical

Equipment

-

2

.2

%

Acuity,

Inc.

41,644

12,424,071

GE

Vernova,

Inc.

23,246

12,300,621

Sensata

Technologies

Holding

plc

56,443

1,699,499

26,424,191

Ground

Transportation

-

0

.6

%

Ryder

System,

Inc.

44,759

7,116,681

U-Haul

Holding

Co.

*

1,585

95,988

7,212,669

Industrial

Conglomerates

-

0

.2

%

3M

Co.

16,539

2,517,897

Machinery

-

2

.0

%

Allison

Transmission

Holdings,

Inc.

99,429

9,444,761

Cummins,

Inc.

5,311

1,739,352

Esab

Corp.

4,945

596,120

Gates

Industrial

Corp.

plc

*

145,131

3,342,367

Oshkosh

Corp.

28,905

3,281,873

PACCAR,

Inc.

7,849

746,126

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

3

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Machinery

-

2.0%

(continued)

Snap-on,

Inc.

16,004

4,980,125

24,130,724

Passenger

Airlines

-

0

.0

%

†

United

Airlines

Holdings,

Inc.

*

4,052

322,661

Professional

Services

-

1

.7

%

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,592

2,560,765

Concentrix

Corp.

150,781

7,969,530

Genpact

Ltd.

89,555

3,941,315

Leidos

Holdings,

Inc.

21,504

3,392,471

ManpowerGroup,

Inc.

48,438

1,956,895

19,820,976

Trading

Companies

&

Distributors

-

0

.0

%

†

WESCO

International,

Inc.

2,114

391,513

Total

Industrials

169,449,872

Information

Technology

-

31

.1

%

Communications

Equipment

-

2

.1

%

Arista

Networks,

Inc.

*

54,024

5,527,195

Cisco

Systems,

Inc.

54,245

3,763,518

F5,

Inc.

*

20,377

5,997,359

Ubiquiti,

Inc.

24,857

10,232,384

25,520,456

Electronic

Equipment,

Instruments

&

Components

-

2

.2

%

Arrow

Electronics,

Inc.

*

38,468

4,901,977

Avnet,

Inc.

69,346

3,680,886

Jabil,

Inc.

60,562

13,208,572

TD

SYNNEX

Corp.

29,356

3,983,609

25,775,044

IT

Services

-

1

.3

%

Cognizant

Technology

Solutions

Corp.,

Class

A

9,464

738,476

DXC

Technology

Co.

*

417,222

6,379,325

GoDaddy,

Inc.,

Class

A

*

7,202

1,296,792

International

Business

Machines

Corp.

1,304

384,393

Kyndryl

Holdings,

Inc.

*

100,128

4,201,371

Twilio,

Inc.,

Class

A

*

16,451

2,045,846

VeriSign,

Inc.

2,786

804,597

15,850,800

Semiconductors

&

Semiconductor

Equipment

-

9

.7

%

Amkor

Technology,

Inc.

180,831

3,795,643

Applied

Materials,

Inc.

18,190

3,330,043

Broadcom,

Inc.

84,734

23,356,927

Cirrus

Logic,

Inc.

*

16,867

1,758,469

Micron

Technology,

Inc.

64,052

7,894,409

NVIDIA

Corp.

424,782

67,111,308

Qorvo,

Inc.

*

9,222

783,040

QUALCOMM,

Inc.

25,767

4,103,652

Skyworks

Solutions,

Inc.

34,572

2,576,306

114,709,797

INVESTMENTS

SHARES

VALUE

($)

Software

-

11

.0

%

Adobe,

Inc.

*

5,223

2,020,674

AppLovin

Corp.,

Class

A

*

21,082

7,380,387

Atlassian

Corp.,

Class

A

*

3,134

636,484

BILL

Holdings,

Inc.

*

25,640

1,186,106

Docusign,

Inc.,

Class

A

*

27,687

2,156,540

Dropbox,

Inc.,

Class

A

*

185,432

5,303,355

Fortinet,

Inc.

*

7,915

836,774

Intuit,

Inc.

600

472,578

Microsoft

Corp.

153,565

76,384,767

Palantir

Technologies,

Inc.,

Class

A

*

80,766

11,010,021

Pegasystems,

Inc.

91,124

4,932,542

RingCentral,

Inc.,

Class

A

*

130,107

3,688,534

Teradata

Corp.

*

79,588

1,775,608

Zoom

Communications,

Inc.,

Class

A

*

168,670

13,152,887

130,937,257

Technology

Hardware,

Storage

&

Peripherals

-

4

.8

%

Apple,

Inc.

229,434

47,072,974

Hewlett

Packard

Enterprise

Co.

224,073

4,582,293

HP,

Inc.

214,628

5,249,801

56,905,068

Total

Information

Technology

369,698,422

Materials

-

0

.6

%

Construction

Materials

-

0

.0

%

†

CRH

plc

5,659

519,496

Metals

&

Mining

-

0

.6

%

Alcoa

Corp.

61,609

1,818,082

Newmont

Corp.

89,554

5,217,416

7,035,498

Total

Materials

7,554,994

Real

Estate

-

0

.4

%

Health

Care

REITs

-

0

.4

%

Omega

Healthcare

Investors,

Inc.,

REIT

123,514

4,526,788

Utilities

-

1

.7

%

Electric

Utilities

-

1

.0

%

Exelon

Corp.

42,842

1,860,200

NRG

Energy,

Inc.

60,018

9,637,690

11,497,890

Gas

Utilities

-

0

.7

%

MDU

Resources

Group,

Inc.

138,948

2,316,263

National

Fuel

Gas

Co.

34,634

2,933,846

UGI

Corp.

93,727

3,413,538

8,663,647

Total

Utilities

20,161,537

TOTAL

COMMON

STOCKS

(Cost

$597,858,544)

1,132,045,093

4

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.5%

INVESTMENT

COMPANIES

-

4

.5

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(a)

(Cost

$52,946,254)

52,967,400

52,951,510

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$650,804,798)

1,184,996,603

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

‡

4,092,142

NET

ASSETS

-

100.0%

1,189,088,745

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

113,661,661

9

.6

%

Consumer

Discretionary

117,386,570

9

.9

Consumer

Staples

46,924,730

3

.9

Financials

230,917,298

19

.4

Health

Care

51,763,221

4

.4

Industrials

169,449,872

14

.2

Information

Technology

369,698,422

31

.1

Materials

7,554,994

0

.6

Real

Estate

4,526,788

0

.4

Utilities

20,161,537

1

.7

Investment

Companies

52,951,510

4

.5

Total

Investments

In

Securities

At

Value

1,184,996,603

99

.7

Other

Assets

in

Excess

of

Liabilities

‡

4,092,142

0

.3

Net

Assets

$

1,189,088,745

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

153

9/2025

USD

$

47,841,188

$

1,692,345

Net

unrealized

appreciation

$

1,692,345

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

June

2025

5

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.5%

Communication

Services

-

4

.3

%

Diversified

Telecommunication

Services

-

1

.6

%

AST

SpaceMobile,

Inc.

*

7,007

327,437

Bandwidth,

Inc.,

Class

A

*

7,447

118,407

IDT

Corp.,

Class

B

14,994

1,024,390

Lumen

Technologies,

Inc.

*

98,276

430,449

1,900,683

Entertainment

-

0

.6

%

Cinemark

Holdings,

Inc.

16,076

485,174

Eventbrite,

Inc.,

Class

A

*

30,798

80,999

IMAX

Corp.

*

1,236

34,559

Marcus

Corp.

(The)

5,804

97,855

Starz

Entertainment

Corp.

2,601

41,798

740,385

Interactive

Media

&

Services

-

1

.1

%

Cargurus,

Inc.,

Class

A

*

6,208

207,782

EverQuote,

Inc.,

Class

A

*

17,736

428,856

fuboTV,

Inc.

*

18,884

72,892

Teads

Holding

Co.

*

27,429

68,024

Yelp,

Inc.,

Class

A

*

13,240

453,735

1,231,289

Media

-

0

.8

%

AMC

Networks,

Inc.,

Class

A

*

50,453

316,340

EW

Scripps

Co.

(The),

Class

A

*

47,487

139,612

Gannett

Co.,

Inc.

*

18,446

66,037

Gray

Media,

Inc.

49,232

223,021

iHeartMedia,

Inc.,

Class

A

*

40,832

71,864

TEGNA,

Inc.

6,558

109,912

926,786

Wireless

Telecommunication

Services

-

0

.2

%

Telephone

and

Data

Systems,

Inc.

4,883

173,737

Total

Communication

Services

4,972,880

Consumer

Discretionary

-

8

.6

%

Automobile

Components

-

0

.3

%

American

Axle

&

Manufacturing

Holdings,

Inc.

*

12,435

50,735

Patrick

Industries,

Inc.

3,027

279,301

330,036

Diversified

Consumer

Services

-

3

.0

%

Adtalem

Global

Education,

Inc.

*

2,445

311,077

American

Public

Education,

Inc.

*

27,444

835,944

Chegg,

Inc.

*

287,539

347,922

Coursera,

Inc.

*

20,470

179,317

Frontdoor,

Inc.

*

1,007

59,353

Perdoceo

Education

Corp.

33,829

1,105,870

Strategic

Education,

Inc.

714

60,783

Stride,

Inc.

*

3,999

580,615

3,480,881

INVESTMENTS

SHARES

VALUE

($)

Hotels,

Restaurants

&

Leisure

-

1

.4

%

Bloomin'

Brands,

Inc.

21,291

183,316

Brinker

International,

Inc.

*

3,668

661,451

Dine

Brands

Global,

Inc.

2,236

54,402

El

Pollo

Loco

Holdings,

Inc.

*

19,125

210,566

Monarch

Casino

&

Resort,

Inc.

646

55,840

RCI

Hospitality

Holdings,

Inc.

2,387

90,992

Rush

Street

Interactive,

Inc.

*

19,400

289,060

Target

Hospitality

Corp.

*

4,441

31,620

1,577,247

Household

Durables

-

1

.1

%

Century

Communities,

Inc.

659

37,115

Ethan

Allen

Interiors,

Inc.

1,121

31,220

KB

Home

4,244

224,805

M/I

Homes,

Inc.

*

3,179

356,429

Taylor

Morrison

Home

Corp.,

Class

A

*

6,215

381,725

Tri

Pointe

Homes,

Inc.

*

6,166

197,004

1,228,298

Leisure

Products

-

0

.3

%

Acushnet

Holdings

Corp.

1,421

103,477

JAKKS

Pacific,

Inc.

12,994

270,016

373,493

Specialty

Retail

-

2

.2

%

Abercrombie

&

Fitch

Co.,

Class

A

*

400

33,140

Academy

Sports

&

Outdoors,

Inc.

734

32,891

Asbury

Automotive

Group,

Inc.

*

1,971

470,162

Build-A-Bear

Workshop,

Inc.

5,092

262,544

Caleres,

Inc.

1,777

21,715

Genesco,

Inc.

*

4,233

83,348

Group

1

Automotive,

Inc.

2,004

875,167

Haverty

Furniture

Cos.,

Inc.

1,521

30,952

J

Jill,

Inc.

1,843

26,981

Lands'

End,

Inc.

*

3,316

35,514

Sally

Beauty

Holdings,

Inc.

*

3,452

31,966

Signet

Jewelers

Ltd.

4,375

348,031

Sonic

Automotive,

Inc.,

Class

A

626

50,036

Upbound

Group,

Inc.

1,395

35,014

Urban

Outfitters,

Inc.

*

2,394

173,661

2,511,122

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

Figs,

Inc.,

Class

A

*

17,561

99,044

G-III

Apparel

Group

Ltd.

*

12,955

290,192

389,236

Total

Consumer

Discretionary

9,890,313

Consumer

Staples

-

5

.4

%

Beverages

-

0

.4

%

Primo

Brands

Corp.,

Class

A

6,351

188,116

Vita

Coco

Co.,

Inc.

(The)

*

6,319

228,116

416,232

6

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

Distribution

&

Retail

-

2

.3

%

Ingles

Markets,

Inc.,

Class

A

7,717

489,103

Natural

Grocers

by

Vitamin

Cottage,

Inc.

960

37,680

SpartanNash

Co.

18,657

494,224

Sprouts

Farmers

Market,

Inc.

*

6,070

999,365

United

Natural

Foods,

Inc.

*

25,633

597,505

Weis

Markets,

Inc.

1,098

79,594

2,697,471

Food

Products

-

2

.0

%

Cal-Maine

Foods,

Inc.

5,302

528,238

Dole

plc

6,896

96,475

Fresh

Del

Monte

Produce,

Inc.

29,714

963,328

Hain

Celestial

Group,

Inc.

(The)

*

64,396

97,882

John

B

Sanfilippo

&

Son,

Inc.

2,428

153,547

Lifeway

Foods,

Inc.

*

2,037

50,212

Seneca

Foods

Corp.,

Class

A

*

3,894

394,968

WK

Kellogg

Co.

2,841

45,286

2,329,936

Tobacco

-

0

.7

%

Turning

Point

Brands,

Inc.

10,679

809,148

Universal

Corp.

653

38,031

847,179

Total

Consumer

Staples

6,290,818

Energy

-

3

.2

%

Energy

Equipment

&

Services

-

0

.6

%

ChampionX

Corp.

7,665

190,399

Liberty

Energy,

Inc.,

Class

A

3,962

45,484

Oil

States

International,

Inc.

*

12,681

67,970

Patterson-UTI

Energy,

Inc.

12,441

73,775

ProPetro

Holding

Corp.

*

30,894

184,437

Ranger

Energy

Services,

Inc.,

Class

A

6,919

82,613

RPC,

Inc.

15,863

75,032

719,710

Oil,

Gas

&

Consumable

Fuels

-

2

.6

%

Amplify

Energy

Corp.

*

13,868

44,378

Ardmore

Shipping

Corp.

(Ireland)

35,477

340,579

Berry

Corp.

48,888

135,420

Centrus

Energy

Corp.,

Class

A

*

326

59,717

Dorian

LPG

Ltd.

7,568

184,508

FutureFuel

Corp.

62,436

242,252

Green

Plains,

Inc.

*

7,219

43,530

Peabody

Energy

Corp.

10,797

144,896

PrimeEnergy

Resources

Corp.

*

465

68,067

REX

American

Resources

Corp.

*

761

37,068

Ring

Energy,

Inc.

*

102,603

81,467

Scorpio

Tankers,

Inc.

(Monaco)

10,621

415,600

Sitio

Royalties

Corp.,

Class

A

3,114

57,235

SM

Energy

Co.

5,037

124,464

Teekay

Corp.

Ltd.

21,949

181,079

Teekay

Tankers

Ltd.,

Class

A

(Canada)

17,698

738,360

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

2.6%

(continued)

Uranium

Energy

Corp.

*

15,619

106,209

3,004,829

Total

Energy

3,724,539

Financials

-

21

.3

%

Banks

-

10

.1

%

1st

Source

Corp.

4,426

274,722

Amalgamated

Financial

Corp.

8,285

258,492

Ameris

Bancorp

1,812

117,236

Associated

Banc-Corp.

2,189

53,390

Atlantic

Union

Bankshares

Corp.

1,580

49,422

Bancorp,

Inc.

(The)

*

3,304

188,229

BankUnited,

Inc.

2,616

93,103

Berkshire

Hills

Bancorp,

Inc.

6,046

151,392

Brookline

Bancorp,

Inc.

2,851

30,078

Carter

Bankshares,

Inc.

*

2,090

36,241

Cathay

General

Bancorp

6,118

278,553

Central

Pacific

Financial

Corp.

15,736

441,080

CNB

Financial

Corp.

1,523

34,816

Community

Trust

Bancorp,

Inc.

5,113

270,580

ConnectOne

Bancorp,

Inc.

2,825

65,427

Customers

Bancorp,

Inc.

*

6,801

399,491

Eagle

Bancorp,

Inc.

11,602

226,007

Enterprise

Financial

Services

Corp.

1,345

74,110

Farmers

National

Banc

Corp.

2,448

33,758

First

Busey

Corp.

11,988

274,345

First

Community

Bankshares,

Inc.

2,312

90,561

First

Financial

Corp.

13,265

718,830

First

Merchants

Corp.

4,786

183,304

First

Mid

Bancshares,

Inc.

2,209

82,815

Flushing

Financial

Corp.

2,433

28,904

Fulton

Financial

Corp.

5,753

103,784

Great

Southern

Bancorp,

Inc.

7,773

456,897

Hancock

Whitney

Corp.

1,620

92,988

Hanmi

Financial

Corp.

21,357

527,091

Heritage

Commerce

Corp.

17,381

172,593

Heritage

Financial

Corp.

1,745

41,601

HomeTrust

Bancshares,

Inc.

3,361

125,735

Hope

Bancorp,

Inc.

20,831

223,517

Horizon

Bancorp,

Inc.

3,764

57,890

Independent

Bank

Corp.

7,972

258,373

International

Bancshares

Corp.

10,172

677,048

Mercantile

Bank

Corp.

4,280

198,635

Metropolitan

Bank

Holding

Corp.

*

6,357

444,990

Midland

States

Bancorp,

Inc.

20,784

359,979

NBT

Bancorp,

Inc.

2,515

104,498

Northeast

Community

Bancorp,

Inc.

2,814

65,411

Northfield

Bancorp,

Inc.

5,801

66,595

Northrim

Bancorp,

Inc.

1,668

155,558

Northwest

Bancshares,

Inc.

7,678

98,125

OceanFirst

Financial

Corp.

17,440

307,118

OFG

Bancorp

3,824

163,667

Orrstown

Financial

Services,

Inc.

3,271

104,116

Pathward

Financial,

Inc.

2,767

218,925

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

7

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

10.1%

(continued)

Peapack-Gladstone

Financial

Corp.

1,893

53,477

Peoples

Bancorp,

Inc.

1,204

36,770

Provident

Financial

Services,

Inc.

4,829

84,652

QCR

Holdings,

Inc.

438

29,740

Renasant

Corp.

5,100

183,243

S&T

Bancorp,

Inc.

4,944

186,982

Simmons

First

National

Corp.,

Class

A

2,726

51,685

SmartFinancial,

Inc.

4,060

137,147

South

Plains

Financial,

Inc.

1,369

49,339

Third

Coast

Bancshares,

Inc.

*

8,064

263,451

TrustCo

Bank

Corp.

5,633

188,255

UMB

Financial

Corp.

910

95,696

Univest

Financial

Corp.

12,927

388,327

Valley

National

Bancorp

4,521

40,373

Veritex

Holdings,

Inc.

3,360

87,696

WesBanco,

Inc.

8,587

271,607

Westamerica

Bancorp

1,618

78,376

11,706,836

Capital

Markets

-

1

.0

%

Acadian

Asset

Management,

Inc.

4,263

150,228

Diamond

Hill

Investment

Group,

Inc.

961

139,643

Donnelley

Financial

Solutions,

Inc.

*

4,172

257,204

StoneX

Group,

Inc.

*

4,477

408,034

Victory

Capital

Holdings,

Inc.,

Class

A

1,931

122,947

Virtus

Investment

Partners,

Inc.

373

67,662

1,145,718

Consumer

Finance

-

1

.7

%

Bread

Financial

Holdings,

Inc.

12,187

696,121

Enova

International,

Inc.

*

2,754

307,126

OppFi,

Inc.

27,357

382,724

PROG

Holdings,

Inc.

1,097

32,197

Regional

Management

Corp.

8,295

242,297

Upstart

Holdings,

Inc.

*

572

36,997

World

Acceptance

Corp.

*

1,247

205,905

1,903,367

Financial

Services

-

2

.2

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

8,338

336,021

International

Money

Express,

Inc.

*

2,717

27,415

Jackson

Financial,

Inc.,

Class

A

8,481

753,028

Mr

Cooper

Group,

Inc.

*

2,733

407,791

NCR

Atleos

Corp.

*

7,988

227,898

NewtekOne,

Inc.

5,515

62,209

Paysafe

Ltd.

*

8,396

105,957

Priority

Technology

Holdings,

Inc.

*

31,322

243,685

Radian

Group,

Inc.

1,481

53,346

Sezzle,

Inc.

*

1,674

300,064

2,517,414

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

6

.1

%

American

Coastal

Insurance

Corp.

16,549

184,025

Donegal

Group,

Inc.,

Class

A

9,375

187,734

Employers

Holdings,

Inc.

15,461

729,450

Fidelis

Insurance

Holdings

Ltd.

(United

Kingdom)

36,474

604,739

Genworth

Financial,

Inc.,

Class

A

*

80,234

624,221

Greenlight

Capital

Re

Ltd.,

Class

A

*

5,579

80,170

Hamilton

Insurance

Group

Ltd.,

Class

B

*

8,019

173,371

HCI

Group,

Inc.

2,291

348,690

Heritage

Insurance

Holdings,

Inc.

*

19,188

478,549

Horace

Mann

Educators

Corp.

6,336

272,258

Investors

Title

Co.

580

122,554

James

River

Group

Holdings

Ltd.

35,648

208,897

Mercury

General

Corp.

10,610

714,477

ProAssurance

Corp.

*

2,603

59,427

Root,

Inc.,

Class

A

*

574

73,455

Safety

Insurance

Group,

Inc.

3,884

308,351

Selective

Insurance

Group,

Inc.

4,313

373,721

Selectquote,

Inc.

*

39,087

93,027

SiriusPoint

Ltd.

(Sweden)

*

7,840

159,858

Skyward

Specialty

Insurance

Group,

Inc.

*

2,744

158,576

Stewart

Information

Services

Corp.

3,042

198,034

United

Fire

Group,

Inc.

3,449

98,986

Universal

Insurance

Holdings,

Inc.

28,914

801,785

7,054,355

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.2

%

Arbor

Realty

Trust,

Inc.

6,322

67,645

Blackstone

Mortgage

Trust,

Inc.,

Class

A

9,163

176,388

244,033

Total

Financials

24,571,723

Health

Care

-

14

.3

%

Biotechnology

-

7

.6

%

ACADIA

Pharmaceuticals,

Inc.

*

4,832

104,226

ADMA

Biologics,

Inc.

*

35,443

645,417

Agios

Pharmaceuticals,

Inc.

*

4,545

151,167

Aldeyra

Therapeutics,

Inc.

*

27,937

106,999

Alkermes

plc

*

31,888

912,316

Amicus

Therapeutics,

Inc.

*

15,837

90,746

Arcellx,

Inc.

*

542

35,691

Aurinia

Pharmaceuticals,

Inc.

(Canada)

*

5,299

44,883

Bridgebio

Pharma,

Inc.

*

2,210

95,428

Candel

Therapeutics,

Inc.

*

10,199

51,607

CareDx,

Inc.

*

23,186

453,054

Catalyst

Pharmaceuticals,

Inc.

*

52,381

1,136,668

Celldex

Therapeutics,

Inc.

*

2,744

55,840

Coherus

Oncology,

Inc.

*

84,203

61,578

Cytokinetics,

Inc.

*

3,638

120,199

Entrada

Therapeutics,

Inc.

*

8,472

56,932

Geron

Corp.

*

22,558

31,807

Halozyme

Therapeutics,

Inc.

*

6,000

312,120

8

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

7.6%

(continued)

Insmed,

Inc.

*

6,637

667,948

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

337,896

242,339

Kiniksa

Pharmaceuticals

International

plc

*

8,824

244,160

Krystal

Biotech,

Inc.

*

1,043

143,371

Kura

Oncology,

Inc.

*

61,416

354,370

Madrigal

Pharmaceuticals,

Inc.

*

595

180,071

Metagenomi,

Inc.

*

21,600

31,968

Monte

Rosa

Therapeutics,

Inc.

*

34,058

153,602

Myriad

Genetics,

Inc.

*

96,484

512,330

Organogenesis

Holdings,

Inc.,

Class

A

*

97,729

357,688

PDL

BioPharma,

Inc.

(3)*

32,677

1,029

Protagonist

Therapeutics,

Inc.

*

4,714

260,543

PTC

Therapeutics,

Inc.

*

7,795

380,708

Scholar

Rock

Holding

Corp.

*

991

35,101

SpringWorks

Therapeutics,

Inc.

*

2,860

134,391

Summit

Therapeutics,

Inc.

*

5,816

123,764

Sutro

Biopharma,

Inc.

*

34,612

24,709

TG

Therapeutics,

Inc.

*

5,673

204,171

Travere

Therapeutics,

Inc.

*

5,940

87,912

Veracyte,

Inc.

*

1,680

45,410

Vericel

Corp.

*

1,151

48,975

X4

Pharmaceuticals,

Inc.

*

18,680

35,492

8,736,730

Health

Care

Equipment

&

Supplies

-

0

.7

%

Bioventus,

Inc.,

Class

A

*

13,924

92,177

Embecta

Corp.

2,918

28,276

Inogen,

Inc.

*

15,863

111,517

Integer

Holdings

Corp.

*

268

32,956

Lantheus

Holdings,

Inc.

*

1,776

145,383

LeMaitre

Vascular,

Inc.

1,143

94,926

Semler

Scientific,

Inc.

*

1,957

75,814

Tactile

Systems

Technology,

Inc.

*

10,159

103,012

Utah

Medical

Products,

Inc.

2,579

146,797

830,858

Health

Care

Providers

&

Services

-

3

.0

%

AdaptHealth

Corp.,

Class

A

*

44,844

422,879

Alignment

Healthcare,

Inc.

*

2,240

31,360

Community

Health

Systems,

Inc.

*

29,250

99,450

Concentra

Group

Holdings

Parent,

Inc.

4,674

96,144

CorVel

Corp.

*

7,221

742,174

Cross

Country

Healthcare,

Inc.

*

1,198

15,634

DocGo,

Inc.

*

60,410

94,844

Ensign

Group,

Inc.

(The)

3,439

530,500

GeneDx

Holdings

Corp.

*

850

78,464

Hims

&

Hers

Health,

Inc.

*

9,119

454,582

Owens

&

Minor,

Inc.

*

29,997

272,973

Pediatrix

Medical

Group,

Inc.

*

43,760

627,956

Select

Medical

Holdings

Corp.

2,063

31,316

3,498,276

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Technology

-

0

.1

%

Waystar

Holding

Corp.

*

2,474

101,112

Life

Sciences

Tools

&

Services

-

0

.3

%

Niagen

Bioscience,

Inc.

*

23,954

345,177

Pharmaceuticals

-

2

.6

%

Amneal

Pharmaceuticals,

Inc.

*

60,740

491,387

Amphastar

Pharmaceuticals,

Inc.

*

1,289

29,595

Collegium

Pharmaceutical,

Inc.

*

6,143

181,649

Corcept

Therapeutics,

Inc.

*

7,204

528,774

Fulcrum

Therapeutics,

Inc.

*

10,274

70,685

Harmony

Biosciences

Holdings,

Inc.

*

7,379

233,176

Innoviva,

Inc.

*

10,755

216,068

Nektar

Therapeutics

*

19,484

503,463

Pacira

BioSciences,

Inc.

*

17,499

418,226

Phibro

Animal

Health

Corp.,

Class

A

6,843

174,770

Prestige

Consumer

Healthcare,

Inc.

*

488

38,967

Supernus

Pharmaceuticals,

Inc.

*

1,151

36,280

Ventyx

Biosciences,

Inc.

*

42,693

91,363

3,014,403

Total

Health

Care

16,526,556

Industrials

-

16

.0

%

Aerospace

&

Defense

-

1

.9

%

AAR

Corp.

*

1,965

135,173

Byrna

Technologies,

Inc.

*

13,516

417,374

Ducommun,

Inc.

*

1,921

158,732

Moog,

Inc.,

Class

A

1,353

244,853

National

Presto

Industries,

Inc.

997

97,666

Redwire

Corp.

*

12,631

205,885

Rocket

Lab

Corp.

*

23,788

850,897

V2X,

Inc.

*

1,006

48,841

2,159,421

Air

Freight

&

Logistics

-

0

.1

%

Hub

Group,

Inc.,

Class

A

4,758

159,060

Building

Products

-

1

.1

%

Apogee

Enterprises,

Inc.

5,518

224,031

Insteel

Industries,

Inc.

2,902

107,983

UFP

Industries,

Inc.

9,180

912,125

1,244,139

Commercial

Services

&

Supplies

-

1

.0

%

ACCO

Brands

Corp.

30,248

108,288

Deluxe

Corp.

1,917

30,499

Ennis,

Inc.

8,125

147,387

GEO

Group,

Inc.

(The)

*

5,381

128,875

Interface,

Inc.,

Class

A

14,577

305,097

Steelcase,

Inc.,

Class

A

20,069

209,320

UniFirst

Corp.

209

39,338

Virco

Mfg.

Corp.

19,429

155,043

1,123,847

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

9

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

3

.2

%

Argan,

Inc.

5,431

1,197,427

Fluor

Corp.

*

17,456

894,969

IES

Holdings,

Inc.

*

514

152,262

Limbach

Holdings,

Inc.

*

524

73,413

Primoris

Services

Corp.

751

58,533

Sterling

Infrastructure,

Inc.

*

2,322

535,755

Tutor

Perini

Corp.

*

16,212

758,397

3,670,756

Electrical

Equipment

-

0

.8

%

Atkore,

Inc.

4,053

285,939

Blink

Charging

Co.

*

75,296

70,771

LSI

Industries,

Inc.

2,101

35,738

NuScale

Power

Corp.

*

3,373

133,436

Powell

Industries,

Inc.

936

196,981

Preformed

Line

Products

Co.

548

87,576

TPI

Composites,

Inc.

*

193,851

166,576

977,017

Ground

Transportation

-

0

.3

%

ArcBest

Corp.

1,552

119,519

Covenant

Logistics

Group,

Inc.,

Class

A

11,178

269,502

389,021

Machinery

-

3

.2

%

Blue

Bird

Corp.

*

9,145

394,698

Federal

Signal

Corp.

2,937

312,556

Hyster-Yale,

Inc.

3,117

123,994

Manitowoc

Co.,

Inc.

(The)

*

19,500

234,390

Mayville

Engineering

Co.,

Inc.

*

4,197

66,984

Mueller

Industries,

Inc.

18,256

1,450,804

Proto

Labs,

Inc.

*

858

34,355

REV

Group,

Inc.

22,105

1,051,977

Standex

International

Corp.

367

57,428

Wabash

National

Corp.

3,190

33,910

3,761,096

Marine

Transportation

-

0

.3

%

Costamare,

Inc.

(Monaco)

28,971

263,926

Safe

Bulkers,

Inc.

(Monaco)

20,230

73,030

336,956

Passenger

Airlines

-

0

.7

%

Blade

Air

Mobility,

Inc.

*

32,874

132,482

SkyWest,

Inc.

*

4,911

505,686

Sun

Country

Airlines

Holdings,

Inc.

*

15,335

180,186

818,354

Professional

Services

-

1

.5

%

Barrett

Business

Services,

Inc.

8,892

370,708

CSG

Systems

International,

Inc.

749

48,917

Heidrick

&

Struggles

International,

Inc.

8,548

391,156

IBEX

Holdings

Ltd.

*

3,675

106,943

Kelly

Services,

Inc.,

Class

A

27,539

322,482

Kforce,

Inc.

5,911

243,119

INVESTMENTS

SHARES

VALUE

($)

Professional

Services

-

1.5%

(continued)

Resources

Connection,

Inc.

13,909

74,691

Willdan

Group,

Inc.

*

1,646

102,891

WNS

Holdings

Ltd.

(United

Kingdom)

*

690

43,636

1,704,543

Trading

Companies

&

Distributors

-

1

.9

%

BlueLinx

Holdings,

Inc.

*

1,328

98,776

Boise

Cascade

Co.

7,362

639,169

DNOW,

Inc.

*

9,824

145,690

DXP

Enterprises,

Inc.

*

1,041

91,244

GMS,

Inc.

*

7,975

867,281

Herc

Holdings,

Inc.

163

21,465

Hudson

Technologies,

Inc.

*

5,440

44,173

Rush

Enterprises,

Inc.,

Class

A

5,480

282,275

2,190,073

Total

Industrials

18,534,283

Information

Technology

-

17

.4

%

Communications

Equipment

-

1

.8

%

Aviat

Networks,

Inc.

*

7,101

170,779

CommScope

Holding

Co.,

Inc.

*

96,485

798,896

NETGEAR,

Inc.

*

30,932

899,193

NetScout

Systems,

Inc.

*

1,412

35,032

Viasat,

Inc.

*

12,786

186,676

2,090,576

Electronic

Equipment,

Instruments

&

Components

-

4

.4

%

Arlo

Technologies,

Inc.

*

34,280

581,389

Bel

Fuse,

Inc.,

Class

B

726

70,923

Benchmark

Electronics,

Inc.

5,586

216,904

Climb

Global

Solutions,

Inc.

282

30,149

Daktronics,

Inc.

*

22,394

338,597

ePlus,

Inc.

*

6,394

461,008

Fabrinet

(Thailand)

*

2,096

617,649

Insight

Enterprises,

Inc.

*

5,484

757,258

Kimball

Electronics,

Inc.

*

2,822

54,267

PC

Connection,

Inc.

6,496

427,307

Sanmina

Corp.

*

10,460

1,023,302

ScanSource,

Inc.

*

10,363

433,277

TTM

Technologies,

Inc.

*

2,115

86,334

5,098,364

IT

Services

-

0

.3

%

Hackett

Group,

Inc.

(The)

9,556

242,914

Unisys

Corp.

*

26,248

118,903

361,817

Semiconductors

&

Semiconductor

Equipment

-

1

.8

%

ACM

Research,

Inc.,

Class

A

*

9,507

246,231

Alpha

&

Omega

Semiconductor

Ltd.

*

3,972

101,922

Axcelis

Technologies,

Inc.

*

608

42,372

Credo

Technology

Group

Holding

Ltd.

*

4,992

462,209

FormFactor,

Inc.

*

2,213

76,149

10

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Semiconductors

&

Semiconductor

Equipment

-

1.8%

(continued)

NVE

Corp.

723

53,220

Penguin

Solutions,

Inc.

*

7,592

150,398

Photronics,

Inc.

*

23,311

438,946

Rambus,

Inc.

*

2,956

189,243

Rigetti

Computing,

Inc.

*

8,428

99,956

SkyWater

Technology,

Inc.

*

4,968

48,885

Ultra

Clean

Holdings,

Inc.

*

6,059

136,752

2,046,283

Software

-

7

.2

%

8x8,

Inc.

*

145,462

285,105

A10

Networks,

Inc.

1,828

35,372

ACI

Worldwide,

Inc.

*

8,704

399,601

Adeia,

Inc.

11,411

161,352

Airship

AI

Holdings,

Inc.

*

9,139

53,829

Aurora

Innovation,

Inc.

*

45,462

238,221

AvePoint,

Inc.

*

3,293

63,588

Cerence,

Inc.

*

12,281

125,389

Cleanspark,

Inc.

*

13,483

148,717

Clear

Secure,

Inc.,

Class

A

18,683

518,640

Commvault

Systems,

Inc.

*

3,374

588,189

Consensus

Cloud

Solutions,

Inc.

*

34,734

800,966

Daily

Journal

Corp.

*

500

211,125

Digital

Turbine,

Inc.

*

39,637

233,858

D-Wave

Quantum,

Inc.

(Canada)

*

26,814

392,557

InterDigital,

Inc.

3,849

863,061

LiveRamp

Holdings,

Inc.

*

4,067

134,374

Mitek

Systems,

Inc.

*

8,063

79,824

OneSpan,

Inc.

15,139

252,670

Ooma,

Inc.

*

2,331

30,070

Pagaya

Technologies

Ltd.,

Class

A

*

14,876

317,156

Porch

Group,

Inc.

*

18,678

220,214

Progress

Software

Corp.

5,680

362,611

Qualys,

Inc.

*

4,572

653,202

Sapiens

International

Corp.

NV

(Israel)

1,250

36,562

SoundHound

AI,

Inc.

*

11,614

124,618

SPS

Commerce,

Inc.

*

3,897

530,343

Verint

Systems,

Inc.

*

10,117

199,001

WM

Technology,

Inc.

*

177,552

159,087

Zeta

Global

Holdings

Corp.,

Class

A

*

8,754

135,599

8,354,901

Technology

Hardware,

Storage

&

Peripherals

-

1

.9

%

CompoSecure,

Inc.,

Class

A

*

38,951

548,819

Corsair

Gaming,

Inc.

*

4,104

38,701

Diebold

Nixdorf,

Inc.

*

5,074

281,100

Eastman

Kodak

Co.

*

62,804

354,843

Immersion

Corp.

9,075

71,511

IonQ,

Inc.

*

17,563

754,682

Turtle

Beach

Corp.

*

9,973

137,926

2,187,582

Total

Information

Technology

20,139,523

INVESTMENTS

SHARES

VALUE

($)

Materials

-

1

.6

%

Chemicals

-

0

.1

%

Koppers

Holdings,

Inc.

1,122

36,072

Rayonier

Advanced

Materials,

Inc.

*

16,797

64,669

100,741

Construction

Materials

-

0

.2

%

Knife

River

Corp.

*

2,158

176,179

United

States

Lime

&

Minerals,

Inc.

421

42,016

218,195

Metals

&

Mining

-

1

.3

%

Alpha

Metallurgical

Resources,

Inc.

*

873

98,195

Coeur

Mining,

Inc.

*

27,868

246,910

Commercial

Metals

Co.

12,709

621,597

Constellium

SE,

Class

A

*

3,411

45,366

Metallus,

Inc.

*

6,794

104,696

Olympic

Steel,

Inc.

3,215

104,777

Ryerson

Holding

Corp.

7,379

159,165

SunCoke

Energy,

Inc.

15,698

134,846

1,515,552

Total

Materials

1,834,488

Real

Estate

-

1

.4

%

Health

Care

REITs

-

0

.4

%

American

Healthcare

REIT,

Inc.,

REIT

10,691

392,787

Office

REITs

-

0

.2

%

NET

Lease

Office

Properties,

REIT

*

6,779

220,656

Real

Estate

Management

&

Development

-

0

.2

%

Forestar

Group,

Inc.

*

10,063

201,260

RE/MAX

Holdings,

Inc.,

Class

A

*

6,542

53,514

254,774

Retail

REITs

-

0

.6

%

SITE

Centers

Corp.,

REIT

62,166

703,098

Total

Real

Estate

1,571,315

TOTAL

COMMON

STOCKS

(Cost

$69,529,012)

108,056,438

SHORT-TERM

INVESTMENTS

-

6.0%

INVESTMENT

COMPANIES

-

6

.0

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(a)

(Cost

$6,904,204)

6,906,898

6,904,826

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.5%

(Cost

$76,433,216)

114,961,264

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.5%

‡

616,318

NET

ASSETS

-

100.0%

115,577,582

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

11

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

4,972,880

4

.3

%

Consumer

Discretionary

9,890,313

8

.6

Consumer

Staples

6,290,818

5

.4

Energy

3,724,539

3

.2

Financials

24,571,723

21

.3

Health

Care

16,526,556

14

.3

Industrials

18,534,283

16

.0

Information

Technology

20,139,523

17

.4

Materials

1,834,488

1

.6

Real

Estate

1,571,315

1

.4

Investment

Companies

6,904,826

6

.0

Total

Investments

In

Securities

At

Value

114,961,264

99

.5

Other

Assets

in

Excess

of

Liabilities

‡

616,318

0

.5

Net

Assets

$

115,577,582

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

59

9/2025

USD

$

6,465,515

$

188,209

Net

unrealized

appreciation

$

188,209

12

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

94.6%

Australia

-

5

.7

%

ANZ

Group

Holdings

Ltd.

10,132

194,299

Aristocrat

Leisure

Ltd.

127,293

5,453,842

BHP

Group

Ltd.

344,115

8,278,581

BlueScope

Steel

Ltd.

446,222

6,799,770

Brambles

Ltd.

228,202

3,524,305

Fortescue

Ltd.

634,550

6,378,644

REA

Group

Ltd.

5,220

826,633

Rio

Tinto

Ltd.

8,995

636,758

Tabcorp

Holdings

Ltd.

57,040

26,822

Telstra

Group

Ltd.

986,313

3,144,980

Wesfarmers

Ltd.

75,906

4,236,114

39,500,748

Belgium

-

1

.0

%

Ageas

SA/NV

49,474

3,346,798

Groupe

Bruxelles

Lambert

NV

1,467

125,224

UCB

SA

17,106

3,365,739

6,837,761

Canada

-

10

.6

%

Air

Canada

(1)*

241,041

3,729,564

AltaGas

Ltd.

(1)

15,154

439,903

Bank

of

Nova

Scotia

(The)

(1)

25,211

1,394,080

Canadian

Imperial

Bank

of

Commerce

(1)

3,612

256,388

CCL

Industries,

Inc.,

Class

B

(1)

4,615

269,122

CGI,

Inc.

(1)

27,366

2,873,958

Constellation

Software,

Inc.

(1)

229

839,686

Descartes

Systems

Group,

Inc.

(The)

(1)*

10,926

1,109,891

Dollarama,

Inc.

(1)

15,039

2,118,989

Empire

Co.

Ltd.,

Class

A

(1)

108,821

4,515,862

Fairfax

Financial

Holdings

Ltd.

(1)

5,396

9,739,942

George

Weston

Ltd.

(1)

11,634

2,333,293

Great-West

Lifeco,

Inc.

(1)

6,006

228,420

iA

Financial

Corp.,

Inc.

(1)

22,811

2,500,793

Imperial

Oil

Ltd.

(1)

59,544

4,730,288

Intact

Financial

Corp.

(1)

7,051

1,639,581

Kinross

Gold

Corp.

(1)

62,180

971,684

Loblaw

Cos.

Ltd.

(1)

28,093

4,646,924

Manulife

Financial

Corp.

(1)

213,943

6,840,519

Metro,

Inc.,

Class

A

(1)

2,750

216,022

National

Bank

of

Canada

(1)

4,864

501,920

Onex

Corp.

(1)

17,081

1,406,117

Open

Text

Corp.

(1)

122,637

3,583,423

Power

Corp.

of

Canada

(1)

5,259

205,417

Royal

Bank

of

Canada

(1)

23,203

3,058,008

Shopify,

Inc.,

Class

A

(1)*

16,210

1,869,611

Suncor

Energy,

Inc.

(1)

205,167

7,685,381

TFI

International,

Inc.

(1)

7,914

710,415

Thomson

Reuters

Corp.

(1)

11,351

2,282,620

West

Fraser

Timber

Co.

Ltd.

(1)

15,155

1,111,348

73,809,169

INVESTMENTS

SHARES

VALUE

($)

China

-

0

.7

%

BOC

Hong

Kong

Holdings

Ltd.

1,029,500

4,481,663

SITC

International

Holdings

Co.

Ltd.

(1)

98,000

313,977

Wilmar

International

Ltd.

82,600

186,451

4,982,091

Denmark

-

2

.5

%

AP

Moller

-

Maersk

A/S,

Class

B

4,554

8,469,068

Danske

Bank

A/S

27,167

1,109,604

Genmab

A/S

*

6,701

1,391,586

Novo

Nordisk

A/S,

Class

B

8,911

617,479

Pandora

A/S

16,222

2,858,242

ROCKWOOL

A/S,

Class

B

63,940

2,997,014

17,442,993

Finland

-

0

.8

%

Elisa

OYJ

18,278

1,015,918

Fortum

OYJ

11,645

218,365

Nokia

OYJ

124,892

648,018

Wartsila

OYJ

Abp

146,693

3,466,996

5,349,297

France

-

8

.7

%

AXA

SA

118,661

5,826,853

BNP

Paribas

SA

64,665

5,800,561

Cie

de

Saint-Gobain

SA

82,387

9,678,432

Credit

Agricole

SA

415,215

7,855,157

Dassault

Aviation

SA

5,041

1,782,357

Eiffage

SA

7,429

1,043,873

Engie

SA

36,370

854,797

Ipsen

SA

15,556

1,852,997

Orange

SA

237,695

3,619,665

Publicis

Groupe

SA

45,751

5,167,336

Societe

Generale

SA

140,495

8,036,906

Sodexo

SA

23,680

1,457,420

Teleperformance

SE

21,298

2,068,618

TotalEnergies

SE

86,620

5,294,445

Unibail-Rodamco-Westfield,

REIT

*

4,856

466,796

60,806,213

Germany

-

9

.2

%

Allianz

SE

(Registered)

5,066

2,055,953

Commerzbank

AG

252,659

7,962,049

Deutsche

Bank

AG

(Registered)

309,545

9,176,595

Deutsche

Boerse

AG

5,597

1,828,481

Deutsche

Telekom

AG

(Registered)

127,915

4,682,150

Fresenius

SE

&

Co.

KGaA

12,270

617,461

Hannover

Rueck

SE

2,264

713,417

Heidelberg

Materials

AG

3,572

841,195

Knorr-Bremse

AG

10,681

1,036,025

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,521

4,234,310

Rheinmetall

AG

3,108

6,581,807

RWE

AG

18,330

765,978

SAP

SE

58,586

17,914,395

Siemens

Energy

AG

*

3,772

440,875

Talanx

AG

40,087

5,196,948

64,047,639

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

13

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Hong

Kong

-

1

.8

%

CLP

Holdings

Ltd.

92,000

777,010

HKT

Trust

&

HKT

Ltd.

488,000

729,595

Hong

Kong

Exchanges

&

Clearing

Ltd.

32,300

1,737,306

Link,

REIT

39,000

208,903

Power

Assets

Holdings

Ltd.

274,500

1,764,916

Swire

Pacific

Ltd.,

Class

A

60,500

518,613

WH

Group

Ltd.

(a)

7,000,500

6,747,027

12,483,370

Italy

-

2

.7

%

Banco

BPM

SpA

39,063

455,964

Generali

5,258

187,035

Intesa

Sanpaolo

SpA

100,331

577,948

Leonardo

SpA

135,491

7,645,334

Poste

Italiane

SpA

(a)

12,801

275,041

UniCredit

SpA

132,375

8,880,162

Unipol

Assicurazioni

SpA

60,351

1,195,238

19,216,722

Japan

-

19

.4

%

Advantest

Corp.

72,200

5,352,262

Bandai

Namco

Holdings,

Inc.

18,900

677,361

Brother

Industries

Ltd.

26,100

450,235

Chugai

Pharmaceutical

Co.

Ltd.

37,300

1,947,725

Dai-ichi

Life

Holdings,

Inc.

535,200

4,068,915

Daito

Trust

Construction

Co.

Ltd.

24,000

2,614,043

ENEOS

Holdings,

Inc.

151,900

752,943

Fujikura

Ltd.

25,000

1,315,136

Fujitsu

Ltd.

124,000

3,008,163

Hikari

Tsushin,

Inc.

5,400

1,594,439

Hitachi

Ltd.

70,800

2,057,756

Honda

Motor

Co.

Ltd.

131,200

1,265,143

Hoya

Corp.

60,000

7,125,726

Idemitsu

Kosan

Co.

Ltd.

265,800

1,611,913

Inpex

Corp.

121,600

1,706,920

ITOCHU

Corp.

105,100

5,503,563

Japan

Post

Bank

Co.

Ltd.

215,400

2,322,126

Japan

Post

Insurance

Co.

Ltd.

143,800

3,255,669

Japan

Tobacco,

Inc.

35,000

1,031,080

KDDI

Corp.

138,700

2,381,560

Keyence

Corp.

10,200

4,078,249

Koito

Manufacturing

Co.

Ltd.

34,700

414,770

Konami

Group

Corp.

27,100

4,284,557

M3,

Inc.

12,400

170,335

Makita

Corp.

41,400

1,275,036

Marubeni

Corp.

68,100

1,372,777

Mitsubishi

Electric

Corp.

121,300

2,609,039

Mitsubishi

Heavy

Industries

Ltd.

27,000

675,658

MonotaRO

Co.

Ltd.

237,600

4,677,359

MS&AD

Insurance

Group

Holdings,

Inc.

174,900

3,909,996

Nexon

Co.

Ltd.

46,400

934,570

Nintendo

Co.

Ltd.

98,000

9,410,923

Nippon

Steel

Corp.

128,400

2,428,293

Nippon

Yusen

KK

148,100

5,327,892

Nitto

Denko

Corp.

90,800

1,753,482

Nomura

Holdings,

Inc.

308,900

2,035,559

Obayashi

Corp.

158,600

2,403,079

Oracle

Corp.

Japan

24,000

2,860,575

INVESTMENTS

SHARES

VALUE

($)

Japan

-

19.4%

(continued)

Osaka

Gas

Co.

Ltd.

65,900

1,690,330

Otsuka

Corp.

195,800

3,988,720

Panasonic

Holdings

Corp.

359,000

3,841,057

Recruit

Holdings

Co.

Ltd.

57,000

3,351,978

SCSK

Corp.

6,500

195,830

Seven

&

i

Holdings

Co.

Ltd.

68,800

1,107,359

Shionogi

&

Co.

Ltd.

43,000

774,098

Sompo

Holdings,

Inc.

130,100

3,920,538

Subaru

Corp.

219,600

3,807,072

Sumitomo

Corp.

11,300

291,616

Tokyo

Electron

Ltd.

7,900

1,512,925

TOPPAN

Holdings,

Inc.

104,300

2,833,521

Toyota

Tsusho

Corp.

190,500

4,315,063

Trend

Micro,

Inc.

17,300

1,196,569

ZOZO,

Inc.

221,100

2,388,921

135,880,424

Luxembourg

-

0

.8

%

ArcelorMittal

SA

176,883

5,616,798

Netherlands

-

4

.1

%

ABN

AMRO

Bank

NV,

CVA

(a)

100,947

2,756,453

Adyen

NV

*(a)

518

951,326

ASM

International

NV

2,646

1,697,350

ASML

Holding

NV

1,977

1,584,243

ING

Groep

NV

109,319

2,396,020

Koninklijke

Ahold

Delhaize

NV

224,491

9,376,192

NN

Group

NV

58,091

3,865,323

Wolters

Kluwer

NV

35,973

6,016,057

28,642,964

Singapore

-

0

.6

%

CapitaLand

Integrated

Commercial

Trust,

REIT

156,096

266,546

Genting

Singapore

Ltd.

2,054,600

1,155,587

Oversea-Chinese

Banking

Corp.

Ltd.

18,800

241,078

Singapore

Airlines

Ltd.

258,000

1,415,068

Singapore

Technologies

Engineering

Ltd.

207,800

1,274,164

4,352,443

South

Korea

-

0

.2

%

Delivery

Hero

SE

*(a)

56,851

1,543,063

Spain

-

2

.7

%

Banco

Bilbao

Vizcaya

Argentaria

SA

188,810

2,907,347

Banco

Santander

SA

1,213,485

10,048,722

CaixaBank

SA

404,675

3,506,432

Endesa

SA

(1)

10,115

320,393

Repsol

SA

130,264

1,905,293

18,688,187

Sweden

-

3

.2

%

Alfa

Laval

AB

4,340

182,795

Atlas

Copco

AB,

Class

B

42,828

609,553

Boliden

AB

*

38,042

1,188,792

Essity

AB,

Class

B

99,497

2,754,960

Evolution

AB

(a)

2,324

184,579

Hexagon

AB,

Class

B

19,047

191,986

14

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MULTI-STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Sweden

-

3.2%

(continued)

Investor

AB,

Class

B

44,280

1,312,166

Saab

AB,

Class

B

131,347

7,344,046

SKF

AB,

Class

B

197,819

4,543,962

Swedish

Orphan

Biovitrum

AB

*

13,198

401,683

Telefonaktiebolaget

LM

Ericsson,

Class

B

67,988

580,979

Volvo

AB,

Class

B

120,441

3,388,923

22,684,424

Switzerland

-

2

.5

%

ABB

Ltd.

(Registered)

169,301

10,146,012

Helvetia

Holding

AG

(Registered)

829

194,630

Sandoz

Group

AG

21,490

1,177,725

Schindler

Holding

AG

7,093

2,641,222

Swiss

Prime

Site

AG

(Registered)

6,539

981,662

Zurich

Insurance

Group

AG

3,792

2,653,350

17,794,601

United

Kingdom

-

11

.2

%

3i

Group

plc

30,804

1,743,267

BAE

Systems

plc

239,239

6,208,943

Barclays

plc

2,255,072

10,420,169

British

American

Tobacco

plc

52,898

2,515,108

BT

Group

plc

1,852,664

4,933,131

Centrica

plc

2,805,736

6,225,292

HSBC

Holdings

plc

274,209

3,316,885

Imperial

Brands

plc

24,800

979,852

Kingfisher

plc

55,502

221,653

Lloyds

Banking

Group

plc

751,673

790,398

London

Stock

Exchange

Group

plc

14,143

2,068,374

NatWest

Group

plc

1,310,212

9,201,559

Rolls-Royce

Holdings

plc

945,998

12,536,977

Standard

Chartered

plc

186,869

3,092,411

Tesco

plc

805,457

4,440,906

Unilever

plc

157,443

9,608,157

78,303,082

United

States

-

6

.2

%

Amrize

Ltd.

(1)*

14,221

709,392

GSK

plc

212,104

4,044,074

Holcim

AG

14,221

1,056,039

James

Hardie

Industries

plc,

CHESS

*

12,915

346,811

Nestle

SA

(Registered)

4,933

490,470

Novartis

AG

(Registered)

126,981

15,412,588

Roche

Holding

AG

44,134

14,406,215

Sanofi

SA

1,948

188,593

Shell

plc

191,540

6,682,745

Swiss

Re

AG

1,108

191,670

43,528,597

TOTAL

COMMON

STOCKS

(Cost

$438,520,692)

661,510,586

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.9%

INVESTMENT

COMPANIES

-

4

.9

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(1)(b)

(Cost

$34,221,418)

34,236,594

34,226,323

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.5%

(Cost

$472,742,110)

695,736,909

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.5%

‡

3,233,087

NET

ASSETS

-

100.0%

698,969,996

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

41,131,020

5

.9

%

Consumer

Discretionary

31,650,634

4

.5

Consumer

Staples

50,949,662

7

.3

Energy

30,369,929

4

.3

Financials

190,195,082

27

.2

Health

Care

53,494,024

7

.7

Industrials

152,201,525

21

.8

Information

Technology

55,537,068

7

.9

Materials

38,386,707

5

.5

Real

Estate

4,537,950

0

.6

Utilities

13,056,985

1

.9

Investment

Companies

34,226,323

4

.9

Total

Investments

In

Securities

At

Value

695,736,909

99

.5

Other

Assets

in

Excess

of

Liabilities

‡

3,233,087

0

.5

Net

Assets

$

698,969,996

100

.0

%

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

INTERNATIONAL

MULTI-STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

15

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$12,457,489

of

investment

in

securities,

which

represents

1.78%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

219

9/2025

USD

$

29,364,615

$

289,362

Net

unrealized

appreciation

$

289,362

16

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.7%

Brazil

-

3

.2

%

Banco

do

Brasil

SA

(1)

1,609,800

6,545,155

BB

Seguridade

Participacoes

SA

(1)

235,300

1,550,448

Embraer

SA,

ADR

(1)

133,245

7,582,973

Telefonica

Brasil

SA

(1)

156,160

887,851

TIM

SA

(1)

217,900

884,338

17,450,765

Chile

-

1

.0

%

Banco

de

Credito

e

Inversiones

SA

(1)

3,839

162,111

Banco

Santander

Chile,

ADR

(1)

6,199

156,339

Cencosud

SA

(1)

1,290,301

4,390,451

Enel

Chile

SA,

ADR

(1)

124,760

452,879

Falabella

SA

(1)

85,523

454,409

5,616,189

China

-

28

.7

%

Agricultural

Bank

of

China

Ltd.,

Class

A

577,700

474,632

Alibaba

Group

Holding

Ltd.

759,704

10,754,331

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

43,923

131,797

Autohome,

Inc.,

ADR

(1)

115,835

2,987,385

Baidu,

Inc.,

Class

A

*

13,000

139,320

Bank

of

Beijing

Co.

Ltd.,

Class

A

535,278

510,835

Bank

of

China

Ltd.,

Class

A

573,300

450,213

Bank

of

China

Ltd.,

Class

H

3,488,000

2,030,581

Bank

of

Communications

Co.

Ltd.,

Class

A

366,400

409,590

Bank

of

Communications

Co.

Ltd.,

Class

H

563,000

524,631

Bank

of

Ningbo

Co.

Ltd.,

Class

A

55,900

213,731

Bank

of

Shanghai

Co.

Ltd.,

Class

A

214,111

317,390

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

688,322

633,740

BeOne

Medicines

Ltd.

*

48,800

923,152

BOE

Technology

Group

Co.

Ltd.,

Class

A

1,583,900

883,256

BYD

Co.

Ltd.,

Class

A

22,700

1,053,291

BYD

Electronic

International

Co.

Ltd.

131,500

535,236

China

CITIC

Bank

Corp.

Ltd.,

Class

H

6,779,000

6,462,969

China

Communications

Services

Corp.

Ltd.,

Class

H

1,878,000

1,019,477

China

Construction

Bank

Corp.,

Class

H

12,411,000

12,559,269

China

Everbright

Bank

Co.

Ltd.,

Class

A

505,900

293,407

China

Everbright

Bank

Co.

Ltd.,

Class

H

(1)

702,000

350,555

China

Galaxy

Securities

Co.

Ltd.,

Class

H

2,465,000

2,785,034

China

Hongqiao

Group

Ltd.

1,518,500

3,496,502

China

Merchants

Bank

Co.

Ltd.,

Class

A

103,158

662,524

China

Merchants

Securities

Co.

Ltd.,

Class

A

225,800

555,003

INVESTMENTS

SHARES

VALUE

($)

China

-

28.7%

(continued)

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

122,100

149,645

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

333,155

221,135

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

1,363,000

773,179

China

Overseas

Land

&

Investment

Ltd.

287,500

501,169

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

59,300

310,941

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

247,600

851,835

China

Petroleum

&

Chemical

Corp.,

Class

A

446,400

351,833

China

Resources

Land

Ltd.

558,000

1,899,871

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

*

1,076,500

868,117

China

Taiping

Insurance

Holdings

Co.

Ltd.

2,705,000

5,293,828

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

28,792

245,413

China

Vanke

Co.

Ltd.,

Class

A

*

165,400

148,402

China

Yangtze

Power

Co.

Ltd.,

Class

A

93,300

392,874

CITIC

Ltd.

2,691,000

3,705,139

CITIC

Securities

Co.

Ltd.,

Class

A

143,965

555,740

Far

East

Horizon

Ltd.

(1)

1,655,000

1,437,856

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

34,567

188,042

Geely

Automobile

Holdings

Ltd.

1,732,000

3,535,365

Guotai

Haitong

Securities

Co.

Ltd.,

Class

A

197,224

528,382

Haier

Smart

Home

Co.

Ltd.,

Class

A

212,400

735,742

Hisense

Home

Appliances

Group

Co.

Ltd.

200,000

546,353

Huatai

Securities

Co.

Ltd.,

Class

A

128,200

319,242

Huaxia

Bank

Co.

Ltd.,

Class

A

273,900

302,728

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

329,800

349,786

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

1,300,000

1,032,273

Industrial

Bank

Co.

Ltd.,

Class

A

145,390

474,207

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

148,900

580,303

JD.com,

Inc.,

Class

A

320,550

5,235,323

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

137,638

998,062

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

14,200

128,101

KE

Holdings,

Inc.,

ADR

(1)

55,797

989,839

Kingsoft

Corp.

Ltd.

419,400

2,192,013

Kunlun

Energy

Co.

Ltd.

2,292,000

2,227,804

Kweichow

Moutai

Co.

Ltd.,

Class

A

5,500

1,083,760

Lenovo

Group

Ltd.

1,672,000

2,020,099

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

167,407

811,956

Luzhou

Laojiao

Co.

Ltd.,

Class

A

17,500

277,438

Meituan,

Class

B

*(a)

95,480

1,535,895

NARI

Technology

Co.

Ltd.,

Class

A

250,249

783,874

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

17

(Continued)

INVESTMENTS

SHARES

VALUE

($)

China

-

28.7%

(continued)

NetEase,

Inc.

45,100

1,215,417

New

China

Life

Insurance

Co.

Ltd.,

Class

A

36,300

297,001

New

China

Life

Insurance

Co.

Ltd.,

Class

H

577,000

3,159,513

PDD

Holdings,

Inc.,

ADR

(1)*

43,294

4,531,150

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

2,604,000

1,987,635

PetroChina

Co.

Ltd.,

Class

A

421,600

503,651

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,018,000

3,921,327

Ping

An

Bank

Co.

Ltd.,

Class

A

151,385

255,333

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

48,800

378,543

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

133,700

151,303

Pop

Mart

International

Group

Ltd.

(a)

118,200

4,026,977

Qifu

Technology,

Inc.,

ADR

(1)

146,224

6,340,273

SAIC

Motor

Corp.

Ltd.,

Class

A

130,000

291,420

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

166,900

418,726

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

145,263

281,814

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

354,200

248,512

Sinotruk

Hong

Kong

Ltd.

1,568,000

4,580,275

Tencent

Holdings

Ltd.

324,400

20,902,912

Wuliangye

Yibin

Co.

Ltd.,

Class

A

22,782

378,598

Wuxi

Biologics

Cayman,

Inc.

*(a)

63,000

207,012

Xiaomi

Corp.,

Class

B

*(a)

720,400

5,545,450

Yum

China

Holdings,

Inc.

(1)

31,605

1,413,060

Zhejiang

Leapmotor

Technology

Co.

Ltd.

*(a)

22,600

157,887

156,935,204

Hong

Kong

-

0

.2

%

Orient

Overseas

International

Ltd.

65,500

1,114,740

Hungary

-

0

.1

%

OTP

Bank

Nyrt.

7,468

596,918

India

-

16

.4

%

Apollo

Hospitals

Enterprise

Ltd.

2,543

214,826

Axis

Bank

Ltd.,

GDR

(b)

8,881

617,032

Bajaj

Holdings

&

Investment

Ltd.

3,865

648,527

Bank

of

Baroda

591,641

1,716,743

Bharat

Electronics

Ltd.

364,165

1,790,942

Bharti

Airtel

Ltd.

35,276

827,013

BSE

Ltd.

146,940

4,753,742

Canara

Bank

2,808,098

3,740,180

Cipla

Ltd.

139,304

2,447,214

Coal

India

Ltd.

1,013,028

4,632,418

Divi's

Laboratories

Ltd.

34,528

2,743,207

Dixon

Technologies

India

Ltd.

(b)

3,689

644,842

DLF

Ltd.

18,871

184,481

HCL

Technologies

Ltd.

197,497

3,981,930

HDFC

Asset

Management

Co.

Ltd.

(a)

17,588

1,065,227

HDFC

Bank

Ltd.

79,706

1,860,773

Hindalco

Industries

Ltd.

316,359

2,559,481

INVESTMENTS

SHARES

VALUE

($)

India

-

16.4%

(continued)

Hindustan

Aeronautics

Ltd.

(b)

106,814

6,067,359

Indian

Hotels

Co.

Ltd.

(The),

Class

A

161,641

1,433,462

Indus

Towers

Ltd.

*

889,314

4,361,854

Info

Edge

India

Ltd.

132,813

2,305,849

Infosys

Ltd.,

ADR

(1)

184,254

3,414,227

InterGlobe

Aviation

Ltd.

*(a)

53,678

3,743,722

ITC

Ltd.

250,392

1,216,018

Larsen

&

Toubro

Ltd.,

GDR

(b)

14,876

637,143

Lupin

Ltd.

54,740

1,237,952

Muthoot

Finance

Ltd.

22,601

692,089

NTPC

Ltd.

821,045

3,206,127

Oil

&

Natural

Gas

Corp.

Ltd.

1,607,314

4,577,845

Oil

India

Ltd.

29,949

151,678

Oracle

Financial

Services

Software

Ltd.

23,661

2,480,068

Page

Industries

Ltd.

1,191

686,223

PB

Fintech

Ltd.

*

11,279

239,754

Persistent

Systems

Ltd.

12,682

893,887

Petronet

LNG

Ltd.

190,936

672,310

Power

Finance

Corp.

Ltd.

379,357

1,892,656

Power

Grid

Corp.

of

India

Ltd.

782,348

2,734,423

REC

Ltd.

333,570

1,567,299

Reliance

Industries

Ltd.,

GDR

(a)

5,457

380,527

State

Bank

of

India,

GDR

(b)

3,533

336,710

Sun

Pharmaceutical

Industries

Ltd.

41,926

819,574

Suzlon

Energy

Ltd.

*

629,217

497,122

Tata

Consultancy

Services

Ltd.

36,466

1,472,515

Tech

Mahindra

Ltd.

62,118

1,222,404

Torrent

Pharmaceuticals

Ltd.

7,357

292,460

Union

Bank

of

India

Ltd.

462,491

828,507

Varun

Beverages

Ltd.

166,720

889,627

Vedanta

Ltd.

857,598

4,617,779

89,997,748

Indonesia

-

1

.9

%

Alamtri

Resources

Indonesia

Tbk.

PT

19,990,800

2,256,846

Astra

International

Tbk.

PT

13,594,900

3,770,066

Indofood

Sukses

Makmur

Tbk.

PT

468,100

234,392

Telkom

Indonesia

Persero

Tbk.

PT

2,976,600

509,242

United

Tractors

Tbk.

PT

2,896,800

3,826,909

10,597,455

Malaysia

-

0

.4

%

CIMB

Group

Holdings

Bhd.

169,900

274,024

RHB

Bank

Bhd.

1,190,854

1,781,655

2,055,679

Mexico

-

2

.2

%

Alfa

SAB

de

CV,

Class

A

(1)

2,633,690

1,945,319

Arca

Continental

SAB

de

CV

(1)

199,678

2,110,482

Banco

del

Bajio

SA

(1)(a)

203,428

491,644

Controladora

Alpek

SAB

de

CV

(1)*

989,490

163,469

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

(1)

2,163

228,197

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

(1)

6,549

2,088,280

18

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Mexico

-

2.2%

(continued)

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(1)

461,508

4,218,490

Grupo

Mexico

SAB

de

CV,

Series

B

(1)

69,718

422,295

Industrias

Penoles

SAB

de

CV

(1)*

8,600

239,124

Qualitas

Controladora

SAB

de

CV

(1)

39,600

406,647

12,313,947

Philippines

-

0

.2

%

International

Container

Terminal

Services,

Inc.

124,804

909,865

Metropolitan

Bank

&

Trust

Co.

118,090

151,990

1,061,855

Poland

-

2

.0

%

Bank

Polska

Kasa

Opieki

SA

51,475

2,651,192

CD

Projekt

SA

9,733

759,577

PGE

Polska

Grupa

Energetyczna

SA

*

447,988

1,418,168

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

85,094

1,778,023

Powszechny

Zaklad

Ubezpieczen

SA

242,645

4,243,159

10,850,119

Qatar

-

0

.0

%

†

Ooredoo

QPSC

44,160

155,205

Russia

-

0

.0

%

Gazprom

PJSC

(3)*

863,552

–

GMK

Norilskiy

Nickel

PAO

(3)*

679,000

–

GMK

Norilskiy

Nickel

PAO,

ADR

(3)*

2

–

LUKOIL

PJSC

(3)*

29,987

–

Magnit

PJSC

(3)*

6,681

–

Mobile

TeleSystems

PJSC

(3)*

306,032

–

Novatek

PJSC

(3)*

71,760

–

Novolipetsk

Steel

PJSC

(3)*

326,680

–

PhosAgro

PJSC,

GDR

(3)*(b)

72

–

PhosAgro

PJSC

(3)*

3,717

–

Polyus

PJSC

(3)*

12,910

–

Rosneft

Oil

Co.

PJSC

(3)*

106,000

–

Severstal

PAO,

GDR

(3)*(b)

54,062

–

Surgutneftegas

PAO

(3)*

1,249,260

–

Tatneft

PJSC

(3)*

134,766

–

–

Saudi

Arabia

-

2

.6

%

Al

Rajhi

Co.

for

Co-operative

Insurance

*

4,969

170,434

Arab

National

Bank

178,216

1,032,018

Bupa

Arabia

for

Cooperative

Insurance

Co.

(1)

3,362

159,651

Co.

for

Cooperative

Insurance

(The)

14,461

609,234

Elm

Co.

14,367

3,836,114

Etihad

Etisalat

Co.

(1)

310,632

4,911,473

Riyad

Bank

48,875

374,410

INVESTMENTS

SHARES

VALUE

($)

Saudi

Arabia

-

2.6%

(continued)

Saudi

Telecom

Co.

290,800

3,298,681

14,392,015

South

Africa

-

2

.9

%

Absa

Group

Ltd.

119,663

1,191,055

Exxaro

Resources

Ltd.

(1)

93,929

779,552

Harmony

Gold

Mining

Co.

Ltd.,

ADR

(1)

224,461

3,135,720

Nedbank

Group

Ltd.

(1)

235,721

3,236,150

Old

Mutual

Ltd.

(1)

2,309,043

1,574,251

OUTsurance

Group

Ltd.

(1)

117,375

519,324

Sanlam

Ltd.

(1)

160,986

806,305

Sibanye

Stillwater

Ltd.

*

1,444,447

2,630,535

Standard

Bank

Group

Ltd.

167,538

2,151,125

16,024,017

South

Korea

-

11

.7

%

DB

Insurance

Co.

Ltd.

78,792

7,189,974

Doosan

Bobcat,

Inc.

7,986

343,266

Hana

Financial

Group,

Inc.

123,723

7,880,910

HMM

Co.

Ltd.

78,480

1,308,515

HYBE

Co.

Ltd.

*

6,448

1,474,238

Hyundai

Glovis

Co.

Ltd.

9,053

901,323

Hyundai

Rotem

Co.

Ltd.

1,956

283,846

Industrial

Bank

of

Korea

280,445

3,787,699

Kakao

Corp.

72,410

3,211,982

KB

Financial

Group,

Inc.

10,762

884,381

Kia

Corp.

53,980

3,862,507

Korea

Investment

Holdings

Co.

Ltd.

19,423

2,004,326

Krafton,

Inc.

*

4,056

1,088,993

LG

Uplus

Corp.

11,488

121,624

NAVER

Corp.

21,399

4,155,365

NCSoft

Corp.

3,980

607,944

Samsung

Electronics

Co.

Ltd.

241,403

10,675,231

Shinhan

Financial

Group

Co.

Ltd.

23,819

1,079,879

SK

Hynix,

Inc.

17,887

3,854,320

SK

Square

Co.

Ltd.

*

11,811

1,587,505

Woori

Financial

Group,

Inc.

480,978

8,003,106

64,306,934

Taiwan

-

17

.7

%

Accton

Technology

Corp.

78,960

1,973,507

ASE

Technology

Holding

Co.

Ltd.

61,840

310,238

Asustek

Computer,

Inc.

45,000

994,831

Compal

Electronics,

Inc.

729,560

725,653

Evergreen

Marine

Corp.

Taiwan

Ltd.

825,000

5,617,986

Fubon

Financial

Holding

Co.

Ltd.

335,000

1,003,208

Hon

Hai

Precision

Industry

Co.

Ltd.

512,760

2,829,069

International

Games

System

Co.

Ltd.

236,000

6,927,963

MediaTek,

Inc.

158,980

6,812,080

Pegatron

Corp.

432,900

1,140,412

PharmaEssentia

Corp.

*

118,000

2,213,444

Pou

Chen

Corp.

*

208,620

221,214

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,538,900

56,276,584

United

Microelectronics

Corp.

2,100,580

3,168,296

Wan

Hai

Lines

Ltd.

405,000

1,231,650

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

19

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Taiwan

-

17.7%

(continued)

Yang

Ming

Marine

Transport

Corp.

2,078,000

5,051,481

96,497,616

Thailand

-

1

.9

%

Kasikornbank

PCL,

NVDR

578,600

2,733,075

Krung

Thai

Bank

PCL,

NVDR

7,116,500

4,668,179

SCB

X

PCL,

NVDR

681,200

2,463,406

TMBThanachart

Bank

PCL,

NVDR

9,269,400

539,358

10,404,018

Turkiye

-

0

.5

%

Akbank

TAS

114,851

196,824

Turk

Hava

Yollari

AO

178,850

1,274,167

Yapi

ve

Kredi

Bankasi

A/S

*

1,350,991

1,076,043

2,547,034

United

Arab

Emirates

-

0

.9

%

Aldar

Properties

PJSC

158,981

386,323

Dubai

Islamic

Bank

PJSC

110,098

271,849

Emaar

Properties

PJSC

334,521

1,240,953

Emirates

NBD

Bank

PJSC

(1)

464,241

2,882,072

First

Abu

Dhabi

Bank

PJSC

34,139

154,285

4,935,482

United

States

-

1

.2

%

JBS

NV,

BDR

(1)*

463,000

6,664,930

TOTAL

COMMON

STOCKS

(Cost

$385,534,624)

524,517,870

PREFERRED

STOCKS

-

0.9%

Brazil

-

0

.9

%

Banco

Bradesco

SA

(Preference)

(1)

1,049,700

3,251,633

Cia

Energetica

de

Minas

Gerais

(Preference)

(1)

823,620

1,637,205

TOTAL

PREFERRED

STOCKS

(Cost

$3,550,066)                                                    

4,888,838

SHORT-TERM

INVESTMENTS

-

3.3%

INVESTMENT

COMPANIES

-

3

.3

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(1)(c)

(Cost

$18,253,829)

18,262,237

18,256,758

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.9%

(Cost

$407,338,519)

547,663,466

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.1%

‡

542,818

NET

ASSETS

-

100.0%

548,206,284

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

63,926,237

11

.7

%

Consumer

Discretionary

41,364,865

7

.5

Consumer

Staples

20,087,460

3

.7

Energy

18,133,570

3

.3

Financials

164,782,647

30

.1

Health

Care

12,096,902

2

.2

Industrials

57,405,756

10

.5

Information

Technology

115,857,363

21

.1

Materials

18,030,444

3

.3

Real

Estate

5,651,986

1

.0

Utilities

12,069,478

2

.2

Investment

Companies

18,256,758

3

.3

Total

Investments

In

Securities

At

Value

547,663,466

99

.9

Other

Assets

in

Excess

of

Liabilities

‡

542,818

0

.1

Net

Assets

$

548,206,284

100

.0

%

20

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

EMERGING

MULTI-STYLE

II

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$17,154,341

of

investment

in

securities,

which

represents

3.13%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$8,303,086

of

investment

in

securities,

which

represents

1.51%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

Emerging

Markets

Index

251

9/2025

USD

$

15,480,425

$

273,839

Net

unrealized

appreciation

$

273,839

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

June

2025

21

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

96.8%

Communication

Services

-

10

.6

%

Diversified

Telecommunication

Services

-

1

.1

%

AT&T,

Inc.

226,366

6,551,032

Liberty

Global

Ltd.,

Class

A

(Belgium)

*

84,426

845,104

7,396,136

Entertainment

-

3

.1

%

Electronic

Arts,

Inc.

6,096

973,531

Liberty

Media

Corp.-Liberty

Live,

Class

C

*

4,637

376,339

Netflix,

Inc.

*

9,127

12,222,239

ROBLOX

Corp.,

Class

A

*

13,559

1,426,407

Spotify

Technology

SA

*

6,873

5,273,928

20,272,444

Interactive

Media

&

Services

-

5

.3

%

Alphabet,

Inc.,

Class

A

19,965

3,518,432

Meta

Platforms,

Inc.,

Class

A

41,525

30,649,187

34,167,619

Media

-

0

.3

%

Charter

Communications,

Inc.,

Class

A

*

439

179,468

Fox

Corp.,

Class

A

30,837

1,728,105

1,907,573

Wireless

Telecommunication

Services

-

0

.8

%

T-Mobile

US,

Inc.

20,790

4,953,426

Total

Communication

Services

68,697,198

Consumer

Discretionary

-

8

.5

%

Automobiles

-

2

.4

%

Tesla,

Inc.

*

49,336

15,672,074

Broadline

Retail

-

0

.3

%

Amazon.com,

Inc.

*

5,319

1,166,935

Coupang,

Inc.

(South

Korea)

*

7,635

228,745

eBay,

Inc.

7,392

550,408

1,946,088

Diversified

Consumer

Services

-

0

.1

%

Duolingo,

Inc.,

Class

A

*

1,629

667,923

Hotels,

Restaurants

&

Leisure

-

2

.5

%

Aramark

9,846

412,252

Booking

Holdings,

Inc.

432

2,500,952

Carnival

Corp.

*

9,419

264,862

Cava

Group,

Inc.

*

2,329

196,172

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

59,398

3,335,198

Domino's

Pizza,

Inc.

1,642

739,885

DoorDash,

Inc.,

Class

A

*

5,842

1,440,111

Dutch

Bros,

Inc.,

Class

A

*

10,010

684,384

McDonald's

Corp.

5,018

1,466,109

Royal

Caribbean

Cruises

Ltd.

14,740

4,615,683

Starbucks

Corp.

2,633

241,262

15,896,870

INVESTMENTS

SHARES

VALUE

($)

Household

Durables

-

0

.5

%

Garmin

Ltd.

12,279

2,562,873

Somnigroup

International,

Inc.

14,032

954,877

3,517,750

Specialty

Retail

-

2

.4

%

AutoNation,

Inc.

*

11,403

2,265,206

Carvana

Co.,

Class

A

*

6,946

2,340,524

Dick's

Sporting

Goods,

Inc.

7,473

1,478,234

Home

Depot,

Inc.

(The)

6,141

2,251,536

Lowe's

Cos.,

Inc.

5,244

1,163,486

O'Reilly

Automotive,

Inc.

*

18,960

1,708,865

Penske

Automotive

Group,

Inc.

5,891

1,012,133

Ross

Stores,

Inc.

2,920

372,534

TJX

Cos.,

Inc.

(The)

5,956

735,507

Tractor

Supply

Co.

22,325

1,178,090

Williams-Sonoma,

Inc.

5,622

918,466

15,424,581

Textiles,

Apparel

&

Luxury

Goods

-

0

.3

%

Amer

Sports,

Inc.

(Finland)

*

31,667

1,227,413

Deckers

Outdoor

Corp.

*

2,959

304,984

Tapestry,

Inc.

5,302

465,569

1,997,966

Total

Consumer

Discretionary

55,123,252

Consumer

Staples

-

6

.7

%

Beverages

-

1

.0

%

Coca-Cola

Co.

(The)

61,241

4,332,801

Coca-Cola

Consolidated,

Inc.

2,600

290,290

Constellation

Brands,

Inc.,

Class

A

4,147

674,634

Monster

Beverage

Corp.

*

21,254

1,331,350

6,629,075

Consumer

Staples

Distribution

&

Retail

-

3

.5

%

BJ's

Wholesale

Club

Holdings,

Inc.

*

5,820

627,570

Casey's

General

Stores,

Inc.

2,884

1,471,619

Costco

Wholesale

Corp.

6,245

6,182,175

Kroger

Co.

(The)

18,545

1,330,233

Walmart,

Inc.

136,947

13,390,678

23,002,275

Food

Products

-

0

.2

%

Pilgrim's

Pride

Corp.

26,356

1,185,493

Personal

Care

Products

-

0

.0

%

†

Kenvue,

Inc.

7,949

166,373

Tobacco

-

2

.0

%

Altria

Group,

Inc.

43,837

2,570,163

Philip

Morris

International,

Inc.

56,242

10,243,356

12,813,519

Total

Consumer

Staples

43,796,735

Energy

-

2

.1

%

Energy

Equipment

&

Services

-

0

.2

%

TechnipFMC

plc

(United

Kingdom)

39,850

1,372,434

22

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

1

.9

%

Antero

Resources

Corp.

*

8,803

354,585

Cheniere

Energy,

Inc.

4,455

1,084,881

Diamondback

Energy,

Inc.

3,302

453,695

DT

Midstream,

Inc.

6,682

734,418

EQT

Corp.

6,318

368,466

Exxon

Mobil

Corp.

1,918

206,760

Kinder

Morgan,

Inc.

13,847

407,102

Marathon

Petroleum

Corp.

10,106

1,678,708

Occidental

Petroleum

Corp.

4,478

188,121

Targa

Resources

Corp.

32,374

5,635,666

Texas

Pacific

Land

Corp.

666

703,556

Williams

Cos.,

Inc.

(The)

7,197

452,043

12,268,001

Total

Energy

13,640,435

Financials

-

19

.7

%

Banks

-

5

.8

%

Bank

of

America

Corp.

72,544

3,432,782

Citigroup,

Inc.

51,766

4,406,322

Citizens

Financial

Group,

Inc.

45,548

2,038,273

Commerce

Bancshares,

Inc.

7,527

467,954

East

West

Bancorp,

Inc.

8,433

851,564

Fifth

Third

Bancorp

24,673

1,014,800

First

Citizens

BancShares,

Inc.,

Class

A

265

518,465

First

Horizon

Corp.

63,769

1,351,903

JPMorgan

Chase

&

Co.

53,419

15,486,702

KeyCorp

11,409

198,745

M&T

Bank

Corp.

11,034

2,140,486

Truist

Financial

Corp.

5,179

222,645

Wells

Fargo

&

Co.

58,801

4,711,136

Western

Alliance

Bancorp

3,140

244,857

Wintrust

Financial

Corp.

1,608

199,360

Zions

Bancorp

NA

8,637

448,606

37,734,600

Capital

Markets

-

5

.4

%

Ameriprise

Financial,

Inc.

6,911

3,688,608

Bank

of

New

York

Mellon

Corp.

(The)

20,843

1,899,006

Blackrock,

Inc.

365

382,976

Cboe

Global

Markets,

Inc.

1,328

309,703

CME

Group,

Inc.

6,574

1,811,926

Coinbase

Global,

Inc.,

Class

A

*

703

246,394

FactSet

Research

Systems,

Inc.

1,562

698,651

Goldman

Sachs

Group,

Inc.

(The)

6,199

4,387,342

Interactive

Brokers

Group,

Inc.,

Class

A

4,204

232,944

Intercontinental

Exchange,

Inc.

4,335

795,342

Jefferies

Financial

Group,

Inc.

24,961

1,365,117

LPL

Financial

Holdings,

Inc.

10,982

4,117,921

Moody's

Corp.

2,295

1,151,149

Morgan

Stanley

31,752

4,472,587

MSCI,

Inc.,

Class

A

3,987

2,299,462

Nasdaq,

Inc.

11,442

1,023,144

INVESTMENTS

SHARES

VALUE

($)

Capital

Markets

-

5.4%

(continued)

Robinhood

Markets,

Inc.,

Class

A

*

31,455

2,945,132

S&P

Global,

Inc.

3,044

1,605,071

Virtu

Financial,

Inc.,

Class

A

39,822

1,783,627

35,216,102

Consumer

Finance

-

0

.9

%

American

Express

Co.

5,135

1,637,962

Capital

One

Financial

Corp.

8,285

1,762,717

OneMain

Holdings,

Inc.

11,245

640,965

SLM

Corp.

10,899

357,378

Synchrony

Financial

15,749

1,051,088

5,450,110

Financial

Services

-

5

.1

%

Affirm

Holdings,

Inc.,

Class

A

*

17,223

1,190,798

Apollo

Global

Management,

Inc.

2,848

404,046

Berkshire

Hathaway,

Inc.,

Class

B

*

32,618

15,844,846

Corebridge

Financial,

Inc.

6,001

213,036

Equitable

Holdings,

Inc.

18,138

1,017,542

Fiserv,

Inc.

*

6,637

1,144,285

Mastercard,

Inc.,

Class

A

9,549

5,365,965

Toast,

Inc.,

Class

A

*

9,007

398,920

Visa,

Inc.,

Class

A

20,749

7,366,932

32,946,370

Insurance

-

2

.5

%

Aflac,

Inc.

4,242

447,361

Allstate

Corp.

(The)

6,916

1,392,260

American

International

Group,

Inc.

17,195

1,471,720

Aon

plc,

Class

A

683

243,667

Arch

Capital

Group

Ltd.

6,086

554,130

Arthur

J

Gallagher

&

Co.

7,955

2,546,555

Assured

Guaranty

Ltd.

21,907

1,908,100

Axis

Capital

Holdings

Ltd.

5,718

593,643

Lincoln

National

Corp.

15,597

539,656

Progressive

Corp.

(The)

14,432

3,851,324

Unum

Group

23,550

1,901,898

W

R

Berkley

Corp.

7,284

535,155

Willis

Towers

Watson

plc

851

260,832

16,246,301

Total

Financials

127,593,483

Health

Care

-

6

.9

%

Biotechnology

-

2

.1

%

AbbVie,

Inc.

27,487

5,102,137

Alnylam

Pharmaceuticals,

Inc.

*

2,779

906,204

Amgen,

Inc.

5,223

1,458,314

Exelixis,

Inc.

*

12,472

549,703

Gilead

Sciences,

Inc.

17,668

1,958,851

Natera,

Inc.

*

8,640

1,459,642

United

Therapeutics

Corp.

*

4,751

1,365,200

Vertex

Pharmaceuticals,

Inc.

*

1,058

471,022

13,271,073

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

23

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

1

.7

%

Abbott

Laboratories

22,283

3,030,711

Boston

Scientific

Corp.

*

17,375

1,866,249

Dexcom,

Inc.

*

4,031

351,866

Edwards

Lifesciences

Corp.

*

5,160

403,563

Hologic,

Inc.

*

7,943

517,566

IDEXX

Laboratories,

Inc.

*

3,637

1,950,668

Intuitive

Surgical,

Inc.

*

3,924

2,132,341

Stryker

Corp.

1,647

651,603

10,904,567

Health

Care

Providers

&

Services

-

1

.1

%

Cardinal

Health,

Inc.

2,021

339,528

Cencora,

Inc.

1,680

503,748

Elevance

Health,

Inc.

3,564

1,386,254

HCA

Healthcare,

Inc.

3,101

1,187,993

McKesson

Corp.

2,935

2,150,709

Molina

Healthcare,

Inc.

*

1,627

484,683

UnitedHealth

Group,

Inc.

3,855

1,202,644

7,255,559

Health

Care

Technology

-

0

.5

%

Doximity,

Inc.,

Class

A

*

10,845

665,232

Veeva

Systems,

Inc.,

Class

A

*

9,078

2,614,283

3,279,515

Life

Sciences

Tools

&

Services

-

0

.3

%

Thermo

Fisher

Scientific,

Inc.

5,257

2,131,503

Pharmaceuticals

-

1

.2

%

Bristol-Myers

Squibb

Co.

16,184

749,157

Eli

Lilly

&

Co.

4,218

3,288,058

Johnson

&

Johnson

18,194

2,779,133

Zoetis,

Inc.,

Class

A

5,483

855,074

7,671,422

Total

Health

Care

44,513,639

Industrials

-

11

.3

%

Aerospace

&

Defense

-

3

.5

%

Axon

Enterprise,

Inc.

*

2,995

2,479,680

BWX

Technologies,

Inc.

2,935

422,816

Curtiss-Wright

Corp.

5,358

2,617,651

GE

Aerospace

28,239

7,268,436

Howmet

Aerospace,

Inc.

17,600

3,275,888

Lockheed

Martin

Corp.

5,283

2,446,769

Northrop

Grumman

Corp.

5,286

2,642,894

TransDigm

Group,

Inc.

838

1,274,297

22,428,431

Building

Products

-

1

.0

%

A

O

Smith

Corp.

4,045

265,231

Lennox

International,

Inc.

314

179,997

Trane

Technologies

plc

14,545

6,362,128

6,807,356

INVESTMENTS

SHARES

VALUE

($)

Commercial

Services

&

Supplies

-

1

.2

%

Cintas

Corp.

23,096

5,147,406

Clean

Harbors,

Inc.

*

802

185,406

Copart,

Inc.

*

34,720

1,703,710

Rollins,

Inc.

14,763

832,929

7,869,451

Construction

&

Engineering

-

0

.9

%

AECOM

8,308

937,641

EMCOR

Group,

Inc.

2,495

1,334,551

Quanta

Services,

Inc.

9,317

3,522,571

5,794,763

Electrical

Equipment

-

0

.4

%

Eaton

Corp.

plc

6,837

2,440,741

Ground

Transportation

-

0

.4

%

JB

Hunt

Transport

Services,

Inc.

2,681

384,991

Old

Dominion

Freight

Line,

Inc.

9,440

1,532,112

Uber

Technologies,

Inc.

*

6,226

580,886

2,497,989

Industrial

Conglomerates

-

0

.2

%

Honeywell

International,

Inc.

5,345

1,244,744

Machinery

-

2

.0

%

Allison

Transmission

Holdings,

Inc.

24,508

2,328,015

Caterpillar,

Inc.

4,750

1,843,997

Deere

&

Co.

4,046

2,057,351

Esab

Corp.

1,446

174,315

Illinois

Tool

Works,

Inc.

6,540

1,617,015

PACCAR,

Inc.

6,399

608,289

Parker-Hannifin

Corp.

4,198

2,932,177

Westinghouse

Air

Brake

Technologies

Corp.

6,146

1,286,665

Xylem,

Inc.

3,586

463,885

13,311,709

Passenger

Airlines

-

0

.2

%

United

Airlines

Holdings,

Inc.

*

17,625

1,403,479

Professional

Services

-

0

.5

%

Automatic

Data

Processing,

Inc.

3,597

1,109,315

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

8,867

923,320

Verisk

Analytics,

Inc.,

Class

A

4,134

1,287,741

3,320,376

Trading

Companies

&

Distributors

-

1

.0

%

Fastenal

Co.

28,056

1,178,352

United

Rentals,

Inc.

2,557

1,926,444

Watsco,

Inc.

3,619

1,598,223

WW

Grainger,

Inc.

1,471

1,530,193

6,233,212

Total

Industrials

73,352,251

24

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Information

Technology

-

23

.0

%

Communications

Equipment

-

0

.7

%

Arista

Networks,

Inc.

*

27,190

2,781,809

Ubiquiti,

Inc.

4,147

1,707,113

4,488,922

Electronic

Equipment,

Instruments

&

Components

-

0

.9

%

Amphenol

Corp.,

Class

A

26,448

2,611,740

Jabil,

Inc.

8,553

1,865,409

TD

SYNNEX

Corp.

8,495

1,152,772

Zebra

Technologies

Corp.,

Class

A

*

1,545

476,416

6,106,337

IT

Services

-

1

.5

%

Accenture

plc,

Class

A

(Ireland)

1,073

320,709

Cloudflare,

Inc.,

Class

A

*

4,252

832,669

GoDaddy,

Inc.,

Class

A

*

1,615

290,797

International

Business

Machines

Corp.

15,313

4,513,966

Kyndryl

Holdings,

Inc.

*

34,881

1,463,607

Twilio,

Inc.,

Class

A

*

8,385

1,042,759

VeriSign,

Inc.

4,493

1,297,578

9,762,085

Semiconductors

&

Semiconductor

Equipment

-

9

.9

%

Analog

Devices,

Inc.

2,424

576,960

Applied

Materials,

Inc.

3,864

707,383

Broadcom,

Inc.

78,271

21,575,401

KLA

Corp.

2,232

1,999,292

NVIDIA

Corp.

238,652

37,704,629

Texas

Instruments,

Inc.

6,524

1,354,513

63,918,178

Software

-

6

.0

%

Adobe,

Inc.

*

969

374,887

AppLovin

Corp.,

Class

A

*

8,987

3,146,169

Autodesk,

Inc.

*

3,076

952,237

Cadence

Design

Systems,

Inc.

*

4,122

1,270,194

Docusign,

Inc.,

Class

A

*

3,879

302,135

Fair

Isaac

Corp.

*

1,449

2,648,714

Fortinet,

Inc.

*

13,258

1,401,636

Guidewire

Software,

Inc.

*

1,911

449,945

Intuit,

Inc.

2,897

2,281,764

Microsoft

Corp.

6,033

3,000,875

MicroStrategy,

Inc.,

Class

A

*

5,705

2,306,132

Nutanix,

Inc.,

Class

A

*

9,273

708,828

Oracle

Corp.

26,064

5,698,373

Palantir

Technologies,

Inc.,

Class

A

*

50,144

6,835,630

Palo

Alto

Networks,

Inc.

*

6,438

1,317,472

Salesforce,

Inc.

2,432

663,182

ServiceNow,

Inc.

*

4,353

4,475,232

Synopsys,

Inc.

*

2,591

1,328,354

39,161,759

INVESTMENTS

SHARES

VALUE

($)

Technology

Hardware,

Storage

&

Peripherals

-

4

.0

%

Apple,

Inc.

122,080

25,047,153

NetApp,

Inc.

5,567

593,164

25,640,317

Total

Information

Technology

149,077,598

Materials

-

0

.9

%

Chemicals

-

0

.4

%

Element

Solutions,

Inc.

11,386

257,893

Sherwin-Williams

Co.

(The)

6,123

2,102,393

2,360,286

Containers

&

Packaging

-

0

.2

%

Avery

Dennison

Corp.

4,365

765,926

Packaging

Corp.

of

America

3,115

587,022

1,352,948

Metals

&

Mining

-

0

.3

%

Reliance,

Inc.

3,454

1,084,211

Steel

Dynamics,

Inc.

6,772

866,884

1,951,095

Total

Materials

5,664,329

Real

Estate

-

2

.3

%

Health

Care

REITs

-

1

.0

%

Medical

Properties

Trust,

Inc.,

REIT

139,323

600,482

Omega

Healthcare

Investors,

Inc.,

REIT

19,264

706,026

Ventas,

Inc.,

REIT

24,124

1,523,430

Welltower,

Inc.,

REIT

23,607

3,629,104

6,459,042

Office

REITs

-

0

.2

%

Highwoods

Properties,

Inc.,

REIT

14,906

463,428

Vornado

Realty

Trust,

REIT

18,583

710,614

1,174,042

Real

Estate

Management

&

Development

-

0

.3

%

CoStar

Group,

Inc.

*

20,700

1,664,280

Zillow

Group,

Inc.,

Class

C

*

6,586

461,349

2,125,629

Specialized

REITs

-

0

.8

%

American

Tower

Corp.,

REIT

14,042

3,103,563

Crown

Castle,

Inc.,

REIT

8,010

822,867

Digital

Realty

Trust,

Inc.,

REIT

3,200

557,856

Iron

Mountain,

Inc.,

REIT

5,659

580,444

SBA

Communications

Corp.,

REIT

1,069

251,044

5,315,774

Total

Real

Estate

15,074,487

Utilities

-

4

.8

%

Electric

Utilities

-

1

.9

%

American

Electric

Power

Co.,

Inc.

4,314

447,621

Constellation

Energy

Corp.

4,804

1,550,539

Duke

Energy

Corp.

19,924

2,351,032

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

25

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electric

Utilities

-

1.9%

(continued)

Entergy

Corp.

23,229

1,930,794

Exelon

Corp.

44,131

1,916,168

NextEra

Energy,

Inc.

4,826

335,021

NRG

Energy,

Inc.

11,354

1,823,225

PPL

Corp.

11,028

373,739

Southern

Co.

(The)

16,719

1,535,306

12,263,445

Gas

Utilities

-

0

.5

%

Atmos

Energy

Corp.

5,400

832,194

MDU

Resources

Group,

Inc.

33,464

557,845

National

Fuel

Gas

Co.

11,629

985,092

UGI

Corp.

30,659

1,116,601

3,491,732

Independent

Power

and

Renewable

Electricity

Producers

-

0

.5

%

Vistra

Corp.

16,206

3,140,885

Multi-Utilities

-

1

.4

%

Ameren

Corp.

19,498

1,872,588

Consolidated

Edison,

Inc.

9,928

996,275

Dominion

Energy,

Inc.

34,317

1,939,597

NiSource,

Inc.

38,066

1,535,582

Public

Service

Enterprise

Group,

Inc.

10,533

886,668

WEC

Energy

Group,

Inc.

19,554

2,037,527

9,268,237

Water

Utilities

-

0

.5

%

American

Water

Works

Co.,

Inc.

21,322

2,966,103

Total

Utilities

31,130,402

TOTAL

COMMON

STOCKS

(Cost

$300,482,195)

627,663,809

SHORT-TERM

INVESTMENTS

-

3.0%

INVESTMENT

COMPANIES

-

3

.0

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(a)

(Cost

$19,174,436)

19,182,098

19,176,343

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.8%

(Cost

$319,656,631)

646,840,152

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.2%

‡

1,251,232

NET

ASSETS

-

100.0%

648,091,384

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

68,697,198

10

.6

%

Consumer

Discretionary

55,123,252

8

.5

Consumer

Staples

43,796,735

6

.7

Energy

13,640,435

2

.1

Financials

127,593,483

19

.7

Health

Care

44,513,639

6

.9

Industrials

73,352,251

11

.3

Information

Technology

149,077,598

23

.0

Materials

5,664,329

0

.9

Real

Estate

15,074,487

2

.3

Utilities

31,130,402

4

.8

Investment

Companies

19,176,343

3

.0

Total

Investments

In

Securities

At

Value

646,840,152

99

.8

Other

Assets

in

Excess

of

Liabilities

‡

1,251,232

0

.2

Net

Assets

$

648,091,384

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820.

26

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

57

9/2025

USD

$

17,823,188

$

630,490

Net

unrealized

appreciation

$

630,490

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

Funds

|

N-PORT

Part

F

|

June

2025

27

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.7%

Communication

Services

-

2

.8

%

Diversified

Telecommunication

Services

-

1

.2

%

AST

SpaceMobile,

Inc.

*

20,490

957,498

IDT

Corp.,

Class

B

4,799

327,867

Lumen

Technologies,

Inc.

*

58,492

256,195

1,541,560

Entertainment

-

0

.3

%

Cinemark

Holdings,

Inc.

8,873

267,787

IMAX

Corp.

*

4,330

121,067

388,854

Interactive

Media

&

Services

-

0

.6

%

Cargurus,

Inc.,

Class

A

*

4,423

148,038

EverQuote,

Inc.,

Class

A

*

3,454

83,518

fuboTV,

Inc.

*

35,511

137,072

Grindr,

Inc.

(Singapore)

*

15,948

362,020

Vimeo,

Inc.

*

7,563

30,554

761,202

Media

-

0

.5

%

EchoStar

Corp.,

Class

A

*

9,077

251,433

Gambling.com

Group

Ltd.

(Malta)

*

4,500

53,505

John

Wiley

&

Sons,

Inc.,

Class

A

895

39,944

Magnite,

Inc.

*

4,704

113,461

National

CineMedia,

Inc.

10,753

52,098

TEGNA,

Inc.

7,537

126,320

636,761

Wireless

Telecommunication

Services

-

0

.2

%

Telephone

and

Data

Systems,

Inc.

7,660

272,543

Total

Communication

Services

3,600,920

Consumer

Discretionary

-

7

.1

%

Automobile

Components

-

0

.3

%

Dorman

Products,

Inc.

*

269

32,998

Modine

Manufacturing

Co.

*

2,242

220,837

Patrick

Industries,

Inc.

1,809

166,917

420,752

Broadline

Retail

-

0

.1

%

Groupon,

Inc.

*

2,175

72,754

Distributors

-

0

.0

%

†

A-Mark

Precious

Metals,

Inc.

1,656

36,730

Diversified

Consumer

Services

-

2

.0

%

Adtalem

Global

Education,

Inc.

*

3,189

405,736

American

Public

Education,

Inc.

*

6,358

193,665

Carriage

Services,

Inc.,

Class

A

4,474

204,641

Frontdoor,

Inc.

*

5,134

302,598

Graham

Holdings

Co.,

Class

B

81

76,640

Laureate

Education,

Inc.,

Class

A

*

10,072

235,483

Lincoln

Educational

Services

Corp.

*

5,524

127,328

OneSpaWorld

Holdings

Ltd.

(Bahamas)

5,840

119,078

Perdoceo

Education

Corp.

3,785

123,732

Strategic

Education,

Inc.

394

33,541

INVESTMENTS

SHARES

VALUE

($)

Diversified

Consumer

Services

-

2.0%

(continued)

Stride,

Inc.

*

3,602

522,974

Universal

Technical

Institute,

Inc.

*

6,821

231,164

2,576,580

Hotels,

Restaurants

&

Leisure

-

1

.7

%

Brinker

International,

Inc.

*

3,564

642,696

Cheesecake

Factory,

Inc.

(The)

2,138

133,967

Kura

Sushi

USA,

Inc.,

Class

A

*

797

68,606

Life

Time

Group

Holdings,

Inc.

*

11,038

334,782

Lindblad

Expeditions

Holdings,

Inc.

*

3,908

45,606

Red

Rock

Resorts,

Inc.,

Class

A

792

41,208

Rush

Street

Interactive,

Inc.

*

26,190

390,231

Sabre

Corp.

*

14,832

46,869

Shake

Shack,

Inc.,

Class

A

*

991

139,335

Super

Group

SGHC

Ltd.

(Guernsey)

20,403

223,821

Sweetgreen,

Inc.,

Class

A

*

2,305

34,298

2,101,419

Household

Durables

-

0

.5

%

Cavco

Industries,

Inc.

*

215

93,403

Green

Brick

Partners,

Inc.

*

6,031

379,229

La-Z-Boy,

Inc.

1,126

41,853

M/I

Homes,

Inc.

*

921

103,263

617,748

Leisure

Products

-

0

.5

%

Acushnet

Holdings

Corp.

5,770

420,171

Latham

Group,

Inc.

*

5,638

35,970

Peloton

Interactive,

Inc.,

Class

A

*

30,823

213,912

670,053

Specialty

Retail

-

1

.9

%

Abercrombie

&

Fitch

Co.,

Class

A

*

554

45,899

Asbury

Automotive

Group,

Inc.

*

1,031

245,935

Boot

Barn

Holdings,

Inc.

*

473

71,896

Buckle,

Inc.

(The)

5,074

230,106

Build-A-Bear

Workshop,

Inc.

4,543

234,237

EVgo,

Inc.

*

12,775

46,629

Group

1

Automotive,

Inc.

778

339,760

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

*

33,094

93,656

RealReal,

Inc.

(The)

*

15,569

74,575

Signet

Jewelers

Ltd.

1,657

131,814

Sonic

Automotive,

Inc.,

Class

A

4,482

358,246

Stitch

Fix,

Inc.,

Class

A

*

22,024

81,489

ThredUp,

Inc.,

Class

A

*

8,087

60,572

Urban

Outfitters,

Inc.

*

4,429

321,280

Warby

Parker,

Inc.,

Class

A

*

1,674

36,711

2,372,805

Textiles,

Apparel

&

Luxury

Goods

-

0

.1

%

Kontoor

Brands,

Inc.

1,217

80,285

Wolverine

World

Wide,

Inc.

2,600

47,008

127,293

Total

Consumer

Discretionary

8,996,134

28

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

-

2

.8

%

Beverages

-

0

.2

%

National

Beverage

Corp.

*

4,442

192,072

Vita

Coco

Co.,

Inc.

(The)

*

2,258

81,514

273,586

Consumer

Staples

Distribution

&

Retail

-

1

.8

%

Chefs'

Warehouse,

Inc.

(The)

*

1,961

125,132

Natural

Grocers

by

Vitamin

Cottage,

Inc.

5,902

231,654

Sprouts

Farmers

Market,

Inc.

*

10,838

1,784,368

United

Natural

Foods,

Inc.

*

4,314

100,559

2,241,713

Food

Products

-

0

.4

%

Cal-Maine

Foods,

Inc.

2,944

293,311

Fresh

Del

Monte

Produce,

Inc.

1,847

59,880

Lifeway

Foods,

Inc.

*

2,827

69,685

Seneca

Foods

Corp.,

Class

A

*

412

41,789

Vital

Farms,

Inc.

*

1,992

76,732

541,397

Household

Products

-

0

.1

%

Central

Garden

&

Pet

Co.,

Class

A

*

1,915

59,920

Personal

Care

Products

-

0

.1

%

Honest

Co.,

Inc.

(The)

*

27,250

138,702

Tobacco

-

0

.2

%

Turning

Point

Brands,

Inc.

2,980

225,795

Universal

Corp.

860

50,086

275,881

Total

Consumer

Staples

3,531,199

Energy

-

3

.2

%

Energy

Equipment

&

Services

-

0

.9

%

Archrock,

Inc.

16,883

419,205

Aris

Water

Solutions,

Inc.,

Class

A

7,006

165,692

Kodiak

Gas

Services,

Inc.

1,363

46,710

Solaris

Energy

Infrastructure,

Inc.

5,680

160,687

Tidewater,

Inc.

*

7,505

346,206

1,138,500

Oil,

Gas

&

Consumable

Fuels

-

2

.3

%

Centrus

Energy

Corp.,

Class

A

*

1,794

328,625

CNX

Resources

Corp.

*

7,441

250,613

Comstock

Resources,

Inc.

*

12,216

338,017

Core

Natural

Resources,

Inc.

3,499

244,020

Diversified

Energy

Co.

plc

(a)

2,414

35,413

Dorian

LPG

Ltd.

3,649

88,963

Excelerate

Energy,

Inc.,

Class

A

5,004

146,717

Golar

LNG

Ltd.

(Cameroon)

4,932

203,149

Gulfport

Energy

Corp.

*

1,193

239,996

Hallador

Energy

Co.

*

6,999

110,794

International

Seaways,

Inc.

3,240

118,195

Kinetik

Holdings,

Inc.,

Class

A

4,112

181,134

NextDecade

Corp.

*

8,726

77,749

Northern

Oil

&

Gas,

Inc.

5,616

159,214

INVESTMENTS

SHARES

VALUE

($)

Oil,

Gas

&

Consumable

Fuels

-

2.3%

(continued)

PBF

Energy,

Inc.,

Class

A

3,284

71,164

Sable

Offshore

Corp.

*

6,639

145,925

Scorpio

Tankers,

Inc.

(Monaco)

2,310

90,390

Uranium

Energy

Corp.

*

15,891

108,059

2,938,137

Total

Energy

4,076,637

Financials

-

25

.1

%

Banks

-

15

.3

%

1st

Source

Corp.

1,035

64,242

ACNB

Corp.

1,257

53,850

Amalgamated

Financial

Corp.

5,843

182,302

Ameris

Bancorp

1,595

103,197

Associated

Banc-Corp.

1,569

38,268

Axos

Financial,

Inc.

*

3,332

253,365

BancFirst

Corp.

2,060

254,657

Bancorp,

Inc.

(The)

*

8,913

507,774

Bank

First

Corp.

1,404

165,181

Bank

of

Hawaii

Corp.

3,518

237,571

Bank

of

Marin

Bancorp

7,027

160,497

BankUnited,

Inc.

8,062

286,927

Banner

Corp.

3,168

203,227

Bar

Harbor

Bankshares

2,770

82,989

BayCom

Corp.

2,734

75,759

Berkshire

Hills

Bancorp,

Inc.

6,641

166,291

Bridgewater

Bancshares,

Inc.

*

3,108

49,448

Business

First

Bancshares,

Inc.

5,430

133,850

Byline

Bancorp,

Inc.

2,055

54,930

Cadence

Bank

8,249

263,803

Camden

National

Corp.

3,688

149,659

Capital

Bancorp,

Inc.

3,763

126,362

Capital

City

Bank

Group,

Inc.

3,432

135,049

Capitol

Federal

Financial,

Inc.

18,237

111,246

Carter

Bankshares,

Inc.

*

2,113

36,639

Cathay

General

Bancorp

1,570

71,482

Central

Pacific

Financial

Corp.

7,750

217,233

Chemung

Financial

Corp.

832

40,327

Civista

Bancshares,

Inc.

4,878

113,170

CNB

Financial

Corp.

2,071

47,343

Coastal

Financial

Corp.

*

4,390

425,259

Colony

Bankcorp,

Inc.

6,180

101,785

Community

Financial

System,

Inc.

2,483

141,208

Community

Trust

Bancorp,

Inc.

2,949

156,061

ConnectOne

Bancorp,

Inc.

3,780

87,545

Customers

Bancorp,

Inc.

*

689

40,472

CVB

Financial

Corp.

10,061

199,107

Dime

Community

Bancshares,

Inc.

4,465

120,287

Eastern

Bankshares,

Inc.

9,810

149,799

Enterprise

Financial

Services

Corp.

4,611

254,066

Equity

Bancshares,

Inc.,

Class

A

3,933

160,466

Esquire

Financial

Holdings,

Inc.

4,882

462,130

Farmers

National

Banc

Corp.

2,616

36,075

FB

Financial

Corp.

2,268

102,740

Financial

Institutions,

Inc.

6,081

156,160

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

29

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Banks

-

15.3%

(continued)

First

Bancorp

3,683

162,383

First

BanCorp

7,972

166,057

First

Business

Financial

Services,

Inc.

2,166

109,730

First

Commonwealth

Financial

Corp.

6,642

107,800

First

Community

Bankshares,

Inc.

3,807

149,120

First

Financial

Bankshares,

Inc.

2,427

87,323

First

Financial

Corp.

2,327

126,100

First

Financial

Northwest,

Inc.

(2)*

1,568

1,662

First

Interstate

BancSystem,

Inc.,

Class

A

1,271

36,630

First

Merchants

Corp.

2,598

99,503

First

Mid

Bancshares,

Inc.

4,762

178,527

Five

Star

Bancorp

1,252

35,732

Flagstar

Financial,

Inc.

28,760

304,856

Fulton

Financial

Corp.

9,368

168,999

German

American

Bancorp,

Inc.

3,296

126,929

Glacier

Bancorp,

Inc.

2,912

125,449

Great

Southern

Bancorp,

Inc.

612

35,973

Guaranty

Bancshares,

Inc.

2,294

97,357

Hancock

Whitney

Corp.

3,169

181,901

Hanmi

Financial

Corp.

7,644

188,654

HBT

Financial,

Inc.

1,456

36,706

Heritage

Commerce

Corp.

10,629

105,546

Heritage

Financial

Corp.

9,164

218,470

Hingham

Institution

For

Savings

The

238

59,107

Home

Bancorp,

Inc.

1,531

79,275

Home

BancShares,

Inc.

9,355

266,243

HomeTrust

Bancshares,

Inc.

3,715

138,978

Horizon

Bancorp,

Inc.

14,176

218,027

Independent

Bank

Corp.

3,301

207,583

Independent

Bank

Corp.

8,047

260,803

International

Bancshares

Corp.

2,453

163,272

Kearny

Financial

Corp.

13,788

89,071

Lakeland

Financial

Corp.

3,172

194,919

Mercantile

Bank

Corp.

5,027

233,303

Metropolitan

Bank

Holding

Corp.

*

1,902

133,140

Mid

Penn

Bancorp,

Inc.

2,402

67,736

MidWestOne

Financial

Group,

Inc.

5,560

159,961

NB

Bancorp,

Inc.

*

3,372

60,224

NBT

Bancorp,

Inc.

1,089

45,248

Nicolet

Bankshares,

Inc.

1,650

203,742

Northeast

Bank

3,013

268,127

Northeast

Community

Bancorp,

Inc.

2,569

59,716

Northfield

Bancorp,

Inc.

10,775

123,697

Northrim

Bancorp,

Inc.

2,135

199,110

Northwest

Bancshares,

Inc.

14,802

189,170

OceanFirst

Financial

Corp.

2,600

45,786

OFG

Bancorp

1,958

83,802

Old

National

Bancorp

17,405

371,423

Old

Second

Bancorp,

Inc.

4,972

88,203

Orrstown

Financial

Services,

Inc.

6,081

193,558

Park

National

Corp.

739

123,605

Pathward

Financial,

Inc.

1,820

143,998

Peapack-Gladstone

Financial

Corp.

3,636

102,717

INVESTMENTS

SHARES

VALUE

($)

Banks

-

15.3%

(continued)

Peoples

Financial

Services

Corp.

1,485

73,314

Ponce

Financial

Group,

Inc.

*

6,327

87,566

Provident

Financial

Services,

Inc.

9,028

158,261

QCR

Holdings,

Inc.

1,543

104,770

Renasant

Corp.

2,665

95,753

Republic

Bancorp,

Inc.,

Class

A

1,409

103,012

ServisFirst

Bancshares,

Inc.

3,608

279,656

Shore

Bancshares,

Inc.

9,856

154,936

Sierra

Bancorp

3,383

100,441

Simmons

First

National

Corp.,

Class

A

6,051

114,727

SmartFinancial,

Inc.

2,586

87,355

South

Plains

Financial,

Inc.

1,718

61,917

Southern

Missouri

Bancorp,

Inc.

684

37,470

SouthState

Corp.

6,536

601,508

Stock

Yards

Bancorp,

Inc.

3,337

263,556

Texas

Capital

Bancshares,

Inc.

*

2,561

203,343

Third

Coast

Bancshares,

Inc.

*

1,968

64,295

Tompkins

Financial

Corp.

2,271

142,460

Towne

Bank

5,886

201,184

Triumph

Financial,

Inc.

*

2,953

162,740

TrustCo

Bank

Corp.

3,368

112,559

Trustmark

Corp.

6,443

234,912

UMB

Financial

Corp.

4,314

453,660

United

Bankshares,

Inc.

957

34,864

United

Community

Banks,

Inc.

3,602

107,304

Unity

Bancorp,

Inc.

2,442

114,969

Univest

Financial

Corp.

6,276

188,531

Valley

National

Bancorp

39,775

355,191

Veritex

Holdings,

Inc.

5,379

140,392

Washington

Trust

Bancorp,

Inc.

2,912

82,351

WesBanco,

Inc.

3,441

108,839

WSFS

Financial

Corp.

851

46,805

19,483,390

Capital

Markets

-

2

.8

%

Acadian

Asset

Management,

Inc.

8,653

304,932

Artisan

Partners

Asset

Management,

Inc.,

Class

A

1,872

82,986

BGC

Group,

Inc.,

Class

A

29,338

300,128

Donnelley

Financial

Solutions,

Inc.

*

5,882

362,625

GCM

Grosvenor,

Inc.,

Class

A

2,733

31,593

Hamilton

Lane,

Inc.,

Class

A

3,770

535,792

Perella

Weinberg

Partners

4,172

81,020

Piper

Sandler

Cos.

919

255,427

PJT

Partners,

Inc.,

Class

A

3,670

605,587

StepStone

Group,

Inc.,

Class

A

6,602

366,411

StoneX

Group,

Inc.

*

3,286

299,486

Victory

Capital

Holdings,

Inc.,

Class

A

3,293

209,665

Virtus

Investment

Partners,

Inc.

735

133,329

3,568,981

30

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Consumer

Finance

-

1

.7

%

Atlanticus

Holdings

Corp.

*

1,205

65,974

Bread

Financial

Holdings,

Inc.

3,005

171,645

Dave,

Inc.

*

2,060

552,925

Enova

International,

Inc.

*

1,584

176,648

FirstCash

Holdings,

Inc.

615

83,111

LendingClub

Corp.

*

3,357

40,385

Nelnet,

Inc.,

Class

A

1,866

226,010

OppFi,

Inc.

22,449

314,061

Regional

Management

Corp.

1,265

36,951

Upstart

Holdings,

Inc.

*

6,867

444,157

2,111,867

Financial

Services

-

2

.1

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

3,204

129,121

Cantaloupe,

Inc.

*

7,756

85,238

Enact

Holdings,

Inc.

1,042

38,710

EVERTEC,

Inc.

1,379

49,713

Jackson

Financial,

Inc.,

Class

A

4,964

440,754

Mr

Cooper

Group,

Inc.

*

1,625

242,466

NCR

Atleos

Corp.

*

3,188

90,954

Payoneer

Global,

Inc.

*

14,554

99,695

PennyMac

Financial

Services,

Inc.

7,541

751,385

Priority

Technology

Holdings,

Inc.

*

11,922

92,753

Remitly

Global,

Inc.

*

6,308

118,401

Sezzle,

Inc.

*

3,031

543,307

Walker

&

Dunlop,

Inc.

572

40,315

2,722,812

Insurance

-

3

.2

%

American

Coastal

Insurance

Corp.

7,814

86,892

Baldwin

Insurance

Group,

Inc.

(The)

*

6,319

270,516

CNO

Financial

Group,

Inc.

18,395

709,679

Donegal

Group,

Inc.,

Class

A

1,898

38,007

Genworth

Financial,

Inc.,

Class

A

*

37,888

294,769

Goosehead

Insurance,

Inc.,

Class

A

2,401

253,330

Hamilton

Insurance

Group

Ltd.,

Class

B

*

4,561

98,609

HCI

Group,

Inc.

1,342

204,252

Heritage

Insurance

Holdings,

Inc.

*

11,126

277,482

Hippo

Holdings,

Inc.

*

4,407

123,088

Lemonade,

Inc.

*

5,352

234,471

Mercury

General

Corp.

580

39,057

Oscar

Health,

Inc.,

Class

A

*

3,961

84,924

Palomar

Holdings,

Inc.

*

2,753

424,650

Root,

Inc.,

Class

A

*

1,807

231,242

Selectquote,

Inc.

*

18,263

43,466

SiriusPoint

Ltd.

(Sweden)

*

13,820

281,790

Skyward

Specialty

Insurance

Group,

Inc.

*

3,275

189,262

Tiptree,

Inc.

2,089

49,259

Trupanion,

Inc.

*

1,233

68,247

United

Fire

Group,

Inc.

1,213

34,813

INVESTMENTS

SHARES

VALUE

($)

Insurance

-

3.2%

(continued)

Universal

Insurance

Holdings,

Inc.

3,417

94,753

4,132,558

Total

Financials

32,019,608

Health

Care

-

14

.0

%

Biotechnology

-

7

.0

%

ADMA

Biologics,

Inc.

*

28,767

523,847

Akebia

Therapeutics,

Inc.

*

40,514

147,471

Akero

Therapeutics,

Inc.

*

6,264

334,247

Aldeyra

Therapeutics,

Inc.

*

13,922

53,321

Alkermes

plc

*

7,667

219,353

Anavex

Life

Sciences

Corp.

*

8,550

78,831

Arcellx,

Inc.

*

3,495

230,146

Arcutis

Biotherapeutics,

Inc.

*

13,175

184,713

Aurinia

Pharmaceuticals,

Inc.

(Canada)

*

7,099

60,129

Avidity

Biosciences,

Inc.

*

5,549

157,592

BioCryst

Pharmaceuticals,

Inc.

*

18,662

167,212

Bridgebio

Pharma,

Inc.

*

7,680

331,622

Candel

Therapeutics,

Inc.

*

6,091

30,820

Capricor

Therapeutics,

Inc.

*

5,858

58,170

Cardiff

Oncology,

Inc.

*

10,425

32,839

CareDx,

Inc.

*

6,645

129,843

Catalyst

Pharmaceuticals,

Inc.

*

11,276

244,689

Compass

Therapeutics,

Inc.

*

27,520

71,552

Cytokinetics,

Inc.

*

2,660

87,886

Design

Therapeutics,

Inc.

*

15,662

52,781

Halozyme

Therapeutics,

Inc.

*

8,781

456,788

Insmed,

Inc.

*

13,832

1,392,052

Jasper

Therapeutics,

Inc.

*

8,307

46,104

Kiniksa

Pharmaceuticals

International

plc

*

3,803

105,229

Kodiak

Sciences,

Inc.

*

15,436

57,576

Krystal

Biotech,

Inc.

*

1,014

139,384

Madrigal

Pharmaceuticals,

Inc.

*

1,286

389,195

MannKind

Corp.

*

38,031

142,236

Mirum

Pharmaceuticals,

Inc.

*

4,280

217,809

Novavax,

Inc.

*

8,907

56,114

Nuvalent,

Inc.,

Class

A

*

1,907

145,504

Organogenesis

Holdings,

Inc.,

Class

A

*

11,843

43,345

PDL

BioPharma,

Inc.

(3)*

34,242

1,079

Protagonist

Therapeutics,

Inc.

*

4,557

251,865

PTC

Therapeutics,

Inc.

*

6,143

300,024

Replimune

Group,

Inc.

*

6,063

56,325

Revolution

Medicines,

Inc.

*

3,786

139,287

Rhythm

Pharmaceuticals,

Inc.

*

4,637

293,012

Rigel

Pharmaceuticals,

Inc.

*

1,774

33,227

Scholar

Rock

Holding

Corp.

*

5,781

204,763

Soleno

Therapeutics,

Inc.

*

2,152

180,295

Summit

Therapeutics,

Inc.

*

11,974

254,807

Syndax

Pharmaceuticals,

Inc.

*

3,057

28,629

TG

Therapeutics,

Inc.

*

13,181

474,384

Travere

Therapeutics,

Inc.

*

5,900

87,320

Vaxcyte,

Inc.

*

1,488

48,375

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

31

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Biotechnology

-

7.0%

(continued)

Vera

Therapeutics,

Inc.

*

1,370

32,277

Veracyte,

Inc.

*

4,018

108,607

Vericel

Corp.

*

1,041

44,295

Zymeworks,

Inc.

*

2,812

35,291

8,962,262

Health

Care

Equipment

&

Supplies

-

1

.6

%

AngioDynamics,

Inc.

*

10,618

105,331

Artivion,

Inc.

*

5,184

161,222

AtriCure,

Inc.

*

2,484

81,401

Axogen,

Inc.

*

3,159

34,275

Bioventus,

Inc.,

Class

A

*

11,987

79,354

Glaukos

Corp.

*

1,289

133,141

ICU

Medical,

Inc.

*

550

72,683

Integer

Holdings

Corp.

*

465

57,181

iRadimed

Corp.

1,331

79,581

iRhythm

Technologies,

Inc.

*

371

57,119

Lantheus

Holdings,

Inc.

*

2,579

211,117

LeMaitre

Vascular,

Inc.

1,424

118,263

Merit

Medical

Systems,

Inc.

*

2,719

254,172

PROCEPT

BioRobotics

Corp.

*

1,724

99,302

Pulse

Biosciences,

Inc.

*

8,746

131,977

TransMedics

Group,

Inc.

*

579

77,592

UFP

Technologies,

Inc.

*

853

208,268

1,961,979

Health

Care

Providers

&

Services

-

3

.2

%

Addus

HomeCare

Corp.

*

3,686

424,590

Alignment

Healthcare,

Inc.

*

17,206

240,884

Aveanna

Healthcare

Holdings,

Inc.

*

14,498

75,825

BrightSpring

Health

Services,

Inc.

*

11,410

269,162

CorVel

Corp.

*

4,750

488,205

Ensign

Group,

Inc.

(The)

1,791

276,280

GeneDx

Holdings

Corp.

*

2,929

270,376

Guardant

Health,

Inc.

*

9,698

504,684

HealthEquity,

Inc.

*

1,944

203,653

Hims

&

Hers

Health,

Inc.

*

15,795

787,381

OPKO

Health,

Inc.

*

66,111

87,267

Pediatrix

Medical

Group,

Inc.

*

6,650

95,427

Pennant

Group,

Inc.

(The)

*

3,071

91,669

RadNet,

Inc.

*

3,211

182,738

Select

Medical

Holdings

Corp.

5,751

87,300

Talkspace,

Inc.

*

12,599

35,025

4,120,466

Health

Care

Technology

-

0

.0

%

†

Phreesia,

Inc.

*

1,404

39,958

Life

Sciences

Tools

&

Services

-

0

.4

%

Adaptive

Biotechnologies

Corp.

*

14,371

167,422

Niagen

Bioscience,

Inc.

*

18,452

265,894

433,316

Pharmaceuticals

-

1

.8

%

Amneal

Pharmaceuticals,

Inc.

*

34,270

277,244

Aquestive

Therapeutics,

Inc.

*

11,235

37,188

Axsome

Therapeutics,

Inc.

*

3,006

313,796

INVESTMENTS

SHARES

VALUE

($)

Pharmaceuticals

-

1.8%

(continued)

Corcept

Therapeutics,

Inc.

*

7,772

570,465

CorMedix,

Inc.

*

7,506

92,474

Harrow,

Inc.

*

3,385

103,378

Ligand

Pharmaceuticals,

Inc.

*

1,017

115,613

Liquidia

Corp.

*

9,285

115,691

MediWound

Ltd.

(Israel)

*

1,574

30,488

Omeros

Corp.

*

10,336

31,008

Phibro

Animal

Health

Corp.,

Class

A

1,729

44,159

Prestige

Consumer

Healthcare,

Inc.

*

2,055

164,092

Tarsus

Pharmaceuticals,

Inc.

*

4,063

164,592

Trevi

Therapeutics,

Inc.

*

16,785

91,814

WaVe

Life

Sciences

Ltd.

*

8,881

57,726

Xeris

Biopharma

Holdings,

Inc.

*

12,541

58,566

Zevra

Therapeutics,

Inc.

*

4,612

40,632

2,308,926

Total

Health

Care

17,826,907

Industrials

-

17

.5

%

Aerospace

&

Defense

-

3

.2

%

AeroVironment,

Inc.

*

486

138,486

Archer

Aviation,

Inc.,

Class

A

*

36,364

394,549

Astronics

Corp.

*

1,608

53,836

Byrna

Technologies,

Inc.

*

5,365

165,671

Intuitive

Machines,

Inc.

*

17,193

186,888

Kratos

Defense

&

Security

Solutions,

Inc.

*

10,742

498,966

Leonardo

DRS,

Inc.

14,731

684,697

Mercury

Systems,

Inc.

*

5,365

288,959

Moog,

Inc.,

Class

A

838

151,653

Redwire

Corp.

*

10,329

168,363

Rocket

Lab

Corp.

*

33,046

1,182,055

Triumph

Group,

Inc.

*

6,422

165,366

4,079,489

Building

Products

-

1

.4

%

CSW

Industrials,

Inc.

2,595

744,324

Gibraltar

Industries,

Inc.

*

4,161

245,499

Griffon

Corp.

2,883

208,642

UFP

Industries,

Inc.

5,252

521,839

1,720,304

Commercial

Services

&

Supplies

-

1

.4

%

BrightView

Holdings,

Inc.

*

6,368

106,027

Casella

Waste

Systems,

Inc.,

Class

A

*

2,553

294,565

CECO

Environmental

Corp.

*

5,972

169,067

CoreCivic,

Inc.

*

9,462

199,365

GEO

Group,

Inc.

(The)

*

11,129

266,540

Interface,

Inc.,

Class

A

4,317

90,355

OPENLANE,

Inc.

*

4,285

104,768

Pitney

Bowes,

Inc.

25,919

282,776

UniFirst

Corp.

704

132,507

VSE

Corp.

1,397

182,979

1,828,949

32

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Construction

&

Engineering

-

3

.1

%

Argan,

Inc.

1,074

236,796

Construction

Partners,

Inc.,

Class

A

*

7,244

769,892

Dycom

Industries,

Inc.

*

1,149

280,804

Fluor

Corp.

*

953

48,860

Granite

Construction,

Inc.

1,721

160,931

IES

Holdings,

Inc.

*

1,474

436,643

Limbach

Holdings,

Inc.

*

2,965

415,397

MYR

Group,

Inc.

*

1,385

251,308

Primoris

Services

Corp.

1,962

152,918

Sterling

Infrastructure,

Inc.

*

4,170

962,144

Tutor

Perini

Corp.

*

4,844

226,603

3,942,296

Electrical

Equipment

-

1

.4

%

American

Superconductor

Corp.

*

2,407

88,313

Amprius

Technologies,

Inc.

*

12,448

52,406

Atkore,

Inc.

1,098

77,464

Bloom

Energy

Corp.,

Class

A

*

13,572

324,642

NuScale

Power

Corp.

*

21,657

856,751

Powell

Industries,

Inc.

1,195

251,488

Vicor

Corp.

*

2,105

95,483

1,746,547

Ground

Transportation

-

0

.4

%

ArcBest

Corp.

1,360

104,734

Covenant

Logistics

Group,

Inc.,

Class

A

11,440

275,818

Marten

Transport

Ltd.

5,403

70,185

450,737

Industrial

Conglomerates

-

0

.0

%

†

Brookfield

Business

Corp.,

Class

A

(Canada)

1,516

47,299

Machinery

-

2

.8

%

Alamo

Group,

Inc.

530

115,741

Blue

Bird

Corp.

*

1,743

75,228

Enerpac

Tool

Group

Corp.,

Class

A

2,323

94,221

Enpro,

Inc.

227

43,482

ESCO

Technologies,

Inc.

635

121,838

Federal

Signal

Corp.

1,523

162,078

Franklin

Electric

Co.,

Inc.

2,799

251,182

Graham

Corp.

*

1,061

52,530

Greenbrier

Cos.,

Inc.

(The)

2,064

95,047

JBT

Marel

Corp.

1,830

220,076

Kadant,

Inc.

1,653

524,745

Mueller

Industries,

Inc.

12,826

1,019,282

REV

Group,

Inc.

1,461

69,529

SPX

Technologies,

Inc.

*

2,988

501,028

Watts

Water

Technologies,

Inc.,

Class

A

1,024

251,791

3,597,798

Marine

Transportation

-

0

.0

%

†

Matson,

Inc.

423

47,101

INVESTMENTS

SHARES

VALUE

($)

Passenger

Airlines

-

0

.7

%

Joby

Aviation,

Inc.

*

12,090

127,549

SkyWest,

Inc.

*

7,069

727,895

855,444

Professional

Services

-

1

.6

%

Barrett

Business

Services,

Inc.

4,332

180,601

CBIZ,

Inc.

*

2,394

171,674

CRA

International,

Inc.

1,390

260,444

CSG

Systems

International,

Inc.

976

63,743

ExlService

Holdings,

Inc.

*

6,521

285,555

Exponent,

Inc.

1,356

101,307

Huron

Consulting

Group,

Inc.

*

1,868

256,925

IBEX

Holdings

Ltd.

*

2,095

60,964

Innodata,

Inc.

*

4,967

254,410

Planet

Labs

PBC

*

14,053

85,723

Upwork,

Inc.

*

5,196

69,834

Verra

Mobility

Corp.,

Class

A

*

4,893

124,233

Willdan

Group,

Inc.

*

2,252

140,772

2,056,185

Trading

Companies

&

Distributors

-

1

.5

%

Applied

Industrial

Technologies,

Inc.

3,908

908,415

BlueLinx

Holdings,

Inc.

*

511

38,008

Boise

Cascade

Co.

3,371

292,670

GMS,

Inc.

*

1,350

146,812

Rush

Enterprises,

Inc.,

Class

A

7,715

397,400

Xometry,

Inc.,

Class

A

*

3,873

130,869

1,914,174

Total

Industrials

22,286,323

Information

Technology

-

12

.8

%

Communications

Equipment

-

0

.9

%

ADTRAN

Holdings,

Inc.

*

6,694

60,045

Applied

Optoelectronics,

Inc.

*

6,750

173,408

Calix,

Inc.

*

5,862

311,800

CommScope

Holding

Co.,

Inc.

*

32,868

272,147

Digi

International,

Inc.

*

1,856

64,700

Extreme

Networks,

Inc.

*

4,613

82,803

NETGEAR,

Inc.

*

3,011

87,530

Ribbon

Communications,

Inc.

*

9,527

38,203

Viavi

Solutions,

Inc.

*

9,460

95,262

1,185,898

Electronic

Equipment,

Instruments

&

Components

-

2

.8

%

Aeva

Technologies,

Inc.

*

4,880

184,415

Arlo

Technologies,

Inc.

*

8,873

150,486

Badger

Meter,

Inc.

3,605

883,045

Belden,

Inc.

888

102,830

Daktronics,

Inc.

*

11,010

166,471

Fabrinet

(Thailand)

*

616

181,523

FARO

Technologies,

Inc.

*

2,272

99,786

Insight

Enterprises,

Inc.

*

1,123

155,070

Itron,

Inc.

*

2,870

377,778

Mirion

Technologies,

Inc.

*

12,040

259,221

Novanta,

Inc.

*

1,513

195,071

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

33

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Electronic

Equipment,

Instruments

&

Components

-

2.8%

(continued)

OSI

Systems,

Inc.

*

649

145,934

Ouster,

Inc.

*

5,527

134,030

PAR

Technology

Corp.

*

1,138

78,943

PC

Connection,

Inc.

1,848

121,561

Plexus

Corp.

*

599

81,051

Richardson

Electronics

Ltd.

3,790

36,574

Sanmina

Corp.

*

502

49,111

TTM

Technologies,

Inc.

*

3,266

133,318

3,536,218

IT

Services

-

0

.3

%

Applied

Digital

Corp.

*

16,831

169,488

BigBear.ai

Holdings,

Inc.

*

24,313

165,085

Hackett

Group,

Inc.

(The)

1,917

48,730

383,303

Semiconductors

&

Semiconductor

Equipment

-

1

.8

%

Axcelis

Technologies,

Inc.

*

1,917

133,596

Credo

Technology

Group

Holding

Ltd.

*

11,446

1,059,785

Diodes,

Inc.

*

1,023

54,107

FormFactor,

Inc.

*

3,422

117,751

PDF

Solutions,

Inc.

*

2,645

56,550

Rambus,

Inc.

*

3,205

205,184

Rigetti

Computing,

Inc.

*

24,327

288,518

Semtech

Corp.

*

1,548

69,877

SiTime

Corp.

*

1,074

228,848

Veeco

Instruments,

Inc.

*

6,929

140,797

2,355,013

Software

-

6

.4

%

A10

Networks,

Inc.

14,183

274,441

ACI

Worldwide,

Inc.

*

9,591

440,323

Adeia,

Inc.

3,154

44,598

Agilysys,

Inc.

*

433

49,639

Alkami

Technology,

Inc.

*

2,875

86,653

Arteris,

Inc.

*

5,030

47,936

Asana,

Inc.,

Class

A

*

2,258

30,483

Aurora

Innovation,

Inc.

*

111,275

583,081

AvePoint,

Inc.

*

17,175

331,649

Blend

Labs,

Inc.,

Class

A

*

44,807

147,863

Box,

Inc.,

Class

A

*

7,275

248,587

Cerence,

Inc.

*

4,954

50,580

Cleanspark,

Inc.

*

4,767

52,580

Clear

Secure,

Inc.,

Class

A

4,964

137,801

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

14,725

322,919

Commvault

Systems,

Inc.

*

3,932

685,466

Consensus

Cloud

Solutions,

Inc.

*

2,475

57,074

Core

Scientific,

Inc.

*

29,630

505,784

Digital

Turbine,

Inc.

*

20,370

120,183

D-Wave

Quantum,

Inc.

(Canada)

*

27,139

397,315

Hut

8

Corp.

(Canada)

*

7,294

135,668

Intapp,

Inc.

*

1,148

59,260

InterDigital,

Inc.

2,370

531,425

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.4%

(continued)

Kaltura,

Inc.

*

33,435

67,204

NextNav,

Inc.

*

17,489

265,833

Olo,

Inc.,

Class

A

*

7,542

67,124

OneSpan,

Inc.

2,076

34,648

Ooma,

Inc.

*

3,626

46,775

Porch

Group,

Inc.

*

24,161

284,858

Q2

Holdings,

Inc.

*

5,448

509,878

Red

Violet,

Inc.

2,642

129,986

ReposiTrak,

Inc.

2,469

48,516

SoundHound

AI,

Inc.

*

34,280

367,824

SPS

Commerce,

Inc.

*

3,287

447,328

Terawulf,

Inc.

*

19,340

84,709

Varonis

Systems,

Inc.,

Class

B

*

2,062

104,647

Vertex,

Inc.,

Class

A

*

824

29,116

Viant

Technology,

Inc.,

Class

A

*

8,287

109,637

Zeta

Global

Holdings

Corp.,

Class

A

*

9,844

152,484

8,091,875

Technology

Hardware,

Storage

&

Peripherals

-

0

.6

%

CompoSecure,

Inc.,

Class

A

*

4,181

58,910

IonQ,

Inc.

*

16,645

715,236

774,146

Total

Information

Technology

16,326,453

Materials

-

2

.6

%

Chemicals

-

0

.8

%

ASP

Isotopes,

Inc.

*

12,200

89,792

Hawkins,

Inc.

5,060

719,026

Perimeter

Solutions,

Inc.

*

3,179

44,252

PureCycle

Technologies,

Inc.

*

11,047

151,344

1,004,414

Construction

Materials

-

0

.1

%

United

States

Lime

&

Minerals,

Inc.

1,944

194,011

Metals

&

Mining

-

1

.7

%

Carpenter

Technology

Corp.

4,819

1,331,875

Coeur

Mining,

Inc.

*

39,075

346,205

Hecla

Mining

Co.

14,091

84,405

Perpetua

Resources

Corp.

*

10,979

133,285

Ryerson

Holding

Corp.

2,111

45,534

SSR

Mining,

Inc.

(Canada)

*

14,305

182,246

Warrior

Met

Coal,

Inc.

775

35,518

2,159,068

Total

Materials

3,357,493

Real

Estate

-

3

.8

%

Diversified

REITs

-

0

.2

%

CTO

Realty

Growth,

Inc.,

REIT

2,076

35,832

Essential

Properties

Realty

Trust,

Inc.,

REIT

3,494

111,493

Global

Net

Lease,

Inc.,

REIT

5,281

39,872

187,197

34

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Health

Care

REITs

-

1

.3

%

American

Healthcare

REIT,

Inc.,

REIT

17,075

627,335

CareTrust

REIT,

Inc.,

REIT

8,749

267,719

Diversified

Healthcare

Trust,

REIT

28,301

101,318

National

Health

Investors,

Inc.,

REIT

3,417

239,600

Sabra

Health

Care

REIT,

Inc.,

REIT

22,415

413,333

Strawberry

Fields

REIT,

Inc.,

REIT

3,357

35,383

1,684,688

Hotel

&

Resort

REITs

-

0

.0

%

†

Ryman

Hospitality

Properties,

Inc.,

REIT

371

36,606

Industrial

REITs

-

0

.1

%

Terreno

Realty

Corp.,

REIT

2,183

122,401

Office

REITs

-

0

.5

%

COPT

Defense

Properties,

REIT

4,096

112,968

Douglas

Emmett,

Inc.,

REIT

11,326

170,343

NET

Lease

Office

Properties,

REIT

*

1,089

35,447

Piedmont

Realty

Trust,

Inc.,

Class

A,

REIT

12,875

93,859

SL

Green

Realty

Corp.,

REIT

4,455

275,764

688,381

Real

Estate

Management

&

Development

-

0

.6

%

Compass,

Inc.,

Class

A

*

40,310

253,147

St

Joe

Co.

(The)

10,404

496,271

749,418

Residential

REITs

-

0

.2

%

Elme

Communities,

REIT

4,011

63,775

Independence

Realty

Trust,

Inc.,

REIT

6,164

109,041

NexPoint

Residential

Trust,

Inc.,

REIT

1,545

51,479

224,295

Retail

REITs

-

0

.8

%

Acadia

Realty

Trust,

REIT

9,833

182,599

CBL

&

Associates

Properties,

Inc.,

REIT

4,025

102,195

Tanger,

Inc.,

REIT

19,764

604,383

Urban

Edge

Properties,

REIT

5,202

97,069

986,246

Specialized

REITs

-

0

.1

%

Four

Corners

Property

Trust,

Inc.,

REIT

2,240

60,278

Uniti

Group,

Inc.,

REIT

*

21,489

92,833

153,111

Total

Real

Estate

4,832,343

INVESTMENTS

SHARES

VALUE

($)

Utilities

-

2

.0

%

Electric

Utilities

-

0

.4

%

ALLETE,

Inc.

1,289

82,586

MGE

Energy,

Inc.

1,552

137,259

TXNM

Energy,

Inc.

5,272

296,919

516,764

Gas

Utilities

-

1

.1

%

Brookfield

Infrastructure

Corp.,

Class

A

(Canada)

7,160

297,856

Chesapeake

Utilities

Corp.

1,984

238,516

Northwest

Natural

Holding

Co.

4,351

172,822

ONE

Gas,

Inc.

2,759

198,262

Spire,

Inc.

7,027

512,901

1,420,357

Multi-Utilities

-

0

.4

%

Avista

Corp.

6,727

255,290

Black

Hills

Corp.

1,601

89,816

Northwestern

Energy

Group,

Inc.

3,131

160,620

505,726

Water

Utilities

-

0

.1

%

Middlesex

Water

Co.

1,327

71,897

Total

Utilities

2,514,744

TOTAL

COMMON

STOCKS

(Cost

$68,856,399)

119,368,761

SHORT-TERM

INVESTMENTS

-

5.9%

INVESTMENT

COMPANIES

-

5

.9

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(b)

(Cost

$7,492,470)

7,495,446

7,493,197

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$76,348,869)

126,861,958

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

‡

554,969

NET

ASSETS

-

100.0%

127,416,927

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

35

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

3,600,920

2

.8

%

Consumer

Discretionary

8,996,134

7

.1

Consumer

Staples

3,531,199

2

.8

Energy

4,076,637

3

.2

Financials

32,019,608

25

.1

Health

Care

17,826,907

14

.0

Industrials

22,286,323

17

.5

Information

Technology

16,326,453

12

.8

Materials

3,357,493

2

.6

Real

Estate

4,832,343

3

.8

Utilities

2,514,744

2

.0

Investment

Companies

7,493,197

5

.9

Total

Investments

In

Securities

At

Value

126,861,958

99

.6

Other

Assets

in

Excess

of

Liabilities

‡

554,969

0

.4

Net

Assets

$

127,416,927

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$35,413

of

investment

in

securities,

which

represents

0.03%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

June

30,

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.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

Russell

2000

E-Mini

Index

63

9/2025

USD

$

6,903,855

$

179,684

Net

unrealized

appreciation

$

179,684

36

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.2%

Australia

-

4

.9

%

Aristocrat

Leisure

Ltd.

7,783

333,461

Brambles

Ltd.

28,352

437,863

Coles

Group

Ltd.

42,858

587,674

Commonwealth

Bank

of

Australia

23,346

2,841,401

Computershare

Ltd.

14,054

368,694

Goodman

Group,

REIT

35,291

795,622

Northern

Star

Resources

Ltd.

28,333

349,973

Pro

Medicus

Ltd.

2,631

492,351

Qantas

Airways

Ltd.

33,851

239,143

QBE

Insurance

Group

Ltd.

13,889

213,878

REA

Group

Ltd.

5,051

799,871

SGH

Ltd.

6,293

224,120

Suncorp

Group

Ltd.

24,821

353,740

Telstra

Group

Ltd.

89,499

285,379

Wesfarmers

Ltd.

2,036

113,624

Westpac

Banking

Corp.

67,184

1,497,298

WiseTech

Global

Ltd.

2,326

166,811

10,100,903

Austria

-

0

.3

%

Erste

Group

Bank

AG

6,270

533,736

Belgium

-

0

.3

%

Ageas

SA/NV

1,769

119,669

KBC

Group

NV

871

89,896

UCB

SA

2,097

412,600

622,165

Brazil

-

0

.4

%

Wheaton

Precious

Metals

Corp.

(1)

8,635

776,532

Canada

-

15

.1

%

Agnico

Eagle

Mines

Ltd.

(1)

10,914

1,300,303

AltaGas

Ltd.

(1)

16,628

482,691

Barrick

Mining

Corp.

(1)

25,069

521,906

Brookfield

Asset

Management

Ltd.,

Class

A

(1)

9,670

535,214

Brookfield

Corp.,

Class

A

(1)

25,606

1,584,780

Brookfield

Renewable

Corp.

(1)

5,943

194,776

CAE,

Inc.

(1)*

4,450

130,420

Cameco

Corp.

(1)

1,378

102,337

Canadian

Imperial

Bank

of

Commerce

(1)

19,739

1,401,117

Canadian

Pacific

Kansas

City

Ltd.

(1)

6,204

492,858

Canadian

Utilities

Ltd.,

Class

A

(1)

18,408

509,354

Celestica,

Inc.

(1)*

3,144

491,219

Constellation

Software,

Inc.

(1)

638

2,339,388

Dollarama,

Inc.

(1)

8,369

1,179,189

Emera,

Inc.

(1)

21,989

1,007,288

Empire

Co.

Ltd.,

Class

A

(1)

7,296

302,770

Fairfax

Financial

Holdings

Ltd.

(1)

781

1,409,729

Fortis,

Inc.

(1)

14,222

679,063

Franco-Nevada

Corp.

(1)

1,317

216,223

George

Weston

Ltd.

(1)

3,794

760,917

Great-West

Lifeco,

Inc.

(1)

10,539

400,819

Hydro

One

Ltd.

(1)(a)

12,421

447,585

iA

Financial

Corp.,

Inc.

(1)

3,485

382,064

Imperial

Oil

Ltd.

(1)

4,106

326,188

Intact

Financial

Corp.

(1)

5,158

1,199,398

INVESTMENTS

SHARES

VALUE

($)

Canada

-

15.1%

(continued)

Kinross

Gold

Corp.

(1)

57,476

898,175

Loblaw

Cos.

Ltd.

(1)

354

58,556

Lumine

Group,

Inc.

(1)*(b)

2,271

79,766

Manulife

Financial

Corp.

(1)

19,149

612,262

Metro,

Inc.,

Class

A

(1)

1,865

146,502

Pan

American

Silver

Corp.

(1)

8,080

229,272

Power

Corp.

of

Canada

(1)

17,410

680,035

Royal

Bank

of

Canada

(1)

17,773

2,342,369

Shopify,

Inc.,

Class

A

(1)*

20,506

2,365,098

TC

Energy

Corp.

(1)

4,161

203,138

Teck

Resources

Ltd.,

Class

B

(1)

4,057

164,068

Thomson

Reuters

Corp.

(1)

12,893

2,592,706

TMX

Group

Ltd.

(1)

12,813

543,100

Toronto-Dominion

Bank

(The)

(1)

3,074

226,100

WSP

Global,

Inc.

(1)

9,122

1,860,707

31,399,450

China

-

1

.0

%

BOC

Hong

Kong

Holdings

Ltd.

197,500

859,765

Prosus

NV

17,683

992,131

SITC

International

Holdings

Co.

Ltd.

(1)

85,000

272,327

2,124,223

Denmark

-

1

.3

%

Danske

Bank

A/S

41,446

1,692,813

DSV

A/S

2,592

621,702

Pandora

A/S

1,959

345,167

2,659,682

Finland

-

0

.9

%

Fortum

OYJ

13,987

262,281

Kesko

OYJ,

Class

B

14,091

347,543

Nokia

OYJ

44,668

231,766

Orion

OYJ,

Class

B

9,516

715,922

Wartsila

OYJ

Abp

10,398

245,750

1,803,262

France

-

6

.3

%

Accor

SA

17,221

902,526

Air

Liquide

SA

3,379

696,754

Alstom

SA

*

2,669

62,297

AXA

SA

11,551

567,212

Bureau

Veritas

SA

5,792

197,694

Credit

Agricole

SA

19,138

362,058

Danone

SA

11,895

973,289

Dassault

Aviation

SA

377

133,297

Engie

SA

36,040

847,041

EssilorLuxottica

SA

1,847

507,172

Hermes

International

SCA

617

1,672,605

Klepierre

SA,

REIT

5,935

234,666

Legrand

SA

2,537

340,030

L'Oreal

SA

1,984

849,853

Orange

SA

86,066

1,310,629

Safran

SA

5,146

1,678,236

Societe

Generale

SA

20,239

1,157,756

Thales

SA

2,157

636,907

13,130,022

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

37

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

13

.5

%

Allianz

SE

(Registered)

5,824

2,363,575

Commerzbank

AG

42,785

1,348,285

CTS

Eventim

AG

&

Co.

KGaA

1,474

183,293

Deutsche

Bank

AG

(Registered)

36,351

1,077,641

Deutsche

Boerse

AG

2,207

721,004

Deutsche

Telekom

AG

(Registered)

76,140

2,786,998

E.ON

SE

24,016

442,510

Fresenius

Medical

Care

AG

5,327

306,064

Hannover

Rueck

SE

2,710

853,957

Heidelberg

Materials

AG

2,087

491,482

MTU

Aero

Engines

AG

463

205,689

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

5,817

3,777,179

Nemetschek

SE

512

74,236

Rheinmetall

AG

1,047

2,217,230

RWE

AG

3,865

161,511

SAP

SE

15,940

4,874,125

Scout24

SE

(a)

5,414

747,396

Siemens

AG

(Registered)

6,260

1,607,932

Siemens

Energy

AG

*

20,262

2,368,241

Talanx

AG

9,912

1,285,009

Zalando

SE

*(a)

3,134

103,414

27,996,771

Hong

Kong

-

0

.8

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

17,100

919,750

Techtronic

Industries

Co.

Ltd.

25,361

279,833

WH

Group

Ltd.

(a)

427,000

411,539

1,611,122

Italy

-

5

.1

%

BPER

Banca

SpA

37,500

340,360

Coca-Cola

HBC

AG

6,152

321,397

Ferrari

NV

1,845

903,886

Generali

21,586

767,847

Intesa

Sanpaolo

SpA

425,117

2,448,848

Leonardo

SpA

22,059

1,244,720

Poste

Italiane

SpA

(a)

28,493

612,197

Prysmian

SpA

3,657

258,913

UniCredit

SpA

46,696

3,132,526

Unipol

Assicurazioni

SpA

30,174

597,589

10,628,283

Japan

-

13

.4

%

Advantest

Corp.

6,332

469,398

Asics

Corp.

21,300

543,158

Bandai

Namco

Holdings,

Inc.

12,477

447,166

Capcom

Co.

Ltd.

6,700

228,815

Chugai

Pharmaceutical

Co.

Ltd.

19,069

995,742

Daiichi

Sankyo

Co.

Ltd.

6,106

141,464

Daikin

Industries

Ltd.

874

102,593

Fast

Retailing

Co.

Ltd.

1,056

362,065

Fujikura

Ltd.

7,600

399,801

Fujitsu

Ltd.

41,080

996,575

Hikari

Tsushin,

Inc.

595

175,684

Hitachi

Ltd.

89,305

2,595,593

Hoya

Corp.

2,187

259,733

ITOCHU

Corp.

20,729

1,085,474

INVESTMENTS

SHARES

VALUE

($)

Japan

-

13.4%

(continued)

Japan

Tobacco,

Inc.

5,898

173,752

Keyence

Corp.

310

123,947

Konami

Group

Corp.

4,507

712,565

LY

Corp.

70,900

261,097

Mitsubishi

Corp.

8,956

178,958

Mitsubishi

HC

Capital,

Inc.

42,915

315,971

Mitsubishi

Heavy

Industries

Ltd.

84,120

2,105,053

Mitsui

OSK

Lines

Ltd.

3,936

131,461

Mizuho

Financial

Group,

Inc.

38,561

1,070,451

MonotaRO

Co.

Ltd.

18,200

358,283

MS&AD

Insurance

Group

Holdings,

Inc.

24,800

554,419

Nintendo

Co.

Ltd.

14,200

1,363,624

Nippon

Yusen

KK

13,801

496,490

Nitori

Holdings

Co.

Ltd.

2,107

202,799

Nomura

Research

Institute

Ltd.

15,822

632,839

Obayashi

Corp.

17,900

271,218

Obic

Co.

Ltd.

19,115

743,288

Oracle

Corp.

Japan

2,000

238,381

Pan

Pacific

International

Holdings

Corp.

3,500

120,383

Panasonic

Holdings

Corp.

21,000

224,686

Recruit

Holdings

Co.

Ltd.

16,418

965,487

Resona

Holdings,

Inc.

94,450

872,323

SCSK

Corp.

2,000

60,255

Shimadzu

Corp.

7,309

180,700

Sompo

Holdings,

Inc.

18,900

569,548

Sony

Group

Corp.

91,960

2,390,991

Sumitomo

Mitsui

Financial

Group,

Inc.

51,363

1,293,370

Terumo

Corp.

10,414

191,116

TIS,

Inc.

11,800

395,414

Toho

Co.

Ltd.

7,500

442,469

Tokio

Marine

Holdings,

Inc.

5,200

220,381

Tokyo

Gas

Co.

Ltd.

9,200

306,011

TOPPAN

Holdings,

Inc.

2,300

62,484

Toray

Industries,

Inc.

11,700

80,089

Trend

Micro,

Inc.

5,000

345,829

Zensho

Holdings

Co.

Ltd.

3,200

193,684

ZOZO,

Inc.

13,000

140,461

27,793,538

Netherlands

-

3

.1

%

ABN

AMRO

Bank

NV,

CVA

(a)

16,205

442,493

Adyen

NV

*(a)

454

833,788

Argenx

SE

*

845

467,778

Euronext

NV

(a)

5,922

1,014,687

Koninklijke

Ahold

Delhaize

NV

26,049

1,087,974

Koninklijke

KPN

NV

14,059

68,582

Koninklijke

Philips

NV

2,497

59,959

NN

Group

NV

11,208

745,770

Wolters

Kluwer

NV

10,304

1,723,222

6,444,253

New

Zealand

-

0

.2

%

Xero

Ltd.

*

3,309

391,552

38

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Norway

-

1

.0

%

Kongsberg

Gruppen

ASA

(1)

30,520

1,183,478

Orkla

ASA

40,107

436,825

Telenor

ASA

25,967

404,363

2,024,666

Singapore

-

2

.0

%

DBS

Group

Holdings

Ltd.

45,243

1,597,172

Oversea-Chinese

Banking

Corp.

Ltd.

28,300

362,900

Singapore

Exchange

Ltd.

35,000

409,823

Singapore

Technologies

Engineering

Ltd.

74,700

458,037

Singapore

Telecommunications

Ltd.

275,900

831,780

United

Overseas

Bank

Ltd.

20,200

571,735

4,231,447

South

Africa

-

0

.0

%

†

Valterra

Platinum

Ltd.

(1)*

740

32,504

Spain

-

3

.0

%

ACS

Actividades

de

Construccion

y

Servicios

SA

12,350

858,419

Aena

SME

SA

(a)

6,920

184,721

Amadeus

IT

Group

SA

2,062

174,204

Banco

Bilbao

Vizcaya

Argentaria

SA

22,251

342,627

Banco

Santander

SA

111,285

921,538

CaixaBank

SA

79,725

690,802

Endesa

SA

(1)

33,961

1,075,717

Grifols

SA

*

4,942

60,302

Iberdrola

SA

77,668

1,494,179

Industria

de

Diseno

Textil

SA

1,977

103,134

Redeia

Corp.

SA

16,255

347,820

6,253,463

Sweden

-

2

.1

%

Hexagon

AB,

Class

B

96,475

972,429

Investor

AB,

Class

B

32,028

949,098

Saab

AB,

Class

B

12,204

682,366

Securitas

AB,

Class

B

21,197

317,369

Tele2

AB,

Class

B

51,149

746,643

Telefonaktiebolaget

LM

Ericsson,

Class

B

49,165

420,131

Telia

Co.

AB

79,739

286,807

4,374,843

Switzerland

-

3

.4

%

ABB

Ltd.

(Registered)

15,847

949,692

Baloise

Holding

AG

(Registered)

527

124,294

Chocoladefabriken

Lindt

&

Spruengli

AG

14

235,950

Galderma

Group

AG

2,088

303,503

Geberit

AG

(Registered)

236

185,861

Givaudan

SA

(Registered)

101

489,802

Helvetia

Holding

AG

(Registered)

2,623

615,818

Lonza

Group

AG

(Registered)

986

705,151

Partners

Group

Holding

AG

1,115

1,458,785

Sandoz

Group

AG

6,937

380,171

Swiss

Life

Holding

AG

(Registered)

311

314,845

Swiss

Prime

Site

AG

(Registered)

1,235

185,403

INVESTMENTS

SHARES

VALUE

($)

Switzerland

-

3.4%

(continued)

UBS

Group

AG

(Registered)

4,742

160,999

Zurich

Insurance

Group

AG

1,355

948,125

7,058,399

United

Kingdom

-

8

.6

%

3i

Group

plc

19,506

1,103,888

Admiral

Group

plc

1,274

57,211

Ashtead

Group

plc

5,509

353,270

BAE

Systems

plc

25,065

650,509

Barclays

plc

241,087

1,114,008

British

American

Tobacco

plc

34,047

1,618,811

BT

Group

plc

254,839

678,566

Bunzl

plc

7,883

251,204

Compass

Group

plc

21,313

721,914

Halma

plc

8,900

391,192

Hikma

Pharmaceuticals

plc

5,236

142,885

HSBC

Holdings

plc

210,036

2,540,636

Imperial

Brands

plc

25,726

1,016,439

InterContinental

Hotels

Group

plc

4,832

552,468

London

Stock

Exchange

Group

plc

7,495

1,096,123

Marks

&

Spencer

Group

plc

52,416

255,110

NatWest

Group

plc

150,718

1,058,486

Next

plc

2,173

371,135

Pearson

plc

19,693

290,098

Rolls-Royce

Holdings

plc

192,420

2,550,073

SSE

plc

3,616

91,051

Standard

Chartered

plc

34,264

567,019

Tesco

plc

11,044

60,891

Unilever

plc

5,086

310,380

17,843,367

United

States

-

8

.4

%

Amrize

Ltd.

(1)*

3,712

185,167

CSL

Ltd.

2,954

466,616

Experian

plc

4,463

230,140

Ferrovial

SE

5,734

305,867

GFL

Environmental,

Inc.

(1)

6,401

323,117

Haleon

plc

79,649

409,367

Holcim

AG

3,712

275,650

Jackson

Financial,

Inc.,

Class

A

(1)

223

19,800

Roche

Holding

AG

11,897

3,883,417

Sanofi

SA

4,220

408,554

Schneider

Electric

SE

5,190

1,393,437

Shell

plc

256,683

8,955,555

Swiss

Re

AG

2,827

489,035

17,345,722

Zambia

-

0

.1

%

First

Quantum

Minerals

Ltd.

(1)*

10,341

183,697

TOTAL

COMMON

STOCKS

(Cost

$117,965,168)

197,363,602

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

758

–

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

39

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

4.5%

INVESTMENT

COMPANIES

-

4

.5

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(1)(c)

(Cost

$9,274,727)

9,278,428

9,275,645

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$127,239,895)

206,639,247

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

‡

708,542

NET

ASSETS

-

100.0%

207,347,789

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

12,138,877

5

.9

%

Consumer

Discretionary

13,384,345

6

.5

Consumer

Staples

9,956,172

4

.8

Energy

9,587,218

4

.6

Financials

67,299,942

32

.5

Health

Care

11,309,869

5

.5

Industrials

40,246,670

19

.4

Information

Technology

16,984,340

8

.2

Materials

6,891,597

3

.2

Real

Estate

1,215,691

0

.6

Utilities

8,348,881

4

.0

Investment

Companies

9,275,645

4

.5

Total

Investments

In

Securities

At

Value

206,639,247

99

.7

Other

Assets

in

Excess

of

Liabilities

‡

708,542

0

.3

Net

Assets

$

207,347,789

100

.0

%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$4,797,820

of

investment

in

securities,

which

represents

2.31%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$79,766

of

investment

in

securities,

which

represents

0.04%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

60

9/2025

USD

$

8,045,100

$

91,215

Net

unrealized

appreciation

$

91,215

40

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

95.8%

Communication

Services

-

9

.4

%

Diversified

Telecommunication

Services

-

1

.8

%

AT&T,

Inc.

1,126,527

32,601,692

Verizon

Communications,

Inc.

128,379

5,554,959

38,156,651

Entertainment

-

4

.1

%

Electronic

Arts,

Inc.

198,982

31,777,425

Netflix,

Inc.

*

11,306

15,140,204

ROBLOX

Corp.,

Class

A

*

17,723

1,864,460

Spotify

Technology

SA

*

40,673

31,210,020

Walt

Disney

Co.

(The)

37,199

4,613,048

84,605,157

Interactive

Media

&

Services

-

2

.3

%

Alphabet,

Inc.,

Class

A

151,507

26,700,078

Meta

Platforms,

Inc.,

Class

A

29,977

22,125,724

48,825,802

Media

-

0

.1

%

Fox

Corp.,

Class

A

25,954

1,454,462

Wireless

Telecommunication

Services

-

1

.1

%

T-Mobile

US,

Inc.

95,241

22,692,121

Total

Communication

Services

195,734,193

Consumer

Discretionary

-

5

.9

%

Broadline

Retail

-

0

.1

%

Dillard's,

Inc.,

Class

A

6,388

2,669,098

Diversified

Consumer

Services

-

0

.1

%

Grand

Canyon

Education,

Inc.

*

16,137

3,049,893

Hotels,

Restaurants

&

Leisure

-

2

.0

%

Airbnb,

Inc.,

Class

A

*

76,862

10,171,917

Booking

Holdings,

Inc.

3,025

17,512,451

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

12,280

689,522

DoorDash,

Inc.,

Class

A

*

13,233

3,262,067

McDonald's

Corp.

15,197

4,440,107

Texas

Roadhouse,

Inc.,

Class

A

29,387

5,507,418

41,583,482

Household

Durables

-

0

.5

%

Garmin

Ltd.

45,884

9,576,908

Specialty

Retail

-

2

.8

%

AutoZone,

Inc.

*

5,656

20,996,373

Murphy

USA,

Inc.

19,547

7,951,719

O'Reilly

Automotive,

Inc.

*

332,805

29,995,715

58,943,807

Textiles,

Apparel

&

Luxury

Goods

-

0

.4

%

Deckers

Outdoor

Corp.

*

75,597

7,791,783

Total

Consumer

Discretionary

123,614,971

INVESTMENTS

SHARES

VALUE

($)

Consumer

Staples

-

15

.3

%

Beverages

-

3

.6

%

Coca-Cola

Co.

(The)

416,951

29,499,283

Molson

Coors

Beverage

Co.,

Class

B

40,829

1,963,467

Monster

Beverage

Corp.

*

307,811

19,281,281

PepsiCo,

Inc.

189,710

25,049,308

75,793,339

Consumer

Staples

Distribution

&

Retail

-

4

.4

%

Casey's

General

Stores,

Inc.

7,553

3,854,069

Costco

Wholesale

Corp.

28,243

27,958,876

Kroger

Co.

(The)

431,654

30,962,541

Walmart,

Inc.

305,711

29,892,422

92,667,908

Food

Products

-

3

.0

%

General

Mills,

Inc.

252,891

13,102,282

Hershey

Co.

(The)

67,398

11,184,698

Hormel

Foods

Corp.

26,163

791,431

Ingredion,

Inc.

18,516

2,511,140

Kraft

Heinz

Co.

(The)

312,207

8,061,185

Mondelez

International,

Inc.,

Class

A

242,163

16,331,473

Pilgrim's

Pride

Corp.

153,796

6,917,744

Tyson

Foods,

Inc.,

Class

A

61,882

3,461,679

62,361,632

Household

Products

-

3

.6

%

Church

&

Dwight

Co.,

Inc.

256,043

24,608,293

Colgate-Palmolive

Co.

247,295

22,479,115

Kimberly-Clark

Corp.

6,117

788,603

Procter

&

Gamble

Co.

(The)

171,987

27,400,969

75,276,980

Tobacco

-

0

.7

%

Philip

Morris

International,

Inc.

80,444

14,651,266

Total

Consumer

Staples

320,751,125

Energy

-

6

.0

%

Oil,

Gas

&

Consumable

Fuels

-

6

.0

%

Chevron

Corp.

94,429

13,521,288

ConocoPhillips

189,754

17,028,524

Coterra

Energy,

Inc.

152,962

3,882,176

DT

Midstream,

Inc.

112,586

12,374,327

EOG

Resources,

Inc.

225,024

26,915,121

Expand

Energy

Corp.

10,884

1,272,775

Exxon

Mobil

Corp.

264,388

28,501,026

Kinder

Morgan,

Inc.

72,842

2,141,555

Marathon

Petroleum

Corp.

11,596

1,926,212

Permian

Resources

Corp.,

Class

A

57,518

783,395

Texas

Pacific

Land

Corp.

15,897

16,793,432

Total

Energy

125,139,831

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

41

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Financials

-

14

.6

%

Banks

-

0

.2

%

First

Citizens

BancShares,

Inc.,

Class

A

681

1,332,356

JPMorgan

Chase

&

Co.

7,028

2,037,487

Wells

Fargo

&

Co.

12,124

971,375

4,341,218

Capital

Markets

-

3

.8

%

Bank

of

New

York

Mellon

Corp.

(The)

20,474

1,865,386

Cboe

Global

Markets,

Inc.

140,904

32,860,222

CME

Group,

Inc.

118,756

32,731,529

Intercontinental

Exchange,

Inc.

58,528

10,738,132

LPL

Financial

Holdings,

Inc.

1,766

662,197

78,857,466

Financial

Services

-

3

.2

%

Fiserv,

Inc.

*

22,029

3,798,020

Jack

Henry

&

Associates,

Inc.

10,850

1,954,845

Mastercard,

Inc.,

Class

A

53,248

29,922,181

MGIC

Investment

Corp.

43,106

1,200,071

Visa,

Inc.,

Class

A

84,858

30,128,833

67,003,950

Insurance

-

7

.4

%

Arch

Capital

Group

Ltd.

68,931

6,276,168

Arthur

J

Gallagher

&

Co.

76,402

24,457,808

Assurant,

Inc.

13,309

2,628,394

Chubb

Ltd.

76,424

22,141,561

CNA

Financial

Corp.

17,676

822,464

Everest

Group

Ltd.

22,476

7,638,469

Markel

Group,

Inc.

*

1,998

3,990,725

Marsh

&

McLennan

Cos.,

Inc.

92,211

20,161,013

Progressive

Corp.

(The)

107,045

28,566,029

Reinsurance

Group

of

America,

Inc.

17,662

3,503,434

Travelers

Cos.,

Inc.

(The)

76,797

20,546,269

Unum

Group

56,983

4,601,947

W

R

Berkley

Corp.

84,350

6,197,195

White

Mountains

Insurance

Group

Ltd.

1,701

3,054,520

154,585,996

Total

Financials

304,788,630

Health

Care

-

15

.5

%

Biotechnology

-

2

.2

%

AbbVie,

Inc.

28,448

5,280,518

Exelixis,

Inc.

*

102,204

4,504,641

GRAIL,

Inc.

*

14,615

751,503

Neurocrine

Biosciences,

Inc.

*

36,934

4,642,234

United

Therapeutics

Corp.

*

75,879

21,803,831

Vertex

Pharmaceuticals,

Inc.

*

22,183

9,875,872

46,858,599

INVESTMENTS

SHARES

VALUE

($)

Health

Care

Equipment

&

Supplies

-

2

.5

%

Abbott

Laboratories

155,917

21,206,271

Becton

Dickinson

&

Co.

48,100

8,285,225

Boston

Scientific

Corp.

*

96,494

10,364,421

Edwards

Lifesciences

Corp.

*

13,152

1,028,618

Stryker

Corp.

28,032

11,090,300

51,974,835

Health

Care

Providers

&

Services

-

5

.3

%

Cardinal

Health,

Inc.

88,873

14,930,664

Cencora,

Inc.

96,040

28,797,594

Centene

Corp.

*

16,649

903,708

Chemed

Corp.

5,692

2,771,605

Cigna

Group

(The)

24,612

8,136,235

Elevance

Health,

Inc.

9,543

3,711,845

McKesson

Corp.

47,740

34,982,917

UnitedHealth

Group,

Inc.

55,978

17,463,457

111,698,025

Health

Care

Technology

-

0

.9

%

Veeva

Systems,

Inc.,

Class

A

*

61,622

17,745,904

Life

Sciences

Tools

&

Services

-

1

.1

%

Danaher

Corp.

95,195

18,804,820

Medpace

Holdings,

Inc.

*

2,931

919,924

Thermo

Fisher

Scientific,

Inc.

4,486

1,818,893

West

Pharmaceutical

Services,

Inc.

2,677

585,728

22,129,365

Pharmaceuticals

-

3

.5

%

Eli

Lilly

&

Co.

32,962

25,694,868

Johnson

&

Johnson

179,125

27,361,344

Merck

&

Co.,

Inc.

266,885

21,126,616

74,182,828

Total

Health

Care

324,589,556

Industrials

-

15

.3

%

Aerospace

&

Defense

-

3

.8

%

GE

Aerospace

66,406

17,092,240

General

Dynamics

Corp.

2,384

695,318

Lockheed

Martin

Corp.

54,886

25,419,902

Northrop

Grumman

Corp.

61,826

30,911,764

RTX

Corp.

33,013

4,820,558

78,939,782

Air

Freight

&

Logistics

-

0

.6

%

Expeditors

International

of

Washington,

Inc.

104,494

11,938,440

FedEx

Corp.

3,007

683,521

12,621,961

Commercial

Services

&

Supplies

-

4

.4

%

Cintas

Corp.

130,291

29,037,955

Republic

Services,

Inc.,

Class

A

127,497

31,442,035

Rollins,

Inc.

40,527

2,286,533

Waste

Management,

Inc.

128,679

29,444,329

92,210,852

42

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Ground

Transportation

-

0

.6

%

Landstar

System,

Inc.

48,646

6,762,767

Old

Dominion

Freight

Line,

Inc.

21,003

3,408,787

U-Haul

Holding

Co.

*

2,125

128,690

Union

Pacific

Corp.

9,832

2,262,146

12,562,390

Machinery

-

0

.8

%

Cummins,

Inc.

27,068

8,864,770

Illinois

Tool

Works,

Inc.

34,914

8,632,487

17,497,257

Professional

Services

-

4

.1

%

Automatic

Data

Processing,

Inc.

94,973

29,289,673

CACI

International,

Inc.,

Class

A

*

37,286

17,774,236

FTI

Consulting,

Inc.

*

88,451

14,284,837

Leidos

Holdings,

Inc.

53,418

8,427,224

Paychex,

Inc.

37,459

5,448,786

Verisk

Analytics,

Inc.,

Class

A

31,243

9,732,194

84,956,950

Trading

Companies

&

Distributors

-

1

.0

%

Fastenal

Co.

93,157

3,912,594

WW

Grainger,

Inc.

16,662

17,332,479

21,245,073

Total

Industrials

320,034,265

Information

Technology

-

12

.2

%

Communications

Equipment

-

1

.8

%

Arista

Networks,

Inc.

*

153,536

15,708,268

Cisco

Systems,

Inc.

190,501

13,216,959

F5,

Inc.

*

3,996

1,176,103

Motorola

Solutions,

Inc.

5,052

2,124,164

Ubiquiti,

Inc.

15,181

6,249,259

38,474,753

Electronic

Equipment,

Instruments

&

Components

-

0

.1

%

TD

SYNNEX

Corp.

7,919

1,074,608

Teledyne

Technologies,

Inc.

*

2,812

1,440,616

2,515,224

IT

Services

-

1

.7

%

Accenture

plc,

Class

A

(Ireland)

33,606

10,044,497

Akamai

Technologies,

Inc.

*

9,762

778,617

Amdocs

Ltd.

55,745

5,086,174

International

Business

Machines

Corp.

66,753

19,677,449

35,586,737

Semiconductors

&

Semiconductor

Equipment

-

0

.5

%

Analog

Devices,

Inc.

10,705

2,548,004

NVIDIA

Corp.

45,625

7,208,294

9,756,298

Software

-

6

.9

%

Adobe,

Inc.

*

21,818

8,440,948

Atlassian

Corp.,

Class

A

*

10,054

2,041,867

Cadence

Design

Systems,

Inc.

*

12,367

3,810,891

INVESTMENTS

SHARES

VALUE

($)

Software

-

6.9%

(continued)

Datadog,

Inc.,

Class

A

*

12,091

1,624,184

Dolby

Laboratories,

Inc.,

Class

A

74,810

5,555,391

Fair

Isaac

Corp.

*

1,320

2,412,907

Fortinet,

Inc.

*

45,975

4,860,477

HubSpot,

Inc.

*

1,085

603,944

Manhattan

Associates,

Inc.

*

31,873

6,293,961

Microsoft

Corp.

69,585

34,612,275

Nutanix,

Inc.,

Class

A

*

32,703

2,499,817

Palantir

Technologies,

Inc.,

Class

A

*

12,479

1,701,137

Roper

Technologies,

Inc.

32,316

18,318,001

ServiceNow,

Inc.

*

12,635

12,989,791

Synopsys,

Inc.

*

11,470

5,880,440

Tyler

Technologies,

Inc.

*

16,167

9,584,444

Zoom

Communications,

Inc.,

Class

A

*

296,993

23,159,514

144,389,989

Technology

Hardware,

Storage

&

Peripherals

-

1

.2

%

Apple,

Inc.

119,811

24,581,623

Total

Information

Technology

255,304,624

Materials

-

0

.2

%

Chemicals

-

0

.2

%

Linde

plc

11,232

5,269,830

Real

Estate

-

0

.1

%

Specialized

REITs

-

0

.1

%

Millrose

Properties,

Inc.,

Class

A,

REIT

91,904

2,620,183

Utilities

-

1

.3

%

Electric

Utilities

-

0

.5

%

Duke

Energy

Corp.

82,007

9,676,826

Xcel

Energy,

Inc.

13,128

894,017

10,570,843

Gas

Utilities

-

0

.2

%

Atmos

Energy

Corp.

31,064

4,787,273

Multi-Utilities

-

0

.6

%

Consolidated

Edison,

Inc.

120,532

12,095,386

Total

Utilities

27,453,502

TOTAL

COMMON

STOCKS

(Cost

$1,103,071,882)

2,005,300,710

SHORT-TERM

INVESTMENTS

-

3.9%

INVESTMENT

COMPANIES

-

3

.9

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(a)

(Cost

$81,072,707)

81,105,095

81,080,763

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.7%

(Cost

$1,184,144,589)

2,086,381,473

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.3%

‡

6,067,716

NET

ASSETS

-

100.0%

2,092,449,189

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

43

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

195,734,193

9

.4

%

Consumer

Discretionary

123,614,971

5

.9

Consumer

Staples

320,751,125

15

.3

Energy

125,139,831

6

.0

Financials

304,788,630

14

.6

Health

Care

324,589,556

15

.5

Industrials

320,034,265

15

.3

Information

Technology

255,304,624

12

.2

Materials

5,269,830

0

.2

Real

Estate

2,620,183

0

.1

Utilities

27,453,502

1

.3

Investment

Companies

81,080,763

3

.9

Total

Investments

In

Securities

At

Value

2,086,381,473

99

.7

Other

Assets

in

Excess

of

Liabilities

‡

6,067,716

0

.3

Net

Assets

$

2,092,449,189

100

.0

%

All

securities

are

United

States

companies,

unless

noted

otherwise

in

parentheses.

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

1

with

respect

to

ASC

820.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

S&P

500

E-Mini

Index

249

9/2025

USD

$

77,859,188

$

2,754,209

Net

unrealized

appreciation

$

2,754,209

44

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

93.8%

Australia

-

7

.5

%

ANZ

Group

Holdings

Ltd.

53,331

1,022,717

Aristocrat

Leisure

Ltd.

19,108

818,678

BHP

Group

Ltd.

38,878

935,311

Brambles

Ltd.

35,064

541,521

Cochlear

Ltd.

7,214

1,426,756

Coles

Group

Ltd.

42,828

587,263

Fortescue

Ltd.

49,795

500,551

Goodman

Group,

REIT

3,476

78,365

Medibank

Pvt

Ltd.

149,829

497,567

Pro

Medicus

Ltd.

3,220

602,574

QBE

Insurance

Group

Ltd.

21,446

330,250

REA

Group

Ltd.

14,545

2,303,330

Santos

Ltd.

209,827

1,057,920

Sonic

Healthcare

Ltd.

63,253

1,116,491

Telstra

Group

Ltd.

1,181,967

3,768,846

Transurban

Group

25,174

231,625

Vicinity

Ltd.,

REIT

414,908

677,323

Washington

H

Soul

Pattinson

&

Co.

Ltd.

14,169

391,710

Wesfarmers

Ltd.

29,562

1,649,777

Woolworths

Group

Ltd.

42,953

879,841

19,418,416

Austria

-

0

.4

%

OMV

AG

13,966

759,487

Verbund

AG

2,071

159,108

918,595

Belgium

-

0

.9

%

Anheuser-Busch

InBev

SA/NV

15,325

1,054,366

Groupe

Bruxelles

Lambert

NV

354

30,218

KBC

Group

NV

3,106

320,569

Lotus

Bakeries

NV

84

809,418

UCB

SA

1,127

221,746

2,436,317

Brazil

-

1

.2

%

Wheaton

Precious

Metals

Corp.

(1)

35,604

3,201,811

Canada

-

11

.5

%

AltaGas

Ltd.

(1)

2,595

75,330

Bank

of

Montreal

(1)

1,972

218,538

BCE,

Inc.

(1)

4,165

92,369

Canadian

National

Railway

Co.

(1)

14,914

1,553,991

Canadian

Natural

Resources

Ltd.

(1)

26,710

839,499

Canadian

Pacific

Kansas

City

Ltd.

(1)

12,615

1,002,160

Canadian

Utilities

Ltd.,

Class

A

(1)

2,613

72,302

CGI,

Inc.

(1)

19,885

2,088,308

Constellation

Software,

Inc.

(1)

655

2,401,723

Descartes

Systems

Group,

Inc.

(The)

(1)*

7,270

738,505

Enbridge,

Inc.

(1)

28,663

1,299,754

Fairfax

Financial

Holdings

Ltd.

(1)

83

149,818

Fortis,

Inc.

(1)

14,717

702,698

Franco-Nevada

Corp.

(1)

485

79,627

George

Weston

Ltd.

(1)

1,315

263,734

Hydro

One

Ltd.

(1)(a)

45,825

1,651,282

INVESTMENTS

SHARES

VALUE

($)

Canada

-

11.5%

(continued)

Imperial

Oil

Ltd.

(1)

17,907

1,422,566

Intact

Financial

Corp.

(1)

11,764

2,735,503

Loblaw

Cos.

Ltd.

(1)

21,658

3,582,495

Lumine

Group,

Inc.

(1)*(b)

2,895

101,684

Metro,

Inc.,

Class

A

(1)

36,820

2,892,334

Pembina

Pipeline

Corp.

(1)

6,613

248,300

Royal

Bank

of

Canada

(1)

9,565

1,260,606

Sun

Life

Financial,

Inc.

(1)

3,828

254,713

Suncor

Energy,

Inc.

(1)

16,118

603,767

Thomson

Reuters

Corp.

(1)

15,214

3,059,447

Tourmaline

Oil

Corp.

(1)

1,590

76,712

West

Fraser

Timber

Co.

Ltd.

(1)

4,448

326,181

29,793,946

China

-

1

.0

%

BOC

Hong

Kong

Holdings

Ltd.

590,500

2,570,590

Wilmar

International

Ltd.

58,200

131,374

2,701,964

Denmark

-

1

.5

%

Genmab

A/S

*

4,567

948,422

Novo

Nordisk

A/S,

Class

B

20,916

1,449,355

Pandora

A/S

3,324

585,673

ROCKWOOL

A/S,

Class

B

15,900

745,269

Zealand

Pharma

A/S

*

2,094

117,436

3,846,155

Finland

-

1

.0

%

Elisa

OYJ

29,366

1,632,206

Fortum

OYJ

4,733

88,752

Kone

OYJ,

Class

B

5,428

357,601

Nokia

OYJ

79,412

412,039

2,490,598

France

-

7

.9

%

Air

Liquide

SA

9,143

1,885,297

AXA

SA

2,954

145,056

Bouygues

SA

9,854

445,644

Danone

SA

28,355

2,320,101

Dassault

Aviation

SA

8,336

2,947,377

Dassault

Systemes

SE

10,831

392,533

Engie

SA

4,240

99,652

EssilorLuxottica

SA

1,091

299,580

Hermes

International

SCA

810

2,195,801

Ipsen

SA

6,323

753,182

L'Oreal

SA

7,066

3,026,746

Orange

SA

84,827

1,291,762

Societe

Generale

SA

25,036

1,432,165

Thales

SA

3,228

953,146

TotalEnergies

SE

37,989

2,321,989

20,510,031

Germany

-

5

.9

%

Allianz

SE

(Registered)

2,356

956,144

Beiersdorf

AG

25,162

3,162,812

Commerzbank

AG

39,214

1,235,752

CTS

Eventim

AG

&

Co.

KGaA

1,933

240,370

Deutsche

Boerse

AG

1,426

465,859

Deutsche

Telekom

AG

(Registered)

30,425

1,113,665

Fresenius

Medical

Care

AG

1,277

73,370

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

45

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Germany

-

5.9%

(continued)

Hannover

Rueck

SE

1,425

449,037

Mercedes-Benz

Group

AG

9,384

546,713

Rational

AG

1,256

1,055,415

Rheinmetall

AG

405

857,668

RWE

AG

2,994

125,114

SAP

SE

12,082

3,694,426

Scout24

SE

(a)

6,394

882,684

Zalando

SE

*(a)

11,077

365,512

15,224,541

Hong

Kong

-

2

.6

%

CK

Asset

Holdings

Ltd.

281,500

1,243,899

Hang

Seng

Bank

Ltd.

9,000

135,056

Power

Assets

Holdings

Ltd.

511,000

3,285,508

Sino

Land

Co.

Ltd.

323,866

344,961

Sun

Hung

Kai

Properties

Ltd.

118,500

1,365,481

WH

Group

Ltd.

(a)

352,500

339,737

Wharf

Real

Estate

Investment

Co.

Ltd.

30,000

85,158

6,799,800

Italy

-

1

.5

%

Coca-Cola

HBC

AG

37,799

1,974,720

Eni

SpA

15,770

254,751

Ferrari

NV

804

393,888

FinecoBank

Banca

Fineco

SpA

3,706

82,212

Generali

15,350

546,023

Infrastrutture

Wireless

Italiane

SpA

(a)

6,967

85,192

Leonardo

SpA

8,618

486,287

Moncler

SpA

1,168

66,624

Snam

SpA

13,493

81,682

3,971,379

Japan

-

20

.3

%

Advantest

Corp.

9,800

726,484

Ajinomoto

Co.,

Inc.

7,600

206,136

Canon,

Inc.

63,700

1,847,538

Capcom

Co.

Ltd.

31,000

1,058,696

Chugai

Pharmaceutical

Co.

Ltd.

34,200

1,785,850

Daito

Trust

Construction

Co.

Ltd.

18,400

2,004,100

Disco

Corp.

700

207,370

Fujitsu

Ltd.

9,000

218,334

Hoya

Corp.

19,000

2,256,480

Idemitsu

Kosan

Co.

Ltd.

34,500

209,221

Inpex

Corp.

46,600

654,132

Japan

Post

Bank

Co.

Ltd.

252,900

2,726,396

Japan

Post

Holdings

Co.

Ltd.

7,700

71,319

Japan

Tobacco,

Inc.

111,000

3,269,996

Kao

Corp.

3,700

165,781

KDDI

Corp.

163,600

2,809,108

Keyence

Corp.

3,900

1,559,330

Konami

Group

Corp.

2,300

363,634

MatsukiyoCocokara

&

Co.

30,000

617,116

MEIJI

Holdings

Co.

Ltd.

43,000

950,894

Mitsubishi

Electric

Corp.

6,300

135,507

MonotaRO

Co.

Ltd.

74,000

1,456,753

Nexon

Co.

Ltd.

63,400

1,276,977

Nintendo

Co.

Ltd.

42,600

4,090,870

INVESTMENTS

SHARES

VALUE

($)

Japan

-

20.3%

(continued)

Nippon

Telegraph

&

Telephone

Corp.

1,370,000

1,464,681

Nippon

Yusen

KK

13,500

485,662

Nissin

Foods

Holdings

Co.

Ltd.

21,300

442,511

Nitto

Denko

Corp.

35,000

675,902

Obic

Co.

Ltd.

77,500

3,013,593

Oracle

Corp.

Japan

12,600

1,501,802

Osaka

Gas

Co.

Ltd.

18,900

484,784

Otsuka

Corp.

75,200

1,531,929

Otsuka

Holdings

Co.

Ltd.

7,600

376,803

Recruit

Holdings

Co.

Ltd.

22,300

1,311,388

SCSK

Corp.

10,500

316,341

Secom

Co.

Ltd.

22,200

797,533

Shin-Etsu

Chemical

Co.

Ltd.

2,300

75,951

Shionogi

&

Co.

Ltd.

57,500

1,035,131

SoftBank

Corp.

557,000

862,766

Sumitomo

Mitsui

Trust

Group,

Inc.

48,800

1,297,955

Suntory

Beverage

&

Food

Ltd.

47,200

1,509,430

Takeda

Pharmaceutical

Co.

Ltd.

2,600

80,270

Toho

Co.

Ltd.

6,600

389,373

Tokyo

Gas

Co.

Ltd.

7,700

256,118

TOPPAN

Holdings,

Inc.

14,900

404,789

Trend

Micro,

Inc.

9,800

677,825

Yakult

Honsha

Co.

Ltd.

66,700

1,256,162

ZOZO,

Inc.

168,600

1,821,674

52,738,395

Netherlands

-

3

.5

%

Adyen

NV

*(a)

533

978,874

Argenx

SE

*

81

44,840

Argenx

SE

*

1,392

770,587

ASM

International

NV

554

355,379

Heineken

NV

2,595

226,395

Koninklijke

Ahold

Delhaize

NV

67,223

2,807,667

Koninklijke

KPN

NV

199,601

973,692

Universal

Music

Group

NV

40,577

1,316,341

Wolters

Kluwer

NV

9,661

1,615,687

9,089,462

Norway

-

2

.5

%

Equinor

ASA

45,513

1,149,388

Gjensidige

Forsikring

ASA

8,755

221,939

Kongsberg

Gruppen

ASA

(1)

65,485

2,539,319

Orkla

ASA

186,109

2,027,005

Telenor

ASA

30,331

472,320

6,409,971

Portugal

-

0

.2

%

Galp

Energia

SGPS

SA

4,609

84,372

Jeronimo

Martins

SGPS

SA

20,528

519,725

604,097

Singapore

-

3

.3

%

DBS

Group

Holdings

Ltd.

48,420

1,709,327

Genting

Singapore

Ltd.

1,812,500

1,019,421

Oversea-Chinese

Banking

Corp.

Ltd.

258,400

3,313,545

Singapore

Telecommunications

Ltd.

113,700

342,781

46

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Singapore

-

3.3%

(continued)

United

Overseas

Bank

Ltd.

76,700

2,170,895

8,555,969

Spain

-

1

.6

%

CaixaBank

SA

28,514

247,068

Endesa

SA

(1)

2,393

75,798

Iberdrola

SA

72,838

1,401,260

Industria

de

Diseno

Textil

SA

47,630

2,484,703

Telefonica

SA

13,761

72,425

4,281,254

Sweden

-

1

.9

%

Essity

AB,

Class

B

40,052

1,108,995

Evolution

AB

(a)

3,773

299,663

Holmen

AB,

Class

B

3,328

131,829

Investor

AB,

Class

B

8,212

243,349

L

E

Lundbergforetagen

AB,

Class

B

1,464

73,079

Saab

AB,

Class

B

3,114

174,114

Skandinaviska

Enskilda

Banken

AB,

Class

A

8,264

144,046

Swedish

Orphan

Biovitrum

AB

*

41,635

1,267,168

Tele2

AB,

Class

B

6,560

95,759

Telefonaktiebolaget

LM

Ericsson,

Class

B

103,744

886,526

Telia

Co.

AB

149,931

539,276

4,963,804

Switzerland

-

3

.9

%

BKW

AG

870

190,747

Chocoladefabriken

Lindt

&

Spruengli

AG

127

2,140,407

EMS-Chemie

Holding

AG

(Registered)

1,207

912,496

Kuehne

+

Nagel

International

AG

(Registered)

4,123

892,806

Schindler

Holding

AG

957

356,358

Sonova

Holding

AG

(Registered)

872

260,053

Swiss

Prime

Site

AG

(Registered)

514

77,164

Swisscom

AG

(Registered)

4,748

3,371,501

Zurich

Insurance

Group

AG

2,614

1,829,076

10,030,608

United

Kingdom

-

9

.4

%

Associated

British

Foods

plc

37,789

1,067,704

AstraZeneca

plc

12,430

1,729,873

Auto

Trader

Group

plc

(a)

275,178

3,116,885

BAE

Systems

plc

107,149

2,780,826

British

American

Tobacco

plc

81,546

3,877,216

CK

Hutchison

Holdings

Ltd.

15,500

95,444

Diageo

plc

2,674

67,428

HSBC

Holdings

plc

80,167

969,715

Imperial

Brands

plc

49,225

1,944,888

J

Sainsbury

plc

142,828

568,436

Next

plc

1,031

176,089

Reckitt

Benckiser

Group

plc

9,660

658,107

Rolls-Royce

Holdings

plc

86,757

1,149,760

Sage

Group

plc

(The)

120,786

2,074,235

Tesco

plc

274,835

1,515,309

Unilever

plc

41,111

2,508,851

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

9.4%

(continued)

Vodafone

Group

plc

173,856

186,104

24,486,870

United

States

-

4

.3

%

Amrize

Ltd.

(1)*

1,641

81,859

CSL

Ltd.

5,539

874,944

GSK

plc

20,352

388,041

Holcim

AG

1,641

121,859

Nestle

SA

(Registered)

18,834

1,872,596

Novartis

AG

(Registered)

27,193

3,300,608

Roche

Holding

AG

4,030

1,315,472

Sanofi

SA

10,579

1,024,192

Shell

plc

64,890

2,263,983

11,243,554

TOTAL

COMMON

STOCKS

(Cost

$165,039,790)

243,717,537

PREFERRED

STOCKS

-

1.0%

Germany

-

1

.0

%

Henkel

AG

&

Co.

KGaA

(Preference)

32,696

2,569,369

Volkswagen

AG

(Preference)

770

81,399

TOTAL

PREFERRED

STOCKS

(Cost

$2,233,842)                                                    

2,650,768

NO.

OF

WARRANTS

WARRANTS

-

0.0%

Canada

-

0

.0

%

Constellation

Software,

Inc.,

expiring

3/31/2040

(3)*

(Cost

$–)

883

–

SHARES

SHORT-TERM

INVESTMENTS

-

4.8%

INVESTMENT

COMPANIES

-

4

.8

%

Limited

Purpose

Cash

Investment

Fund,

4.33%

(1)(c)

(Cost

$12,434,314)

12,439,905

12,436,173

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

99.6%

(Cost

$179,707,946)

258,804,478

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.4%

‡

989,694

NET

ASSETS

-

100.0%

259,794,172

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

47

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

34,213,614

13

.2

%

Consumer

Discretionary

12,505,616

4

.8

Consumer

Staples

54,923,064

21

.1

Energy

13,245,840

5

.1

Financials

31,226,685

12

.0

Health

Care

23,519,222

9

.1

Industrials

28,433,098

10

.9

Information

Technology

24,745,906

9

.5

Materials

8,928,673

3

.4

Real

Estate

5,876,450

2

.3

Utilities

8,750,137

3

.4

Investment

Companies

12,436,173

4

.8

Total

Investments

In

Securities

At

Value

258,804,478

99

.6

Other

Assets

in

Excess

of

Liabilities

‡

989,694

0

.4

Net

Assets

$

259,794,172

100

.0

%

*

Non-income

producing

security.

‡

Includes

appreciation

(depreciation)

on

futures

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$7,719,829

of

investment

in

securities,

which

represents

2.97%

of

net

assets

of

the

Fund.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$101,684

of

investment

in

securities,

which

represents

0.04%

of

net

assets

of

the

Fund.

(c)

Represents

7-day

effective

yield

as

of

June

30,

2025.

All

securities

are

Level

2

with

respect

to

ASC

820,

unless

otherwise

noted

in

parentheses.

(1)

Level

1

security.

(3)

Security

fair

valued

using

significant

unobservable

inputs

(Level

3)

in

accordance

with

procedures

approved

by

the

Board

of

Trustees.

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

MSCI

EAFE

Index

77

9/2025

USD

$

10,324,545

$

134,922

Net

unrealized

appreciation

$

134,922

48

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

(Continued)

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

INVESTMENTS

SHARES

VALUE

($)

COMMON

STOCKS

-

87.2%

Australia

-

1

.0

%

ASX

Ltd.

(2)

891

40,911

Computershare

Ltd.

(2)

65,850

1,727,514

Goodman

Group,

REIT

(2)

25,367

571,889

Northern

Star

Resources

Ltd.

(2)

9,672

119,470

Pro

Medicus

Ltd.

(2)

5,357

1,002,481

Qantas

Airways

Ltd.

(2)

28,319

200,062

QBE

Insurance

Group

Ltd.

(2)

20,300

312,602

Scentre

Group,

REIT

(2)

90,560

212,700

Stockland,

REIT

(2)

49,658

175,497

Vicinity

Ltd.,

REIT

(2)

97,628

159,374

4,522,500

Belgium

-

0

.5

%

Ageas

SA/NV

(2)

30,468

2,061,087

Solvay

SA

(2)

1,728

59,853

2,120,940

Canada

-

1

.9

%

Agnico

Eagle

Mines

Ltd.

1,132

134,867

ARC

Resources

Ltd.

5,618

118,445

Bank

of

Nova

Scotia

(The)

7,065

390,670

Canadian

Natural

Resources

Ltd.

11,166

350,949

Celestica,

Inc.

*

12,332

1,926,753

Cenovus

Energy,

Inc.

148,397

2,019,311

Empire

Co.

Ltd.,

Class

A

9,081

376,844

Fairfax

Financial

Holdings

Ltd.

80

144,402

George

Weston

Ltd.

2,857

572,995

Great-West

Lifeco,

Inc.

1,345

51,153

Loblaw

Cos.

Ltd.

715

118,270

Power

Corp.

of

Canada

7,139

278,850

Suncor

Energy,

Inc.

57,359

2,148,619

Toronto-Dominion

Bank

(The)

1,649

121,288

Tourmaline

Oil

Corp.

2,410

116,275

8,869,691

China

-

0

.2

%

Prosus

NV

(2)

5,238

293,886

Yangzijiang

Shipbuilding

Holdings

Ltd.

(2)

281,900

491,944

785,830

Denmark

-

0

.9

%

AP

Moller

-

Maersk

A/S,

Class

B

(2)

322

598,823

Danske

Bank

A/S

(2)

87,086

3,556,925

Vestas

Wind

Systems

A/S

(2)

7,490

112,507

4,268,255

Finland

-

0

.3

%

Nordea

Bank

Abp

(2)

106,627

1,582,101

France

-

2

.8

%

BNP

Paribas

SA

(2)

30,291

2,717,155

Carrefour

SA

(2)

8,228

116,066

Credit

Agricole

SA

(2)

51,889

981,651

Orange

SA

(2)

48,929

745,100

Renault

SA

(2)

10,182

469,848

Safran

SA

(2)

486

158,496

Societe

Generale

SA

(2)

85,212

4,874,486

INVESTMENTS

SHARES

VALUE

($)

France

-

2.8%

(continued)

Teleperformance

SE

(2)

1,941

188,524

TotalEnergies

SE

(2)

37,726

2,305,913

Unibail-Rodamco-Westfield,

REIT

(2)*

3,473

333,851

12,891,090

Germany

-

2

.4

%

Allianz

SE

(Registered)

(2)

5,305

2,152,947

Commerzbank

AG

(2)

76,278

2,403,751

Deutsche

Bank

AG

(Registered)

(2)

31,781

942,161

Deutsche

Lufthansa

AG

(Registered)

(2)

48,797

414,269

Deutsche

Telekom

AG

(Registered)

(2)

3,281

120,096

Fresenius

SE

&

Co.

KGaA

(2)

1,365

68,691

Mercedes-Benz

Group

AG

(2)

3,526

205,425

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

(2)

186

120,776

Rheinmetall

AG

(2)

2,152

4,557,287

Talanx

AG

(2)

942

122,123

11,107,526

Hong

Kong

-

0

.1

%

CK

Infrastructure

Holdings

Ltd.

(2)

2,749

18,205

Hong

Kong

Exchanges

&

Clearing

Ltd.

(2)

5,269

283,401

Link,

REIT

(2)

26,229

140,495

442,101

Italy

-

1

.6

%

Banco

BPM

SpA

(2)

26,886

313,828

Generali

(2)

3,400

120,943

Intesa

Sanpaolo

SpA

(2)

483,357

2,784,335

Leonardo

SpA

(2)

14,010

790,541

Poste

Italiane

SpA

(2)(a)

6,114

131,365

UniCredit

SpA

(2)

48,097

3,226,508

7,367,520

Japan

-

5

.7

%

Asics

Corp.

(2)

5,600

142,802

Bandai

Namco

Holdings,

Inc.

(2)

3,700

132,605

Concordia

Financial

Group

Ltd.

(2)

41,000

266,081

Dai-ichi

Life

Holdings,

Inc.

(2)

85,400

649,263

Daiichi

Sankyo

Co.

Ltd.

(2)

37,800

875,754

Honda

Motor

Co.

Ltd.

(2)

195,200

1,882,285

Japan

Post

Bank

Co.

Ltd.

(2)

118,700

1,279,649

Japan

Post

Holdings

Co.

Ltd.

(2)

43,800

405,685

Japan

Post

Insurance

Co.

Ltd.

(2)

5,400

122,257

KDDI

Corp.

(2)

40,800

700,560

LY

Corp.

(2)

259,000

953,795

Mitsubishi

UFJ

Financial

Group,

Inc.

(2)

42,600

580,791

Mizuho

Financial

Group,

Inc.

(2)

96,400

2,676,057

Nexon

Co.

Ltd.

(2)

8,300

167,175

Nippon

Building

Fund,

Inc.,

REIT

(2)

150

138,507

Nippon

Yusen

KK

(2)

28,100

1,010,896

Nomura

Holdings,

Inc.

(2)

282,100

1,858,955

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

49

(Continued)

INVESTMENTS

SHARES

VALUE

($)

Japan

-

5.7%

(continued)

ORIX

Corp.

(2)

5,700

128,630

Panasonic

Holdings

Corp.

(2)

29,800

318,840

Recruit

Holdings

Co.

Ltd.

(2)

2,200

129,375

Resona

Holdings,

Inc.

(2)

338,200

3,123,555

SoftBank

Corp.

(2)

501,600

776,954

Subaru

Corp.

(2)

46,700

809,610

Sumitomo

Corp.

(2)

5,200

134,195

Sumitomo

Mitsui

Financial

Group,

Inc.

(2)

70,000

1,762,667

Sumitomo

Mitsui

Trust

Group,

Inc.

(2)

12,700

337,787

T&D

Holdings,

Inc.

(2)

5,400

118,531

Tokyo

Electron

Ltd.

(2)

19,700

3,772,736

Toyota

Motor

Corp.

(2)

35,600

613,139

Toyota

Tsusho

Corp.

(2)

5,500

124,582

ZOZO,

Inc.

(2)

33,000

356,555

26,350,273

Netherlands

-

1

.4

%

ABN

AMRO

Bank

NV,

CVA

(2)(a)

42,353

1,156,489

Argenx

SE

(2)*

219

121,235

ASML

Holding

NV

(2)

648

519,266

ING

Groep

NV

(2)

19,668

431,077

NN

Group

NV

(2)

62,255

4,142,391

6,370,458

New

Zealand

-

0

.1

%

Xero

Ltd.

(2)*

3,037

359,366

Russia

-

0

.0

%

Evraz

plc

(3)*

77,212

–

Singapore

-

0

.0

%

†

Singapore

Exchange

Ltd.

(2)

4,067

47,621

Spain

-

1

.5

%

Banco

Bilbao

Vizcaya

Argentaria

SA

(2)

7,950

122,416

Banco

Santander

SA

(2)

483,701

4,005,470

CaixaBank

SA

(2)

197,052

1,707,418

Repsol

SA

(2)

93,939

1,373,989

7,209,293

Sweden

-

0

.4

%

Investor

AB,

Class

B

(2)

8,816

261,248

Saab

AB,

Class

B

(2)

10,437

583,567

Svenska

Handelsbanken

AB,

Class

A

(2)

9,226

123,511

Swedbank

AB,

Class

A

(2)

15,246

403,811

Telefonaktiebolaget

LM

Ericsson,

Class

B

(2)

46,826

400,143

1,772,280

Switzerland

-

0

.1

%

Zurich

Insurance

Group

AG

(2)

379

265,195

United

Kingdom

-

3

.9

%

3i

Group

plc

(2)

9,545

540,173

Aviva

plc

(2)

18,665

158,685

Barclays

plc

(2)

815,852

3,769,866

Flutter

Entertainment

plc

*

6,379

1,822,863

HSBC

Holdings

plc

(2)

168,783

2,041,632

INVESTMENTS

SHARES

VALUE

($)

United

Kingdom

-

3.9%

(continued)

Kingfisher

plc

(2)

32,015

127,855

Lloyds

Banking

Group

plc

(2)

1,604,282

1,686,931

London

Stock

Exchange

Group

plc

(2)

2,574

376,440

NatWest

Group

plc

(2)

405,175

2,845,525

Rolls-Royce

Holdings

plc

(2)

241,401

3,199,202

Vodafone

Group

plc

(2)

1,572,394

1,683,172

18,252,344

United

States

-

62

.4

%

Abbott

Laboratories

883

120,097

Adobe,

Inc.

*

14,359

5,555,209

Advanced

Micro

Devices,

Inc.

*

1,125

159,638

Airbnb,

Inc.,

Class

A

*

12,811

1,695,408

Allstate

Corp.

(The)

10,321

2,077,721

Alphabet,

Inc.,

Class

A

2,581

454,850

Alphabet,

Inc.,

Class

C

26,398

4,682,741

Altria

Group,

Inc.

25,308

1,483,808

Amazon.com,

Inc.

*

28,109

6,166,833

American

International

Group,

Inc.

2,106

180,253

American

Tower

Corp.,

REIT

4,396

971,604

Apple,

Inc.

72,598

14,894,931

Applied

Materials,

Inc.

4,990

913,519

Arista

Networks,

Inc.

*

58,414

5,976,335

AT&T,

Inc.

4,731

136,915

Atlassian

Corp.,

Class

A

*

20,940

4,252,705

AvalonBay

Communities,

Inc.,

REIT

811

165,039

Berkshire

Hathaway,

Inc.,

Class

B

*

7,000

3,400,390

Best

Buy

Co.,

Inc.

6,035

405,130

Biogen,

Inc.

*

8,622

1,082,837

BioMarin

Pharmaceutical,

Inc.

*

35,417

1,946,872

Booking

Holdings,

Inc.

815

4,718,231

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

26,177

2,725,811

Bristol-Myers

Squibb

Co.

57,262

2,650,658

Broadcom,

Inc.

27,813

7,666,652

Capital

One

Financial

Corp.

3,426

728,916

Centene

Corp.

*

69,078

3,749,554

Charles

Schwab

Corp.

(The)

26,712

2,437,203

Cheniere

Energy,

Inc.

501

122,004

Chubb

Ltd.

6,618

1,917,367

Cigna

Group

(The)

5,933

1,961,331

Cintas

Corp.

534

119,013

Cisco

Systems,

Inc.

1,745

121,068

Citigroup,

Inc.

36,843

3,136,076

Citizens

Financial

Group,

Inc.

7,365

329,584

CME

Group,

Inc.

14,222

3,919,868

Comcast

Corp.,

Class

A

106,834

3,812,905

ConocoPhillips

1,371

123,034

Costco

Wholesale

Corp.

118

116,813

Crown

Castle,

Inc.,

REIT

1,970

202,378

CVS

Health

Corp.

2,356

162,517

Darden

Restaurants,

Inc.

2,034

443,351

Dell

Technologies,

Inc.,

Class

C

6,259

767,353

Delta

Air

Lines,

Inc.

27,338

1,344,483

Devon

Energy

Corp.

36,192

1,151,268

Digital

Realty

Trust,

Inc.,

REIT

910

158,640

DoorDash,

Inc.,

Class

A

*

13,724

3,383,103

50

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

INVESTMENTS

SHARES

VALUE

($)

United

States

-

62.4%

(continued)

DR

Horton,

Inc.

961

123,892

DraftKings,

Inc.,

Class

A

*

37,719

1,617,768

Edison

International

13,788

711,461

Electronic

Arts,

Inc.

4,825

770,553

EOG

Resources,

Inc.

952

113,869

EQT

Corp.

1,973

115,065

Equinix,

Inc.,

REIT

222

176,594

Everest

Group

Ltd.

490

166,527

Expedia

Group,

Inc.

29,311

4,944,179

Exxon

Mobil

Corp.

9,875

1,064,525

Fidelity

National

Financial,

Inc.

18,201

1,020,348

Fidelity

National

Information

Services,

Inc.

1,592

129,605

Fortinet,

Inc.

*

46,704

4,937,547

Freeport-McMoRan,

Inc.

5,224

226,460

Garmin

Ltd.

1,098

229,175

GE

Aerospace

24,140

6,213,394

GE

Vernova,

Inc.

10,171

5,381,985

General

Dynamics

Corp.

1,847

538,696

General

Motors

Co.

101,271

4,983,546

Gilead

Sciences,

Inc.

8,808

976,543

Global

Payments,

Inc.

1,178

94,287

Halliburton

Co.

19,094

389,136

HCA

Healthcare,

Inc.

312

119,527

Hewlett

Packard

Enterprise

Co.

28,175

576,179

Howmet

Aerospace,

Inc.

1,198

222,984

Humana,

Inc.

3,875

947,360

Illumina,

Inc.

*

12,154

1,159,613

Incyte

Corp.

*

41,906

2,853,799

Intel

Corp.

215,832

4,834,637

Johnson

&

Johnson

32,318

4,936,575

JPMorgan

Chase

&

Co.

467

135,388

Lockheed

Martin

Corp.

4,411

2,042,911

McKesson

Corp.

3,512

2,573,523

Merck

&

Co.,

Inc.

71,726

5,677,829

Meta

Platforms,

Inc.,

Class

A

4,546

3,355,357

MetLife,

Inc.

1,494

120,147

Microsoft

Corp.

27,280

13,569,344

Molina

Healthcare,

Inc.

*

3,975

1,184,153

MongoDB,

Inc.,

Class

A

*

4,854

1,019,291

Monster

Beverage

Corp.

*

39,244

2,458,244

MSCI,

Inc.,

Class

A

214

123,422

Netflix,

Inc.

*

677

906,591

Neurocrine

Biosciences,

Inc.

*

4,102

515,580

Newmont

Corp.

28,275

1,647,302

News

Corp.,

Class

A

41,629

1,237,214

Northrop

Grumman

Corp.

5,640

2,819,887

Novartis

AG

(Registered)

(2)

35,255

4,279,150

Nutanix,

Inc.,

Class

A

*

2,744

209,751

NVIDIA

Corp.

128,510

20,303,294

Palantir

Technologies,

Inc.,

Class

A

*

26,474

3,608,936

Palo

Alto

Networks,

Inc.

*

17,023

3,483,587

PayPal

Holdings,

Inc.

*

47,835

3,555,097

PepsiCo,

Inc.

913

120,553

Pfizer,

Inc.

37,938

919,617

PG&E

Corp.

87,702

1,222,566

Philip

Morris

International,

Inc.

20,033

3,648,610

Pinterest,

Inc.,

Class

A

*

49,823

1,786,653

INVESTMENTS

SHARES

VALUE

($)

United

States

-

62.4%

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

7,441

1,387,151

Prologis,

Inc.,

REIT

2,980

313,258

Public

Storage,

REIT

2,484

728,855

QUALCOMM,

Inc.

2,625

418,058

Reddit,

Inc.,

Class

A

*

20,713

3,118,756

Regeneron

Pharmaceuticals,

Inc.

1,923

1,009,575

ROBLOX

Corp.,

Class

A

*

45,646

4,801,959

Roche

Holding

AG

(2)

371

121,102

Salesforce,

Inc.

13,122

3,578,238

Seagate

Technology

Holdings

plc

917

132,351

ServiceNow,

Inc.

*

845

868,728

Shell

plc

(2)

38,971

1,359,681

Simon

Property

Group,

Inc.,

REIT

1,723

276,989

Snap,

Inc.,

Class

A

*

14,875

129,264

Snowflake,

Inc.,

Class

A

*

24,745

5,537,189

SS&C

Technologies

Holdings,

Inc.

1,471

121,799

Swiss

Re

AG

(2)

5,861

1,013,877

Synchrony

Financial

2,146

143,224

Take-Two

Interactive

Software,

Inc.

*

507

123,125

Tesla,

Inc.

*

8,915

2,831,939

Textron,

Inc.

4,350

349,262

TJX

Cos.,

Inc.

(The)

941

116,204

T-Mobile

US,

Inc.

3,076

732,888

Travelers

Cos.,

Inc.

(The)

707

189,151

Truist

Financial

Corp.

2,910

125,101

Tyson

Foods,

Inc.,

Class

A

47,015

2,630,019

Uber

Technologies,

Inc.

*

14,993

1,398,847

United

Airlines

Holdings,

Inc.

*

3,322

264,531

United

Parcel

Service,

Inc.,

Class

B

19,005

1,918,365

United

Therapeutics

Corp.

*

409

117,526

UnitedHealth

Group,

Inc.

11,328

3,533,996

Veeva

Systems,

Inc.,

Class

A

*

11,739

3,380,597

VeriSign,

Inc.

7,823

2,259,282

Vertiv

Holdings

Co.,

Class

A

11,871

1,524,355

Visa,

Inc.,

Class

A

345

122,492

Walmart,

Inc.

9,456

924,608

Welltower,

Inc.,

REIT

3,001

461,344

Williams

Cos.,

Inc.

(The)

1,938

121,726

Workday,

Inc.,

Class

A

*

4,819

1,156,560

Zoom

Communications,

Inc.,

Class

A

*

46,628

3,636,051

Zscaler,

Inc.

*

1,512

474,677

291,244,542

TOTAL

COMMON

STOCKS

(Cost

$291,776,884)

405,828,926

PREFERRED

STOCKS

-

0.0%

†

Germany

-

0

.0

%

†

Porsche

Automobil

Holding

SE

(Preference)

(2)

865

34,339

Volkswagen

AG

(Preference)

(2)

1,168

123,474

TOTAL

PREFERRED

STOCKS

(Cost

$178,493)                                                    

157,813

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

51

(Continued)

INVESTMENTS

SHARES

VALUE

($)

SHORT-TERM

INVESTMENTS

-

10.1%

INVESTMENT

COMPANIES

-

10

.1

%

Goldman

Sachs

Financial

Square

Funds

-

Treasury

Instruments

Fund,

Institutional

Shares,

4.10%

(b)(c)

13,580,105

13,580,105

Limited

Purpose

Cash

Investment

Fund,

4.33%

(b)

33,341,656

33,331,654

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$46,905,346)

46,911,759

TOTAL

INVESTMENTS

IN

SECURITIES

AT

VALUE

-

97.3%

(Cost

$338,860,723)

452,898,498

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.7%

‡

12,750,706

NET

ASSETS

-

100.0%

465,649,204

SECTOR

VALUE

%

OF

NET

ASSETS

Communication

Services

$

31,196,622

6

.7

%

Consumer

Discretionary

38,992,284

8

.4

Consumer

Staples

12,566,829

2

.7

Energy

12,993,808

2

.8

Financials

93,564,418

20

.1

Health

Care

48,048,092

10

.3

Industrials

41,408,106

8

.9

Information

Technology

117,889,381

25

.3

Materials

2,187,952

0

.5

Real

Estate

5,187,016

1

.1

Utilities

1,952,231

0

.4

Investment

Companies

46,911,759

10

.1

Total

Investments

In

Securities

At

Value

452,898,498

97

.3

Other

Assets

in

Excess

of

Liabilities

‡

12,750,706

2

.7

Net

Assets

$

465,649,204

100

.0

%

*

Non-income

producing

security.

†

Represents

less

than

0.05%

of

net

assets.

‡

Includes

appreciation

(depreciation)

on

forward

foreign

currency

exchange,

futures

and

swap

contracts.

(a)

Securities

exempt

from

registration

under

Rule

144A

or

section

4(2)

of

the

Securities

Act

of

1933.

Under

procedures

approved

by

the

Board

of

Trustees,

such

securities

have

been

determined

to

be

liquid

by

the

investment

adviser

and

may

be

resold,

normally

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

Total

value

of

all

such

securities

at

June

30,

2025

amounted

to

$1,287,854

of

investment

in

securities,

which

represents

0.28%

of

net

assets

of

the

Fund.

(b)

Represents

7-day

effective

yield

as

of

June

30,

2025.

(c)

All

or

a

portion

of

the

security

pledged

as

collateral

for

forward

foreign

currency

exchange

and

swap

contracts,

as

applicable.

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.

52

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

(Continued)

Total

return

swap

contracts

outstanding

as

of

June

30,

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)

Swiss

Market

Index

September

Futures

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

At

termination

GSIN

09/19/2025

CHF

(7,735,650)

$

6,149

MSCI

Hong

Kong

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

HIBOR

plus

or

minus

a

specified

spread

(0.55%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/17/2025

HKD

158,919,191

287,950

MSCI

Singapore

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

SORA

plus

or

minus

a

specified

spread

(0.60%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/17/2025

SGD

66,528

648

MSCI

Switzerland

Net

Return

Index

Increases

in

total

return

of

reference

entity

Decreases

in

total

return

of

reference

entity

and

receives

the

SARON

Monthly

JPMC

09/17/2025

CHF

(775,073)

29,451

Tel

Aviv

Stock

Exchange

35

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

TELBOR

plus

or

minus

a

specified

spread

(0.05%)

Increases

in

total

return

of

reference

entity

Monthly

GSIN

09/17/2025

ILS

3,445,593

82,952

Total

unrealized

appreciation

407,150

Amsterdam

Exchange

Index

July

Futures

Decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

At

termination

GSIN

07/18/2025

EUR

4,389,408

(

20,305

)

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

(-0.20%)

Monthly

JPMC

09/17/2025

CAD

(952,370)

(

9,762

)

MSCI

Netherlands

Net

Return

Index

Decreases

in

total

return

of

reference

entity

and

pays

the

ESTR

plus

or

minus

a

specified

spread

(0.54%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/17/2025

EUR

4,106,337

(

31,901

)

Schedule

of

Investments

June

30,

2025

(Unaudited)

AQR

GLOBAL

EQUITY

FUND

See

notes

to

Schedule

of

Investments.

AQR

Funds

|

N-PORT

Part

F

|

June

2025

53

(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

(0.34%)

Increases

in

total

return

of

reference

entity

Monthly

JPMC

09/17/2025

EUR

1,243,697

$

(

12,725

)

Total

unrealized

depreciation

(

74,693

)

Net

unrealized

appreciation

$

332,457

Futures

contracts

outstanding

as

of

June

30,

2025:

Exchange-Traded

DESCRIPTION

NUMBER

OF

CONTRACTS

EXPIRATION

DATE

TRADING

CURRENCY

NOTIONAL

AMOUNT

UNREALIZED

APPRECIATION

(DEPRECIATION)

Long

Contracts

IBEX

35

Index

141

7/2025

EUR

$

23,121,189

$

44,202

MSCI

Singapore

Index

44

7/2025

SGD

1,423,122

17,157

OMXS30

Index

265

7/2025

SEK

6,982,898

68,589

DAX

Index

25

9/2025

EUR

17,705,325

176,492

FTSE/MIB

Index

41

9/2025

EUR

9,623,451

87,806

S&P

500

E-Mini

Index

183

9/2025

USD

57,221,812

1,836,081

Total

of

long

contracts

2,230,327

Short

Contracts

CAC

40

10

Euro

Index

(

98

)

7/2025

EUR

(

8,854,179

)

36,402

FTSE

100

Index

(

51

)

9/2025

GBP

(

6,153,103

)

(

4,521

)

S&P/TSX

60

Index

(

98

)

9/2025

CAD

(

23,029,190

)

(

299,689

)

SPI

200

Index

(

220

)

9/2025

AUD

(

30,902,446

)

(

13,679

)

TOPIX

Index

(

68

)

9/2025

JPY

(

13,483,837

)

(

312,409

)

Total

of

short

contracts

(

593,896

)

Net

unrealized

appreciation

$

1,636,431

Forward

foreign

currency

exchange

contracts

outstanding

as

of

June

30,

2025:

Over-the-Counter

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

AUD

28,906,032

USD

18,699,908

CITG

9/17/2025

$

355,560

AUD

28,906,031

USD

18,699,845

JPMC

9/17/2025

355,621

CAD

37,244,000

USD

27,319,836

CITG

9/17/2025

138,373

CAD

37,244,000

USD

27,319,761

JPMC

9/17/2025

138,448

CHF

3,182,000

USD

3,999,338

CITG

9/17/2025

50,680

CHF

3,182,000

USD

3,999,330

JPMC

9/17/2025

50,688

DKK

1,099,000

USD

169,945

CITG

9/17/2025

4,594

DKK

1,099,000

USD

169,944

JPMC

9/17/2025

4,594

EUR

12,638,000

USD

14,654,242

CITG

9/17/2025

310,367

EUR

12,638,000

USD

14,654,213

JPMC

9/17/2025

310,396

GBP

1,032,124

USD

1,387,107

CITG

9/17/2025

30,353

GBP

1,032,124

USD

1,387,100

JPMC

9/17/2025

30,360

HKD

240,000

USD

30,764

CITG

9/17/2025

15

HKD

240,000

USD

30,764

JPMC

9/17/2025

15

54

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

AQR

GLOBAL

EQUITY

FUND

Schedule

of

Investments

June

30,

2025

(Unaudited)

CURRENCY

PURCHASED

CURRENCY

SOLD

COUNTERPARTY

SETTLEMENT

DATE

UNREALIZED

APPRECIATION

(DEPRECIATION)

ILS

2,004,500

USD

561,033

CITG

9/17/2025

$

34,674

ILS

2,004,499

USD

561,029

JPMC

9/17/2025

34,677

JPY

2,299,696,320

USD

15,965,722

CITG

9/17/2025

145,536

JPY

2,299,696,320

USD

15,965,666

JPMC

9/17/2025

145,592

NOK

230,635,001

USD

22,748,852

CITG

9/17/2025

143,990

NOK

230,635,000

USD

22,748,791

JPMC

9/17/2025

144,050

NZD

3,992,999

USD

2,401,997

CITG

9/17/2025

38,357

NZD

3,993,001

USD

2,401,994

JPMC

9/17/2025

38,362

SEK

80,354,728

USD

8,450,840

CITG

9/17/2025

86,427

SEK

80,354,729

USD

8,450,798

JPMC

9/17/2025

86,469

SGD

973,362

USD

760,018

CITG

9/17/2025

9,889

SGD

973,362

USD

760,015

JPMC

9/17/2025

9,892

USD

576,086

GBP

419,000

CITG

9/17/2025

656

USD

576,087

GBP

419,000

JPMC

9/17/2025

657

USD

16,618

HKD

129,500

CITG

9/17/2025

10

USD

16,618

HKD

129,500

JPMC

9/17/2025

10

USD

1,198,594

JPY

170,000,000

CITG

9/17/2025

7,604

USD

1,198,596

JPY

170,000,000

JPMC

9/17/2025

7,607

USD

1,608,896

SEK

15,000,000

CITG

9/17/2025

15,225

USD

1,608,899

SEK

15,000,000

JPMC

9/17/2025

15,228

Total

unrealized

appreciation

2,744,976

CAD

10,640,500

USD

7,853,108

CITG

9/17/2025

(

8,380

)

CAD

10,640,500

USD

7,853,092

JPMC

9/17/2025

(

8,364

)

HKD

7,343,375

USD

944,286

CITG

9/17/2025

(

2,535

)

HKD

7,343,375

USD

944,282

JPMC

9/17/2025

(

2,530

)

JPY

3,754,088,961

USD

26,464,560

CITG

9/17/2025

(

164,087

)

JPY

3,754,088,961

USD

26,464,477

JPMC

9/17/2025

(

164,005

)

NOK

15,500,000

USD

1,556,926

CITG

9/17/2025

(

18,395

)

NOK

15,500,000

USD

1,556,923

JPMC

9/17/2025

(

18,393

)

USD

3,341,630

CAD

4,565,525

CITG

9/17/2025

(

24,311

)

USD

3,341,642

CAD

4,565,525

JPMC

9/17/2025

(

24,300

)

USD

44,142,019

CHF

35,782,500

CITG

9/17/2025

(

1,401,590

)

USD

44,142,140

CHF

35,782,500

JPMC

9/17/2025

(

1,401,469

)

USD

941,924

DKK

6,106,500

CITG

9/17/2025

(

27,885

)

USD

941,927

DKK

6,106,500

JPMC

9/17/2025

(

27,881

)

USD

31,209,468

EUR

27,235,000

CITG

9/17/2025

(

1,039,394

)

USD

31,209,577

EUR

27,235,000

JPMC

9/17/2025

(

1,039,285

)

USD

21,697,182

GBP

16,018,500

CITG

9/17/2025

(

301,698

)

USD

21,697,239

GBP

16,018,500

JPMC

9/17/2025

(

301,640

)

USD

33,699

ILS

117,500

CITG

9/17/2025

(

1,220

)

USD

33,700

ILS

117,500

JPMC

9/17/2025

(

1,220

)

USD

3,419,653

JPY

490,000,000

CITG

9/17/2025

(

13,199

)

USD

3,419,660

JPY

490,000,000

JPMC

9/17/2025

(

13,192

)

USD

15,393,914

NZD

25,788,070

CITG

9/17/2025

(

366,680

)

USD

15,393,985

NZD

25,788,071

JPMC

9/17/2025

(

366,610

)

USD

15,236,667

SEK

144,500,000

CITG

9/17/2025

(

115,697

)

USD

15,236,697

SEK

144,500,000

JPMC

9/17/2025

(

115,666

)

USD

38,733

SGD

49,500

CITG

9/17/2025

(

421

)

USD

38,733

SGD

49,500

JPMC

9/17/2025

(

421

)

Total

unrealized

depreciation

(

6,970,468

)

Net

unrealized

depreciation

$

(

4,225,492

)

55

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2025

See

notes

to

Schedule

of

Investments.

June

30,

2025

(Unaudited)

Abbreviations

ADR

-

American

Depositary

Receipt

CHESS

-

Clearing

House

Electronic

Subregister

System

Depository

Interest

CVA

-

Dutch

Certification

GDR

-

Global

Depositary

Receipt

NVDR

-

Non-Voting

Depositary

Receipt

OYJ

-

Public

Traded

Company

PJSC

-

Public

Joint

Stock

Company

Preference

-

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

-

Real

Estate

Investment

Trust

SCA

-

Limited

partnership

with

share

capital

Currencies

AUD

-

Australian

dollar

CAD

-

Canadian

dollar

CHF

-

Swiss

franc

DKK

-

Danish

krone

EUR

-

Euro

GBP

-

British

pound

HKD

-

Hong

Kong

dollar

ILS

-

Israeli

shekel

JPY

-

Japanese

yen

NOK

-

Norwegian

krone

NZD

-

New

Zealand

dollar

SEK

-

Swedish

krona

SGD

-

Singapore

dollar

USD

-

United

States

dollar

The

following

abbreviations

are

used

for

counterparty

descriptions:

CITG

-

Citigroup

Global

Markets,

Inc.

GSIN

-

Goldman

Sachs

International

JPMC

-

J.P.

Morgan

Chase

Bank,

NA

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Canadian

Overnight

Repo

Rate

Average

(“CORRA”):

2.75%

Euro

Short-Term

Rate

(“ESTR”):

1.92%

Hong

Kong

Interbank

Offered

Rate

(“HIBOR”):

0.73%

Singapore

Overnight

Rate

Average

(“SORA”):

1.56%

Swiss

Average

Rate

Overnight

(“SARON”):

-0.03%

Tel

Aviv

Interbank

Offer

Rate

(“TELBOR”):

4.51%

56

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2025

June

30,

2025

(Unaudited)

Fair

Value

Hierarchy:

Various

inputs

are

utilized

in

determining

the

value

of

each

Fund’s

investments.

GAAP

establishes

a

hierarchy

for

inputs

used

in

measuring

fair

value

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

requiring

the

most

observable

inputs

be

used

when

available.

These

inputs

are

summarized

into

three

broad

levels

as

follows:

Level

1

—

Inputs

using

unadjusted

quoted

prices

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Other

significant

observable

inputs,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

credit

risks

and

default

rates)

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

the

Board

or

persons

acting

at

their

direction

that

are

used

in

determining

the

fair

value

of

investments.

An

investment

asset’s

or

liability’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

input,

individually

or

in

aggregate,

that

is

significant

to

fair

value

measurement.

The

objective

of

fair

value

measurement

remains

the

same

even

when

there

is

a

significant

decrease

in

the

volume or

level

of

activity

for

an

asset

or

liability

and

regardless

of

the

valuation

technique

used.

The

valuation

techniques

used

by

the

Funds

to

measure

fair

value

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

The

inputs

or

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

LARGE

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

1,132,045,093

$

–

$

–

$

1,132,045,093

Investment

Companies

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

52,951,510

–

–

52,951,510

Futures

Contracts

*

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

1,692,345

–

–

1,692,345

Total

Assets

$

1,186,688,948

$

–

$

–

$

1,186,688,948

–

–

–

–

AQR

SMALL

CAP

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

108,055,409

$

–

$

1,029

$

108,056,438

Investment

Companies

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

6,904,826

–

–

6,904,826

Futures

Contracts

*

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

188,209

–

–

188,209

Total

Assets

$

115,148,444

$

–

$

1,029

$

115,149,473

–

–

–

–

AQR

INTERNATIONAL

MULTI-STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

75,152,931

$

586,357,655

$

–

$

661,510,586

Investment

Companies

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

34,226,323

–

–

34,226,323

Futures

Contracts

*

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

289,362

–

–

289,362

Total

Assets

$

109,668,616

$

586,357,655

$

–

$

696,026,271

–

–

–

–

57

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2025

June

30,

2025

(Unaudited)

AQR

EMERGING

MULTI-STYLE

II

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

81,514,674

$

443,003,196

$

–

(a)

$

524,517,870

Preferred

Stocks

†

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

4,888,838

–

–

4,888,838

Investment

Companies

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

18,256,758

–

–

18,256,758

Futures

Contracts

*

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

273,839

–

–

273,839

Total

Assets

$

104,934,109

$

443,003,196

$

–

(a)

$

547,937,305

–

–

–

–

AQR

LARGE

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

627,663,809

$

–

$

–

$

627,663,809

Investment

Companies

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

19,176,343

–

–

19,176,343

Futures

Contracts

*

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

630,490

–

–

630,490

Total

Assets

$

647,470,642

$

–

$

–

$

647,470,642

–

–

–

–

AQR

SMALL

CAP

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

119,366,020

$

1,662

$

1,079

$

119,368,761

Investment

Companies

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

7,493,197

–

–

7,493,197

Futures

Contracts

*

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

179,684

–

–

179,684

Total

Assets

$

127,038,901

$

1,662

$

1,079

$

127,041,642

–

–

–

–

AQR

INTERNATIONAL

MOMENTUM

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

35,451,789

$

161,911,813

$

–

$

197,363,602

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

9,275,645

–

–

9,275,645

Futures

Contracts

*

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

91,215

–

–

91,215

Total

Assets

$

44,818,649

$

161,911,813

$

–

(a)

$

206,730,462

–

–

–

–

AQR

LARGE

CAP

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

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

$

2,005,300,710

$

–

$

–

$

2,005,300,710

Investment

Companies

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

81,080,763

–

–

81,080,763

Futures

Contracts

*

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

2,754,209

–

–

2,754,209

Total

Assets

$

2,089,135,682

$

–

$

–

$

2,089,135,682

–

–

–

–

AQR

INTERNATIONAL

DEFENSIVE

STYLE

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

35,692,733

$

208,024,804

$

–

$

243,717,537

Preferred

Stocks

†

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

–

2,650,768

–

2,650,768

Warrants

†

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

–

–

–

(a)

–

(a)

Investment

Companies

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

12,436,173

–

–

12,436,173

Futures

Contracts

*

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

134,922

–

–

134,922

Total

Assets

$

48,263,828

$

210,675,572

$

–

(a)

$

258,939,400

–

–

–

–

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

ASSETS

Common

Stocks

†

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

$

295,163,286

$

110,665,640

$

–

(a)

$

405,828,926

Preferred

Stocks

†

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

–

157,813

–

157,813

Investment

Companies

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

46,911,759

–

–

46,911,759

Total

Return

Swap

Contracts

*

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

–

407,150

–

407,150

Futures

Contracts

*

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

2,266,729

–

–

2,266,729

Forward

Foreign

Currency

Exchange

Contracts

*

......

–

2,744,976

–

2,744,976

Total

Assets

$

344,341,774

$

113,975,579

$

–

(a)

$

458,317,353

–

–

–

–

58

Notes

to

Schedule

of

Investments

AQR

Funds

|

N-PORT

Part

F

|

June

2025

June

30,

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

Small

Cap

Multi-Style

Fund,

 AQR

Emerging

Multi-Style

II

Fund,

AQR

Small

Cap

Momentum

Style

Fund,

AQR

International

Momentum

Style

Fund,

AQR

International

Defensive

Style

Fund

and

AQR

Global

Equity

Fund

are

considered

quantitatively

insignificant

for

additional

disclosure.

For

more

information

on

the

Funds’

policy

regarding

the

valuation

of

investments

and

other

significant

accounting

policies,

please

refer

to

the

notes

to

the

financial

statements

as

disclosed

in

the

most

recent

semi-annual

and

annual

reports. 

Subsequent

Events 

The

Funds

have

evaluated

subsequent

events

through

the

date

of

issuance

of

this

report

and

have

determined

that

there

are

no

material

events.

AQR

GLOBAL

EQUITY

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTALS

LIABILITIES

Total

Return

Swap

Contracts

*

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

$

–

$

(

74,693

)

$

–

$

(

74,693

)

Futures

Contracts

*

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

(

630,298

)

–

–

(

630,298

)

Forward

Foreign

Currency

Exchange

Contracts

*

......

–

(

6,970,468

)

–

(

6,970,468

)

Total

Liabilities

$

(

630,298

)

$

(

7,045,161

)

$

–

$

(

7,675,459

)

*

Derivative

instruments,

including

total

return

swap,

futures

and

forward

foreign

currency

exchange

contracts,

are

reported

at

the

cumulative

unrealized

appreciation

(depreciation)

of

the

instrument

on

the

Funds’

Schedules

of

Investments.

†

Please

refer

to

the

Schedule

of

Investments

to

view

securities

segregated

by

country.

(a)

Securities

have

zero

value.